Analyst Consensus ?
ConsensusHold43 ratings
Bullish2251.2%
Neutral1432.5%
Bearish716.3%
SAP SE · SAP · FY2025 Q3 · Calendar Q4 2025
SAP Q3: Cloud Growth Holds, AI Expansion Broadens
SAP's latest results support a constructive view of cloud-led growth and AI expansion, but the thesis depends on converting the pipeline into bookings while managing delayed deals, competition, and cash-conversion questions.
Reported After market closeNYSETechnology
$271.06B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.86
Consensus $1.69
EPS surprise
+10.1%
Reported versus consensus
Reported revenue
$10.63B
Consensus $9.77B
Revenue surprise
+8.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+0.8%
Event window
SPY move
+0.6%
Same window
Abnormal move
+0.2%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-16.0%
Up to 20 sessions
SAPSPY benchmark
Ask FN2 about SAP FY2025 Q3
Transcript, numbers and history already loaded
Why did SAP rise 0.8% after beating EPS estimates in FY2025 Q3?What changed in SAP's guidance and outlook in FY2025 Q3?Give me the bull and bear case for SAP after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds stronger detail on AI assistants that orchestrate multiple agents, expanded data integrations, a new on-site cloud offering for regulated customers, and the completed SmartRecruiters acquisition. Compared with the prior quarter, the central growth drivers remain Cloud ERP, Business AI, and Business Data Cloud, while delayed bookings introduce more pressure on near-term cloud-revenue delivery.
Guidance delta
Maintained, with management indicating FY2025 cloud-revenue guidance could land at the lower end because of delayed first-half bookings.
Key takeaways
- Cloud revenue grew 27% year over year, while cloud gross margin reached 75.1%.
- Current cloud backlog increased 27% to EUR 18.8 billion, supported by RISE adoption and the WalkMe acquisition.
- Management positioned AI assistants, agent orchestration, and Business Data Cloud integrations as important growth initiatives.
- The company highlighted a new on-site cloud offering for regulated customers and completed the SmartRecruiters acquisition.
Management priorities
- Expand SAP Business AI, including AI assistants and broader agent orchestration.
- Grow RISE with SAP and cross-sell Business Data Cloud and Business AI.
- Extend Business Data Cloud Connect integrations with Databricks and Google BigQuery.
- Build on-site cloud capabilities for sovereign and highly regulated customers.
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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 |
|---|---|---|---|---|
| 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 |
| TXN Texas Instruments Incorporated | FY2026 Q3 · Calendar Q4 2026 | — | +2.5% | TI posts strong Q3 growth as capacity investment rises |
| IBM International Business Machines Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +3.9% | IBM Q3 growth accelerates as software and mainframe demand strengthen |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- 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
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-22T08:00:46.620445+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T08:00:46.617677+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.