SAP reported strong growth in cloud backlog and operating profit, alongside major customer wins and product innovations like the Business Data Cloud. However, potential challenges from macroeconomic conditions and slight deceleration in cloud revenue were noted. Overall, the sentiment is positive with a strong start to the fiscal year despite external uncertainties.

Company Guidance -

Q2 2025

During the first quarter of 2025, SAP demonstrated strong performance amid a challenging macroeconomic environment, with key metrics reflecting their resilience and strategic transformation. SAP's current cloud backlog increased by 29% to €18.2 billion, while cloud revenue approached the €5 billion mark, showing a 26% growth. The company reported a 58% rise in operating profit, with the cloud gross margin improving by 2.6 percentage points to 75%. Predictable revenue now constitutes 86% of total revenue, setting a foundation for sustained double-digit growth. SAP's total revenue reached €9 billion, up 11%, and the cloud ERP suite maintained strong momentum with a 33% increase, accounting for 85% of total cloud revenue. Operating cash flow surged by 31% to €3.8 billion, and free cash flow rose by 36% to €3.6 billion. Basic IFRS earnings per share increased to €1.52, and non-IFRS earnings per share to €1.44. Despite uncertainties in the global economy and potential trade disputes, SAP remains confident in its 2025 outlook, supported by solid pipeline prospects and the relevance of its solution portfolio.

Strong Cloud Backlog and Revenue Growth

Current cloud backlog expanded 29% to €18.2 billion in Q1, and quarterly cloud revenue is now close to the €5 billion mark, showing a 26% increase.

High Operating Profit and Margin Improvement

Operating profit was up 58% in Q1 and cloud gross margin improved by 2.6 percentage points to 75%.

Significant Customer Wins Across Industries

Major deals in automotive with Hyundai, Kia, and Mazda, and other sectors including HUGO BOSS, Tyson Foods, and the German Federal Employment Agency.

Product Innovation with Business Data Cloud

Launch of SAP Business Data Cloud, with strong pipeline development and partnerships, notably with Databricks.

Solid Regional Performance

SAP's cloud revenue performance was particularly strong in APJ and EMEA and robust in the Americas region with outstanding performances in Brazil, Chile, Germany, and others.

Increased Productivity and Cost Efficiency

AI tools such as Joule for Consultants and Developers increased productivity significantly, with consultants saving up to 90 minutes per day.

SAP AG (SAP) Earnings, Revenues Date & History

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SAP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 22, 2025	2025 (Q2)	1.66 / -	1.193	―	―	―
Apr 22, 2025	2025 (Q1)	1.46 / 1.63	0.867	88.47% (+0.77)
Jan 28, 2025	2024 (Q4)	1.40 / 1.46	1.537	-5.07% (-0.08)
Oct 21, 2024	2024 (Q3)	1.30 / 1.33	1.532	-13.19% (-0.20)
Jul 22, 2024	2024 (Q2)	1.15 / 1.19	1.193	0.00% (0.00)
Apr 22, 2024	2024 (Q1)	1.06 / 0.87	1.394	-37.80% (-0.53)
Jan 23, 2024	2023 (Q4)	1.72 / 1.54	1.085	41.66% (+0.45)
Oct 18, 2023	2023 (Q3)	1.43 / 1.53	1.115	37.40% (+0.42)
Jul 20, 2023	2023 (Q2)	1.29 / 1.19	0.978	21.98% (+0.22)
Apr 21, 2023	2023 (Q1)	1.20 / 1.39	1.078	29.31% (+0.32)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SAP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 22, 2025	$250.82	$269.78	+7.56%
Jan 28, 2025	$273.87	$272.07	-0.66%
Oct 21, 2024	$228.04	$230.86	+1.24%
Jul 22, 2024	$199.21	$213.41	+7.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.