SAP SE (SAP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 3.51B | 1.27B | 1.5B | 2.58B | 3.78B | -550M | 1.47B | 1.54B | 2.88B | 1.97B | 1.12B | 867M | 2.37B | 2.05B | 820.57M | 268M | 2.78B | 1.41B | 1.39B | 684M |
| Operating CF Margin % | 36.76% | 13.13% | 16.55% | 28.54% | 41.95% | -5.87% | 17.39% | 18.58% | 35.79% | 23.24% | 14.51% | 11.48% | 31.89% | 24.36% | 10.97% | 3.72% | 41.11% | 17.73% | 20.3% | 10.25% |
| Operating CF Growth % | -7.11% | 331.14% | 1.97% | 67.27% | 31.38% | -127.95% | 31.05% | 77.62% | 21.28% | -4.23% | 36.98% | 223.51% | -14.77% | 45.28% | -40.96% | -60.82% | -9.8% | -32.64% | 5.05% | -13.2% |
| Net Income | 1.95B | 1.83B | 2.05B | 1.64B | 1.8B | 1.6B | 1.44B | 888M | -824M | -1.07B | 3.54B | 724M | 403M | 754.84M | 886.92M | 203M | 1.15B | 1.67B | 1.66B | 1.45B |
| Depreciation & Amortization | 305M | 0 | 318M | 308.88M | 349M | 337M | 317M | 313M | 313M | 331M | 328M | 349M | 365M | 480.45M | 408.73M | 473M | 429.66M | 533.79M | 515.1M | 435M |
| Stock-Based Compensation | 285M | 0 | 430M | 529M | 420M | 0 | 535M | 509M | 688M | 543M | 510M | 614M | 553M | 0 | 0 | 713M | 0 | 0 | 0 | 784M |
| Deferred Taxes | 800M | 0 | 694M | 753M | 672M | 0 | 710M | 470M | -157M | 609M | 489M | 369M | 274M | -269.09M | 0 | 335M | 0 | -588.07M | 0 | 355M |
| Other Non-Cash Items | -688M | 423.5M | -886M | -627.01M | -732M | -282M | -394M | -1.33B | -377M | 1.8B | -2.95B | -1.03B | -390M | 1.43B | 611.53M | -1.44B | -106.57M | 883.47M | -112.07M | -2.39B |
| Working Capital Changes | 864M | -980.9M | -1.1B | -31M | 1.28B | -2.21B | -1.14B | 692M | 3.23B | -244M | -797M | -154M | 1.17B | -345.51M | -1.09B | -19M | 1.31B | -1.08B | -670.46M | 54M |
| Change in Receivables | -1.8B | -1.03B | 576M | 1.39B | -1.29B | -1.19B | 571M | 1.33B | -960M | -1.07B | 282M | 1.05B | -657M | -1.21B | 467.47M | 1.23B | -430.78M | -1.57B | 763.48M | 889M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -282M | -1.05B | 657M | 0 | 0 | -1.23B | 0 | 0 | 0 | 0 |
| Change in Payables | -947M | 1.1B | 167M | -770M | -1.07B | -143M | -130M | -318M | 1.19B | 1.1B | 426M | -117M | -779M | 1.27B | 252.02M | -168M | -1.22B | 1.28B | 408.25M | -88M |
| Cash from Investing | 822M | -315.02M | -74M | -716M | 43M | -39M | 330M | 182M | -986M | -2B | -3.46B | 6.86B | -499M | 616.89M | -696.7M | 1.05B | -807.72M | -1.62B | -1.12B | 240M |
| Capital Expenditures | -238M | -176.45M | -201M | -181.32M | -168M | -269M | -163M | -178M | -187M | -190M | -182M | -156M | -257M | -185.42M | -282.4M | -235M | -237.83M | -322.48M | -239.43M | -191M |
| CapEx % of Revenue | 2.49% | 1.82% | 2.21% | 2.01% | 1.86% | 2.87% | 1.92% | 2.15% | 2.33% | 2.24% | 2.35% | 2.06% | 3.45% | 2.2% | 3.78% | 3.26% | 3.51% | 4.04% | 3.5% | 2.86% |
| Acquisitions | -2M | 5.62M | -695M | 36.3M | -3M | 34M | -1.08B | 28M | -19M | -1.17B | 182M | -91M | 24M | 346.02M | 23.21M | -15M | -714.61M | -165.93M | -41.19M | -65M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 122M | 964.22K | 163M | 12.03M | 158M | -1M | 26M | -2M | 171M | -88M | -851M | 6.35B | -9M | -12.1M | -3.8M | -315M | -8.97M | 63.87M | 2.39M | 19M |
| Cash from Financing | -3.03B | -1.17B | -700M | -5.02B | -1.72B | -234M | 529M | -3.19B | -787M | -961M | -2.51B | -3.05B | -1.21B | -337.57M | -586.07M | -3.06B | -2.01B | 1.11B | -294.19M | -3.39B |
| Debt Issued (Net) | -559M | -1.06B | -322M | -601M | -1.32B | 345M | 1.19B | -71M | -90M | -692M | -1.72B | -694M | -1.22B | -301.1M | -48.87M | 38M | -1.06B | 95.99M | -174.57M | -1.19B |
| Equity Issued (Net) | -2.28B | -10.03M | -304M | -1.4B | -125M | -481M | -650M | -543M | -432M | -231M | -718M | 0 | 0 | 32.49M | -501.66M | -419M | -651.79M | 0 | 0 | 0 |
| Dividends Paid | 0 | -14.2M | -94.7M | -2.55B | 0 | 0 | 0 | -2.56B | 0 | 0 | 0 | -2.4B | 0 | 62.06M | 87.86M | -2.87B | 0 | 30.53M | 15.3M | 0 |
| Share Repurchases | -2.28B | -10.03M | -304M | -1.4B | -125M | -481M | -650M | -543M | -432M | -231M | -718M | 0 | 0 | 32.49M | -501.66M | -419M | -651.79M | 0 | 0 | 0 |
| Other Financing | -196M | -92.67M | 20.7M | -469.11M | -281M | -98M | -6M | -7M | -265M | -38M | -78M | 43M | 5M | -131.02M | -123.4M | 189M | -299.53M | 981.67M | -134.92M | -2.2B |
| Net Change in Cash | 1.43B | -337.86M | 612M | -3.4B | 1.74B | -396M | 2.13B | -1.43B | 1.17B | -1.25B | -4.76B | 4.63B | 499M | 2.42B | -641.88M | -1.45B | -169.49M | 913.27M | -1.79M | -2.57B |
| Free Cash Flow | 3.27B | 1.09B | 1.3B | 2.39B | 3.61B | -819M | 1.31B | 1.36B | 2.69B | 1.78B | 942M | 711M | 2.12B | 1.87B | 538.17M | 33M | 2.55B | 1.09B | 1.15B | 493M |
| FCF Margin % | 34.26% | 11.31% | 14.33% | 26.44% | 40.09% | -8.73% | 15.47% | 16.43% | 33.47% | 21% | 12.16% | 9.41% | 28.44% | 22.16% | 7.2% | 0.46% | 37.6% | 13.68% | 16.81% | 7.39% |
| FCF Growth % | -9.38% | 233.68% | -0.69% | 75.26% | 34.26% | -146.06% | 39.07% | 91.56% | 27.17% | -4.89% | 75.04% | 2054.55% | -16.91% | 71.2% | -53.22% | -93.31% | -13.21% | -43.6% | -1.5% | -20.99% |
| FCF per Share | 2.80 | 0.93 | 1.11 | 2.03 | 3.07 | -0.70 | 1.11 | 1.17 | 2.28 | 1.51 | 0.80 | 0.60 | 1.80 | 1.60 | 0.46 | 0.03 | 2.16 | 0.93 | 0.97 | 0.42 |
| FCF Conversion (FCF/Net Income) | 1.82x | 0.76x | 0.75x | 1.52x | 2.12x | -0.34x | 1.01x | 1.73x | -3.48x | 1.50x | 0.88x | 0.27x | 5.83x | 3.80x | 1.23x | 0.80x | 2.72x | 0.97x | 0.99x | 0.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |