SAP stock heads toward October 21 results as backlog grows

Published on 10/05/2026 at 13:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock was trading at EUR 185.34 on October 5, 2026, while Q2 cloud backlog rose 27 percent to EUR 22.9 billion. SAP reports Q3 results on October 21.

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SAP stock (ISIN DE0007164600) was trading at EUR 185.34 on Xetra on October 5, 2026, up 0.51 percent during the session. The next scheduled company event is SAP's third-quarter report on October 21, 2026, according to SAP.

Cloud backlog rises 27 percent

SAP's second-quarter figures give the October test a clear operating benchmark. Current cloud backlog reached EUR 22.9 billion in the quarter ended June 30, 2026, an increase of 27 percent, while cloud revenue rose 22 percent, according to SAP.

Total revenue increased 9 percent to EUR 9.9 billion in Q2 2026. IFRS operating profit rose 8 percent to EUR 2.6 billion, while free cash flow reached EUR 3.0 billion, with the figures reported for the quarter ended June 30, 2026 by Yahoo Finance.

Guidance carries an acquisition cost

SAP maintained its 2026 cloud revenue outlook at EUR 25.8 billion to EUR 26.2 billion at constant currencies, equivalent to growth of 23 percent to 25 percent. The company also set a non-IFRS operating profit range of EUR 11.8 billion to EUR 12.2 billion after adjusting for the impact of the Dremio and Prior Labs acquisitions, according to SAP.

The contrast matters for the next report: cloud demand remains the growth engine, while acquisition-related dilution lowers the operating-profit range by EUR 0.1 billion from the previous range of EUR 11.9 billion to EUR 12.3 billion. SAP's Q2 non-IFRS operating profit was EUR 2.7 billion, up 9 percent at constant currencies, according to Yahoo Finance.

Analyst consensus stays positive

For SAP's US-listed shares, MarketBeat reported a Moderate Buy consensus from 21 analysts and an average price target of USD 256.29. The published analyst mix comprised 1 Strong Buy, 13 Buy and 7 Hold ratings, giving the cloud backlog and October results additional valuation importance.

Stock remains below yearly high

SAP stock was trading at EUR 185.34 on Xetra at 10:30 a.m. CET on October 5, 2026, with a 52-week range of EUR 130.54 to EUR 241.35. The price stood 23.2 percent below the yearly high, leaving the October 21 report as the next dated test for backlog conversion and operating-profit delivery.