SAP

MKT CAP:$204B

SAP SE

Market Cap

$204B

Technology·Software - Application·🇩🇪 Germany·NYSE

Technology·Software App·🇩🇪·NYSE

Stock Price

$175.35-$61.56 (-25.99%)

Apr 24, 2026

Company Details

SAP SE, together with its subsidiaries, provides applications, technology, and services worldwide. It offers SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain ...

CEO

Christian Klein

IPO Date

Sep 18, 1995

Website

www.sap.com

Key Metrics TTM

Revenue

$40.6B

+23.2% YoY

Net Income

$4.0B

EPS (Diluted)

$3.43

Free Cash Flow

$8.0B

Revenue / Share

$34.49

Gross Margin

72.9%

Operating Margin

18.3%

Net Margin

9.9%

FCF Margin

19.7%

P/S

5.0x

P/E

50.8x

Earnings Reports

FY 2025

Feb 26, 2026

$43.0B+7.7%EPS $7.00

Q1 2025

Apr 25, 2025

$10.5B+12.1%EPS $1.77

FY 2024

Feb 27, 2025

$40.0BEPS $3.10

Q4 2024

Feb 27, 2025

$11.0BEPS $1.59

Q2 2024

Jun 28, 2024

$9.7BEPS $0.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$6.1B	$4.3B	$1.5B
Q3 16	$6.3B	$4.4B	$1.3B
Q4 16	$7.9B	$5.7B	$2.3B
Q2 17	$6.8B	$4.7B	$1.1B
Q3 17	$6.5B	$4.6B	$1.5B
Q1 18	$6.2B	$4.2B	$1.2B
Q2 18	$7.0B	$4.8B	$1.2B
Q3 18	$7.0B	$4.8B	$1.4B
Q4 18	$8.7B	$6.3B	$2.8B
Q3 19	$7.9B	$5.6B	$2.0B
Q1 20	$7.6B	$5.2B	$1.4B
Q1 23	$8.7B	$6.2B	$939M
Q1 24	$9.4B	$6.7B	$920M
Q2 24	$9.7B	$7.0B	$1.4B
Q4 24	$11.0B	$8.1B	$2.4B
Q1 25	$10.5B	$7.7B	$2.7B

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q3 16	—	—
Q4 16	4.2x	25.1x
Q2 17	4.6x	28.2x
Q3 17	4.8x	28.9x
Q1 18	4.5x	27.1x
Q2 18	5.2x	38.3x
Q3 18	5.5x	37.2x
Q4 18	4.1x	24.9x
Q3 19	4.6x	26.1x
Q1 20	4.3x	24.4x
Q1 23	4.5x	30.7x
Q1 24	6.8x	119.3x
Q2 24	6.6x	155.3x
Q4 24	7.5x	119.9x
Q1 25	7.7x	77.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$513M	$235M
Q3 16	$827M	$523M
Q4 16	$1.2B	$778M
Q2 17	$751M	$378M
Q3 17	$714M	$300M
Q1 18	$3.0B	$2.5B
Q2 18	$476M	$19M
Q3 18	$583M	$200M
Q4 18	$958M	$593M
Q3 19	$746M	$554M
Q1 20	$3.5B	$3.1B
Q1 23	$2.8B	$2.5B
Q1 24	$3.4B	$3.1B
Q2 24	$1.8B	$1.6B
Q4 24	-$643M	-$958M
Q1 25	$4.4B	$4.2B

Capital Expenditures

Quarter	CapEx
Q2 16	$278M
Q3 16	$304M
Q4 16	$392M
Q2 17	$373M
Q3 17	$414M
Q1 18	$499M
Q2 18	$457M
Q3 18	$383M
Q4 18	$365M
Q3 19	$192M
Q1 20	$389M
Q1 23	$300M
Q1 24	$219M
Q2 24	$208M
Q4 24	$315M
Q1 25	$196M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+22.3%	+24.0%
Q3 17	+6.7%	+7.7%
Q1 18	-2.1%	-0.8%
Q2 18	-10.8%	+3.8%
Q3 18	+4.2%	-1.4%
Q4 18	+32.9%	+17.6%
Q3 19	+29.1%	+20.7%
Q1 20	+8.7%	+7.2%
Q1 23	+23.6%	+38.7%
Q1 24	+8.3%	+44.2%
Q2 24	+22.1%	+38.2%
Q4 24	+43.8%	+38.6%
Q1 25	+21.1%	+0.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$78M	1.3%
Q3 16	$431M	6.9%
Q4 16	$281M	3.6%
Q2 17	$297M	4.4%
Q3 17	$292M	4.5%
Q1 18	$82M	1.3%
Q2 18	$492M	7.0%
Q3 18	$406M	5.8%
Q4 18	-$11M	-0.1%
Q3 19	$233M	2.9%
Q1 20	$109M	1.4%
Q1 23	$647M	7.4%
Q1 24	$804M	8.6%
Q2 24	$595M	6.1%
Q4 24	$0	0.0%
Q1 25	$491M	4.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 16	$830M	$268M	$1.7B
Q3 16	$896M	$313M	$1.9B
Q4 16	$1.0B	$325M	$2.1B
Q2 17	$984M	$325M	$2.0B
Q3 17	$913M	$293M	$1.9B
Q1 18	$952M	$270M	$1.8B
Q2 18	$1.1B	$371M	$2.1B
Q3 18	$1.1B	$332M	$2.0B
Q4 18	$1.1B	$311M	$2.1B
Q3 19	$1.1B	$378M	$2.1B
Q1 20	$1.2B	$368M	$2.2B
Q1 23	$1.8B	$407M	$2.7B
Q1 24	$1.9B	$421M	$2.7B
Q2 24	$1.9B	$393M	$2.6B
Q4 24	$2.0B	$442M	$2.9B
Q1 25	$2.0B	$419M	$2.6B

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 16	—	28.9%	—
Q3 16	—	26.2%	—
Q4 16	—	35.1%	—
Q2 17	22.3%	22.3%	44.6
Q3 17	6.7%	31.6%	38.3
Q1 18	-2.1%	25.9%	23.7
Q2 18	-10.8%	23.9%	13.2
Q3 18	4.2%	27.6%	31.7
Q4 18	32.9%	38.8%	71.7
Q3 19	29.1%	33.7%	62.8
Q1 20	8.7%	25.9%	34.6
Q1 23	23.6%	17.9%	41.5
Q1 24	8.3%	-5.3%	3.0
Q2 24	22.1%	23.4%	45.5
Q4 24	43.8%	30.4%	74.2
Q1 25	21.1%	34.4%	55.5

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$10.5B	$3.0B	$13.4B
Q2 22	$8.8B	$1.2B	$9.9B
Q3 22	$8.6B	$1.7B	$10.3B
Q4 22	$11.2B	$860M	$12.1B
Q1 23	$10.2B	$1.3B	$11.6B
Q2 23	$18.0B	$0	$18.0B
Q3 23	$11.0B	$3.6B	$14.5B
Q4 23	$9.5B	$3.7B	$13.2B
Q1 24	$10.9B	$5.0B	$15.9B
Q2 24	$9.2B	$4.5B	$13.7B
Q3 24	$11.7B	$2.4B	$14.1B
Q4 24	$11.2B	$1.9B	$13.1B
Q1 25	$14.3B	$0	$14.3B
Q2 25	$9.3B	$2.6B	$11.9B
Q3 25	$10.0B	$1.6B	$11.6B
Q4 25	$9.6B	$1.8B	$11.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	1.20B	0.0%	—
Q3 16	1.20B	0.0%	—
Q4 16	1.20B	0.0%	—
Q2 17	1.20B	+0.1%	+0.1%
Q3 17	1.20B	-0.2%	-0.1%
Q1 18	1.19B	-0.3%	-0.4%
Q2 18	1.19B	0.0%	-0.4%
Q3 18	1.19B	0.0%	-0.5%
Q4 18	1.19B	0.0%	-0.3%
Q3 19	1.19B	0.0%	0.0%
Q1 20	1.19B	-0.3%	-0.3%
Q1 23	1.17B	-1.4%	-1.7%
Q1 24	1.18B	+0.4%	-1.3%
Q2 24	1.17B	-0.8%	-2.1%
Q4 24	1.18B	+0.6%	-1.3%
Q1 25	1.18B	+0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$79.5K	77K
Q3 16	$81.6K	77K
Q4 16	$92.7K	85K
Q2 17	$79.7K	85K
Q3 17	$77.0K	85K
Q1 18	$69.5K	89K
Q2 18	$79.2K	89K
Q3 18	$79.5K	89K
Q4 18	$90.5K	96K
Q3 19	$82.7K	96K
Q1 20	$76.0K	100K
Q1 23	$77.7K	112K
Q1 24	$87.4K	108K
Q2 24	$90.1K	108K
Q4 24	$99.7K	110K
Q1 25	$95.8K	110K

Revenue / Employee