NEW YORK, July 4, 2026, 11:01 (EDT)
- Oracle fell 5.6% in the holiday-shortened week and is down 23.9% over nine straight losing sessions.
- Its $638 billion backlog is about 1.6 times its market value, but fiscal 2027 funding needs are keeping pressure on the stock.
- U.S. equity markets were shut Friday for Independence Day observed; Oracle’s next regular session is Monday.
Oracle Corporation NYSE:ORCL enters the long U.S. holiday weekend with an odd split in its numbers: contracted demand has grown larger than the company’s market value, while the stock has kept falling.
U.S. equity markets were closed Friday, July 3, for Independence Day observed, with normal NYSE and Nasdaq hours listed as 9:30 a.m. to 4:00 p.m. ET on regular trading days. New York Stock Exchange Oracle’s last regular-session print was Thursday’s $140.27 close, down 1.56%, after touching an intraday low of $138.83. Volume was 44.27 million shares, about 56% above Google Finance’s listed average volume of 28.37 million.
| Last regular session / recent run | Close | Move | Volume |
|---|---|---|---|
| Jun. 26 | $148.53 | -2.58% | 36.53 mln |
| Jun. 29 | $147.76 | -0.52% | 34.31 mln |
| Jun. 30 | $146.55 | -0.82% | 35.93 mln |
| Jul. 1 | $142.50 | -2.76% | 45.96 mln |
| Jul. 2 | $140.27 | -1.56% | 44.27 mln |
The four-session week cut 5.6% from Oracle’s share price. The longer run is harsher: the stock has fallen from $184.29 on June 18 to $140.27 on July 2, a 23.9% drop across nine straight down sessions, based on Investing.com historical prices.
The selloff is not just a chart story. Oracle reported remaining performance obligations, or RPO, of $638 billion at the end of fiscal 2026, up 363% from a year earlier and up $85 billion from the prior quarter. That backlog is about 1.58 times the company’s $404.04 billion market value listed by Google Finance.
| Oracle pressure point | Latest confirmed figure | Investor read-through |
|---|---|---|
| Market value | $404.04 bln | Stock has lost premium status |
| RPO | $638 bln | 1.58x market value |
| RPO expected in next 12 months | $76.56 bln | 114% of FY2026 revenue |
| RPO expected in months 13-36 | $216.92 bln | 54% of market value |
| FY2027 planned financing | About $40 bln | Nearly 10% of market value |
| FY2027 capex plan | $70 bln own spend, plus $20 bln-$25 bln reimbursed | Large cash need before revenue ramps |
That is the core tension for the week ahead. Oracle’s future sales book is large, but the cost to build enough data-center capacity is large too. Reuters reported that CFO Hilary Maxson said Oracle expects $70 billion in its own capital spending in fiscal 2027, plus another $20 billion to $25 billion that it expects to be repaid for. Analysts had expected $67.66 billion, according to LSEG data cited by Reuters.
Maxson also said gross margins will “step down” as Oracle ramps data-center projects, Reuters reported. Jacob Bourne, an analyst at eMarketer, said the demand is real, but “the funding question is getting harder, not easier.” Reuters
Oracle’s own release showed why bulls have not left. Fiscal 2026 revenue rose 17% to $67.4 billion, cloud revenue rose 39% to $34.0 billion, and fiscal-year operating cash flow rose 54% to $32.0 billion. Free cash flow was negative $23.7 billion as Oracle spent on cloud infrastructure.
The company said $75 billion of prepaid and customer-supplied hardware in large AI contracts reduces the amount of capital Oracle must raise to build AI data centers. It still expects to raise about $40 billion through debt and equity in fiscal 2027, including a previously announced $20 billion at-the-market equity issuance.
Co-CEO Clay Magouyrk gave investors the other side of the trade on Oracle’s June call. On capex timing, he said, “My job is to try to spend the money a little bit faster” so Oracle can bring on revenue. CFO Maxson said the company would stay focused on “maintaining a strong balance sheet” and preserving its investment-grade credit rating. Investing.com
Oracle is now priced about 4.2% above its 52-week low of $134.57 and about 59% below its 52-week high of $345.72, based on Google Finance data. The stock’s next week has one small income date on the calendar: Google Finance lists a July 10 ex-dividend date and a 50-cent quarterly dividend.
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