Set long-term outlook for FY30 of $225 billion+ in total revenue, representing more than 35% CAGR from FY26, non-GAAP operating margin of 40%+ and non-GAAP EPS $21+. Defined timeline to positive free cash flow during the second half of FY28 and set free cash flow target of $30 billion+ for FY29. Committed to limiting additional capital raises through FY30 to $20 billion, excluding refinancing of existing debt, split between $10 billion in equity and $10 billion in gross debt. Confirmed that growth will be self-funded beginning in FY29 and net debt to adjusted EBITDA will be below 3.5 times in FY29.1 Stock is rallying after the news and the first time that a company has topped its capex spending.
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