Oracle's Backlog Doubled in Two Years—But Earnings Haven't Caught Up

Oracle's total remaining performance obligations (contracted future revenue) hit $138 billion in Q4 FY25, up 41% year-over-year and double the $68 billion level two years prior. Yet earnings per share rose modestly: GAAP EPS from $1.11 to $1.19. The gap reflects heavy capex and hiring as Oracle builds data centre capacity to fulfill cloud infrastructure contracts. For investors, the backlog signals genuine demand; the question is whether execution converts it to profit.