Summary
Record Quarter for SAP: On October 21, 2026, following the close of trading on Xetra, the company reported a Current Cloud Backlog of 24.14 billion EUR (+28%, +26% on a currency-adjusted basis), revenue of EUR 10.27 billion—marking the first time it has exceeded the EUR 10 billion mark in a single quarter—and non-IFRS operating profit of EUR 3.03 billion (+18%), the first time it has surpassed EUR 3 billion. The stock closed at EUR 201.55 on October 20 and is trading in after-hours trading at EUR 214, about 11% below its 52-week high of EUR 241.30, but about 68% above the year’s low of EUR 127.50 on July 23. For 2026, SAP expects cloud revenue and cloud-and-software revenue to be at the upper end of the ranges; the company has confirmed its operating profit (11.8 to 12.2 billion EUR) and free cash flow (around 10 billion EUR). The catch: According to SAP, cloud growth benefited from a catch-up effect, and with a P/E ratio of 30.2 (10-year average: 38.5), the stock remains highly valued. The average price target prior to the earnings release was EUR 210.39; of the nine firms that provided estimates, six recommend buying the stock.
Key Points
Price: 214 EUR after-hours (Oct. 21, 2026), Xetra close on Oct. 20: EUR 201.55, about 11% below the 52-week high (EUR 241.30) Q3 2026: Revenue: 10.27 billion EUR (+13%), cloud revenue: 6.67 billion EUR (+26%), cloud backlog: 24.14 billion EUR, operating profit: 3.03 billion EUR. 2026 Forecast: Cloud revenue at the upper end of the range of 25.8–26.2 billion EUR, operating profit 11.8–12.2 billion EUR, free cash flow approx. 10 billion EUR One-time effect: Catch-up effect in cloud growth; acquisitions weigh on earnings. Analysts: Average price target of 210.39 EUR (prior to earnings release), Bank of America 226 EUR, Jefferies 220 EUR, UBS: 201 EUR, JPMorgan: 175 EUR Shareholders: Dividend of 2.50 EUR (+6.4%), share buyback of up to 10 billion EUR, P/E ratio 30.2 (10-year average 38.5)Next event: Q4 earnings, date not confirmed
What are the current key metrics for SAP stock?
SAP stock is trading after hours at 214 EUR, about 11% below its 52-week high, with an average price target of 210.39 EUR (prior to the earnings release), a cloud backlog of 24.14 billion EUR (+26% on a currency-adjusted basis), and a dividend yield of approximately 1.2%.
Key FigureValueStatus
After-hours price (XETRA: SAP)
214 EUR
Oct. 21, 2026
Xetra closing price Oct. 21 (calculated)
approx. 208.60 EUR (+3.5% according to market report)
Oct. 21, 2026
Xetra closing price the previous day
201.55 EUR
Oct. 20, 2026
52-week high
241.30 EUR
Oct. 21, 2026
52-week low
127.50 EUR
July 23, 2026
Distance from 52-week high
approx. −11% (at 214 EUR)
October 21, 2026
Difference from 52-week low
approx. +68%
October 21, 2026
Cloud backlog Q3 2026
24.14 billion EUR (+28%, currency-adjusted +26%)
October 21, 2026
Revenue Q3 2026
EUR 10.27 billion (+13%), exceeding EUR 10 billion for the first time
October 21, 2026
Operating Income Q3 (non-IFRS)
EUR 3.03 billion (+18%), margin 29.5%
October 21, 2026
Free Cash Flow Q3 (non-IFRS)
EUR 1.72 billion (+36%)
Oct. 21, 2026
Outlook for 2026
Cloud revenue at the upper end of the range of EUR 25.8–26.2 billion, operating profit of EUR 11.8–12.2 billion, free cash flow of approximately EUR 10 billion
October 21, 2026
Current P/E ratio
30.2, about 22% below the 10-year average
October 21, 2026
Average P/E ratio over the last 10 years
38.5
October 21, 2026
2025 Dividend
2.50 EUR per share (+6.4%), yield approx. 1.2%
May 8, 2026
Share buyback
Up to 10 billion EUR by Dec. 31, 2027; approx. 4.2 billion EUR to date
Sept. 30, 2026
Analyst ratings (9 firms mentioned)
6 Buy, 2 Neutral, 1 Sell
October 2026
Average Price Target (prior to earnings)
210.39 EUR (28 analysts), range 120 to 226 EUR
October 11, 2026
Individual price targets
Bank of America 226 EUR, Jefferies 220 EUR, Goldman 215–230 EUR, Berenberg 205 EUR, UBS 201 EUR, Deutsche Bank 200 EUR, JPMorgan 175 EUR, DZ Bank 120 EUR
July–Oct. 2026
WKN / ISIN / Ticker
716460 / DE0007164600 / SAP
—
Next report (Q4)
Date not confirmed
—
What news is currently driving SAP stock?
The most important news about SAP stock from the past few months at a glance. The extent to which AI expectations are driving software stocks is also shown by the Palantir Aktie:
Date | News | Details | Assessment
Oct. 21, 2026
Q3 Results: Cloud Backlog +26%, Record Quarter
Revenue: 10.27 billion EUR (+13%), Cloud Backlog: 24.14 billion EUR, Operating Profit: 3.03 billion EUR (+18%). 2026 cloud target at the upper end of the range; earnings and cash flow targets confirmed. The stock is trading at EUR 214 in after-hours trading.
Very bullish
October 6, 2026
SAP Connect: Agreement Reached to Acquire TechWolf
At its in-house conference SAP Connect, SAP agreed to acquire TechWolf. The quarterly report does not provide further details on the purchase price.
Watch
September 17, 2026
Berenberg confirms “Buy” rating at EUR 205
Berenberg sees improved sentiment in the software and IT sector and no clear indications that companies are phasing out traditional software in favor of AI. Solid Q3 figures and positive signals for 2027 are expected.
Bullish
End of Aug./Sept. 2026
UBS downgrades to Neutral, target price 201 EUR
UBS downgrades from Buy to Neutral and raises the target price from 164 to 201 EUR. Analyst Michael Briest sees the potential for slower backlog growth in the second half of the year.
Bearish
August 3, 2026
Federal Cartel Office closes proceedings without conditions
The Federal Cartel Office dismisses the antitrust proceedings following a complaint by Celonis. The stock rises 3.5% to 164.94 EUR, while the second share buyback tranche of up to 2.6 billion EUR begins.
Very bullish
July 23–27, 2026
Q2: Cloud backlog +27%, annual low at EUR 127.50
Cloud backlog: EUR 22.9 billion; cloud revenue: +22%; operating profit: EUR 2.74 billion. The earnings forecast is lowered to EUR 11.8–12.2 billion due to the acquisitions of Dremio and Prior Labs. On July 27, the stock jumped 7.3%; CEO Klein purchased shares for EUR 325,219 on July 23.
Bullish
May 5–8, 2026
Dividend of EUR 2.50 (+6.4%)
The annual shareholders’ meeting on May 5 approves a dividend of 2.50 EUR per share; payment is scheduled for May 8. Additionally, the share buyback program is ongoing for up to 10 billion EUR.
Bullish
What does SAP do—and how does the company make its money?
Company Description
The SAP stock (ISIN: DE0007164600, WKN: 716460) represents SAP SE of Walldorf, Europe’s largest software group and the world’s leading provider of enterprise software (ERP). In the third quarter of 2026, SAP generated revenue of EUR 10.27 billion and an operating profit (non-IFRS) of EUR 3.03 billion, with a margin of 29.5%.
How SAP actually makes money:
Cloud: The largest and fastest-growing segment, with revenue of EUR 6.67 billion in the third quarter (+26%), accounting for approximately 65% of consolidated revenue. At its core is the Cloud ERP Suite, with revenue of EUR 5.92 billion (+29%); Airbus opted for “RISE with SAP” with a sovereign cloud model this summer. Software (licenses and maintenance): The traditional business, with revenue of approximately 2.6 billion EUR for the quarter (total cloud and software revenue of 9.25 billion EUR minus cloud revenue, based on our own calculations); this was approximately 5% below the same quarter last year, which was around 2.7 billion EUR (our own calculations). Services: Consulting and implementation, with revenue of approximately €1.0 billion for the quarter (total revenue minus cloud and software, our own calculations). Acquisitions: Reltio, Dremio, and Prior Labs contributed 49 million EUR in revenue in the third quarter and weighed on operating profit; SAP plans to invest more than 1 billion EUR in Prior Labs alone over four years
Fundamental Analysis: How Much Cloud Growth Is Already Priced into SAP’s Stock?
Fundamental Analysis of SAP Stock (as of October 21, 2026)
Cheaper than average, but not cheap: At EUR 214, the P/E ratio stands at 30.2, which is about 22% below the 10-year average of 38.5. The stock is trading about 11% below its 52-week high; the valuation assumes further cloud growth. The extent to which expectations drive the stock price is also illustrated by the Hensoldt Aktie.
Growth and Margins: Revenue rose 13% in the third quarter (12% on a currency-adjusted basis), cloud revenue increased by 26%, and operating profit (non-IFRS) grew by 18% to EUR 3.03 billion, with a margin of 29.5%. In the first nine months, total revenue grew by 10% to EUR 29.70 billion, and cloud revenue by 23% to EUR 18.91 billion. Important to note: According to SAP, cloud growth benefited from a catch-up effect among customers following financial difficulties, and the prior-year quarter was weighed down by two charges of approximately EUR 0.1 billion each, which favorably impacted earnings growth.
Cash Flow and Share Buybacks: Free cash flow (non-IFRS) rose by 36% to EUR 1.72 billion in the third quarter and by 11% to EUR 7.97 billion in the first nine months. The full-year target is approximately EUR 10 billion (2025: EUR 8.24 billion). As of the end of September, SAP had repurchased 25,205,983 shares for approximately EUR 4.2 billion at an average price of EUR 164.79; the program, with a total volume of up to EUR 10 billion, runs through the end of 2027. The dividend is EUR 2.50 per share (+6.4%).
Forecast: SAP now expects cloud revenue and cloud-and-software revenue to be at the upper end of the ranges (EUR 25.8–26.2 billion and EUR 36.3–36.8 billion), confirms operating profit of 11.8 to 12.2 billion EUR and free cash flow of approximately 10 billion EUR. The earnings forecast had been lowered to this range in July due to acquisitions. The cloud backlog is expected to grow slightly slower in 2026 than the 25% rate seen in 2025, while overall revenue growth is expected to pick up in 2027. Currency will act as a drag in 2026: a 1.5 percentage point reduction in cloud growth and a 2.0 percentage point reduction in operating profit.
Sector risks: Analysts are asking how quickly AI investments will translate into revenue. UBS and JPMorgan are neutral, while DZ Bank sees the fair value at 120 EUR. Berenberg, on the other hand, sees no clear indications that companies are phasing out traditional software in favor of AI.
SAP Stock P/E Ratio in a 10-Year Comparison (as of Oct. 21, 2026) – Source: Aktienfinder / Christian Lill
How is the SAP stock price performing? (as of Oct. 21, 2026)
Prior to the earnings release, the average price target for SAP stock was 210.39 EUR (based on 28 analysts); the after-hours price of 214 EUR is thus slightly above that. Bank of America cites 226 EUR (Buy), Jefferies 220 EUR (Buy), Goldman Sachs (Buy) at 215 to 230 EUR depending on the source, Berenberg 205 EUR (Buy), UBS at 201 EUR (Neutral), Deutsche Bank at 200 EUR (Buy), JPMorgan at 175 EUR (Neutral), and DZ Bank at 120 EUR (Sell, fair value). Prior to the earnings release, UBS had expected a slowdown in the cloud backlog; SAP exceeded the consensus estimate of approximately +24.7% with a currency-adjusted increase of +26%. Adjustments to price targets following the Q3 results have not yet been confirmed. The outlook for 2026 hinges on whether cloud growth can sustain itself even without the catch-up effect.
The stock’s price performance illustrates its volatility: At the beginning of 2026, the stock was trading at approximately 209 EUR; in July, it fell to its annual low of 127.50 EUR (July 23) and has since recovered by about 68% (closing price on Sept. 18: 183.12 EUR; closing price on Oct. 20: 201.55 EUR). Just how much a single catalyst can impact a DAX stock was recently demonstrated by Telekom Aktie.
Key price levels:
52-week high: 241.30 EURCurrent price: 214 EUR (after-hours, Oct. 21, 2026), Xetra close on Oct. 20: 201.55 EURFirst resistance: 210–220 EUR (intraday high in 2026)Second resistance: 241.30 EUR (52-week high)Analysts’ price targets: Average: 210.39 EUR, Bank of America: 226 EUR, Jefferies: 220 EUR, UBS: 201 EUR, JPMorgan: 175 EURCritical support level: Closing prices below 201.55 EUR would signal a negative reaction to the earnings report
Chart Analysis
The current resistance zone around 215 EUR for SAP stock is a difficult level to break through. A downward slide would not be unlikely. The first support zone lies around 175 EUR—buying interest should resurface here. However, if the stock rises significantly above 220 EUR, the path toward 270 EUR would be clear.
Conclusion: Buy SAP stock now or wait?
My assessment: Wait
Buy SAP now? From an operational perspective, there’s a lot going for the stock: Cloud backlog up 26% on a currency-adjusted basis, quarterly revenue exceeding 10 billion EUR for the first time, operating profit of over 3 billion EUR, a cloud target at the upper end of the range, and a share buyback program of up to 10 billion EUR. At the same time, a catch-up effect is supporting cloud growth; the P/E ratio stands at 30.2 despite the discount to the 10-year average (38.5), and the stock has recovered by about 68% since its July low. Just how varied valuations can be within the DAX is also illustrated by the Deutsche Bank Aktie.
Those who believe in the cloud story will find the stock trading at 214 EUR—about 11% below the 52-week high—with price targets of up to 226 EUR. Personally, I wouldn’t buy just yet. It would be a good time to open positions either around 175 EUR or after a clear breakout above the resistance level. Within the current price range, the stock wouldn’t be of interest to me.
✅ Opportunities
⚠️ Risks
- Record quarter: Revenue exceeds 10 billion EUR for the first time; operating profit exceeds 3 billion EUR for the first time
- Cloud backlog of EUR 24.14 billion (+26% on a currency-adjusted basis), above the consensus of approximately +24.7%
- 2026 cloud target at the upper end of the range; free cash flow target of around 10 billion EUR confirmed
- Share buyback of up to EUR 10 billion; approximately EUR 4.2 billion repurchased so far at an average price of EUR 164.79
- Average price target: 210.39 EUR; several brokerages have targets ranging from 215 to 226 EUR
- P/E ratio of 30.2, about 22% below the 10-year average of 38.5; antitrust proceedings discontinued without conditions
- According to SAP, cloud growth benefited from a catch-up effect among customers following financial difficulties
- Cloud backlog growth is expected to slow slightly in 2026 compared to +25% in 2025
- Acquisitions are weighing on earnings; the forecast was lowered in July due to Dremio and Prior Labs
- P/E ratio of 30.2 remains high despite a discount to the 10-year average (38.5); share price has risen by about 68% since its low
- UBS and JPMorgan are Neutral; DZ Bank is Sell with a fair value of EUR 120; dispute over AI monetization
- Currency to act as a drag in 2026: −1.5 percentage points in cloud growth, −2.0 points in operating profit
FAQ: Frequently Asked Questions About SAP Stock
Is SAP stock a buy in 2026?
The Q3 results are strong: Revenue of EUR 10.27 billion (+13%), cloud backlog of EUR 24.14 billion (+26% on a currency-adjusted basis), non-IFRS operating profit of EUR 3.03 billion (+18%). The average price target prior to the earnings release was EUR 210.39 (28 analysts), which was just below the after-hours price of EUR 214. Of the nine firms mentioned, six recommend buying, two are neutral, and one recommends selling. On the other hand, there is a catch-up effect in cloud growth, a P/E ratio of 30.2 (about 22% below the 10-year average of 38.5, but still high), and a share price that has rebounded by about 68% since its low on July 23.
Why is SAP’s stock rising after the earnings report?
On October 21, 2026, after the Xetra close, SAP reported results that beat expectations: cloud revenue of 6.67 billion EUR (+26%, consensus approx. 6.6 billion EUR), cloud backlog up 26% on a currency-adjusted basis (consensus approx. +24.7%), and operating profit of EUR 3.03 billion (consensus just over EUR 2.9 billion). In addition, SAP now expects cloud revenue and cloud-and-software revenue for 2026 to be at the upper end of the ranges. In after-hours trading, the stock is trading at EUR 214.
What is the price target for SAP stock?
According to Admirals, the average price target prior to the earnings release was EUR 210.39 (28 analysts, as of October 11, 2026). Bank of America cites 226 EUR, Jefferies 220 EUR, Goldman Sachs (Buy, 215 to 230 EUR depending on the source), Berenberg 205 EUR, UBS (Neutral) 201 EUR, Deutsche Bank 200 EUR, JPMorgan is Neutral at 175 EUR, and DZ Bank is Sell with a fair value of 120 EUR. Adjustments following the Q3 earnings report have not yet been confirmed.
What is the forecast for SAP stock in 2026?
SAP expects cloud revenue for 2026 to be at the upper end of the range of 25.8 to 26.2 billion EUR and cloud-and-software revenue to be at the upper end of the range of 36.3 to 36.8 billion EUR (currency-adjusted). Operating profit is expected to range from 11.8 to 12.2 billion EUR, with free cash flow at around 10 billion EUR. The cloud backlog is expected to slow slightly in 2026, following a 25% increase in 2025.
When will SAP release its next earnings report?
The Q3 results were released on October 21, 2026, at 10:05 p.m., followed by the conference call at 11:00 p.m. There is currently no confirmed date for the fourth-quarter results. The Q2 results were released on July 23, 2026.
How much is SAP’s dividend?
SAP has proposed a dividend of 2.50 EUR per share for 2025, 6.4% more than the previous year (annual shareholders’ meeting on May 5, 2026; payment scheduled for May 8, 2026). At a share price of 214 EUR, this corresponds to a dividend yield of approximately 1.2%. In addition, a share buyback program of up to 10 billion EUR is underway.
How does SAP make money?
SAP generates most of its revenue from cloud software: In the third quarter, EUR 6.67 billion of the total revenue of EUR 10.27 billion came from the cloud, representing about 65%. At the heart of this is the Cloud ERP Suite, which generated EUR 5.92 billion (+29%). Software licenses and maintenance accounted for approximately EUR 2.6 billion, while services accounted for approximately EUR 1.0 billion (based on our own calculations).
What is SAP’s Current Cloud Backlog?
The Current Cloud Backlog (CCB) represents the contractually secured cloud revenue for the next twelve months and is considered SAP’s most important leading indicator. It rose to EUR 24.14 billion in the third quarter (+28%, +26% on a currency-adjusted basis); in the second quarter, it stood at EUR 22.9 billion (+26% on a currency-adjusted basis).
What is the 52-week high for SAP stock?
The 52-week high is EUR 241.30, and the 52-week low is EUR 127.50 (July 23, 2026). With an after-hours price of EUR 214, the stock is about 11% below the high and about 68% above the low.
The $SAP (-0,68%) has performed very well in recent weeks—I think it makes sense to pick it up again at 175 EUR if we drop that low—what do you think?
