Oracle’s $664 billion AI backlog comes with a hefty execution bill

Oracle's contract pipeline hit a record in fiscal Q1 2027, but heavy capex, negative free cash flow and power delays are testing how fast it can deliver Oracle has a record order book. It is also spending heavily, and burning cash, to fill it. The company’s fiscal Q1 2027 report showed remaining performance obligations of $664 billion as of August 31, 2026. That figure is up $209 billion, or 46%, from a year earlier. Remaining performance obligations are contracted revenue Oracle has signed but not yet delivered. The question now is less about demand and more about timing. Can Oracle turn signed contracts into running data centers, and then into cash, before the bills catch up?

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