Reported results
- GAAP diluted earnings per share increased 55% in USD and 54% in constant currency to $1.56; non-GAAP diluted earnings per share increased 30% in USD and constant currency to $1.92
- Total revenues increased 30% in USD and constant currency to $19.3 billion, with cloud revenues up 62% to $11.6 billion
- Cloud infrastructure (IaaS) revenue increased 121% in USD and 120% in constant currency to $7.4 billion
- GAAP operating income increased 57% to $6.7 billion; non-GAAP operating income increased 31% to $8.2 billion
- Operating cash flow reached record $23 billion, up 184%; free cash flow was negative $5 billion due to capital expenditures of $28.5 billion
- Remaining Performance Obligations (RPO) increased $209 billion year-over-year to $664 billion
Guidance
- Q2 FY 2027: Total revenues expected to grow 30%-34% in constant currency and USD
- Q2 FY 2027: Total cloud revenue expected to grow 64%-70% in constant currency and 65%-71% in USD
- Q2 FY 2027: Non-GAAP earnings per share expected to be $1.83-$1.91 in constant currency and $1.85-$1.93 in USD, representing 19%-23% growth in constant currency and 21%-25% growth in USD excluding one-time Q2 FY2026 gain
- Full FY 2027: Total revenue expected to be at least $90 billion
- Full FY 2027: Non-GAAP EPS expected to be $8.10
Notes
Oracle booked more than $30 billion of additional AI cloud contracts in Q1, increasing RPO to $664 billion. Free cash flow was negative $5 billion due to significant capital expenditures ($28.5 billion) supporting cloud infrastructure growth, including delivery of 850MW additional datacenter capacity and more than 300,000 GPUs. Q2 FY2026 included a one-time net investment gain from the sale of Oracle’s interest in Ampere. The company completed a $20 billion equity offering via an at-the-market program during Q1.
Price and volatility reaction
The stock moved -1.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -23.0 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 152.94 | 2026-09-10 |
| Close after release | 150.28 | 2026-09-11 |
| Realised move | -1.7% | close to close |
| 30d ATM IV change | -23.0 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-10 (8-K, Item 2.02). Read the original filing on sec.gov.