SAP SE reported Q1 FY2026 adjusted EPS €1.72, revenue €9.56 bn (+6% YoY), cloud revenue €5.96 bn (+19% YoY, +27% cc).
Adjusted operating profit €2.87 bn beat consensus €2.73 bn, margin rose to 30.0% from 27.2% a year earlier.
Cloud backlog grew 20% (€21.9 bn) and Cloud ERP Suite revenue rose 23% (€5.21 bn); CEO Christian Klein highlighted AI momentum.
SAP completed buyback tranche, repurchasing 16.3 m shares for €2.6 bn under its €10 bn program through Dec 2027 and kept FY2026 cloud revenue guidance €25.8‑26.2 bn.