FSE$SAP
SAP SE · Q3 2025 earnings
Q3 2025 earnings · · After market close · Investor relations
Briefing
SAP grew Q3 total revenue 11% at constant currency to €9.08B as cloud revenue rose 27% and non-IFRS operating profit climbed 19%.
SAP SE reported third-quarter 2025 total revenue of €9.08 billion, up 7% nominally and 11% at constant currencies, driven by cloud revenue growth of 27% at constant currencies to €5.29 billion. IFRS operating profit increased 12% to €2.49 billion (27.4% margin) and non-IFRS operating profit rose 19% at constant currencies to €2.57 billion (28.3% margin). IFRS profit after tax was €2.05 billion with basic EPS of €1.72; non-IFRS EPS was €1.59. Current cloud backlog grew 27% at constant currencies to €18.84 billion, and free cash flow was €1.27 billion in the quarter.
- Total revenue was €9.08B (+11% CC); cloud revenue reached €5.29B (+27% CC) and Cloud ERP Suite €4.59B (+31% CC).
- Non-IFRS operating profit rose 19% CC to €2.57B; IFRS operating margin expanded 1.3 points to 27.4%.
- IFRS EPS was €1.72; non-IFRS EPS €1.59; profit after tax €2.05B.
- Current cloud backlog grew 27% CC to €18.84B; share of predictable revenue rose to 87%.
- Free cash flow was €1.27B; SAP raised 2025 non-IFRS operating profit and free cash flow outlook.
Headline financials
Revenue & EPS history
SAP · Revenue · Quarterly
€9.08B
Revenue by segment
SAP · €10.9B total across 3 segments · Q3 2025
- Cloud€5.29B—48.4%
- Cloud ERP Suite€4.59B—41.9%
- Services€1.06B—9.7%
Forward guidance
SAP updated 2025 outlook to cloud revenue toward the lower end of €21.6–21.9B at constant currencies, non-IFRS operating profit toward the upper end of €10.3–10.6B CC, and free cash flow of €8.0–8.2B.
Tailwinds
- Cloud backlog growth retained Q2 momentum at 27% constant currency
- Strong cloud adoption across RISE and GROW with major customer wins in APJ and EMEA
Headwinds
- Software licenses revenue fell 43% to €161M as cloud transition continues
- Cloud revenue outlook trimmed toward lower end of prior range
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
-0.3%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.2%
Avg return
30 days after
54%
35 / 65 earnings
Positive
+12.4%
Q1 2019
Best reaction
-23.2%
Q3 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -3.3% | +8.7% | |
| Q4 2026 | -16.2% | -0.3% | -12.8% | |
| Q3 2025 | +1.5% | -2.2% | -14.3% | |
| Q2 2025 | -4.4% | -7.8% | -11.5% | |
| Q1 2025 | +7.6% | +13.1% | +16.8% | |
| Q4 2024 | +0.4% | +0.2% | -0.4% | |
| Q3 2024 | +0.8% | +3.1% | +2.0% | |
| Q2 2024 | +8.9% | +8.2% | +11.0% | |
| Q1 2024 | +7.0% | +5.9% | +10.3% | |
| Q4 2023 | +7.0% | +6.4% | +11.3% | |
| Q3 2023 | +2.2% | +1.3% | +14.9% | |
| Q2 2023 | -6.3% | -7.3% | -5.3% | |
| Q1 2023 | +4.5% | +5.1% | +5.8% | |
| Q4 2022 | -2.5% | +2.0% | -2.6% | |
| Q3 2022 | +7.4% | +7.4% | +20.7% | |
| Q2 2022 | +1.5% | -2.2% | -0.8% | |
| Q1 2022 | -2.5% | -6.4% | -8.4% | |
| Q4 2021 | -7.8% | -3.5% | -13.0% | |
| Q3 2021 | -1.3% | +1.4% | -1.9% | |
| Q2 2021 | -3.3% | -3.8% | +2.6% | |
| Q1 2021 | +1.4% | +0.5% | -1.4% | |
| Q4 2020 | -0.7% | +0.1% | -5.4% | |
| Q3 2020 | -23.2% | -28.6% | -22.0% | |
| Q2 2020 | +1.1% | +0.4% | +6.2% | |
| Q1 2020 | -4.5% | -5.0% | -5.2% | |
| Q4 2019 | -3.4% | -4.0% | -8.4% | |
| Q3 2019 | +2.1% | +2.1% | +4.5% | |
| Q2 2019 | -7.1% | -6.4% | -11.4% | |
| Q1 2019 | +12.4% | +12.4% | +11.1% | |
| Q4 2018 | -4.1% | -2.8% | +0.2% | |
| Q3 2018 | -4.8% | -3.0% | -6.5% | |
| Q2 2018 | -4.6% | -3.8% | -4.1% | |
| Q1 2018 | +2.7% | +5.1% | +7.6% | |
| Q4 2017 | -0.3% | -3.9% | -10.2% | |
| Q3 2017 | +0.2% | +0.5% | +1.8% | |
| Q2 2017 | -1.2% | -1.6% | -0.7% | |
| Q1 2017 | -1.1% | -1.2% | +5.4% | |
| Q4 2016 | +2.2% | +2.0% | +5.4% | |
| Q3 2016 | +1.2% | +0.5% | -4.7% | |
| Q2 2016 | +6.2% | +6.8% | +11.2% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +0.4% | — | — | |
| Q3 2015 | +1.9% | — | — | |
| Q2 2015 | -2.6% | — | — | |
| Q1 2015 | +2.9% | — | — | |
| Q4 2014 | -4.5% | — | — | |
| Q3 2014 | -1.6% | — | — | |
| Q2 2014 | +0.6% | — | — | |
| Q1 2014 | +1.6% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | -2.3% | — | — | |
| Q1 2013 | -0.5% | — | — | |
| Q4 2012 | +3.8% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | +1.1% | — | — | |
| Q1 2012 | +1.6% | — | — | |
| Q4 2011 | +2.8% | — | — | |
| Q3 2011 | -7.2% | — | — | |
| Q2 2011 | +2.0% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q4 2010 | +1.9% | — | — | |
| Q3 2010 | +1.3% | — | — | |
| Q2 2010 | +2.6% | — | — | |
| Q1 2010 | +1.7% | — | — | |
| Q3 2009 | — | — | — | |
| Q4 2009 | — | — | — |
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