SAP Q3 2026: The €10 Billion Quarter — AI Is Driving the Cloud Migration
SAP crossed €10B in quarterly revenue for the first time as cloud revenue grew 26% and current cloud backlog rose 26% at constant currencies to €24.1B, ahead of expectations. Non-IFRS operating profit rose 18% to €3.03B with the margin widening to 29.5%, and free cash flow jumped 36%. SAP moved full-year cloud revenue expectations to the upper end of its range while holding its €11.8–12.2B operating profit outlook. On the call, CEO Christian Klein said AI was the main driver of customers' move to the cloud, with Joule — connected to more than 70 AI models — pulling migrations forward; CFO…
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