Q2 25 EPS
$1.50
MISS 11.24%
Est. $1.69
Q2 25 Revenue
$9.03B
vs S&P Since Q2 25
-53.6%
TRAILING MARKET
SAP -40.4% vs S&P +13.1%
Market Reaction
Did SAP Beat Earnings? Q2 2025 Results
SAP delivered a mixed second quarter for 2025, posting earnings per share of $1.50 against a consensus estimate of $1.69, a miss of 11.24%, even as revenue climbed 8.9% year over year to $9.03 billion. Investors watching SAP closely saw shares slip a… Read more SAP delivered a mixed second quarter for 2025, posting earnings per share of $1.50 against a consensus estimate of $1.69, a miss of 11.24%, even as revenue climbed 8.9% year over year to $9.03 billion. Investors watching SAP closely saw shares slip after the report, with currency headwinds and elongated sales cycles in U.S. Public sector and industrial manufacturing, driven by global trade tensions, weighing on sentiment. The headline miss obscured genuine operational momentum: cloud revenue surged 24% to $5.13 billion, the current cloud backlog reached $18.05 billion, up 22%, and free cash flow jumped 83% to $2.36 billion for the quarter. Profitability also expanded sharply, with non-IFRS operating margin widening 5 percentage points to 28.5%, supported by the conclusion of SAP's 2024 restructuring program. AI adoption is accelerating, with roughly half of cloud order entry volume in the first half including SAP Business AI. Despite the macro uncertainty, SAP held its full-year outlook firm, targeting cloud revenue of $21.60 billion to $21.90 billion and free cash flow of approximately $8.00 billion.
Key Takeaways
- • Cloud ERP Suite revenue grew 30% (34% at constant currencies) to €4.42 billion
- • Non-IFRS operating margin expanded 5.0pp to 28.5%
- • Operational efficiencies from successful execution of 2024 transformation program
- • Lower share-based compensation expenses
- • Around 50% of cloud order entry volume in H1 2025 included SAP Business AI
- • Cloud revenue performance particularly strong in APJ and EMEA regions
- • Share of more predictable revenue increased to 86%
SAP YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
SAP Revenue by Segment
With YoY comparisons, source: SEC Filings
SAP Revenue by Geography
With YoY comparisons, source: SEC Filings
“We have delivered yet another quarter of outstanding results. AI innovations such as Joule becoming available "everywhere and for everything" and SAP Business Data Cloud as a powerful accelerator of AI make our portfolio ever stronger. Enterprise operations are about to enter a new era, and SAP is best positioned to benefit from that evolution.”
— Christian Klein, Q2 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 |
|---|---|---|---|---|---|
| Q2 26 | — | $1.72 | — | $9.56B | — |
| Q1 26 | — | — | — | — | — |
| Q3 25 MISS | $1.64 | $1.59 | -3.05% | $9.08B | — |
| Q2 25 MISS | $1.69 | $1.50 | -11.24% | $9.03B | — |
| Q1 25 BEAT | $1.23 | $1.44 | +17.07% | $9.01B | — |
| Q4 24 MISS FY | $1.49 | $1.40 | -6.04% | $9.38B | — |
| FY Full Year | — | $4.53 | — | $34.18B | — |