Oracle (ORCL) FY outlook (USD): Adj. EPS 8.10 (exp. 8.14), Revenue minimum 90bln (exp. 90.5bln)

Reaffirmed FY27 outlook. Updated medium-term financial guidance. Committed to limiting additional capital raises for the FY27-FY30 investment cycle to USD 20bln, excluding refinancing of existing debt; currently expected as USD 10bln equity and USD 10bln gross debt. Additional raises come on top of the USD 20bln at-the-market equity raise completed in Q1 FY27. Vendor financing, customer-provided hardware and customer prepayments expected to reduce upfront cash requirements through the transition to positive FCF. Peak capex in FY27-FY28, expected to step down in FY29. Capital allocation priorities remain maintaining investment-grade credit ratings, paying a dividend and funding growth opportunities. CFO says cloud database revenue growth will be well above 50%. FY28 outlook Positive FCF during H2 FY28. FY29 outlook Expects Capex to decrease in FY29 supporting USD 30bln+ FCF. Growth to be self-funded beginning in FY29. Net debt to adj. EBITDA below 3.5x. FY30 outlook Total revenue 225bln+, more than 35% CAGR from FY26. Non-GAAP operating margin 40%+. Non-GAAP EPS 21+. Committed to limiting additional capital raises through FY30 to USD 20bln, excluding refinancing of existing debt, split between USD 10bln in equity and USD 10bln in gross debt.