Q3 25 EPS
$1.59
MISS 3.05%
Est. $1.64
Q3 25 Revenue
$9.08B
vs S&P Since Q3 25
-42.3%
TRAILING MARKET
SAP -37.1% vs S&P +5.2%
Market Reaction
Did SAP Beat Earnings? Q3 2025 Results
SAP posted a mixed third quarter for fiscal 2025, with bottom-line results falling just short of expectations even as the company's cloud transformation accelerated meaningfully. The German enterprise software giant reported earnings per share of $1.… Read more SAP posted a mixed third quarter for fiscal 2025, with bottom-line results falling just short of expectations even as the company's cloud transformation accelerated meaningfully. The German enterprise software giant reported earnings per share of $1.59, missing the $1.64 consensus estimate by 3.05%, while revenue climbed 7.2% year over year to $9.08 billion. The headline EPS shortfall was partly attributed to a $98.00 million tax litigation charge and roughly $100.00 million in workforce transformation costs, both of which weighed on an otherwise operationally strong quarter. The standout driver was cloud momentum, with Cloud ERP Suite revenue growing 31% at constant currencies to $4.59 billion and the current cloud backlog reaching $18.84 billion, up 27%, signaling durable demand heading into year-end. SAP updated its 2025 outlook, now guiding cloud revenue toward the lower end of its $21.60 to $21.90 billion range, while raising free cash flow guidance to $8.00 to $8.20 billion; CEO Christian Klein expressed confidence in an accelerating total revenue growth trajectory into 2026, even as currency headwinds are expected to pressure Q4 cloud revenue growth by approximately 7 percentage points.
Key Takeaways
- • Cloud ERP Suite revenue growth of 31% at constant currencies driven by accelerated adoption across the Business Suite
- • Current cloud backlog of €18.84 billion up 27% at constant currencies signals sustained future growth
- • Share of more predictable revenue increased to 87%
- • Non-IFRS cloud gross margin improved 1.3 percentage points to 75.1%
- • Particularly strong cloud performance in APJ and EMEA regions
- • Outstanding performance in Brazil, France, Germany, India, Italy and South Korea
SAP YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
SAP Revenue by Segment
With YoY comparisons, source: SEC Filings
SAP Revenue by Geography
With YoY comparisons, source: SEC Filings
“SAP delivered a great Q3 with strong cloud revenue growth of 27%. We are gaining market share as our customers are adopting solutions across the entire Business Suite, including Business Data Cloud and AI at accelerated pace. For Q4 we are executing against a strong pipeline - which gives us confidence in our accelerating total revenue growth ambition for 2026.”
— Christian Klein, Q3 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 | — |