SAP SE reported first‑quarter 2026 financial results, with total revenue of €9.555 billion, up 6% year‑over‑year and 12% at constant currencies, reflecting robust demand for its cloud‑first offerings.
Operating profit rose 17% to €2.741 billion on IFRS terms, and 24% to €2.867 billion on non‑IFRS terms, driven by higher‑margin cloud revenue and disciplined cost management.
Cloud revenue grew 27% at constant currencies, while the current cloud backlog expanded 20% on a reported basis and 25% at constant currencies, underscoring the company’s accelerating shift to subscription‑based services.
Earnings per share of €1.65 (IFRS) beat the consensus estimate of $1.91, a beat of roughly $0.24, largely attributable to the mix shift toward higher‑margin cloud contracts and effective cost control.
The results reinforce SAP’s confidence in its cloud‑driven growth trajectory, with management highlighting continued momentum in its Business AI capabilities and a strong backlog that provides earnings visibility into the near term.
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