Despite the market’s ebullience, the enterprise software giant is blowing through cash at a steadily rising pace. Just three quarters ago, Oracle’s free cash flow was essentially zero, and this quarter it clocked in at negative $24.7 billion over the trailing 12 months as its capital expenditures rocketed from $21.2 billion in fiscal 2025 to a guided $50 billion this fiscal year as the company forges ahead in its AI data center buildout.
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