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Edge17 Oct 2025
A Castle in the Sky: The Story of Oracle
Oracle's journey from database innovator to disciplined enterprise backbone, now shaping the AI buildout with a standardized cloud infrastructure.
SAP (SAP) investor relations material
SAP Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 delivered strong results with cloud revenue up 22% year-over-year (27% at constant currency), total revenue up 7% (11% at constant currency), and robust cloud backlog growth, driven by AI adoption and major customer wins in regulated sectors.
Cloud ERP Suite revenue rose 26% (31% at constant currency), now representing 87% of cloud revenues and driving market share gains.
IFRS operating profit increased 12% to €2.49 billion, and non-IFRS operating profit rose 14% to €2.57 billion, with non-IFRS EPS up 29% to €1.59.
Major customer wins included Alphabet, Ericsson, Lufthansa, and a $1 billion US Army contract, with significant expansion in regulated industries and global markets.
AI-infused business suite and Business Data Cloud accelerated customer transformation, with over 30,000 engineers and 100,000 employees enabled through AI tools.
Financial highlights
Q3 2025 total revenue reached €9.08 billion, up 7% year-over-year (11% at constant currency), with cloud & software revenue at €8.02 billion, up 8%.
Cloud revenue was €5.29 billion, up 22% year-over-year, and cloud backlog rose 23% to €18.8 billion.
Cloud gross margin (non-IFRS) improved to 75.1%, up over 1pp year-over-year.
Free cash flow for Q3 was €1.27 billion, up 5%, and for the first nine months reached €7.21 billion, up 40% year-over-year.
Basic IFRS EPS rose to €1.72; non-IFRS EPS to €1.59.
Outlook and guidance
2025 cloud revenue expected at the lower end of €21.6–21.9 billion, up 26–28% at constant currencies, with non-IFRS operating profit forecasted at the upper end of €10.3–10.6 billion, up 26–30%.
Free cash flow guidance raised to €8.0–8.2 billion, nearly doubling year-over-year.
Q4 is anticipated to be the largest bookings quarter, with a strong pipeline and potential to sign deals originally planned for 2026.
Effective tax rate (non-IFRS) for 2025 expected at approximately 32%.
Ambition to accelerate total revenue growth through 2027 is reiterated, supported by high recurring revenue and robust pipeline.
Q3 operating profit headwinds?
SmartRecruiters acquisition rationale?
Software licenses revenue decline impact?
New on-site cloud offering customer interest
AI's role in deal acceleration and pricing power
SAP's differentiation versus infrastructure rivals
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Q4 202529 Jan, 2026
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Frequently asked questions
A Software Titan
SAP SE, most commonly referred to as SAP, is a German multinational company with customers and operations in all corners of the world. The company is headquartered in Germany but trades on both the NYSE and the FWB. SAP provides businesses with software to manage operations and customer relations and its products aid in organizing financial records, human resources, and supply chain tasks, streamlining businesses' everyday activities.
Founded by Engineers
SAP was founded in 1972 by five former IBM engineers with an entrepreneurial spirit. From humble beginnings in Germany, the company started out with only one customer and just a handful of employees and one customer. The idea behind the company was to build software that integrated business processes and enabled data processing in real time. Just a few years after the company was founded, SAP started rolling out its first software programs and started its journey toward the global powerhouse that it is today.
The Practical Application of SAP’s Products
SAP's software solutions are used across various business operations. Their Enterprise Resource Planning (ERP) system, for instance, consolidates business processes like procurement, manufacturing, sales, and accounting into a unified, interactive platform. This simplifies data management and decision-making, increasing operational efficiency.
SAP's Customer Relationship Management (CRM) software, meanwhile, aids companies in managing and analyzing customer interactions, helping to improve business relationships and drive sales growth. Furthermore, with tools like SAP SuccessFactors, companies can effectively manage their human resources, from talent acquisition to performance reviews.
Heavy-Hitting Customers
SAP's customer base is as diverse as its product portfolio, spanning various sectors including manufacturing, retail, healthcare, and financial services, among others. From small businesses to Fortune 500 companies, SAP's robust and scalable solutions are trusted by organizations of all sizes. Some notable companies using their products include names like Apple and Amazon. Simply having two such influential companies as customers, it becomes clear what type of impact SAP has in the modern corporate landscape.
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