Chris Lange
6 min read
Quick Read
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Oracle (ORCL) reported a $664B revenue backlog, up $209B year over year, with cloud infrastructure revenue surging 121% to $7.39B.
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Cramer called Oracle’s quarter calm and reassuring, but the stock sits 50% below year-ago levels and Ellison plans to sell $7.5B in shares.
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Half of Oracle’s RPO converts over 36 months, and $28.5B in quarterly CapEx pushed free cash flow to negative $5.4B.
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Jim Cramer used his September 11, 2026 episode of Mad Money to walk viewers through what he called the most important line on Oracle’s Q1 balance sheet: the revenue backlog. His verdict on the scale of that backlog was direct. “We’re talking roughly $332 billion worth of contracted business. Two years ago that backlog was just 99 billion. The scale of the opportunity here has changed dramatically,” Cramer said.
Cramer’s framing pairs with a tone shift on the stock. He came away from the quarter feeling more constructive about Oracle (NYSE:ORCL) than he had in a long time, describing it as a calm, reassuring, almost normal conference call from a company delivering capacity, collecting customer money and holding its spending forecast in check.
What Oracle Actually Reported
Cramer’s growth math and his figure for where the backlog stood two years ago are his own characterizations. The company-reported number from Oracle’s Q1 FY2027 release is larger. Oracle disclosed remaining performance obligations of $664 billion, an increase of $209 billion year over year, according to the official 8-K exhibit filed with the SEC on September 10, 2026. Oracle said it booked more than $30 billion in new AI cloud contracts in the quarter alone.
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The operating picture behind the backlog got sharper too. Total revenue hit $19.34 billion, up 29.61% year over year. Cloud infrastructure revenue jumped 121% to $7.39 billion, and non-GAAP EPS came in at $1.92 against a $1.7391 consensus. Management raised full-year FY2027 revenue guidance to at least $90 billion and set non-GAAP EPS at $8.10.
