Oracle Backlog Hits $638B, Stock Falls 7%

Oracle reported a record $638 billion backlog of contracted future revenue in its fiscal Q4 2026, with revenue up 21% to $19.2 billion. Shares fell 7% in after-hours trading as the company plans to raise $40 billion in fiscal 2027 to fund AI data center build-out, adding to $48 billion raised in fiscal 2026.