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SAP SE (SAP) FY2025 earnings results (fiscal 2025)
20-F filed Feb 26, 2026
SAP SE (SAP) reported revenue of $36.8B for the fiscal 2025 (FY2025), +8% from a year earlier. Operating margin was 26.1%, net earnings $7.2B (19.5% of revenue).
SAP SE, FY2025: revenue $36.8B (+8% year over year), operating margin 26.1%, net earnings $7.2B, operating cash flow $9.2B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $36.8B | — | +8% |
| Gross profit | $26.8B | — | +8% |
| Operating profit | $9.6B | — | +106% |
| Net earnings | $7.2B | — | +129% |
| Operating cash flow | $9.2B | — | +76% |
What changed
Revenue was €36.8B in FY2025, up 8% year over year.
Gross margin was 72.9%, down 0.1 points from FY2024. Operating profit was €9.6B, a 26.1% margin (up 12.5 points year over year). Of the extra revenue versus FY2024, 189% reached operating profit, above the 14% margin then. Operating expenses fell 15% while revenue rose 8%. The fastest-growing cost line was General & admin (+14%). Net earnings were €7.2B, up 129% year over year. The effective tax rate was 28.7%.
Operating cash flow was €9.2B (up 76% year over year), 125% of net income including minority interests. Non-cash charges added back €1.3B of depreciation and amortization and €1.7B of share-based compensation. Working capital and other items used €1.2B.
Questions
What was SAP SE's revenue in the fiscal 2025?
SAP SE (SAP) reported revenue of $36.8B for the fiscal 2025 (FY2025), +8% from a year earlier.
Was SAP SE profitable in the fiscal 2025?
Operating profit was $9.6B (26.1% of revenue) and net earnings $7.2B.
Source: SAP SE 20-F on SEC EDGAR.