SAP SE (SAP) financials

NYSE · Technology · Software - Application · 113,076 employees · CEO Christian Klein

Price: $235.02 +0.41%
Market cap: $274B
Enterprise value: €245B
Last report: Q3 '26 filed 2026-10-26
Next report: 2027-01-28

Revenue (TTM)€39.3B+7.8% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)27.4%+1.9 pp vs a year agoOperating income €10.8B

Net income (TTM)€8.03B+13.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)€9.14B+41.1% vs a year agoCapex €700M

Diluted EPS (TTM)€7.02+16.6% vs a year agoSum of the last 4 quarters

Net cash-€1.24B-119.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $274B
Revenue: €39.3B
Revenue growth: +10%
Profit margin: 20.4%
P/E: 29.8×
P/S: 6.2×
EV / EBITDA: 19.0×
Free cash flow: €9.14B
Net income: €8.03B
Revenue estimate: €40.6B
Earnings: 2027-01-28
Dividend: $2.94

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth accelerating: 12.5% year on yearQ3 '26 revenue €10.2B, against an average of 6.5% over the four quarters before.
Operating margin 27.4% (TTM), +1.9 pp on a year agoOperating income grew 16.0% while revenue grew 7.8%.
Capex 1.8% of revenue (a year ago 2.3%)€700M invested in the last 4 quarters (-15.5% on a year earlier). Free cash flow €9.14B = 113.9% of net income.
Returned €6.98B to shareholders = 76.4% of free cash flowBuybacks €4.12B (a year earlier €2.42B), dividends €2.87B, stock-based pay €1.07B (TTM).
Diluted share count down 1.1% in a year1.16B diluted shares in Q3 '26, 1.18B a year earlier.
Net debt €1.24BCash + short-term investments €9.52B, debt incl. leases €10.8B; a year ago net debt €567M.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	€10.2B	€9.08B	+12.5%
Gross margin	73.4%	73.5%	-0.1 pp
Operating income	€3.03B	€2.47B	+22.9%
Operating margin	29.7%	27.2%	+2.5 pp
Net income	€2.24B	€2B	+11.6%
Diluted EPS	€1.92	€1.70	+12.9%
Operating cash flow	€1.88B	€1.5B	+25.2%
Capex	€166M	€201M	-17.5%
Free cash flow	€1.71B	€1.3B	+31.8%
R&D	€1.85B	€1.64B	+12.6%
Stock-based compensation	€0	€430M	-100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Cloud	€6.28B	+22.4%	63.6%	€23.1B	+20.6%
Software support	€2.44B	-7.7%	24.7%	€10B	-9.4%
Services	€1.03B	-3.2%	10.4%	€4.16B	-3.0%
Software licenses	€131M	-32.5%	1.3%	€860M	-36.1%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: €9.84B
Capex: -€700M
Buybacks: -€4.12B
Dividends: -€2.87B
Acquisitions: -€1.8B
Net debt issued: -€3.46B
Stock-based compensation: €1.07B
Free cash flow: €9.14B
Returned to shareholders / FCF: 76.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	29.8×	44.9×	26.7× – 88.7×
EV / EBITDA	19.0×	23.8×	14.7× – 43.0×
EV / Sales	6.2×	5.9×	4.0× – 8.1×
Price / FCF	26.6×	34.3×	23.6× – 62.9×
Price / Book	5.3×	4.4×	2.8× – 6.1×
FCF yield	3.8%	3.3%	1.6% – 4.2%
Return on invested capital	13.1%	8.0%	5.2% – 12.4%
Return on equity	17.8%	11.3%	5.7% – 16.0%

Analysts

Consensus target $352.17 (+49.8%)
range $235.00 – $800.00 · rating Buy

Strong buy0

Buy22

Hold14

Sell7

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	€40.6B	+10.3%	€7.11	+14.0%	–	10
FY2027	€45.4B	+11.9%	€8.38	+17.8%	–	10
FY2028	€50.9B	+12.1%	€9.83	+17.3%	–	11
FY2029	€55.8B	+9.5%	€10.89	+10.9%	–	4
FY2030	€60.1B	+7.9%	€12.09	+11.0%	–	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in EUR as reported; price and market cap in USD.