SAP Quarterly Statement Q2 2025
SAP (NYSE: SAP) reported strong Q2 2025 financial results, with significant growth in cloud business and profitability. The company's current cloud backlog reached €18.1 billion, up 22% (28% at constant currencies). Cloud revenue increased 24% to €5.13 billion, while Cloud ERP Suite revenue grew 30% to €4.42 billion.
Key financial highlights include total revenue growth of 9% to €9.03 billion, IFRS operating profit of €2.46 billion, and non-IFRS operating profit up 32% to €2.57 billion. The company maintained its 2025 outlook, expecting cloud revenue of €21.6-21.9 billion and non-IFRS operating profit of €10.3-10.6 billion at constant currencies.
SAP's share repurchase program has acquired 24.7 million shares at an average price of €185.51, totaling approximately €4.6 billion of the €5 billion program.
SAP (NYSE: SAP) ha riportato risultati finanziari solidi nel secondo trimestre 2025, con una crescita significativa nel business cloud e nella redditività. L'attuale portafoglio ordini cloud ha raggiunto €18,1 miliardi, in aumento del 22% (28% a valute costanti). Il fatturato cloud è cresciuto del 24% a €5,13 miliardi, mentre il fatturato della suite Cloud ERP è aumentato del 30% a €4,42 miliardi.
I principali indicatori finanziari includono una crescita totale dei ricavi del 9% a €9,03 miliardi, un utile operativo IFRS di €2,46 miliardi e un utile operativo non-IFRS in crescita del 32% a €2,57 miliardi. L'azienda ha confermato le previsioni per il 2025, prevedendo ricavi cloud tra €21,6 e 21,9 miliardi e un utile operativo non-IFRS tra €10,3 e 10,6 miliardi a valute costanti.
Il programma di riacquisto azionario di SAP ha acquisito 24,7 milioni di azioni a un prezzo medio di €185,51, per un totale di circa €4,6 miliardi sui €5 miliardi previsti dal programma.
SAP (NYSE: SAP) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un crecimiento significativo en el negocio cloud y la rentabilidad. La cartera actual de pedidos en la nube alcanzó los €18,1 mil millones, un aumento del 22% (28% a monedas constantes). Los ingresos por cloud aumentaron un 24% hasta €5,13 mil millones, mientras que los ingresos de la suite Cloud ERP crecieron un 30% hasta €4,42 mil millones.
Los aspectos financieros clave incluyen un crecimiento total de ingresos del 9% hasta €9,03 mil millones, un beneficio operativo IFRS de €2,46 mil millones y un beneficio operativo non-IFRS que aumentó un 32% hasta €2,57 mil millones. La compañía mantuvo sus perspectivas para 2025, esperando ingresos cloud de €21,6-21,9 mil millones y un beneficio operativo non-IFRS de €10,3-10,6 mil millones a monedas constantes.
El programa de recompra de acciones de SAP ha adquirido 24,7 millones de acciones a un precio promedio de €185,51, sumando aproximadamente €4,6 mil millones del programa de €5 mil millones.
SAP (NYSE: SAP)는 2025년 2분기 강력한 재무 실적을 발표했으며, 클라우드 사업과 수익성이 크게 성장했습니다. 회사의 현재 클라우드 수주 잔고는 181억 유로로 22%(환율 고정 시 28%) 증가했습니다. 클라우드 매출은 24% 증가한 51억 3천만 유로였으며, 클라우드 ERP 스위트 매출은 30% 증가한 44억 2천만 유로를 기록했습니다.
주요 재무 하이라이트로는 총 매출 9% 증가한 90억 3천만 유로, IFRS 영업이익 24억 6천만 유로, 비IFRS 영업이익은 32% 증가한 25억 7천만 유로가 포함됩니다. 회사는 2025년 전망을 유지하며, 환율 고정 기준 클라우드 매출 216억~219억 유로, 비IFRS 영업이익 103억~106억 유로를 예상하고 있습니다.
SAP의 자사주 매입 프로그램은 평균 가격 185.51유로로 2,470만 주를 매입했으며, 50억 유로 규모의 프로그램 중 약 46억 유로를 소진했습니다.
SAP (NYSE: SAP) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec une croissance significative de son activité cloud et de sa rentabilité. Le carnet de commandes cloud actuel a atteint 18,1 milliards d'euros, en hausse de 22% (28% à taux de change constants). Le chiffre d'affaires cloud a augmenté de 24% pour atteindre 5,13 milliards d'euros, tandis que le chiffre d'affaires de la suite Cloud ERP a progressé de 30% pour s'établir à 4,42 milliards d'euros.
Les principaux indicateurs financiers comprennent une croissance totale du chiffre d'affaires de 9% à 9,03 milliards d'euros, un résultat opérationnel IFRS de 2,46 milliards d'euros et un résultat opérationnel non-IFRS en hausse de 32% à 2,57 milliards d'euros. La société a maintenu ses prévisions pour 2025, anticipant un chiffre d'affaires cloud entre 21,6 et 21,9 milliards d'euros et un résultat opérationnel non-IFRS entre 10,3 et 10,6 milliards d'euros à taux de change constants.
Le programme de rachat d'actions de SAP a acquis 24,7 millions d'actions à un prix moyen de 185,51 euros, pour un total d'environ 4,6 milliards d'euros sur les 5 milliards d'euros prévus.
SAP (NYSE: SAP) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit bedeutendem Wachstum im Cloud-Geschäft und verbesserter Profitabilität. Der aktuelle Cloud-Auftragsbestand erreichte 18,1 Milliarden Euro, ein Anstieg von 22% (28% bei konstanten Wechselkursen). Die Cloud-Umsätze stiegen um 24% auf 5,13 Milliarden Euro, während die Cloud ERP Suite Umsätze um 30% auf 4,42 Milliarden Euro wuchsen.
Wichtige finanzielle Kennzahlen umfassen ein Gesamtumsatzwachstum von 9% auf 9,03 Milliarden Euro, einen IFRS-Betriebsgewinn von 2,46 Milliarden Euro und einen non-IFRS Betriebsgewinn, der um 32% auf 2,57 Milliarden Euro zunahm. Das Unternehmen bestätigte seine Prognose für 2025 und erwartet Cloud-Umsätze von 21,6 bis 21,9 Milliarden Euro sowie einen non-IFRS Betriebsgewinn von 10,3 bis 10,6 Milliarden Euro bei konstanten Wechselkursen.
Das Aktienrückkaufprogramm von SAP hat 24,7 Millionen Aktien zu einem Durchschnittspreis von 185,51 Euro erworben und damit rund 4,6 Milliarden Euro des 5-Milliarden-Euro-Programms ausgeschöpft.
- Cloud backlog grew 22% to €18.05 billion (28% at constant currencies)
- Cloud revenue increased 24% to €5.13 billion (28% at constant currencies)
- Cloud ERP Suite revenue up 30% to €4.42 billion (34% at constant currencies)
- Non-IFRS operating profit increased 32% to €2.57 billion
- Free cash flow increased 83% to €2.36 billion
- Share of more predictable revenue increased by 2 percentage points to 86%
- Cloud gross margin improved by 1.8 percentage points to 74.7%
- Software licenses revenue decreased 15% to €0.19 billion
- Services revenue declined 5% to €1.06 billion
- Higher effective tax rate of 30.1% (IFRS) and 30.8% (non-IFRS) due to tax loss carryforwards
- Restructuring program expenses totaled approximately €3.2 billion
Insights
SAP delivered outstanding Q2 results with accelerating cloud growth, strong profitability gains, and maintained its positive 2025 outlook.
SAP's Q2 2025 results demonstrate exceptional momentum in its cloud business transformation. Current cloud backlog grew
Particularly impressive is the company's profitability improvement. Non-IFRS operating profit jumped
The share of more predictable revenue increased 2 percentage points to
Geographically, cloud revenue was particularly strong in Asia-Pacific/Japan and EMEA, with solid performance in the Americas. The customer win list includes major global enterprises across diverse industries, demonstrating broad-based demand.
SAP maintained its full-year 2025 outlook, projecting cloud revenue growth of
The results validate SAP's AI strategy, with CEO Klein highlighting "AI innovations such as Joule becoming available 'everywhere and for everything' and SAP Business Data Cloud as a powerful accelerator." These AI capabilities, combined with strategic partnerships announced with Accenture, Palantir, and Alibaba Group, position SAP to capitalize on the enterprise AI transformation wave.
WALLDORF,
- Current cloud backlog of
€18.1 billion , up22% and up28% at constant currencies - Cloud revenue up
24% and up28% at constant currencies - Cloud ERP Suite revenue up
30% and up34% at constant currencies - Total revenue up
9% and up12% at constant currencies - IFRS operating profit of
€2.5 billion ; non-IFRS operating profit of€2.6 billion , up32% and up35% at constant currencies - Outlook 2025 unchanged
/PRNewswire/ -- SAP SE (NYSE: SAP) announced today its financial results for the second quarter ended June 30, 2025.
Christian Klein, CEO:
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.
Dominik Asam, CFO:
We achieved a very good Q2, with accelerating total revenue growth, strong profitability and free cash flow. Our performance was supported by continued customer demand and disciplined cost control. As we move into the second half, we remain cautiously optimistic, keeping a close eye on geopolitical developments and public sector trends.
Financial Performance
Group results at a glance – Second quarter 2025
IFRS | Non-IFRS1 | |||||||
€ million, unless otherwise stated | Q2 2025 | Q2 2024 | ∆ in % | Q2 2025 | Q2 2024 | ∆ in % | ∆ in % const. curr. | |
SaaS/PaaS | 5,045 | 4,018 | 26 | 5,045 | 4,018 | 26 | 30 | |
Thereof Cloud ERP Suite2 | 4,422 | 3,414 | 30 | 4,422 | 3,414 | 30 | 34 | |
Thereof Extension Suite3 | 624 | 604 | 3 | 624 | 604 | 3 | 7 | |
IaaS4 | 85 | 135 | –37 | 85 | 135 | –37 | –35 | |
Cloud revenue | 5,130 | 4,153 | 24 | 5,130 | 4,153 | 24 | 28 | |
Cloud and software revenue | 7,966 | 7,175 | 11 | 7,966 | 7,175 | 11 | 14 | |
Total revenue | 9,027 | 8,288 | 9 | 9,027 | 8,288 | 9 | 12 | |
Share of more predictable revenue (in %) | 86 | 84 | 2pp | 86 | 84 | 2pp | ||
Cloud gross profit | 3,833 | 3,030 | 26 | 3,856 | 3,043 | 27 | 31 | |
Gross profit | 6,620 | 6,017 | 10 | 6,643 | 6,029 | 10 | 13 | |
Operating profit (loss) | 2,456 | 1,222 | >100 | 2,568 | 1,940 | 32 | 35 | |
Profit (loss) after tax | 1,749 | 918 | 91 | 1,747 | 1,278 | 37 | ||
Earnings per share - Basic (in €) | 1.45 | 0.76 | 91 | 1.50 | 1.10 | 37 | ||
Net cash flows from operating activities | 2,577 | 1,509 | 71 | |||||
Free cash flow | 2,357 | 1,288 | 83 | |||||
1 For a breakdown of the individual adjustments see table "Non-IFRS Operating Expense Adjustments by Functional Areas" in this Quarterly Statement. | ||||||||
2 Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. Further, Cloud ERP Suite also includes cloud-based capabilities enabling our customers' ERP landscapes and their cloud transformation. The following offerings contribute to Cloud ERP Suite revenue: SAP Cloud ERP, SAP Business Technology Platform, financial- and spend management, supply chain management, core solutions for human capital management, commerce, business transformation management and AI. | ||||||||
3 Extension Suite references SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite. | ||||||||
4 Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud. | ||||||||
Group results at a glance – Six months ended June 2025
IFRS | Non-IFRS1 | |||||||
€ million, unless otherwise stated | Q1–Q2 2025 | Q1-Q2 2024 | ∆ in % | Q1–Q2 2025 | Q1-Q2 2024 | ∆ in % | ∆ in % const. curr. | |
SaaS/PaaS | 9,935 | 7,782 | 28 | 9,935 | 7,782 | 28 | 29 | |
Thereof Cloud ERP Suite revenue2 | 8,672 | 6,581 | 32 | 8,672 | 6,581 | 32 | 33 | |
Thereof Extension Suite revenue3 | 1,262 | 1,202 | 5 | 1,262 | 1,202 | 5 | 7 | |
IaaS4 | 189 | 299 | –37 | 189 | 299 | –37 | –36 | |
Cloud revenue | 10,124 | 8,082 | 25 | 10,124 | 8,082 | 25 | 27 | |
Cloud and software revenue | 15,904 | 14,134 | 13 | 15,904 | 14,134 | 13 | 14 | |
Total revenue | 18,040 | 16,329 | 10 | 18,040 | 16,329 | 10 | 12 | |
Share of more predictable revenue (in %) | 86 | 84 | 2pp | 86 | 84 | 2pp | ||
Cloud gross profit | 7,553 | 5,867 | 29 | 7,601 | 5,892 | 29 | 30 | |
Gross profit | 13,226 | 11,778 | 12 | 13,275 | 11,803 | 12 | 14 | |
Operating profit (loss) | 4,789 | 434 | >100 | 5,024 | 3,473 | 45 | 45 | |
Profit (loss) after tax | 3,545 | 94 | >100 | 3,428 | 2,223 | 54 | ||
Earnings per share - Basic (in €) | 2.98 | 0.05 | >100 | 2.94 | 1.91 | 54 | ||
Net cash flows from operating activities | 6,357 | 4,388 | 45 | |||||
Free cash flow | 5,939 | 3,929 | 51 | |||||
1 For a breakdown of the individual adjustments see table "Non-IFRS Operating Expense Adjustments by Functional Areas" in this Quarterly Statement. | ||||||||
2 Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend management, commerce, customer data solutions, business process transformation, and working capital management. For additional information and historical data on Cloud ERP Suite, see SAP's Reporting Framework. | ||||||||
3 Extension Suite references SAP's remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite. | ||||||||
4 Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud | ||||||||
Financial Highlights[1]
Second Quarter 2025
In the second quarter, current cloud backlog grew by
Software licenses revenue decreased by
The share of more predictable revenue increased by 2 percentage points to
IFRS cloud gross profit was up
IFRS operating profit increased to
Driven by the operating profit growth, IFRS earnings per share (basic) increased
Operating cash flow in the second quarter was up
Share Repurchase Program
In May 2023, SAP announced a share repurchase program with an aggregate volume of up to
2024 Transformation Program: Focus on scalability of operations and key strategic growth areas
In January 2024, SAP announced a company-wide restructuring program which concluded as planned in the first quarter 2025. Overall expenses associated with the program were approximately
Business Highlights
In the second quarter, customers around the globe continued to choose the "RISE with SAP" journey to drive their end-to-end business transformations. These customers included: Acron Aviation, Alibaba Group, Balluff, BALMAIN, Bell Food Group, Cementos Argos, Eberspächer Group, Ernsting's family, GSK, J-POWER, Linfox, Mannington Mills, Mercedes-AMG PETRONAS Formula One, NS Reizigers, Proximus Group, Replay, Sumitomo Rubber Industries, Synapxe, University Medical Center of the Johannes Gutenberg University Mainz, and Votorantim.
Alivus Life Sciences, Biel City Administration, Iochpe-Maxion, Rico Auto Industries, and Sinar Mas Mining went live on SAP S/4HANA Cloud in the second quarter.
Daoudata, EGYM, Gardner White Furniture, MCH Group, NEBCO, and PwC chose "GROW with SAP", a journey helping customers adopt cloud ERP with speed, predictability, and continuous innovation.
Key customer wins across SAP's solution portfolio included: Accenture, Adobe, BAE Systems, BMW Group, Brown-Forman, Delta, Deutsche Börse, Döhler, German Armed Forces, German Federal Pension Insurance, Helaba, HENSOLDT, IBM, Infosys, Interroll, L'Oréal, LTIMindtree, MANN+HUMMEL, Metcash, SPIE, Standard Chartered, and Zurich Cantonal Bank.
Ahlstrom, BRF, Covestro, NTN, Techcombank, and Zespri International went live on SAP solutions.
In the second quarter, SAP's cloud revenue performance was particularly strong in APJ and EMEA and solid in the
On May 5, SAP announced that it had further extended the contract of CEO and chairman of the Executive Board Christian Klein to five years, until April 2030. In addition, the contract of Dominik Asam, CFO and member of the Executive Board, has been further extended for two years to March 2028.
On May 13, SAP held its Annual General Meeting (AGM) of Shareholders as a virtual event. The AGM approved all agenda items with strong support, including the dividend proposal of
On May 20, SAP and Accenture announced joined forces to help companies enable connected intelligence across the enterprise to drive speed and agility in the AI era, through a strategic expansion of their long-standing partnership. In addition, SAP and Palantir announced a partnership to facilitate joint customers' cloud migration journey and modernization programs, by connecting the unified, context-rich data environment of SAP Business Data Cloud with Palantir's Ontology and AIP.
On May 27, SAP and Alibaba Group announced a strategic partnership to accelerate cloud transformation.
Outlook 2025
Financial Outlook 2025
While the prevailing dynamic environment implies elevated levels of uncertainty and reduced visibility, SAP currently continues to expect:
•
•
•
• Approximately
• An effective tax rate (non-IFRS) of approximately
The company also continues to expect current cloud backlog growth at constant currencies to slightly decelerate in 2025.
While SAP's 2025 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of
Currency Impact Assuming June 30, 2025 Rates Apply for the Remainder of 2025
In percentage points | Q3 2025 | FY 2025 |
Cloud revenue growth | -5.0pp | -3.5pp |
Cloud and software revenue growth | -4.0pp | -3.0pp |
Operating profit growth (non-IFRS) | -4.5pp | -3.0pp |
This includes an exchange rate of
Non-Financial Outlook 2025
As announced on May 9, SAP has replaced the Women in Executive Roles KPI with the Business Health Culture Index (BHCI). In 2025, SAP expects a BHCI score in the range of
For 2025, SAP continues to expect:
• A Customer Net Promoter Score of 12 to 16.
• The Employee engagement index to be in a range of
• To steadily decrease carbon emissions across the relevant value chain.
Additional Information
This press release and all information therein is preliminary and unaudited. Due to rounding, numbers may not add up precisely. The Q1 2025 Quarterly Statement can be downloaded from: https://www.sap.com/investors/sap-2025-q2-statement
SAP Performance Measures
For more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please refer to the following document on our Investor Relations website: https://www.sap.com/investors/performance-measures
Webcast
SAP senior management will host a financial analyst conference call on Tuesday, July 22nd at 11:00 PM (CEST) / 10:00 PM (BST) / 5:00 PM (EDT) / 2:00 PM (PDT). The conference will be webcast on the Company's website at https://www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the second quarter results can be found at https://www.sap.com/investor
About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
For more information, financial community only: | ||
Alexandra Steiger | +49 (6227) 7-767336 | investor@sap.com, CET |
Follow SAP Investor Relations on LinkedIn at SAP Investor Relations. | ||
For more information, press only: | ||
Joellen Perry | +1 (650) 445-6780 | joellen.perry@sap.com, PT |
Daniel Reinhardt | +49 (6227) 7-40201 | daniel.reinhardt@sap.com, CET |
For customers interested in learning more about SAP products: | ||
Global Customer Center: | +49 180 534-34-24 | |
United States Only: | +1 (800) 872-1SAP (+1-800-872-1727) | |
Note to editors:
To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels.
This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2024 Annual Report on Form 20-F.
© 2025 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in
[1] The Q2 2025 results were also impacted by other effects. For details, please refer to the disclosures on page 26 of the Q2 Quarterly Statement.
[2] The effective tax rate (non-IFRS) is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).
Logo - https://mma.prnewswire.com/media/847591/5426558/SAP__Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/sap-quarterly-statement-q2-2025-302511209.html
SOURCE SAP SE
FAQ
What were SAP's key Q2 2025 financial results?
How much has SAP spent on its share repurchase program?
What is SAP's cloud revenue outlook for 2025?
How did SAP's Cloud ERP Suite perform in Q2 2025?
What was SAP's free cash flow in Q2 2025?
How much did SAP's cloud backlog grow in Q2 2025?
