SAP
Today, the Company’s integrated applications aim to connect all parts of a business into an intelligent suite on a fully digital platform in the cloud, thereby replacing the process-driven legacy platform.
20-F, Feb 26, 2026
Source and method
In the company’s words: first descriptive sentence of 20-F Item 4, verbatim (extractive). Item 4 · Information on the Company · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Business
How does SAP make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every €100?
Of every €100 in revenue, €19 is net income.
Source and method
Of every €100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: €36.8B
- Gross profit: €26.8B
- Operating income: €9.6B
- Net income: €7.2B
- Free cash flow: not reported (not reported for this fiscal year, nothing estimated)
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“The SAP Group has a global presence and employed more than 110,000 people as at December 31, 2025.”
“Our ordinary shares are listed on the Frankfurt Stock Exchange.”
“American Depositary Receipts (ADRs) representing SAP SE ordinary shares are listed on the New York Stock Exchange (NYSE).”
Item 4 · Information on the Company · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Position (in the company’s words)
“As the number one showcase of SAP SuccessFactors, we are actively driving the Human Capital Management (HCM) roadmap and pioneer innovations—for our customers too.”
Item 4 · Information on the Company · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
R&D investment
“Our IFRS R&D ratio, which reflects R&D expenditure as a portion of total revenue, decreased 1.0 percentage points (pp) to 18.0% (2024: 19.1%).”
Item 4 · Information on the Company · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 20-F and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Cloud and software revenue +9%: no stored value to check the quoted number against.
KPIs
How fast is revenue growing?
Revenue grew 7.7% to €36.8B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. SAP files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 24.7%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
26.1% operating margin, up from 13.6%.
72.9% gross margin, down from 73.0%.
Operating income grew 106% to €9.6B.
Net income grew 129% to €7.2B.
R&D grew 1.8% to €6.6B.
EPS diluted grew 130% to €6.10.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. SAP files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Operating cash flow: €9.2B in FY2025.
Stock-based compensation fell 29% to €1.7B.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. SAP files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: €8.2B; debt not reported.
Interest expense grew 34% to €1.4B.
Total assets: €70.4B.
Equity: €44.6B in FY2025.
Cash fell 14% YoY to €8.2B.
Total assets: €70.4B.
Equity: €44.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. SAP files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Dependencies
Who does SAP depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (SAP annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by SAP
No supplier among the covered companies is named in the filings.
SAP holds stakes in
No stake in a covered company found in SEC filings.
Others name SAP
2 competitor mentions (e.g. Oracle, Workday) · 1 other mention (e.g. Nokia) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 15 risk factors, one per theme.
Competition
“Market Share and Profit: Our market share and profit could decline due to increased competition, market consolidation, technological innovation, and new business models in the software industry.”
Item 3.D · Risk Factors · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Trade, government policy and geopolitics
“Global Economic and Political Environment: Uncertainty in the global economy and/or financial markets, and social and political instability caused by state-based conflicts, terrorist attacks, civil unrest, war, or international hostilities could lead to disruptions in our business.”
Item 3.D · Risk Factors · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Security, defects and outages
“Legal and IP: Claims and lawsuits against us, such as for IP infringements or breaches of contract, or our inability to obtain or maintain adequate licenses for third-party technology, or if we are unable to protect or enforce our own intellectual property, may result in adverse outcomes.”
Item 3.D · Risk Factors · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Regulation and legal proceedings
“International Laws and Regulations: Laws, regulatory requirements and standards in Germany, the United States, and elsewhere continue to be very stringent. Our international business activities and processes expose us to numerous and often conflicting laws and regulations, policies, standards, or other requirements, and sometimes even conflicting regulatory requirements.”
Item 3.D · Risk Factors · 20-F · 0001104659-26-020058 · filed Feb 26, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
BlackRock Inc. held 6.3%.
BlackRock Inc.6.3% (then)
13G · filed Feb 2, 2024 · older than 18 months, current position unknown
Hopp Dietmar5.1% (then)
13G/A · as of Dec 31, 2021 · filed Feb 11, 2022 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
1 filing reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Fisher Asset Management, LLC17.7%
14.9M shares · 13F filed Aug 4, 2026 · share of 13F-reported
Eagle Capital Management LLC10.3%
8.6M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Goldman Sachs Group Inc7.2%
6.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Capital International Investors6.8%
5.7M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Morgan Stanley6.5%
5.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
813 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 0 sales · $0.00 sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 27 SEC metrics, FY2016–FY2025
Income statement 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
Balance sheet 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Total assets | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividends | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | not reported | |||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Long-term bank loans (IFRS) | ||||||||||
| NCI income | ||||||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values