Sage earnings: guidance and results
Sage's next results are expected on November 19, 2026. Watch whether growth comes with profitability, and whether it funds investment and margin improvement.
What has Sage guided for FY26?
Sage’s share price could be broadly flat through October 2029; the outcome hinges on durable Intacct growth, successful migrations, cash conversion and manageable debt. Management guides to FY26 organic revenue growth above 9% and targets medium-term net debt to underlying EBITDA of 1.0–2.0x.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Organic total revenue growth | Year to Sep 2026 | 9.0% | Jul 29, 2026 | |
| Net debt to underlying EBITDA | Medium term | 1.0x | 2.0x | May 21, 2026 |
What this means. The 9.0% revenue growth figure is a minimum, not a prediction that growth will be exactly 9.0%.
Has Sage kept its past promises?
Management promised at least 9% organic revenue growth for FY2025, excluding acquisition effects. Sage delivered that growth, and its underlying operating margin rose from 22.4% to 23.9%. Hare nevertheless earned 48.9% of the available annual bonus, showing that meeting public guidance and reaching every incentive target are separate tests.
What has Sage shown in the last eight reported periods?
The 29 July 2026 trading update covered the nine months to June. Third-quarter revenue was £699m against £627m on the comparable basis. Constant-currency growth including acquisitions was 12%.
The latest complete profit figures cover the six months to March 2026. Revenue rose from £1,242m to £1,363m. Operating income rose from £255m to £293m, while operating margin increased from 20.5% to 21.5%. Gross margin edged down from 92.8% to 92.4%, so the improvement again came below gross profit.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,363 | 1,271 | 1,242 | 1,180 | 1,152 | 1,097 | 1,087 | 1,013 |
| Gross margin | 92.4% | 92.7% | 92.8% | 92.7% | 92.9% | 92.7% | 93.0% | 93.1% |
| Operating income | 293 | 275 | 255 | 237 | 215 | 158 | 157 | 163 |
| Net income | 196 | 189 | 180 | 167 | 156 | 111 | 100 | 108 |
| EPS, diluted | 20.41 | 19.30 | 17.86 | 16.52 | 15.03 | 10.77 | 9.66 | 10.49 |
What this means. Interest paid is shown as zero because it has already been taken out of cash from operations, so it is not subtracted a second time.
What should you watch in Sage's next results?
Investors should first compare delivery with the growth guidance, then read the FY27 outlook. The important combination is growth with profitability: are customers buying enough software to fund both investment and margin improvement? A profit beat caused by postponing necessary work would be weaker than one produced by stronger demand and cheaper delivery.