SAP SE (NYSE: SAP) reported Q4 EPS of EUR1.62, EUR0.14 worse than the analyst estimate of EUR1.76. Revenue for the quarter came in at EUR9.68 billion versus the consensus estimate of EUR11.35 billion.

Financial Outlook 2026
For 2026, SAP expects:

€25.8 – 26.2 billion cloud revenue at constant currencies (2025: €21.02 billion), up 23% to 25% at constant currencies.
€36.3 – 36.8 billion cloud and software revenue at constant currencies (2025: €32.54 billion), up 12% to 13% at constant currencies.
€11.9 – 12.3 billion non-IFRS operating profit at constant currencies (2025: €10.42 billion), up 14% to 18% 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: 30.4%)[3].
Constant currency current cloud backlog growth to slightly decelerate in 2026 (2025: 25%).

SAP further expects:

Constant currency total revenue growth to accelerate through 2027.
Total operating expenses to grow at 80% to 90% of total revenue growth in 2027.
Constant currency software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud.

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