甲骨文预计新财年云基础设施营收将涨超70%，盘后一度涨8%

Core Viewpoint - Oracle's Q4 fiscal results exceeded expectations, with a slight miss in cloud infrastructure but a strong outlook for FY2026, projecting over 70% growth in cloud infrastructure revenue and capital expenditures rising to $25 billion [1][2][9]. Financial Highlights - Q4 revenue reached $15.9 billion, a year-over-year increase of 11%, surpassing analyst expectations of $15.59 billion [3]. - Q4 operating profit was $7.04 billion, exceeding the forecast of $6.85 billion [4]. - Q4 operating margin stood at 44%, in line with analyst expectations [5]. - Adjusted EPS for Q4 was $1.70, above the anticipated $1.64 [6]. Cloud Business Performance - Q4 cloud infrastructure revenue (IaaS) was $3 billion, a significant year-over-year increase of 52%, slightly below the expected $3.07 billion [7]. - Overall cloud revenue (IaaS plus SaaS) grew 27% year-over-year to $6.7 billion, accounting for 42% of total revenue [8]. Management Outlook - CEO Safra Catz projected that cloud infrastructure revenue will grow over 70% in FY2026, compared to a 52% increase in the current quarter [9]. - The company anticipates FY2026 revenue to exceed $67 billion, with analyst expectations at $65.18 billion [9]. - For Q1 FY2026, adjusted EPS is expected to be between $1.46 and $1.50, with revenue growth projected at 12% to 14% [9]. Contractual Obligations and Future Growth - The "Remaining Performance Obligations" (RPO) increased by 41% year-over-year to $138 billion, indicating strong future revenue visibility [12]. - Management expressed optimism about accelerating revenue growth, with total cloud revenue growth expected to rise from 24% in FY2025 to over 40% in FY2026 [14]. Capital Expenditure Plans - Capital expenditures for FY2025 exceeded $21 billion, up from less than $7 billion in FY2024, with expectations to surpass $25 billion in the new fiscal year [17]. - Recent partnerships include collaborations with Cleveland Clinic and G42 for AI platforms in healthcare, and a commitment with IBM for cloud computing and consulting services [17].