SAP stock gains 0.94 percent as cloud backlog grows

Published on 09/28/2026 at 14:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock stood at EUR 185.92 on Xetra on September 28, 2026, 23.90 percent below its 52-week high. Q2 cloud backlog rose 27 percent to EUR 22.9 billion.

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SAP stock (ISIN DE0007164600) was last at EUR 185.92 on Xetra on September 28, 2026, up 0.94 percent from the previous close of EUR 184.18. The latest operating picture combines 27 percent cloud-backlog growth with a 22 percent increase in cloud revenue, according to SAP in its Q2 and half-year 2026 update dated July 23, 2026.

Cloud backlog leads the story

Current cloud backlog reached EUR 22.9 billion in Q2 2026, up 27 percent. Cloud revenue increased 22 percent, while Cloud ERP Suite revenue grew 25 percent, giving investors a clear comparison between contracted demand and delivered sales.

SAP also reported total Q2 revenue growth of 9 percent, with IFRS operating profit up 8 percent. The combination points to continued demand for migration and cloud services, while the smaller operating-profit increase shows that investment and acquisition costs remain part of the growth equation.

AI investment tests margins

The Q2 update links SAP's strategy to an autonomous enterprise built around cloud software, business data and artificial intelligence. The company said its 2026 non-IFRS operating-profit outlook was updated to reflect the dilutive impact of the Dremio and Prior Labs acquisitions, while top-line parameters and free cash flow outlook remained intact.

That trade-off matters because SAP is shifting resources toward AI development and customer adoption while maintaining its cloud expansion. The 27 percent backlog increase is the strongest forward-looking figure in the latest report, but the 22 percent cloud-revenue growth rate shows the conversion from commitments to reported sales over time.

Stock stays below its yearly high

SAP's Xetra price was EUR 185.92 on September 28, 2026, with a session range of EUR 183.76 to EUR 185.92 and volume of 1,890,000 shares. The stock was 23.90 percent below its 52-week high of EUR 244.30 and above its 52-week low of EUR 127.50.