Oracle Sets $225 Billion Revenue Goal; Q2 Names Co-CEO in Silicon Hills Roundup
Austin-based Oracle lays out an aggressive five-year plan, Q2 Holdings raises its outlook and adds a co-CEO, and an Austin IT services firm changes hands.
Austin’s largest tech company spent Wednesday selling Wall Street on a much bigger future. Oracle Corp. told investors it expects revenue to top $225 billion by fiscal 2030, sending its shares sharply higher. Closer to home, Austin banking software maker Q2 Holdings Inc. posted 12% revenue growth, raised its full-year guidance and elevated its finance chief to co-CEO, while a Texas cybersecurity firm acquired longtime Austin IT provider Freeit Data Solutions.
Oracle targets $225 billion in revenue by fiscal 2030
Oracle, headquartered in Austin, used its 2026 Investor Day on Wednesday to set long-term targets that would more than double the company’s size. Oracle said it expects fiscal 2030 revenue of $225 billion or more, a compound annual growth rate above 35% from fiscal 2026, along with non-GAAP operating margins of at least 40% and non-GAAP earnings of $21 or more per share, according to its announcement. The event was held in Las Vegas.
The plan leans heavily on Oracle’s AI data center buildout. Oracle said capital spending will peak in fiscal 2027 and 2028, then decline, with free cash flow turning positive in the second half of fiscal 2028 and reaching $30 billion or more in fiscal 2029. To ease investor concerns about debt, the company capped additional capital-markets funding through fiscal 2030 at $20 billion, split evenly between equity and debt, and said it expects to self-fund growth starting in fiscal 2029. Oracle also reaffirmed its fiscal 2027 outlook of at least $90 billion in revenue.
Investors cheered. Oracle shares rose roughly 11% after the targets were released, according to MarketBeat via Yahoo Finance, which also reported Oracle’s plan to reach roughly 10 gigawatts of AI data center capacity by the end of fiscal 2028. Oracle moved its headquarters to Austin in 2020, and its trajectory carries weight for the region’s tech job market and its campus on Lady Bird Lake.
Q2 Holdings raises guidance, names CFO Jonathan Price co-CEO
Q2 Holdings, the Austin-based provider of digital banking software for banks and credit unions, reported third-quarter revenue of $225.8 million, up 12% from a year earlier. GAAP net income more than doubled to $33.2 million, or 52 cents a diluted share, from $15 million, or 23 cents, a year ago, according to the company’s results release.
The company lifted its full-year 2026 outlook to $888 million to $892 million in revenue, about 12% growth, and adjusted EBITDA of $253 million to $256 million. Price said the quarter’s performance “gives us the confidence to raise our full-year guidance.”
Q2 also announced a leadership change. The board named Price, the company’s chief financial officer, co-CEO effective Oct. 29. He will share the top job with Matt Flake, who remains president and chairman, and will join the board. Price will continue as CFO until a successor is found. Q2 is one of Austin’s homegrown public software companies, founded here in 2004.
Alchemy Technology Group acquires Austin’s Freeit Data Solutions
Alchemy Technology Group, a cybersecurity advisory, consulting and reseller firm backed by private equity firm Avance Investment Management, has acquired Freeit Data Solutions Inc., an Austin-based IT and cybersecurity solutions provider, according to a press release dated in Houston. Financial terms were not disclosed.
Freeit has operated for more than 16 years, providing backup, storage, hybrid cloud, virtual desktop and data archiving services to state and local governments, schools and commercial businesses. Its experience with Texas public-sector purchasing, including Texas Department of Information Resources contracts, gives Alchemy a stronger foothold with government customers in the state. Freeit President Wayne Orchid said joining Alchemy brings “the resources and broader expertise” to meet more client needs.
Firefly’s SciTec hits Space Force missile-warning milestone
SciTec, the Princeton, New Jersey-based defense software subsidiary of Cedar Park’s Firefly Aerospace, said it integrated data from a wide-field-of-view infrared sensor on a geostationary satellite into the U.S. Space Force’s FORGE ground system, according to Firefly’s announcement. FORGE fuses data from multiple sensors to help detect and track missile threats.
The milestone extends FORGE’s missile-warning reach and follows the system’s second operational acceptance in September 2025. It underscores how Firefly, best known for its Alpha rocket and Blue Ghost lunar lander, is building a national security software business alongside its Central Texas launch and spacecraft operations.
Also in Silicon Hills
- Ethos: The Austin-based life insurance tech company, which went public on Nasdaq in January, expanded its partnership with Liberty Mutual, making Ethos-powered life insurance available through Liberty Mutual’s call centers and offering bundling discounts on auto and home policies. GlobeNewswire
- Swarmer: The Austin drone-autonomy software company will report third-quarter results Nov. 10, ahead of a Nov. 2 shareholder vote on its proposed acquisition of Ukrainian ground-robot maker Ratel Robotics. Business Wire via Yahoo Finance
- Austin Tech Week: The five-day startup event series wraps up Friday, Oct. 30. Austin Tech Week
Only in Austin
With Día de los Muertos arriving Nov. 1-2, Austin has already held its biggest celebration of the holiday. Last Saturday’s Viva la Vida Festival and Parade, co-presented by the city and the Mexic-Arte Museum, marked its 43rd year as Austin’s largest and longest-running Día de los Muertos event. Marchers in calavera face paint and towering papier-mâché skeletons paraded down Sixth Street to Congress Avenue. Artists Sylvia Orozco, Sam Coronado, and Pio Pulido founded the museum in 1984 in the Arts Warehouse downtown. (City of Austin)