Press Release

Oracle Announces Fiscal 2024 First Quarter Financial Results

  • Q1 GAAP Earnings per Share $0.86, Non-GAAP Earnings per Share $1.19
  • Q1 Total Revenue $12.5 billion, up 9% in USD, up 8% in constant currency
  • Q1 Cloud Revenue (IaaS plus SaaS) $4.6 billion, up 30% in USD, up 29% in constant currency
  • Q1 Cloud Infrastructure (IaaS) Revenue $1.5 billion, up 66% in USD, up 64% in constant currency
  • Q1 Cloud Application (SaaS) Revenue $3.1 billion, up 17% in USD, up 17% in constant currency
  • Q1 Fusion Cloud ERP (SaaS) Revenue $0.8 billion, up 21% in USD, up 20% in constant currency
  • Q1 NetSuite Cloud ERP (SaaS) Revenue $0.7 billion, up 21% in USD, up 21% in constant currency
Austin, Texas—Sep 11, 2023

Oracle Corporation (NYSE: ORCL) today announced fiscal 2024 Q1 results. Total quarterly revenues were up 9% year-over-year in USD and up 8% in constant currency to $12.5 billion. Cloud services and license support revenues were up 13% in USD and up 12% in constant currency to $9.5 billion. Cloud license and on-premise license revenues were down 10% in USD and down 11% in constant currency to $0.8 billion.

Q1 GAAP operating income was $3.3 billion. Non-GAAP operating income was $5.1 billion, up 13% in USD and up 12% in constant currency. GAAP operating margin was 26%, and non-GAAP operating margin was 41%. GAAP net income was $2.4 billion. Non-GAAP net income was $3.4 billion, up 19% in USD and up 17% in constant currency. Q1 GAAP earnings per share was $0.86 while non-GAAP earnings per share was $1.19, up 16% in USD and up 14% in constant currency.

Short-term deferred revenues were $11.1 billion. Q1 operating cash flow was $7.0 billion, up 9%, and Q1 free cash flow was $5.7 billion, up 21%.

“Oracle Cloud Infrastructure revenue grew 66% in Q1, much faster than our hyperscale cloud infrastructure competitors,” said Oracle CEO, Safra Catz. “Total cloud services revenue, Infrastructure plus Applications, grew 30% to $4.6 billion in the quarter. Oracle Cloud Services plus License Support revenue now accounts for 77% of Oracle’s total revenue. This highly-predictable, highly-profitable recurring revenue stream—combined with continued expense discipline—drove 16% growth in non-GAAP earnings per share, 21% growth in free cash flow, and $7.0 billion in operating cash flow in the Q1.”

“Is Generative AI the most important new computer technology ever? Maybe!,” said Oracle Chairman and CTO, Larry Ellison. “Self-driving cars, molecular drug design, voice user interfaces—billions of dollars are being invested in AI. As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle’s Gen2 Cloud. That’s twice as much as we had booked at the end of Q4. The largest AI technology companies and the leading AI startups continue to expand their business with Oracle for one simple reason—Oracle’s RDMA interconnected NVIDIA Superclusters train AI models at twice the speed and less than half the cost of other clouds.”

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 October 12, 2023, with a payment date of October 26, 2023.


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

Contact Info

Ken Bond

Oracle Investor Relations

Deborah Hellinger

Oracle Corporate Communciations

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“Safe Harbor” Statement

Statements in this press release relating to the predictability and profitability of Oracle Cloud Services plus License Support revenue and the importance of Generative AI, 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 September 11, 2023. Oracle undertakes no duty to update any statement in light of new information or future events.