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SAP Quarterly Statement Q3 2026

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Current cloud backlog of €24.1 billion, up 28% and up 26% at constant currenciesCloud revenue up 26% and up 25% at constant currenciesCloud ERP Suite revenue up 29% and up 28% at constant currenciesTotal revenue up 13% and up 12% at constant currenciesIFRS operating profit up 18%, non-IFRS operating profit up 18%, both at nominal and constant currenciesSAP updates its 2026 cloud revenue and cloud and software revenue outlook

Christian Klein, CEO:
Q3 was an outstanding quarter, with current cloud backlog up 26% at constant currencies. Our Autonomous Enterprise strategy is not just resonating, it is being adopted. Our customers are investing in the technology behind it – from the cloud and data foundation to our Business AI. They see that Joule Work makes the business case for their transformation more attractive than ever.

Dominik Asam, CFO:
For the first time, SAP crossed €10 billion in total quarterly revenue and €3 billion of non-IFRS operating profit, reflecting the strength and scalability of our business model. Our disciplined approach to cost management, paired with continued cloud momentum, demonstrates our ability to grow both the top and bottom line at the same time.

WALLDORF, Germany, Oct. 21, 2026 /PRNewswire/ — SAP SE (NYSE: SAP) announced today its financial results for the third quarter ended September 30, 2026.

 

Group Results at a Glance

Third quarter 2026

IFRS

Non-IFRS1

€ million, unless otherwise stated

Q3 2026

Q3 2025

∆ in %

Q3 2026

Q3 2025

∆ in %

∆ in % const. 
curr.

Current cloud backlog

24,144

18,839

28

26

SaaS/PaaS2

6,612

5,212

27

6,612

5,212

27

26

Thereof Cloud ERP Suite2

5,924

4,586

29

5,924

4,586

29

28

Thereof Extension Suite2

688

627

10

688

627

10

8

IaaS2

56

78

–27

56

78

–27

–27

Cloud revenue

6,668

5,290

26

6,668

5,290

26

25

Software licenses revenue

147

161

–9

147

161

–9

–9

Software support revenue

2,434

2,565

–5

2,434

2,565

–5

–6

Cloud and software revenue

9,249

8,016

15

9,249

8,016

15

14

Services Revenue

1,021

1,060

–4

1,021

1,060

–4

–5

Total revenue

10,270

9,076

13

10,270

9,076

13

12

Cloud gross profit

4,930

3,948

25

4,956

3,972

25

24

Cloud gross margin (in %)

73.9

74.6

–0.7pp

74.3

75.1

–0.8pp

–0.7pp

Gross profit

7,510

6,671

13

7,543

6,696

13

12

Gross margin (in %)

73.1

73.5

–0.4pp

73.4

73.8

–0.3pp

–0.3pp

Operating profit (loss)

2,930

2,487

18

3,030

2,566

18

18

Operating margin (in %)

28.5

27.4

1.1pp

29.5

28.3

1.2pp

1.5pp

Profit (loss) after tax

2,269

2,051

11

2,171

1,852

17

Earnings per share – Basic (in €)

1.96

1.72

14

1.89

1.59

19

Net cash flows from operating activities

1,920

1,502

28

Free cash flow

1,718

1,266

36

1 For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in the Quarterly Statement.
2 For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1).

 

Nine months ended September 2026

IFRS

Non-IFRS1

€ million, unless otherwise stated

Q1–Q3

2026

Q1–Q3

2025

∆ in %

Q1–Q3

2026

Q1–Q3

2025

∆ in %

∆ in % const.
curr.

Current cloud backlog

24,144

18,839

28

26

SaaS/PaaS2

18,724

15,148

24

18,724

15,148

24

26

Thereof Cloud ERP Suite2

16,662

13,258

26

16,662

13,258

26

28

Thereof Extension Suite2

2,062

1,889

9

2,062

1,889

9

11

IaaS2

187

266

–29

187

266

–29

–28

Cloud revenue

18,911

15,413

23

18,911

15,413

23

25

Software licenses revenue

395

538

–27

395

538

–27

–26

Software support revenue

7,342

7,969

–8

7,342

7,969

–8

–6

Cloud and software revenue

26,648

23,920

11

26,648

23,920

11

14

Services Revenue

3,055

3,196

–4

3,055

3,196

–4

–3

Total revenue

29,703

27,116

10

29,703

27,116

10

12

Cloud gross profit

14,044

11,501

22

14,124

11,573

22

25

Cloud gross margin (in %)

74.3

74.6

–0.4pp

74.7

75.1

–0.4pp

–0.5pp

Gross profit

21,710

19,898

9

21,806

19,971

9

11

Gross margin (in %)

73.1

73.4

–0.3pp

73.4

73.6

–0.2pp

–0.3pp

Operating profit (loss)

8,313

7,276

14

8,639

7,590

14

17

Operating margin (in %)

28.0

26.8

1.2pp

29.1

28.0

1.1pp

1.3pp

Profit (loss) after tax

6,424

5,596

15

6,001

5,280

14

Earnings per share – Basic (in €)

5.50

4.70

17

5.20

4.53

15

Net cash flows from operating activities

8,586

7,859

9

Free cash flow

7,968

7,205

11

1 For a breakdown of the individual adjustments see table Non-IFRS Operating Expense Adjustments by Functional Areas in the Quarterly Statement.
2 For a definition of Cloud ERP Suite and Extension Suite, see the Performance Management System chapter in the 2025 Integrated Report. For an Explanation of IaaS, SaaS, and PaaS, see the Notes to the Consolidated Financial Statements of the Integrated Report 2025, Note (A.1).

 

Supplementary Information[1]

Financial Results

Cloud revenue growth was positively impacted by several quarter-specific effects, mainly a multi-quarter revenue catch-up from customers returning from financial distress.

Total revenue in the third quarter included a contribution of €49 million from the acquisitions of Reltio, Dremio, and Prior Labs.

IFRS and non-IFRS operating profit included a negative contribution of €59 million and €39 million, respectively, from the aforementioned acquisitions. In addition, IFRS and non-IFRS operating profit growth benefited from prior year negative impacts of €0.1 billion each from a change in case law affecting SAP’s other tax litigation and from a workforce transformation, both recorded in the third quarter of 2025.

Share Repurchase Program

In January 2026, SAP announced a new share repurchase program with an aggregate volume of up to €10 billion and a term until December 31, 2027. As of September 30, 2026, SAP had repurchased 25,205,983 shares at an average price of €164.79 resulting in a purchased volume of approximately €4.2 billion under the program.

Outlook

Financial Outlook

For 2026, SAP is updating its cloud revenue and cloud and software revenue outlook and now expects:

To generate cloud revenue towards the upper end of the outlook range of €25.8 – 26.2 billion at constant currencies
(2025: €21.02 billion), up 23% to 25% at constant currencies.To generate cloud and software revenue towards the upper end of the outlook range of €36.3 – 36.8 billion at constant currencies (2025: €32.54 billion), up 12% to 13% at constant currencies.

SAP continues to expect:

€11.8 – 12.2 billion operating profit (non-IFRS) at constant currencies (2025: €10.42 billion), up 13% to 17% at constant currencies.Approximately €10 billion free cash flow at actual currencies (2025: €8.24 billion).An effective tax rate (non-IFRS) of approximately 29% (2025: 30.5%)[2].Constant currencies current cloud backlog growth to slightly decelerate (2025: 25%).

SAP further expects:

Constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.Total operating expenses (non-IFRS) to grow at 80% to 90% of total revenue growth in 2027.Constant currencies software support revenue decline rate to accelerate in the coming years as a consequence of an acceleration of customers transforming to the cloud.

SAP’s current cloud backlog outlook for full-year 2026 is based on the assumption of a stable macroeconomic environment in the fourth quarter.

 

While SAP’s 2026 financial outlook for the income statement parameters is at constant currencies (including an average exchange rate of 1.13 USD per EUR), actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below.

Currency Impact Assuming September 30, 2026 Rates Apply for 2026

In percentage points

Q4 2026

FY 2026

Cloud revenue growth

2.0pp

-1.5pp

Cloud and software revenue growth

1.5pp

-1.0pp

Operating profit growth (non-IFRS)

1.0pp

-2.0pp

This includes an exchange rate of 1.14 USD per EUR.

 

Non-Financial Outlook

For 2026, SAP continues to expect:

Cloud Customer Satisfaction (Cloud CSAT) to be in a range of 75% to 76% (2025: 75%).The Employee Engagement Index to be in a range of 74% to 78% (2025: 76%).The Business Health Culture Index (BHCI) to be in a range of 80% to 82% (2025: 81%).To steadily decrease carbon emissions across the relevant value chain (2025: 3.6 Mt).

 

Business Highlights

In the third quarter, customers around the globe continued to choose the “RISE with SAP” journey. These customers included: AstraZeneca, Aydem Enerji, Banco Bilbao, Fairstone Bank of Canada, Grupo SBF, Infineon Technologies, Nagel Group Logistics, and NTN Corporation.

A5X, Bitzer, BLACKROLL, Greenbrier Maxion (GBMX), Krannich Solar Group, Petroplus, Rittal, and SUZHOU ELE.MFG chose “SAP GROW”.

Austrian Post (Österreichische Post), Commerz Real, Decathlon, Fraport, Henkel, MAN INDUSTRIES LIMITED, and Toyota Motor Philippines Corporation chose SAP’s AI and data solutions.

Key customer wins across SAP’s solution portfolio included: Chery Automobile, DOUGLAS Group, Helvetia Holding, Kao Corporation, NTT DATA, Tauranga City Council, and Wipro.

Bertelsmann, Eldorado Brasil, enersuisse, HUGO BOSS, Infineum, Infosys, Mondelez, Panasonic, Roche, and Thalia Bücher went live on SAP solutions in the third quarter.

In the third quarter, SAP’s cloud revenue performance was particularly strong in APJ and EMEA and solid in the Americas region. Brazil, France, Germany, Italy, India, South Korea and Spain had outstanding performance, while Switzerland, the United Kingdom and the U.S. were particularly strong.

On July 6, SAP announced that it has completed the acquisition of Dremio, an open, high-performance data lakehouse platform.

On July 17, SAP announced that it has completed the acquisition of Prior Labs, the pioneer of Tabular Foundation Models (TFMs).

On October 6, SAP showcased the Autonomous Enterprise in action at SAP Connect, demonstrating how Joule Work and Joule Assistants generate value for customers across every line of business.
In addition, SAP announced that they entered into an agreement for SAP to acquire TechWolf, a provider of a leading AI work intelligence platform.

Additional Information

This quarterly statement and all information therein are preliminary and unaudited. Due to rounding, numbers may not add up precisely. The Q3 2026 Quarterly Statement can be downloaded from: https://www.sap.com/docs/download/investors/2026/sap-2026-q3-statement.pdf.

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/en/financial-documents-and-events/reporting-framework.html.

Webcast
SAP senior management will host a financial analyst conference call on Wednesday, October 21st 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 third 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 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 2025 Annual Report on Form 20-F.

© 2026 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 Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices.

[1] The Q3 2026 results were also impacted by other effects. For details, please refer to the disclosures on page 21 of the 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).

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SOURCE SAP SE

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Hexaware Hosts Greater Manchester and West Yorkshire Mayoral Delegation, Deepens Partnership with University of Leeds

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Part of the Great North Mayoral Delegation’s visit to India, discussions focused on Hexaware’s UK expansion and planned R&D centers in Leeds and Manchester

MUMBAI, India, Oct. 23, 2026 /PRNewswire/ — Hexaware Technologies (NSE: HEXT), an AI-first digital and IT services company, hosted a delegation led by Tracy Brabin, Mayor of West Yorkshire, and Bev Craig, Mayor of Greater Manchester, as part of The Great North’s first joint mayoral-led trade mission to India

Hexaware met with Tracy Brabin and delegates from West Yorkshire at its Mumbai office to discuss the company’s UK investment plans, regional employment, and opportunities for technology collaboration across the North of England.

During the visit, Hexaware and the University of Leeds discussed their agreement to strengthen industry–academic collaboration through research, knowledge sharing, and experiential learning opportunities for students.

Earlier in the mission, on October 14 in Bengaluru, Hexaware leaders met Bev Craig, Mayor of Greater Manchester, together with representatives of the British Deputy High Commission and the Invest Manchester team, to discuss Hexaware’s investment in the city region.

Hexaware announced that it will create hundreds of jobs and invest £9 million in a new Design and Innovation Centre at Manchester’s innovation district, SISTER, delivered in collaboration with the University of Manchester. By establishing a base at SISTER, Hexaware will have access to Europe’s largest clinical academic campus on Manchester’s Oxford Road Corridor and a rapidly expanding digital and tech ecosystem within the city.

The visits follow Hexaware’s June 2026 announcement of a £25 million UK expansion, expected to create approximately 1,200 jobs over three to five years across Manchester, Leeds, and Birmingham, including 420 in Manchester and 240 in Leeds. Plans include proposed R&D centers in Manchester and Leeds, with Newcastle also under consideration as a potential future location, given the region’s strong university talent pool and proximity to Scotland.

Parameshwaran Iyer, Executive Vice President & Head – Europe, Hexaware, said, “The North of England is an important part of our UK growth plans. Our investment goes into developing technology capabilities and recruiting graduates from the region’s universities, training them to work with enterprise and public-sector customers. Our new agreement with the University of Leeds will strengthen this pipeline, giving us closer access to graduate talent as we grow our presence in the region. We see considerable potential in the talent and expertise available across these cities.”

Bev Craig, Mayor of Greater Manchester, said, “Greater Manchester has established strengths in healthcare, life sciences, and AI, supported by close cooperation between universities, researchers, and industry. We welcome Hexaware’s plans for Manchester and the opportunities they present for investment, innovation, and employment in these sectors.”

Tracy Brabin, Mayor of West Yorkshire, said, “It was great to visit Hexaware’s headquarters in Mumbai and hear first-hand about the company’s ambitious plans for growth in the UK. Their investment in Leeds and the creation of hundreds of new jobs is fantastic news for West Yorkshire and a strong vote of confidence in our region. Trade missions like this give us the opportunity to meet decision-makers directly, strengthen international relationships and explore how businesses like Hexaware can deepen their links with West Yorkshire to create a stronger, better-off region that works for all.” 

Glenn McCauley, Head of Proposition Development at the University of Leeds, said, “We were delighted to join this Great North Mayoral Delegation to India and to discuss with Hexaware leadership and with the Mayor of West Yorkshire how the University of Leeds’ agreement with Hexaware can be a catalyst to drive economic growth in our region.”

India and the North of England are connected above all through people, with more than 81,000 people of Indian heritage living in Yorkshire and the Humber, and 50,000 people of Indian diaspora in Greater Manchester. Thousands of Indian students also choose universities in the two regions every year. Increasingly, Indian companies are also among the region’s investors and employers. The India–UK Comprehensive Economic and Trade Agreement (CETA), in force since July 2026, alongside The Great North’s investment initiatives, gives that relationship fresh momentum.

Hexaware will continue discussions with regional partners on its proposed R&D facilities, graduate recruitment, and technology partnerships across the North of England, drawing on Leeds’ strengths in digital engineering, data science, robotics, fintech, and technology-enabled care, and Manchester’s strengths in healthcare, life sciences, cyber, and AI.

About Hexaware

Hexaware is a global technology and business process services company. Every day, Hexawarians wake up with a singular purpose: to create smiles through great people and technology. With offices across the world, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes. Learn more about Hexaware at https://hexaware.com.

 

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Fosun Wealth Opens Its First Private Wealth Center in Hong Kong at Harbour City, Tsim Sha Tsui

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Appointment-Only Center for High-Net-Worth Clients, Partnering with Fosun Wealth IFA to Expand Wealth Management Capabilities

HONG KONG, Oct. 23, 2026 /PRNewswire/ — Fosun Wealth International Holdings Limited (“Fosun Wealth”) announced the official opening of its first Private Wealth Center on the 23rd floor of Prudential Tower, at The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong. The center provides a dedicated offline space for meetings and wealth planning in Hong Kong, exclusively tailored for high-net-worth clients. Visits are by appointment only, and the center operates in partnership with Fosun Wealth IFA (Independent Financial Advisor), supporting clients from initial discussions and tailored proposals through to signing and implementation.

The opening ceremony, themed “A Starry New Chapter on Victoria Harbour”, brought together business partners from fund, asset management and insurance industries in Hong Kong to celebrate the occasion.

Expanding amid Industry Growth to Address Clients’ Demand for Long-Term Advice

The opening comes as Hong Kong’s wealth management sector continues to expand. According to the Securities and Futures Commission of Hong Kong, as of the end of 2025, total assets under management (AUM) in Hong Kong jumped 20% year-on-year (YoY) to a record high of HK$42.2 trillion. Among the major segments, AUM of private banking and private wealth management business increased by an impressive 24% YoY to HK$12.9 trillion. At the same time, client expectations have shifted. High-net-worth individuals are increasingly looking beyond fragmented, one-off product recommendations and seeking professional institutions that can deliver cross-market and multi-generational support over the long term.

The center’s location in Harbour City offers views across Victoria Harbour and a calm, private setting. It features four dedicated meeting rooms, with each client received by a relationship manager throughout their visit to allow for in-depth discussions in a confidential environment. In addition to client meetings and document signing, the center will also host smaller, focused sessions to help clients better capture opportunities in Hong Kong’s wealth management market.

Strengthening Collaboration with Fosun Wealth IFA to Enrich Service Matrix

The Private Wealth Center will also serve as a working base for Fosun Wealth IFA, supporting professional discussions and the review of more complex cases. Launched by Fosun Wealth in 2025, Fosun Wealth IFA is Hong Kong’s first one-stop platform for independent financial advisors (IFAs) to establish and grow their practices. It has already built a team of nearly 500 advisors. Built on a compliant licensing framework, the platform integrates diversified financial products, AI-powered tools and structured trainings, supporting advisors from licensing through ongoing professional development to independent practice. The goal is to help raise standards and professionalism across Hong Kong IFA industry.

Fosun Wealth subsidiaries hold securities and insurance brokerage licenses. Under strict compliance, they provide access to insurance, securities, asset management, and corporate financing services. Fosun Wealth has also established partnerships with numerous leading fund houses, asset managers, and insurers, supporting both the Private Wealth Center and the IFA platform.

Cheng Kang, CEO of Fosun Wealth, said: “Hong Kong continues to strengthen its position as an international hub for asset and wealth management, supported by its resilience and openness. This creates a valuable opportunity for us to deepen our presence in the local market. The opening of the Private Wealth Center is more than the launch of a new location—it marks a new chapter in Fosun Wealth’s commitment to serving high-net-worth clients in Hong Kong with a more personal, long-term approach, bringing our ‘warm private wealth stewardship’ to a broader client base. Whether we are serving high-net-worth clients or building a stronger ecosystem for financial advisers, we aim to set a high standard in Hong Kong’s wealth management industry. We will focus on turning our capabilities into lasting value for clients, and work with clients and partners to support the continued growth of the sector.”

About Fosun Wealth International Holdings Limited

Fosun Wealth International Holdings Limited (hereinafter referred to as “Fosun Wealth”) is an AI-driven global one-stop Web5(Web2+Web3) wealth management platform wholly owned by Fosun International Limited (stock code: 656.HK) in Hong Kong. With its solid financial position, Fosun Wealth has obtained various licenses via its subsidiaries, including Type 1, 2, 4, 6, and 9 licenses granted by the Securities and Futures Commission(SFC) of Hong Kong, and an insurance broker license granted by the Insurance Authority(IA) of Hong Kong. Fosun International Securities Limited, a subsidiary of Fosun Wealth, is one of the first batch of brokerages to provide virtual asset dealing service. Fosun Wealth has launched several industry-leading brands, including the Fosun Wealth App, Finloop, FinChain, and Fosun Wealth IFA. For more information, please visit: www.fosunwealth.com.

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SOURCE Fosun Wealth International Holdings Limited

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WOLFX Student Super App Reaches 104 Universities One Month After US Launch

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All-in-one college platform reports 300 percent subscription growth following Arizona campaign 

MELBOURNE, Australia, Oct. 23, 2026 /PRNewswire/ — WOLFX, an all-in-one app designed to help college students thrive academically, socially and financially, has been downloaded by students at 104 universities in 130 cities across the US just one month after its launch in Indiana.

The platform recorded a 300 percent increase in subscriptions following its Rush WOLFX campaign in Arizona. Rush WOLFX is a game of skill that involves college fraternities and sororities putting their business skills to the test to win a $10K prize. 

WOLFX plans to hold six additional Rush competitions at Universities across the country next month.

WOLFX brings together AI-powered study tools, wellness support, a student marketplace and opportunities for student entrepreneurs in a single app, giving students who juggle academic, social and financial pressures one place to manage college life.

“I developed WOLFX to make the lives of college kids better. To see the app being so well received across America gives everyone involved a huge boost,” said Simon Bishop, founder of WOLFX. “As a father, I know college can be a daunting time for students and parents. WOLFX is aimed at easing those fears of loneliness and isolation. I’m so happy WOLFX is making a difference.”

Students say the app is already part of their daily routine.

“This is honestly the only college app you’ll ever need,” said Katie Wolf, a cheerleader at Indiana University. “Whether it’s managing my schedule, working on a business idea or even selling some items on the student marketplace, WOLFX has me covered. This app is a game changer for college students.”

WOLFX Platinum is available for $28.99 per month. WOLFX can be downloaded on iOS and Android.

About WOLFX

WOLFX is a student-focused super app designed to help college students navigate campus life through AI-powered study tools, wellness support, a student marketplace and entrepreneurial opportunities. The platform aims to make college life more connected, manageable and rewarding. WOLFX is available on iOS and Android. Learn more at https://wolfxapp.com/.

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SOURCE WOLFX

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