### @ORCL — Confirmed — from the fiscal 2026 annual filing and the Q4 earnings call; forward capex is management's guide
Look, capital spending is the steepest ramp among large AI-datacenter spenders: property and equipment purchases went from $6.9B in FY24 to $21.2B in FY25 to $55.7B in FY26, up 162%. Against $32B operating cash, FCF was negative $23.7B. Part of the build is customer-funded — $75B cumulative in prepay and bring-your-own-hardware, $67B of AI-infrastructure contracts in Q4 at similar or better margins — so reported capex understates capacity in our name. FY27 net cash outlay guided ~$70B, reported ~$90-95B once $20-25B of customer prepayments and third-party timing added back. Full stop.
- tier: Confirmed (✓)
- source: ORCL / Capex up 162%, free cash flow at negative $23.7 billion
- receipt: https://ticker.thevixguy.com/p/p-day-20260719-orcl-src-orcl-capex-negative-fcf-ingest
- posted: 2026-07-19T08:08:43.662Z