BNP Paribas analyst Stefan Slowinski said Oracle remains well positioned in a supplier-friendly AI infrastructure market, with attractive contract economics and a potential free-cash-flow inflection beginning in fiscal 2029.
BNP Paribas Sees Stronger Oracle Cash Flow Path
Slowinski said BNP Paribas came away more positive on Oracle’s path toward a sharp free-cash-flow inflection in fiscal 2029 after speaking with the company’s investor relations team.
The analyst said Oracle continues to expect absolute capital spending to peak in fiscal 2027 or fiscal 2028 before potentially declining materially in fiscal 2029. That shift could help the company move past the most capital-intensive phase of its AI infrastructure buildout.
He said consensus fiscal 2027 operating cash flow of about $46 billion and S&P Global’s $48 billion to $53 billion estimate may be too low.
