Analyst Consensus ?
ConsensusHold43 ratings
Bullish2251.2%
Neutral1432.5%
Bearish716.3%
SAP SE · SAP · FY2024 Q4 · Calendar Q1 2025
SAP: Cloud backlog and AI adoption anchor the growth case
The supplied analysis supports a constructive SAP growth thesis: cloud backlog expansion, AI adoption, Joule commercialization, and sustainability products provide growth drivers, but the case depends on CCB momentum, monetisation, and cash-flow execution.
Reported Before market openNYSETechnology
$277.49B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.51
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $9.10B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.7%
Event window
SPY move
+0.9%
Same window
Abnormal move
-1.5%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+4.4%
Up to 20 sessions
SAPSPY benchmark
Ask FN2 about SAP FY2024 Q4
Transcript, numbers and history already loaded
What drove SAP's -0.7% move after FY2024 Q4 earnings?What changed in SAP's guidance and outlook in FY2024 Q4?Give me the bull and bear case for SAP after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the supplied prior-quarter analysis, the current analysis emphasizes a record €63 billion cloud backlog, about 50% AI participation in Q4 order entry, Joule as an AI orchestrator, and Green Ledger as a sustainability growth engine. The focus has shifted from initial AI product rollouts and WalkMe integration toward commercialization, backlog conversion, and maintenance conversion.
Guidance delta
Raised in the current analysis; the outlook targets double-digit revenue growth and higher operating profit through 2027.
Key takeaways
- Cloud backlog reached €63 billion, up 40% year over year, according to the supplied transcript analysis.
- AI integration represented about 50% of Q4 order entry, while Joule is being commercialized.
- The main counterweights are CCB deceleration, support-revenue trends, and free-cash-flow assumptions.
Management priorities
- Roll out Joule for developers and consultants and develop its super-orchestrator role.
- Expand AI investment, including 30,000 developers and 1,300 AI skills.
- Broaden sustainability offerings such as Green Ledger and continue maintenance conversion through private edition.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$238.14Previous close
$66Low
$260.84Average
$800High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 23, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 22, 2026 |
| UBS | Neutral | Buy | Downgrade | Aug 26, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 17, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Mar 24, 2026 |
| Argus Research | Buy | Buy | Maintain | Oct 24, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 23, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 30, 2025 |
| Cleveland Research | Buy | Neutral | Upgrade | Oct 16, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 26, 2024 |
| Bernstein | Outperform | Outperform | Maintain | Aug 2, 2023 |
| Oppenheimer | Perform | Perform | Maintain | Jul 21, 2023 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Jan 19, 2023 |
| Jefferies | Underperform | Buy | Downgrade | Nov 18, 2022 |
| Berenberg | Buy | Buy | Maintain | Jul 5, 2022 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Jun 30, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Mar 31, 2022 |
| B of A Securities | Buy | Underperform | Upgrade | Jul 7, 2021 |
| Citigroup | Neutral | Buy | Downgrade | Nov 6, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Dec 17, 2019 |
| Deutsche Bank | Hold | Buy | Downgrade | Jul 19, 2019 |
| HSBC | Hold | Buy | Downgrade | Apr 9, 2019 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Mar 12, 2018 |
| Stifel Nicolaus | Sell | Sell | Maintain | Mar 1, 2018 |
| Stifel | Sell | Sell | Maintain | Mar 1, 2018 |
| Societe Generale | Buy | Hold | Upgrade | Mar 2, 2017 |
| Susquehanna | Neutral | Neutral | Maintain | Apr 22, 2015 |
| Wells Fargo | Underperform | Market Perform | Downgrade | Apr 6, 2015 |
| FBR Capital | Market Perform | Market Perform | Maintain | Oct 21, 2014 |
| William Blair | Market Perform | Outperform | Downgrade | Jan 22, 2014 |
| Bankhaus Metzler | Sell | Buy | Downgrade | Jan 21, 2014 |
| Pacific Crest | Sector Perform | Outperform | Downgrade | Jan 13, 2014 |
| Warburg Research | Hold | Buy | Downgrade | Jan 12, 2014 |
| WGZ Bank | Buy | Hold | Upgrade | Oct 21, 2013 |
| Commerzbank | Buy | Buy | Maintain | Oct 21, 2013 |
| Santander | Hold | Underweight | Upgrade | Sep 11, 2013 |
| Redburn Partners | Sell | Sell | Maintain | Sep 3, 2013 |
| Mainfirst | Outperform | Outperform | Maintain | Aug 28, 2013 |
| Baader Bank | Buy | Hold | Upgrade | Apr 22, 2013 |
| National Bank Financial Inc | Buy | Hold | Upgrade | Jan 23, 2013 |
| National Bank Financial | Buy | Hold | Upgrade | Jan 23, 2013 |
| Janney Capital | Buy | Buy | Maintain | Dec 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $238.14. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Raimo Lenschow | $288 | $240.59 | +20.9% | Oct 23, 2026 |
| D.A. Davidson | Gil Luria | $800 | $242.45 | +235.9% | Oct 22, 2026 |
| Barclays | Raimo Lenschow | $243 | $217.85 | +2.0% | Oct 13, 2026 |
| BMO Capital | Keith Bachman | $235 | $210.49 | -1.3% | Oct 8, 2026 |
| Jefferies | Analyst unavailable | $260 | $210.74 | +9.2% | Sep 22, 2026 |
| Argus Research | Joseph Bonner | $265 | $206.33 | +11.3% | Sep 10, 2026 |
| Barclays | Analyst unavailable | $242 | $160 | +1.6% | Jul 27, 2026 |
| BMO Capital | Analyst unavailable | $177 | $146.38 | -25.7% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $255 | $158.35 | +7.1% | Jul 21, 2026 |
| Goldman Sachs | Mohammed Moawalla | $265 | $178.92 | +11.3% | Jun 10, 2026 |
| Barclays | Raimo Lenschow | $257 | $175.23 | +7.9% | Apr 27, 2026 |
| BMO Capital | Analyst unavailable | $200 | $173.56 | -16.0% | Apr 24, 2026 |
| Barclays | Analyst unavailable | $256 | $179.46 | +7.5% | Apr 20, 2026 |
| Barclays | Analyst unavailable | $283 | $201.04 | +18.8% | Feb 2, 2026 |
| BMO Capital | Analyst unavailable | $245 | $202.32 | +2.9% | Jan 30, 2026 |
| Arete Research | Rocco Strauss | $718 | $243.82 | +201.5% | Dec 4, 2025 |
| BMO Capital | Analyst unavailable | $320 | $276.22 | +34.4% | Oct 23, 2025 |
| CFRA | Angelo Zino | $259 | $231.94 | +8.8% | Oct 22, 2024 |
| BMO Capital | Keith Bachman | $265 | $229.48 | +11.3% | Oct 22, 2024 |
| BMO Capital | Keith Bachman | $248 | $212.36 | +4.1% | Jul 23, 2024 |
| BMO Capital | Keith Bachman | $237 | $200.75 | -0.5% | Jun 28, 2024 |
| Bernstein | Mark Moerdler | $227 | $196.3 | -4.7% | May 23, 2024 |
| JMP Securities | Patrick Walravens | $220 | $178.18 | -7.6% | Apr 23, 2024 |
| KeyBanc | Jackson Ader | $230 | $190.38 | -3.4% | Mar 20, 2024 |
| Jefferies | Charles Brennan | $206 | $177.06 | -13.5% | Feb 2, 2024 |
| Loop Capital Markets | Keith Bachman | $147 | $131.19 | -38.3% | Oct 20, 2023 |
| Robert W. Baird | Robert Burns | $66 | $135.98 | -72.3% | Aug 24, 2023 |
| JMP Securities | Patrick Walravens | $170 | $93.54 | -28.6% | Jul 22, 2022 |
| Berenberg Bank | Nay Soe Naing | $110 | $88.01 | -53.8% | Jul 5, 2022 |
| BNP Paribas | Stefan Slowinski | $105 | $90.7 | -55.9% | Jul 5, 2022 |
| BMO Capital | Keith Bachman | $118 | $103.51 | -50.4% | Apr 29, 2022 |
| Cowen & Co. | Derrick Wood | $136 | $121.97 | -42.9% | Jan 30, 2022 |
| BMO Capital | Keith Bachman | $155 | $135.8 | -34.9% | Jan 22, 2022 |
Track every rating change on SAP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSAP SE, founded in Walldorf, Germany, in 1972, is a global provider of diverse software applications, technology, and services. The company's core enterprise resource planning (ERP) platform, SAP S/4HANA, offers robust functionalities for finance, risk management, project execution, procurement, manufacturing, supply chain optimization, asset management, and research and development. For human resources, SAP delivers SuccessFactors solutions, which encompass HR and payroll, talent and employee experience management, and comprehensive people and workforce analytics. Additionally, SAP provides spend management tools designed to handle direct and indirect expenditures, travel and expense reporting, and external workforce administration.…
Historical context
All SAP earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| INFY Infosys Limited | FY2027 Q2 · Calendar Q4 2026 | -4.8% | -6.6% | Infosys trims growth outlook as AI revenue and deal wins accelerate |
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| TTMI TTM Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +16.8% | -27.7% | TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | +25.0% | -14.8% | Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the SAP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-14T00:00:50.895859+00:00
- Polygon adjusted daily market bars · 2026-10-26T11:50:46.590189+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T11:50:46.587425+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.