Oracle’s $553 billion backlog is larger than the GDP of most countries. It also grew by 325% in a year

I keep hitting the buy button oracle (NYSE:ORCL | ORCL price prediction) because I’ve rarely seen a backlog like the one this company is sitting on, and I want to own as many shares as I reasonably can before the market fully prices it in.

What always captivates me is a single number on the balance sheet: Remaining performance obligations of $553 billion, an increase of 325% year over year. This is contractually agreed future income. Customers have already signed. Many of them pay for their GPUs upfront or provide them themselves, which is the opposite of how most people imagine a hyperscaler funding its growth. I buy a company whose customers finance the expansion.

The data that keeps me adding

Firstly, the growth profile. The third quarter of fiscal 2026 was the first quarter in over 15 years in which both total organic revenue and non-GAAP EPS grew by 20% or more. Cloud infrastructure revenue increased 84% to $4.888 billion and multicloud database revenue increased 531%. EPS came…