Oracle Stock: Oracle Caps Added Funding From Investors at $20 Billion
At its Investor Day, Oracle kept its $225 billion revenue goal and capped added investor funding at $20 billion through fiscal 2030. By our sum, the cap and the $20 billion of stock already sold total $40 billion, about what Oracle expected in June to raise in fiscal 2027 alone. The cap excludes refinancing; the June figure did not say.
The short answer. Oracle kept the 2030 revenue goal it showed in October 2025 and set a $20 billion ceiling on new money from stock and bond buyers through fiscal 2030. Counting the stock it has already sold, fiscal 2027 to 2030 comes to $40 billion, by our sum, roughly what Oracle expected in June for fiscal 2027 by itself. The June figure did not say whether it counted refinancing. That matters beyond Oracle’s owners because it bears on how much of the AI computing Oracle builds for OpenAI, Meta, NVIDIA and others falls to stock and bond buyers. The stock ended the day about 11% higher, by our math.
Oracle Investor Day 2026 in three numbers
On this page
- Oracle stock today and the Investor Day announcements
- What changed in Oracle’s 2030 targets
- How much more money will Oracle raise through 2030?
- Oracle stock dilution from $10 billion in new shares
- Who pays for Oracle’s AI data centers
- When will Oracle free cash flow turn positive?
- Frequently asked questions
Oracle stock today and the Investor Day announcements
Oracle shares hit their low of the day in the 2:20 p.m. minute of October 28, then rose while its Investor Day was under way. They ended the regular session at $145.29, about 11% above the last price of the October 27 session, by our calculation.
The release with the new targets is stamped 2:21 p.m. ET. In StockTitan real-time Nasdaq data, trading volume jumped in the minute that began at 2:19 p.m., while the event was live. The stock reached $148.47 in the 3:00 p.m. minute. Oracle gave no reason for the move.
The webcast began at 10:55 a.m. Central time (11:55 a.m. ET), per Oracle’s October 23 notice, and Oracle filed the release with the SEC at 2:24 p.m. ET. October 27 regular session last price $130.52 (closing minute; Oracle is listed on the NYSE, so StockTitan’s Nasdaq feed stores no official close). October 28: open $131.35 and $129.68 in the 2:18 p.m. minute. Session low $128.40 in the 2:20 p.m. minute and high $148.47 in the 3:00 p.m. minute. Regular session last price $145.29 in the 4:00 p.m. minute (closing-minute price; no official close is stored for this NYSE stock), on 71.2 million shares.
Source: StockTitan real-time Nasdaq data, read October 28, 2026 at 4:02 p.m. ET.
What changed in Oracle’s 2030 targets
The big 2030 numbers are the ones Oracle showed a year ago, now written as floors with a plus sign. The new parts are a floor for profit as a share of revenue, a date for cash to turn positive and the funding cap.
At its October 16, 2025 analyst meeting, Oracle’s principal financial officer, Doug Kehring, showed a path to $225 billion of revenue in fiscal 2030, which ends in May 2030. Earnings per share on Oracle’s adjusted basis, which leaves out stock pay and some other costs, were to reach $21.00. The October 28, 2026 release says “$225 billion+” and “$21+”.
The nearer year did move. The 2025 path had fiscal 2027 revenue at $85 billion, and Oracle’s reaffirmed outlook is now at least $90 billion. Reaching the 2030 goal from there takes growth of about 36% a year, by our arithmetic.
Oracle also set an adjusted operating margin of at least 40% for fiscal 2030, meaning operating profit on that same adjusted basis would be at least 40% of revenue. The 2025 deck gave no margin target.
| October 2025 | October 2026 | |
|---|---|---|
| FY27 revenue | $85B | At least $90B |
| FY30 revenue | $225B | $225B or more |
| FY30 adjusted earnings per share | $21 | $21 or more |
| FY30 adjusted operating margin | None given | 40% or more |
| FY29 cash left after building costs | None given | At least $30B |
| FY27 to FY30 further funding limit | None given | $20B more after the Q1 FY27 stock sale, refinancing excluded |
Show the data
| Measure | October 2025 path | October 2026 |
|---|---|---|
| Revenue, fiscal 2026 | $67 billion (estimate) | $67.4 billion (actual) |
| Revenue, fiscal 2027 | $85 billion | At least $90 billion |
| Revenue, fiscal 2028 | $130 billion | Not given in the release |
| Revenue, fiscal 2029 | $185 billion | Not given in the release |
| Revenue, fiscal 2030 | $225 billion | $225 billion or more |
| Adjusted EPS, fiscal 2027 | $8.00 | $8.10 |
| Adjusted EPS, fiscal 2030 | $21.00 | $21 or more |
Source: Oracle Financial Analyst Meeting CFO presentation, October 16, 2025; Oracle Investor Day release, October 28, 2026; Oracle Q4 fiscal 2026 release, June 10, 2026. Adjusted figures are Oracle’s non-GAAP measures.
How much more money will Oracle raise through 2030?
Oracle says it will raise at most $20 billion more from stock and bond buyers through fiscal 2030. With the stock already sold, that matches its June plan for fiscal 2027 alone, though that plan did not say whether it counted refinancing. In our reading, the cap also leaves out data center leases and supplier credit.
The release puts it this way: Oracle “committed to limiting additional funding to be raised in the capital markets for its FY27-FY30 investment cycle to $20 billion, currently expected to be $10 billion in equity and $10 billion in gross debt.” Gross debt means new borrowing before any repayments. The cap “excludes refinancing of existing debt”, meaning new bonds sold to repay old ones as they come due.
The earlier stock sale used an at-the-market program, which sells shares a little at a time on the exchange. In its June 10 results release, Oracle said that “in fiscal year 2027, Oracle expects to raise approximately $40 billion” in debt and equity, that sale included.
Both figures are Oracle’s own, and they match in dollars. Because the June figure is silent on refinancing, the two may not cover exactly the same kinds of borrowing. Oracle’s 10-Q quarterly report shows notes and other borrowings of $125.3 billion at August 31, 2026, adding its current and non-current lines. Refinancing them as they come due sits outside the cap.
Show the data
| Category | Debt | Stock (preferred stock in FY26) |
|---|---|---|
| FY26 raised | $43B | $5B |
| Q1 FY27 stock sold | $0B | $20B |
| Cap to FY30, expected mix | $10B | $10B |
For scale, fiscal 2026 brought in $43 billion of debt and $5 billion of equity, Oracle said in June. Much of it came from the plan announced on February 1, 2026, which included a $25 billion bond sale. It also included $5 billion of mandatory convertible preferred stock, a security that must turn into common shares later.
Oracle stock dilution from $10 billion in new shares
If Oracle sells the expected $10 billion of new stock at the October 28 closing price, its share count grows about 2.3%, by our calculation. Each existing share then stands for a slightly smaller part of the company.
At $145.29, the last price of the October 28 session, $10 billion buys about 69 million shares, against about 3.024 billion outstanding on September 7. The real count depends on the price when Oracle sells, which it has not set.
The sale already done was larger. Oracle’s 10-Q says it issued 141 million shares in that program for net proceeds of $19.9 billion.
If the expected $10 billion sells at that price, the two offerings come to about 210 million new shares. That is 7.3% more than at May 31, 2026, by our math. It leaves out the preferred stock sold in February, which must later turn into common shares, and stock given to employees.
Someone who owned 1,000 Oracle shares at May 31, 2026 and buys none of the new stock still holds 1,000 shares. Once those 210 million new shares exist, the 1,000 shares stand for roughly 7% less of the company.
At $129.68, the 2:18 p.m. ET price on October 28, before the jump, $10 billion would buy about 77 million shares, by our math. The preferred stock is due to convert into 25 million to 31 million common shares around January 15, 2029, depending on the share price then.
Source: StockTitan real-time Nasdaq data, October 28, 2026; Oracle prospectus supplement for the mandatory convertible preferred stock, February 2026; Oracle Form 10-Q for the quarter ended August 31, 2026.
Oracle bought back no stock from June to August 2026 and declared a quarterly dividend of $0.50 a share, payable October 23, its 10-Q quarterly report shows. The Investor Day release lists paying a dividend among its capital priorities, with keeping investment-grade credit ratings, the ratings that let it borrow at lower cost.
Who pays for Oracle’s AI data centers
Oracle says three things cut the cash it needs up front. Some customers pay in advance for service they will get later, some supply their own chips, and some suppliers let Oracle pay later.
The release names them: “Vendor financing, customer-provided hardware and customer prepayments are expected to reduce upfront cash requirements through the transition to positive free cash flow.” In June, Oracle said the prepaid and customer-supplied hardware in its large AI contracts already came to $75 billion.
The first quarter of fiscal 2027, June to August 2026, shows the scale. Oracle spent $28.5 billion on data centers and equipment. Customer prepayments brought in $11.4 billion, equal to about 40% of that spending, by our calculation. It is not extra cash on top, because it is already counted inside the $23.1 billion of cash from operations.
Show the data
| Category | Value |
|---|---|
| Data center spending | $28.5B |
| Cash from the business | $23.1B |
| Of it, prepayments | $11.4B |
A prepayment is not free money. Oracle owes that customer the service later, and its 10-Q says it records interest on such prepayments, an immaterial amount in the quarter.
Leases add another layer. Oracle’s 10-Q lists $288 billion of lease commitments that have not started yet, substantially all for data centers. They are generally expected to begin between fiscal 2027 and fiscal 2029 and run 15 to 19 years. The $20 billion cap covers money raised in the capital markets, and the release does not mention leases that have not started.
Revenue from the contracts behind the build is recognized over years. Oracle’s 10-Q shows $664 billion of remaining performance obligations, the revenue it is contracted to deliver later, at August 31, 2026. It expects about 13% within 12 months and 37% in the two years after that.
When will Oracle free cash flow turn positive?
Oracle has been spending more on building than its business brings in, so its free cash flow is negative. It now says cash turns positive in the second half of fiscal 2028 and reaches at least $30 billion in fiscal 2029.
Free cash flow is the cash from running the business minus spending on buildings and equipment. Oracle’s was negative $23.7 billion in fiscal 2026 and negative $5.4 billion from June to August 2026, by its own tables. Oracle expects capital spending to peak in fiscal 2027 and 2028 and to step down in fiscal 2029, without giving a dollar figure for any year.
Show the data
| Category | Value |
|---|---|
| FY25 actual | -$0.4B |
| FY26 actual | -$23.7B |
| FY29 target, at least | $30.0B |
Oracle also set a debt ratio target for fiscal 2029: net debt below 3.5 times adjusted EBITDA, its non-GAAP operating earnings with equipment wear and operating lease costs added back. Its net debt counts borrowings, vendor financing and lease liabilities, minus cash and marketable securities. A lower ratio can come from higher earnings, so it does not by itself mean less debt in dollars.
The release says Oracle “confirmed that growth will be self-funded beginning in FY29”. In our reading, the $20 billion cap and the customer money are meant to carry Oracle through the fiscal 2027 to 2030 cycle, peak spending years included.
What to watch
- How cash gets from minus $5.4 billion a quarter to plus $30 billion a year: Oracle’s Investor Day slides will show whether it gives a yearly path. They were not posted at 4:04 p.m. ET on October 28.
- Whether the new share sales start: Oracle’s 10-Q for the quarter ending November 30, 2026 will report any shares issued and the new share count.
- Whether prepayments keep pace with spending: the same 10-Q shows both for the second quarter of fiscal 2027.
Our numbers
- At most $40 billion from investors in fiscal 2027 to 2030: the $20 billion stock sale already done plus the $20 billion cap, refinancing aside. In June, Oracle expected to raise that sum in fiscal 2027 alone.
- About 69 million shares, 2.3% of the stock: $10 billion at $145.29, the last price of the October 28, 2026 session, against 3,023,736,000 shares on September 7, 2026.
- About 210 million new shares, 7.3%: the 141 million at-the-market shares plus the 69 million above, against 2,880 million shares at May 31, 2026.
- About 40% of first-quarter spending matched by prepayments: $11.4 billion of customer prepayments against $28.5 billion of capital spending, June to August 2026.
- About 11% higher: $145.29, the last price of the October 28 session, against $130.52, the last price of the October 27 session.
- About 77 million shares: $10 billion at $129.68, the 2:18 p.m. ET price on October 28, before the jump.
- About 36% a year: the growth that takes revenue from exactly $90 billion in fiscal 2027 to $225 billion in fiscal 2030.
Frequently asked questions
Is Oracle stock up today?
On October 28, 2026, yes. Oracle ended the regular session at $145.29, about 11% above the October 27 session’s last price, in StockTitan real-time Nasdaq data, on the day of its Investor Day. Oracle gave no reason for the move.
How much money will Oracle raise through 2030?
Oracle says at most $20 billion more from the capital markets for fiscal 2027 through 2030, currently expected as $10 billion of stock and $10 billion of debt. That excludes refinancing old debt. It comes on top of $20 billion of stock already sold from June to August 2026.
What is Oracle’s 2030 revenue target?
Oracle targets total revenue of $225 billion or more in fiscal 2030, which ends in May 2030, with adjusted earnings per share of $21 or more. Those are the same thresholds it showed on October 16, 2025. It expects at least $90 billion of revenue in fiscal 2027.
How many shares did Oracle sell in its at-the-market offering?
Oracle issued 141 million shares for net proceeds of $19.9 billion from June to August 2026, its 10-Q says. Shares outstanding rose from 2,880 million at May 31, 2026 to 3,024 million at August 31.
Does Oracle stock pay dividends?
Yes. Oracle declared a quarterly dividend of $0.50 a share, payable on October 23, 2026. The Investor Day release lists paying a dividend among its capital priorities.
Sources
- Oracle (ORCL) overview on StockTitan
- Oracle Investor Day 2026: Accelerating Value Creation, October 28, 2026
- Oracle Investor Day Meeting notice, October 23, 2026
- Oracle Q1 fiscal 2027 results, September 10, 2026
- Oracle Q4 and fiscal 2026 results, June 10, 2026
- Oracle equity and debt financing plan for calendar 2026, February 1, 2026
- Meta Stock Offering: Meta Goes From Buying Back Stock to Selling $37.5 Billion
- CoreWeave Debt: $10.6 Billion Due Through 2027
- Oracle Form 8-K, October 28, 2026
- Oracle Form 10-Q for the quarter ended August 31, 2026
- Oracle Financial Analyst Meeting 2025, financial outlook presentation, October 16, 2025
- Oracle prospectus supplement for the 6.50% Series D Mandatory Convertible Preferred Stock, February 2026
- Oracle prospectus supplement for $25 billion of notes, February 3, 2026
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.