Oracle Cloud@Customer

Search documents
高盛:甲骨文-OCI 人工智能培训 momentum 推动 2026 财年雄心勃勃的增长及 RPO 目标
Goldman Sachs· 2025-06-15 16:03
Investment Rating - The report maintains a Neutral rating for Oracle Corp. (ORCL) with a price target raised to $195 from $145, reflecting a potential upside of 10.6% from the current price of $176.38 [1]. Core Insights - Oracle's strong F4Q results exceeded consensus expectations in revenue (+2%) and gross profit (+1%), although free cash flow (FCF) was significantly below expectations due to a 140% increase in capital expenditures [1]. - The company anticipates a 100 basis points increase in FY26 revenue guidance, with a solid performance in remaining performance obligations (RPO), which grew 41% year-over-year [1]. - Oracle's cloud infrastructure (IaaS) is expected to grow over 70% in FY26, driven by a 62% increase in OCI consumption, indicating strong demand [1]. - The company aims to double its RPO in FY26, excluding Stargate contributions, reflecting a robust OCI pipeline [1]. - Despite the positive outlook, there are concerns regarding the ambitious growth targets for both IaaS and SaaS, which may be challenging to achieve given the current macroeconomic constraints [1]. Summary by Sections Financial Performance - Revenue forecasts for Oracle are updated to $57.4 billion for FY25, $67.1 billion for FY26, $80.6 billion for FY27, and $92.8 billion for FY28 [3]. - EBITDA is projected to grow from $31.2 billion in FY25 to $54.5 billion in FY28, indicating a strong upward trend [3]. - The report highlights a significant increase in capital expenditures, projected at approximately $25 billion for FY26, raising questions about its impact on future earnings [1][15]. Market Position and Strategy - Oracle is positioned as a strong player in the IaaS market, gaining traction with major customers like Uber and TikTok, despite being a distant fourth compared to hyperscalers [15]. - The company is also focusing on its strategic back-office applications, which are experiencing steady growth, particularly through its NetSuite and Fusion ERP offerings [15]. - Long-term targets include achieving over $104 billion in revenue by FY29, with a commitment to AI investments underpinning this growth [15]. Valuation Metrics - The report provides various valuation metrics, including a P/E ratio of 26.0 for FY25, decreasing to 17.9 by FY28, indicating a potential for improved valuation as earnings grow [9]. - Free cash flow yield is projected to improve from negative in FY25 to 0.9% by FY28, reflecting a recovery in cash generation capabilities [9]. - The report notes that Oracle's valuation at 22x FY27 P/E reflects a balanced risk-reward scenario until further evidence of growth materializes [15].
Oracle Earnings See Cloud Acceleration
The Motley Fool· 2025-06-11 21:09
Core Insights - Oracle's fiscal 2025 fourth-quarter financial report shows strong performance, with revenue and earnings exceeding expectations [2][5][6] Financial Performance - Revenue for Q4 FY25 reached $15.9 billion, an 11% increase from $14.3 billion in Q4 FY24, beating analyst expectations [2][5] - Adjusted earnings per share rose to $1.70, a 4% increase from $1.63 in the previous year, also surpassing expectations [2][5] - Cloud infrastructure revenue surged by 52% year over year to $3.0 billion, indicating robust growth in this segment [2][3] - Cloud application revenue increased by 12% to $3.7 billion, contributing to overall cloud revenue growth [2][3] Cloud Business Growth - Oracle anticipates cloud infrastructure revenue to grow by over 70% in fiscal 2026, driven by data center investments [3] - Total cloud revenue growth is projected to reach 40% in fiscal 2026, up from 24% in fiscal 2025 [3] - MultiCloud database revenue from third-party providers more than doubled in Q4 FY25 compared to Q3 FY25 [4] - Oracle Cloud@Customer revenue grew by 104% year over year, reflecting strong demand for on-premises cloud solutions [4] Market Reaction - Following the earnings report, Oracle's share prices rose approximately 7% in after-hours trading, reflecting positive market sentiment [6] - The stock had already increased about 6% year-to-date prior to the report [6] Future Outlook - Growth in Oracle's cloud infrastructure is significantly influenced by investments in artificial intelligence (AI) infrastructure [7] - The demand for computing capacity from AI companies is driving accelerated growth in Oracle's public cloud business [7] - Continued expansion of data centers is expected as long as the AI boom persists, positioning Oracle for sustained success in the cloud market [7]