SAP
SAP · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31 · Reports in EUR
SAP reported revenue of EUR 36.8B in the fiscal year ended Dec 2025, up 7.7% from the year before. Operating income was EUR 9.6B, an operating margin of 26.1%, and net income was EUR 7.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | EUR 27B | EUR 29.5B | EUR 31.2B | EUR 34.2B | EUR 36.8B |
| Cost of revenue | EUR 7.2B | EUR 8B | EUR 8.7B | EUR 9.2B | EUR 10B |
| Gross profit | EUR 19.7B | EUR 21.5B | EUR 22.5B | EUR 24.9B | EUR 26.8B |
| Research & development | EUR 5.3B | EUR 6.1B | EUR 6.3B | EUR 6.5B | EUR 6.6B |
| Operating income | EUR 6.3B | EUR 5.9B | EUR 5.8B | EUR 4.7B | EUR 9.6B |
| Interest expense | EUR 945M | EUR 2.2B | EUR 639M | EUR 545M | EUR 492M |
| Pre-tax income | EUR 8.5B | EUR 4.5B | EUR 5.3B | EUR 4.8B | EUR 10.3B |
| Income tax | EUR 1.7B | EUR 1.4B | EUR 1.7B | EUR 1.6B | EUR 2.9B |
| Net income | EUR 5.4B | EUR 1.7B | EUR 6B | EUR 3.2B | EUR 7.3B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | EUR 8.9B | EUR 9B | EUR 8.1B | EUR 9.6B | EUR 8.2B |
| Receivables | EUR 6.4B | EUR 6.2B | EUR 6.3B | EUR 6.8B | EUR 6.7B |
| Current assets | EUR 20B | EUR 18.5B | EUR 20.6B | EUR 21.4B | EUR 20.3B |
| Net PP&E | EUR 5B | EUR 4.9B | – | – | – |
| Goodwill | EUR 31.1B | EUR 33.1B | EUR 29.1B | EUR 31.3B | EUR 29B |
| Total assets | EUR 71.2B | EUR 72.2B | EUR 68.3B | EUR 74.2B | EUR 70.4B |
| Payables | EUR 1.6B | EUR 2.1B | EUR 1.8B | EUR 2B | EUR 2.4B |
| Current liabilities | EUR 16.1B | EUR 17.5B | EUR 14.6B | EUR 19.1B | EUR 17.4B |
| Total liabilities | EUR 29.7B | EUR 29.3B | EUR 24.9B | EUR 28.4B | EUR 25.3B |
| Shareholders' equity | EUR 38.9B | EUR 40.2B | EUR 43.2B | EUR 45.4B | EUR 44.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | EUR 6.2B | EUR 5.6B | EUR 6.2B | EUR 5.2B | EUR 9.2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.5% | 5.7% | 9.5% | 7.7% |
| Operating income growth (YoY) | – | −6.2% | −1.9% | −19.6% | 106.2% |
| Gross margin | 73.2% | 72.8% | 72.2% | 73.0% | 72.9% |
| Operating margin | 23.4% | 20.0% | 18.6% | 13.6% | 26.1% |
| Net margin | 19.9% | 5.8% | 19.1% | 9.2% | 19.9% |
| Return on equityBlank when equity is negative | 13.8% | 4.3% | 13.8% | 6.9% | 16.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 10.8% | 10.8% | 8.5% | 18.2% |
| Cash conversion (CFO ÷ net income) | 1.16x | 3.31x | 1.05x | 1.65x | 1.25x |
| Receivable days | 86 | 77 | 74 | 72 | 66 |
| Payable days | 80 | 97 | 75 | 79 | 89 |
| Interest cover | 6.68x | 2.69x | 9.08x | 8.56x | 19.5x |
| Current ratio | 1.24x | 1.06x | 1.41x | 1.12x | 1.16x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.