Oracle 目标 FY2029 自由现金流超 300 亿美元
Oracle 在投资者日明确其 AI 基础设施投资回报路径，预计 FY2028 下半年实现现金流转正，FY2029 自由现金流至少达 300 亿美元。公司计划通过客户预付款、自带硬件及供应商融资覆盖部分前期成本，并将后续融资上限锁定在 200 亿美元以缓解市场对其巨额资本支出的担忧。受此利好消息影响，Oracle 股价盘中一度上涨近 10%。
报道正文
Rohan Paul (@rohanpaul_ai) · 2026-10-28 18
Oracle now targets at least $30B in free cash flow for fiscal 2029, when investors expected negative cash.
Oracle burned $23.7B of free cash flow in fiscal 2026 building AI data centers for OpenAI and others, and plans 95B of capex this year.
In September, CFO Hilary Maxson refused to say when that drain would end; At Investor Day today she put the turn in the second half of fiscal 2028.
The plan depends on capital spending peaking in fiscal 2027 and 2028, then stepping down as new capacity starts earning revenue.
Oracle also capped further capital raising through fiscal 2030 at 20B share sale it already completed.
Customer prepayments, customer-supplied hardware and vendor financing are meant to cover much of the remaining upfront cost.
The shares jumped as much as 9.6% after falling 33% this year through Tuesday.
