SAP2025的强劲成果无法防止库存下降, 因为2026年的指导谨慎以及积压增长缓慢。 SAP's strong 2025 results couldn't prevent a stock drop due to cautious 2026 guidance and slower backlog growth.

SAP报告2025年财政成果强劲,稳定货币收入增长11%,业务利润率为29.2%,其驱动因素是26%的云收入增长和对其AI驱动云解决方案的强劲需求。 SAP reported strong fiscal 2025 results with 11% constant-currency revenue growth and a 29.2% operating margin, driven by 26% cloud revenue growth and robust demand for its AI-powered cloud solutions. 尽管收益和自由现金流预期超过了预期,但由于云积累增长率在常定货币率下降了25%,该股票下跌了11%以上,并且2026年的预测预计云收入增长率为23%至25%被认为是谨慎的,因为人们担心大型,后端装载交易和滞后势头放缓. Despite beating earnings and free cash flow expectations, the stock dropped over 11% as cloud backlog growth of 25% at constant currencies fell slightly short of forecasts, and guidance for 2026—projecting 23% to 25% cloud revenue growth—was seen as cautious amid concerns over large, back-end-loaded deals and slowing backlog momentum. 该公司宣布了100亿欧元的股回购,并保持了积极的长期前景,但投资者对云的货币化步伐和软件部门更广泛的波动仍然持怀疑态度。 The company announced a €10 billion share buyback and maintained a positive long-term outlook, but investor skepticism persists over the pace of cloud monetization and broader software sector volatility.