SAP stock steadies as cloud backlog and buybacks grow
Published on 08/20/2026 at 17:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
SAP stock steadied after a 1.6% gain to €184.86 on August 19, 2026, with the shares briefly touching €185.48 and staying 7.8% above the 50-day average of €172.02. The move came as investors kept focus on the company's latest second-quarter numbers and the updated 2026 outlook.
Cloud backlog stays central
The second quarter showed why the cloud business remains the main valuation anchor. Revenue rose 9% to €19.432 billion, IFRS operating profit increased 12% to €5.383 billion, and earnings per share advanced 19% to €3.55.
Cloud backlog climbed 27% to €22.9 billion, or 26% in currency-adjusted terms, while cloud revenue increased 22% and cloud ERP suite revenue grew 25%. That mix matters because backlog growth is outpacing total revenue growth by 18 percentage points.
Guidance and buybacks
SAP kept its 2026 non-IFRS operating profit guidance at €11.8 billion to €12.2 billion after reporting the quarter. The company also said recent acquisitions are expected to dilute that figure by more than €100 million, which gives the new target a clearer cost backdrop.
Buybacks add another layer. During the week of August 10 to August 14, SAP repurchased 50,000 shares, bringing cumulative purchases under the current program to more than 5.12 million shares within a €10 billion envelope that runs through 2027.
What SAP sells
One of SAP's core products is its cloud ERP suite, which is the software layer many customers use to connect finance, supply chain, and payroll workflows. The company has also highlighted supply chain management enhancements in recent releases, showing that product development is still feeding the cloud story.
Shares and valuation
The stock's recent range is wide enough to matter for short-term traders. The shares closed at €184.86 on August 19, 2026, versus a 52-week high of €242.00, and the consensus target currently sits at €193.92.
For now, SAP stock is trading as a mix of improving cloud metrics, disciplined capital returns, and a valuation that still sits below the high set in October 2025.
