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SAP SE (SAP) Q1 2025 earnings results (first quarter 2025)
6-K filed Apr 25, 2025
SAP SE (SAP) reported revenue of $9.0B for the first quarter 2025 (Q1 2025), +12% from a year earlier. Operating margin was 25.9%, net earnings $1.8B (19.7% of revenue).
SAP SE, Q1 2025: revenue $9.0B (+12% year over year), operating margin 25.9%, net earnings $1.8B, operating cash flow $3.8B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.0B | — | +12% |
| Gross profit | $6.6B | — | +15% |
| Operating profit | $2.3B | — | — |
| Net earnings | $1.8B | — | — |
| Operating cash flow | $3.8B | — | +31% |
What changed
Revenue was €9.0B in Q1 2025, up 12% year over year. Cloud was the largest line at 55% of revenue. Cloud added €1.1B year over year (up 27%), 110% of the total change. Software licenses declined 10%.
Gross margin was 73.3%, up 1.6 points from a year earlier. Operating profit was €2.3B, a 25.9% margin (up 35.7 points year over year). Operating expenses fell 35% while revenue rose 12%. Net earnings were €1.8B. The effective tax rate was 27.2%.
Operating cash flow was €3.8B (up 31% year over year), 210% of net earnings. Non-cash charges added back €0.35B of depreciation and amortization. Working capital and other items added €1.6B.
Questions
What was SAP SE's revenue in the first quarter 2025?
SAP SE (SAP) reported revenue of $9.0B for the first quarter 2025 (Q1 2025), +12% from a year earlier.
Was SAP SE profitable in the first quarter 2025?
Operating profit was $2.3B (25.9% of revenue) and net earnings $1.8B.
Source: SAP SE 6-K on SEC EDGAR.