SAP (ADR)
Connects enterprise processes through cloud ERP, data, integration, and AI software.
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Profile
Sells cloud ERP and line-of-business applications spanning core enterprise processes. Cloud subscriptions now provide the largest revenue stream, alongside software licenses, support, and services.
Connects finance, people, procurement, commerce, customer data, and other business processes through S/4HANA Cloud and line-of-business applications. Business Technology Platform supports integration and extensions, Business Data Cloud supplies governed data, and Joule provides the AI experience and workflow layer.
Earns mainly from recurring cloud subscriptions, with software licenses, support, consulting, and premium services completing the model. Built in Germany and expanded internationally, the portfolio is organized around standardized software that integrates functions and processes operational data in real time.
Execution centers on moving legacy ERP customers through RISE while GROW targets new cloud-suite customers. The transition depends on customer migration to S/4HANA Cloud, continued adoption of the broader suite, compliance duties under a U.S. deferred prosecution agreement, and a pending European Commission review of on-premise ERP support practices.
Company facts
Key statistics
Year to date −6.4% · Average volume (30d) 3.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | UBS | Downgrade | Buy | Neutral | ||
| Jul 27, 2026 | Barclays | Reiterate | Overweight | $255 | $242 | |
| Jul 24, 2026 | BMO Capital | Reiterate | Outperform | $200 | $177 | |
| Jul 21, 2026 | Barclays | Reiterate | Overweight | $257 | $255 | |
| Jun 10, 2026 | Goldman Sachs | Target | $265 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $2.00 | $1.85 | −7.5% | $11.30B | $11.24B | −0.5% | +9.30% |
| Apr 23, 2026Q1 FY26 | $1.92 | $2.01 | +4.7% | $11.19B | $11.19B | −0.1% | +7.36% |
| Jan 29, 2026Q4 FY25 | $1.77 | $1.89 | +6.8% | $11.39B | $11.55B | +1.4% | +0.41% |
| Oct 22, 2025Q3 FY25 | $1.69 | $1.86 | +10.1% | $9.77B | $10.63B | +8.8% | +0.84% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.44B | $10.46B | $10.52B | $11.22B | $11.07B | $11.45B | |
| Gross profit | $7.66B | $7.67B | $7.73B | $8.01B | $8.08B | $8.37B | |
| Operating income | $2.70B | $2.85B | $2.88B | $2.71B | $3.19B | $3.07B | |
| Net income | $2.06B | $1.97B | $2.32B | $1.95B | $2.24B | $2.53B | |
| Diluted EPS | $1.75 | $1.67 | $1.98 | $1.82 | $1.91 | $2.18 | |
| Gross margin | 73.3% | 73.3% | 73.5% | 71.4% | 73.0% | 73.2% | |
| Operating margin | 25.9% | 27.2% | 27.4% | 24.2% | 28.8% | 26.8% |
Fiscal years (4-quarter sums)FY21 $32.26B · FY22 $34.64B · FY23 $36.16B · FY24 $39.60B · FY25 $42.64B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $13.47B · Total debt $11.52B · Total assets $87.61B · Shareholders' equity $51.84B
Dividends
Raised for 2 straight years — most recently to $2.9407 from $2.6298 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 5, 2026 | May 5 | May 15 | $2.9407 | raised from $2.6298 |
| May 13, 2025 | May 13 | May 23 | $2.6298 | raised from $2.3913 |
| May 16, 2024 | May 17 | May 28 | $2.3913 | raised from $2.233 |
| May 12, 2023 | May 15 | May 22 | $2.233 | |
| May 19, 2022 | May 20 | May 31 | $2.6085 | special dividend |
Ownership
Shares outstanding 1.17B · Float 1.15B · 99.1% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Fisher Asset Management, LLC | 14.93M | 1.28% | 13F | Aug 4, 2026 |
| Eagle Capital Management LLC | 8.64M | 0.74% | 13F | Aug 14, 2026 |
| Goldman Sachs Group Inc | 6.02M | 0.52% | 13F | Aug 14, 2026 |
| Capital International Investors | 5.68M | 0.49% | 13F | Aug 12, 2026 |
| Morgan Stanley | 5.48M | 0.47% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Oracle
Broad rival across cloud ERP, applications, databases and infrastructure
- Microsoft
Enterprise applications, low-code, data and AI overlap
- Salesforce
CRM, commerce, customer data and agentic AI competitor
- Workday
Cloud HCM, finance, planning and spend management rival
- ServiceNow
Workflow automation, service management and enterprise AI overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| Workday | $204.25 | −0.23% | $53.62B | 41.8 | 17.7 | 5.3 | +13.2% |
| ServiceNow | $143.28 | −0.97% | $149.61B | 90.4 | 31.9 | 10.2 | +24.0% |
| Median | 28.6 | 18.7 | 6.4 | +17.8% |