SAP financial statements

The full income statement, balance sheet, and cash-flow statement for SAP SE ADS (SAP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 1.23B2018-12 1.19B2019-12 1.23B2020-12 1.23B2021-12 1.18B2022-12 1.18B2023-12 1.18B2024-12 1.18B2025-12 1.18B-4.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	41.6B YoY+12.6%	37.0B YoY+9.6%	33.8B YoY+8.7%	31.0B YoY-2.6%	31.9B YoY+2.3%
	30.3B YoY+12.5%	27.0B YoY+10.7%	24.4B YoY+7.9%	22.6B YoY-3.2%	23.3B YoY+5.3%
Cost of revenue	11.3B YoY+13.0%	10.0B YoY+6.6%	9.38B YoY+11.0%	8.45B YoY-1.0%	8.54B YoY-5.0%
Research & development	7.51B YoY+6.5%	7.05B YoY+3.1%	6.84B YoY+7.0%	6.39B YoY+2.5%	6.23B YoY+22.8%
Operating income	10.9B YoY+115.6%	5.05B YoY-19.5%	6.27B YoY+0.9%	6.22B YoY-16.7%	7.46B YoY-1.2%
Interest expense	1.56B YoY+39.7%	1.12B YoY-21.4%	1.42B YoY-38.6%	2.31B YoY+106.9%	1.12B YoY+40.7%
Pre-tax income	11.6B YoY+125.4%	5.16B YoY-10.8%	5.78B YoY+21.7%	4.74B YoY-52.8%	10.1B YoY+22.2%
Income tax	3.33B YoY+90.8%	1.75B YoY-7.2%	1.88B YoY+23.9%	1.52B YoY-23.6%	1.99B YoY-9.9%
	8.29B YoY+143.2%	3.41B YoY-47.2%	6.45B YoY+259.2%	1.80B YoY-71.8%	6.36B YoY+5.6%
Net income to common	8.10B YoY+139.7%	3.38B YoY-49.1%	6.64B YoY+176.5%	2.40B YoY-61.4%	6.22B YoY+6.0%
	$6.90 YoY+140.7%	$2.87 YoY-49.0%	$5.62 YoY+175.7%	$2.04 YoY-61.3%	$5.28 YoY+6.4%
EPS (basic)	$6.95 YoY+139.6%	$2.90 YoY-49.0%	$5.69 YoY+177.5%	$2.05 YoY-61.1%	$5.28 YoY+6.4%
	1.17B YoY+0.0%	1.17B YoY-0.1%	1.17B YoY-0.3%	1.17B YoY-0.8%	1.18B YoY-0.2%
	1.18B YoY-0.4%	1.18B YoY+0.0%	1.18B YoY+0.4%	1.18B YoY-0.4%	1.18B YoY-0.2%
Dividends per share	$2.66 YoY+11.7%	$2.38 YoY+7.4%	$2.22 YoY-13.9%	$2.58 YoY+17.7%	$2.19 YoY+21.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	23.8B YoY+6.6%	22.3B YoY-2.0%	22.8B YoY+15.3%	19.7B YoY-13.3%	22.8B YoY+23.3%
Cash & equivalents	9.66B YoY-3.7%	10.0B YoY+11.5%	8.99B YoY-6.4%	9.60B YoY-5.0%	10.1B YoY+55.3%
Accounts receivable	7.84B YoY+11.0%	7.06B YoY+1.0%	7.00B YoY+5.3%	6.65B YoY-7.9%	7.22B YoY-10.7%
	82.6B YoY+6.7%	77.4B YoY+2.4%	75.6B YoY-1.7%	76.9B YoY-4.9%	80.9B YoY+12.9%
Property, plant & equipment	—	—	—	5.26B YoY-7.0%	5.65B YoY-8.5%
Goodwill	34.1B YoY+4.5%	32.6B YoY+1.3%	32.2B YoY-8.7%	35.3B YoY-0.2%	35.3B YoY+4.7%
Total non-current assets	58.9B YoY+6.8%	55.1B YoY+4.2%	52.9B YoY-7.6%	57.2B YoY-1.6%	58.1B YoY+9.2%
Total current liabilities	20.5B YoY+2.8%	19.9B YoY+22.8%	16.2B YoY-12.9%	18.6B YoY+1.5%	18.3B YoY+16.5%
	29.7B YoY+0.2%	29.7B YoY+7.5%	27.6B YoY-11.7%	31.2B YoY-7.2%	33.7B YoY-3.7%
Long-term debt	5.34B YoY-10.8%	5.99B YoY-18.1%	7.32B YoY-11.7%	8.29B YoY-21.8%	10.6B YoY-26.6%
	52.4B YoY+10.5%	47.4B YoY-0.8%	47.8B YoY+11.5%	42.8B YoY-2.9%	44.1B YoY+21.2%
Total equity incl. non-controlling	52.9B YoY+10.8%	47.8B YoY-0.6%	48.0B YoY+5.2%	45.7B YoY-3.2%	47.2B YoY+28.6%
	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%
	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash from operations	10.4B YoY+83.9%	5.63B YoY-16.6%	6.76B YoY+13.8%	5.94B YoY-19.3%	7.36B YoY-10.2%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	2.26M YoY-99.9%	2.99B YoY+21195.8%	14.1M YoY-91.5%	166M YoY-91.6%	1.99B YoY-18.2%
Long-term debt repaid	3.61B YoY+181.6%	1.28B YoY-70.9%	4.41B YoY+190.5%	1.52B YoY-34.2%	2.31B YoY-16.7%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.17B YoY-4.9%	2.28B YoY+117.9%	1.05B YoY-33.6%	1.58B	0.00 YoY-100.0%
Dividends paid	3.10B YoY+11.8%	2.78B YoY+7.2%	2.59B YoY-14.0%	3.01B YoY+16.7%	2.58B YoY+21.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	285B YoY-1.8%	291B YoY+59.9%	182B YoY+49.2%	122B YoY-26.4%	165B YoY+3.2%
P/E	34.4× YoY-59.6%	85.2× YoY-15.7%	101.2× YoY+428.2%	19.1× YoY-26.4%	26.0× YoY-2.2%
P/S	6.9× YoY-12.8%	7.9× YoY+34.2%	5.9× YoY+53.2%	3.8× YoY-26.4%	5.2× YoY+0.9%
P/B	5.4× YoY-11.1%	6.1× YoY+44.6%	4.2× YoY+53.7%	2.8× YoY-26.4%	3.7× YoY-14.9%
	2.9% YoY+147.6%	1.2% YoY+18.7%	0.99% YoY-81.1%	5.2% YoY+35.8%	3.8% YoY+2.3%
	1.1% YoY+13.2%	0.97% YoY-32.6%	1.4% YoY-42.5%	2.5% YoY+59.8%	1.6% YoY+13.1%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: SAP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all SAP filings on SEC EDGAR → Not investment advice.