Oracle이 2027 회계년도 Q1 매출 $19.3 billion을 발표했으며, AI buildout이 영업 현금 흐름으로 자체 조달 가능하다고 언급했다.

Oracle Corp. reported first-quarter fiscal 2027 earnings exceeding analyst expectations, driven by robust cloud infrastructure growth and a capital-efficient AI buildout strategy. The company delivered $1.92 per share, beating consensus of $1.74 by 10.34%, on total revenue of $19.35 billion against the Street estimate of $19.14 billion.

Cloud revenues hit a record $11.6 billion, up 62% in USD and 61% in constant currency. Cloud Infrastructure (IaaS) surged 121% in USD to $7.4 billion, reflecting strong execution on record megawatt capacity deployments. Cloud Applications (SaaS) grew 10% to $4.2 billion, with Fusion growing at 14% and industry applications exceeding 20%.

Remaining Performance Obligations climbed to $664 billion, up $209 billion year-over-year and $26 billion from Q4. CFO Hilary Maxson noted that the vast majority of new RPO came from prepay or bring-your-own-hardware contracts requiring no incremental capital from Oracle, with revenue recognition deferred to fiscal 2028 or beyond. Co-CEO Clay Magouyrk stated that Oracle closed more than $30 billion in additional AI contracts in Q1 without requiring additional capital, characterizing the strategy as leveraging customer and supplier financing rather than Oracle capex.

Customers invoked Oracle's embedded AI capabilities over 150 million times during the quarter, a 42% sequential increase. GPU utilization remained extremely high at 97.9%. Oracle delivered 850 megawatts of AI capacity comprising over 300,000 GPUs since the prior quarter—nearly three times the fourth-quarter figure and 73% of the prior fiscal year's total deliveries. Magouyrk highlighted that all GPU capacity coming up for renewal was either renewed or resold at a 20% premium to previous contracts, with most GPUs at least four years old. "We see a long useful life with increasing value for the AI capacity we're deploying," he stated.

Data center buildout faced logistical headwinds. Oracle's New Mexico site, part of the Stargate project with OpenAI, saw its in-service date pushed to February 2027 after the State Land Office denied pipeline permits twice. Magouyrk acknowledged that assuming every project will meet deadline is "a bad plan" but noted construction remains "definitely on track," with Oracle turning to Bloom Energy fuel cells for on-site power as an alternative. He emphasized that data center sites typically come online in phases, so delays at a single location do not create concentrated revenue hits in any quarter.

Non-GAAP operating income increased 31% to $8.2 billion with a flat 42% operating margin despite gross margin pressure from data center ramp-up and accelerated infrastructure revenue. Cash flow from operations reached a record $23 billion. Capital expenditure for the quarter totaled $28 billion, producing negative free cash flow of $5 billion; net cash CapEx, excluding prepayments, was $18 billion. Oracle completed a previously disclosed $20 billion at-the-market equity issuance in its entirety during Q1.

Cloud Infrastructure now represents approximately 64% of total cloud revenue. The combination of 97.9% GPU utilization, 150 million embedded AI uses, and the ability to resell four-year-old GPUs at 20% premiums demonstrates that heavy capital expenditure is converting rapidly into utilized, appreciating capacity. The $30 billion in new AI contracts requiring no additional Oracle capital underscores a strategic pivot toward asset-light growth, transferring financing obligations to customers and partners while expanding the order book.

Oracle raised its fiscal adjusted EPS guidance to $8.10 from $8.05 and projects full-year revenue exceeding $90 billion against the 89.79 billion estimate—representing 34% year-over-year growth. Full-year CapEx is expected at $90 to $95 billion, with net cash CapEx not exceeding $70 billion. For Q2, Oracle projects total revenue growth of 30% to 34% and cloud revenue growth of 65% to 71%, with non-GAAP EPS forecast at $1.85 to $1.93. ORCL stock rose 6.64% to $163.10 in extended trading following the announcement.