Oracle's capital expenditure in the first quarter of fiscal 2027 jumped to $28.5 billion from $8.5 billion a year earlier, pushing free cash flow to negative $5.4 billion even as operating cash flow hit a record $23 billion. Oracle reiterated fiscal 2027 capex of $90–$95 billion, with net cash capex capped at $70 billion, and has not set a timeline for FCF to turn positive after a negative $23.7 billion in fiscal 2026. The company plans to raise about $40 billion in debt and equity this year, including a $20 billion at-the-market stock sale completed in the first quarter, which dilutes shareholders. Remaining performance obligations rose $209 billion to $664 billion, and cloud infrastructure revenue surged 121% to $7.4 billion. By comparison, Amazon's trailing 12-month FCF swung to an outflow of $7.6 billion, while Microsoft still generated $19.6 billion in FCF, though down 23%.
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