SAP Q2 Preview: Cloud Revenue Will Grow 27%, Cloud Backlog 29%

Cloud Wars Live with Bob Evans · Jul 22, 2025 · 4m

Highlights

00:14 — Later today, we will hear from SAP about its Q2 financial results. So the cloud revenue for the past six quarters: 24%, 25%, 27%, 20%, 27%, 27%. I’m projecting 27% for Q2. It's even been stronger in its cloud backlog numbers: 27%, 28%, 29%, up to 32% in the giant Q4 numbers, 28% in Q1. I’m projecting the backlog will go up 29% for Q2.

01:34 — Three months ago, after SAP released its Q1 numbers, CEO Christian Klein did an interview with Bloomberg TV, and he said something that I think surprised a lot of people: “There has been absolutely no pullback on U.S. spending.” Now…