$SAP Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: €10,270M (Est. €10.13B) 🟢; +13% YoY
🔹 Adj. EPS: €1.89 (Est. €1.87) 🟢; +19% YoY
🔹 Current Cloud Backlog: €24.1B; +28%, +26% cc
FY26 Guide:
🔹 Cloud Revenue (cc): €25.8B-€26.2B; upper end
🔹 Cloud & Software Rev (cc): €36.3B-€36.8B; upper end
🔹 Non-IFRS Oper Profit (cc): €11.8B-€12.2B
🔹 Free Cash Flow: ~€10B
🔹 Non-IFRS Tax Rate: ~29%
Q3 Revenue Mix:
🔹 Cloud ERP Suite: €5,924M; +29% YoY
🔹 Cloud & Software: €9,249M; +15% YoY
🔹 Software Support: €2,434M; -5% YoY
🔹 Software Licenses: €147M; -9% YoY
🔹 Services: €1,021M; -4% YoY
Other Q3 Metrics:
🔹 Non-IFRS Oper Margin: 29.5%; +1.2pp YoY
🔹 Non-IFRS Cloud Gross Margin: 74.3%; -0.8pp YoY
🔹 IFRS EPS: €1.96; +14% YoY
🔹 Free Cash Flow: €1,718M; +36% YoY
Capital Return:
🔹 Share Repurchases: ~€4.2B under the program
Key Updates:
🔹 Outlook: Cloud revenue and cloud & software revenue are expected toward the upper end of their ranges
🔹 Acquisition: SAP entered into an agreement to acquire TechWolf
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