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SAP SE (SAP) Q4 2025 earnings results (fourth quarter 2025)
6-K filed Feb 3, 2026
SAP SE (SAP) reported revenue of $9.7B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier. Operating margin was 26.4%, net earnings $1.8B (19.1% of revenue).
SAP SE, Q4 2025: revenue $9.7B (+3% year over year), operating margin 26.4%, net earnings $1.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.7B | — | +3% |
| Gross profit | $7.0B | — | +1% |
| Operating profit | $2.6B | — | +27% |
| Net earnings | $1.8B | — | +15% |
What changed
Revenue was €9.7B in Q4 2025, up 3% year over year. Cloud was the largest line at 58% of revenue. Cloud added €0.90B year over year (up 19%), 294% of the total change. Software licenses declined 34%.
Gross margin was 72.7%, down 1.3 points from a year earlier. Operating profit was €2.6B, a 26.4% margin (up 4.9 points year over year). Of the extra revenue versus a year earlier, 175% reached operating profit, above the 21% margin then. Operating expenses fell 9% while revenue rose 3%. The fastest-growing cost line was General & admin (+23%). Net earnings were €1.8B, up 15% year over year. The effective tax rate was 31.5%.
Questions
What was SAP SE's revenue in the fourth quarter 2025?
SAP SE (SAP) reported revenue of $9.7B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier.
Was SAP SE profitable in the fourth quarter 2025?
Operating profit was $2.6B (26.4% of revenue) and net earnings $1.8B.
Source: SAP SE 6-K on SEC EDGAR.