SAP SE

SAP: XETR (DEU)

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SAP Earnings: Another Strong Quarter, but Q4 Bookings Are Key For 2027; Shares Undervalued

Rob Hales

Oct 22, 2026

SAP delivered better-than-expected third-quarter results with stable 26% current cloud backlog growth, a modest top and bottom line beat versus company-compiled consensus, and a slight upgrade to 2026 guidance. Shares were flat intraday on Oct. 22.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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SAP SE

SAP Earnings: Another Strong Quarter, but Q4 Bookings Are Key For 2027; Shares Undervalued

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