SAP announced its Q2 2026 results.

• Current cloud backlog of €22.9 billion, up 27% and up 26% at constant currencies

• Cloud revenue up 22% and up 24% at constant currencies

• Cloud ERP Suite revenue up 25% and up 27% at constant currencies

• Total revenue up 9% and up 11% at constant currencies

• IFRS operating profit up 8%, non-IFRS operating profit up 7% and up 9% at constant currencies

SAP’s claim is that enterprise transactions, finance data, procurement data, HR data, and supply chain data provide a trusted foundation for AI appear to be coming to fruition. SAP reported free cash flow: €3.0 billion which can fund their AI related investments and provides continued capacity for acquisitions.

For the SAP ecosystem specifically, including partners and customers, the results reinforce that SAP continues to invest heavily in:

• Cloud ERP
• Business Data Cloud
• Business AI
• Autonomous Enterprise capabilities

This should support continued migration activity and consulting demand around SAP cloud offerings over the next several years.

https://www.sap.com/investors/en/financial-documents-and-events/recent-results.html