SAP (SAP GY) Q1 2026 (EUR): Adj. operating profit 2.87bln (exp. 2.73bln), revenue 9.56bln (exp. 9.56bln). To buy back EUR 10bln of shares.
- Q1 Cloud revenue 5.96bln
FY Guidance
- FY Adj. op. profit view 11.9-12.3bln (exp. 11.8bln).
- Cloud revenue 25.8-26.2bln
- FCF 10bln.
Context
SAP's Q1 2026 results show an adjusted operating profit beat, which may bolster investor confidence in the company's growth trajectory. Notably, the announcement of a €10 billion share buyback reflects a strong cash position and signals management's commitment to returning value to shareholders. The slightly elevated FY guidance further supports a positive outlook, particularly in the cloud segment, which is crucial for long-term growth.
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