SAP Q3: Revenue Tops €10B, Profit €3B, 2026 Cloud Outlook Raised to Upper End
SAP sits 65% above its 52-week low of $144.97.
Summary
SAP's Q3 2026 statement shows revenue up 13% to €10.27 billion and non-IFRS operating profit up 18% to €3.03 billion, with 2026 cloud revenue guidance raised to the upper end of the range.
Key Events · Earnings and Guidance · SAP
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Q3 Revenue Crosses €10 Billion
Total revenue rose 13% to €10,270 million and cloud revenue rose 26% to €6,668 million; current cloud backlog reached €24,144 million, up 28% (26% at constant currencies).
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Profit and Cash Flow Grow
Non-IFRS operating profit was €3,030 million, up 18%, and free cash flow for the first nine months was €7,968 million, up 11% from €7,205 million.
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2026 Cloud Outlook Raised
SAP now expects cloud revenue toward the upper end of €25.8–26.2 billion and cloud and software revenue toward the upper end of €36.3–36.8 billion at constant currencies; non-IFRS operating profit guidance of €11.8–12.2 billion and ~€10 billion free cash flow are unchanged.
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Buyback Nearly Half Done
As of September 30, 2026, SAP had repurchased 25,205,983 shares at an average €164.79 for about €4.2 billion under the €10 billion program running to December 31, 2027.
Analysis · SAP · Technology
The quarter that beat consensus is confirmed in SAP's Q3 statement, and more importantly, full-year 2026 cloud revenue and cloud and software revenue are nudged to the upper end of guidance while profit and free cash flow targets stay intact. Underpinning next year's growth is cloud backlog of €24.1 billion, up 26% at constant currencies, and management expects total revenue growth to accelerate in 2027. EPS is supported by the €10 billion buyback, of which roughly €4.2 billion has already been spent. Two caveats: software support revenue keeps shrinking as customers move to the cloud, and currency is a headwind of about 1.5 points to full-year cloud growth.
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In the 30 days to Oct 26, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SAP was trading at $239.62 on NYSE in the Technology sector, with a market capitalization of approximately $280.4B. The 52-week trading range was $144.97 to $281.37. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.