# Oracle sold $19.9bn of new shares and took $11.4bn of customer prepayments in one quarter to fund $28.5bn of capex — debt $125bn, quarterly interest $1.4bn

![Oracle sold $19.9bn of new shares and took $11.4bn of customer prepayments in one quarter to fund $28.5bn of capex — debt $125bn, quarterly interest $1.4bn](https://aiswingx.com/static/covers/orcl-fy27q1_cover.jpg?v=1790018840)

**Fiscal Q1 2027 (June–August) 10-Q: revenue $19,345m (+30%), net income $4,760m. 141m shares sold through an ATM program for $19.9bn (the full $20bn program), and $11.4bn of prepayments 'with a significant financing component' received from customers (zero a year earlier). Capex rose from $8.5bn to $28.5bn. Remaining performance obligations $664bn (+46%), of which only 13% is recognized within 12 months**

Oracle (ORCL) reported revenue of $19,345m for its fiscal first quarter (June–August 2026), up 30% from a year earlier, and net income of $4,760m. The real story of the quarter is in the cash-flow statement and the equity note of the 10-Q filed on September 11: to spend $28.5bn on data centers, the company sold $19.9bn of new shares into the market and collected $11.4bn from customers in advance.

- 종목: ORCL (Oracle)
- 분기: FY27Q1 · 10-Q
- 작성: 2026-09-21 19:27 UTC
- 원문: https://aiswingx.com/p/orcl-fy27q1

## 숫자 하나
Q1 capex $28.5bn (a year earlier $8.5bn, ×3.4). ATM: 141m shares, net proceeds $19.9bn (the $20bn program set up in February fully used). Customer prepayments with a significant financing component $11.4bn (zero a year earlier) → operating cash flow $23.1bn. Borrowings $125.3bn ($7.6bn current + $117.7bn non-current). Quarterly interest expense $1,428m = 7.4% of revenue. RPO $664bn (about 13% within 12 months).

## 비유 하나
(구독자 전용)

## 출처 하나
Oracle Form 10-Q for fiscal Q1 2027 (as of August 31, 2026): statement of operations, cash-flow statement (prepayment line, capex), Note 1 'Remaining performance obligations; customer prepayments (significant financing component)', equity note (ATM program $19.9bn), balance sheet (borrowings), MD&A 'Capital expenditures, working capital, recent financing activities'

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Oracle (ORCL) sells databases, enterprise software and cloud infrastructure (OCI).

Its quarterly report (10-Q) for fiscal Q1 2027 (June 1–August 31, 2026) shows revenue of **$19,345m**, up 30% from $14,926m a year earlier, operating income of $6,728m and net income of **$4,760m**. Remaining performance obligations (RPO) reached **$664bn**, up 46% from $455bn, which the company attributes to "certain significant cloud contracts".

The other lines of the quarter's cash-flow statement read as follows. **Capex $28.5bn** ($8.5bn a year earlier). **141m new shares sold through the ATM program for net proceeds of $19.9bn**, exhausting the $20bn program set up in February. And **$11.4bn of "customer prepayments with a significant financing component"** received (zero a year earlier), which entered operating cash flow as an increase in deferred revenue, lifting it to $23.1bn.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. Does $23.1bn of operating cash flow mean strong results?**

Beyond net income of $4,760m plus non-cash charges, the $11.4bn of customer prepayments entered operating cash flow as an increase in deferred revenue. Those prepayments are consideration for future services and carry a financing component with separate interest expense (immaterial in Q1). The relationship between operating cash excluding prepayments and capex is explained in the subscriber section.

**Q. How dilutive is $19.9bn of new shares?**

141m shares is roughly 5% of the pre-issuance share count (see the 10-Q cover page). The company says proceeds are for general purposes including capex and debt repayment.

**Q. When does the $664bn of RPO become revenue?**

The company expects about 13% (about $86bn) within 12 months, 37% in months 13–36, 34% in months 37–60 and the remainder thereafter. Fulfilling the contracts requires the data centers to be built first.

**Q. Where can I verify these numbers?**

On SEC EDGAR: Oracle's fiscal Q1 2027 Form 10-Q (accession 0001193125-26-389274), the cash-flow statement, the RPO and customer-prepayment paragraphs of Note 1, the ATM program in the equity note, borrowings on the balance sheet and the capex section of MD&A.