SAP SE (SAP) Cash Flow Statement
Where SAP’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €9.16B +75.8% vs 2024
- Capital expenditures
- €739.0M 2.0% of revenue
- Free cash flow
- €8.42B 22.9% margin
- Returned to shareholders
- €4.68B 56% of free cash flow
- Change in cash
- −€1.39B cash at year-end €8.22B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SAP operating cash flow, capex and free cash flow
SAP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €4.63B2016 | €9.16B2025 | +7.9%/yr | |
| Capital expenditures | €1.00B2016 | €739.0M2025 | −3.3%/yr | |
| Free cash flow | €3.63B2016 | €8.42B2025 | +9.8%/yr | |
| Free cash flow margin | 16.4%2016 | 22.9%2025 | +6.4 pts | |
| Operating cash flow / net income | 1.282016 | 1.252025 | −0.03 | |
| Stock-based compensation | €785.0M2016 | €1.70B2025 | +8.9%/yr | |
| Dividends paid | €1.38B2016 | €2.74B2025 | +7.9%/yr | |
| Share buybacks (net) | €02016 | €1.94B2025 | — | |
| Capex / revenue | 4.5%2016 | 2.0%2025 | −2.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SAP cash flow by activity
SAP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SAP cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €7.33B | €3.15B | €3.60B | €1.71B | €5.38B | €5.28B | €3.39B | €4.09B | €4.05B | €3.63B |
| Depreciation & amortization | €1.31B | €1.28B | €1.37B | €1.90B | €1.77B | €1.83B | €1.87B | €1.36B | €1.27B | €1.27B |
| Stock-based compensation | €1.70B | €2.38B | €2.22B | €2.61B | €2.79B | €1.08B | €1.82B | €830.0M | €1.12B | €785.0M |
| Change in working capital | −€664.0M | €623.0M | −€27.0M | −€224.0M | €272.0M | €662.0M | −€722.0M | −€729.0M | €115.0M | €9.0M |
| Other non-cash items | −€512.0M | −€2.23B | −€921.0M | −€352.0M | −€3.99B | −€1.66B | −€2.86B | −€1.25B | −€1.51B | −€1.06B |
| Cash from operating activities | €9.16B | €5.21B | €6.25B | €5.65B | €6.22B | €7.19B | €3.50B | €4.30B | €5.05B | €4.63B |
| Investing activities | ||||||||||
| Capital expenditures | −€739.0M | −€797.0M | −€785.0M | −€874.0M | −€800.0M | −€816.0M | −€817.0M | −€1.46B | −€1.27B | −€1.00B |
| Investments (net) | −€66.0M | −€656.0M | €3.50B | €667.0M | −€1.14B | −€2.99B | −€122.0M | −€3.07B | −€1.11B | −€1.80B |
| Acquisitions & other investing | −€160.0M | €1.36B | −€1.33B | €874.0M | −€1.12B | €816.0M | −€6.08B | €1.46B | €1.28B | €1.00B |
| Cash from investing activities | −€965.0M | −€93.0M | €1.39B | €667.0M | −€3.06B | −€2.99B | −€7.02B | −€3.07B | −€1.11B | −€1.80B |
| Financing activities | ||||||||||
| Dividends paid | −€2.74B | −€2.56B | −€2.40B | −€2.87B | −€2.18B | −€1.86B | −€1.79B | −€1.67B | −€1.50B | −€1.38B |
| Share repurchases & issuance (net) | −€1.94B | −€2.11B | −€949.0M | −€1.50B | €2.83B | −€1.49B | −€442.0M | €0 | −€500.0M | €400.0M |
| Net borrowing (repayment) | −€3.49B | €1.27B | −€4.40B | −€1.71B | −€646.0M | −€676.0M | €1.91B | €4.96B | −€1.36B | −€1.36B |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€577.0M | −€562.0M | −€387.0M | −€261.0M | −€55.0M | €35.0M | €423.0M | −€7.0M | −€43.0M | −€370.0M |
| Cash from financing activities | −€8.74B | −€3.96B | −€8.13B | −€6.34B | −€56.0M | −€4.00B | €101.0M | €3.28B | −€3.41B | −€2.71B |
| Summary | ||||||||||
| Net change in cash | −€1.39B | €1.49B | −€884.0M | €108.0M | €3.59B | −€3.0M | −€3.31B | €4.62B | €309.0M | €291.0M |
| Cash at end of period | €8.22B | €9.61B | €8.12B | €9.01B | €8.90B | €5.31B | €5.31B | €8.63B | €4.01B | €3.70B |
| Free cash flow | €8.42B | €4.41B | €5.46B | €4.77B | €5.42B | €6.38B | €2.68B | €2.84B | €3.77B | €3.63B |
| Free cash flow margin | 22.9% | 12.9% | 17.5% | 16.2% | 20.1% | 23.3% | 9.7% | 11.5% | 16.1% | 16.4% |
| Capex / revenue | 2.0% | 2.3% | 2.5% | 3.0% | 3.0% | 3.0% | 3.0% | 5.9% | 5.4% | 4.5% |
| Operating cash flow / net income | 1.25 | 1.65 | 1.73 | 3.29 | 1.16 | 1.36 | 1.03 | 1.05 | 1.25 | 1.28 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €2.21B | €1.95B | €1.73B | €2.05B | €1.75B | €1.80B | €1.62B | €1.44B | €918.0M | −€824.0M | −€1.07B | €3.54B |
| Depreciation & amortization | €316.0M | €305.0M | €325.0M | €318.0M | €319.0M | €349.0M | €337.0M | €317.0M | €313.0M | €313.0M | €331.0M | €328.0M |
| Stock-based compensation | €468.0M | €285.0M | €316.0M | €430.0M | €529.0M | €420.0M | €570.0M | €535.0M | €592.0M | €688.0M | €543.0M | €510.0M |
| Change in working capital | €756.0M | €864.0M | −€804.0M | −€1.10B | −€31.0M | €1.28B | −€2.17B | −€1.14B | €691.0M | €3.23B | −€244.0M | −€797.0M |
| Other non-cash items | −€595.0M | €112.0M | −€270.0M | −€192.0M | €10.0M | −€60.0M | −€905.0M | €246.0M | −€1.00B | −€534.0M | €2.41B | −€2.46B |
| Cash from operating activities | €3.15B | €3.51B | €1.30B | €1.50B | €2.58B | €3.78B | −€550.0M | €1.40B | €1.51B | €2.88B | €1.97B | €1.12B |
| Investing activities | ||||||||||||
| Capital expenditures | −€116.0M | −€238.0M | −€180.0M | −€201.0M | −€190.0M | −€168.0M | −€269.0M | −€163.0M | −€178.0M | −€187.0M | −€190.0M | −€182.0M |
| Investments (net) | −€732.0M | €940.0M | −€151.0M | −€74.0M | −€716.0M | €43.0M | −€39.0M | €330.0M | €183.0M | −€1.13B | −€2.00B | −€3.46B |
| Acquisitions & other investing | −€894.0M | €120.0M | €113.0M | €201.0M | €190.0M | €168.0M | €269.0M | €296.0M | €321.0M | €331.0M | €190.0M | €182.0M |
| Cash from investing activities | −€1.74B | €822.0M | −€218.0M | −€74.0M | −€716.0M | €43.0M | −€39.0M | €463.0M | €326.0M | −€986.0M | −€2.00B | −€3.46B |
| Financing activities | ||||||||||||
| Dividends paid | −€2.88B | €0 | −€14.2M | −€94.7M | −€2.74B | €0 | −€2.56B | −€2.56B | −€2.56B | €0 | €0 | −€2.40B |
| Share repurchases & issuance (net) | −€321.0M | −€2.28B | −€10.0M | −€304.0M | −€1.51B | −€125.0M | −€481.0M | −€650.0M | −€543.0M | −€432.0M | −€231.0M | −€718.0M |
| Net borrowing (repayment) | €2.83B | −€559.0M | −€1.18B | −€322.0M | −€669.0M | −€1.32B | €248.0M | €1.19B | — | — | — | −€1.80B |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€135.0M | −€196.0M | −€98.8M | €20.7M | −€99.0M | −€281.0M | €2.56B | €2.50B | −€191.0M | −€355.0M | −€730.0M | €2.40B |
| Cash from financing activities | −€511.0M | −€3.03B | −€1.30B | −€700.0M | −€5.02B | −€1.72B | −€233.0M | €468.0M | −€3.30B | −€787.0M | −€961.0M | −€2.51B |
| Summary | ||||||||||||
| Net change in cash | €863.0M | €1.43B | −€334.0M | €612.0M | −€3.40B | €1.74B | −€396.0M | €2.13B | −€1.43B | €1.17B | −€1.25B | −€4.76B |
| Cash at end of period | €10.51B | €9.65B | €8.22B | €8.55B | €7.94B | €11.35B | €9.61B | €10.01B | €7.87B | €9.29B | €8.12B | €9.38B |
| Free cash flow | €3.04B | €3.27B | €1.12B | €1.30B | €2.39B | €3.61B | −€819.0M | €1.24B | €1.33B | €2.69B | €1.78B | €942.0M |
| Free cash flow margin | 30.8% | 34.3% | 11.5% | 14.3% | 26.4% | 40.1% | −8.7% | 14.6% | 16.1% | 33.5% | 21.0% | 12.2% |
| Capex / revenue | 1.2% | 2.5% | 1.9% | 2.2% | 2.1% | 1.9% | 2.9% | 1.9% | 2.1% | 2.3% | 2.2% | 2.4% |
| Operating cash flow / net income | 1.43 | 1.80 | 0.75 | 0.73 | 1.47 | 2.11 | −0.34 | 0.97 | 1.64 | — | — | 0.32 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
SAP cash generation
In fiscal 2025 (ended December 31, 2025), SAP generated €9.2 billion of cash from operations (up 75.8%) and spent €739.0 million on capital expenditures, leaving free cash flow of €8.4 billion, 22.9% of revenue. It returned €4.7 billion to shareholders through dividends (€2.7 billion) and net share buybacks (€1.9 billion). Cash and equivalents fell by €1.4 billion over the year.
Related: SAP income statement, SAP balance sheet, SAP dividend history. See the SAP stock overview for the latest quote and news.
SAP cash flow FAQ
What is SAP's free cash flow?
SAP's free cash flow was €8.4 billion in fiscal 2025: €9.2 billion of operating cash flow minus €739.0 million of capital expenditures It was €4.4 billion a year earlier..
How much cash does SAP generate from operations?
SAP generated €9.2 billion of cash from operating activities in fiscal 2025, 1.25 times its net income of €7.3 billion.
How much does SAP spend on capital expenditures?
SAP spent €739.0 million on capital expenditures in fiscal 2025, 2.0% of revenue, compared with €797.0 million the year before.
How much stock does SAP buy back?
SAP spent €1.9 billion on net share repurchases in fiscal 2025.
How much does SAP pay in dividends?
SAP paid €2.7 billion in dividends in fiscal 2025, 32.6% of free cash flow.