Analysts Set Expectations for SAP's Q2 Earnings (NYSE:SAP)

Key Points

• KeyCorp trimmed its Q2 2026 EPS estimate for SAP to $2.04 from $2.09, while the broader full-year consensus remains around $8.30 per share. The firm also forecast earnings growth into FY2027 and FY2028.
• Analyst sentiment remains constructive overall, with SAP carrying a “Moderate Buy” consensus and an average price target of $283.40. Recent ratings included buys and overweight calls from firms such as Goldman Sachs, Barclays, TD Cowen, and Santander.
• SAP’s stock has recently traded well below its highs, opening at $157.94 versus a 52-week range of $148.06 to $309.73. The company also recently raised its dividend and reached a deal with EU antitrust regulators, avoiding a fine and reducing legal uncertainty.

SAP SE (NYSE:SAP - Free Report) - Equities researchers at KeyCorp dropped their Q2 2026 earnings per share (EPS) estimates for shares of SAP in a research report issued to clients and investors on Tuesday, July 7th. KeyCorp analyst J. Ader now forecasts that the software maker will post earnings of $2.04 per share for the quarter, down from their previous forecast of $2.09. The consensus estimate for SAP's current full-year earnings is $8.30 per share. KeyCorp also issued estimates for SAP's Q3 2026 earnings at $2.06 EPS, Q4 2026 earnings at $2.24 EPS, FY2026 earnings at $8.28 EPS, FY2027 earnings at $9.59 EPS and FY2028 earnings at $11.52 EPS.

A number of other research firms have also commented on SAP. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of SAP in a research report on Tuesday, March 24th. Santander upgraded SAP from a "neutral" rating to an "outperform" rating in a research report on Friday, April 24th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $265.00 price objective on shares of SAP in a research note on Wednesday, June 10th. Barclays increased their target price on shares of SAP from $256.00 to $257.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Finally, TD Cowen restated a "buy" rating on shares of SAP in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $283.40.

SAP Stock Performance

Shares of SAP stock opened at $157.94 on Monday. The company's 50 day moving average price is $168.29 and its two-hundred day moving average price is $190.21. The firm has a market capitalization of $194.03 billion, a P/E ratio of 21.34, a P/E/G ratio of 1.81 and a beta of 1.14. SAP has a fifty-two week low of $148.06 and a fifty-two week high of $309.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.07 and a quick ratio of 1.07.

SAP (NYSE:SAP - Get Free Report) last released its quarterly earnings data on Friday, February 27th. The software maker reported $1.99 earnings per share (EPS) for the quarter. The business had revenue of $11.06 billion during the quarter. SAP had a net margin of 20.08% and a return on equity of 17.31%.

SAP Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $2.9291 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a dividend yield of 170.0%. This is a positive change from SAP's previous annual dividend of $2.54. SAP's dividend payout ratio (DPR) is presently 28.78%.

Institutional Investors Weigh In On SAP

Several large investors have recently added to or reduced their stakes in SAP. Dara Capital US Inc. purchased a new position in shares of SAP during the 4th quarter valued at $3,342,000. CIBC Bancorp USA Inc. bought a new stake in SAP in the 3rd quarter valued at about $32,760,000. Dash Acquisitions Inc. lifted its holdings in SAP by 8.7% during the fourth quarter. Dash Acquisitions Inc. now owns 78,880 shares of the software maker's stock valued at $19,161,000 after purchasing an additional 6,315 shares during the last quarter. Rock Point Advisors LLC lifted its holdings in SAP by 66.5% during the fourth quarter. Rock Point Advisors LLC now owns 33,569 shares of the software maker's stock valued at $8,154,000 after purchasing an additional 13,413 shares during the last quarter. Finally, Sterling Investment Management LLC bought a new position in SAP during the fourth quarter worth about $1,512,000.

Key SAP News

Here are the key news stories impacting SAP this week:

• Positive Sentiment: SAP reached a deal with EU antitrust regulators, avoiding a fine and closing a competition probe after agreeing to make switching providers and ending contracts easier. SAP averts EU antitrust fine as regulators accept offer to address competition concerns
• Positive Sentiment: The regulatory resolution could reduce legal uncertainty for SAP and make its stock more appealing to investors who were waiting for the probe to end. SAP averts an EU antitrust fine by opening up its support market
• Neutral Sentiment: Several reports say SAP is loosening ERP maintenance and support rules, which may improve customer choice but could also reshape a profitable legacy support business. SAP loosens ERP maintenance and support rules
• Neutral Sentiment: Third-party coverage suggests SAP’s move frees CIOs from expensive support arrangements, but the stock impact is likely limited unless the change materially affects future support revenue. SAP concedes to EU, freeing CIOs from expensive support shackles
• Neutral Sentiment: Other items mention SAP-related AI and infrastructure news, including partner activity around SAP AI and SAP HANA Cloud, but these appear less directly tied to the stock’s immediate move. TCS Bets Big On SAP AI Push With Crystallus Expansion

About SAP

SAP SE is a global enterprise software company headquartered in Walldorf, Germany. Founded in 1972 by five former IBM engineers, the company's name is an acronym for Systeme, Anwendungen und Produkte in der Datenverarbeitung (Systems, Applications & Products in Data Processing). SAP develops and sells software and services that help organizations manage business processes across finance, human resources, procurement, manufacturing, supply chain and customer relationships.

SAP's product portfolio spans on‑premises and cloud offerings, anchored by its enterprise resource planning (ERP) solutions such as SAP S/4HANA and the SAP HANA in‑memory database and platform.

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