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SAP — 2026Q3 earnings

reported 2026-07-23

EPS $1.81 vs $2.00 est — miss

next session +9.3% (close 2026-07-23 → 2026-07-24)

Source

Press release ↗

Summary

SAP's second quarter of 2026, reported July 23, is a transition ledger read in one table: current cloud backlog of €22.9 billion grew 27% and Cloud ERP Suite revenue grew 25%, while the streams the cloud replaces shrank on schedule — software licenses down 32%, support down 8%, IaaS down 23%. Total revenue grew 9% against non-IFRS operating profit up 7%, and the 2026 profit outlook was updated for the dilutive impact of the Dremio and Prior Labs acquisitions rather than for operations. The strategy framing is the CEO's 'Autonomous Enterprise' — AI grounded in the customer's own processes and data. This summary reads the company's quarterly statement; no call transcript was verified for this quarter.

Review

From the report

Backlog-led cloud growth with the legacy streams shrinking on schedule — and a profit outlook trimmed by acquisition dilution, not by demand.

  • Current cloud backlog reached €22.9 billion, up 27% (26% at constant currencies). show quote
    “Current cloud backlog of €22.9 billion, up 27% and up 26% at constant currencies”
    source ↗
  • Cloud revenue grew 22% (24% at constant currencies). show quote
    “Cloud revenue up 22% and up 24% at constant currencies”
    source ↗
  • Cloud ERP Suite revenue grew 25% (27% at constant currencies). show quote
    “Cloud ERP Suite revenue up 25% and up 27% at constant currencies”
    source ↗
  • Total revenue grew 9% (11% at constant currencies); non-IFRS operating profit grew 7% (9%). show quote
    “Total revenue up 9% and up 11% at constant currencies IFRS operating profit up 8%, non-IFRS operating profit up 7% and up 9% at constant currencies”
    source ↗
  • The 2026 non-IFRS operating profit outlook was updated for acquisition dilution. show quote
    “2026 non-IFRS operating profit outlook updated to reflect dilutive impact from Dremio and Prior Labs acquisitions”
    source ↗
  • The legacy streams shrank on schedule: software licenses down 32%, support down 8%. show quote
    “Software licenses revenue 131 194 –32”
    source ↗

as of 2026-07-23