Oracle sets $225B revenue target for fiscal year 2030

(Updated - October 28, 2026 2:26 PM EDT)

Oracle Corporation (NYSE: ORCL) announced its medium-term financial targets on Wednesday at an investor day event in Las Vegas. The company projects total revenue of $225 billion or more for fiscal year 2030, representing more than 35% compound annual growth rate from fiscal 2026.

The software company also set a non-GAAP operating margin target of 40% or more and non-GAAP earnings per share of $21 or more for fiscal 2030. Co-CEOs Clay Magouryk and Mike Sicilia, along with CFO Hilary Maxson, presented the company's strategy and financial guidance at the event.

Oracle expects to reach positive free cash flow during the second half of fiscal 2028. The company set a free cash flow target of $30 billion or more for fiscal 2029, following a period of peak capital expenditures in fiscal years 2027 and 2028. Capital spending is projected to decline in fiscal 2029.

The company committed to limiting additional capital raises through fiscal 2030 to $20 billion, excluding refinancing of existing debt. This amount is expected to be split evenly between $10 billion in equity and $10 billion in gross debt. Oracle completed a $20 billion at-the-market equity raise in the first quarter of fiscal 2027.

Oracle stated that growth will be self-funded beginning in fiscal 2029. The company expects its net debt to adjusted EBITDA ratio to be below 3.5 times in fiscal 2029.

The company reaffirmed its fiscal 2027 outlook for total revenue of at least $90 billion and non-GAAP earnings per share of $8.10. Oracle said vendor financing, customer-provided hardware and customer prepayments are expected to reduce upfront cash requirements during the transition to positive free cash flow.

Oracle's capital allocation priorities remain maintaining investment-grade credit ratings, paying a dividend and funding growth opportunities.

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