Compare · Enterprise software
Oracle vs SAP
Oracle vs SAP: which one is bigger, grows faster and keeps more of each dollar of revenue?
Oracle’s net margin is 6 points higher
Method and sources
- Revenue growth (1 year): Oracle 17.3% (FY2026), SAP 7.7% (FY2025)
- Revenue growth (3-year CAGR): Oracle 10.5% (FY2026), SAP 7.6% (FY2025)
- Operating margin: Oracle 30.6% (FY2026), SAP 26.1% (FY2025)
- Net margin: Oracle 25.4% (FY2026), SAP 19.5% (FY2025)
Latest fiscal year per company: Oracle FY2026, SAP FY2025. Fiscal years end on different dates, so years are not calendar-aligned.
Oracle reports in USD and SAP in EUR. Amounts are never converted between currencies, so revenue and free cash flow are shown in each filing currency and their size is not compared; margins, growth and percentages of revenue are ratios within one filing and are comparable.
Why this pair: Enterprise application and database software; reported in USD and EUR, so revenue size is not compared. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).
Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.
Side by side: all values with filing links
| Metric | Oracle FY2026 | SAP FY2025 |
|---|---|---|
| Revenue | $67.4B10-K · Jun 22, 2026 | €36.8B20-F · Feb 26, 2026 |
| Revenue growth (1 year) | 17.3% derived10-K · Jun 22, 2026 | 7.7% derived20-F · Feb 26, 2026 |
| Revenue growth (3-year CAGR) | 10.5% derived10-K · Jun 22, 2026 | 7.6% derived20-F · Feb 26, 2026 |
| Gross margin | n/a | 72.9% derived20-F · Feb 26, 2026 |
| Operating margin | 30.6% derived10-K · Jun 22, 2026 | 26.1% derived20-F · Feb 26, 2026 |
| Net margin | 25.4% derived10-K · Jun 22, 2026 | 19.5% derived20-F · Feb 26, 2026 |
| Free cash flow | −$23.7B derived10-K · Jun 22, 2026 | n/a |
| FCF margin | −35.2% derived10-K · Jun 22, 2026 | n/a |
| R&D as % of revenue | 15.3% derived10-K · Jun 22, 2026 | 18.0% derived20-F · Feb 26, 2026 |
| Stock-based compensation as % of revenue | 7.1% derived10-K · Jun 22, 2026 | 4.6% derived20-F · Feb 26, 2026 |
Definitions: Revenue = Total revenue; Revenue growth (1 year) = Revenue FYt ÷ revenue FYt−1 − 1; Revenue growth (3-year CAGR) = (Revenue FYt ÷ revenue FYt−3)^(1/3) − 1; Gross margin = Gross profit ÷ revenue; Operating margin = Operating income ÷ revenue; Net margin = Net income ÷ revenue; Free cash flow = Operating cash flow − capital expenditures (one formula for all companies); FCF margin = Free cash flow ÷ revenue; R&D as % of revenue = Research and development expense ÷ revenue; Stock-based compensation as % of revenue = Stock-based compensation ÷ revenue.
More on each company
Oracle
SAP
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