SAP SE

SAP: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SAP Earnings: Strong Second-Half Setup Despite Macro Uncertainty; Shares Undervalued

Rob Hales

Jul 24, 2026

SAP's second-quarter results were in line with the company-compiled consensus on revenue but missed on EPS due to higher-than-expected operating costs. However, current cloud backlog growth was strong. Shares were up 3% in after-hours trading.

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SAP SE

SAP Earnings: Strong Second-Half Setup Despite Macro Uncertainty; Shares Undervalued

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