diff --git a/django/db/backends/oracle/compiler.py b/django/db/backends/oracle/compiler.py
index cfc8a08c1bf..1044a5feb76 100644
--- a/django/db/backends/oracle/compiler.py
+++ b/django/db/backends/oracle/compiler.py
@@ -2,7 +2,7 @@ from django.db.models.sql import compiler
 
 
 class SQLCompiler(compiler.SQLCompiler):
-    def as_sql(self, with_limits=True, with_col_aliases=False):
+    def as_sql(self, with_limits=True, with_col_aliases=False, subquery=False):
         """
         Creates the SQL for this query. Returns the SQL string and list
         of parameters.  This is overridden from the original Query class
@@ -20,12 +20,17 @@ class SQLCompiler(compiler.SQLCompiler):
         do_offset = with_limits and (self.query.high_mark is not None
                                      or self.query.low_mark)
         if not do_offset:
-            sql, params = super(SQLCompiler, self).as_sql(with_limits=False,
-                    with_col_aliases=with_col_aliases)
+            sql, params = super(SQLCompiler, self).as_sql(
+                with_limits=False,
+                with_col_aliases=with_col_aliases,
+                subquery=subquery,
+            )
         else:
-            sql, params = super(SQLCompiler, self).as_sql(with_limits=False,
-                                                    with_col_aliases=True)
-
+            sql, params = super(SQLCompiler, self).as_sql(
+                with_limits=False,
+                with_col_aliases=True,
+                subquery=subquery,
+            )
             # Wrap the base query in an outer SELECT * with boundaries on
             # the "_RN" column.  This is the canonical way to emulate LIMIT
             # and OFFSET on Oracle.
diff --git a/django/db/models/sql/compiler.py b/django/db/models/sql/compiler.py
index 7944e35d8ab..5b647888d13 100644
--- a/django/db/models/sql/compiler.py
+++ b/django/db/models/sql/compiler.py
@@ -30,6 +30,7 @@ class SQLCompiler(object):
         self.annotation_col_map = None
         self.klass_info = None
         self.ordering_parts = re.compile(r'(.*)\s(ASC|DESC)(.*)')
+        self.subquery = False
 
     def setup_query(self):
         if all(self.query.alias_refcount[a] == 0 for a in self.query.tables):
@@ -342,11 +343,11 @@ class SQLCompiler(object):
             sql, params = vendor_impl(self, self.connection)
         else:
             sql, params = node.as_sql(self, self.connection)
-        if select_format:
+        if select_format and not self.subquery:
             return node.output_field.select_format(self, sql, params)
         return sql, params
 
-    def as_sql(self, with_limits=True, with_col_aliases=False):
+    def as_sql(self, with_limits=True, with_col_aliases=False, subquery=False):
         """
         Creates the SQL for this query. Returns the SQL string and list of
         parameters.
@@ -359,6 +360,7 @@ class SQLCompiler(object):
         # However we do not want to get rid of stuff done in pre_sql_setup(),
         # as the pre_sql_setup will modify query state in a way that forbids
         # another run of it.
+        self.subquery = subquery
         refcounts_before = self.query.alias_refcount.copy()
         try:
             extra_select, order_by, group_by = self.pre_sql_setup()
@@ -1115,9 +1117,9 @@ class SQLAggregateCompiler(SQLCompiler):
             raise EmptyResultSet
         sql, params = [], []
         for annotation in self.query.annotation_select.values():
-            agg_sql, agg_params = self.compile(annotation)
-            sql.append(agg_sql)
-            params.extend(agg_params)
+            ann_sql, ann_params = self.compile(annotation, select_format=True)
+            sql.append(ann_sql)
+            params.extend(ann_params)
         self.col_count = len(self.query.annotation_select)
         sql = ', '.join(sql)
         params = tuple(params)
diff --git a/django/db/models/sql/subqueries.py b/django/db/models/sql/subqueries.py
index 35ce71311dd..be7438b2a73 100644
--- a/django/db/models/sql/subqueries.py
+++ b/django/db/models/sql/subqueries.py
@@ -209,4 +209,7 @@ class AggregateQuery(Query):
     compiler = 'SQLAggregateCompiler'
 
     def add_subquery(self, query, using):
-        self.subquery, self.sub_params = query.get_compiler(using).as_sql(with_col_aliases=True)
+        self.subquery, self.sub_params = query.get_compiler(using).as_sql(
+            with_col_aliases=True,
+            subquery=True,
+        )
diff --git a/docs/releases/1.8.txt b/docs/releases/1.8.txt
index 4ee959a6980..a283e3c1571 100644
--- a/docs/releases/1.8.txt
+++ b/docs/releases/1.8.txt
@@ -938,6 +938,9 @@ those writing third-party backends in updating their code:
   ``data_type_check_constraints`` attributes have moved from the
   ``DatabaseCreation`` class to ``DatabaseWrapper``.
 
+* The ``SQLCompiler.as_sql()`` method now takes a ``subquery`` parameter
+  (:ticket:`24164`).
+
 :mod:`django.contrib.admin`
 ~~~~~~~~~~~~~~~~~~~~~~~~~~~