SAP reported stronger-than-expected cloud and software revenue growth, with a 26% rise in cloud backlog at constant currency.
SAP posted Q2 2026 non-IFRS revenue of €9.88 billion, slightly above the €9.85 billion estimate. Cloud and software revenue reached €8.85 billion, exceeding expectations of €8.82 billion.
The company maintained its full-year non-IFRS cloud revenue guidance at €25.8 billion to €26.2 billion. Cloud backlog grew 26% at constant currency, surpassing the 23.8% estimate, while Q2 cloud revenue hit €6.28 billion, in line with forecasts.
Shares may react positively to the stronger cloud performance and backlog growth.