Oracle's cloud backlog hits $638B as OCI revenue nearly doubles on AI demand

Oracle's cloud infrastructure (OCI) grew 93% to $5.8B in Q4 FY2026, while remaining performance obligations — forward-committed bookings — reached $638B, up $85B in a single quarter and 363% year-over-year, driven by Stargate and AI hyperscaler commitments. The booking pace marks Oracle's cloud as a primary destination for AI infrastructure spending — a structural shift from its legacy database identity.

Source: investor.oracle.com ↗