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SAP

SAP SE

SAP

SAP SE • NYSE
$241.75 ▲ 0.72% (+1.73)
Market Cap $281.70 B
52w High $313.28
52w Low $233.51
Dividend Yield 2.54%
P/E 34.59
Volume 628.74K
Outstanding Shares 1.17B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.076B ▲ $4.184B ▲ $2.004B ▲ 22.08% ▲ $1.72 ▲ $3.385B ▲
Q2-2025 $9.027B ▲ $4.164B ▼ $1.697B ▼ 18.799% ▼ $1.45 ▼ $3.089B ▼
Q1-2025 $9.013B ▼ $4.274B ▼ $1.78B ▲ 19.749% ▲ $1.53 ▲ $3.097B ▲
Q4-2024 $9.377B ▲ $4.925B ▲ $1.601B ▲ 17.074% ▼ $1.37 ▲ $2.849B ▲
Q3-2024 $8.47B $3.998B $1.463B 17.273% $1.25 $2.709B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.051B ▼ $80.365B ▲ $29.558B ▲ $50.298B ▲
Q2-2025 $10.178B ▼ $68.399B ▼ $27B ▼ $40.998B ▼
Q1-2025 $12.255B ▲ $81.694B ▲ $31.913B ▲ $49.379B ▲
Q4-2024 $11.238B ▼ $74.122B ▲ $28.314B ▲ $45.44B ▲
Q3-2024 $12.072B $69.648B $28.181B $41.212B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.051B ▲ $1.502B ▼ $-74M ▲ $-700M ▲ $612M ▲ $1.301B ▼
Q2-2025 $1.643B ▼ $2.576B ▼ $-716M ▼ $-5.019B ▼ $-3.403B ▼ $2.387B ▼
Q1-2025 $1.796B ▲ $3.781B ▲ $43M ▲ $-1.723B ▼ $1.736B ▲ $3.613B ▲
Q4-2024 $1.601B ▲ $-550M ▼ $-39M ▼ $-234M ▼ $-396M ▼ $-819M ▼
Q3-2024 $1.44B $1.473B $330M $529M $2.135B $1.31B

Five-Year Company Overview

Income Statement

Income Statement SAP’s sales have grown steadily over the last five years, and its core software and cloud businesses appear to be expanding. Gross profit has risen along with revenue, showing that the basic economics of the business remain attractive. However, operating profit has not grown in line with sales, which suggests rising costs, heavier investment in cloud and product development, and possibly some restructuring or one‑off items. Earnings per share have been quite volatile from year to year, swinging between strong and weaker results. Overall, the income statement shows a solid top line with less predictable bottom‑line performance, reflecting a business in active transition rather than a perfectly smooth profit story.

Balance Sheet

Balance Sheet SAP’s balance sheet looks generally strong and has improved over time. Total assets and shareholders’ equity have grown, indicating that the company has been building its asset base while also strengthening its capital foundation. Cash levels are healthy and have moved up from earlier years, which provides flexibility for investment and resilience in downturns. Debt was higher a few years ago but has since come down, easing leverage and financial risk. In simple terms, SAP appears to be better capitalized and less indebted than in the past, giving it a solid platform to support ongoing strategy and innovation.

Cash Flow

Cash Flow SAP’s cash generation is a clear strength. Operating cash flow has been consistently robust, even though it has drifted somewhat lower from its earlier peak. Free cash flow remains strong and comfortably positive after funding regular investment in property, equipment, and infrastructure, which itself has been fairly modest and stable. This pattern suggests that SAP’s business model converts a good share of its profits into cash and that the company has ample internal resources to fund cloud expansion, R&D, and shareholder returns without depending heavily on new borrowing.

Competitive Edge

Competitive Edge SAP holds a powerful position in enterprise software, especially in large, complex organizations that rely on its systems to run core business processes. Its products are deeply embedded, making it costly, risky, and time‑consuming for customers to switch providers. This creates significant “stickiness” and high switching costs. The company’s long history and strong brand in mission‑critical business applications add further trust and credibility. SAP’s broad portfolio, covering finance, HR, supply chain, procurement, and more, gives it an integrated offering that many rivals struggle to match. A large ecosystem of implementation partners and developers extends its reach and reinforces its moat. The main competitive challenge is keeping pace with cloud‑native rivals and hyperscale platforms while migrating its vast installed base to the cloud without disruption.

Innovation and R&D

Innovation and R&D SAP’s innovation engine is heavily focused on cloud, real‑time data, and AI. Its S/4HANA platform, built on the in‑memory HANA database, enables real‑time processing and analytics, which is a key differentiator versus older ERP architectures. The Business Technology Platform acts as a unified environment for integration, data, analytics, and application development, making it easier for customers to build on top of SAP without over‑customizing core systems. SAP is embedding AI and automation across its stack, including its Joule AI copilot, to simplify user interactions and improve decision‑making. It is also pushing specialized solutions for sustainability and ESG reporting, aiming to become a standard for tracking emissions and compliance. The big execution task is to turn these innovations—especially cloud ERP, BTP, and AI—into broad, profitable adoption while managing the complexity of legacy systems and customer migrations.

Summary

Overall, SAP appears to be a financially solid software leader in the middle of a major strategic shift. Revenue and gross profit are rising steadily, backed by strong and recurring cash flows, while the balance sheet has become stronger and less leveraged. At the same time, profits and earnings per share have been choppy, reflecting the cost and complexity of moving a huge installed base toward cloud subscriptions and modern platforms. The company’s entrenched position, high switching costs, deep industry expertise, and extensive partner ecosystem provide a durable competitive edge. Looking forward, the main opportunities lie in cloud ERP adoption, expansion of its technology platform, and monetization of AI and sustainability offerings. The key risks center on execution of the cloud transition, managing margin pressure during this shift, and intense competition from other global software and cloud providers. In short, SAP has strong strategic assets and financial foundations, but its path involves ongoing transformation rather than a low‑change, steady‑state business.

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