Oracle (ORCL) official guidance

We continue to anticipate $90 billion-$95 billion in CapEx for the full year, with not more than $70 billion in net cash CapEx.

That's a year-over-year increase of +34%, and to $8.10 for our non-GAAP EPS.

In non-GAAP EPS, we expect between $1.85 and $1.93, up between 21% and 25% in U.S. dollars, and that excludes the gains from Ampere we booked in Q2 of last year.

For the full year, reflecting the strong execution and acceleration you see in our Q1, we're upgrading our guidance to at least $90 billion in total revenues.

In Q2, we would expect growth in total revenues of between 30% and 34% in U.S. dollars.

| Fiscal 2028 | | 694 |

| Fiscal 2029 | | 620 |

| Fiscal 2030 | | 582 |

| Fiscal 2031 | | 377 |

| Fiscal 2032 | | 182 |

Estimated future annual amortization expense related to intangible assets as of August 31, 2026 was as follows: | Remainder of fiscal 2027 | $ | 529 |

Non-GAAP earnings per share is expected to be between $1.83 and $1.91 in constant currency and between $1.85 and $1.93 in USD, which represents growth of 19% to 23% in constant currency and 21% to 25% in USD excluding a one-time gain from Q2 FY20261.

Total Cloud revenue is expected to grow between 64% and 70% in constant currency and between 65% and 71% in USD.

Total Cloud revenue is expected to grow between 64% and 70% in constant currency and between 65% and 71% in USD.

Total revenues are expected to grow between 30% and 34% in constant currency and USD.

In non-GAAP EPS, we expect between $1.72 and $1.76, up between 17% and 20% in US dollars.

Customer demand and our growing visibility into future revenues is what underpins the long-term financial outlook we shared at our most recent Analyst Day of plus 31% revenue CAGR and plus 28% EPS CAGR through our fiscal year 2030.

To support our capital investments program, we expect to raise around $40 billion in debt and equity in our fiscal year 2027.

While these investments are creating pressure on the near term to gross margins in our infrastructure business, we expect margin performance in infrastructure to improve rapidly as we reach full contractual revenue levels at our data centers.

Our fiscal year 2027 gross margins will step down due to timing for the ramp-up of our data center projects into their full revenue contribution, plus impacts from mix.

Of that, we expect growth in cloud revenues of between 58% and 64%.

Customer demand and our growing visibility into future revenues is what underpins the long-term financial outlook we shared at our most recent Analyst Day of plus 31% revenue CAGR and plus 28% EPS CAGR through our fiscal year 2030.

I'll finish with guidance for our Q1 2027. In Q1, we'd expect growth in total revenues of between 27% and 29% in US dollars.

To our fiscal year 2027 guidance, you can start to see the strong translation of our RPO into revenues, with expected growth in our total revenues of +34% in constant currency, surpassing the five-year revenue CAGR included in our long-term outlook.

| Fiscal 2027 | $ | 731 |

Non-GAAP earnings per share is expected to grow between 16% and 19% and be between $1.71 and $1.75 in constant currency and grow between 17% and 20% and be between $1.72 and $1.76 in USD.

We expect this new AI patient care management system to push the growth rate of the overall Oracle Health business to double-digits in fiscal year 2027.

Total Cloud revenue is expected to grow between 57% and 63% in constant currency and is expected to grow between 58% and 64% in USD.

Total Revenues are expected to grow from 27% to 29% in both constant currency and USD.

We delivered significant growth with AWS, beginning Q3 with two AWS regions live, exiting Q3 with eight AWS regions live, and we will exit Q4 with 22 AWS regions live.

Through our partners, we have secured more than 10 GW of power and data center capacity coming online over the next three years.

| Remainder of fiscal 2026 | $ | 421 |

For fiscal year 2026, we expect revenue of $67 billion and capital expenditures of $50 billion.

Non-GAAP earnings per share is expected to grow between 15% to 17% and be between $1.92 and $1.96 in constant currency and grow between 15% to 17% and be between $1.96 and $2.00 in USD.

Non-GAAP earnings per share is expected to grow between 15% to 17% and be between $1.92 and $1.96 in constant currency and grow between 15% to 17% and be between $1.96 and $2.00 in USD.

For fiscal year 2026, we expect revenue of $67 billion and capital expenditures of $50 billion.

Total Cloud revenue is expected to grow between 44% to 48% in constant currency and is expected to grow from 46% to 50% in USD.

Total Cloud revenue is expected to grow between 44% to 48% in constant currency and is expected to grow from 46% to 50% in USD.

Non-GAAP EPS is expected to grow between 12%-14% and be between $1.64 and $1.68 in constant currency and grow between 16%-18% and be between $1.70 and $1.74 in USD, and with that, I'll turn it over to Clay.

Non-GAAP EPS is expected to grow between 12%-14% and be between $1.64 and $1.68 in constant currency and grow between 16%-18% and be between $1.70 and $1.74 in USD, and with that, I'll turn it over to Clay.

The result is we now expect $4 billion of additional revenue in FY 2027.

As it relates to specific guidance for Q3, total cloud revenue is expected to grow from 37%-41% in constant currency and is expected to grow from 40%-44% in USD.

Total revenues are expected to grow from 16%-18% in constant currency and are expected to grow from 19%-21% in USD.

As it relates to specific guidance for Q3, total cloud revenue is expected to grow from 37%-41% in constant currency and is expected to grow from 40%-44% in USD.

Total revenues are expected to grow from 16%-18% in constant currency and are expected to grow from 19%-21% in USD.