SAP earnings date and guidance
MyStockButler's October 2026 analysis: SAP's next results are expected on January 28, 2027. Watch whether SAP delivers repeatable cloud growth and cash conversion.
What has SAP guided for the year?
SAP guides 2026 cloud revenue to €25,800–€26,200 million at constant currencies. It guides to non-IFRS operating profit of €11,800–€12,200 million at constant currencies. It targets free cash flow of €10,000 million in actual currencies. For 2027, non-IFRS operating expenses should grow at 80%–90% of total revenue growth.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Cloud revenue (constant currencies) | Year to Dec 2026 | 25,800 | 26,200 | Oct 21, 2026 |
| Operating profit (non-IFRS, constant currencies) | Year to Dec 2026 | 11,800 | 12,200 | Oct 21, 2026 |
| Free cash flow (actual currencies) | Year to Dec 2026 | 10,000 | 10,000 | Oct 21, 2026 |
| Total operating expenses (non-IFRS) growth as share of total revenue growth (in %) | Year to Dec 2027 | 80.0% | 90.0% | Oct 21, 2026 |
What this means. Figures in constant currencies show performance without exchange-rate changes, while figures in actual currencies include the effect of changing exchange rates.
Did SAP keep its guidance promises?
SAP’s selected guidance record is strong but not perfect: across five years and three measures, 14 of 15 outcomes were within or above the original comparable guidance. The record includes a 2022 profit cut after the Ukraine war and weaker licensing, later scope changes after the Qualtrics sale, and a lower cloud outlook in 2025.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Cloud revenue | 5 years | 1 | 4 | 0 |
| Cloud and software revenue | 5 years | 3 | 2 | 0 |
| Operating profit (non-IFRS) | 5 years | 4 | 0 | 1 |
What is SAP's revenue and profit trend?
Cloud grew 26% as reported in Q3 2026. At constant currencies, it grew 25%. Cloud ERP Suite grew faster still, but the remaining business continued to contract. Group gross margin fell to 73.1% from 73.5%, while cloud margin fell to 73.9%. Operating margin nevertheless rose to approximately 28.5%, partly because wider expenses grew more slowly and prior-year costs disappeared.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,270 | 9,878 | 9,555 | 9,684 | 9,076 | 9,027 | 9,013 | 9,377 |
| Operating income | 2,930 | 2,643 | 2,741 | 2,341 | 2,487 | 2,456 | 2,333 | 2,016 |
| Net income | 2,249 | 2,180 | 1,932 | 1,680 | 2,004 | 1,697 | 1,780 | 1,601 |
| EPS, diluted | 1.94 | 1.88 | 1.65 | 1.43 | 1.71 | 1.44 | 1.51 | 1.36 |
What should I watch in SAP's next results?
The January 28, 2027 full-year results should show whether SAP delivered its 2026 guidance and whether management puts numbers behind the expected 2027 acceleration. The March 4 integrated report and April 22 Q1 results should clarify cash collection and profit comparisons, especially because SAP plans additional non-IFRS exclusions for currency effects and tax interest from 2027.
NRR and cash conversion would show whether SAP’s migration is strengthening the customer base rather than merely enlarging the headline.