Below is Dolphin Research's compiled Trans of $Oracle(ORCL.US) FQ4 2026 earnings call. For the earnings analysis, see 'ORCL Plunge? AI Infra Can't Fix the Core Weakness — High Rates, High Debt + Stalled Software'.
Section I: Core recap. 1) FY27 full-year guide: total revenue approx. $90bn; non-GAAP EPS est. at $8.05...
Among the 'New Cloud' cohort, $Oracle(ORCL.US) is one of the most watched and debated. On Jun 11 after hours, it reported FY26 Q4 results for the period ended May.
Overall, the print was mixed. OCI growth accelerated, while the broader legacy software portfolio slowed.
GPM improved QoQ off the trough, but still missed estimates by a wide margin. Next-quarter guidance was above expectations.
However, the FY27 full-year outlook was relatively conservative. Net-net, the quarter felt muted...
+13Per Dolphin Research's prior note on Oracle, our core takeaway is that Oracle is essentially a scaled-up CoreWeave. The bull case hinges on explosive AI compute demand that could lift its compute-rental revenue by 10x or more.
The key risk is the mismatch between uncertain AI demand and fixed upfront capex and leverage, which could lead to sizable credit losses if the AI cycle unwinds. Overall, visibility is limited...Below is Dolphin Research's FY26Q3 earnings call Trans for $Oracle(ORCL.US). For analysis of the print, see 'All-in to survive — did ORCL's AI bet win?'.
I. Core info recap1) Financing plan: In Feb, the company announced a plan to raise up to $50bn via debt and equity, and committed not to issue additional bonds in calendar 2026.Within days of the announcement, it raised $30bn through a mix of IG bonds and mandatory convertible preferreds (MCPS), with the book heavily oversubscribed. The ATM equity component has not yet launched...As the most debated of the Big Four cloud players, $Oracle(ORCL.US) reported 3QFY26 results (through end-Feb) after hours. Overall, the print was mixed.
On the plus side, Oracle Cloud Infrastructure (OCI) — anchored by databases and compute leasing — maintained strong growth and even accelerated. On the flip side, gross margin pressure was worse than expected, while capex and borrowings climbed faster than anticipated.
Net-net, the quarter screens neutral with positives offset by negatives. The real after-hours catalyst was management raising its FY27 full-year guidance...
Previously, Dolphin Research profiled CoreWeave, an emerging AI-era 'new cloud' leader, as an entry point into the U.S. IaaS space. This time we turn to a more pivotal player — $Oracle(ORCL.US), one of OpenAI's primary partners.
As the first note in our coverage, Dolphin Research will focus on two questions. 1) A high-level review of the company's history, tracing how a 50+ year incumbent evolved into a new force in cloud services; 2) A clear breakdown of its business and revenue mix...