Chief Executive Officer at Salesforce
All right. Hey Mike, thanks so much, and thanks for all your hard work. This year, it's been an incredible year. And also, I just really appreciate everyone being here on the call today, and hope you all had a great Thanksgiving, and I hope you're all preparing a fantastic holiday for yourself coming up. I know it's been an incredible year for so many of the folks on this call, and I'd just encourage all of my folks to try to take a couple of days off and do a little digital detox. And I hope you get a chance to do that as well as we come into the season.
We're obviously super excited about these results. We've delivered in this unbelievable quarter and in this unbelievable year, and this double-digit revenue growth, delivering non-GAAP margin exceeding 30%, this is really exciting for us. And when we look at these numbers, when we think about having an $8.7 billion quarter, 31.2% margin in the quarter, and then talking about this year at $34.8 billion fiscal year '24, amazing with 30.5% margin growth, whether it's 800%, 900%, 1,000% increase from year-over-year, these numbers all exceed what we thought we were able to do.
And I'll tell you, we really did this in partnership with all of you. I'm just going to come back to that a couple of times to give you the gratitude and thanks that you deserve for everything you've been doing to help us have an unbelievably great year.
But I'll tell you, it's more than just a great year. It's also a huge year of transformation. I think everyone on the call knows that. It was exactly a year ago, as you remember, or maybe I'd like to forget, exactly how crazy that year got, and it was a really unusual year. But we knew we had to change. We knew there had to be transformation. We knew there were things that had to get done, and we know, look, that we were going to have to restructure our business for the short and long term. We talked about that in each of the last several calls.
We knew we had to focus on increasing profitability, productivity, operational excellence across the board. We knew that. We knew that we had to really double down on our core, deliver some strong relationships with you, our investors. And then I'll just keep coming back to that, that you've been just such great partners in making all of this happen. And I'll tell you that we have to stay focused on continuing to be this #1 AI CRM, which we've been doing. You're going to hear about that today, and really finding these incredible growth factors for the company.
You know what, people have been asking me, why am I so excited about this quarter. And Brian is going to hit on this as well, and Amy is going to hit on this as well. The three things that keep coming back to me are -- number one, that we have 80% growth in deals of more than $1 million. That is far exceeding our expectations, that we were able to pull together all of these different clouds into this kind of what we call a cocktail. The customers were wanting to buy Tableau, Slack, MuleSoft, the Data Cloud, the Sales Cloud, the Service Cloud, all that we're able to build these big transactions. And there's no question that that kind of fell off last year, now to see that come back, that is just really exciting. Brian's going to talk about that.
Number two -- we have a great new product, and everyone knows here at Dreamforce, Data Cloud. You can see in the quarter 1,000 new Data Cloud customers. That is number two thing. I am really excited about that. I literally just got off the plane from Tokyo. You probably all saw me yesterday at Salesforce World Tour. Tokyo was incredible. Everyone is very excited about Salesforce in Japan, now the second largest software company in Japan. Incredible what has happened over there in the market.
I met with hundreds of customers while I was there. I spoke to some of the CEOs of the largest companies in Japan. It was an incredible week. It was the Momiji season, which is the fall season with incredible fall leaves, beautiful over there. And I'll tell you, everyone wants to talk about Data Cloud. And that is really exciting to have an incredible driver for future growth. And the third thing is these Einstein GPT Copilots that we've delivered. These Einstein GPT Copilots, this is a product we didn't really even have an imagination around a year ago. Of course, we had Einstein. Of course, we could see the incredible growth of Einstein. I mean, now, Einstein, with predictive and generative combined, is doing 1 trillion transactions a week, that's amazing. But more amazing is that 17% of the Fortune 100 are now Einstein GPT Copilot customers. And this is a product that is just coming to market. Everyone is so excited about buying this product.
So, when you see these larger deals, when you see Data Cloud, when you see these Einstein GPT Copilots going into place, that is why we are excited about our growth and why we're excited about this quarter. And then you look at the financial metrics, the $1.5 billion in cash flow up about 1,000%. That is another reason why we're excited about the quarter.
So, let me get into the script a little bit, and let me talk to kind of give you the structured messages and then turn this over to Brian. So, number one, we are the #1 AI CRM. If that isn't clear already, we're leading the industry through the unprecedented AI innovation cycle. It's unlike anything I've seen and most of the people that I talk to all over the world feel the same way. We're the only platform that are bringing CRM and data and AI and trust together for our customers in a way that enables them across every industry to be more successful faster, be more productive, more efficient. We're the number one by market share for the 10th year in a row based on latest IDC software tracker. We're the number one enterprise apps company now. That's amazing.
And Data Cloud, this hyperscale, this real-time customer data platform that is performing incredibly well for us, it's the foundation of every AI transaction, but it's the foundation of every large deal that we did this quarter. That is what is so exciting. And in just our third quarter, Data Cloud has ingested an astonishing 6.4 trillion records -- 6.4 trillion records, that's 140% year-over-year increase. It triggered 1.4 trillion activations, a 220% increase year over year. This is a monster product. I could not be more excited. And it's the perfect time, we didn't really understand that it was going to line up so well with this generative AI revolution.
This is a product we've been working on for a couple of years, just the timing of it has been incredible because, listen, if you don't have your data together as in a company, you're not going to deliver AI. It's not like companies are going to run their AI off of Reddit or off of some kind of big public data set. They have to have their data set together to make AI work for them, and that is why the Data Cloud is so powerful for them.
Now, as I've said before, this AI revolution is going to be a trust revolution. It's not just about CRM data, or AI. It's also about trust, and I think the trust layer and the way that we've architected our platform so that our customers are not basically taking -- getting taken advantage of these next-generation large language models, these foundation models, they are so hungry for all of this data, and they want our customers' data, so that they can grow. We're not going to let them have it. We're going to separate ourselves from those models through a trust layer so customers can be protected. This is going to be so important for the future of how Salesforce architects itself with artificial intelligence.
Now, revenue in the quarter was $8.7 billion. Not too many software executives get to say it, so I think I'll say it twice actually. Revenue for the quarter was $8.7 billion, up 11% year-over-year. Incredible. Third largest enterprise software company now by revenue, also incredible, and companies standardizing on Salesforce as their core technology platform, doing these multi-cloud deals with us. Getting that growth, as I said, that incredible stat that Brian is going to come back to, the 80% growth in deals of more than $1 million, so exciting. Nine of the top 10 deals included six or more clouds. Think about that -- nine out of our top 10 deals included six or more clouds. So, you know that we have amazing clouds, Sales Cloud, Service Cloud, Marketing Cloud, Platform, our Commerce Cloud, Slack, Tableau, MuleSoft, but think about it, how they're bringing all of those things together, Data Cloud, they're bringing it all together into a cocktail. That's amazing.
And by the way, those cocktails are going to be a Christmas cocktail soon. And in Q3, we once again showed our commitment to increasing our margins. Non-GAAP operating margin for the quarter was 31.2%, up 850 basis points year over year, following an increase of 1,000 basis points in the previous two quarters. It kind of is a sentence that you don't really expect ever read as a CEO, so that was kind of amazing.
Operating cash flow for the third quarter was $1.5 billion, up 389% year-over-year. Free cash flow was $1.4 billion, up 1,088% year-over-year. Percentages and absolute numbers are just mind blowing, and our remaining performance obligation ended the third quarter at $48.3 billion, which is an increase of -- oh, yes, 21% year-over-year, pretty good.
Okay, now, let's move on to guidance. Based on our performance, we're raising our fiscal year '24 revenue guidance in constant currency to $34.8 billion at the high end of the range, 11% projected growth year-over-year. Last quarter, we raised our fiscal year '24 non-GAAP operating margin to 30%, and now we're accelerating again. And we think that we're going to move this thing to 30.5% for the year. And Amy, I think you better beat that, okay? So, I mean, the acceleration on the margin this year has been pretty incredible as we all know. So, if you go back and look at the last five quarters, you wouldn't believe it. I don't believe it. We delivered an improvement of 850 basis points year-over-year this quarter. I couldn't be more proud of our entire team, how well they are doing.
We just got our employee surveys back. The team, the morale is super high, so cohesive, brought back so many boomerangs, really reinforced our culture during this year as well. That's been one of the major things that we have been doing. We've really been focused on building this #1 AI CRM, rebuilding our product strategy, really focused on -- number two, is getting these sales executives be able to tell these stories of AI success. And it's incredible to be able to exactly explain to a customer what they can do to be successful.
The third thing we're really focused on is this idea of delivering new products and new technologies and this UE+ product that we've now introduced in the market to see so many customers adopt that in the quarter, to see so much of it in our pipeline, UE+, and the incredible work of David Schmaier and his team has been just amazing there, and also our professional services team, delivering these great implementations and making sure our customers are successful. And the fifth thing I would say we're focused on is this Ohana 2.0 culture, which has really taken shape in the middle of this year and really now evidenced in this -- you probably saw we just became a Great Place to Work again. We're on the top 10. We're now number seven. It's amazing to see that recognition for this company is so well deserved.
So, where are we? Well, you're seeing this high level of interest in Data Cloud and Einstein. It's incredible what's happened. I've been on the road pretty much nonstop, especially over the last month. I've been in -- throughout Europe. I've been now in Asia. I've been throughout the United States, and I just continue to see these same trends, which is customers are investing for the future and they're investing and inspired by AI to give them more productivity. Look, they realize unemployment is just so low. Where are they going to hire more people? It's so hard for them to hire. They're going to have to get more productivity from their employees. They're going to do that through this great new technology, and we're going to help them make that happen.
Data Cloud was part of six of our top 10 deals in the quarter. We had more than 1,000 net new customers for Data Cloud. I've talked a little bit about the number of deals -- the number of wins over $1 million in Data Cloud doubled, and the average ARR per win more than tripled compared to last quarter -- pretty awesome. And we've now created a self-service switch so that every EE and UE customer can just flip it on. And engineering has just done a great job letting every customer become a Data Cloud customer.
Closed a lot of amazing deals in the quarter. Really excited about AWS. I know everyone has been talking about that, especially down at the conference this week at re:Invent, and we couldn't be more thrilled for our partnership with Andy Jassy, really excited. Really excited about our relationship with American Cancer Society doing -- they've been a customer for a long time, doing incredible work now seeing them use the Data Cloud, even becoming even more productive, more efficient. Group Global -- 30 million users now using Data Cloud, SiriusXM. Joe Inzerillo, great executive. We worked so closely with him at Disney, and one of the reasons that Disney has become wall-to-wall Salesforce. And nowadays at SiriusXM, he's deployed a great, incredible deployment of Data Cloud, but our -- actually our whole product line or so. Excited to work with Joe.
And this is really, I think, going to continue on as we start to talk more about customers who are using Data Cloud. I was just in Houston and had a great dinner down there with all of our customers. We had some phenomenal local country music performance at the dinner as well. The Ortega family did a great job cooking for us. Their restaurants are probably our favorite when we get on the road. But I'll tell you, Waste Management and Jim Fish, who I saw when I was in Houston, great executive, loves working with Jim. Here is a great company, North America's leading environmental sustaining -- sustainability solutions provider. Now, most of the folks on the call are probably customers. And, wow, they just have done an incredible implementation and now doing a great job implementing all the AI solutions as well.
Well, there's a lot more to talk about there. We've got so much going on, and March 8 is going to be a big day for Salesforce. We're going to turn 25 years old. It's hard to believe. At the same time, we've completely rebuilt the company, and so well positioned for the AI revolution, and we're lucky to have a great management team, and we've got them sitting here at the table.
Of course, we've got Mike Spencer here who is doing a great job running FP&A and IR. We have Sabastian, our new Chief Legal Officer; Amy, our new CFO. But Brian, why don't you take it from here and tell us what happened during the quarter?