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Source document· January 29, 2026

SAP Quarterly Statement Q4 2025

View original at finance.yahoo.com
SAP Quarterly Statement Q4 2025 SAP meets revenue and exceeds non-IFRS operating profit and free cash flow outlook for FY2025 Total cloud backlog up 22% and up 30% at constant currencies Current cloud backlog up 16% and up 25% at constant currencies Cloud revenue up 23% and up 26% at constant currencies in FY2025 Cloud…
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  • 2026 cloud revenue expected to be €25.8-26.2 billion at constant currencies, up 23% to 25%

    80% confidence

  • 2026 free cash flow expected to be approximately €10 billion at actual currencies

    80% confidence

  • Strategy and operational discipline will continue to drive long-term value creation

    80% confidence

  • Constant currency total revenue growth expected to accelerate through 2027

    80% confidence

  • 2026 non-IFRS operating profit expected to be €11.9-12.3 billion at constant currencies, up 14% to 18%

    80% confidence

  • Closed 2025 on a high note, delivering strong operating profit and free cash flow ahead of expectations

    80% confidence

  • Significant Current Cloud Backlog growth in Q4 has laid a strong foundation for accelerating Total Revenue growth through 2027

    80% confidence

  • Q4 was a strong cloud quarter, with bookings resulting in 30% Total Cloud Backlog growth to a record 77 billion Euros

    80% confidence

  • 2026 cloud and software revenue expected to be €36.3-36.8 billion at constant currencies, up 12% to 13%

    80% confidence

  • Total operating expenses expected to grow at 80% to 90% of total revenue growth in 2027

    80% confidence

  • SAP Business AI has become a main driver for growth as it was included in two thirds of Q4 cloud order entry

    80% confidence

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What we're seeing
AI Funding Surge: Capital Floods Fintech, Foundation Models, and Autonomous Systems
A concentrated burst of AI-linked funding on 2026-08-28 pushed well over $1.5B into companies spanning fraud/identity fintech (Socure, which also acquired Fravity), foundation models (Stability AI), AI agents and enterprise tooling (Instinct, Generalist AI, Emerald AI, Owner), and AI-adjacent autonomous/aerospace ventures (Gatik, Regent Craft). The breadth and simultaneity of these rounds signal that investor appetite for AI is not concentrated in a single vertical but is broadening into applied and infrastructure-adjacent domains, with consolidation (Socure-Fravity) beginning alongside fresh capital formation.
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EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
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Morgan Stanley & Co. LLC
The same metric (eps) for the same entity (Morgan Stanley & Co. LLC) reported for the identical fiscal period (Q1 2026) and observation date (2026-03-31) has two conflicting values: 3.43 USD_per_share vs 3.08 USD. This is not a temporal change — both observations claim to measure the same point in time. The ~10% discrepancy (0.35 USD difference) is material for a financial metric.
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SAP Quarterly Statement Q4 2025 — Source | Via News | ViaNews EU