ORCL · Forward model · Cloud applications (SaaS)
What has to happen in Cloud applications (SaaS)
Model as of
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Cloud applications (SaaS)
Basis quarter$4.22B
Final quarter$6.28B
Implied CAGR+8%
Final revenue mix11%
Fusion and NetSuite-class ERP, HCM, CX and industry suites — the business Oracle spent a decade building before AI arrived. It grew 11% in FY2026 to $15.9B and has grown between 9% and 13% in every quarter of the last two years, which is the point: it is the stable half of cloud and the reason total cloud growth is not a pure function of GPU deliveries.
Last four quarters
2026 Q2
$3.90B
Reported
2026 Q3
$4.03B
Reported
2026 Q4
$4.13B
Reported
2027 Q1
$4.22B
Reported
Fusion ERP, HCM and CXNetSuiteIndustry applications
Sequential growth
+2.5%/qtr
decaying toward +1.5%
Q4 FY26 grew 2.5% sequentially and 10% year over year; the eight-quarter sequential average is close to 2.5%.
Cloud applications (SaaS)
Latest: $6.28B (2032Q1E)
| Period | Value |
|---|---|
| 2025Q1 | $3.47B |
| 2025Q2 | $3.50B |
| 2025Q3 | $3.56B |
| 2025Q4 | $3.74B |
| 2026Q1 | $3.84B |
| 2026Q2 | $3.90B |
| 2026Q3 | $4.03B |
| 2026Q4 | $4.13B |
| 2027Q1 | $4.22B |
| 2027Q2E | $4.32B |
| 2027Q3E | $4.43B |
| 2027Q4E | $4.53B |
| 2028Q1E | $4.64B |
| 2028Q2E | $4.74B |
| 2028Q3E | $4.84B |
| 2028Q4E | $4.94B |
| 2029Q1E | $5.05B |
| 2029Q2E | $5.15B |
| 2029Q3E | $5.25B |
| 2029Q4E | $5.35B |
| 2030Q1E | $5.45B |
| 2030Q2E | $5.55B |
| 2030Q3E | $5.66B |
| 2030Q4E | $5.76B |
| 2031Q1E | $5.86B |
| 2031Q2E | $5.96B |
| 2031Q3E | $6.07B |
| 2031Q4E | $6.17B |
| 2032Q1E | $6.28B |
Assumptions & reasoning
- This line is remarkably steady — 10%, 10%, 9%, 12%, 11%, 11%, 13%, 10% year over year across the eight reported quarters — which is why a growth driver costs almost nothing in fidelity here and why it anchors the non-AI half of the story.
- Oracle gave one piece of forward colour that is not modellable: SaaS deferred revenue grew 16% in Q4, faster than the 10% revenue growth. That is a leading indicator with no disclosed conversion rate, so it is noted rather than used.