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.