Q4 25 EPS
$1.86
BEAT +7.95%
Est. $1.72
Q4 25 Revenue
$11.10B
vs S&P Since Q4 25
-24.6%
TRAILING MARKET
SAP -16.6% vs S&P +8.0%
Full Year 2025 Results
FY 25 EPS
$7.05
FY 25 Revenue
$42.18B
Market Reaction
Did SAP Beat Earnings? Q4 2025 Results
SAP closed out fiscal 2025 on a strong note, posting Q4 earnings per share of $1.86, a 7.95% beat against the $1.72 consensus estimate, while revenue climbed 3.3% year over year to $11.10 billion. The standout driver behind the beat was the relentles… Read more SAP closed out fiscal 2025 on a strong note, posting Q4 earnings per share of $1.86, a 7.95% beat against the $1.72 consensus estimate, while revenue climbed 3.3% year over year to $11.10 billion. The standout driver behind the beat was the relentless acceleration of SAP's cloud transformation, with the total cloud backlog reaching a record $88.59 billion, up 30% at constant currencies, and Cloud ERP Suite revenue growing 30% at constant currencies in the quarter. SAP Business AI, now embedded in two-thirds of Q4 cloud order entry, has evolved from an experimental feature into a tangible growth catalyst, drawing sustained attention from the buy side as the company deepens AI integration across its S/4HANA and Business Technology Platform portfolio. Non-IFRS operating margin expanded 3.2 percentage points to 29.2%, reflecting improving cloud gross margins and disciplined cost control. Looking ahead, SAP guided 2026 cloud revenue growth of 23-25% at constant currencies, with free cash flow of approximately $11.46 billion, signaling confidence in the durability of its transition-driven momentum.
Key Takeaways
- • Cloud ERP Suite revenue up 30% at constant currencies in Q4, driven by RISE with SAP adoption
- • SAP Business AI included in two-thirds of Q4 cloud order entry
- • Share of more predictable revenue increased to 84% in Q4 and 86% for full year
- • Non-IFRS cloud gross margin improved 1.1 percentage points to 74.6% in Q4
- • Lower restructuring payments and share-based compensation payouts boosted free cash flow
- • Strong cloud performance in APJ and EMEA regions in Q4
SAP YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
SAP Revenue by Segment
With YoY comparisons, source: SEC Filings
SAP Revenue by Geography
With YoY comparisons, source: SEC Filings
“Q4 was a strong cloud quarter, with bookings resulting in 30% Total Cloud Backlog growth to a record 77 billion Euros. The significant Current Cloud Backlog growth in Q4 has laid a strong foundation for accelerating Total Revenue growth through 2027. SAP Business AI has become a main driver for growth as it was included in two thirds of our Q4 cloud order entry, combined with strong AI adoption across the ERP Suite.”
— Christian Klein, Q4 2025 Earnings Press Release
SAP Earnings Trends
SAP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SAP EPS Trend
Earnings per share: estimate vs actual
SAP Revenue Trend
Quarterly revenue: estimate vs actual
SAP Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $1.92 | $1.72 | -10.42% | $9.56B | — |
| Q4 25 BEAT FY | $1.72 | $1.86 | +7.95% | $11.10B | — |
| FY Full Year | — | $7.05 | — | $42.18B | — |
| Q3 25 MISS | $1.74 | $1.59 | -8.67% | $9.08B | -0.11% |
| Q2 25 MISS | $1.67 | $1.50 | -10.41% | $9.03B | -0.81% |
| Q1 25 BEAT | $1.44 | $1.44 | +0.18% | $9.01B | -0.67% |
| Q4 24 MISS FY | $1.49 | $1.40 | -6.34% | $9.38B | +2.56% |
| FY Full Year | — | $4.53 | — | $34.18B | — |