# Oracle Stock Q3 2026: OCI Up 121%, a $664bn Backlog and $28.5bn of Quarterly Capex
> Oracle stock Q3 2026: fiscal Q1 revenue up 30% to $19.3bn, OCI up 121%, a $664bn backlog, $28.5bn of capex and negative free cash flow. ORCL risks.

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## Facts
- Ticker: ORCL
- QSILabs fair value: $76.97 USD
- Price: $130.67 (as of 2026-10-30)
- As of: fiscal Q1 FY2027 results (quarter ended 2026-08-31); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/oracle-stock-q3-2026-earnings-oci-rpo-capex/

## Short answer
Oracle stock Q3 2026 coverage means Oracle's fiscal first quarter of 2027, the three months to 31 August 2026. Revenue rose 30% to $19.3bn, cloud infrastructure (OCI) revenue rose 121% to $7.4bn and remaining performance obligations, the contracted backlog, reached $664bn. The cost is visible in the cash flow statement: capital spending of $28.5bn in a single quarter left free cash flow at minus $5.4bn, and Oracle sold $20bn of new shares to help pay for it. Our discounted cash flow model puts Oracle at $76.97 a share, against a $130.67 close on 30 October 2026. The growth is real and contracted; the question is how much cash it produces, and when.

## Key takeaways
- Revenue up 30%. Fiscal Q1 FY2027 total revenue was $19,345m, up from $14,926m. Cloud revenue rose 62% to $11,607m and is now 60% of the total.
- OCI more than doubled. Cloud infrastructure revenue rose 121% to $7,388m, from $3,347m a year earlier. Cloud applications rose 10% to $4,219m; software revenue fell 3% to $5,550m.
- Earnings up 55%. GAAP operating income rose 57% to $6,728m, a 34.8% margin. Diluted EPS was $1.56, up from $1.01; non-GAAP EPS was $1.92, up 30%.
- A $664bn backlog. Remaining performance obligations rose $209bn in a year. Oracle expects to recognise about 13% (roughly $86bn) in the next 12 months and 37% in months 13 to 36.
- Capex of $28.5bn. Capital spending more than tripled from $8.5bn. Operating cash flow was a record $23.1bn, helped by $11.4bn of customer prepayments, so free cash flow was minus $5.4bn.
- More capital raised. Oracle sold $20bn of stock through its at-the-market programme in the quarter and on 2 November 2026 launched $10bn of senior notes and $10bn of common stock.
- Our value: $76.97 a share, up $0.11 from $76.85, and about 41% below the $130.67 close on 30 October. A two-stage cross-check gives $77.21; analysts' average target is $234.

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