Market capitalisation
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Share price multiplied by shares outstanding. It does not measure company cash.
Company analysis·SAP
Preparing the analysis
We’re preparing the company’s analysis.
NYSE·SAP
SAP SE
Share price$233.45Price as of: Nov 6, 2026
SAP SE (SAP) is a company listed on NYSE, classified under Software - Application.
SAP develops specialized software, especially ERP, HR, spend management, customer experience, and industry-specific cloud solutions.
Revenue · FY 2025
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Sales generated during the period, before costs and expenses.
Net margin · FY 2025
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Net income as a proportion of revenue.
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
P1 · What does it do and how does it make money?
Of every €100 it takes in,57 come from Cloud.
Cloud is its largest source of revenue (57.1%), followed by Software support (28.6%). Here you will see what it sells, where, and how that mix is changing.
€37bnrevenue in FY 2025
4business lines with data
41%of sales, in EMEA.
Full fiscal year ended Dec 31, 2025
After that close
Q3 2026, ended Sep 30, 2026: total revenue +12.5% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
A single line brings in half or more.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
No room for a label in the mosaic
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
Sales are spread across several regions.
EMEA. is its largest market, with 40.8% of sales. Each square is a region and its area is what it sells there.
Regions from largest to smallest · FY 2025
€4.3bn (11.6%) of revenue has no segment assigned in the published data.
04How the mix is changing
Cloud is gaining weight.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
FY 2024FY 2025
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
Our take
SAP relies entirely on Cloud for growth: other lines and regions did not offset, and their contribution to profit is unknown.
- 01Shown by the figures
Regional diversification, but no regional driver
Regions Emea., Americas, and Apj each hold significant shares and none is dominant, but all declined or failed to grow in FY 2025. The company does not depend on a single geography, but regions did not offset one another.
What is not proven
With no margin or results by line, it is unknown whether profit depends as much on Cloud as revenue does, or if other lines could sustain results if Cloud slows.
See the calculations behind it
- Cloud brought €3.9B of the €2.6B by which revenue grew in FY 2025 (147.9%), although it weighed 50.2%. Without that line, the rest grew −7.4%.
- Dependence on Cloud rises: from 50.2% of revenue in FY 2024 to 57.1% in FY 2025.
- Software support, Services, and Software licenses took away €1.3B in FY 2025; the other lines made up for it and revenue still rose €2.6B.
- Emea. brings 40.8% of sales (45.6% in FY 2024).
- Cloud brought €3.9B, more than the whole increase in revenue in FY 2025 (€2.6B).
- Cloud weighs more than all the other lines together: 57.1% of revenue in FY 2025.
With data to Nov 4, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
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