SAP Q1 2026 Results: Cloud Revenue €5.96B Up 27% CC, But Revenue Misses and Stock Drops 6%

SAP News Center·medium signal

SAP reported Q1 2026 results with cloud revenue of €5.962B (up 27% at constant currencies) and total revenue of €9.555B, but missed top-line estimates at $11.04B vs $11.17B expected, sending shares down 6.19% after-hours. AI CoPilot adoption increased ninefold YoY and 90% of the 50 largest deals included AI or Business Data Cloud, yet CEO Christian Klein cautioned that 'large-scale adoption of enterprise AI is still in its early stages.' SAP stock is now down 33% YTD — the market is punishing even strong cloud growth when AI adoption metrics remain nascent.