SAP Q2 2026: Cloud Backlog Surges 27%, but Acquisitions Trim Outlook
SAP sits 21% above its 52-week low of $144.97.
Summary
SAP's Q2 2026 earnings showed cloud backlog up 27% and cloud revenue up 22%, but the operating profit outlook was trimmed due to recent acquisitions.
Key Events · Earnings and Guidance · SAP
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Cloud Backlog Growth Accelerates
Driven by strong Cloud ERP Suite demand, the current cloud backlog reached €22.9 billion, up 27% (26% at constant currencies).
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Revenue and Profit Beat
Cloud revenue grew 22% to €6.28 billion, while total revenue rose 9% to €9.88 billion. IFRS operating profit increased 8% to €2.64 billion.
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Outlook Trimmed on M&A Dilution
The 2026 non-IFRS operating profit outlook was lowered to €11.8–12.2 billion from €11.9–12.3 billion, as the Dremio and Prior Labs acquisitions are expected to dilute profit by more than €100 million.
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Share Buyback Progress
As of June 30, 2026, €2.6 billion of the €10 billion repurchase program had been completed, with 16.3 million shares bought at an average price of €161.16.
Analysis · SAP · Technology
SAP's Q2 results underscore the strength of its cloud transition, with current cloud backlog climbing 27% to €22.9 billion on robust Cloud ERP Suite momentum. Cloud revenue advanced 22% and total revenue 9%. Yet the company trimmed its full-year non-IFRS operating profit guidance by €100 million to €11.8–12.2 billion, reflecting dilution from the Dremio and Prior Labs acquisitions. The update also notes €2.6 billion in completed share buybacks and the closing of three AI-focused deals. While the cloud trajectory remains impressive, near-term margin pressure from M&A tempers the outlook.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 36.4% of the 1070 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SAP was trading at $175.20 on NYSE in the Technology sector, with a market capitalization of approximately $200.8B. The 52-week trading range was $144.97 to $299.48. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.