Oracle reported a record backlog of $664 billion in fiscal Q1 2027, up 46% year-over-year. Cloud infrastructure revenue surged 121% to $7.4 billion, while the company delivered 850 megawatts of AI capacity and deployed over 300,000 GPUs with 98% utilization. However, quarterly capital expenditures of $28 to $28.5 billion pushed free cash flow to negative $5.4 billion, with Oracle projecting gross capex of $90 to $95 billion for fiscal 2027. With half the backlog tied to OpenAI, revenue concentration and power delays in New Mexico and Wisconsin raise questions about Oracle’s ability to execute.
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