Oracle reported a record $638 billion（約100兆円） backlog and 21% revenue growth, but the stock fell 7% because the company plans to spend $40 billion（約6.4兆円） on data center buildout in the coming year, raising questions about when heavy spending will translate into profit.

What happened: Oracle's cloud infrastructure business grew 93% year over year to $5.8 billion（約9300億円） in the quarter ended May 31, and the company's backlog of contracted future revenue (money it hasn't yet earned) hit a record $638 billion（約100兆円）, up $85 billion（約14兆円） in the quarter alone. Revenue rose 21% to $19.2 billion（約3.1兆円）, and management guided for $90 billion（約14兆円） in fiscal 2027 revenue. Yet shares fell about 7% after the report.

Why it matters: Oracle is spending at an enormous scale to build the data centers customers need. Capital expenditures totaled $55.7 billion（約8.9兆円） in fiscal 2026 — more than two and a half times the prior year — and free cash flow turned negative at $23.7 billion（約3.8兆円） despite operating cash flow jumping 54%. The company raised $43 billion（約6.9兆円） in debt and $5 billion（約8000億円） in equity last year and plans to raise roughly $40 billion（約6.4兆円） more in fiscal 2027, which includes a $20 billion（約3.2兆円） at-the-market equity program. Investors appear concerned that most of the backlog growth came from a small number of very large AI contracts, including a reported $300 billion（約48兆円） five-year agreement with OpenAI, and want to see when this spending cycle pays off in positive free cash flow.

What to watch: Oracle expects to recognize about 12% of its $638 billion（約100兆円） backlog as revenue over the next 12 months, and the company said prepaid and customer-supplied hardware in large AI contracts now total $75 billion（約12兆円）, which reduces the capital Oracle must raise. However, the stock's forward price-to-earnings ratio sits at about 24, and investor hesitation may persist until free cash flow returns to positive territory.