From Legacy to AI Leviathan: Inside Oracle’s Unlikely Run
Oracle’s transformation from enterprise software stalwart to cloud contender began to show tangible results in fiscal Q1 2025. In that quarter, Oracle reported $13.3 billion in revenue, up 7% year-on-year, fueled by strong cloud uptake stocktitan.net. Cloud services revenue grew 21% to $5.6 billion stocktitan.net, with Oracle’s Infrastructure-as-a-Service business up 45% and its Fusion and NetSuite cloud applications each growing ~16–20% stocktitan.net. Perhaps most telling, Oracle’s remaining performance obligations – essentially its contracted backlog – reached $99 billion, up 53% from the prior year stocktitan.net. This was a then-record backlog for Oracle, signaling robust demand in the pipeline.