As Oracle prepares to release its earnings report after the US market close on Tuesday, investors are eagerly awaiting updates on the company’s financing plans, cloud infrastructure capacity, remaining performance obligation (RPO) conversion, and capital expenditure. With the software-as-a-service (SaaS) space facing ongoing concerns, performance in the core applications business is also a key focus. Despite cautious positioning, expectations are relatively low, allowing for potential upside.

Fiscal third-quarter total revenue is expected to grow about 17% y/y on a constant-currency basis, with fiscal 4Q growth of 18–20% y/y. Oracle Cloud Infrastructure (OCI) revenue growth is expected at roughly 80% y/y in fiscal 3Q and around 90% in fiscal 4Q. The company has guided to full-year OCI revenue of $18 billion, representing roughly 75% y/y growth.

Investors will also be closely watching the company’s capital expenditure plan for fiscal 2026, which includes around $15 billion split across fiscal third and fourth quarters. Reaffirmation of this plan will be an important metric to gauge Oracle’s commitment to growth.

While the company has faced some controversy in recent weeks, including reports of ending plans to expand its flagship Stargate site with OpenAI, these reports were later refuted by Oracle. As such, investors may want to approach any updates on financing and capital expenditure with a healthy dose of skepticism.

Overall, while expectations are relatively low, there is potential for upside as the company continues to execute on its growth plans. With a focus on OCI revenue growth, RPO conversion, and capital expenditure, investors can gain valuable insights into Oracle’s performance and future prospects by closely monitoring these key metrics.