Oracle reported Q2 revenue of $19.2B, up 21% but missing consensus by $280M, with EPS of $2.11 beating estimates. Cloud infrastructure surged 93% while apps grew just 10%, driving a shift toward heavy AI data center capex that pressured gross margins down 5 points, though operating income still rose 22% to $8.6B on sales efficiencies and $32B operating cash flow. Remaining performance obligations reached $638B, signaling locked-in contracts, but management and the new CFO stressed capital discipline amid utilization risks and questions over durable AI demand once buildout slows.

Company: Oracle Corporation (ORCL) — Q4 FY2026

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