Oracle sets $225 billion revenue target for fiscal 2030 at Investor Day

Oracle expects free cash flow to turn positive in the second half of fiscal 2028 and caps new capital raises at $20 billion through fiscal 2030.

Published Wednesday, October 28, 2026 at 2:26 PM ET · Updated Wednesday, October 28, 2026 at 2:40 PM ET

Oracle lays out long-term targets at its 2026 Investor Day. The company projects total revenue of $225 billion or more in fiscal 2030, a non-GAAP operating margin above 40% and non-GAAP earnings per share of $21 or more. Non-GAAP is the company's own adjusted measure, not standard accounting. The figures imply compound annual growth of more than 35% from fiscal 2026.

Oracle expects free cash flow, the cash left after capital spending, to turn positive in the second half of fiscal 2028. It targets free cash flow of $30 billion or more in fiscal 2029. It also limits new capital raises through fiscal 2030 to $20 billion, split between $10 billion of equity and $10 billion of gross debt. Refinancing of existing debt is excluded. Oracle reaffirmed its fiscal 2027 outlook of at least $90 billion in total revenue and non-GAAP earnings per share of $8.10.

The targets speak to a concern that built through October. A sharp single-day share drop on October 14 followed a run of operational and legal cost items, layered on heavy spending on AI infrastructure. The new figures set out free cash flow timing, capital limits and margins through fiscal 2030. That answers the execution question the market had begun to price, rather than treating each infrastructure or legal item on its own. The cap on new capital also speaks to financing discipline in the wider AI buildout debate, which includes CoreWeave and other neoclouds, the newer cloud firms built around AI computing.

Whether the market gives these targets credit now depends on execution. As of October 8, a breach liability tied to Cerner and limits on data-center power had not been resolved.