SAP SE Earnings Recaps
Q2 2026
Jul 26, 2026
SAP’s stock rose sharply by 9.3% following Q2 results that demonstrated robust cloud revenue growth and a substantial acceleration in the current cloud backlog, signaling improving forward visibility and strong execution on AI and autonomous enterprise initiatives.
Key takeaways
- Cloud revenue increased 24% to EUR 6.3 billion, driven by ERP migrations and AI adoption.
- Current cloud backlog grew 26%, accelerating from Q1 and outpacing recent trends, suggesting stronger future cloud revenue.
- Total revenue rose 11% to EUR 9.9 billion despite a slight decline in services revenue due to consultant redeployment toward AI agent development.
- Operating profit increased 9% to EUR 2.7 billion, reflecting efficient cost management amid top-line growth.
- The successful launch of the Autonomous Enterprise platform and AI Agent Hub, along with strong demand from the Sapphire conference, support confidence for a strong second half.
Q3 2025
Oct 23, 2025
SAP reported strong Q3 2025 results, highlighted by a 27% increase in cloud revenue and a robust current cloud backlog, underscoring the company's accelerating market share gains, particularly in the U.S. public sector.
Key takeaways
- Cloud revenue grew by 27%, marking the fifth consecutive quarter of growth exceeding 25% with a solid gross margin of approximately 75%.
- Total revenue increased by 11%, and current cloud backlog also rose by 27%, indicating solid demand for SAP's offerings.
- Free cash flow rose 5%, and operating profit was up 19%, despite facing a negative impact of approximately €200 million.
- Notable customer wins included industry leaders like Alphabet, Ericsson, and Lufthansa, who chose to deepen their relationship with SAP through new initiatives.
- SAP's strategy of combining AI solutions with existing business processes shows promising potential, particularly in B2B environments, as they continue to innovate in cloud offerings and partnership initiatives.