SAP Q1 Revenue Beats, Cloud Up 27%

SAP reported Q1 adjusted EPS of €1.72 and total revenue €9.56 bn, up 6% YoY and 12% in constant currencies.
Cloud revenue rose 19% YoY (27% cc) to €5.96 bn, while cloud backlog grew 20% (25% cc) to €21.9 bn.
Adjusted operating profit hit €2.87 bn beating consensus €2.73 bn, with operating margin expanding to 30.0% from 27.2% a year earlier.
SAP repurchased 16.3 m shares for €2.6 bn and reaffirmed FY2026 cloud revenue €25.8‑26.2 bn and profit €11.9‑12.3 bn guidance.