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ServiceNow (NOW) stock

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NYSE: NOW NYSE Systems Software Next results ~January 27, 2027

C+ Fundamentals grade

ServiceNow is a US-listed company in the systems software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$99–$170 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 19% below our base value.

Price used: $106.01, November 2, 2026

ServiceNow valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter ServiceNow files

10-Q filed October 28: ServiceNow

Rating: Sell to Hold Model value +25.6%

ServiceNow's revenue reached $15.4bn over the twelve months to September 2026, up 21.8% on a year earlier and little changed in pace from the prior quarter. Free-cash-flow margin held steady at 30.8%, though operating margin narrowed to 9.7% from 13.9%. The fundamentals grade improves from C+ to B on the back of this. Accordingly, our model value climbs from $98.47 to $124 a share, still below the current share price of $155. The rating moves from Sell to Hold as a result. At that price, the market appears to be pricing in cash-flow growth of about 28.0% a year for five years, outpacing the 21.2% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where ServiceNow stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14.7bn, up 22.2% on a year earlier, about the same pace as a quarter earlier. That growth ranks 156 of 931 among all the companies we cover. Free-cash-flow margin held at 31.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $98.85 a share, against a share price of $148. At that price, our model says the market is pricing in about 27.7% a year of cash-flow growth for five years, faster than the 20.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

ServiceNow's trailing-twelve-month revenue grew 21.8% year on year, with a free-cash-flow margin of 30.8%. Where it stands out: days sales outstanding of 53 days ranks 5 of 29 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$99–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 21.6% while net income fell 16.5%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $106.01 is 24% below our value per share of $130.
  • Fast growth. Revenue grew 21.8% over the last 12 months, against a median of 16.9% for systems software companies we cover.
  • Strong cash generation. 30.8% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.

Things to watch

  • Margins narrowing. Operating margin is down 4.2 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 15.1% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.
  • High earnings multiple. The shares trade at 76 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 64% and a beta of 0.7 against the S&P 500.
  • Gross margin slipping. Gross margin is down 5.0 points on a year ago.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.00 against an average estimate of $1.02: missed by 2.3%
Revenue
$4.11bn, up 20.5% on a year earlier
Share reaction
-29.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
subscription revenues year/year growth growth 22.5% to 23% (Fourth Quarter 2026); subscription revenues constant currency year/year growth growth 21.5% (Fourth Quarter 2026)
Next report
January 27, 2027; average EPS estimate $1.08

ServiceNow's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week-33.0%
  • 1 month-21.1%
  • This year-30.8%
  • 1 year-42.3%
  • 5 years-22.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.4B
Operating margin
9.7%
Net margin
9.4%
EPS (TTM, diluted)
$1.39

Growth

Revenue growth
+21.8%
Change in growth rate
−0.4 pts

Cash

Free cash flow (TTM)
$4.8B
FCF margin
30.8%
Stock pay % of revenue
15.1%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement

    Stagwell adopts ServiceNow platform for 70+ agencies

    ServiceNow said Stagwell selected its AI Platform to automate HR, IT, and security workflows across a network of more than 70 agencies. The company stated the move consolidates four separate service desks and provides a single portal for over 10,000 employees. Stagwell aims to standardize onboarding for future acquisitions while maintaining agency autonomy.

    Company releaseRead source ↗
  4. Announcement
  5. Announcement

    ServiceNow expands OpenAI tie-up with ChatGPT plugin and security tools

    ServiceNow said it has broadened its partnership with OpenAI to include a new ChatGPT plugin for governed workflows. The companies will also integrate OpenAI models into ServiceNow security solutions and AI Workflow Factory. OpenAI plans to adopt ServiceNow for internal operations, while ServiceNow will provide ChatGPT Work and Codex to its staff.

    Company releaseRead source ↗
  6. Product
  7. Guidance
  8. Announcement

    ServiceNow links workflows to Google's Gemini Enterprise

    ServiceNow said it has expanded its partnership with Google Cloud to connect its Action Fabric to Gemini Enterprise. The move allows AI agents to execute multi-step actions within industry workflows. Retail, CRM, and IT integrations are live, while telecommunications features are expected in early 2027.

    Company releaseRead source ↗
  9. Announcement
  10. Announcement

    ServiceNow launches Arc agent with NVIDIA governance

    ServiceNow said Arc, a personal long-running AI agent, is now generally available. The tool operates within the Super Intelligence Control Tower and is enforced by NVIDIA OpenShell. NVIDIA hardware will also read ServiceNow's AI Passport to validate agent permissions across the stack.

    Company releaseRead source ↗
  11. Announcement
  12. Announcement

    ServiceNow launches third-generation AI tools for employee agent creation

    ServiceNow said it has introduced the third generation of its EmployeeWorks platform, allowing staff to build AI agents without coding. The update includes ToolSmith, which the company claims reduces tool-building time from days to minutes. Initial Productivity Assistants are available for HR Service Delivery, with broader access planned.

    Company releaseRead source ↗
  13. Insider trade
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ServiceNow valuation models and calculator

What the price is pricing in

The share price implies about 20.4% a year of cash-flow growth for five years.That is close to the 21.2% a year revenue growth ServiceNow has delivered.

  • Priced in20.4%
  • Last 12 months21.8%
  • 3 years a year22.1%
  • 5 years a year21.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($105.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$130
Price used
$105.15close November 3, 2026
Implied change
▲ +25%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of ServiceNow's free cash flow after stock-based pay with after-tax interest added back ($2.4B, FY2026 Q3 TTM), growing 20.1% and 19.5% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$99–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of ServiceNow's free cash flow after stock-based pay ( $2.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value ServiceNow as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$99–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$81 ~$57–$170 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$23 ~$16–$34 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$22 ~$19–$25 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$78 ~$22–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ServiceNow with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −0%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $31$43$59$80$107$143
8.5% $23$32$43$58$78$103
10% $18$25$34$45$60$79

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.31$14.87$26.08$35.61$56.46$110.09$129.82$77.65$141.30$212.02$153.19$106.01
Market value$13.5bn$12.2bn$22.3bn$31.7bn$55.7bn$111.4bn$131.9bn$79.0bn$145.2bn$221.0bn$160.3bn$110.3bn
+ Net debt (− = net cash)$62m$107m$447m$96m−$28m−$37m−$152m$16m−$409m−$815m−$2.2bn$5.1bn
Enterprise value$13.5bn$12.3bn$22.8bn$31.8bn$55.7bn$111.4bn$131.7bn$79.0bn$144.8bn$220.1bn$158.1bn$115.5bn
Multiples
Price / sales 13.4x8.8x11.5x12.1x16.1x24.7x22.4x10.9x16.2x20.1x12.1x7.1x
Price / earnings ————88.8xn/mn/mn/m83.9x155.1x91.7x76.4x
Price / free cash flow 58.5xn/m45.3x54.0x57.3x81.5x73.3x36.4x53.7x64.7x35.0x23.2x
EV / EBITDA ——n/mn/m189.3xn/m180.7x100.3x109.4x114.2x61.7x50.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

56 /100

Moderate moat

How hard ServiceNow's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 22.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 77.6%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.7%; its worst year was -2.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 27.8% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 15.9% over five years; stock-based pay has been a median 19.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (61 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, after the close. Analysts expect revenue of $4.4bn and EPS of $1.08 (range $0.99 to $1.21) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.97 +13% $16.2bn +22%
Next $4.84 +22% $19.3bn +19%

Next year's EPS estimate has moved −3.3% in 90 days, across 44 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.4% on 90 days ago. In the last 30 days, 0 analysts raised ServiceNow's forecast and 0 cut it.

Consensus EPS forecast ServiceNow, last 90 days
$3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.07 Current fiscal year, 60 days ago: $4.07 Current fiscal year, 30 days ago: $4.07 Current fiscal year, 7 days ago: $4.07 Current fiscal year, Now: $3.97 $3.97 Next fiscal year, 90 days ago: $5.01 Next fiscal year, 60 days ago: $5.01 Next fiscal year, 30 days ago: $5.01 Next fiscal year, 7 days ago: $5.01 Next fiscal year, Now: $4.84 $4.84

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.07$5.01
60 days ago $4.07$5.01
30 days ago $4.07$5.01
7 days ago $4.07$5.01
Now $3.97$4.84

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.02 $1.00 −2.3%
Jun 2026 $0.86 $0.90 +5.1%
Mar 2026 $0.97 $0.97 +0.4%
Dec 2025 $0.89 $0.92 +4.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Subscription gross profit margin Full-Year 2026 about 81% Non-GAAP Maintained vs about 81
    “Subscription gross profit 81 %” source
  • Income from operations margin Full-Year 2026 about 31.5% Non-GAAP Maintained vs about 31.5
    “Income from operations 31.5 %” source
  • Income from operations margin Fourth Quarter 2026 about 32% Non-GAAP
    “Income from operations 32 %” source
  • Subscription revenues year/year growth Full-Year 2026 about 22.5% growth GAAP Raised
    “Subscription revenues $15,780 - $15,790 22.5 % 21 %” source
  • Subscription revenues constant currency year/year growth Full-Year 2026 about 21% growth Non-GAAP Raised
    “Subscription revenues $15,780 - $15,790 22.5 % 21 %” source
  • Free cash flow margin Full-Year 2026 about 36% Non-GAAP Raised
    “Free cash flow 36 %” source
Show 4 more items
  • Subscription revenues year/year growth Fourth Quarter 2026 22.5% growth to 23% growth GAAP
    “Subscription revenues $4,245 - $4,255 22.5% - 23% 21.5 %” source
  • Subscription revenues constant currency year/year growth Fourth Quarter 2026 about 21.5% growth Non-GAAP
    “Subscription revenues $4,245 - $4,255 22.5% - 23% 21.5 %” source
  • cRPO year/year growth (GAAP) Fourth Quarter 2026 about 18.5% growth GAAP
    “cRPO 18.5 % 18.5 %” source
  • cRPO constant currency year/year growth Fourth Quarter 2026 about 18.5% growth Non-GAAP
    “cRPO 18.5 % 18.5 %” source

How earlier guidance turned out

  • GAAP operating margin, Three Months Ending September 30, 2026 guided about 8% Above range: 9.376522%

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows ServiceNow's revenue by +20.1% next year and +19.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+20.1%, weight 71%) and the company's own record (+20.0%, weight 29%) . How the weights are set.

Analyst recommendations

49 analysts, Oct 2026
Buy4490%
Hold36%
Sell24%

Monthly trend

  1. Oct 202693549
  2. Sep 2026103549
  3. Aug 2026103549
  4. Jul 2026103449

Counts of recommendations published by analysts covering ServiceNow, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.7%
of tradable shares
Days to cover
2.52
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.2%
of shares
Employees
29,187
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −42.3%

$183.86 on October 31, 2025 to $106.01

ThenNowEffect
Revenue (last 12 months) $12.1bn $14.7bn +22.2%
Net margin 13.8% 11.3% −17.7%
P/E multiple 115.5x 66.1x −42.8%
Share count 1044m 1042m +0.2%

Biggest factor: p/e multiple.

Last 3 years −12.6%

$121.35 on November 3, 2023 to $106.01

ThenNowEffect
Revenue (last 12 months) $8.0bn $14.7bn +83.8%
Net margin 17.8% 11.3% −36.2%
P/E multiple 87.1x 66.1x −24.1%
Share count 1022m 1042m −1.9%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NOW+18%−40%+82%+50%−28%−31%
Industry peers (median)+26%−48%+29%+22%+0%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NOW50%17%75%75%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NOW−24%−47%−16%−21%−38%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from January 28, 2025 to April 10, 2026. Getting back needed a 182% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$83.00 – $182.77
From 52-week high
−42.0%
vs 50-day average
−23.3%
vs 200-day average
−7.7%
Volatility (1 year)
64%
Beta vs S&P 500
0.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±10.2%
After a week
6 up, 5 down
typical move ±9.4%
After a month
6 up, 5 down
typical move ±13.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −29.1% 0.0% — —
July 22, 2026 −9.9% −1.3% +13.4% +27.1%
April 22, 2026 −15.3% +0.6% −11.2% −0.4%
January 28, 2026 −11.4% −0.2% −15.7% −18.1%
October 29, 2025 −0.3% −1.1% −6.2% −13.4%
July 23, 2025 +3.5% +0.9% +1.6% −8.9%
April 23, 2025 +22.4% +3.7% +24.5% +32.5%
January 29, 2025 −13.5% +0.1% −12.2% −20.6%
October 23, 2024 +4.2% −0.7% +3.5% +14.1%
July 24, 2024 +8.3% −2.8% +6.4% +7.2%
April 24, 2024 −3.3% −0.4% −7.5% +2.3%
January 24, 2024 +1.8% +0.7% +1.6% +2.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How ServiceNow’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.62× the last 60 days’ realised volatility , richer than 0% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NOW ServiceNow Grade C+ $106.85

Own 100 shares, sell the $130 call expiring December 4, 2026 (32 days) for $0.77 a share — $77.00 per contract.

Previous session · Bid $0.77, ask $0.81, quoted Mon 2 Nov, 17:31 New York time with NOW at $106.85. Option prices move with the shares: check the live chain at your broker before trading.

  • If NOW ends below $130: you keep your shares and the $77.00 — 0.7% extra on the position, 8.2% a year at that pace.
  • If it ends above $130: your shares are sold at $130, a total return of 22.4% including the premium — at or above our value of ~$130.
$2.4k $0 −$2.1k Break-even $106.08 Price $106.85 Our value $130
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$77.00
Annualised
8.2%
Break-even
$106.08
Max gain
$2,392.5
Chance of selling
~12%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

ServiceNow in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ServiceNow
$8B $10B $12B $14B $16B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9B Revenue (TTM), FY24 Q1: $9.5B Revenue (TTM), FY24 Q2: $10B Revenue (TTM), FY24 Q3: $10.5B Revenue (TTM), FY24 Q4: $11B Revenue (TTM), FY25 Q1: $11.5B Revenue (TTM), FY25 Q2: $12.1B Revenue (TTM), FY25 Q3: $12.7B Revenue (TTM), FY25 Q4: $13.3B Revenue (TTM), FY26 Q1: $14B Revenue (TTM), FY26 Q2: $14.7B Revenue (TTM), FY26 Q3: $15.4B $15.4B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9B
FY24 Q1 $9.5B
FY24 Q2 $10B
FY24 Q3 $10.5B
FY24 Q4 $11B
FY25 Q1 $11.5B
FY25 Q2 $12.1B
FY25 Q3 $12.7B
FY25 Q4 $13.3B
FY26 Q1 $14B
FY26 Q2 $14.7B
FY26 Q3 $15.4B
Revenue growth, TTM YoY ServiceNow
20% 21% 22% 23% 24% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 23.8% Revenue growth, TTM YoY, FY24 Q1: 24.4% Revenue growth, TTM YoY, FY24 Q2: 24.2% Revenue growth, TTM YoY, FY24 Q3: 23.5% Revenue growth, TTM YoY, FY24 Q4: 22.4% Revenue growth, TTM YoY, FY25 Q1: 21.0% Revenue growth, TTM YoY, FY25 Q2: 21.1% Revenue growth, TTM YoY, FY25 Q3: 21.1% Revenue growth, TTM YoY, FY25 Q4: 20.9% Revenue growth, TTM YoY, FY26 Q1: 21.7% Revenue growth, TTM YoY, FY26 Q2: 22.2% Revenue growth, TTM YoY, FY26 Q3: 21.8% 21.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 23.8%
FY24 Q1 24.4%
FY24 Q2 24.2%
FY24 Q3 23.5%
FY24 Q4 22.4%
FY25 Q1 21.0%
FY25 Q2 21.1%
FY25 Q3 21.1%
FY25 Q4 20.9%
FY26 Q1 21.7%
FY26 Q2 22.2%
FY26 Q3 21.8%
Operating margin (TTM) ServiceNow
8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.5% Operating margin (TTM), FY24 Q1: 10.0% Operating margin (TTM), FY24 Q2: 10.8% Operating margin (TTM), FY24 Q3: 12.0% Operating margin (TTM), FY24 Q4: 12.4% Operating margin (TTM), FY25 Q1: 12.9% Operating margin (TTM), FY25 Q2: 13.3% Operating margin (TTM), FY25 Q3: 13.9% Operating margin (TTM), FY25 Q4: 13.7% Operating margin (TTM), FY26 Q1: 13.4% Operating margin (TTM), FY26 Q2: 11.4% Operating margin (TTM), FY26 Q3: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.5%
FY24 Q1 10.0%
FY24 Q2 10.8%
FY24 Q3 12.0%
FY24 Q4 12.4%
FY25 Q1 12.9%
FY25 Q2 13.3%
FY25 Q3 13.9%
FY25 Q4 13.7%
FY26 Q1 13.4%
FY26 Q2 11.4%
FY26 Q3 9.7%
FCF margin (TTM) ServiceNow
30% 32% 34% 36% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 30.1% FCF margin (TTM), FY24 Q1: 33.2% FCF margin (TTM), FY24 Q2: 30.6% FCF margin (TTM), FY24 Q3: 32.0% FCF margin (TTM), FY24 Q4: 30.7% FCF margin (TTM), FY25 Q1: 31.6% FCF margin (TTM), FY25 Q2: 31.6% FCF margin (TTM), FY25 Q3: 30.8% FCF margin (TTM), FY25 Q4: 34.1% FCF margin (TTM), FY26 Q1: 33.1% FCF margin (TTM), FY26 Q2: 31.0% FCF margin (TTM), FY26 Q3: 30.8% 30.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 30.1%
FY24 Q1 33.2%
FY24 Q2 30.6%
FY24 Q3 32.0%
FY24 Q4 30.7%
FY25 Q1 31.6%
FY25 Q2 31.6%
FY25 Q3 30.8%
FY25 Q4 34.1%
FY26 Q1 33.1%
FY26 Q2 31.0%
FY26 Q3 30.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar ServiceNow took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $13.3B
  2. Other income $437M · 3.3%
  3. Cost of revenue $3B · 22.5%
  4. Gross profit $10.3B · 77.5%
  5. Research and development $3B · 22.3%
  6. Selling, general and admin $5.5B · 41.5%
  7. Operating income $1.8B · 13.7%
  8. Income tax $513M · 3.9%
  9. Net income $1.7B · 13.2%

Shares of revenue. Source: ServiceNow's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jun 2010 2011 Jun 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.0 0.1 0.2 0.4 0.7 1.0 1.4 1.9 2.6 3.5 4.5 5.9 7.2 9.0 11.0 13.3 15.4
Gross profit 0.0 0.1 0.1 0.3 0.4 0.7 1.0 1.4 2.0 2.7 3.5 4.5 5.7 7.1 8.7 10.3 11.3
EBITDA −0.0 0.0 −0.0 −0.0 −0.1 −0.1 −0.3 0.0 0.1 0.3 0.5 0.7 0.8 1.3 1.9 2.6 2.3
Operating income −0.0 0.0 −0.0 −0.1 −0.2 −0.2 −0.4 −0.1 −0.0 0.0 0.2 0.3 0.4 0.8 1.4 1.8 1.5
Net income −0.0 0.0 −0.0 −0.1 −0.2 −0.2 −0.4 −0.1 −0.0 0.6 0.1 0.2 0.3 1.7 1.4 1.7 1.4
Diluted EPS −$0.26 $0.02 −$0.10 −$0.11 −$0.25 −$0.25 −$0.50 −$0.14 −$0.03 $0.64 $0.12 $0.23 $0.32 $1.68 $1.37 $1.67 $1.39
Growth (year on year)
Revenue — +113.8% +163.1% +74.2% +60.7% +47.3% +38.3% +39.0% +35.0% +32.6% +30.6% +30.5% +22.9% +23.8% +22.4% +20.9% +21.8%
EBITDA — — −300.1% — — — — — +116.6% +174.3% +82.0% +36.3% +8.1% +68.0% +45.6% +32.9% −1.8%
Operating income — — −455.9% — — — — — — — — +29.1% +38.1% +114.6% +79.0% +33.7% −14.9%
Net income — — −479.9% — — — — — — — −81.0% +93.3% +41.3% +432.6% −17.7% +22.7% −16.5%
Diluted EPS — — −737.5% — — — — — — — −81.4% +91.5% +41.6% +425.0% −18.5% +21.9% —
Margins
Gross margin 62.6% 65.9% 57.3% 63.4% 63.6% 67.2% 71.3% 73.4% 76.1% 77.0% 78.2% 77.1% 78.3% 78.6% 79.2% 77.5% 73.1%
EBITDA margin −64.2% 13.0% −9.9% −9.9% −16.1% −10.5% −21.5% 2.6% 4.1% 8.5% 11.8% 12.4% 10.9% 14.8% 17.6% 19.3% 14.8%
Operating margin −65.1% 11.4% −15.4% −15.6% −22.2% −16.5% −27.5% −3.3% −1.6% 1.2% 4.4% 4.4% 4.9% 8.5% 12.4% 13.7% 9.7%
Net margin −68.6% 10.6% −15.3% −17.4% −26.3% −19.7% −29.8% −6.0% −1.0% 18.1% 2.6% 3.9% 4.5% 19.3% 13.0% 13.2% 9.4%
Free-cash-flow margin −21.0% 31.0% 2.7% 6.2% 12.7% 22.9% 3.8% 25.5% 22.5% 28.1% 30.3% 30.5% 30.0% 30.1% 31.1% 34.5% 30.8%
Cash flow
Cash from operations −0.0 0.0 0.0 0.1 0.1 0.3 0.2 0.6 0.8 1.2 1.8 2.2 2.7 3.4 4.3 5.4 5.3
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.6 0.7 0.9 0.9 0.6
Free cash flow −0.0 0.0 0.0 0.0 0.1 0.2 0.1 0.5 0.6 1.0 1.4 1.8 2.2 2.7 3.4 4.6 4.8
Stock-based pay 0.0 0.0 0.0 0.1 0.2 0.3 0.3 0.4 0.5 0.7 0.9 1.1 1.4 1.6 1.7 2.0 2.3
Free cash flow after stock pay −0.0 0.0 −0.0 −0.0 −0.1 −0.0 −0.3 0.1 0.0 0.3 0.5 0.7 0.8 1.1 1.7 2.6 2.4
Balance sheet
Cash — — 0.1 0.4 0.3 0.4 0.4 0.7 0.6 0.8 1.7 1.7 1.5 1.9 2.3 3.7 2.4
Total debt 0.0 0.0 0.0 0.4 0.4 0.5 0.5 1.2 0.7 0.7 1.6 1.6 1.5 1.5 1.5 1.5 7.5
Net debt (negative = net cash) — — −0.1 0.0 0.2 0.1 0.1 0.4 0.1 −0.0 −0.0 −0.2 0.0 −0.4 −0.8 −2.2 5.1
Diluted shares 116m 140m 370m 677m 727m 779m 823m 856m 889m 986m 1,012m 1,016m 1,018m 1,028m 1,042m 1,047m 1,041m
Returned to shareholders
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 — 0.0 0.0 0.5 0.7 1.8 2.8
Total returned 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 — 0.0 0.0 0.5 0.7 1.8 2.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $31.8bn
Short-term assets $8.5bnLonger-term assets $23.4bn
What it owes, and who funded it · $31.8bn
Short-term liabilities $11.8bnLonger-term liabilities $6.9bnShareholders' equity $13.1bn
  • Short-term assets cover short-term liabilities $8.5bn of assets due within a year against $11.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.5bn short-term assets against $6.9bn of longer-dated liabilities.
  • More cash than debt $2.4bn of cash against $7.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 57% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 37% to 57% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.3bn of operating cash flow against $7.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From ServiceNow's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.8B
Returned to shareholders
59%
of free cash flow
Buybacks, last 3 fiscal years
$3.1B
Total shareholder yield
2.6%
dividends 0.0% + buybacks 2.6% of market value
R&D spending
22.5%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated NOW PANW FTNT GEN DOX PAGS Median
Revenue, last 12 months $15.4bn $11.5bn $7.9bn $5.2bn $4.5bn $3.7bn $1.1bn
Revenue growth, last 12 months 21.8% 24.5% 20.2% 16.9% −9.4% 4.3% 16.9%
Revenue growth, 3-year average 22.1% 18.5% 15.1% 11.7% −0.3% — 16.1%
Revenue growth, latest quarter 20.5% 34.5% 20.5% 12.2% −9.0% — 19.6%
Gross margin 73.1% 70.4% 79.7% 77.4% 38.0% 49.0% 69.6%
Operating margin 9.7% 6.1% 33.0% 41.8% 16.1% — 3.7%
Operating margin, 3-year average 11.9% 9.4% 30.8% 39.8% 14.0% — 4.0%
Net margin 9.4% 2.7% 29.0% 23.1% 12.5% 10.4% 2.4%
Cash from operations / revenue 34.6% 39.7% 46.8% 34.0% 16.5% 37.1% 16.6%
Free-cash-flow margin 30.8% 35.8% 43.5% 33.7% 14.2% 32.0% 15.0%
Free-cash-flow margin, 3-year average 31.2% 37.4% 34.5% 39.3% 16.3% 16.3% 18.8%
Stock pay / revenue 15.1% 15.8% 3.9% 4.3% 2.3% 0.5% 8.2%
Change in share count 0.9% 7.8% −3.7% −2.4% −3.8% −6.8% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 21.8% 16.9% 14 of 37
Change in growth rate Growth -0.4pp -0.3pp 20 of 37
Gross margin Profitability 73.1% 70.4% 14 of 32
Operating margin Profitability 9.7% 3.8% 10 of 34
Net margin Profitability 9.4% 2.4% 13 of 37
Free-cash-flow margin Cash generation 30.8% 17.3% 10 of 34
Stock pay as % of revenue Cash generation 15.1% 8.5% 23 of 36
Long-term debt as % of assets Balance sheet 17.1% 4.3% 16 of 23
Days sales outstanding Balance sheet 53 days 72 days 5 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Licenses and services $12.9B 97.0% ▲ 21.0%
Technology services $395M 3.0% ▲ 16.9%
Geography
Region Revenue Share YoY
North America $8.3B 62.9% ▲ 20.8%
EMEA $3.4B 25.6% ▲ 20.0%
Asia Pacific and Other $1.5B 11.5% ▲ 23.1%

From ServiceNow's 10-K filed January 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$84B
Institutions reporting
2,211
Shares held vs prior quarter
▼ 2.0%
Positions opened / closed
290 / 261

Top buyers and sellers, Q2 2026: 1,241 institutions bought and 1,038 sold ; the biggest buyer was SG Americas Securities, LLC (+5.1M shares) and the biggest seller Price T Rowe Associates Inc (−18.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $9.5B 96.1M 11.4% ▼ 1.5%
Vanguard Capital Management LLC $6.7B 67.4M 8.0% ▼ 0.9%
State Street Corp $4.9B 49.0M 5.8% ▲ 2.0%
Morgan Stanley $2.6B 26.6M 3.1% ▲ 14.1%
Vanguard Portfolio Management LLC $2.5B 25.2M 3.0% 0.0%
Geode Capital Management, LLC $2.4B 24.3M 2.9% ▼ 0.6%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $1.7B 16.6M 2.0% ▲ 16.6%
Price T Rowe Associates Inc $1.6B 16.1M 1.9% ▼ 52.9%
Jpmorgan Chase & Co $1.4B 13.9M 1.7% ▼ 55.0%
Norges Bank $1.2B 12.5M 1.5% —
FMR LLC $1.1B 11.4M 1.3% ▼ 7.2%
Northern Trust Corp $1.1B 11.0M 1.3% ▲ 1.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ServiceNow's complete shareholder register. Values are as reported by the filers ; 14 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3M 2 trades by 1 insider, last 12 months Insider sales History → $9.3M 29 trades by 10 insiders · 61% under pre-set plans
Net ▼ $6.3M net selling
Insider Date Trade Shares Price Value
Fipps Paul President, Global Customer Ops August 31, 2026 Sell 2,034 $147.87 $300,777
Canney Jacqueline P Chief People & AI Enblmt. Off. August 28, 2026 Sell pre-set plan 7,847 $138.00 $1.1M
Chamberlain Paul Edward Director August 27, 2026 Sell 2,700 $135.50 $365,851
Chamberlain Paul Edward Director August 13, 2026 Sell pre-set plan 1,500 $125.60 $188,400
Briggs Teresa Director May 28, 2026 Sell 1,595 $108.70 $173,376
Fipps Paul President, Global Customer Ops May 18, 2026 Sell pre-set plan 1,048 $98.51 $103,238
Chamberlain Paul Edward Director May 14, 2026 Sell pre-set plan 1,500 $87.23 $130,845
Sands Anita M Director May 14, 2026 Sell 16,445 $90.14 $1.5M
Fipps Paul President, Global Customer Ops May 8, 2026 Sell pre-set plan 151 $90.47 $13,661
Canney Jacqueline P Chief People & AI Enblmt. Off. April 24, 2026 Sell 8,927 $89.60 $799,868
Mcdermott William R Chairman & CEO February 27, 2026 Buy pre-set plan 5 $105.96 $530
Mcdermott William R Chairman & CEO February 27, 2026 Buy pre-set plan 28,677 $104.60 $3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 78 trades and filings

In the last 12 months, 4 members of Congress disclosed 4 purchases and 7 sales of ServiceNow shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded April 24, 2026, filed May 19, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded March 6, 2026, filed April 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 22, 2026
  • April 22, 2026
  • January 28, 2026
  • October 29, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on ServiceNow was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ServiceNow in brief

What does ServiceNow do?
ServiceNow is a US-listed company in the systems software industry. Its financial year ends in December.
What is ServiceNow's stock ticker?
ServiceNow trades under the ticker NOW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ServiceNow's revenue, and how fast is it growing?
Over its most recent trailing twelve months, ServiceNow reported revenue of $15.4B, 21.8% higher than a year earlier, according to its SEC filings.
What is ServiceNow's free cash flow?
ServiceNow's free-cash-flow margin is 30.8% of revenue over the trailing twelve months, ranking 10 of the 34 systems software companies we cover.
What is ServiceNow's fair value (intrinsic value) per share?
Our discounted-cash-flow model of ServiceNow's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$99–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are ServiceNow's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is ServiceNow's market cap?
On November 2, 2026, ServiceNow's market capitalisation was about $110B, with a price-to-earnings ratio of 76.4 and net debt of $5.1B. Market figures come from third-party market data and may be delayed.
How much debt does ServiceNow have?
ServiceNow's debt-to-equity ratio is 57.5%, from its latest balance sheet (37.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are ServiceNow's competitors?
In our Systems Software peer group, the companies closest to ServiceNow are Palo Alto Networks, Fortinet, Gen Digital Inc., Amdocs LTD and Pagseguro Digital Ltd. The side-by-side comparison below sets their revenue, margins and growth against ServiceNow's.
Are insiders buying or selling ServiceNow stock?
Over the last 12 months, ServiceNow's directors and officers reported 2 open-market purchases and 29 sales on Form 4. The insider trading page charts every trade.
When is ServiceNow's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ServiceNow announces its own schedule.