Oracle expects capex to decrease in FY29, supporting $30 billion+ free cash flow
ORCL•Oracle expects capital expenditures to decrease in fiscal 2029, supporting free cash flow of more than $30 billion. It also targets fiscal 2030 revenue of at least $225 billion and reaffirms its fiscal 2027 outlook of at least $90 billion in revenue and $8.1 in non-GAAP EPS.
1. Outlook and cash flow
Oracle said it expects capital expenditures to decrease in fiscal 2029, supporting more than $30 billion in free cash flow. The company said it will self-fund growth beginning in fiscal 2029 and targets net debt to adjusted EBITDA below 3.5 times that year.
2. Financial targets
Oracle set fiscal 2030 targets of at least $225 billion in revenue, a non-GAAP operating margin above 40% and non-GAAP EPS of at least $21. It reaffirmed its fiscal 2027 outlook of at least $90 billion in revenue and $8.1 in non-GAAP EPS, and said it will limit additional capital raises to $20 billion through fiscal 2030.
