SAP (SAP) Stock Analysis: Company Overview & Financials

SAP SE (NYSE: SAP) is a Walldorf, Germany-based enterprise application software company whose products span ERP (SAP S/4HANA), human capital management, spend management, customer experience, its business technology platform and Qualtrics experience-management software. This page profiles the listed company and its New York Stock Exchange American depositary receipts (ADRs): it brings together TradingView market widgets, financial reference data taken from SAP’s SEC filings, and a dated, clearly labelled third-party Shariah-screening snapshot for research purposes. SAP reports in euros (€) under IFRS Accounting Standards as issued by the IASB and its fiscal year is the calendar year. Its ordinary shares are listed on the Frankfurt Stock Exchange and are a member of Germany’s DAX; each ADR represents one ordinary share, and this NYSE page covers the ADR listing of a foreign private issuer. Widgets update dynamically; the tables and screening notes are static and carry their own reporting periods and dates. For sector context see SaGeminieTech’s SaaS & Software hub, the Enterprise Software Guide and the NYSE hub.

SAP SE (SAP) Symbol Information

SAP’s American depositary receipts trade on the New York Stock Exchange (NYSE) under the ticker symbol SAP, while its ordinary shares trade on the Frankfurt Stock Exchange; each ADR represents one ordinary share. The panel below summarizes the current symbol — price, exchange and identifying details — as a quick reference before reviewing deeper fundamentals and charts.

SAP Advanced Stock Chart

The interactive chart below displays SAP price and volume history across time intervals from intraday to multi-year views. Developments that SAP’s own filings highlight include current cloud backlog of €22.9 billion at June 30, 2026, up 27% year over year, continued double-digit cloud revenue growth, and a proposed 2025 dividend of €2.50 per ordinary share (an estimated total of €2,919 million). Currency movements between the euro and the U.S. dollar, cloud-transition progress, competitive pressure and macroeconomic conditions in SAP’s largest markets can also influence sentiment, so price history is one input among several and should be read alongside fundamentals. See also SaGeminieTech’s Artificial Intelligence hub.

SAP SE Financial Statements and Fundamentals

Key figures worth examining for SAP include total revenue and its cloud mix, gross and operating margin, cash generation and shareholder returns. In 2025 total revenue was €36,800 million, up from €34,176 million in 2024 and €31,207 million in 2023; gross profit was €26,814 million and operating profit was €9,617 million, up from €4,665 million in 2024, a year that included a €3,144 million restructuring charge (20-F). Cloud revenue was €21,023 million, or 57.1% of 2025 total revenue, up from €17,141 million in 2024 (calculated share). Net cash flows from operating activities were €9,156 million and free cash flow was €8,239 million in 2025 (20-F).

The most recent interim statements cover the six months ended June 30, 2026. Second-quarter total revenue was €9,878 million versus €9,027 million a year earlier, up 9.4% (calculated), and operating profit was €2,643 million; current cloud backlog reached €22,929 million, up 27% year over year as reported. For the year ended December 31, 2025 the Executive Board intends to propose a dividend of €2.50 per share, an estimated total of €2,919 million, from SAP SE’s profits (20-F). Group liquidity was €9,531 million and financial debt was €6,150 million at December 31, 2025, for net liquidity of €3,381 million (20-F).

SAP reported financial figures — IFRS, € millions, years ended December 31
Metric	2023	2024	2025
Total revenue (reported)	31,207	34,176	36,800
Gross profit (reported)	22,534	24,932	26,814
Operating profit (reported)	5,799	4,665	9,617
Profit before tax (reported)	5,341	4,764	10,270
Income tax expense (reported)	-1,741	-1,614	-2,944
Profit after tax from continuing operations (reported)	3,600	3,150	7,326
Profit after tax from continuing operations, attributable to owners of parent (reported)	3,634	3,124	7,161
Earnings per share, basic, from continuing operations, € (reported)	3.11	2.68	6.14
Net cash flows from operating activities, continuing operations (reported)	—	5,207	9,156
Free cash flow (reported: operating cash flow less net capex and lease payments)	—	4,222	8,239
Gross margin (calculated: gross profit ÷ total revenue)	72.2%	73.0%	72.9%
Operating margin (calculated: operating profit ÷ total revenue)	18.6%	13.6%	26.1%

Source: SAP Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (SEC filing, filed 2026-02-26), Consolidated Income Statements. SAP reports in euros under IFRS Accounting Standards as issued by the IASB. 2023 also included a €2,363 million profit after tax from discontinued operations (attributable to owners of parent: €2,505 million after a €175 million minority share adjustment against the continuing-operations minority figure), taking 2023 total profit after tax to €5,964 million (€6,139 million attributable to owners) and basic EPS including discontinued operations to €5.26; this reflects SAP’s 2023 deconsolidation of its majority stake in Qualtrics and is excluded from the continuing-operations rows above for comparability with 2024 and 2025, which had no discontinued operations. Free cash flow and operating cash flow are not available on a continuing-operations basis for 2023 from the tables read for this page. Rows marked “calculated” are derived by SaGeminieTech from the reported inputs shown. Figures are in millions of euros except per-share amounts.

SAP interim results — IFRS, € millions, quarter and six months ended June 30, 2026 (unaudited)
Line item	Q2 2026	Q2 2025	H1 2026	H1 2025
Total revenue	9,878	9,027	19,432	18,040
Cloud revenue	6,281	5,130	—	—
Gross profit	7,228	6,620	14,201	13,226
Operating profit	2,643	2,456	5,383	4,789
Profit after tax	2,209	1,749	4,155	3,545
Total revenue growth, year over year (calculated)	9.4%	—	7.7%	—
Gross margin (calculated)	73.2%	73.3%	73.1%	73.3%
Operating margin (calculated)	26.8%	27.2%	27.7%	26.5%

Source: SAP’s Quarterly Statement Q2 2026 (Exhibit 99.1 to Form 6-K, filed 2026-07-28) and Half-Year Report (Exhibit 99.2 to the same Form 6-K), both furnished under IFRS (unaudited). Current cloud backlog — contractually committed cloud revenue expected to be recognized over the next 12 months — was €22,929 million at June 30, 2026, up 27% year over year as reported.

SAP SE Company Profile and Business Model

SAP says it is a global company, founded in 1972, whose integrated applications aim to connect finance, procurement, HR, supply chain and customer-experience operations into an intelligent suite on a cloud platform, replacing process-driven legacy systems. The 20-F states the SAP Group employed more than 110,000 people as of December 31, 2025, and that the company is a member of Germany’s DAX and TecDAX indices. Its principal products include SAP S/4HANA, SAP SuccessFactors, intelligent spend management (including SAP Ariba and SAP Fieldglass), customer-experience software, its business technology platform, business network offerings, industry-cloud solutions and Qualtrics experience management.

SAP measures cloud revenue (SaaS, PaaS and IaaS fees), cloud and software revenue (adding software license and support revenue), and current cloud backlog — contractually committed cloud revenue expected to be recognized over the next 12 months, which it treats as an indicator of new-business and renewal momentum. By region, EMEA was the largest at €17,025 million of 2025 revenue, followed by Americas at €14,499 million and APJ at €5,276 million (20-F); within EMEA, Germany was €5,828 million, and within Americas, the United States was €11,537 million.

Christian Klein has served as Chief Executive Officer since 2018, and Dominik Asam serves as Chief Financial Officer, per the 20-F’s executive-officer disclosure. Because SAP is a foreign private issuer, it files an annual report on Form 20-F and furnishes interim information on Form 6-K rather than filing Forms 10-K and 10-Q. This section profiles the listed company; for how SAP’s product and category fit into the wider software landscape, see SaGeminieTech’s Enterprise Software Guide.

SAP revenue mix — IFRS, € millions, years ended December 31
Revenue stream	2025	2024	2023	Share of 2025 (calculated)
Cloud revenue	21,023	17,141	13,664	57.1%
Cloud and software revenue	32,538	29,830	26,924	88.4%
Services revenue (calculated: total revenue less cloud and software revenue)	4,262	4,346	4,283	11.6%
Total revenue	36,800	34,176	31,207	100.0%

Source: 20-F, Non-IFRS revenue reconciliation and Item 5 (filing). Cloud revenue is derived from SaaS, PaaS and IaaS fees; cloud and software revenue adds software license and software support revenue. Services revenue is a SaGeminieTech calculation, not a company-reported line.

SAP total revenue by region — IFRS, € millions, years ended December 31
Region	2025	2024	2023	Share of 2025 (calculated)
EMEA	17,025	15,575	14,004	46.3%
Americas	14,499	13,808	12,762	39.4%
APJ	5,276	4,793	4,441	14.3%
SAP Group	36,800	34,176	31,207	100.0%

Source: 20-F, Segment Information note (filing). EMEA is Europe, Middle East and Africa; APJ is Asia Pacific Japan. Within EMEA, Germany (SAP’s home market) was €5,828 million of 2025 revenue; within Americas, the United States was €11,537 million.

SAP SE Historical Stock-Price Overview

The overview below covers SAP price and percentage change across several date ranges, with volume and moving-average context. SAP’s reported total revenue rose from €31,207 million in 2023 to €36,800 million in 2025 (table above), while operating profit rose from a 2024 level depressed by a large restructuring charge to €9,617 million in 2025 (reported). Price history is best interpreted alongside those developments, the ADR structure and currency effects, rather than in isolation.

SAP SE Shariah Compliance Snapshot

The snapshot below reflects third-party Shariah screening for SAP based on AAOIFI-derived methodology, as reported by two providers, Zoya and Musaffa. Both public pages were read on 2026-09-22. Screening results change as market capitalization, debt, cash and non-permissible income change — treat this as a starting reference, not a permanent certification. Neither provider’s screen is an AAOIFI certification, and each applies its own thresholds.

Current StatusScreened as Shariah-compliant by Zoya (AAOIFI standard; last updated September 2026) and as HALAL with a C- rating by Musaffa (AAOIFI-based methodology; last updated August 1, 2026, 2026 Q2 report). The two sources agree as of 2026-09-22 — independent current verification required

Debt / Market CapManual verification required (not disclosed on either provider’s public page). For reference, SAP’s 20-F reports financial debt of €6,150 million at December 31, 2025, against group liquidity of €9,531 million (net liquidity of €3,381 million) — re-verify the latest status before relying on it

Cash + Securities / Market CapManual verification required (not disclosed on either provider’s public page). For reference, cash and cash equivalents were €8,220 million at December 31, 2025

Non-Permissible IncomeZoya reports revenue of €36,800,000,000 and interest income of €1,835,578,000 for the fiscal year ended December 31, 2025, stating interest income is 4.99% of the combined total — close to the 5% threshold commonly applied under AAOIFI-based screens, so this ratio deserves independent verification before relying on the compliance status

Screening BasisAAOIFI Standard (per Zoya’s and Musaffa’s stated methodologies)

Last ReviewedZoya last updated September 2026 (cites the fiscal year ended December 31, 2025); Musaffa last updated August 1, 2026 (2026 Q2 report). The two providers may use different reporting periods. Both pages were read on 2026-09-22; figures were not independently re-verified on this page

Shariah compliance can change when market capitalization, debt, cash, interest-bearing assets or non-permissible income changes. This snapshot reflects two third-party providers (Zoya and Musaffa) and is not a permanent certification. Confirm the latest status through Zoya’s Shariah screening, Musaffa’s Shariah screening or a qualified Shariah adviser before making an investment decision. For general screening context see SaGeminieTech’s halal stocks guide.

Key Investor Considerations for SAP SE

Potential Strengths

Total revenue of €36,800 million in 2025, up from €34,176 million in 2024, and €9,878 million in the second quarter of 2026, up 9.4% year over year (company-reported and calculated)
Cloud revenue of €21,023 million in 2025, 57.1% of total revenue and up from €17,141 million in 2024 (calculated share)
Current cloud backlog of €22,929 million at June 30, 2026, up 27% year over year as reported, an indicator of committed future cloud revenue
Net cash flows from operating activities of €9,156 million and free cash flow of €8,239 million in 2025 (reported)
A proposed 2025 dividend of €2.50 per share, an estimated total of €2,919 million, and net liquidity (cash and investments less financial debt) of €3,381 million at December 31, 2025

Material Risks

Currency exposure: SAP reports in euros while a large share of revenue is earned outside the eurozone (Americas alone were €14,499 million of 2025 revenue), so euro/U.S.-dollar and other exchange-rate movements affect reported growth
Global economic and political environment: the 20-F lists uncertainty in the global economy, financial markets, and state-based conflicts or international hostilities among its principal risk factors
International laws and regulations: the 20-F says stringent and sometimes conflicting laws, regulatory requirements and standards in the EU, Germany, the United States and elsewhere expose SAP to compliance risk
Cybersecurity and cloud operations: the 20-F lists cyberattacks, security vulnerabilities and the risk of being unable to properly protect critical information, cloud offerings and infrastructure among its risks
Competition and innovation: the 20-F says market share and profit could decline due to increased competition, market consolidation, technological innovation and new business models in the software industry
Foreign-issuer and ADR considerations: results are reported in euros under IFRS, dividends are declared in euros, and ADR holders should read the deposit agreement’s currency, tax and withholding terms in the filings

Frequently Asked Questions

What does SAP do?

SAP develops enterprise application software, including its SAP S/4HANA ERP suite, human capital management, spend management, customer-experience software, its business technology platform and Qualtrics experience management, according to its 2025 Form 20-F.

On which exchanges is SAP listed?

SAP’s ordinary shares trade on the Frankfurt Stock Exchange and are a member of Germany’s DAX index, while its American depositary receipts trade on the New York Stock Exchange under the ticker SAP; each ADR represents one ordinary share.

What currency and fiscal year does SAP report in?

SAP reports in euros and its fiscal year is the calendar year. Its annual report follows IFRS Accounting Standards as issued by the IASB; interim statements furnished on Form 6-K also follow IFRS.

What share of SAP’s revenue is cloud revenue?

Cloud revenue was €21,023 million in 2025, 57.1% of total revenue of €36,800 million (calculated). Adding software license and support revenue, cloud and software revenue was 88.4% of 2025 total revenue.

Does SAP pay dividends?

For the year ended December 31, 2025, SAP SE’s Executive Board intends to propose a dividend of €2.50 per share, an estimated total of €2,919 million, subject to shareholder approval at the Annual General Meeting. SAP’s dividend policy targets at least 40% of the Group’s non-IFRS profit after tax from continuing operations. Confirm current terms on SAP’s investor relations page.

Is SAP a U.S. company?

No. SAP SE is headquartered in Walldorf, Germany. It is a foreign private issuer, so it files annual reports on Form 20-F and furnishes interim information on Form 6-K with the SEC, and its ADRs are listed on the NYSE.

Is SAP stock currently Shariah compliant?

Zoya screens SAP as Shariah-compliant (last updated September 2026) and Musaffa classifies it as HALAL with a C- rating (last updated August 1, 2026), both under AAOIFI-based methodologies. Zoya’s own figures put interest income at 4.99% of SAP’s combined revenue and interest income, close to the 5% threshold commonly used in AAOIFI-based screens, so check a current, named screening source before relying on any compliance status.

Conclusion

SAP is a large enterprise-software company whose 2025 total revenue of €36,800 million and cloud revenue of €21,023 million (57.1% of the total, calculated) reflect continued progress in its cloud transition, and whose second-quarter 2026 revenue rose 9.4% year over year (calculated) with current cloud backlog up 27%. That profile is balanced against currency exposure between the euro and the markets where SAP earns revenue, the stringent and sometimes conflicting international regulatory environment the company describes, cybersecurity and cloud-operations risk, intense competition in enterprise software, and the complexities of a foreign private issuer reporting in euros with ADRs quoted in U.S. dollars. The tools on this page — charts, financials, technical indicators and news — support ongoing research into SAP, but they do not replace a review of its official filings or independent financial, legal, tax or Shariah advice.

This page is informational and is not investment advice, a recommendation to buy, sell or hold any security, or a prediction of future returns. See SaGeminieTech’s Disclaimer.

SAP SE (SAP) – Company Overview, Business Model & Stock Analysis