SAP SE

SAP: XETR (DEU)

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SAP Earnings: Current Cloud Backlog Growth Disappoints; Shares Undervalued

Rob Hales

Jan 29, 2026

SAP's fourth-quarter results and 2026 guidance were broadly in line with the company-compiled consensus. However, the current cloud backlog growth of 25% at constant currencies was lower than expected. Shares were down 10% in intraday trading after the results.

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SAP SE

SAP Earnings: Current Cloud Backlog Growth Disappoints; Shares Undervalued

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