Press Release

Oracle Announces Fiscal 2024 Third Quarter Financial Results

  • Q3 GAAP Earnings per Share $0.85, Non-GAAP Earnings per Share up 16% to $1.41
  • Q3 Total Revenue $13.3 billion, up 7% in both USD and constant currency
  • Q3 Total Remaining Performance Obligations up 29% to $80 billion
  • Q3 Cloud Revenue (IaaS plus SaaS) $5.1 billion, up 25% in USD, up 24% in constant currency
  • Q3 Cloud Infrastructure (IaaS) Revenue $1.8 billion, up 49% in both USD and constant currency
  • Q3 Cloud Application (SaaS) Revenue $3.3 billion, up 14% in both USD and constant currency
  • Q3 Fusion Cloud ERP (SaaS) Revenue $0.8 billion, up 18% in both USD and constant currency
  • Q3 NetSuite Cloud ERP (SaaS) Revenue $0.8 billion, up 21% in USD, up 20% in constant currency
Austin, TexasMarch 11, 2024

Oracle Corporation (NYSE: ORCL) today announced fiscal 2024 Q3 results. Total quarterly revenues were up 7% year-over-year in both USD and constant currency to $13.3 billion. Cloud services and license support revenues were up 12% in USD and up 11% in constant currency to $10.0 billion. Cloud license and on-premise license revenues were down 3% in both USD and constant currency to $1.3 billion.

Q3 GAAP operating income was $3.8 billion. Non-GAAP operating income was $5.8 billion, up 12% in both USD and constant currency. GAAP operating margin was 28%, and non-GAAP operating margin was 44%. GAAP net income was $2.4 billion. Non-GAAP net income was $4.0 billion, up 18% in both USD and constant currency. Q3 GAAP earnings per share was $0.85 while non-GAAP earnings per share was $1.41, up 16% in both USD and constant currency.

Short-term deferred revenues were $8.9 billion. Over the last twelve months, operating cash flow was $18.2 billion and free cash flow was $12.3 billion.

“Large new cloud infrastructure contracts signed in Q3 drove Oracle’s total Remaining Performance Obligations up 29% to over $80 billion—an all-time record,“ said Oracle CEO, Safra Catz. “We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply—despite the fact we are opening new and expanding existing cloud datacenters very, very rapidly. We expect that 43% of our current $80 billion of Remaining Performance Obligations will be recognized as revenue over the next four quarters, and that our Gen2 Cloud Infrastructure business will remain in a hypergrowth phase—up 53% in Q3—for the foreseeable future.”

“In Q3, Oracle finished moving the majority of Cerner customers to Oracle’s Gen2 Cloud Infrastructure,” said Oracle Chairman and CTO, Larry Ellison. “In Q4, Oracle will start delivering its completely new Ambulatory Clinic Cloud Application Suite to these same customers. This new AI-driven system features an integrated voice interface called the Clinical Digital Assistant that automatically generates doctors’ notes and updates Electronic Health Records—saving precious time and improving health data accuracy. The delivery of this revolutionary new healthcare technology will enable the rapid modernization of our customers’ health systems over the coming year, and transform Cerner and Oracle Health into a high-growth business for years to come.”

The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on April 10, 2024, with a payment date of April 24, 2024.


Earnings Conference Call and Webcast

Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at

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“Safe Harbor” Statement

Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including demand for Oracle Cloud Infrastructure capacity, expectations for growth in our Cerner, Oracle Health and Gen2 Cloud Infrastructure businesses, the rate and timing of conversion of the Remaining Performance Obligations to revenue and beliefs regarding modernizing digital healthcare systems, are "forward-looking statements" and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at All information set forth in this press release is current as of March 11, 2024. Oracle undertakes no duty to update any statement in light of new information or future events.