SAP SE (SAP) Q2 FY2026 6-K Filings and Company Events

Filings that contain financial statements

• 6-K, accession 0001104659-26-087251 (filed July 28, 2026): second quarter and first half of 2026, period ended June 30, 2026. Exhibit 99.1 is the Quarterly Statement for Q2 2026 (unaudited) with the consolidated income statements for the quarter and the six months, the consolidated statement of financial position, the consolidated statement of cash flows, non-IFRS reconciliations, segment reporting and revenue by region. Exhibit 99.2 is the Half-Year Report 2026 with the consolidated half-year financial statements and notes, including the events after the reporting period.
• 6-K, accession 0001104659-26-049650 (filed April 28, 2026): first quarter of 2026, period ended March 31, 2026. Exhibit 99.1 is the Quarterly Statement for Q1 2026 with condensed primary statements and non-IFRS reconciliations.
• 6-K, accession 0001104659-26-009465 (filed February 3, 2026): fourth quarter and full year 2025, period ended December 31, 2025. Exhibit 99.1 is the Quarterly Statement for Q4 2025 with the primary statements and non-IFRS reconciliations.
• 6-K, accession 0001104659-26-024381 (filed March 6, 2026): full-year 2025. Exhibit 99.1 is the Integrated Report 2025, including the audited consolidated financial statements for the year ended December 31, 2025. The same annual statements are in the Form 20-F, accession 0001104659-26-020058 (filed February 26, 2026).
• Prior-year comparison filings carrying statements: 6-K 0001104659-25-070485 (filed July 25, 2025; Q2 and first half of 2025 quarterly statement and half-year report), 0001104659-25-102307 (filed October 27, 2025; Q3 2025), 0001104659-25-038859 (filed April 25, 2025; Q1 2025), 0001104659-25-021471 (filed March 7, 2025; Integrated Report 2024), 0001104659-25-006886 (filed January 29, 2025; Q4 2024), 0001104659-24-110719 (filed October 23, 2024; Q3 2024) and 0001104659-24-082105 (filed July 24, 2024; Q2 and first half of 2024).

Second quarter 2026 results and updated outlook (6-K 0001104659-26-087251, filed July 28, 2026)

The Quarterly Statement is dated July 23, 2026 and was filed with Deutsche Boerse AG on July 24, 2026.

• Current cloud backlog was $26.18 billion at June 30, 2026, up 27% (up 26% at constant currencies). First-time inclusion of Reltio added less than 1 percentage point to the constant-currency growth rate.
• Cloud revenue was $7.31 billion, up 25.6% in US dollar terms (up 22% in euros, up 24% at constant currencies). Total revenue was $11.49 billion, up 12.2% in US dollar terms (up 9% in euros, up 11% at constant currencies). Software support revenue fell 8% and software license revenue fell 32% in euros.
• IFRS operating profit was $3.07 billion, up 10.4% in US dollar terms (up 8% in euros). Non-IFRS operating profit was $3.19 billion, up 9.5% in US dollar terms (up 7% in euros, up 9% at constant currencies). Non-IFRS operating margin was 27.8%, down 0.7 percentage points. The company attributed the sequential slowdown in operating profit growth to slower cloud and total revenue growth, an unusually low stock-based compensation expense in the first quarter, accelerated research and development investment and the dilutive effect of the Reltio acquisition.
• Profit after tax was $2.57 billion (IFRS, up 26% in euros). Basic IFRS earnings per share were $2.20 per ADS (one ordinary share per ADS), up 30% in euros. Free cash flow was $3.49 billion, up 30.6% in US dollar terms (up 27% in euros).
• Outlook change. SAP lowered its 2026 non-IFRS operating profit outlook to $13.33 billion to $13.79 billion at constant currencies (up 13% to 17%), from $13.45 billion to $13.90 billion previously (up 14% to 18%). The company said the update reflects the dilutive impact of the Dremio and Prior Labs acquisitions closed in July, projected to exceed $113 million (more than 100 million euros, at the 1.13 outlook rate). Cloud revenue ($29.15 billion to $29.61 billion, up 23% to 25%) and cloud and software revenue ($41.02 billion to $41.58 billion, up 12% to 13%) outlooks were unchanged, as were the free cash flow outlook, the non-IFRS effective tax rate of about 29%, and the expectation that constant-currency current cloud backlog growth slightly decelerates. The outlook assumes a near-term de-escalation of the conflict in the Middle East; the company warned other impacts are unknown and could be materially adverse if the situation continues or escalates.
• SAP stated it expects 2026 total revenue growth at constant currencies to stay near 2025's 10.6% and to accelerate in 2027, and total operating expenses in 2027 to grow at 80% to 90% of total revenue growth.

First quarter 2026 results (6-K 0001104659-26-049650, filed April 28, 2026)

The Quarterly Statement is dated April 23, 2026. Current cloud backlog was up 20% (up 25% at constant currencies); cloud revenue up 19% (up 27% at constant currencies); total revenue up 6% (up 12% at constant currencies); IFRS and non-IFRS operating profit each up 17% in euros (non-IFRS up 24% at constant currencies). The financial ranges of the 2026 outlook were left unchanged at that time, but the total revenue growth expectation was revised: constant-currency total revenue growth in 2026 was expected to remain at similar levels as in 2025 and to accelerate in 2027, where the previous outlook had assumed it would accelerate through 2027.

Fourth quarter 2025 results and 2026 outlook (6-K 0001104659-26-009465, filed February 3, 2026)

The Quarterly Statement is dated January 29, 2026. For 2025, total cloud backlog rose 22% (up 30% at constant currencies), cloud revenue rose 23% in euros (26% at constant currencies), total revenue rose 8% (11% at constant currencies) and non-IFRS operating profit rose 28% in euros (31% at constant currencies). SAP met its revenue outlook and exceeded its non-IFRS operating profit and free cash flow outlook for the year. The initial 2026 outlook was non-IFRS operating profit of $13.45 billion to $13.90 billion at constant currencies, cloud revenue of $29.15 billion to $29.61 billion, and cloud and software revenue of $41.02 billion to $41.58 billion.

Acquisitions

• Reltio: closed May 7, 2026. SAP announced its intention to acquire 100% of Reltio, a master data management software provider, on March 27, 2026. The transaction closed on May 7, 2026; consideration transferred was US$1,259 million, mostly in cash. Purchase accounting is preliminary. Reltio contributed about $29.08 million to second-quarter revenue and a loss of about $15.12 million at the IFRS operating profit level (6-K 0001104659-26-087251, Exhibit 99.1, section M).
• Dremio: signed May 4, 2026; closed July 6, 2026. The filing states the transaction closed after regulatory and other approvals; cash consideration was about $0.57 billion (6-K 0001104659-26-087251, Exhibit 99.2, Note G.3, events after the reporting period). It is therefore not in the June 30 balance sheet.
• Prior Labs GmbH: signed May 4, 2026; closed July 16, 2026. The filing states the transaction closed; cash consideration was about $0.46 billion and the majority of the total (same accession and note).

Capital actions and financing

• Share repurchase. On January 29, 2026 SAP announced a two-year buyback of up to $11.94 billion running to December 31, 2027 (6-K 0001104659-26-009465). As of June 30, 2026 SAP had repurchased 16,280,097 shares at an average price of about $188.01 per share, about $3.03 billion in total (the first tranche of the program was completed as of April 1, 2026, per 6-K 0001104659-26-049650) (6-K 0001104659-26-087251, Exhibit 99.1).
• Eurobond. On May 28, 2026 SAP completed a four-tranche bond offering of $4.08 billion with tenors of two, three, five and seven years, for general corporate purposes including refinancing the announced acquisitions. SAP is rated A1 (stable) by Moody's and A+ (stable) by S&P Global. In the first half SAP also repaid $1.28 billion of Eurobonds and drew $1.17 billion on a $2.28 billion bridge facility, which was mandatorily repaid in early June 2026 (Exhibit 99.2).
• Annual General Meeting, May 5, 2026. Shareholders approved all agenda items, including the election of four Supervisory Board members and an amendment to the articles to allow electronic shares (6-K 0001104659-26-057442, filed May 8, 2026). The meeting invitation was furnished in 6-K 0001104659-26-045882 (filed April 21, 2026).

Legal and regulatory

• Teradata settled. SAP and Teradata settled their litigation at the end of February 2026 and withdrew all pending lawsuits. A provision of $454.72 million (a balance, converted at the December 31, 2025 closing rate) had been recorded at December 31, 2025; the settlement added an expense of $33.93 million in the first quarter, and SAP paid US$480 million in March 2026 (6-K 0001104659-26-087251).
• European Commission. On July 9, 2026 SAP said the European Commission concluded its competition investigation into aspects of its on-premise maintenance and support practices through a commitment decision (Exhibit 99.1, business highlights).
• Celonis. The US antitrust and competition lawsuit brought by Celonis remains pending; trial is scheduled to begin September 13, 2027. In June 2026 the court allowed Celonis to add trade secret claims, and Celonis also has a complaint in Munich (Exhibit 99.2, litigation note).

Management and reporting changes

• On April 10, 2026 SAP extended the contract of Chief People Officer Gina Vargiu-Breuer to January 31, 2030 (Exhibit 99.1).
• On March 2, 2026 SAP announced that Executive Board member Muhammad Alam will not renew his contract and will remain until his term ends in 2027. Also on March 2, 2026 SAP created the Customer Value Group, led by Thomas Saueressig, effective April 1, 2026. Effective July 1, 2026, operational responsibility for parts of Product & Engineering moved from Alam to CEO Christian Klein on an interim basis, with two new teams (SAP Business AI Platform & CTO, and SAP Autonomous Suite) reporting to Klein (6-K 0001104659-26-087251, Exhibit 99.2, Organization and Changes in Management).
• Beginning in 2027, SAP will adopt IFRS 18 and exclude foreign currency-related effects and interest related to taxes from its non-IFRS results (Exhibit 99.1, section N).
• A Q2 2026 headcount of 112,019 full-time equivalents includes 503 from acquisitions (Exhibit 99.1).