Oracle: Contracted Revenue

Metric

RPO · Whole company

Contracted balance

$638B, +363% year over year

Denominator

Fiscal 2026 total revenues of $67.4bn for the twelve months ended May 31, 2026, as reported. The period end is a fiscal year end, so the reported annual figure is the trailing twelve months with no arithmetic applied.

Coverage

9.47x (scopes match)

Duration

Oracle published neither a weighted average duration nor a 12-month recognition split with the Q4 result. On the largest backlog in the table relative to revenue, that omission is the single most important missing number in this dataset.

Concentration · largest customer OpenAI

Oracle has not published an ex largest customer growth rate. Its backlog is widely reported to be dominated by a roughly $300bn OpenAI compute contract, which would be close to half the total, and the company has not disclosed a figure either way.

Notes

The widest gap between contracted revenue and current revenue of any large company on record: $638bn signed against $67.4bn of annual sales. Oracle added $85bn sequentially and grew the balance 363% in a year. Two qualifiers travel with it. Most of the Q3 and Q4 increase came from large AI contracts where the customer prepaid for GPUs or supplied the hardware itself, with the prepaid and customer supplied portions totalling about $75bn, so part of this backlog converts at a very different margin from Oracle's software revenue. And with no duration disclosed, a reader cannot tell whether 9.5 years of coverage means five years of doubled revenue or fifteen years of a slow drip.

Sources: company filing or release · company filing or release