Oracle 2030 Revenue Target Set at Investor Day
Oracle 2030 revenue target set at Investor Day; capex peaks then falls and free cash flow plans plus a $20 billion funding cap could shift financing flows.
KEY TAKEAWAYS
- Oracle projects free cash flow positive in H2 fiscal 2028 and at least $30 billion in fiscal 2029.
- Capital expenditures peak in fiscal 2027 and 2028 then step down in fiscal 2029.
- Capital raises capped at $20 billion through fiscal 2030, split $10 billion equity and $10 billion gross debt.
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Oracle Corporation (ORCL) announced updated fiscal targets at its Oct. 28, 2026 Investor Day, setting the Oracle 2030 revenue target and outlining margin, EPS, capital expenditure, and cash-flow timetables that support its planned financing and leverage strategy.
Fiscal 2030 Targets and Financial Goals
Oracle set a fiscal 2030 total revenue target exceeding $225 billion, implying more than 35% compound annual growth from fiscal 2026. The company also aims for a non-GAAP operating margin of at least 40% and non-GAAP earnings per share (EPS) of at least $21.00, according to its Investor Day presentation [source:1].
Capital Spending, Cash Flow, and Funding Plan
Capital expenditures are expected to peak in fiscal 2027 and 2028 before declining in fiscal 2029. Oracle projects free cash flow will turn positive in the second half of fiscal 2028 and targets at least $30 billion of free cash flow in fiscal 2029.
The company plans for growth to become self-funded starting in fiscal 2029, with net debt to adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) falling below 3.5 times that year. Oracle committed to limiting additional capital raised through fiscal 2030 to $20 billion, excluding refinancing existing debt, split evenly between $10 billion of equity and $10 billion of gross debt. It cited vendor financing, customer-provided hardware, and customer prepayments as factors expected to reduce upfront cash needs.
Oracle completed an at-the-market equity raise in the first quarter of fiscal 2027 and reaffirmed fiscal 2027 revenue of at least $90 billion and non-GAAP EPS of $8.10 [source:1]. The combined capital expenditure schedule, free cash flow targets, and capped financing plan outline a path to lower leverage and internal funding of growth by fiscal 2029, supporting the company’s infrastructure investments.
