Oracle - Dolphin Research

Oracle

Dolphin ResearchSep 11 at 03:31 AM

ORCL: AI boosts the optics, but what backs the bottom line?

On Sep. 11 after the U.S. market close, leading cloud vendor Oracle ($Oracle(ORCL.US)) released FY27 Q1 results for the period ended Aug. Overall, it was a mixed print, with strengths very strong while weak spots stayed weak.

OCI drew the most attention with robust growth, revenue continuing to accelerate sharply, and Capex ramping significantly. Legacy businesses remained sluggish, GPM was under notable pressure, and those issues showed little improvement.

Specifically:

1) Core — OCI beat and accelerated. As the most critical segment, OCI revenue reached nearly 7.4 bn this quarter...

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Dolphin ResearchSep 11 at 03:00 AM

ORCL (Trans): OCI +121%, cash flow still -$5bn

OCI revenue was $7.4bn (+121% YoY). Alongside RPO rising another $26bn QoQ, this drove full-year revenue guidance up to at least $90bn.

However, Q1 CapEx of $28bn kept FCF at -$5bn. GPM declined as expected, and management offered no timeline for a return to positive FCF.

Meanwhile, nearly all new contracts skew to prepayments. They also require customers to supply their own hardware.

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Dolphin ResearchJun 11 at 04:24 AM

Oracle (Trans): 2027 capex exceeds 90bn, with one-quarter covered by prepayments

Below is Dolphin Research's compiled Trans of $Oracle(ORCL.US) FQ4 2026 earnings call. For the earnings analysis, see 'ORCL Plunge? AI Infra Can't Fix the Core Weakness — High Rates, High Debt + Stalled Software'.

Section I: Core recap. 1) FY27 full-year guide: total revenue approx. $90bn; non-GAAP EPS est. at $8.05...

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Dolphin ResearchJun 11 at 03:57 AM

ORCL plunge? AI infra can't offset a core flaw — high interest costs, heavy debt + a sluggish software biz

Among the 'New Cloud' cohort, $Oracle(ORCL.US) is one of the most watched and debated. On Jun 11 after hours, it reported FY26 Q4 results for the period ended May.

Overall, the print was mixed. OCI growth accelerated, while the broader legacy software portfolio slowed.

GPM improved QoQ off the trough, but still missed estimates by a wide margin. Next-quarter guidance was above expectations.

However, the FY27 full-year outlook was relatively conservative. Net-net, the quarter felt muted...

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Dolphin ResearchApr 27 at 01:24 PM

ORCL: Big Bet on AI Compute — Are the Odds Good Enough?

Per Dolphin Research's prior note on Oracle, our core takeaway is that Oracle is essentially a scaled-up CoreWeave. The bull case hinges on explosive AI compute demand that could lift its compute-rental revenue by 10x or more.

The key risk is the mismatch between uncertain AI demand and fixed upfront capex and leverage, which could lead to sizable credit losses if the AI cycle unwinds. Overall, visibility is limited...

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Dolphin ResearchMar 11 at 04:09 AM

ORCL (Trans): AI biz. GPM at 32% this quarter

Below is Dolphin Research's FY26Q3 earnings call Trans for $Oracle(ORCL.US). For analysis of the print, see 'All-in to survive — did ORCL's AI bet win?'.

I. Core info recap

1) Financing plan: In Feb, the company announced a plan to raise up to $50bn via debt and equity, and committed not to issue additional bonds in calendar 2026.

Within days of the announcement, it raised $30bn through a mix of IG bonds and mandatory convertible preferreds (MCPS), with the book heavily oversubscribed. The ATM equity component has not yet launched...

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Dolphin ResearchMar 11 at 03:51 AM

Bet-the-company for survival: Did ORCL's AI bet pay off?---

As the most debated of the Big Four cloud players, $Oracle(ORCL.US) reported 3QFY26 results (through end-Feb) after hours. Overall, the print was mixed.

On the plus side, Oracle Cloud Infrastructure (OCI) — anchored by databases and compute leasing — maintained strong growth and even accelerated. On the flip side, gross margin pressure was worse than expected, while capex and borrowings climbed faster than anticipated.

Net-net, the quarter screens neutral with positives offset by negatives. The real after-hours catalyst was management raising its FY27 full-year guidance...

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Dolphin ResearchJan 22 at 12:39 PM

ORCL: Picking up scraps, leaning on deep‑pocketed patrons—fighting to survive?

Previously, Dolphin Research profiled CoreWeave, an emerging AI-era 'new cloud' leader, as an entry point into the U.S. IaaS space. This time we turn to a more pivotal player — $Oracle(ORCL.US), one of OpenAI's primary partners.

As the first note in our coverage, Dolphin Research will focus on two questions. 1) A high-level review of the company's history, tracing how a 50+ year incumbent evolved into a new force in cloud services; 2) A clear breakdown of its business and revenue mix...