A $638 billion order backlog—what truly matters is the capital cost required to fulfill it.

This article provides an in-depth analysis of industrial and macroeconomic finance. All data are drawn from public sources (official disclosures, authoritative media, and institutional research reports) and are intended solely for industrial mechanism analysis—not as investment advice. This article focuses on cloud service and capital expenditure structure research. All data come from public sources (company financial reports, publicly disclosed earnings call statements, and rating agency announcements), and are intended solely for mechanism analysis—not as investment advice. I. One Year, Same Date In September 2025, when Oracle announced its prior-quarter results, its Remaining Performance Obligations (RPO) stood at $455 billion—a year-on-year increase of 359%. The company simultaneously raised its revenue outlook for Oracle Cloud Infrastructure significantly, prompting a strong market reaction. According to Reuters, Oracle’s stock surged approximately 35% in a single day—the largest one-day gain since 1992. (Source: Oracle Investor Relations) One year later, on September 10, 2026, Oracle will release its Q1 FY2027 earnings after U.S. market close. The company has already confirmed that this quarter’s financial results will be published post-market on September 10. (Source: Oracle Investor Relations) At the end of the prior fiscal year, Oracle’s RPO had reached $638 billion. In just one year, the order backlog continued expanding. Yet this time, the truly meaningful question is not why the stock price rose or fell—but rather: How much capital must be invested to fulfill this $638 billion in orders? These two questions may appear similar, but they are fundamentally different. Because RPO is not cash. It represents contracted revenue yet to be recognized in the future—but converting that revenue into actual cash flow requires first building out infrastructure: data centers, GPUs, networking, power systems, and more. Thus, the same large order carries markedly different economic implications for a light-asset software company versus a heavy-asset cloud infrastructure provider. II. First, confirm one thing: the orders have not disappeared. As of May 31, 2026—the end of FY2026—Oracle’s RPO totaled $638 billion, up 363% year-on-year and $85 billion higher than the $553 billion recorded at the end of Q3. (Source: Oracle Investor Relations) Compared with the $455 billion reported in August 2025, this reflects roughly a 40% increase over one year. Oracle’s full-year FY2026 revenue amounted to $67.4 billion, up 17% year-on-year; Cloud Infrastructure (IaaS) revenue reached $18.1 billion, up 77% year-on-year. (Source: Oracle Investor Relations) Therefore, at least based on operational metrics, “the orders have vanished” is not a reasonable explanation. On the contrary, AI-powered cloud infrastructure remains one of the company’s fastest-growing businesses. More notably, Oracle stated that most of the RPO growth in Q3 and Q4 FY2026 stemmed from large-scale AI contracts—under which customers either prepay for GPU purchases or directly supply GPUs to Oracle. The cumulative value of such customer prepayments and customer-provided hardware has reached $75 billion.

Tides Express | Novo Nordisk Releases Q1 2026 Financial Results, Driven by Semaglutide Portfolio Growth

• In Q1 2026, reported sales grew 32% year-on-year at constant exchange rates (CER), positively impacted by the reversal of provisions related to the U.S. 340B Drug Pricing Program. • Excluding the impact of the reversal of provisions related to the U.S. 340B Drug Pricing Program, adjusted sales declined 4% year-on-year at CER—primarily driven by price reductions—though volume growth across GLP‑1 products in all regions partially offset this decline. Adjusted sales in the obesity treatment area grew 22% year-on-year at CER. • In Q1 2026, adjusted sales for the U.S. Operations segment declined 11% year-on-year at CER—mainly due to price reductions—though overall volume growth of the Wegovy® (brand name in China: NovoFine®) product portfolio partially offset this impact. • In Q1 2026, sales for the International Operations segment grew 6% year-on-year at CER—driven primarily by increased volumes. • In Q1 2026, adjusted operating profit declined 6% year-on-year at CER; however, reported operating profit grew 65% year-on-year at CER—largely driven by the reversal of provisions related to the U.S. 340B Drug Pricing Program. Business Highlights • Wegovy® tablets launched in the U.S. on January 5, 2026. As of the week ending April 17, weekly prescription volume exceeded 200,000. Combined with approximately 1.3 million prescriptions in Q1 2026—and over 2 million prescriptions cumulatively since launch—the rollout represents the strongest GLP‑1 product launch in U.S. history. Wegovy® tablet sales in Q1 2026 totaled DKK 2.256 billion, including channel stocking effects from pre-launch shipments to wholesalers and telehealth partners. • Subject to regulatory approval, Wegovy® tablets are expected to launch in markets outside the U.S. in the second half of 2026.

Kronos Worldwide Schedules November 5, 2026 Earnings Date

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