Oracle: Latest Remaining Performance Obligations (RPO) and Off Balance Sheet Commitments

Oracle's AI Footprint Just Got Bigger — Calcbench Signal
Remaining Performance Obligation
~$550B
Q3 FY2026 — up from ~$130B at Y FY2025
Off Balance Sheet Lease Commitments
~$260B
Q3 FY2026 — up from ~$45B at Y FY2025

Back in November, we wrote about Oracle's ($ORCL) AI exposure — specifically its off-balance-sheet lease commitments, which had ballooned to roughly $100 billion as of August 2025, up from a mere $411 million in 2020. That's not a typo. That's a 24,822 percent increase in five years.

Then in December, we flagged that Oracle had leapt to the top of the S&P 500 for year-over-year growth in Remaining Performance Obligations — a 359 percent increase, from $99.1 billion to $455.3 billion, the single largest jump among 151 firms we tracked.

Now it's March, and Oracle just filed its fiscal Q3 2026 results. Spoiler: both of those numbers have gotten even bigger.

The two charts below tell the story. We pulled them directly from Oracle's disclosures using Calcbench — the kind of analysis any subscriber can run in minutes.

ORCL · NYSE · Calcbench Data
Remaining Performance Obligation
USD billions
PeriodRPO (USD)
Off Balance Sheet Lease Commitments
USD billions
PeriodCommitments (USD)
Source: Calcbench · Generated March 12, 2026
* Periods reflect Oracle's fiscal calendar. ORCL's fiscal year ends May 31 — fiscal quarters do not correspond directly to calendar quarters.

What to Watch Next

Oracle is now, unambiguously, one of the largest AI infrastructure bets in the market. The question analysts should be asking isn't whether the demand is real — the RPO chart pretty clearly shows that contracts are being signed. The question is whether Oracle can actually deliver on $550 billion in performance obligations while simultaneously managing $262 billion in off-balance-sheet lease commitments and the capital expenditures required to bring those data centers online.

We looked at this capex question briefly in our February post on AI hyperscaler spending, where we noted that Oracle's capex spending was soaring even as operating cash flow struggled to keep pace. Unlike Amazon or Google, Oracle is entering capital-intensive territory for the first time. The company's comfort zone has always been software licensing and database contracts — high-margin, low-capital businesses. What it's doing now is something altogether different.

You can track all of it in Calcbench — RPO, off-balance-sheet commitments, capex, operating cash flow, free cash flow, debt levels. Use our Multi-Company page, our Disclosures & Footnotes Query, or our API if you'd rather pipe the data directly into your own model.

The numbers are there. They're updated in minutes. And in Oracle's case, they are absolutely worth watching.

For more information or to start a free two-week trial of Calcbench Premium, email us at us@calcbench.com.

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