SAP 2026财年Q3云收入/积压订单小幅超预期并上修全年云指引，盘后冲高+9.5%回落至+4%

SAP ( SAP ) shares increased 4% after reporting its third-quarter fiscal 2026 financial results post-market on Wednesday. The positive results were fueled by continued growth in its cloud segment. For the quarter ended September 30, the enterprise software firm reported adjusted earnings per share of $2.12 versus the $2.09 consensus estimate. Revenue for the third quarter increased 13% year over year to $11.54B, which was more than the $11.35B estimate. Cloud backlog for SAP increased 26% year over year to $27B. Gross margin of 73.4% was basically in-line with the 73.5% estimate. Meanwhile, the cloud gross margin of 74.3% was just below the 74.6% consensus. "Q3 was an outstanding quarter, with c urrent c loud b acklog up 26% at constant currencies," said SAP CEO Christian Klein. " Our Autonomous Enterprise strategy is not just resonating, it is being adopted. Our customers are investing in the technology behind it—from the cloud and data foundation to our Business AI. They see that Joule Work makes the business case for their transformation more attractive than ever." "For the first time, SAP crossed €10 billion in total quarterly revenue and €3 billion of non-IFRS operating profit, reflecting the strength and scalability of our business model," added SAP CFO Dominik Asam. "Our disciplined approach to cost management, paired with continued cloud momentum, demonstrates our ability to grow both the top and bottom line at the same time." For the entirety of 2026, SAP projects cloud revenue ranging from $28.9B to $29.4B. During 2025, cloud generated $23.6B. Total revenue, including software and cloud, is expected to range from $40.7B to $41.3B.