• Current cloud backlog of €24.1 billion, up 28% and up 26% at constant currencies
• Cloud revenue up 26% and up 25% at constant currencies
• Cloud ERP Suite revenue up 29% and up 28% at constant currencies
• Total revenue up 13% and up 12% at constant currencies
• IFRS operating profit up 18%, non-IFRS operating profit up 18%, both at nominal and constant currencies
• SAP updates its 2026 cloud revenue and cloud and software revenue outlook

Christian Klein, CEO:
Q3 was an outstanding quarter, with current cloud backlog up 26% at constant currencies. Our Autonomous Enterprise strategy is not just resonating, it is being adopted. Our customers are investing in the technology behind it – from the cloud and data foundation to our Business AI. They see that Joule Work makes the business case for their transformation more attractive than ever.

Dominik Asam, CFO:
For the first time, SAP crossed €10 billion in total quarterly revenue and €3 billion of non-IFRS operating profit, reflecting the strength and scalability of our business model. Our disciplined approach to cost management, paired with continued cloud momentum, demonstrates our ability to grow both the top and bottom line at the same time.

WALLDORF, Germany, Oct. 21, 2026 /PRNewswire/ — SAP SE (NYSE: SAP) announced today its financial results for the third quarter ended September 30, 2026.

Group Results at a Glance

¹ For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in the Quarterly Statement.
² For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1).

¹ For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in the Quarterly Statement.
² For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1).

Supplementary Information^[1]

Financial Results

Cloud revenue growth was positively impacted by several quarter-specific effects, mainly a multi-quarter revenue catch-up from customers returning from financial distress.

Total revenue in the third quarter included a contribution of €49 million from the acquisitions of Reltio, Dremio, and Prior Labs.

IFRS and non-IFRS operating profit included a negative contribution of €59 million and €39 million, respectively, from the aforementioned acquisitions. In addition, IFRS and non-IFRS operating profit growth benefited from prior year negative impacts of €0.1 billion each from a change in case law affecting SAP’s other tax litigation and from a workforce transformation, both recorded in the third quarter of 2025.

Share Repurchase Program

In January 2026, SAP announced a new share repurchase program with an aggregate volume of up to €10 billion and a term until December 31, 2027. As of September 30, 2026, SAP had repurchased 25,205,983 shares at an average price of €164.79 resulting in a purchased volume of approximately €4.2 billion under the program.

Outlook

Financial Outlook

For 2026, SAP is updating its cloud revenue and cloud and software revenue outlook and now expects:

• To generate cloud revenue towards the upper end of the outlook range of €25.8 – 26.2 billion at constant currencies
  (2025: €21.02 billion), up 23% to 25% at constant currencies.
• To generate cloud and software revenue towards the upper end of the outlook range of €36.3 – 36.8 billion at constant currencies (2025: €32.54 billion), up 12% to 13% at constant currencies.

SAP continues to expect:

• €11.8 – 12.2 billion operating profit (non-IFRS) at constant currencies (2025: €10.42 billion), up 13% to 17% at constant currencies.
• Approximately €10 billion free cash flow at actual currencies (2025: €8.24 billion).
• An effective tax rate (non-IFRS) of approximately 29% (2025: 30.5%)^[2].
• Constant currencies current cloud backlog growth to slightly decelerate (2025: 25%).

SAP further expects:

• Constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.
• Total operating expenses (non-IFRS) to grow at 80% to 90% of total revenue growth in 2027.
• Constant currencies software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud.

SAP’s current cloud backlog outlook for full-year 2026 is based on the assumption of a stable macroeconomic environment in the fourth quarter.

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 September 30, 2026 Rates Apply for 2026

This includes an exchange rate of 1.14 USD per EUR.

Non-Financial Outlook

For 2026, SAP continues to expect:

• Cloud Customer Satisfaction (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 across the relevant value chain (2025: 3.6 Mt).

Business Highlights

In the third quarter, customers around the globe continued to choose the “RISE with SAP” journey. These customers included: AstraZeneca, Aydem Enerji, Banco Bilbao, Fairstone Bank of Canada, Grupo SBF, Infineon Technologies, Nagel Group Logistics, and NTN Corporation.

A5X, Bitzer, BLACKROLL, Greenbrier Maxion (GBMX), Krannich Solar Group, Petroplus, Rittal, and SUZHOU ELE.MFG chose “SAP GROW”.

Austrian Post (Österreichische Post), Commerz Real, Decathlon, Fraport, Henkel, MAN INDUSTRIES LIMITED, and Toyota Motor Philippines Corporation chose SAP’s AI and data solutions.

Key customer wins across SAP’s solution portfolio included: Chery Automobile, DOUGLAS Group, Helvetia Holding, Kao Corporation, NTT DATA, Tauranga City Council, and Wipro.

Bertelsmann, Eldorado Brasil, enersuisse, HUGO BOSS, Infineum, Infosys, Mondelez, Panasonic, Roche, and Thalia Bücher went live on SAP solutions in the third quarter.

In the third quarter, SAP’s cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region. Brazil, France, Germany, Italy, India, South Korea and Spain had outstanding performance, while Switzerland, the United Kingdom and the U.S. were particularly strong.

On July 6, SAP announced that it has completed the acquisition of Dremio, an open, high-performance data lakehouse platform.

On July 17, SAP announced that it has completed the acquisition of Prior Labs, the pioneer of Tabular Foundation Models (TFMs).

On October 6, SAP showcased the Autonomous Enterprise in action at SAP Connect, demonstrating how Joule Work and Joule Assistants generate value for customers across every line of business.
In addition, SAP announced that they entered into an agreement for SAP to acquire TechWolf, a provider of a leading AI work intelligence platform.

Additional Information

This quarterly statement and all information therein are preliminary and unaudited. Due to rounding, numbers may not add up precisely. The Q3 2026 Quarterly Statement can be downloaded from: https://www.sap.com/docs/download/investors/2026/sap-2026-q3-statement.pdf.

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 Wednesday, October 21st at 11:00 PM (CEST) / 10:00 PM (BST) / 5:00 PM (EDT) / 2:00 PM (PDT). The conference 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 third quarter 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.

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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 2025 Annual Report on Form 20-F.

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^[1] The Q3 2026 results were also impacted by other effects. For details, please refer to the disclosures on page 21 of the Quarterly Statement.  
^[2] 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).

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SOURCE SAP SE