Cash Flow Statement

Operating Cash Flow

+62%

+27%

10Y

Currency: EUR

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	646	189	354	509	630	1 081	1 131	1 077	1 120	1 150	1 189	1 311	1 336	1 376	1 419	1 496	1 524	1 650	1 686	1 871	1 899	1 933	1 971	1 908	1 846	1 779	1 756	1 848	1 796	1 840	1 902	1 750	1 941	2 006	2 060	1 813	1 829	1 926	2 676	3 439	3 480	3 552	2 920	2 823	2 899	2 963	3 106	3 325	3 339	3 171	3 290	3 280	3 159	3 072	3 087	3 056	3 213	3 556	3 386	3 629	3 589	3 444	3 710	4 046	4 224	4 277	4 254	4 088	3 272	3 135	3 424	3 370	4 289	4 592	4 985	5 283	5 542	6 105	5 871	5 376	5 322	3 692	2 822	1 708	1 095	4 763	4 997	5 964	4 737	2 168	2 827	3 150	5 770	6 601	7 212	7 492
Depreciation & Amortization	334	267	245	221	217	212	209	216	215	214	216	210	210	211	212	204	209	211	207	214	216	226	244	262	338	407	487	539	535	527	501	499	482	471	494	534	601	666	700	724	738	769	810	863	904	939	955	951	953	951	970	1 010	1 096	1 178	1 242	1 289	1 277	1 258	1 256	1 268	1 279	1 295	1 297	1 272	1 255	1 265	1 297	1 362	1 501	1 624	1 747	1 872	1 894	1 900	1 870	1 831	1 803	1 777	1 770	1 775	1 722	1 837	1 647	1 896	1 878	1 677	1 758	1 373	1 321	1 285	1 274	1 280	1 316	1 322	1 323	1 311
Change in Deffered Taxes	(137)	(199)	(130)	104	108	156	127	93	69	23	35	19	42	41	16	(16)	(23)	(13)	(81)	(2)	(17)	8	62	8	(38)	(47)	(77)	(91)	(107)	(102)	(92)	0	0	17	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	99	15	49	87	106	0	0	48	63	51	68	60	54	62	58	49	58	105	124	76	68	99	165	334	522	509	450	381	327	0	0	0	0	0	0	0	724	0	0	0	0	0	0	0	1 119	1 189	1 610	1 956	830	1 275	1 452	1 305	578	(8)	(874)	(791)	(226)	209	588	867	1 674	1 286	1 463	496	1 432	1 889	1 636	2 282	1 129	1 239	1 161	1 170	1 103	785	1 172	1 040	878
Other Non-Cash Items	407	725	636	600	506	102	79	132	88	62	79	21	64	106	82	67	64	(15)	4	(37)	(45)	0	16	53	85	77	35	138	202	212	218	813	875	715	1 261	470	516	891	848	1 311	1 285	1 308	1 018	1 081	1 061	1 099	1 203	1 235	1 296	459	(58)	677	(1 210)	(889)	495	983	1 547	2 146	1 303	1 361	1 237	1 086	1 063	729	887	863	839	1 477	1 538	1 373	1 470	1 566	1 510	1 577	1 296	806	953	435	644	999	958	2 172	3 133	4 116	4 630	1 711	1 633	1 098	740	3 077	2 962	2 459	2 683	3 510	3 032	3 440
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	811	0	0	0	882	0	0	0	722	922	1 160	1 347	818	822	736	795	908	980	1 154	1 123	1 102	1 163	1 282	1 307	1 295	1 385	0	0	0	0	0	1 049	1 420	1 693	2 180	1 419	1 477	1 527	1 397	1 445	1 332	1 429	1 517	1 493	1 687	1 774	2 099	2 177	2 329	2 193	1 543	1 639	1 194	1 248	1 957	1 899	2 063	2 057	2 001	1 838	1 675	1 665	1 610	1 788	2 161	2 172	2 091	1 932	2 277	2 262	2 131	2 216	2 198
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6	0	0	0	105	0	0	0	69	81	97	117	66	75	115	127	139	146	158	165	165	144	149	131	159	169	152	141	130	145	147	158	172	194	202	206	190	194	195	190	200	197	176	178	251	301	326	356	341	345	341	315	244	218	193	184	202	203	217	229	248	305	352	384	393	517	527	527	550	566	551	562	574
Change in Working Capital	285	117	302	247	465	195	141	(18)	76	411	281	285	236	(220)	(137)	(143)	(209)	(80)	(6)	(199)	(216)	(281)	(388)	(299)	(80)	59	336	(276)	50	145	42	(43)	(965)	(815)	(1 190)	105	796	463	(388)	(1 699)	(1 249)	(1 724)	(882)	(945)	(951)	(1 097)	(1 459)	(1 679)	(1 566)	(656)	(328)	(1 468)	468	338	(1 166)	(1 690)	(2 283)	(3 175)	(1 920)	(1 630)	(1 087)	(606)	(945)	(1 002)	(1 616)	(1 888)	(1 986)	(2 624)	(1 783)	(2 135)	(2 506)	(3 312)	(4 015)	(3 480)	(2 878)	(727)	(1 004)	(1 125)	(1 231)	(1 928)	(2 383)	(2 500)	(2 733)	(2 075)	(2 067)	(2 015)	(1 980)	(2 102)	(82)	859	679	(1 669)	(3 525)	(4 153)	(4 260)	(3 087)
Cash from Operating Activities	1 535 N/A	1 099 -28%	1 407 +28%	1 680 +19%	1 925 +15%	1 745 -9%	1 686 -3%	1 499 -11%	1 567 +5%	1 859 +19%	1 799 -3%	1 845 +3%	1 887 +2%	1 513 -20%	1 591 +5%	1 608 +1%	1 565 -3%	1 753 +12%	1 810 +3%	1 847 +2%	1 837 -1%	1 886 +3%	1 905 +1%	1 932 +1%	2 151 +11%	2 275 +6%	2 537 +12%	2 158 -15%	2 476 +15%	2 622 +6%	2 571 -2%	3 019 +17%	2 406 -20%	2 478 +3%	2 709 +9%	2 922 +8%	3 742 +28%	3 910 +4%	3 836 -2%	3 775 -2%	4 254 +13%	3 905 -8%	3 866 -1%	3 822 -1%	3 913 +2%	3 904 0%	3 805 -3%	3 832 +1%	4 022 +5%	3 925 -2%	3 874 -1%	3 499 -10%	3 513 +0%	3 699 +5%	3 658 -1%	3 638 -1%	3 754 +3%	3 785 +1%	4 025 +6%	4 628 +15%	5 018 +8%	5 219 +4%	5 125 -2%	5 045 -2%	4 750 -6%	4 517 -5%	4 404 -3%	4 303 -2%	4 528 +5%	3 997 -12%	4 135 +3%	3 496 -15%	3 678 +5%	4 589 +25%	5 273 +15%	7 193 +36%	7 294 +1%	7 192 -1%	7 054 -2%	6 222 -12%	5 619 -10%	5 201 -7%	4 869 -6%	5 645 +16%	5 536 -2%	6 136 +11%	6 408 +4%	6 333 -1%	6 716 +6%	7 389 +10%	7 742 +5%	5 220 -33%	6 244 +20%	7 280 +17%	7 307 +0%	9 156 +25%
Investing Cash Flow
Capital Expenditures	(436)	(366)	(327)	(309)	(295)	(270)	(240)	(273)	(267)	(266)	(256)	(212)	(220)	(235)	(259)	(262)	(279)	(281)	(312)	(365)	(381)	(430)	(425)	(400)	(382)	(376)	(351)	(339)	(328)	(273)	(264)	(225)	(232)	(244)	(256)	(334)	(418)	(457)	(463)	(445)	(417)	(472)	(486)	(541)	(541)	(531)	(572)	(566)	(583)	(605)	(637)	(737)	(746)	(709)	(689)	(636)	(665)	(766)	(878)	(1 001)	(1 124)	(1 205)	(1 299)	(1 275)	(1 411)	(1 483)	(1 457)	(1 458)	(1 390)	(1 179)	(1 015)	(817)	(791)	(775)	(766)	(816)	(636)	(663)	(710)	(800)	(859)	(912)	(939)	(874)	(919)	(831)	(784)	(785)	(715)	(737)	(718)	(797)	(778)	(790)	(828)	(739)
Other Items	(728)	(237)	(24)	(18)	(397)	(248)	(678)	(920)	(965)	(1 164)	(1 220)	(536)	(591)	(229)	724	(322)	22	153	(495)	231	148	(435)	(652)	(991)	(3 884)	(3 712)	(3 390)	(3 427)	(814)	(727)	(563)	(74)	277	357	(3 379)	(3 660)	(3 439)	(4 241)	(1 142)	(781)	(3 465)	(2 607)	(1 814)	(5 423)	(2 880)	(3 268)	(4 446)	(1 215)	(1 574)	(1 712)	(917)	(6 503)	(6 398)	(5 757)	(6 032)	302	699	255	564	(798)	(1 187)	(558)	(363)	163	574	(1 492)	(1 628)	(1 608)	(7 809)	(6 359)	(6 427)	(6 204)	(101)	(1 193)	(289)	(2 170)	(2 944)	(1 404)	(2 925)	(2 263)	(1 957)	(2 138)	(382)	1 541	1 807	8 577	4 284	1 691	991	(5 668)	(1 901)	141	1 294	408	43	(226)
Cash from Investing Activities	(1 164) N/A	(603) +48%	(351) +42%	(326) +7%	(691) -112%	(517) +25%	(917) -77%	(1 193) -30%	(1 232) -3%	(1 430) -16%	(1 476) -3%	(748) +49%	(811) -8%	(464) +43%	465 N/A	(583) N/A	(256) +56%	(127) +50%	(806) -533%	(134) +83%	(233) -74%	(865) -271%	(1 077) -25%	(1 391) -29%	(4 266) -207%	(4 088) +4%	(3 741) +8%	(3 766) -1%	(1 142) +70%	(1 000) +12%	(827) +17%	(299) +64%	45 N/A	113 +151%	(3 635) N/A	(3 994) -10%	(3 857) +3%	(4 698) -22%	(1 605) +66%	(1 226) +24%	(3 882) -217%	(3 079) +21%	(2 300) +25%	(5 964) -159%	(3 421) +43%	(3 799) -11%	(5 018) -32%	(1 781) +65%	(2 157) -21%	(2 317) -7%	(1 554) +33%	(7 240) -366%	(7 144) +1%	(6 466) +9%	(6 721) -4%	(334) +95%	34 N/A	(511) N/A	(314) +39%	(1 799) -473%	(2 311) -28%	(1 763) +24%	(1 662) +6%	(1 112) +33%	(837) +25%	(2 975) -255%	(3 085) -4%	(3 066) +1%	(9 199) -200%	(7 538) +18%	(7 442) +1%	(7 021) +6%	(892) +87%	(1 968) -121%	(1 055) +46%	(2 986) -183%	(3 580) -20%	(2 067) +42%	(3 635) -76%	(3 063) +16%	(2 816) +8%	(3 050) -8%	(1 321) +57%	667 N/A	888 +33%	7 746 +772%	3 500 -55%	906 -74%	276 -70%	(6 405) N/A	(2 619) +59%	(656) +75%	516 N/A	(382) N/A	(785) -105%	(965) -23%
Financing Cash Flow
Net Issuance of Common Stock	(98)	(157)	(253)	(290)	(363)	(208)	(129)	(93)	(4)	(36)	(104)	(104)	(206)	(248)	(191)	(206)	(402)	(818)	(798)	(935)	(974)	(615)	(741)	(805)	(695)	(684)	(613)	(382)	(163)	(38)	37	30	2	2	(79)	(70)	(39)	(23)	61	51	44	48	50	52	51	31	43	49	50	67	58	51	52	48	64	64	65	55	30	27	20	12	(285)	(500)	0	0	0	0	0	0	0	0	(150)	(442)	(742)	(1 397)	600	892	1 192	2 828	400	2	(519)	(1 467)	(886)	(488)	(685)	(949)	(1 381)	(1 924)	(1 856)	(2 106)	(1 799)	(2 764)	(2 418)	(1 937)
Net Issuance of Debt	19	(8)	(320)	(427)	(93)	(300)	(229)	3	12	(97)	61	7	(4)	(18)	(67)	(1)	2	3	0	0	(3)	2	(1)	(1)	2 944	2 593	2 337	2 288	(660)	(311)	(255)	(1 606)	(1 605)	(1 626)	1 897	3 184	2 681	2 718	(600)	(486)	416	(21)	(313)	1 064	664	1 085	1 753	(625)	0	(711)	(1 086)	5 441	4 673	4 752	4 751	(2 104)	(1 338)	(1 872)	(2 322)	(1 357)	(1 354)	(1 799)	(1 344)	(1 364)	117	973	823	4 961	5 911	5 918	5 943	1 910	(595)	628	483	(676)	213	(2 081)	(2 063)	(646)	(2 499)	(1 389)	(1 306)	(1 711)	(1 892)	(2 502)	(4 134)	(4 400)	(3 272)	(2 649)	332	1 272	45	(553)	(2 060)	(3 488)
Cash Paid for Dividends	0	(182)	(182)	(182)	0	(186)	(186)	(186)	0	(249)	(249)	(249)	0	(340)	(340)	(340)	0	(447)	(447)	(447)	0	(556)	(556)	(556)	0	(594)	(594)	(594)	(594)	(594)	(594)	(594)	(594)	(594)	(594)	(594)	(594)	(713)	(713)	(713)	(713)	(1 310)	(1 310)	(1 310)	(1 310)	(1 013)	(1 013)	(1 013)	(1 013)	(1 194)	(1 194)	(1 194)	(1 194)	(1 316)	(1 316)	(1 316)	(1 316)	(1 378)	(1 378)	(1 378)	0	(1 499)	(1 499)	(1 499)	0	(1 671)	(1 671)	(1 671)	0	(1 790)	(1 790)	(1 790)	0	(1 864)	(1 864)	(1 864)	0	(2 182)	(2 182)	(2 182)	0	(2 865)	(2 865)	(2 865)	0	(2 395)	(2 395)	(2 395)	0	(2 565)	(2 565)	(2 565)	0	(2 743)	(2 743)	(2 743)
Other	(188)	(43)	(43)	(36)	(52)	(9)	(22)	(39)	(73)	(73)	(60)	(43)	(8)	(8)	(8)	(8)	4	6	4	7	78	76	78	75	27	19	(8)	(31)	(54)	651	(19)	0	(14)	366	(4)	0	(11)	(1 089)	(24)	(28)	(7)	(6)	(4)	0	0	0	0	0	0	0	0	0	0	0	0	0	2	4	2	3	1	(23)	(38)	(43)	0	(25)	(10)	(7)	(6)	(5)	(7)	(18)	0	(18)	(72)	(60)	(62)	(74)	(19)	(56)	(228)	1 143	(278)	(294)	(115)	(1 429)	(5)	10	5	(45)	(52)	(13)	(294)	(386)	(453)	(577)
Cash from Financing Activities	(447) N/A	(390) +13%	(798) -105%	(936) -17%	(691) +26%	(704) -2%	(567) +19%	(315) +44%	(251) +20%	(455) -81%	(352) +23%	(388) -10%	(466) -20%	(613) -32%	(605) +1%	(555) +8%	(736) -33%	(1 256) -71%	(1 241) +1%	(1 375) -11%	(1 346) +2%	(1 093) +19%	(1 220) -12%	(1 287) -5%	1 720 N/A	1 334 -22%	1 122 -16%	1 281 +14%	(1 471) N/A	(292) +80%	(831) -185%	(2 170) -161%	(2 211) -2%	(1 852) +16%	1 220 N/A	2 520 +107%	2 037 -19%	893 -56%	(1 276) N/A	(1 176) +8%	(260) +78%	(1 289) -396%	(1 577) -22%	(194) +88%	(595) -207%	103 N/A	783 +660%	(1 589) N/A	(1 588) +0%	(1 838) -16%	(2 222) -21%	4 298 N/A	3 531 -18%	3 484 -1%	3 499 +0%	(3 356) N/A	(2 587) +23%	(3 191) -23%	(3 668) -15%	(2 705) +26%	(2 711) 0%	(3 309) -22%	(3 166) +4%	(3 406) -8%	(1 925) +43%	(1 223) +36%	(1 070) +13%	3 283 N/A	4 234 +29%	4 123 -3%	4 146 +1%	102 -98%	(2 554) N/A	(1 696) +34%	(2 195) -29%	(3 997) -82%	(1 113) +72%	(3 445) -210%	(3 072) +11%	(56) +98%	(4 509) -7 952%	(3 109) +31%	(4 968) -60%	(6 337) -28%	(5 758) +9%	(6 814) -18%	(7 219) -6%	(7 734) -7%	(7 043) +9%	(7 183) -2%	(4 141) +42%	(3 412) +18%	(4 613) -35%	(6 446) -40%	(7 674) -19%	(8 745) -14%
Change in Cash
Effect of Foreign Exchange Rates	(0)	(177)	(100)	(162)	(181)	(60)	(48)	(50)	(11)	(11)	(27)	(42)	(41)	16	39	89	63	7	(8)	(3)	(5)	(4)	1	(45)	(33)	(40)	(41)	(1)	(77)	(24)	18	54	150	149	117	186	142	132	128	74	(41)	(3)	26	(152)	28	(198)	(241)	(191)	(237)	(33)	1	23	222	83	54	135	(93)	201	226	167	197	(118)	(190)	(218)	(326)	(40)	38	97	172	72	180	110	251	111	(115)	(214)	(84)	(121)	163	484	299	686	792	134	(85)	(419)	(628)	(388)	(162)	(72)	(354)	333	(97)	(381)	(299)	(836)
Net Change in Cash	(76) N/A	(71) +7%	158 N/A	256 +63%	362 +41%	464 +28%	154 -67%	(59) N/A	73 N/A	(37) N/A	(56) -52%	667 N/A	569 -15%	452 -21%	1 490 +230%	558 -63%	635 +14%	376 -41%	(246) N/A	335 N/A	253 -24%	(76) N/A	(391) -414%	(791) -102%	(428) +46%	(519) -21%	(123) +76%	(328) -167%	(214) +35%	1 306 N/A	931 -29%	604 -35%	390 -35%	888 +128%	411 -54%	1 634 +298%	2 064 +26%	237 -89%	1 083 +357%	1 447 +34%	71 -95%	(466) N/A	15 N/A	(2 488) N/A	(75) +97%	10 N/A	(671) N/A	271 N/A	40 -85%	(263) N/A	99 N/A	580 +486%	122 -79%	800 +556%	490 -39%	83 -83%	1 108 +1 235%	284 -74%	269 -5%	291 +8%	193 -34%	29 -85%	107 +269%	309 +189%	1 662 +438%	279 -83%	287 +3%	4 617 +1 509%	(265) N/A	654 N/A	1 019 +56%	(3 313) N/A	483 N/A	1 036 +114%	1 908 +84%	(4) N/A	2 517 N/A	1 559 -38%	510 -67%	3 587 +603%	(1 407) N/A	(272) +81%	(628) -131%	109 N/A	581 +433%	6 649 +1 044%	2 061 -69%	(883) N/A	(213) +76%	(6 271) -2 844%	628 N/A	1 485 +136%	2 050 +38%	71 -97%	(1 451) N/A	(1 390) +4%
Free Cash Flow
Free Cash Flow	1 099 N/A	733 -33%	1 080 +47%	1 372 +27%	1 631 +19%	1 476 -10%	1 447 -2%	1 226 -15%	1 300 +6%	1 593 +23%	1 543 -3%	1 633 +6%	1 667 +2%	1 278 -23%	1 332 +4%	1 346 +1%	1 286 -4%	1 472 +14%	1 498 +2%	1 482 -1%	1 456 -2%	1 456 N/A	1 480 +2%	1 532 +4%	1 769 +15%	1 899 +7%	2 186 +15%	1 819 -17%	2 148 +18%	2 349 +9%	2 307 -2%	2 794 +21%	2 174 -22%	2 234 +3%	2 453 +10%	2 588 +6%	3 324 +28%	3 453 +4%	3 373 -2%	3 330 -1%	3 837 +15%	3 433 -11%	3 380 -2%	3 281 -3%	3 372 +3%	3 373 +0%	3 233 -4%	3 266 +1%	3 439 +5%	3 320 -3%	3 237 -3%	2 762 -15%	2 767 +0%	2 990 +8%	2 969 -1%	3 002 +1%	3 089 +3%	3 019 -2%	3 147 +4%	3 627 +15%	3 894 +7%	4 014 +3%	3 826 -5%	3 770 -1%	3 339 -11%	3 034 -9%	2 947 -3%	2 845 -3%	3 138 +10%	2 818 -10%	3 120 +11%	2 679 -14%	2 887 +8%	3 814 +32%	4 507 +18%	6 377 +41%	6 658 +4%	6 529 -2%	6 344 -3%	5 422 -15%	4 760 -12%	4 289 -10%	3 930 -8%	4 771 +21%	4 617 -3%	5 305 +15%	5 624 +6%	5 548 -1%	6 001 +8%	6 652 +11%	7 024 +6%	4 423 -37%	5 466 +24%	6 490 +19%	6 479 0%	8 417 +30%

Income Statement Balance Sheet Cash Flow Statement

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Cash Flow Statement

Cash Flow Statement
SAP SE

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SAP SE F:SAP

Cash Flow Statement

Cash Flow Statement SAP SE

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Cash Flow Statement
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