SAP stock weighs cloud growth against acquisition costs

Published on 09/30/2026 at 13:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock carries a EUR 22.9 billion cloud backlog after Q2 growth of 27 percent on September 30, 2026. Jefferies lifted its target to EUR 220.00 on September 22.

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SAP stock (ISIN DE0007164600) was trading at EUR 183.75 at Lang & Schwarz on September 30, 2026, at 1:47 p.m. CEST, down 0.85 percent versus the prior close of EUR 185.33. The investment case now balances rapid cloud expansion against acquisition-related pressure on operating profit.

Cloud backlog reaches EUR 22.9 billion

According to SAP Investor Relations on July 23, 2026, SAP's current cloud backlog rose 27 percent to EUR 22.9 billion in the second quarter of 2026. Cloud revenue increased 22 percent, or 24 percent at constant currencies, while Cloud ERP Suite revenue advanced 25 percent.

The backlog figure is the strongest forward-looking operating signal in the latest report. It shows that contracted demand continued to expand even as the company prepared customers for a slower growth profile later in the year.

Acquisitions test profit leverage

SAP's Q2 2026 total revenue rose 9 percent to EUR 9.878 billion, and IFRS operating profit increased 8 percent to EUR 2.643 billion, according to SAP Investor Relations. The standardized quarterly figures show operating profit at 26.75 percent of revenue, versus 28.69 percent in the first quarter, a sequential decline of 1.94 percentage points.

Management attributed the updated 2026 operating profit outlook to the dilutive effects of the Dremio and Prior Labs acquisitions. The Q2 earnings call also showed the tension clearly: constant-currency cloud revenue growth slowed from 27 percent in Q1 to 24 percent in Q2, while current cloud backlog growth accelerated to 26 percent.

Jefferies raises target to EUR 220.00

As Investing.com reported, Jefferies analyst Charles Brennan raised the SAP target from EUR 210.00 to EUR 220.00 on September 22, 2026, while retaining a Buy rating. The new target is 19.73 percent above the Lang & Schwarz price of EUR 183.75.

That target frames the central debate for the stock: cloud demand remains measurable, but investors also need the acquisitions and AI investment to translate into operating leverage. SAP's next scheduled checkpoint is its Q3 2026 financial report on October 21, 2026, according to SAP Investor Relations.

SAP stock trades at EUR 183.75

SAP stock was trading at EUR 183.75 at Lang & Schwarz on September 30, 2026, at 1:47 p.m. CEST, down 0.85 percent versus the prior close of EUR 185.33. SAP's Xetra market capitalization stood at EUR 213.6 billion on September 30, 2026, and its 52-week range was EUR 127.50 to EUR 244.30.