NYSE : SAP
SAP SE — Financial statements
Technology · Software - Application · Germany
Last price 235.02 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 272.25B
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Financial statements
SAP SE (SAP) reported revenue of 39.39B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Other Revenue | 1.00M | |||||
| Revenue | 39.39B | 36.80B | 34.18B | 31.21B | 29.52B | 26.95B |
| Cost of Revenue | 10.40B | 9.65B | 9.16B | 8.67B | 8.04B | 7.22B |
| Gross Profit | 28.98B | 27.14B | 25.01B | 22.53B | 21.48B | 19.73B |
| Selling, General & Admin | 10.33B | 10.05B | 10.27B | 10.19B | 9.23B | 8.04B |
| Research & Development | 7.10B | 6.63B | 6.51B | 6.32B | 6.08B | 5.27B |
| Other Operating Expenses | 80.00M | 49.00M | 85.00M | 4.00M | 116.00M | 33.00M |
| Operating Expenses | 17.51B | 16.73B | 16.86B | 16.52B | 15.43B | 13.35B |
| Operating Income | 11.47B | 10.42B | 8.15B | 6.01B | 6.05B | 6.39B |
| Interest Expense | -536.00M | -493.00M | -545.00M | -640.00M | -272.00M | -206.00M |
| Interest & Investment Income | 566.00M | 429.00M | 631.00M | 486.00M | 193.00M | 29.00M |
| Currency Exchange Gain (Loss) | 141.00M | 141.00M | -246.00M | 46.00M | -144.00M | 51.00M |
| Other Non Operating Income (Expenses) | -279.00M | -188.00M | -203.00M | -204.00M | -159.00M | -89.00M |
| EBT Excluding Unusual Items | 11.36B | 10.31B | 7.79B | 5.70B | 5.67B | 6.17B |
| Merger & Restructuring Charges | -400.00M | -414.00M | -3.50B | -215.00M | -138.00M | -157.00M |
| Gain (Loss) on Sale of Investments | 764.00M | 764.00M | 462.00M | -144.00M | -1.19B | 2.41B |
| Gain (Loss) on Sale of Assets | 176.00M | 77.00M | ||||
| Legal Settlements | -417.00M | -387.00M | ||||
| Other Unusual Items | 11.00M | |||||
| Pretax Income | 11.31B | 10.27B | 4.76B | 5.34B | 4.51B | 8.51B |
| Income Tax Expense | 3.16B | 2.94B | 1.61B | 1.74B | 1.45B | 1.68B |
| Earnings From Continuing Operations | 8.15B | 7.33B | 3.15B | 3.60B | 3.07B | 6.82B |
| Earnings From Discontinued Operations | 2.36B | -1.36B | -1.45B | |||
| Net Income to Company | 8.15B | 7.33B | 3.15B | 5.96B | 1.71B | 5.38B |
| Minority Interest in Earnings | -113.00M | -165.00M | -26.00M | 175.00M | 576.00M | -121.00M |
| Net Income | 8.04B | 7.16B | 3.12B | 6.14B | 2.28B | 5.26B |
| Net Income to Common | 8.04B | 7.16B | 3.12B | 6.14B | 2.28B | 5.26B |
| Shares Outstanding (Basic) | 1.16B | 1.17B | 1.17B | 1.17B | 1.17B | 1.18B |
| Shares Outstanding (Diluted) | 1.16B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B |
| EPS (Basic) | 6.94 | 6.14 | 2.68 | 5.26 | 1.95 | 4.45 |
| EPS (Diluted) | 6.91 | 6.10 | 2.65 | 5.20 | 1.94 | 4.45 |
| Free Cash Flow | 9.18B | 8.42B | 4.41B | 5.46B | 4.77B | 5.52B |
| Free Cash Flow Per Share | 7.88 | 7.16 | 3.74 | 4.63 | 4.06 | 4.68 |
| Dividend Per Share | 2.50 | 2.50 | 2.35 | 2.20 | 2.05 | 1.95 |
| Gross Margin | 73.58% | 73.76% | 73.19% | 72.20% | 72.77% | 73.22% |
| Operating Margin | 29.12% | 28.31% | 23.86% | 19.27% | 20.50% | 23.70% |
| Profit Margin | 20.41% | 19.46% | 9.14% | 19.67% | 7.74% | 19.50% |
| Free Cash Flow Margin | 23.31% | 22.87% | 12.90% | 17.50% | 16.16% | 20.49% |
| EBITDA | 12.25B | 11.23B | 8.93B | 7.39B | 7.62B | 7.92B |
| EBITDA Margin | 31.11% | 30.53% | 26.11% | 23.67% | 25.81% | 29.40% |
| D&A For EBITDA | 784.00M | 816.00M | 772.00M | 1.37B | 1.57B | 1.54B |
| EBIT | 11.47B | 10.42B | 8.15B | 6.01B | 6.05B | 6.39B |
| EBIT Margin | 29.12% | 28.31% | 23.86% | 19.27% | 20.50% | 23.70% |
| Effective Tax Rate | 27.91% | 28.67% | 33.88% | 32.59% | 32.04% | 19.77% |
| Revenue as Reported | 39.39B | 36.80B | 34.18B | 31.21B | 29.52B | 26.95B |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.36B | 8.22B | 9.61B | 8.12B | 9.01B | 8.90B |
| Short-Term Investments | 1.63B | 1.32B | 1.48B | 3.16B | 689.00M | 2.63B |
| Cash & Short-Term Investments | 11.00B | 9.54B | 11.09B | 11.28B | 9.70B | 11.53B |
| Accounts Receivable | 6.98B | 5.79B | 6.23B | 5.89B | 5.78B | 5.89B |
| Other Receivables | 804.00M | 1.76B | 1.51B | 1.08B | 985.00M | 1.09B |
| Receivables | 7.78B | 7.72B | 7.83B | 7.02B | 6.87B | 7.05B |
| Prepaid Expenses | 1.26B | 988.00M | 844.00M | 828.00M | 588.00M | |
| Other Current Assets | 3.34B | 1.74B | 1.50B | 1.43B | 1.13B | 873.00M |
| Total Current Assets | 22.11B | 20.26B | 21.40B | 20.57B | 18.52B | 20.04B |
| Property, Plant & Equipment | 4.55B | 4.30B | 4.34B | 4.11B | 4.79B | 4.90B |
| Long-Term Investments | 8.30B | 6.76B | 6.62B | 5.10B | 5.29B | 5.95B |
| Goodwill | 31.22B | 29.01B | 31.26B | 29.08B | 33.08B | 31.09B |
| Other Intangible Assets | 2.80B | 2.28B | 2.71B | 2.50B | 3.83B | 3.96B |
| Long-Term Accounts Receivable | 5.00M | 1.00M | ||||
| Long-Term Deferred Tax Assets | 2.37B | 2.16B | 2.67B | 2.20B | 2.10B | 1.79B |
| Long-Term Deferred Charges | 3.68B | 3.49B | 3.15B | 3.02B | 2.33B | |
| Other Long-Term Assets | 4.99B | 1.68B | 1.51B | 1.55B | 1.40B | 995.00M |
| Total Assets | 76.34B | 70.36B | 74.24B | 68.33B | 72.16B | 71.17B |
| Accounts Payable | 3.00B | 2.43B | 1.99B | 1.78B | 2.15B | 1.58B |
| Accrued Expenses | 4.83B | 5.53B | 5.65B | 4.82B | 5.20B | |
| Short-Term Debt | 498.00M | 2.75B | 928.00M | 931.00M | ||
| Current Portion of Long-Term Debt | 2.05B | 1.10B | 888.00M | 1.14B | 3.06B | 2.83B |
| Current Portion of Leases | 254.00M | 295.00M | 294.00M | 349.00M | 407.00M | |
| Current Income Taxes Payable | 1.57B | 968.00M | 585.00M | 266.00M | 283.00M | 304.00M |
| Current Unearned Revenue | 8.16B | 6.58B | 5.98B | 4.97B | 5.31B | 4.43B |
| Other Current Liabilities | 4.33B | 752.00M | 1.07B | 533.00M | 564.00M | 451.00M |
| Total Current Liabilities | 19.11B | 17.42B | 19.08B | 14.64B | 17.45B | 16.14B |
| Long-Term Debt | 8.54B | 4.19B | 5.30B | 6.03B | 6.96B | 9.24B |
| Long-Term Leases | 1.43B | 1.42B | 1.33B | 1.79B | 1.74B | |
| Long-Term Unearned Revenue | 213.00M | 144.00M | 88.00M | 33.00M | 33.00M | 13.00M |
| Long-Term Deferred Tax Liabilities | 259.00M | 72.00M | 326.00M | 267.00M | 241.00M | 296.00M |
| Other Long-Term Liabilities | 1.76B | 2.03B | 2.21B | 2.63B | 2.83B | 2.23B |
| Total Liabilities | 29.88B | 25.29B | 28.43B | 24.93B | 29.31B | 29.65B |
| Common Stock | 1.23B | 1.23B | 1.23B | 1.23B | 1.23B | 1.23B |
| Additional Paid-In Capital | 3.19B | 2.78B | 2.56B | 1.84B | 3.08B | 1.92B |
| Retained Earnings | 50.82B | 47.34B | 42.91B | 42.46B | 36.42B | 37.02B |
| Treasury Stock | -10.59B | -6.95B | -5.95B | -4.74B | -4.34B | -3.07B |
| Comprehensive Income & Other | 1.29B | 182.00M | 4.69B | 2.37B | 3.80B | 1.76B |
| Total Common Equity | 45.95B | 44.59B | 45.44B | 43.16B | 40.19B | 38.85B |
| Minority Interest | 513.00M | 488.00M | 368.00M | 249.00M | 2.66B | 2.67B |
| Shareholders' Equity | 46.46B | 45.07B | 45.81B | 43.41B | 42.85B | 41.52B |
| Total Liabilities & Equity | 76.34B | 70.36B | 74.24B | 68.33B | 72.16B | 71.17B |
| Total Debt | 10.59B | 7.48B | 10.65B | 8.79B | 13.09B | 15.15B |
| Net Cash (Debt) | 409.00M | 2.06B | 436.00M | 2.49B | -3.39B | -3.61B |
| Net Cash Per Share | 0.35 | 1.75 | 0.37 | 2.11 | -2.88 | -3.06 |
| Filing Date Shares Outstanding | 1.15B | 1.17B | 1.17B | 1.17B | 1.17B | 1.18B |
| Total Common Shares Outstanding | 1.15B | 1.17B | 1.17B | 1.17B | 1.17B | 1.18B |
| Working Capital | 3.00B | 2.84B | 2.32B | 5.93B | 1.07B | 3.91B |
| Book Value Per Share | 39.95 | 38.19 | 38.95 | 36.97 | 34.43 | 32.94 |
| Tangible Book Value | 11.94B | 13.29B | 11.47B | 11.57B | 3.27B | 3.80B |
| Tangible Book Value Per Share | 10.38 | 11.38 | 9.83 | 9.91 | 2.81 | 3.22 |
| Order Backlog | 21.05B | 18.08B | 13.74B | 11.02B |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.04B | 7.16B | 3.12B | 6.14B | 2.28B | 5.26B |
| Depreciation & Amortization | 1.06B | 1.09B | 1.05B | 1.37B | 1.57B | 1.54B |
| Other Amortization | 220.00M | 220.00M | 228.00M | |||
| Loss (Gain) From Sale of Investments | -764.00M | -764.00M | -462.00M | 144.00M | 1.19B | -2.41B |
| Stock-Based Compensation | 977.00M | 878.00M | 1.10B | 1.13B | 251.00M | 279.00M |
| Other Operating Activities | 491.00M | 1.23B | -461.00M | -2.62B | 521.00M | 1.31B |
| Change in Accounts Receivable | -1.21B | -388.00M | -247.00M | -393.00M | 196.00M | 497.00M |
| Change in Accounts Payable | 804.00M | -308.00M | 603.00M | 633.00M | 154.00M | 429.00M |
| Change in Unearned Revenue | 1.22B | 1.34B | 869.00M | 443.00M | 643.00M | -59.00M |
| Change in Other Net Operating Assets | -950.00M | -1.30B | -602.00M | -710.00M | -1.14B | -654.00M |
| Operating Cash Flow | 9.88B | 9.16B | 5.21B | 6.25B | 5.65B | 6.22B |
| Capital Expenditures | -701.00M | -739.00M | -797.00M | -785.00M | -877.00M | -701.00M |
| Sale of Property, Plant & Equipment | 96.00M | 121.00M | 122.00M | 99.00M | 95.00M | 89.00M |
| Cash Acquisitions | -1.83B | -702.00M | -1.11B | -1.17B | -679.00M | -1.03B |
| Divestitures | 289.00M | -72.00M | ||||
| Investment in Securities | -455.00M | -66.00M | 1.13B | -2.66B | 1.87B | -1.14B |
| Other Investing Activities | 341.00M | 421.00M | 564.00M | 5.90B | -31.00M | -208.00M |
| Investing Cash Flow | -2.55B | -965.00M | -93.00M | 1.39B | 667.00M | -3.06B |
| Long-Term Debt Issued | 2.00M | 2.77B | 13.00M | 158.00M | 1.68B | |
| Long-Term Debt Repaid | -3.49B | -1.50B | -4.41B | -1.85B | -2.33B | |
| Lease Payments | -277.00M | -299.00M | -310.00M | -332.00M | -410.00M | -375.00M |
| Net Debt Issued (Repaid) | 1.02B | -3.49B | 1.27B | -4.40B | -1.70B | -647.00M |
| Repurchase of Common Stock | -4.12B | -1.94B | -2.11B | -949.00M | -1.50B | |
| Common Dividends Paid | -2.88B | -2.74B | -2.56B | -2.40B | -2.28B | -2.18B |
| Other Financing Activities | -546.00M | -577.00M | -562.00M | -387.00M | -275.00M | 2.77B |
| Financing Cash Flow | -6.53B | -8.74B | -3.96B | -8.13B | -6.34B | -56.00M |
| Foreign Exchange Rate Adjustments | 8.00M | -836.00M | 333.00M | -388.00M | 134.00M | 484.00M |
| Miscellaneous Cash Flow Adjustments | -1.00M | 1.00M | -1.00M | -1.00M | -1.00M | |
| Net Cash Flow | 810.00M | -1.39B | 1.49B | -884.00M | 110.00M | 3.59B |
| Free Cash Flow | 9.18B | 8.42B | 4.41B | 5.46B | 4.77B | 5.52B |
| Free Cash Flow Margin | 23.31% | 22.87% | 12.90% | 17.50% | 16.16% | 20.49% |
| Free Cash Flow Per Share | 7.88 | 7.16 | 3.74 | 4.63 | 4.06 | 4.68 |
| Levered Free Cash Flow | 10.04B | 8.48B | 8.55B | 5.79B | 6.57B | 6.72B |
| Unlevered Free Cash Flow | 10.37B | 8.79B | 8.89B | 6.19B | 6.74B | 6.85B |
| Free Cash Flow After Leases | 8.90B | 8.12B | 4.10B | 5.13B | 4.36B | 5.15B |
| Cash Interest Paid | 511.00M | 574.00M | 550.00M | 393.00M | 244.00M | 198.00M |
| Cash Income Tax Paid | 2.98B | 2.20B | 2.28B | 2.16B | 1.64B | 2.05B |
| Change in Working Capital | -140.00M | -664.00M | 623.00M | -27.00M | -143.00M | 213.00M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 272.25B | 284.89B | 284.61B | 179.49B | 119.99B | 167.55B |
| Enterprise Value | 272.36B | 284.45B | 283.66B | 178.07B | 124.09B | 176.27B |
| Last Close Price | 235.02 | 239.88 | 241.56 | 150.31 | 99.12 | 131.86 |
| PE Ratio | 30.59 | 33.88 | 88.00 | 26.45 | 49.16 | 28.03 |
| PS Ratio | 6.09 | 6.59 | 8.04 | 5.20 | 3.80 | 5.47 |
| PB Ratio | 5.16 | 5.38 | 6.00 | 3.74 | 2.62 | 3.55 |
| P/TBV Ratio | 20.09 | 18.26 | 23.97 | 14.03 | 34.29 | 38.78 |
| P/FCF Ratio | 26.51 | 28.83 | 62.34 | 29.73 | 23.54 | 26.68 |
| P/OCF Ratio | 24.63 | 26.50 | 52.80 | 26.00 | 19.88 | 23.68 |
| EV/Sales Ratio | 6.09 | 6.58 | 8.02 | 5.16 | 3.93 | 5.75 |
| EV/EBITDA Ratio | 19.57 | 21.57 | 30.70 | 21.81 | 15.24 | 19.56 |
| EV/EBIT Ratio | 20.91 | 23.25 | 33.61 | 26.79 | 19.19 | 24.26 |
| EV/FCF Ratio | 26.52 | 28.78 | 62.13 | 29.50 | 24.34 | 28.07 |
| Debt / Equity Ratio | 0.23 | 0.17 | 0.23 | 0.20 | 0.30 | 0.36 |
| Debt / EBITDA Ratio | 0.85 | 0.65 | 1.16 | 1.19 | 1.72 | 1.91 |
| Debt / FCF Ratio | 1.15 | 0.89 | 2.42 | 1.61 | 2.74 | 2.74 |
| Net Debt / Equity Ratio | -0.01 | -0.05 | -0.01 | -0.06 | 0.08 | 0.09 |
| Net Debt / EBITDA Ratio | -0.03 | -0.18 | -0.05 | -0.34 | 0.45 | 0.46 |
| Net Debt / FCF Ratio | -0.04 | -0.24 | -0.10 | -0.46 | 0.71 | 0.65 |
| Asset Turnover | 0.54 | 0.51 | 0.48 | 0.44 | 0.41 | 0.42 |
| Quick Ratio | 0.98 | 0.98 | 0.99 | 1.25 | 0.94 | 1.15 |
| Current Ratio | 1.16 | 1.16 | 1.12 | 1.41 | 1.06 | 1.24 |
| Return on Equity (ROE) | 18.18% | 16.12% | 7.06% | 8.35% | 7.27% | 19.10% |
| Return on Assets (ROA) | 9.91% | 9.01% | 7.15% | 5.35% | 5.28% | 6.16% |
| Return on Invested Capital (ROIC) | 18.45% | 16.82% | 12.50% | 9.30% | 9.00% | 12.25% |
| Return on Capital Employed (ROCE) | 20.00% | 19.70% | 14.80% | 11.20% | 11.10% | 11.60% |
| Earnings Yield | 3.27% | 2.95% | 1.14% | 3.78% | 2.03% | 3.57% |
| FCF Yield | 3.77% | 3.47% | 1.60% | 3.36% | 4.25% | 3.75% |
| Dividend Yield | 0.91% | 1.20% | 1.00% | 1.58% | 2.13% | 1.56% |
| Payout Ratio | 27.21% | 38.30% | 82.11% | 39.01% | 99.84% | 41.51% |
| Buyback Yield / Dilution | 1.06% | 0.42% | 0.09% | -0.43% | 0.42% | 0.17% |
| Total Shareholder Return | 1.97% | 1.63% | 1.08% | 1.16% | 2.56% | 1.73% |