Oracle sets FY30 outlook of $225 billion revenue and $21 EPS

Oracle logo on dark (Wikimedia Commons, public domain)

The database giant is betting its future on AI cloud infrastructure, but its stock has fallen about 60% since it first laid out the plan

by Diego Almada Lopez

Wed 28 Oct 2026 · 14:26 EDT 3 min read

In Technology

Oracle Corporation (ORCL) price

Full chart and stats

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Last close: $131
Close-to-close change: +3.5%
Market cap: $394.7B (shares as of 2026-09-07)
P/E (trailing): 20.5 (EPS to 2026-08-31)
Annual revenue: $67.4B USD (FY ended 2026-05-31) 10-K
Annual revenue growth: +17.3% (FY ended 2026-05-31 vs FY ended 2025-05-31) 10-K
Annual net income: 17,087,000,000 USD (FY ended 2026-05-31, attributable to the company) 10-K
Annual operating margin: 30.6% (FY ended 2026-05-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Oracle Corporation and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Oracle Corporation ORCL · Price dated Oct 27, 2026 · tokenized ORCLx	$131	$394.7B	20.5	Unavailable	$67.4BFY ended 2026-05-31 · 10-K	+17.3%FY ended 2026-05-31 vs 2025-05-31 · 10-K	17,087,000,000FY ended 2026-05-31, attributable to the company · 10-K	30.6%FY ended 2026-05-31
Palantir Technologies Inc. PLTR · Price dated Oct 27, 2026 · tokenized PLTRx	$199	$477.5B	169.9	Unavailable	$4.5BFY ended 2025-12-31 · 10-K	+56.2%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,625,033,000FY ended 2025-12-31, attributable to the company · 10-K	31.6%FY ended 2025-12-31
CrowdStrike Holdings Inc. CRWD · Price dated Oct 27, 2026 · tokenized CRWDx	$268	$274.4B	Not meaningfulLoss, diluted EPS −0.45 to 2026-07-31 · SEC filing	Unavailable	$4.8BFY ended 2026-01-31 · 10-K	+21.7%FY ended 2026-01-31 vs 2025-01-31 · 10-K	−162,502,000FY ended 2026-01-31, attributable to the company · 10-K	−6.1%FY ended 2026-01-31
Shopify Inc. SHOP · Price dated Oct 27, 2026	$166	Unavailable	112.0	Unavailable	$11.6BFY ended 2025-12-31 · 10-K	+30.1%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,231,000,000FY ended 2025-12-31, attributable to the company · 10-K	12.7%FY ended 2025-12-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 9:36 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Oracle wants to be a $225 billion revenue company by fiscal 2030. It also wants to earn $21 per share, on a non-GAAP basis, while getting there.

Those are the long-range targets the company has set. They now sit at the center of a debate over whether Oracle is the most undervalued AI play in big tech or the most ambitious.

The numbers behind the plan

Oracle first put these targets on the record on October 16, 2025. The setting was its financial analyst meeting at Oracle AI World. The headline goals were at least $225 billion in total revenue and $21 in non-GAAP EPS for fiscal year 2030.

The engine is cloud infrastructure. Oracle raised its FY30 target for that segment to $166 billion. That works out to nearly 75% of total sales.

The pace implied is steep. The revenue projections point to a compound annual growth rate of approximately 35% from fiscal 2026 levels through fiscal 2030.

So far, Oracle has hit its marks. It posted $67.4 billion in revenue for fiscal year 2026, in line with expectations. It then raised its fiscal 2027 guidance to at least $90 billion in revenue and $8.10 in EPS.

The backlog grew even faster. Remaining performance obligations, which track contracted revenue Oracle has signed but not yet booked, climbed to $664 billion. Before the 2025 meeting, that figure stood at $455 billion.

The stock tells a different story

Here is where it gets awkward. Shares traded at approximately $313 around the 2025 announcement. They have since dropped to around $126, a decline of about 60%.

The company beat or met its interim revenue goals, grew its backlog by hundreds of billions of dollars, and raised guidance. Investors responded by selling.

The disconnect comes down to execution risk. Analysts who are skeptical point to the scale of capital expenditures required to build out AI capacity. They also flag operational timelines and access to essential resources as potential constraints.

The bull case is mostly arithmetic. At around $126 per share, Oracle trades at about six times its own FY30 EPS target of $21. Some analysts have kept Buy ratings on the stock, viewing that multiple as attractive if management delivers.

Who the customers are

One question has hung over Oracle’s AI story: how much of it depends on a single customer. OpenAI has been a major name in the company’s AI bookings.

CEO Clay Magouyrk and finance chief Doug Kehring have emphasized that Oracle’s AI bookings are diversified beyond OpenAI.

The next checkpoint

Oracle has another Investor Day scheduled for October 28 at AI World in Las Vegas. It arrives a year after the original targets, with the stock sharply lower and the backlog sharply higher.

What this means

The things to watch are concrete. First is capital spending: how much Oracle commits, and whether it can fund that buildout without straining its finances. Second is conversion: how quickly the $664 billion in remaining performance obligations turns into recognized revenue. Third is customer mix. If Oracle can show that bookings are spread well beyond OpenAI, it weakens one of the main bear arguments.

The FY27 guidance of at least $90 billion and $8.10 in EPS will serve as the nearer-term scorecard. Hitting it would keep the longer-range plan credible. Missing it would make the $225 billion goal look a lot further away than four years.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.

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