债务超千亿！甲骨文盘后大跌

Core Viewpoint - Oracle's Q2 FY2026 earnings report showed a revenue of $16.1 billion, a 14% year-over-year increase, but the stock fell over 11% post-announcement [1] Financial Performance - Revenue for Q2 FY2026 was $16.1 billion, up 14% year-over-year - GAAP net profit reached $6.1 billion, a 57% increase year-over-year - Adjusted EPS was $2.26, reflecting a 54% year-over-year growth [1][3] - Free cash flow for Q2 was -$10 billion [3] Guidance and Projections - Oracle expects Q3 revenue growth of 19%-21% and cloud growth of 40%-44% - Annual sales forecast for FY2026 remains unchanged at $67 billion [3] Cloud Business Performance - Q2 cloud revenue was $8 billion, a 34% year-over-year increase, but below market expectations - Cloud infrastructure revenue was $4.1 billion, up 68% year-over-year - Cloud applications revenue was $3.9 billion, a 11% increase year-over-year [3] Capital Expenditure and Debt - Capital expenditure expectations were raised by $15 billion - Oracle has issued approximately $18 billion in new investment-grade bonds, with total outstanding debt exceeding $100 billion, the largest among investment-grade rated tech companies [2][3] Remaining Performance Obligations - Remaining performance obligations surged to $523 billion, exceeding market expectations [5][6] Market Concerns - Analysts express concerns over the costs and timelines associated with building AI infrastructure amid Oracle's aggressive spending strategy - The company's debt-driven data center expansion and customer concentration risks are under scrutiny [4][6] Management Commentary - Oracle's CFO stated that most capital expenditures are directed towards revenue-generating data center equipment rather than land or facilities, allowing for quicker cash conversion into revenue [6][7] - The company maintains that its backlog of orders is healthy and emphasizes the need for profitability before further expansion [7]