SAP reports EUR 10.27 billion quarter. SAP stock falls 1.28 percent

Published on 10/23/2026 at 10:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cloud backlog rose 28.00 percent to EUR 24.10 billion in Q3. SAP stock costs EUR 212.60 on October 23, 2026, below EUR 215.35, the Xetra close.

Quarterly growth and market reaction

SAP crossed EUR 10.27 billion in quarterly revenue on October 21, 2026.
Current cloud backlog reached EUR 24.10 billion, up 28.00 percent in the third quarter of 2026.
SAP stock traded at EUR 212.60 at 10:14 a.m. CEST at Lang & Schwarz on October 23, 2026, 1.28 percent below the Xetra close of October 22, 2026.
BMO Capital raised its target from USD 235.00 to USD 265.00, as reported on October 23, 2026.

SAP SE (DE0007164600) Makroaufnahme einer Platine mit feinen Leiterbahnen und Lötpunkten in Nahaufnahme, Illustration mit AI erstellt.

SAP stock (ISIN DE0007164600) was trading at EUR 212.60 at Lang & Schwarz on October 23, 2026, at 10:14 a.m. CEST, down 1.28 percent versus the Xetra close of October 22, 2026 at EUR 215.35. The company reported record third-quarter revenue and stronger cloud demand on October 21, 2026, according to SAP News.

Cloud backlog reaches EUR 24.10 billion

Current cloud backlog reached EUR 24.10 billion in the third quarter of 2026, up 28.00 percent year over year. Cloud revenue rose 26.00 percent to EUR 6.67 billion, while total revenue increased 13.00 percent to EUR 10.27 billion, SAP News reported on October 21, 2026.

The quarter marked SAP's first passage above EUR 10.00 billion in quarterly revenue. The company also said non-IFRS operating profit exceeded EUR 3.00 billion after rising 18.00 percent, extending the growth story beyond cloud bookings.

What does the quarter mean for margins?

The growth came with a margin trade-off. Reuters reported on October 22, 2026 that SAP's profit margin widened to 29.50 percent from 28.30 percent a year earlier, while free cash flow rose 36.00 percent to EUR 1.72 billion. Management also said fourth-quarter bookings will be decisive because the period represents about half of annual bookings.

For analyst sentiment, BMO Capital raised its SAP target from USD 235.00 to USD 265.00 while maintaining an Outperform rating, according to Investing.com in a report published on October 23, 2026. The report cited the 26.00 percent cloud backlog growth and also noted caution around fourth-quarter growth.

Stock stays below the Xetra close

The immediate market signal is more restrained than the operating figures. SAP stock was trading at EUR 212.60 at Lang & Schwarz on October 23, 2026 at 10:14 a.m. CEST, 1.28 percent below the Xetra close of October 22, 2026 at EUR 215.35. Reuters also reported that SAP's 2026 revenue outlook moved toward the upper end of its previous range, while operating profit guidance remained EUR 11.80 billion to EUR 12.20 billion.

The further course of trading is shown by the continuously updated real-time quote of SAP stock.