SAP SE (NYSE: SAP) reported Q1 EPS of EUR1.66. Revenue for the quarter came in at EUR9.56 billion.

Outlook

Financial Outlook

SAP\'s financial outlook for the full-year 2026 is based on the assumption of a near-term de-escalation of the conflict in the Middle East and the imminent consolidation of Reltio.

For 2026, SAP continues to expect:

€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: 30.5%)[1].
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 and to accelerate in 2027. The previous outlook assumed constant currencies total revenue growth to accelerate through 2027.
Total operating expenses 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.

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