“As we bring more capacity online, our revenue and profit growth will further accelerate.”

In context

“performance obligation at the end of Q4 is now $138 billion, up 41% in USD. Further, our cloud RPO grew 56% on top of the 80% growth last year and now represents nearly 80% of total RPO. And approximately 33% of total RPO is expected to be recognized as revenue over the next twelve months. For the year, operating cash flow was up 12% at $20.8 billion and free cash flow was a negative $400 million with $21.2 billion of CapEx. Operating cash flow for Q4 was $6.2 billion while free cash flow was a negative $2.9 billion with CapEx of $9.1 billion. The vast majority of our CapEx investments are for revenue-generating equipment that is going into data centers and not for land or buildings. I expect that FY 2026 CapEx will be higher at over $25 billion as we work to meet demand from our backlog. As we bring more capacity online, our revenue and profit growth will further accelerate. At quarter end, we had $11.2 billion in cash and marketable securities. The short-term deferred revenue balance was $9.4 billion. We are committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt, and a dividend. This quarter, we repurchased a little over 1 million shares for a total of $150 million, and over the last ten years, we've reduced shares outstanding by more than a third at an average share price of just over $54. In addition, we have paid out dividends of $4.7 billion over the last twelve months and the Board of Directors again declared a quarterly dividend of $0.50 per share. Since it's the beginning of FY 2026, I'd like to comment on the financial acceleration we expect to see in the coming ye”