-- SAP meets revenue and exceeds non-IFRS operating profit and free cash
flow outlook for FY2025
-- Total cloud backlog up 22% and up 30% at constant currencies
-- Current cloud backlog up 16% and up 25% at constant currencies
-- Cloud revenue up 23% and up 26% at constant currencies in FY2025
-- Cloud ERP Suite revenue up 28% and up 32% at constant currencies in
FY2025
-- Total revenue up 8% and up 11% at constant currencies in FY2025
-- IFRS operating profit up 111%, non-IFRS operating profit up 28% and up
31% at constant currencies in FY2025
-- SAP announces a new, two-year share repurchase program with a volume of
up to EUR10 billion
WALLDORF, Germany, Jan. 29, 2026 /PRNewswire/ -- SAP SE $(SAP)$ announced today its financial results for the fourth quarter and fiscal year ended December 31, 2025.
Christian Klein, CEO:
Q4 was a strong cloud quarter, with bookings resulting in 30% Total Cloud Backlog growth to a record 77 billion Euros. The significant Current Cloud Backlog growth in Q4 has laid a strong foundation for accelerating Total Revenue growth through 2027. SAP Business AI has become a main driver for growth as it was included in two thirds of our Q4 cloud order entry, combined with strong AI adoption across the ERP Suite.
Dominik Asam, CFO:
We closed 2025 on a high note, delivering strong operating profit and free cash flow ahead of our expectations. This performance reflects focused execution, financial discipline, and the continued trust our customers place in us as the North Star for their digital transformation. As evidenced by continued strong growth well ahead of the market in SaaS and PaaS, and our ability to bring such growth down to the bottom line and Free Cash Flow, we are confident that our strategy and operational discipline will continue to drive long-term value creation.
Financial Performance
Group results at a glance -- Fourth
quarter 2025
IFRS Non-IFRS(1)
-------------------- ----------------------------------
EUR million,
unless otherwise Q4 Q4 Q4 in % const.
stated 2025 2024 in % 2025 Q4 2024 in % curr.
------------------ ------ ------ ---- ------ ------- ---- -----------
SaaS/PaaS 5,532 4,585 21 5,532 4,585 21 27
------------------ ------ ------ ---- ------ ------- ---- -----------
Thereof
Cloud ERP
Suite(2) 4,862 3,948 23 4,862 3,948 23 30
------------------ ------ ------ ---- ------ ------- ---- -----------
Thereof
Extension
Suite(3) 670 636 5 670 636 5 10
------------------ ------ ------ ---- ------ ------- ---- -----------
IaaS(4) 78 123 --37 78 123 --37 --33
------------------ ------ ------ ---- ------ ------- ---- -----------
Cloud revenue 5,610 4,708 19 5,610 4,708 19 26
------------------ ------ ------ ---- ------ ------- ---- -----------
Cloud and
software
revenue 8,618 8,267 4 8,618 8,267 4 10
------------------ ------ ------ ---- ------ ------- ---- -----------
Total revenue 9,684 9,377 3 9,684 9,377 3 9
------------------ ------ ------ ---- ------ ------- ---- -----------
Share of more
predictable
revenue (in %) 84 81 3pp 84 81 3pp
------------------ ------ ------ ---- ------ ------- ---- -----------
Cloud gross
profit 4,106 3,429 20 4,185 3,458 21 27
------------------ ------ ------ ---- ------ ------- ---- -----------
Gross profit 7,044 6,943 1 7,175 6,972 3 8
------------------ ------ ------ ---- ------ ------- ---- -----------
Operating profit
(loss) 2,554 2,016 27 2,829 2,436 16 21
------------------ ------ ------ ---- ------ ------- ---- -----------
Profit (loss)
after tax 1,896 1,616 17 1,896 1,619 17
------------------ ------ ------ ---- ------ ------- ---- -----------
Earnings per share
- Basic (in EUR) 1.58 1.37 15 1.62 1.40 16
------------------ ------ ------ ---- ------ ------- ---- -----------
Net cash flows
from operating
activities 1,297 --584 NA
------------------ ------ ------ ---- ------ ------- ---- -----------
Free cash flow 1,034 --908 NA
------------------ ------ ------ ---- ------ ------- ---- -----------
(1) For a breakdown of the individual adjustments see table "Non-IFRS
Operating Expense Adjustments by Functional Areas" in this Quarterly
Statement. (2) Cloud ERP Suite references the portfolio of strategic
Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that
are tightly integrated with our core ERP solutions and are included in key
commercial packages, such as RISE with SAP. Further, Cloud ERP Suite also
includes cloud-based capabilities enabling our customers' ERP landscapes and
their cloud transformation. The following offerings contribute to Cloud ERP
Suite revenue: SAP Cloud ERP, SAP Business Technology Platform, financial-
and spend management, supply chain management, core solutions for human
capital management, commerce, business transformation management and AI.
(3) Extension Suite references SAP's remaining SaaS and PaaS solutions that
supplement and extend the functional coverage of the Cloud ERP Suite.
(4) Infrastructure as a service (IaaS): The major portion of IaaS comes from
SAP HANA Enterprise Cloud.
Group results at a
glance -- Full year
2025
IFRS Non-IFRS(1)
-------------------- ---------------------------------
EUR million, unless Q1--Q4 Q1-Q4 Q1--Q4 Q1-Q4 in % const.
otherwise stated 2025 2024 in % 2025 2024 in % curr.
------------------- ------ ------ ---- ------ ------ ---- -----------
SaaS/PaaS 20,678 16,601 25 20,678 16,601 25 28
------------------- ------ ------ ---- ------ ------ ---- -----------
Thereof
Cloud ERP
Suite
revenue(2) 18,119 14,165 28 18,119 14,165 28 32
------------------- ------ ------ ---- ------ ------ ---- -----------
Thereof
Extension
Suite
revenue(3) 2,559 2,436 5 2,559 2,436 5 8
------------------- ------ ------ ---- ------ ------ ---- -----------
IaaS(4) 345 540 --36 345 540 --36 --34
------------------- ------ ------ ---- ------ ------ ---- -----------
Cloud revenue 21,023 17,141 23 21,023 17,141 23 26
------------------- ------ ------ ---- ------ ------ ---- -----------
Cloud and software
revenue 32,538 29,830 9 32,538 29,830 9 12
------------------- ------ ------ ---- ------ ------ ---- -----------
Total revenue 36,800 34,176 8 36,800 34,176 8 11
------------------- ------ ------ ---- ------ ------ ---- -----------
Share of more
predictable
revenue (in %) 86 83 3pp 86 83 3pp
------------------- ------ ------ ---- ------ ------ ---- -----------
Cloud gross profit 15,607 12,481 25 15,757 12,559 25 29
------------------- ------ ------ ---- ------ ------ ---- -----------
Gross profit 26,942 24,932 8 27,145 25,011 9 11
------------------- ------ ------ ---- ------ ------ ---- -----------
Operating profit
(loss) 9,830 4,665 >100 10,419 8,153 28 31
------------------- ------ ------ ---- ------ ------ ---- -----------
Profit (loss) after
tax 7,492 3,150 >100 7,176 5,279 36
------------------- ------ ------ ---- ------ ------ ---- -----------
Earnings per share
- Basic (in EUR) 6.28 2.68 >100 6.15 4.53 36
------------------- ------ ------ ---- ------ ------ ---- -----------
Net cash flows from
operating
activities 9,156 5,207 76
------------------- ------ ------ ---- ------ ------ ---- -----------
Free cash flow 8,239 4,222 95
------------------- ------ ------ ---- ------ ------ ---- -----------
(1) For a breakdown of the individual adjustments see table "Non-IFRS
Operating Expense Adjustments by Functional Areas" in this Quarterly
Statement. (2) Cloud ERP Suite references the portfolio of strategic
Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that
are tightly integrated with our core ERP solutions and are included in key
commercial packages, such as RISE with SAP. Further, Cloud ERP Suite also
includes cloud-based capabilities enabling our customers' ERP landscapes and
their cloud transformation. The following offerings contribute to Cloud ERP
Suite revenue: SAP Cloud ERP, SAP Business Technology Platform, financial-
and spend management, supply chain management, core solutions for human
capital management, commerce, business transformation management and AI.
(3) Extension Suite references SAP's remaining SaaS and PaaS solutions that
supplement and extend the functional coverage of the Cloud ERP Suite.
(4) Infrastructure as a service (IaaS): The major portion of IaaS comes from
SAP HANA Enterprise Cloud.
Financial Highlights[1]
Fourth Quarter 2025
In the fourth quarter, current cloud backlog grew by 16% to EUR21.05 billion and was up 25% at constant currencies. Large transformational deals with high cloud revenue ramps in outer years and termination for convenience clauses required by law negatively impacted fourth quarter constant currency current cloud backlog growth by approximately 1 percentage point.
Cloud revenue was up 19% to EUR5.61 billion and up 26% at constant currencies. Cloud ERP Suite revenue was up 23% to EUR4.86 billion and up 30% at constant currencies.
Software licenses revenue decreased by 34% to EUR0.45 billion and was down 31% at constant currencies. Cloud and software revenue was up 4% to EUR8.62 billion and up 10% at constant currencies. Services revenue was down 4% to EUR1.07 billion and flat at constant currencies. Total revenue was up 3% to EUR9.68 billion and up 9% at constant currencies.
The share of more predictable revenue increased by 3 percentage points to 84%.
IFRS cloud gross profit was up 20% to EUR4.11 billion. Non-IFRS cloud gross profit was up 21% to EUR4.18 billion and was up 27% at constant currencies. IFRS cloud gross margin was up 0.4 percentage points to 73.2%, non-IFRS cloud gross margin up 1.1 percentage points to 74.6% and up 0.9 percentage points at constant currencies to 74.3%.
IFRS operating profit increased 27% to EUR2.55 billion and IFRS operating margin was up 4.9 percentage points to 26.4%. Non-IFRS operating profit was up 16% to EUR2.83 billion and was up 21% at constant currencies. Non-IFRS operating margin increased by 3.2 percentage points to 29.2% and was up 3.0 percentage points to 29.0% at constant currencies. IFRS and non-IFRS operating profit growth were negatively impacted by approximately EUR0.1 billion related to a 2025 workforce transformation. In addition, IFRS operating profit growth was negatively impacted by approximately EUR0.2 billion related to Teradata litigation expenses (see section (N) Teradata Litigation Matter).
IFRS earnings per share (basic) increased 15% to EUR1.58. Non-IFRS earnings per share (basic) increased 16% to EUR1.62. IFRS effective tax rate was 31.5% and non-IFRS effective tax rate was 33.1%. Both were mainly driven by tax effects relating to taxes for prior years.
Operating cash flow in the fourth quarter increased from -EUR0.58 billion to EUR1.30 billion and free cash flow increased from -EUR0.91 billion to EUR1.03 billion. The increase was mainly attributable to lower restructuring payments and further supported by lower payouts for share-based compensation and capex.
Full Year 2025
SAP performed against its financial outlook as follows:
2025 Outlook Revised 2025
(as of January Outlook (as of
Actual 2024 28) October 22) Actual 2025
------------------------- ---------------- -------------- -------------- ----------------
EUR21.6 --
21.9 billion
towards the
lower end of
Cloud revenue (at EUR21.6 -- the outlook
constant currencies) EUR17.14 billion 21.9 billion range EUR21.66 billion
------------------------- ---------------- -------------- -------------- ----------------
Cloud and software
revenue (at constant EUR33.1 -- EUR33.1 --
currencies) EUR29.83 billion 33.6 billion 33.6 billion EUR33.44 billion
------------------------- ---------------- -------------- -------------- ----------------
EUR10.3 --
10.6 billion
towards the
Operating profit upper end of
(non-IFRS, at constant EUR10.3 -- the outlook
currencies) EUR8.15 billion 10.6 billion range EUR10.66 billion
------------------------- ---------------- -------------- -------------- ----------------
approx. EUR8 EUR8.0 -- 8.2
Free cash flow EUR4.22 billion billion billion EUR8.24 billion
------------------------- ---------------- -------------- -------------- ----------------
Effective tax rate
(non-IFRS) 32.3 % approx. 32% approx. 32% 30.4 %
------------------------- ---------------- -------------- -------------- ----------------
Current cloud backlog (at to slightly to slightly
constant currencies) 29 % decelerate decelerate 25 %
------------------------- ---------------- -------------- -------------- ----------------
As of December 31, total cloud backlog was up 22% to EUR77.29 billion and up 30% at constant currencies.
Cloud revenue for the full year was up 23% to EUR21.02 billion and up 26% at constant currencies. Cloud ERP Suite revenue was up 28% to EUR18.12 billion and up 32% at constant currencies. Subscription revenue[2] was up 22% to EUR21.33 billion and up 26% at constant currencies. Software licenses revenue was down 29% to EUR0.99 billion and down 27% at constant currencies. Cloud and software revenue was up 9% to EUR32.54 billion and up 12% at constant currencies. Services revenue was down 2% to EUR4.26 billion and up 1% at constant currencies. Total revenue was up 8% to EUR36.80 billion and up 11% at constant currencies.
The share of more predictable revenue increased by 3 percentage points year over year to 86% for the full year 2025.
IFRS cloud gross profit was up 25% to EUR15.61 billion. Non-IFRS cloud gross profit was up 25% to EUR15.76 billion and was up 29% at constant currencies. IFRS cloud gross margin was up 1.4 percentage points to 74.2%, non-IFRS cloud gross margin up 1.7 percentage points to 75.0% and up 1.6 percentage points at constant currencies.
IFRS operating profit was up 111% to EUR9.83 billion and IFRS operating margin increased by 13.1 percentage points to 26.7%. IFRS operating profit growth was positively impacted by a restructuring expense decline of approximately EUR3.1 billion as compared to full year 2024 in connection with the 2024 transformation program and negatively impacted by approximately EUR0.2 billion related to Teradata litigation expenses (see section (N) Teradata Litigation Matter). Non-IFRS operating profit increased by 28% to EUR10.42 billion and increased by 31% at constant currencies, non-IFRS operating margin increased by 4.5 percentage points to 28.3% and was up 4.3 percentage points to 28.2% at constant currencies. IFRS and non-IFRS operating profit growth were negatively impacted by approximately EUR0.1 billion as a result of a change in case law that affected SAP's other tax litigation as well as approximately EUR0.2 billion related to a 2025 workforce transformation.
IFRS earnings per share (basic) increased by 135% to EUR6.28 and non-IFRS earnings per share (basic) increased 36% to EUR6.15. IFRS effective tax rate was 28.5% and non-IFRS effective tax rate was 30.4%. The IFRS effective tax rate is lower than the non-IFRS effective tax rate due to tax benefits from tax-exempt income.
For the full year, operating cash flow was up 76% to EUR9.16 billion and free cash flow increased by 95% to EUR8.24 billion. The increase was mainly attributable to higher profitability and to lower payments for restructuring and share-based compensation. At year end, net liquidity was EUR3.38 billion.
Non-Financial Performance 2025
In 2025, our Customer NPS decreased 3 points year over year to 9 (2024: 12), which is below our target range of 12 to 16. The decrease was driven primarily by lower NPS scores from on-premise customers who have yet to transition to cloud. Overall NPS scores for cloud-oriented customers remained steady year over year, while increasing in the enterprise segment.
The Employee Engagement Index for the full year 2025 increased 2 percentage points year over year to 76% (2024: 74%), at the midpoint of the target range of 74% to 78%.
The Business Health Culture Index increased one percentage point to 81% (2024: 80%), at the midpoint of the target range of 80% to 82%.
Total carbon emissions decreased to 6.3 Mt in 2025 (2024: 6.9 Mt), in line with our guidance for a steady decrease across the relevant value chain.
New Share Repurchase Program
Following SAP's strong free cash flow generation, the Executive Board and the Supervisory Board have authorized a new share repurchase program with a volume of up to EUR10 billion. It is scheduled to start in February 2026 and expected to be completed by the end of 2027. The program will be implemented based on the authorization granted by the Annual General Meeting of SAP SE on May 11, 2023, and in compliance with the restrictions set forth therein.
The new share repurchase program follows SAP's 2020, 2022 and 2023-2025 repurchases of around 56 million shares for about EUR8.0 billion.
2024 Transformation Program: Focus on scalability of operations and key strategic growth areas
In January 2024, SAP announced a company-wide restructuring program which concluded as planned in the first quarter 2025. Overall expenses associated with the program were approximately EUR3.2 billion. Restructuring payouts amounted to EUR2.5 billion for the full-year 2024 and EUR0.8 billion for the full year 2025.
Business Highlights
In the fourth quarter, customers around the globe continued to choose the "RISE with SAP" journey to drive their end-to-end business transformations. These customers included: A2A, adidas, Bertelsmann, BioNTech, Daimler Truck, Deloitte, Électricité de France, Ferring Pharmaceuticals, Fresenius Digital Technology, Galenica, H&M Group, His Majesty's Revenue & Customs, Jabil, KEBA Group, Kirin Holdings, Nokia, Pirelli, RTX, s.Oliver Group, Sigma Healthcare, Sun Chemical, Tokio Marine & Nichido Fire Insurance, Toyota, Ultragaz, and Weir Group.
Dexco, Lockheed Martin, Rolls-Royce SMR, and SA Power Networks went live on SAP S/4HANA Cloud in the fourth quarter.
A. Darbo, BSI, FUNKE Media Group, KPMG, Müller Holding, and Snowflake chose "GROW with SAP", a journey helping customers adopt cloud ERP with speed, predictability, and continuous innovation.
Key customer wins across SAP's solution portfolio included: Bank of Italy, Coop, Deutsche Bundesbank, Hilti, Marubeni IT Solutions, Mondelez International, Robert Bosch, Schaeffler Group, Tech Mahindra, XXXLutz, Zalando, and Zespri Group.
Fressnapf, Globe, Origin Energy, Sartorius, and WATERALIA went live on SAP solutions.
In the fourth quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region. Brazil, Canada, Germany, India, Italy, South Korea, Spain and the United Kingdom had outstanding performance, while Australia, Japan, Mexico, Saudi Arabia, Singapore and the U.S. were particularly strong.
For the full year, Brazil, France, Germany, India, Italy, South Korea and Spain all had outstanding performances in cloud revenue while China, Japan, Saudi Arabia, the United Kingdom and the U.S. were particularly strong.
On November 4, SAP and Snowflake announced a new collaboration to enable organizations to leverage Snowflake's AI Data Cloud and SAP Business Data Cloud (SAP BDC) together with semantically rich data.
On November 14, SAP reaffirmed its commitment to fair competition amid EU review.
On November 18, SAP announced a new collaboration with France's AI sector, which includes new and expanded partnerships with Bleu, Capgemini and Mistral AI.
On November 27, SAP announced the next stage of its vision for European digital sovereignty with the launch of EU AI Cloud. SAP now offers a truly full-stack sovereign cloud offering, empowering customers to select the right level of sovereignty and deployment for their needs, whether in SAP's own data centers, on trusted European infrastructure or as a fully managed solution on-site.
Outlook 2026
Financial Outlook 2026
For 2026, SAP expects:
-- EUR25.8 -- 26.2 billion cloud revenue at constant currencies (2025:
EUR21.02 billion), up 23% to 25% at constant currencies.
-- EUR36.3 -- 36.8 billion cloud and software revenue at constant currencies
(2025: EUR32.54 billion), up 12% to 13% at constant currencies.
-- EUR11.9 -- 12.3 billion non-IFRS operating profit at constant currencies
(2025: EUR10.42 billion), up 14% to 18% at constant currencies.
-- Approximately EUR10 billion free cash flow at actual currencies (2025:
EUR8.24 billion).
-- An effective tax rate (non-IFRS) of approximately 29% (2025: 30.4%)[3].
-- Constant currency current cloud backlog growth to slightly decelerate in
2026 (2025: 25%).
SAP further expects:
-- Constant currency total revenue growth to accelerate through 2027.
-- Total operating expenses to grow at 80% to 90% of total revenue growth in
2027.
-- Constant currency software support revenue decline rate to accelerate in
the coming years as a consequence of an acceleration of customers
transforming to the cloud.
While SAP's 2026 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of 1.13 USD per EUR), actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below.
Currency Impact Assuming December 31, 2025 Rates Apply for 2026
In percentage points Q1 2026 FY 2026 ---------------------------------- ------- ------- Cloud revenue growth -8.0pp -3.0pp ---------------------------------- ------- ------- Cloud and software revenue growth -7.0pp -2.5pp ---------------------------------- ------- ------- Operating profit growth (non-IFRS) -8.0pp -3.5pp ---------------------------------- ------- -------
This includes an exchange rate of 1.18 USD per EUR.
Non-Financial Outlook 2026
For 2026, SAP expects:
-- Cloud Customer Satisfaction[4] (Cloud CSAT) to be in a range of 75% to
76% (2025: 75%).
-- The Employee Engagement Index to be in a range of 74% to 78% (2025: 76%).
-- The Business Health Culture Index (BHCI) to be in a range of 80% to 82%
(2025: 81%).
-- To steadily decrease carbon emissions[5] across the relevant value chain
(2025: 3.5 Mt).
Additional Information
This quarterly statement and all information therein is preliminary and unaudited. Due to rounding, numbers may not add up precisely. The Q4 2025 Quarterly Statement can be downloaded from: https://www.sap.com/investors/sap-2025-q4-statement
SAP Performance Measures
For more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please refer to the following document on our Investor Relations website: https://www.sap.com/investors/en/financial-documents-and-events/reporting-framework.html.
Webcast
SAP senior management will host a financial analyst conference call on Thursday, January 29th at 07:00 AM $(CET)$ / 06:00 AM (GMT) / 1:00 AM (EST) / Wednesday, January 28th 10:00 PM $(PST)$, followed by a press conference at 10:00 AM (CET) / 9:00 AM (GMT) / 4:00 AM (EST) / 1:00 AM (PST). Both conferences will be webcast on the Company's website at https://www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the fourth quarter and full-year 2025 results can be found at https://www.sap.com/investor.
About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
For more information, financial community only:
Alexandra Steiger, +49 (6227) 7-767336, investor@sap.com, CET
Follow SAP Investor Relations on LinkedIn at SAP Investor Relations.
For more information, press only:
Marcus Winkler, +46 (6227) 7-67497, marcus.winkler@sap.com, CET
Daniel Reinhardt, +49 (6227) 7-40201, daniel.reinhardt@sap.com, CET
For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: +1 (800) 872-1SAP (+1-800-872-1727)
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This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2024 Annual Report on Form 20-F.
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[1] The Q4 2025 results were also impacted by other effects. For details, please see the full Quarterly Statement.
[2] The subscription revenue measure is the sum of cloud revenue and revenue from time-based on-premise software licenses, which allow our customers to use our software for a specific, predefined period, and the associated software support. Revenue from time-based on-premise licenses is recognized at a point in time, whereas revenue from the associated software support is recognized over time.
[3] The effective tax rate (non-IFRS) is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).
[4] For 2026 and onward, SAP is adopting Cloud Customer Satisfaction (Cloud CSAT) as its new customer experience KPI, as this metric better aligns to SAP's cloud-first strategy. For more information, see the Other Disclosures section in the full Quarterly Statement.
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