SAP SE (NYSE: SAP) reported Q3 EPS of EUR1.72, EUR0.01 worse than the analyst estimate of EUR1.73. Revenue for the quarter came in at EUR9.08 billion versus the consensus estimate of EUR10.61 billion.

Outlook 2025

Financial Outlook 2025

For 2025, SAP is updating its cloud revenue, operating profit and free cash flow outlook and now expects:

To generate cloud revenue towards the lower end of the outlook range of €21.6 – 21.9 billion at constant currencies (2024: €17.14 billion), up 26% to 28% at constant currencies.
To generate non-IFRS operating profit towards the upper end of the outlook range of €10.3 – 10.6 billion at constant currencies (2024: €8.15 billion), up 26% to 30% at constant currencies.
€8.0 – 8.2 billion free cash flow (2024: €4.22 billion). The previous outlook was approximately €8.0 billion.

SAP continues to expect:

€33.1 – 33.6 billion cloud and software revenue at constant currencies (2024: €29.83 billion), up 11% to 13% at constant currencies.
An effective tax rate (non-IFRS) of approximately 32% (2024: 32.3%)[2].
Current cloud backlog growth at constant currencies to slightly decelerate in 2025.

For earnings history and earnings-related data on SAP SE (SAP) click here.