Oracle Targets $225 Billion in Fiscal 2030 Revenue, Caps New Capital Raises at $20 Billion

Oracle set out new long-range financial targets on Wednesday, telling investors at its 2026 Investor Day that it expects total revenue of $225 billion or more in fiscal 2030, a compound annual growth rate of more than 35% from fiscal 2026.

The company paired that revenue goal with a non-GAAP operating margin target of 40% or more and non-GAAP earnings per share of at least $21 in fiscal 2030, according to a press release furnished with an 8-K filed Wednesday.

A timeline for free cash flow

Oracle also put a date on when its heavy spending should start paying for itself. It expects to turn free cash flow positive during the second half of fiscal 2028 and set a target of at least $30 billion in free cash flow for fiscal 2029.

The company said capital expenditures should peak in fiscal 2027 and 2028 and then "step-down" in fiscal 2029. It confirmed that growth will be self-funded beginning in fiscal 2029, with net debt to adjusted EBITDA below 3.5 times that year.

A cap on new money

Oracle also put a ceiling on fresh capital. It said it will limit additional funding raised in the capital markets for its fiscal 2027 to 2030 investment cycle to $20 billion, currently expected to be split between $10 billion in equity and $10 billion in gross debt.

That cap excludes refinancing of existing debt and comes on top of the $20 billion at-the-market equity raise the company completed in the first quarter of fiscal 2027, according to the release. Oracle said vendor financing, customer-provided hardware and customer prepayments are expected to reduce upfront cash needs until free cash flow turns positive.

Near-term outlook reaffirmed

Oracle reaffirmed its fiscal 2027 outlook for total revenue of at least $90 billion and non-GAAP earnings per share of $8.10.

Co-CEOs Clay Magouryk and Mike Sicilia and CFO Hilary Maxson presented at the event in Las Vegas. The company said its capital allocation priorities remain maintaining investment-grade credit ratings, paying a dividend and funding growth opportunities.

By the numbers

• $225 billion or more: fiscal 2030 total revenue target
• More than 35%: expected revenue CAGR from fiscal 2026 to fiscal 2030
• $21 or more: fiscal 2030 non-GAAP EPS target
• $30 billion or more: fiscal 2029 free cash flow target
• $20 billion: cap on additional capital raises through fiscal 2030, excluding refinancing

Sources

1. Oracle Form 8-K with 2026 Investor Day press release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001193125-26-435853)

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