SAP is set to release its first-quarter 2026 earnings report on April 23. Here’s Morningstar’s take on what to look for in SAP’s earnings and the outlook for its stock.
SAP SAP
Analyst: Rob Hales, CFA
- Fair Value Estimate: EUR 265.00
- Morningstar Rating: ★★★★★
- Economic Moat: Wide
- Morningstar Uncertainty Rating: Medium
SAP Earnings Release Date
SAP will release its Q1 2026 results on April 23, at around 10:05 PM CEST.
What to Watch for in SAP’s Q1 Earnings
- Cloud revenue growth and current cloud backlog growth remain key:
- Cloud revenue growth: Q1 consensus is 18%
- Current cloud backlog growth: 2026 guidance is for constant currency growth to slightly decelerate from the 2025 level of 25%. So consensus likely expects around 23-24% in Q1.
- The market will be looking for any negative signs on business momentum related to the war in Iran and subsequent higher energy costs, given SAP’s manufacturing-heavy client base. So any comments like “elongated sales cycles” that would put doubt in 2026 guidance would likely cause a sharp reaction the stock price.
