Oracle 设定 2029 财年至少 300 亿美元自由现金流目标
Oracle 为 AI 数据中心一年烧掉 237 亿美元现金流，这次终于给出回正时间表，股价当天涨了 9.6%，看看它怎么算这笔账。
Oracle 在投资者日上提出 2029 财年自由现金流至少 300 亿美元的目标，而此前市场预期其为负。为 OpenAI 等客户建设 AI 数据中心，Oracle 在 2026 财年已消耗 237 亿美元自由现金流，本财年资本开支计划为 900 亿至 950 亿美元。CFO Hilary Maxson 表示现金流拐点将在 2028 财年下半年出现，前提是资本开支在 2027 和 2028 财年见顶后回落。公司还限制 2030 财年前新增融资不超过 200 亿美元，并计划通过客户预付款、客户自供硬件和供应商融资覆盖部分前期成本。消息公布后股价一度上涨 9.6%。
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 $90B to $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, split evenly between equity and gross debt, beyond a $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.
