NOW
SP100NYSEServiceNow, Inc.
Technology · Software - Application · United States
ServiceNow, Inc. provides cloud-based solution for digital workflows in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company provides asset management, integrated risk management, IT service management, Operational Technology management, Security Operations, strategic portfolio management, IT operations management products; customer service management product; field service management applications; and sales and order management services. It also offers human resources delivery; legal and contract operations; workplace service delivery products; app engine product; automation engine; platform privacy and security product; and source-to-pay operations. In addition, the company provides RaptorDB, a database built to manage workloads at scale; ServiceNow Impact that provides customers with software tools, guided plans, and AI-driven recommendations; customer support; and workflow data fabric. It serves government, financial services, healthcare and life science, manufacturing, Public Sector, retail, technology, and Telecom sectors through service providers and resale partners. The company has a strategic collaboration with Cohesity, Inc. to develop, operate, and safeguard autonomous AI agents and data with enterprise-grade reliability. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.
www.servicenow.com ↗Shares trade at a premium 63.3× trailing earnings, easing to 21.2× on forward estimates. Profitability shows a net margin of 12.6% and return on equity of 16.1%. Leverage is modest at -1.0× net debt/EBITDA. Revenue grew 22.1% year-on-year. The mean analyst target of USD141.12 sits 32.7% above the current price (Strong Buy, 46 analysts).
business model
ServiceNow sells a cloud-based platform (the Now Platform) delivered as software-as-a-service, primarily via multi-year subscriptions priced by number of users, workflows, or platform tier. It automates and digitizes enterprise workflows across IT, HR, customer service, and security operations, with revenue heavily weighted toward recurring subscription contracts.
revenue segments
The large majority of revenue is subscription-based, with a small portion from professional services and training. Product lines are organized around workflow suites including IT Service Management and IT Operations Management, Customer Workflows, Employee (HR) Workflows, and Creator/App Engine, with newer AI-driven offerings (Now Assist) layered on top.
key dependencies
Depends on large-enterprise IT budgets, seat-based expansion within existing customers, and high renewal/net-expansion rates. It relies on third-party cloud infrastructure and its own data centers, plus a partner ecosystem of system integrators for implementation.
competitors
Competes with Atlassian and BMC in IT service management, with Salesforce in customer and workflow platforms, and with modules from SAP, Oracle, Microsoft, and Workday in HR and enterprise workflow automation. Point solutions and internally built tools also compete for specific workflows.
moat
Its moat comes from a single extensible platform that becomes embedded in core enterprise operations, creating high switching costs, strong net revenue retention, and a large installed base that expands into new workflow modules. Data and process integration across departments deepen customer lock-in.
risks
Risks include sensitivity to enterprise IT spending cycles, elongating sales cycles in downturns, competition from larger platform vendors bundling similar capabilities, and execution risk in monetizing generative AI features. Its premium valuation makes it sensitive to any deceleration in subscription growth.
Financials & metrics
as of 27 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $13.28B | $10.98B | $8.97B | $7.25B | — |
| Cost of revenue | $2.98B | $2.29B | $1.92B | $1.57B | — |
| Gross profit | $10.29B | $8.70B | $7.05B | $5.67B | — |
| Operating expense | $8.47B | $7.33B | $6.29B | $5.32B | — |
| R&D | $2.96B | $2.54B | $2.12B | $1.77B | — |
| Operating income | $1.82B | $1.36B | $762.00M | $355.00M | — |
| Interest expense | $23.00M | $23.00M | $24.00M | $27.00M | — |
| Pretax income | $2.26B | $1.74B | $1.01B | $399.00M | — |
| Tax provision | $513.00M | $313.00M | -$723.00M | $74.00M | — |
| Net income | $1.75B | $1.43B | $1.73B | $325.00M | — |
| EBITDA | $3.02B | $2.33B | $1.32B | $788.00M | — |
| Diluted EPS | $1.67 | $1.37 | $1.68 | $0.32 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $26.04B | $20.38B | $17.39B | $13.30B | — |
| Current assets | $10.47B | $9.19B | $7.78B | $6.65B | — |
| Cash & equivalents | $3.73B | $2.30B | $1.90B | $1.47B | — |
| Total liabilities | $13.07B | $10.77B | $9.76B | $8.27B | — |
| Current liabilities | $10.44B | $8.36B | $7.37B | $6.00B | — |
| Total debt | $2.40B | $2.28B | $2.28B | $2.23B | — |
| Long-term debt | $1.49B | $1.49B | $1.49B | $1.49B | — |
| Shareholders' equity | $12.96B | $9.61B | $7.63B | $5.03B | — |
| Retained earnings | $5.24B | $3.49B | $2.07B | $338.00M | — |
| Working capital | $28.00M | $829.00M | $412.00M | $649.00M | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $5.44B | $4.27B | $3.40B | $2.72B | — |
| Investing cash flow | -$1.69B | -$2.50B | -$2.17B | -$2.58B | — |
| Financing cash flow | -$2.34B | -$1.34B | -$803.00M | -$344.00M | — |
| Capital expenditure | -$911.00M | -$892.00M | -$697.00M | -$550.00M | — |
| Free cash flow | $4.53B | $3.38B | $2.70B | $2.17B | — |
| Share buybacks | -$1.84B | -$696.00M | -$538.00M | $0.00 | — |
| End cash position | $3.73B | $2.31B | $1.90B | $1.48B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
Notes & alerts
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