Analyst Consensus ?
ConsensusHold43 ratings
Bullish2251.2%
Neutral1432.5%
Bearish716.3%
SAP SE · SAP · FY2025 Q2 · Calendar Q3 2025
SAP: Cloud and AI momentum remain strong, with trade risks in view
The analysis supports a constructive but conditional view of SAP's growth trajectory: Cloud ERP, Business AI, and Business Data Cloud provide identifiable growth drivers, while trade policy, sales-cycle length, and operating-leverage execution remain important tests.
Reported After market closeNYSETechnology
$271.06B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.70
Consensus $1.63
EPS surprise
+4.3%
Reported versus consensus
Reported revenue
$10.63B
Consensus $9.24B
Revenue surprise
+15.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-5.1%
Event window
SPY move
+0.9%
Same window
Abnormal move
-6.0%
Stock minus SPY
Volume
4.0×
Versus trailing sessions
Subsequent drift
-6.2%
Up to 20 sessions
SAPSPY benchmark
Ask FN2 about SAP FY2025 Q2
Transcript, numbers and history already loaded
Why did SAP fall 5.1% after beating EPS estimates in FY2025 Q2?What changed in SAP's guidance and outlook in FY2025 Q2?Give me the bull and bear case for SAP after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis emphasizes continued cloud and AI execution, a broader planned AI-agent rollout, additional Business Data Cloud products, and the Alibaba partnership for China. The outlook remained maintained, while trade-policy and sales-cycle risks persisted.
Guidance delta
Management maintained its outlook; the analysis does not identify a guidance increase or reduction.
Key takeaways
- The current analysis highlights continued Cloud ERP adoption, Business AI expansion, and Business Data Cloud growth as core drivers.
- Management plans further AI-agent releases, more Business Data Cloud products, and expanded partnerships in China and across its ecosystem.
- The main counterweights are trade-policy uncertainty, elongated deal cycles, possible CCB deceleration, and the durability of operating leverage.
Management priorities
- Scale Business AI, including AI agents and Joule integrations.
- Expand Business Data Cloud and its pre-built data products.
- Deepen the Alibaba partnership and continue internal productivity initiatives with cost discipline.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$232.73Previous close
$66Low
$228.39Average
$718High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 22, 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 13, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 8, 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 $232.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Raimo Lenschow | $243 | $217.85 | +4.4% | Oct 13, 2026 |
| BMO Capital | Keith Bachman | $235 | $210.49 | +1.0% | Oct 8, 2026 |
| Jefferies | Analyst unavailable | $260 | $210.74 | +11.7% | Sep 22, 2026 |
| Argus Research | Joseph Bonner | $265 | $206.33 | +13.9% | Sep 10, 2026 |
| Barclays | Analyst unavailable | $242 | $160 | +4.0% | Jul 27, 2026 |
| BMO Capital | Analyst unavailable | $177 | $146.38 | -23.9% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $255 | $158.35 | +9.6% | Jul 21, 2026 |
| Goldman Sachs | Mohammed Moawalla | $265 | $178.92 | +13.9% | Jun 10, 2026 |
| Barclays | Raimo Lenschow | $257 | $175.23 | +10.4% | Apr 27, 2026 |
| BMO Capital | Analyst unavailable | $200 | $173.56 | -14.1% | Apr 24, 2026 |
| Barclays | Analyst unavailable | $256 | $179.46 | +10.0% | Apr 20, 2026 |
| Barclays | Analyst unavailable | $283 | $201.04 | +21.6% | Feb 2, 2026 |
| BMO Capital | Analyst unavailable | $245 | $202.32 | +5.3% | Jan 30, 2026 |
| Arete Research | Rocco Strauss | $718 | $243.82 | +208.5% | Dec 4, 2025 |
| BMO Capital | Analyst unavailable | $320 | $276.22 | +37.5% | Oct 23, 2025 |
| CFRA | Angelo Zino | $259 | $231.94 | +11.3% | Oct 22, 2024 |
| BMO Capital | Keith Bachman | $265 | $229.48 | +13.9% | Oct 22, 2024 |
| BMO Capital | Keith Bachman | $248 | $212.36 | +6.6% | Jul 23, 2024 |
| BMO Capital | Keith Bachman | $237 | $200.75 | +1.8% | Jun 28, 2024 |
| Bernstein | Mark Moerdler | $227 | $196.3 | -2.5% | May 23, 2024 |
| JMP Securities | Patrick Walravens | $220 | $178.18 | -5.5% | Apr 23, 2024 |
| KeyBanc | Jackson Ader | $230 | $190.38 | -1.2% | Mar 20, 2024 |
| Jefferies | Charles Brennan | $206 | $177.06 | -11.5% | Feb 2, 2024 |
| Loop Capital Markets | Keith Bachman | $147 | $131.19 | -36.8% | Oct 20, 2023 |
| Robert W. Baird | Robert Burns | $66 | $135.98 | -71.6% | Aug 24, 2023 |
| Barclays | Raimo Lenschow | $106 | $93.54 | -54.5% | Jul 22, 2022 |
| Berenberg Bank | Nay Soe Naing | $110 | $88.01 | -52.7% | Jul 5, 2022 |
| BNP Paribas | Stefan Slowinski | $105 | $90.7 | -54.9% | Jul 5, 2022 |
| BMO Capital | Keith Bachman | $118 | $103.51 | -49.3% | Apr 29, 2022 |
| Cowen & Co. | Derrick Wood | $136 | $121.97 | -41.6% | Jan 30, 2022 |
| BMO Capital | Keith Bachman | $155 | $135.8 | -33.4% | 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 |
|---|---|---|---|---|
| TXN Texas Instruments Incorporated | FY2026 Q3 · Calendar Q4 2026 | +7.4% | +2.5% | Texas Instruments Q3: Strong Demand, Higher Capex and Lead-Time Risks |
| IBM International Business Machines Corporation | FY2026 Q3 · Calendar Q4 2026 | +3.5% | +3.9% | IBM Q3 Growth Accelerates as Software and AI Data Demand Strengthen |
| TDY Teledyne Technologies Incorporated | FY2026 Q3 · Calendar Q4 2026 | +8.9% | -0.3% | Teledyne raises 2026 outlook as imaging demand drives record quarter |
| LRCX Lam Research Corporation | FY2027 Q1 · Calendar Q4 2026 | +0.9% | -1.0% | Lam Research posts record quarter as AI drives tool intensity |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
- MCOFY2026 Q3 · October 21, 2026-2.6% EPS+1.2% move
- CCIFY2026 Q3 · October 21, 2026-2.5% EPS-3.1% move
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% 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 · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-22T09:50:41.575431+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T09:50:41.572574+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 2026-10-22. For educational purposes only; not investment advice.