ORCL F4Q26 Recap: Increased Transparency Points to Buying Opportunity

研报英文原文证据摘录

ORCL F4Q26 Recap: Increased Transparency Points to Buying Opportunity

June 11, 2026

John DiFucci john.difucci@guggenheimpartners.com ORCL F4Q26 Recap: Increased Transparency Points

212 518 9670 to Buying Opportunity

Jacob Smith

jacob.smith@guggenheimpartners.com

212 518 9286 Key Message: Oracle reported solid F4Q26 results and issued very strong F1Q27

guidance that was above consensus estimates and the Buy side per our TMT desk –

and additional color indicates it gets better from there with F1Q27 revenue guidance

above the Street and Buy side. In addition, RPO increased $85B to $638B partially due

to four customers of $8B or more, which we believe continues to result in materially lessORCL BUY customer concentration. Incremental information was also given regarding the Capex

Oracle Corporation and funding needs for FY27. Total capex will be $90-95B, but $20-25B of that will be

Sector: Software upfront customer payments, thus reducing the capital raise needs of Oracle. Oracle said

they would raise about $20B of incremental debt in FY27, but not until calendar 2027. It Earnings Release has yet to sell the $20-25B of equity it previously said it would to partially satisfy its capital

Share Price $201.26 requirements. Furthermore, information on the timing of capacity coming online

Price Target $400.00 increases our confidence that setup for F1Q27 and beyond is favorable. The stock

was down 10% after hours for no apparently good reason, in our view; perhaps because

they’ve yet to sell equity (with some fears of buying ahead of that), the lack of a raise in

Revenue ($B) revenue guidance (stay tuned), the 45% run-up in the stock over the last 2 months vs.

(FY MAY) 1Q 2Q 3Q 4Q FY the S&P 500 +7% (which would have been more, but it gave back almost 20% over the