SAP(SAP.US)Q4每股收益1.62欧元同比增16% 宣布100亿欧元股票回购计划

Core Insights - SAP SE reported strong Q4 and full-year results for FY2025, with Q4 total revenue reaching €9.68 billion, a 9% increase at constant currency, and non-IFRS EPS of €1.62, up 16% year-over-year, exceeding analyst expectations of €1.51 [1][2] - The company's cloud business was a key growth driver, with revenue of €5.61 billion in Q4, representing a 19% year-over-year increase (26% at constant currency), slightly above market expectations [1] - SAP's free cash flow doubled to €8.24 billion for the year, surpassing the target of €8 billion [1] Revenue Breakdown - Q4 cloud revenue reached €5.61 billion, with Cloud ERP Suite revenue at €4.86 billion, a 30% increase at constant currency; traditional software license revenue declined to €0.45 billion, down 34% year-over-year, indicating a shift from on-premise to cloud solutions [1] - The current cloud backlog grew 16% to €21.05 billion (25% at constant currency), while total cloud backlog reached a record €77 billion, up 30% at constant currency, providing a solid foundation for future revenue growth [2] Business Transformation - The proportion of predictable revenue increased from 83% to 86% year-over-year, reflecting improved revenue quality as the company deepens its cloud transformation [2] - AI integration is becoming a core driver, with approximately two-thirds of cloud orders in Q4 involving AI functionalities, indicating a shift from conceptualization to commercial realization [2] Shareholder Returns - Non-IFRS EPS of €1.62, up 16% year-over-year, led to the announcement of a new €10 billion stock buyback program, set to begin in February 2026 and continue through the end of 2027 [2] Future Outlook - For 2026, SAP targets cloud revenue between €25.8 billion and €26.2 billion, a year-over-year growth of 23% to 25%, with non-IFRS operating profit expected to reach €11.9 billion to €12.3 billion and free cash flow targeted at approximately €10 billion [3] - Despite optimistic core metrics, some analysts express caution regarding potential risks from global tariff uncertainties and currency fluctuations, which may impact 2026 performance [3]