Oracle shares have fallen 40% over the past year, yet the company's remaining performance obligations surged 363% year over year to $638 billion, providing exceptional revenue visibility. Roughly $76 billion of that backlog is expected to convert to revenue within the next 12 months, effectively pre-funding next year's guidance. Cloud infrastructure revenue grew 93% to $5.787 billion, and total cloud revenue now represents 52% of quarterly sales. The company is building 72 Oracle Multicloud datacenters embedded inside Amazon, Google, and Microsoft clouds, allowing it to collect revenue regardless of which hyperscaler wins a workload. Management reaffirmed a 31% revenue compound annual growth rate and 28% earnings per share compound annual growth rate through fiscal year 2030, with fiscal 2027 non-GAAP earnings per share guided to $8.05.
