---
title: "Oracle's AI Backlog Surges as Cloud Growth Accelerates"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287239657.md"
description: "Oracle reported a 22% revenue increase to $17.2 billion in Q3 2026, driven by a 44% rise in cloud revenue. AI infrastructure revenue surged 243%, with a backlog up 325% to $553 billion. Despite strong growth, investor concerns remain over heavy spending on data centers impacting cash flow. The focus is on converting backlog into profitable revenue and updates on AI capacity and fiscal targets."
datetime: "2026-05-21T14:39:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287239657.md)
  - [en](https://longbridge.com/en/news/287239657.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287239657.md)
---

# Oracle's AI Backlog Surges as Cloud Growth Accelerates

Oracle (ORCL, Financials) gave investors one of its strongest growth updates in years, but the stock has yet to fully reflect the company's shift toward artificial intelligence infrastructure.

Revenue rose 22% year over year to $17.2 billion in fiscal third-quarter 2026, while non-GAAP earnings per share increased 21% to $1.79. Cloud revenue was the main driver, climbing 44% to $8.9 billion. Oracle Cloud Infrastructure grew even faster, rising 84% to $4.9 billion.

The numbers show Oracle is no longer just a legacy database company. It is becoming a larger player in cloud computing and AI infrastructure, where demand from large enterprises continues to rise.

AI infrastructure revenue jumped 243% from a year earlier, while multicloud database revenue surged 531%. Oracle also said its remaining performance obligation, or contracted backlog, rose 325% to $553 billion. That gives the company a clearer path to future revenue.

Investors still have concerns. Oracle is spending heavily to build the data centers and computing capacity needed to support AI demand, which has pressured free cash flow. That spending has kept some investors cautious, even as growth improves.

The key question now is whether Oracle can turn its massive backlog into profitable revenue. The next catalyst will be updates on AI infrastructure capacity, cloud margins and progress toward its fiscal 2027 revenue target of $90 billion.

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