SAP stock falls 1.86 percent as cloud backlog reaches EUR 22.9 billion
Published on 09/24/2026 at 12:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
SAP stock was trading at EUR 183.00 on Xetra on September 24, 2026, down 1.86 percent. The move came as the software group carried a Q2 cloud backlog of EUR 22.9 billion, a figure that had increased 27 percent year over year.
Cloud backlog reaches EUR 22.9 billion
According to SAP in its July 23, 2026 investor update, cloud revenue for the second quarter grew 22 percent at constant currencies. Cloud ERP Suite revenue increased 25 percent on the same basis.
The broader revenue picture was also positive. SAP said total revenue rose 9 percent in reported currency and 11 percent at constant currencies in Q2 2026, while IFRS operating profit increased 8 percent.
Backlog growth outpaces sales
The key comparison is the five percentage point gap between the 27 percent cloud backlog increase and 22 percent constant currency cloud revenue growth. That spread indicates that contracted demand expanded faster than revenue recognized during the quarter, giving investors a forward-looking operating measure alongside the reported sales growth.
The same update put the 2026 non-IFRS operating profit outlook under review for the dilutive impact of the Dremio and Prior Labs acquisitions. The acquisitions add strategic scope, but the guidance adjustment means future earnings comparisons must separate underlying execution from transaction effects.
Buyback adds capital support
In a capital market notification dated September 14, 2026, EQS News reported that SAP bought 1,823,857 shares on Xetra between September 7 and September 11. The transactions formed part of the company's 2026 buyback program and provide a concrete capital-allocation counterpoint to the day's share-price decline.
Xetra price falls 1.86 percent
The Xetra reference price stood at EUR 183.00 on September 24, 2026, down 1.86 percent in the session. For investors, the central balance is clear: cloud backlog growth of 27 percent exceeded cloud revenue growth of 22 percent, while the updated profit outlook keeps acquisition effects in the earnings equation.
SAP stock facts
- Company: SAP SE
- Ticker: SAP
- Trading venue: Xetra
- Price as of September 24, 2026: EUR 183.00
- 52-week range: EUR 144.97-281.37
- Index membership: DAX 40
