SAP Q2 2026: cloud growth beats forecasts, profit guide cut, shares rise

SAP SE reported its second‑quarter 2026 results, showing revenue of €9.88 billion, up about 9 % year‑on‑year. Cloud revenue reached €6.28 billion, a 24 % increase, and the current cloud backlog grew 26 % to €22.9 billion, surpassing analysts’ consensus of €22.1 billion. Operating profit on a non‑IFRS basis was €2.74 billion, below the €2.88 billion expected, and earnings per share came in at €1.59, missing the €1.75 consensus. SAP cut its 2026 operating‑profit outlook to €11.8‑12.2 billion from €11.9‑12.3 billion, citing integration costs of the July acquisitions of Dremio and Prior Labs, estimated at over €100 million. Despite the weaker profit guidance, the market reacted positively: SAP shares rose roughly 9 % after the report, with intraday gains of 5‑9 % noted across European exchanges. Analysts highlighted the strong cloud‑contract momentum and the company’s AI‑driven “autonomous enterprise” strategy as mitigating factors for concerns that artificial‑intelligence disruption could erode SAP’s traditional software business.