SAP SE Sponsored ADR (SAP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2	$1.81	-9.5%	—	$9.9B	—
Q1 26	$1.92	$2.01	+4.7%	—	$9.6B	—
Q4 25	$1.72	$1.93	+12.2%	—	$9.7B	—
Q3 25	$1.74	$1.85	+6.3%	—	$9.1B	—
Q2 25	$1.69	$1.76	+4.1%	—	$9B	—
Q1 25	$1.44	$1.65	+14.6%	—	$9B	—
Q4 24	$1.49	$1.47	-1.3%	—	$11.1B	—
Q3 24	$1.31	$1.33	+1.5%	—	$9.8B	—
Q2 24	$1.08	$1.2	+11.1%	—	$8.3B	—
Q1 24	$1.02	$0.86	-15.7%	—	$8B	—
Q4 23	$1.74	$1.53	-12.1%	—	$8.5B	—
Q3 23	$1.36	$1.45	+6.6%	—	$7.7B	—
Q2 23	$1.31	$0.69	-47.3%	—	$7.6B	—
Q1 23	$1.16	$1.18	+1.7%	—	$7.4B	—
Q4 22	$1.5	$1.09	-27.3%	—	$8.4B	—
Q3 22	$1.26	$1.11	-11.9%	—	$7.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.14	—	—	$36.8B	—
FY24	—	$2.68	—	—	$40.3B	—
FY23	—	$5.23	—	—	$31.2B	—
FY22	—	$1.96	—	—	$29.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$22.1B	$23.5B	$24.7B	$27.6B	$27.3B	$27B	$29.5B	$31.2B	$40.3B	$36.8B
YoY change	+6.11%	+6.34%	+5.32%	+11.5%	-0.78%	-1.41%	+9.52%	+5.72%	+29.3%	-8.78%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	22.1B	23.5B	24.7B	27.6B	27.3B	27B	29.5B	31.2B	40.3B	36.8B
Cost of revenue	6.6B	7.1B	7.5B	8.4B	7.9B	7.2B	8B	8.7B	10.9B	10B
Gross profit	15.5B	16.4B	17.2B	19.2B	19.5B	19.7B	21.5B	22.5B	29.4B	26.8B
Gross margin	70.2%	69.9%	69.8%	69.7%	71.2%	73.2%	72.8%	72.2%	73%	72.9%
Research & development	3B	3.4B	3.6B	4.3B	4.5B	5.3B	6.1B	6.3B	7.7B	6.6B
Selling, general & administrative	7.3B	8B	7.9B	9.3B	8.5B	8B	9.2B	10.2B	12.4B	10.5B
Operating expenses	10.3B	11.3B	11.5B	13.6B	12.8B	13.3B	15.3B	16.5B	20.2B	17.2B
Operating income	5.2B	5.1B	5.7B	5.6B	6.6B	6.5B	6.2B	6B	9.2B	9.6B
Operating margin	23.4%	21.6%	23.2%	20.3%	24.2%	24%	21.1%	19.2%	22.8%	26.1%
Non-operating income, net	-97M	164M	152M	-759M	842M	2.3B	-1.5B	-350M	-4.1B	879M
Pretax income	4.9B	5B	5.6B	4.6B	7.2B	8.5B	4.5B	5.3B	5.6B	10.3B
Income tax	1.2B	983M	1.5B	1.2B	1.9B	1.7B	1.4B	1.7B	1.9B	2.9B
Net income	3.6B	4B	4.1B	3.4B	5.3B	5.4B	1.7B	6B	3.7B	7.3B
Net margin	16.4%	17.2%	16.5%	12.2%	19.3%	19.9%	5.79%	19.1%	9.22%	19.9%
EBITDA	6.5B	6.4B	7.2B	7.6B	8.5B	8B	8B	7.8B	12.4B	11.2B
EPS	3.03	3.36	3.42	2.8	4.35	4.56	1.96	5.23	2.68	6.14
Diluted EPS	3.03	3.35	3.42	2.8	4.35	4.56	1.95	5.17	2.65	6.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	7.7B	8.5B	8B	8.3B	9.8B	11.1B	9B	9B	9.1B	9.7B	9.6B	9.9B
Cost of revenue	2.1B	2.3B	2.3B	2.3B	2.6B	2.9B	2.4B	2.4B	2.4B	2.8B	2.6B	2.6B
Gross profit	5.6B	6.2B	5.8B	6B	7.2B	8.2B	6.6B	6.6B	6.7B	6.9B	7B	7.2B
Gross margin	72.8%	73.3%	71.7%	72.6%	73.3%	74%	73.3%	73.3%	73.5%	71.4%	73%	73.2%
Research & development	1.5B	1.7B	1.7B	1.6B	1.8B	2B	1.7B	1.6B	1.6B	1.7B	1.7B	1.8B
Selling, general & administrative	2.4B	2.6B	2.6B	2.6B	2.8B	3.4B	2.6B	2.5B	2.5B	2.9B	2.5B	2.7B
Operating expenses	4B	4.3B	4.3B	4.2B	4.7B	5.4B	4.3B	4.1B	4.2B	4.6B	4.2B	4.6B
Operating income	1.7B	1.9B	1.5B	1.9B	2.5B	2.8B	2.3B	2.5B	2.5B	2.3B	2.8B	2.7B
Operating margin	21.8%	22.4%	18.1%	22.4%	25.5%	24.9%	25.9%	27.4%	27.2%	24.2%	28.8%	26.8%
Non-operating income, net	149M	191M	-2.4B	-636M	-11.6M	-479.3M	10M	-21M	64M	826M	12M	-46M
Pretax income	1.8B	1.8B	-980M	1.4B	2.5B	2.6B	2.5B	2.5B	2.7B	2.6B	2.7B	3B
Income tax	489M	609M	-157M	469M	821.2M	697.7M	672M	753M	694M	825M	800M	797M
Net income	1.3B	1.3B	-824M	918M	1.7B	1.9B	1.8B	1.7B	2.1B	1.7B	1.9B	2.2B
Net margin	16.4%	15.3%	-10.2%	11.1%	17%	17.2%	19.9%	19.4%	22.6%	17.9%	20.4%	22.4%
EBITDA	2.3B	2.1B	1.8B	2.6B	3.1B	4.1B	3.1B	3.1B	3.4B	1.6B	3.4B	3.7B
EPS	1.09	1.02	-0.71	0.76	1.25	1.37	1.52	1.45	1.72	1.58	1.66	1.89
Diluted EPS	1.08	1.01	-0.71	0.75	1.24	1.36	1.51	1.44	1.71	1.57	1.65	1.88

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	99.9B	129.8B	114.7B	154.4B	148.7B	159.5B	116.5B	174.1B	—	—	241.6B
Enterprise value	103.9B	131.1B	116.9B	162.4B	157.2B	163B	119.7B	171.4B	—	—	3.9T
Shares outstanding	1.2B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1.4B	1.2B	1.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	27.5	32.1	28.1	45.8	28.2	29.7	68.2	29.2	—	—	27.5
P/S	4.53	5.53	4.64	5.6	5.44	5.92	3.95	5.58	—	—	6.33
P/B	3.79	5.09	3.97	5.01	4.97	3.84	2.72	4.01	—	—	65.9
EV/EBITDA	16.1	20.4	16.2	21.3	18.4	20.3	15	21.9	—	—	291.1
EV/Sales	4.71	5.59	4.73	5.9	5.75	6.05	4.06	5.49	—	—	89.6
Earnings yield	3.63%	3.12%	3.56%	2.18%	3.55%	3.37%	1.47%	3.43%	—	—	3.64%
FCF yield	3.63%	2.91%	2.48%	1.73%	4.29%	3.46%	4.09%	3.19%	—	—	4.29%
PEG	—	—	—	—	—	—	—	—	—	—	0.91

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	70.2%	69.9%	69.8%	69.7%	71.2%	73.2%	72.8%	72.2%	73%	72.9%	73.2%
Operating margin	23.4%	21.6%	23.2%	20.3%	24.2%	24%	21.1%	19.2%	22.8%	26.1%	27.6%
Net margin	16.4%	17.2%	16.5%	12.2%	19.3%	19.9%	5.79%	19.1%	9.22%	19.9%	20.4%
ROE	13.7%	15.9%	14.2%	10.9%	17.7%	12.9%	3.99%	13.7%	6.88%	16.3%	18.3%
ROA	8.2%	9.52%	7.94%	5.6%	9.04%	7.55%	2.37%	8.73%	4.25%	10.4%	9.54%
ROIC	12.7%	15.2%	13.4%	10.6%	12.6%	11.5%	9.19%	9.93%	11.4%	16%	16.6%
Return on tangible assets	-36.6%	-67.5%	-168.6%	-47.5%	-126.4%	503.5%	-102.7%	115.8%	49.1%	94.3%	83.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.2	1.17	1.58	1.05	1.17	1.24	1.06	1.4	1.12	1.16	1.15
Quick ratio	1.2	1.17	1.58	1.05	1.17	1.24	1.06	1.4	1.12	1.16	1.15
Debt / equity	0.3	0.25	0.39	0.44	0.52	0.36	0.31	0.2	0.23	0.17	0.22
Debt / assets	0.18	0.15	0.22	0.23	0.26	0.21	0.18	0.13	0.14	0.11	0.14
Net debt / EBITDA	0.62	0.2	0.31	1.05	1	0.43	0.41	-0.34	-0.06	-0.21	-0.09
Interest coverage	19.8	18.5	14.4	11.5	21.3	30.2	12.3	7.78	5.62	21.9	8.97
Effective tax rate	25.5%	19.5%	27%	26.7%	26.8%	19.8%	32%	32.6%	33.9%	28.7%	28.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.1	20.3	21.4	23.9	24	23.7	26.1	27.7	29.3	31.6	2.33
EPS (basic)	3.03	3.36	3.42	2.8	4.35	4.56	1.96	5.23	2.68	6.14	6.14
EPS (diluted)	3.03	3.35	3.42	2.8	4.35	4.56	1.95	5.17	2.65	6.1	7.61
Book value per share	22.8	22.1	25.1	26.8	26.2	36.5	38	38.5	39.3	38.7	3.18
FCF per share	3.14	3.26	2.47	2.32	5.59	4.85	4.22	4.93	3.79	7.22	7.54
Cash per share	3.37	4.33	7.88	4.87	6.09	10.2	8.73	10.2	9.64	8.38	0.71

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	38%	37%	40.9%	53.1%	35.3%	40.6%	167.6%	40.2%	81.4%	37.4%	37.5%
Dividend yield	1.38%	1.15%	1.46%	1.16%	1.25%	1.37%	2.46%	1.38%	—	—	5.6%

Yield

5.6%

trailing twelve months

Frequency

Annual

Last dividend

$2.929

ex-dividend May 5, 2026

Payout ratio

38%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 5, 2026	$2.929
May 13, 2025	$2.63
May 16, 2024	$2.3852
May 12, 2023	$2.1864
May 19, 2022	$2.0761
May 13, 2021	$2.2599
May 21, 2020	$1.7337
May 16, 2019	$1.6743

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$7.7B	$8.5B	$8B	$8.3B	$9.8B	$11.1B	$9B	$9B	$9.1B	$9.7B	$9.6B	$9.9B
YoY change	+3.57%	+0.37%	+8.06%	+9.72%	+26.5%	+30.7%	+12.1%	+8.9%	-7.35%	-12.5%	+6.01%	+9.43%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.9B	5B	9.1B	5.6B	6.9B	11.7B	9.9B	11.5B	13.3B	9.8B
Receivables	5.8B	5.8B	6.2B	7.6B	6.2B	5.9B	5.8B	5.9B	7.4B	5.8B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	11.6B	11.9B	16.6B	15.2B	15.1B	20B	18.5B	20.6B	25.3B	20.3B
Property, plant & equipment	2.6B	3B	3.6B	5.5B	5B	5B	4.9B	4.3B	5.3B	4.5B
Goodwill & intangibles	54.2B	48.5B	53.9B	67.3B	62.6B	70.1B	73.8B	63.2B	79.9B	62.6B
Total assets	44.3B	42.5B	51.5B	60.2B	58.5B	71.2B	72.2B	68.3B	87.5B	70.4B
Accounts payable	1B	1.2B	1.5B	1.6B	1.4B	1.6B	2.1B	1.8B	2.3B	2.4B
Short-term debt	1.4B	1.3B	768M	2.5B	1.9B	4.2B	4.3B	1.4B	4.6B	1.9B
Total current liabilities	9.7B	10.2B	10.5B	14.5B	12.8B	16.1B	17.5B	14.6B	22.5B	17.4B
Long-term debt	6.5B	5B	10.5B	11.1B	13.6B	11B	8.8B	7.4B	7.9B	5.6B
Total liabilities	17.9B	17B	22.6B	29.4B	28.5B	29.7B	29.3B	24.9B	33.4B	25.3B
Shareholders' equity	26.4B	25.5B	28.9B	30.8B	29.9B	41.5B	42.8B	43.4B	54.1B	45.1B
Total debt	7.9B	6.3B	11.3B	13.7B	15.5B	15.1B	13.1B	8.8B	12.6B	7.5B
Net debt	4.2B	2.3B	2.7B	8.4B	10.2B	6.2B	4.1B	667M	1.2B	-744M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	12.4B	11.5B	13.6B	11.7B	14B	13.3B	13B	10.2B	9.9B	9.8B	10B	11.6B
Receivables	5.4B	5.9B	7.4B	6.1B	6.3B	7.4B	8B	5.8B	5.8B	5.8B	8.6B	7.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	20.8B	20.6B	23.8B	20.9B	23.7B	25.3B	24B	19.6B	18.9B	20.3B	22.3B	22.6B
Property, plant & equipment	—	4.3B	—	—	—	5.3B	—	4.3B	—	4.5B	—	—
Goodwill & intangibles	62.7B	63.2B	64B	64.3B	74.5B	79.9B	65.6B	61.7B	62.8B	62.6B	63.5B	66.1B
Total assets	68B	68.3B	72.9B	70.4B	80.6B	87.5B	75.6B	68.4B	68.4B	70.4B	73.5B	75.6B
Accounts payable	1.6B	1.8B	1.9B	1.9B	2.2B	2.3B	2.2B	2.2B	2.1B	2.4B	2.5B	2.7B
Short-term debt	1.6B	1.4B	1.7B	2.3B	4.5B	4.6B	3.4B	3.1B	3B	1.9B	2.8B	2B
Total current liabilities	13.4B	14.6B	19.1B	18.7B	21.6B	22.5B	20.6B	19.1B	17.1B	17.4B	20.8B	19.7B
Long-term debt	9.2B	7.4B	7.9B	7.3B	8.1B	7.9B	6.7B	5.6B	6.1B	5.6B	5B	8.5B
Total liabilities	24.8B	24.9B	29.6B	28.4B	32.6B	33.4B	29.5B	27B	25.2B	25.3B	28.1B	30.4B
Shareholders' equity	43.2B	43.4B	43.3B	41.9B	48B	54.1B	46.1B	41.4B	43.2B	45.1B	45.4B	45.2B
Total debt	10.9B	8.8B	9.6B	9.6B	12.6B	12.6B	10.1B	8.7B	9.1B	7.5B	7.9B	10.5B
Net debt	1.5B	667M	304M	1.7B	1B	1.2B	-1.2B	804M	567M	-744M	-1.8B	-4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.6B	4B	4.1B	3.4B	5.3B	5.4B	1.7B	6B	3.7B	7.3B
Depreciation & amortization	1.3B	1.3B	1.4B	1.9B	1.8B	1.5B	1.6B	1.4B	1.5B	1.3B
Stock-based compensation	—	1.1B	830M	1.8B	1.1B	1.3B	1.4B	2.2B	2.8B	1.7B
Change in working capital	9M	115M	-729M	-726M	659M	213M	-143M	-27M	735.4M	-664M
Operating cash flow	6.2B	6.5B	6.1B	6.1B	8.5B	8.4B	7.4B	8.3B	8.8B	9.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-861M	66M	-1.7B	-6.3B	-2.3B	-2.2B	1.5B	-3.9B	22.4M	-767M
Dividends paid	-1.4B	-1.5B	-1.7B	-1.8B	-1.9B	-2.2B	-2.9B	-2.4B	-3B	-2.7B
Share repurchases	0	-500M	0	0	-1.5B	0	-1.5B	-949M	-2.5B	-1.9B
Financing cash flow	-2.7B	-3.4B	3.3B	103M	-4B	-2.9B	-6.1B	-7.8B	-4B	-8.2B
Net change in cash	2.6B	3.1B	7.8B	-104M	2.3B	3.2B	2.8B	-3.4B	4.8B	218M
Free cash flow	3.6B	3.8B	2.8B	2.7B	6.4B	5.5B	4.8B	5.5B	5.2B	8.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.5B	1.3B	-824M	918M	1.7B	1.9B	1.8B	1.7B	2.1B	1.7B	1.9B	2.2B
Depreciation & amortization	328M	331M	313M	313M	366.6M	397.8M	349M	319M	318M	325M	305M	316M
Stock-based compensation	510M	543M	688M	592M	618.8M	672.9M	420M	529M	430M	316M	285M	468M
Change in working capital	-797M	-244M	3.2B	691M	-1.3B	-2.6B	1.3B	-31M	-1.1B	-804M	864M	756M
Operating cash flow	1.5B	2.5B	3.3B	2.1B	1.9B	417.9M	4.2B	3.1B	1.5B	1.3B	3.5B	3.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-2.6B	-1.7B	-970M	334M	540.1M	220.7M	53M	-632M	-36M	-153M	938M	-1.7B
Dividends paid	0	0	—	-2.6B	0	0	0	-2.7B	0	0	0	-2.9B
Share repurchases	-718M	-231M	-432M	-543M	-751.8M	-567.8M	-125M	-1.5B	-304M	0	-2.3B	-321M
Financing cash flow	-2.5B	-961M	-522M	-3.2B	611.8M	-275M	-1.4B	-4.9B	-628M	-1.2B	-2.8B	-4.9B
Net change in cash	-3.6B	-217M	1.8B	-698M	3.1B	363.6M	2.8B	-2.5B	838M	-36M	1.6B	-3.5B
Free cash flow	942M	1.8B	2.6B	1.2B	1.4B	-966.8M	3.6B	2.4B	1.3B	1.1B	3.3B	3B

SAP SE Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement