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Investing.com -- Oracle is set to report fiscal first-quarter 2027 earnings after the market close on Thursday, in a print that will show whether the AI spending boom can outrun the company's own soaring costs. The cloud computing giant's backlog has swelled to $638 billion, up 363% from a year ago, while free cash flow has now been negative for five straight quarters.
The company is the clearest publicly traded proxy for the AI infrastructure buildout, with its Oracle Cloud Infrastructure (OCI) unit competing directly with Amazon Web Services, Microsoft Azure, and Google Cloud for AI workloads. Tonight's numbers will test whether cloud growth can keep pace with Oracle's mounting capital costs.
Wall Street expects adjusted earnings of $1.74 a share on revenue of $19.14 billion, implying roughly 28% year-over-year growth, according to FactSet data. Management has guided for total cloud revenue growth of 58% to 64%, and Jefferies analyst Brent Thill sees OCI accelerating to as much as 115%, up from 93% last quarter.
Mizuho Securities, which rates the stock Outperform with a $320 target, said it expects Oracle to beat consensus as roughly 1 gigawatt of new OCI capacity comes online this quarter, nearly matching all of fiscal 2026's buildout. "The key is not just backlog growth, but evidence that capacity is turning into revenue on schedule," the firm said.