Oracle's ORCL aggressive AI infrastructure buildout has put its free cash flow (FCF) outlook under scrutiny. In first-quarter fiscal 2027, capital expenditures jumped to $28.5 billion from $8.5 billion a year ago, pushing FCF to negative $5.4 billion despite record operating cash flow of $23 billion, up 184% year over year. Net of customer prepayments, cash capex was about $18 billion. Guidance indicates the pressure will persist. 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.
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