Filing Flows › SAP SE (SAP) › Q3 2025
SAP SE (SAP) Q3 2025 earnings results (third quarter 2025)
6-K filed Oct 27, 2025
SAP SE (SAP) reported revenue of $9.1B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.5% from the quarter before. Operating margin was 27.4%, net earnings $2.0B (22.1% of revenue).
SAP SE, Q3 2025: revenue $9.1B (+7% year over year), operating margin 27.4%, net earnings $2.0B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.1B | +0.5% | +7% |
| Gross profit | $6.7B | +0.8% | +7% |
| Operating profit | $2.5B | +1% | +12% |
| Net earnings | $2.0B | +18% | +37% |
| Operating cash flow | $1.5B | — | — |
What changed
Revenue was €9.1B in Q3 2025, up 7% year over year and up 1% from the previous quarter. Cloud was the largest line at 58% of revenue. Cloud added €0.94B year over year (up 22%), 155% of the total change. Software licenses declined 44%.
Gross margin was 73.5%, up 0.2 points from a year earlier. Operating profit was €2.5B, a 27.4% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 26% margin then. Operating expenses grew 5% against revenue growth of 7%. Net earnings were €2.0B, up 37% year over year. The effective tax rate was 25.3%.
Operating cash flow was €1.5B, 73% of net income including minority interests. Non-cash charges added back €0.32B of depreciation and amortization. Working capital and other items used €0.87B.
Questions
What was SAP SE's revenue in the third quarter 2025?
SAP SE (SAP) reported revenue of $9.1B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.5% from the quarter before.
Was SAP SE profitable in the third quarter 2025?
Operating profit was $2.5B (27.4% of revenue) and net earnings $2.0B.
Source: SAP SE 6-K on SEC EDGAR.