SAP SE (SAP) closed fiscal year 2025 with a gross margin of 72.9 % and a net margin of 19.5 %.
SAP SE (SAP) closed fiscal year 2025 with a gross margin of 72.9 % and a net margin of 19.5 %. The same year shows an EBITDA margin of 32.8 % and an EBIT margin of 29.2 %. The free cash flow margin was 22.9 %. Against the previous year the gross margin moved −0.1 pp and the net margin +10.3 pp. Across the period the gross margin ranges between 72.2 % in 2023 and 73.0 % in 2024. The series covers 4 fiscal years, from 2022 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from the company's own published annual accounts, with no restatements or adjustments of our own.
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Gross margin (%) | 72.77 % | 72.21 % | 72.95 % | 72.86 % |
| EBITDA margin (%) | 21.95 % | 23.56 % | 19.28 % | 32.81 % |
| EBIT margin (%) | 16.64 % | 19.16 % | 15.53 % | 29.24 % |
| Net margin (%) | 7.74 % | 19.67 % | 9.14 % | 19.46 % |
| FCF margin (%) | 16.16 % | 17.50 % | 12.90 % | 22.87 % |
