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Thu, 29 Oct 2026
BreakingEarnings

Oracle targets $225bn+ fiscal 2030 revenue, limits new capital raises to $20bn

The $20bn of new equity and debt through fiscal 2030 excludes refinancing and comes on top of a completed $20bn at-the-market equity raise. Targets were set at Oracle's 28 October investor day.

By AI markets desk·Sources: 5 sources·Published ·AI-generated·2 min read
Key facts
  • FY2030 revenue target · Target issued 28 October 2026225+ $bn 35%+ a year from FY2026
  • FY2030 non-GAAP operating margin target · Target issued 28 October 202640+ %
  • FY2030 EPS target (non-GAAP) · Target issued 28 October 202621+ $
  • New capital raises, FY2027-FY2030 · Limit set 28 October 202620 $bn $10bn equity, $10bn gross debt
  • FY2027 revenue outlook · Outlook reaffirmed 28 October 202690+ $bn Reaffirmed
  • Share price, 28 Oct regular session · Close 16:00 ET (21:00 CET), 28 October 2026+10.73 % Closed at $144.54
$30 bn+
Oracle's free cash flow target (non-GAAP) for fiscal 2029, after peak capital spending in fiscal 2027-2028

Source: Oracle Investor Day release and CFO presentation, 28 October 2026, Target issued 28 October 2026.

Oracle committed on 28 October 2026 to limit new capital-market funding for its fiscal 2027-2030 investment cycle to $20bn, and said its growth would be self-funded from fiscal 2029. At an investor day in Las Vegas, it set a fiscal 2030 target of at least $225bn in total revenue, or compound growth above 35% a year from fiscal 2026, according to its press release. Oracle's fiscal year ends on 31 May.

For fiscal 2030 Oracle also targets a non-GAAP operating margin of 40% or more and non-GAAP earnings per share of at least $21. Chief financial officer Hilary Maxson's presentation put the fiscal 2026 non-GAAP operating margin at 43% and said a shift in business mix would put some pressure on margins in the near term. Oracle kept its fiscal 2027 outlook unchanged: total revenue of at least $90bn and non-GAAP EPS of $8.10.

Oracle expects capital spending to peak in fiscal 2027 and 2028 and to step down in fiscal 2029. It expects free cash flow, shown on a non-GAAP basis in its presentation, to turn positive in the second half of fiscal 2028 and reach at least $30bn in fiscal 2029, with net debt below 3.5 times adjusted EBITDA that year. Its net debt measure includes vendor financing and lease liabilities, and adjusted EBITDA starts from non-GAAP results.

The CFO presentation put Oracle's total remaining performance obligations (RPO) at $664bn in the fiscal 2027 first quarter, about 90% of it attributable to cloud infrastructure. Oracle plans to lift capacity from about 3 gigawatts in fiscal 2026 to about 10 gigawatts. It put capital spending for the remaining 6 gigawatts or so at about $220bn, based on an illustrative 1-gigawatt example, and said vendor financing, customer-supplied hardware and prepayments cut the upfront cash needed by about half.

Oracle shares closed at $144.54 on the New York Stock Exchange on 28 October, up 10.73% from $130.53 a day earlier, at the end of the regular session at 16:00 ET (21:00 CET), according to Nasdaq.com data. The investor day was held on the same trading day. By Polstob's calculation, the close was about half the 52-week high of $285.46 shown by Nasdaq.com.