财报前瞻|甲骨文势头强劲，焦点集中云业务

Core Viewpoint - Oracle's Q4 FY2025 results exceeded analyst expectations, showcasing strong growth in cloud services and significant future revenue potential driven by AI demand [2][4][7]. Financial Performance - Q4 FY2025 revenue reached $15.9 billion, an 11% year-over-year increase, surpassing the expected $15.59 billion [2][4]. - GAAP net profit was $3.4 billion, up 9% year-over-year, with adjusted EPS at $1.70, exceeding market expectations of $1.64 [2][4]. - Cloud services and license support generated $11.7 billion, accounting for 74% of total revenues, with a 14% increase year-over-year [3][4]. Business Segments 1. Cloud Services and License Support - This segment remains Oracle's core business, with Q4 revenue of $11 billion, a 14% increase year-over-year [4]. - Overall cloud revenue (IaaS + SaaS) reached $6.7 billion, growing 27% year-over-year, driven by AI migration from on-premises to cloud [4]. - Significant growth in core cloud applications, with Fusion ERP and NetSuite ERP showing acceleration in growth rates [4]. 2. Cloud Licenses and On-Premise Licenses - Revenue for this segment was $2.007 billion, reflecting a 9% year-over-year increase [5]. 3. Hardware and Services - Hardware revenue slightly increased by 1% to $850 million, while services revenue decreased by 2% to $1.348 billion [6]. Future Guidance - Oracle projects total revenue for FY2026 to reach $67 billion, a 16.7% year-over-year increase, with cloud business growth expected to accelerate [6][9]. - The company anticipates a 100% increase in remaining performance obligations (RPO) for FY2026, indicating strong future revenue potential [6]. Market Expectations - Analysts expect Q1 FY2026 revenue to be around $15.02 billion, with a year-over-year growth of 12%-14% and adjusted EPS of $1.48 [9][10]. - Investment firms have raised Oracle's target prices, reflecting positive market sentiment and expectations for continued strong performance [12]. AI Collaborations - Oracle is expanding its influence in the AI ecosystem through partnerships, including collaboration with xAI and a joint venture with OpenAI [8]. - The company is deploying advanced GPU technology to enhance its cloud infrastructure for AI workloads, indicating a strategic focus on AI capabilities [8].