SAP Girds for Q3 Print With Buyback Running, Labor Pact Sealed and Analysts Warming Up

SAP will report Q3 2026 results on October 21. It extended job protection to end-2028, keeps buying back shares, and Jefferies raised its target to EUR 220.

SAP has set the date investors have been circling: third-quarter 2026 results land on October 21, with the release scheduled for 22:05 MESZ and an analyst and investor call following at 23:00 MESZ. The print will be the first hard look at the DAX heavyweight's operating momentum after a stretch in which boardroom staffing moves and capital measures, rather than the core software business, dominated headlines.

Before the numbers arrive, though, the company has been busy on two fronts that say plenty about how management is positioning for the years ahead.

Job Security Extended, But With a Caveat

On Thursday, SAP reached an agreement with the works council of its parent holding company to extend employment protection through the end of 2028. The arrangement, first reported by Handelsblatt, covers organizational changes: if restructuring looms, affected staff are to be offered other open roles within the group along with targeted retraining. Pay levels are also protected when employees move internally.

What the framework does not include is a blanket ban on redundancies for operational reasons — a point that drew sharp criticism from IG Metall. The union complained that the previous arrangement was not simply rolled over, and that the new deal drops the explicit exclusion of job cuts. The agreement currently applies to the parent company; a comparable deal for staff in the German sales unit is still being drafted, according to the same reports.

Klein Pitches AI as a "Historic" Opening

The labor pact lands amid a broader push on artificial intelligence. CEO Christian Klein, speaking to dpa on Monday, described the company's new AI products as a historic growth opportunity. That message will get a fuller airing at SAP Connect in Las Vegas, running October 5–7, with a virtual companion program set for October 6–7.

Buyback Keeps Rolling

Meanwhile, the share repurchase program continues to grind along. Roughly a week ago, SAP bought back 590,000 of its own shares over five trading days, spending EUR 108,368,601.00 on the package. That lifted the total number of shares repurchased under the current program to 8,895,886.

Analyst Targets Edge Higher

Sentiment on the sell side got a nudge on September 22. Jefferies analyst Charles Brennan raised his price target to EUR 220 from EUR 210 while reaffirming a buy rating. Citi also lifted its target the same day, according to media reports, setting it at EUR 215.

Where the Stock Stands

The equity closed last week on a soft note, slipping 1.4% on Friday to EUR 184.70. Even so, it remains above its 200-day moving average of EUR 166.31 and sits 2.6% above its 50-day average. With the Las Vegas presentations and the October 21 report ahead, investors now have fresh operational data to weigh against the stock's recent trading range.