Financial Performance
All results are based on continuing operations, except for the growth rates for 2021, as the numbers for 2020 were not restated as a result of the divestiture of Qualtrics in 2023.
Growth rates are year-over-year at actual currencies, unless otherwise noted.
Growth
SAP Strengthens Cloud‑Driven, AI‑Enabled Business Performance
SAP delivered an accelerated total revenue growth, driven by increased adoption of our integrated Cloud ERP Suite and a growing demand for embedded Business AI. With unified data capabilities and simplified migration programs, we advanced our shift to an AI‑First, Suite‑First model.
Profitability
SAP Unlocks Stronger Profitability with a More Efficient, Cloud‑Optimized Business
SAP’s profitability improved markedly as cloud momentum and a more efficient cost structure boosted operating performance. Lower restructuring and share‑based compensation expenses, paired with an improved cloud margin, strengthened our overall profitability.
Cash Flow Strengthened by Higher Profitability and Lower Payments for Restructuring and Share-Based Compensation
SAP’s cash flow improved mainly due to higher profitability and to lower payments for restructuring and share-based compensation. This result reflects our continued emphasis on disciplined cash management and operating efficiency.
Performance Versus Outlook 2025
Solid Results, Laying the Path for 2026 and Beyond
Our ability to drive top-line growth while exceeding profitability and free cash flow expectations reflects a consistent execution against the outlook we provided at the beginning of the year. Though the macroeconomic challenges persisted, we took deliberate steps to reinforce our foundation and align the business for durable, sustainable performance.
Shareholder Return
Share Performance Reflects Strong Fundamentals Amid Shifting Market Sentiment
The share price lost some ground later in the year, reflecting broader market sentiment rather than fundamentals. Strong profitability and robust cash flow reinforced underlying confidence in SAP stock despite a volatile macroeconomic environment.
SAP Stock in Comparison to Major Indices
January 1, 2025 to December 31, 2025
Stronger Earnings Translate into Higher Shareholder Returns
The Company’s dividend policy is to pay a dividend totaling at least 40% of non-IFRS profit after tax from continuing operations.
A year‑over‑year increase underscores our continued commitment to shareholder returns and reflects our strengthened earnings and cash flow.
The Supervisory Board and Executive Board of SAP SE recommend that shareholders approve a dividend of €2.50 per share for fiscal year 2025. This is an increase of 6.4%, compared to 2024.