Oracle's cloud infrastructure revenue nearly doubled, but massive buildout spending and debt raise questions about profitability timing.

What happened: Oracle reported Q4 fiscal 2026 revenue of $19.18 billion（約3.1兆円）, up 21% year over year, with cloud infrastructure revenue surging 93% to $5.8 billion（約9300億円）. The company's cloud computing backlog soared 363% to $638 billion（約100兆円）, though $75 billion（約12兆円） of that comes from customers who prepaid for graphics processing units (GPUs) or supplied their own.

Why it matters: Oracle is betting heavily on AI infrastructure—it will raise $40 billion（約6.4兆円） this year through debt and equity sales to fund buildout—but investors face uncertainty about whether the company will achieve solid returns on these massive investments. The spending will initially pressure profit margins, and the company carries a sizable debt load with negative free cash flow, making the investment more speculative despite Oracle's established market position.

What to watch: Management maintained its fiscal-year 2027 revenue forecast of $90 billion（約14兆円） and projects fiscal Q1 2027 revenue to rise by 27% to 29%, with cloud revenue climbing by 57% to 63%. The stock trades at a forward price-to-earnings ratio of 23 times.