The long-term targets imply aggressive revenue growth (35%+ CAGR) that requires successful execution of the cloud strategy and AI infrastructure buildout. Monitor FY27 and FY28 capex trajectory and the transition to positive free cash flow in H2 FY28 as key milestones. The $20 billion capital raise cap provides visibility on dilution and leverage.
Price Chart
Executive Summary
Oracle held its 2026 Investor Day and issued a press release setting a long-term FY30 revenue target of $225 billion+ (more than 35% CAGR from FY26), non-GAAP operating margin of 40%+, and non-GAAP EPS of $21+. The company reaffirmed its FY27 outlook of at least $90 billion revenue and $8.10 non-GAAP EPS, and committed to limiting additional capital raises through FY30 to $20 billion. The filing is an 8-K under Item 7.01 Regulation FD Disclosure and contains forward-looking guidance, not current financial results.
Key Facts
- FY30 total revenue target of $225 billion or more, representing more than 35% CAGR from FY26
- FY30 non-GAAP operating margin target of 40%+
- FY30 non-GAAP EPS target of $21+
- Positive free cash flow expected during second half of FY28; FY29 free cash flow target of $30 billion+
- Committed to limiting additional capital raises through FY30 to $20 billion ($10 billion equity, $10 billion gross debt), excluding refinancing
- Reaffirmed FY27 outlook: total revenue at least $90 billion, non-GAAP EPS of $8.10
- Growth expected to be self-funded beginning in FY29; net debt to adjusted EBITDA below 3.5x in FY29
- Completed $20 billion at-the-market equity raise in Q1 of fiscal 2027
Financial Impact
Long-term revenue target of $225 billion+ in FY30 vs FY26 baseline; FY27 revenue reaffirmed at $90 billion+; FY29 free cash flow target of $30 billion+; additional capital raises capped at $20 billion through FY30
Risk Factors
- Execution risk on cloud infrastructure, database and applications growth to achieve 35%+ CAGR
- Peak capex in FY27-FY28 before step-down in FY29; any delay in capex reduction could delay positive free cash flow
- Forward-looking statements are subject to material risks including AI product performance, datacenter capacity, and macroeconomic conditions
- Additional $10 billion equity raise could dilute existing shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-435853 |
| Document: d75538dex991.htm | 0001193125-26-435853 |
| Document: 0001193125-26-435853-index-headers.html | 0001193125-26-435853 |
| Document: 0001193125-26-435853-index.html | 0001193125-26-435853 |
| Document: 0001193125-26-435853.txt | 0001193125-26-435853 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | $144.54 | awaiting T+5 | awaiting T+5 | $139.56 (−3.45%) |
Oct 22, 2026 6d ago | Institutional Cluster | $126.16 | awaiting T+5 | awaiting T+5 | $139.56 (+10.62%) |
Oct 1, 2026 28d ago | Insider Cluster | $142.30 $141.40 | ▼ −0.63% | ▼ −1.79% | $139.56 (−1.93%) |
Sep 25, 2026 4w ago | DEFA14A | $132.60 $142.48 | ▲ +7.45% | ▲ +6.25% | $139.56 (+5.25%) |
Sep 25, 2026 4w ago | DEF 14A | $132.60 $142.48 | ▲ +7.45% | ▲ +6.25% | $139.56 (+5.25%) |
Sep 23, 2026 5w ago | Insider Cluster | $139.54 $138.07 | ▼ −1.05% | ▼ −0.64% | $139.56 (+0.01%) |
Sep 14, 2026 6w ago | 8-K | $144.79 $148.56 | ▲ +2.60% | ▲ +2.50% | $139.56 (−3.61%) |
Aug 25, 2026 9w ago | GOVT-CONTRACT | $148.87 $145.75 | ▼ −2.10% | ▼ −1.98% | $139.56 (−6.25%) |
Aug 11, 2026 11w ago | GOVT-CONTRACT | $153.28 $143.81 | ▼ −6.18% | ▼ −5.73% | $139.56 (−8.95%) |
Jul 20, 2026 14w ago | ANALYST-UPGRADE | $121.38 $114.99 | ▲ +5.26% | ▲ +4.84% | $139.56 (−14.98%) |
US Market Status
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