Episode Details

SAP posted double-digit Q1 2026 profit growth, but the underlying numbers required financial engineering and a market plunge to look this good.

In ~10 minutes:

• Why a 28% stock drop artificially boosted operating margins.

• Killing traditional NPS to hide frustrated legacy on-premise users.

• How AI agents now fully resolve 20% of support tickets.

• Using the Reltio acquisition to cover stalled Middle East deals.

SAP’s proprietary data is an undeniable moat, powering incredible real-world AI wins. But below the headlines, management is quietly redefining cash flow metrics and relying on inorganic M&A growth to essentially buy their way to their unchanged 2026 guidance.

Company: SAP SE (SAP) | Q1 FY2026

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