Oracle is due to report fiscal first-quarter 2027 results after Thursday’s market close, with Wall Street expecting adjusted earnings of $1.74 per share on $19.14 billion in revenue. The results will test whether rapid Oracle Cloud Infrastructure growth and a $638 billion backlog can support the company’s AI data-center expansion despite negative free cash flow and rising capital spending. Oracle shares were down 2.54% at $157.52 on Thursday, extending a 17% decline in 2026 and leaving the stock more than 50% below its 52-week peak. Options imply an approximately 11% post-earnings move, above the 9.5% average reaction over the past three quarters. Call demand has exceeded put demand, with comparable upside calls carrying higher premiums than downside puts, indicating that traders are paying more to position for a rally. Investors will focus on cloud growth, backlog conversion, financing needs, data-center delivery, the OpenAI relationship and capital-expenditure plans.