ServiceNow
NOW NYSE Systems Software Financials FY2016–FY2025
ServiceNow's revenue rose 20.9% to $13.3 billion in fiscal 2025. Its operating margin was 13.7%, up from 12.4% a year earlier. Free cash flow was $4.6 billion, up 34.0%. It paid out $1.8 billion in dividends and buybacks, 40% of free cash flow. The diluted share count rose 0.4%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (5-for-1), so every year is on today's share basis.
What ServiceNow does
ServiceNow sells cloud-based software that helps large organizations run and automate their internal work, such as IT help desks, HR requests, customer service and risk and security tasks. Its products run on one platform, the ServiceNow AI Platform. The company has added artificial intelligence (AI) features, including Now Assist and AI agents that can carry out tasks, along with tools to monitor and govern those agents.
Its products fall into four groups: Technology; Customer Relationship Management (CRM) and Industry; Core Business, which covers HR, legal, finance and supply chain; and Creator and Other, which covers low-code tools for building workflows. It releases two major platform upgrades a year. In its risk factors, ServiceNow says it recognizes revenue from subscription services over the subscription term, and that it relies on partners for a growing share of its revenue.
The company says its customers come from many industries and include public-sector and heavily regulated organizations. It bought Moveworks, whose technology adds enterprise search and a virtual agent for employee service requests. ServiceNow says its competitors are developing AI features, and that its customer deals are becoming more complex, with longer and costlier sales cycles.
- Legal name
- ServiceNow, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Jan 29, 2026
- Accession · CIK
- 0001373715-26-000007
0001373715
Revenue and margins
ServiceNow had $13.3B of revenue in fiscal 2025, up 20.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $4.6B in fiscal 2025, 34.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
ServiceNow returned $1.8B to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count rose 0.4%.
Value ServiceNow yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $4.8B and divides by 1,046.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 99.3x · peers 36.4x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably ServiceNow can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.3B | $4.3B | $4.9B | $5.8B | $6.3B |
| Debt incl. finance leases | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B |
| Net debt / EBITDA | −2.4x | −3.6x | −2.6x | −2.2x | −1.9x |
| Debt / equity | 0.4x | 0.3x | 0.2x | 0.2x | 0.1x |
| Interest coverage | 9.2x | 13.2x | 33.1x | 59.3x | 82.9x |
| Current ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x |
| Quick ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x |
| Total assets | $10.8B | $13.3B | $17.4B | $20.4B | $26.0B |
| Total liabilities | $7.1B | $8.3B | $9.8B | $10.8B | $13.1B |
| Shareholders' equity | $3.7B | $5.0B | $7.6B | $9.6B | $13.0B |
| Net debt (− = net cash) | −$1.7B | −$2.8B | −$3.4B | −$4.3B | −$4.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$3.0M
1 insider
Sold, 12 months
$5.0M
5 insiders
Of sales under plans
38%
$1.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Paul FippsPresident, Global Customer Ops | Sold | 2,034 | $147.87 | $0.3M | Form 4 |
| Aug 28, 2026 | Jacqueline P CanneyChief People & AI Enblmt. Off. | Sold plan | 7,847 | $138.00 | $1.1M | Form 4 |
| Aug 27, 2026 | Paul Edward ChamberlainDirector | Sold | 2,700 | $135.50 | $0.4M | Form 4 |
| Aug 13, 2026 | Paul Edward ChamberlainDirector | Sold plan | 1,500 | $125.60 | $0.2M | Form 4 |
| May 28, 2026 | Teresa BriggsDirector | Sold | 1,595 | $108.70 | $0.2M | Form 4 |
| May 18, 2026 | Paul FippsPresident, Global Customer Ops | Sold plan | 1,048 | $98.51 | $0.1M | Form 4 |
| May 14, 2026 | Anita M SandsDirector | Sold | 16,445 | $90.14 | $1.5M | Form 4 |
| May 14, 2026 | Paul Edward ChamberlainDirector | Sold plan | 1,500 | $87.23 | $0.1M | Form 4 |
| May 8, 2026 | Paul FippsPresident, Global Customer Ops | Sold plan | 151 | $90.47 | $0.0M | Form 4 |
| Apr 24, 2026 | Jacqueline P CanneyChief People & AI Enblmt. Off. | Sold | 8,927 | $89.60 | $0.8M | Form 4 |
| Feb 27, 2026 | William R McDermottChairman & CEO, Director | Bought plan | 28,682 | $104.60 | $3.0M | Form 4 |
| Feb 23, 2026 | Paul FippsPresident, Global Customer Ops | Sold plan | 3,696 | $101.77 | $0.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −10.9% | −15.1% | −15.9% |
| Altman Z'' | 1.66 | 2.21 | 2.18 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| ServiceNow NOW | $164.4B | 20.9% | 13.7% | 34.5% | 20.9% | 99.4x | 6 | |
| Palo Alto Networks PANW | $290.7B | 24.5% | 6.1% | 35.8% | 2.6% | — | 4 | Compare → |
| Fortinet FTNT | $133.2B | 14.2% | 30.7% | 32.7% | — | 63.6x | 5 | Compare → |
| Twilio TWLO | $41.8B | 13.7% | 3.1% | 19.7% | 1.5% | 36.4x | 6 | Compare → |
| Gen Digital GEN | $15.0B | 27.1% | 42.4% | 30.5% | 13.7% | 14.6x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.4B | $1.9B | $2.6B | $3.5B | $4.5B | $5.9B | $7.2B | $9.0B | $11.0B | $13.3B |
| Gross profit | $992M | $1.4B | $2.0B | $2.7B | $3.5B | $4.5B | $5.7B | $7.1B | $8.7B | $10.3B |
| Research and development | $285M | $378M | $530M | $749M | $1.0B | $1.4B | $1.8B | $2.1B | $2.5B | $3.0B |
| Operating income | −$382M | −$64.4M | −$42.4M | $42.0M | $199M | $257M | $355M | $762M | $1.4B | $1.8B |
| Interest expense | $33.3M | $53.4M | $52.7M | $33.0M | $33.0M | $28.0M | $27.0M | $23.0M | $23.0M | $22.0M |
| Pretax income | −$410M | −$113M | −$39.0M | $67.0M | $150M | $249M | $399M | $1.0B | $1.7B | $2.3B |
| Income tax | $3.8M | $3.4M | −$12.3M | −$560M | $31.0M | $19.0M | $74.0M | −$723M | $313M | $513M |
| Net income | −$414M | −$117M | −$26.7M | $627M | $119M | $230M | $325M | $1.7B | $1.4B | $1.7B |
| Diluted EPS | −$0.50 | −$0.14 | −$0.03 | $0.64 | $0.12 | $0.23 | $0.32 | $1.68 | $1.37 | $1.67 |
| Diluted shares | 0.82B | 0.86B | 0.89B | 0.99B | 1.01B | 1.02B | 1.02B | 1.03B | 1.04B | 1.05B |
| Cash flow | ||||||||||
| Cash from operations | $159M | $643M | $811M | $1.2B | $1.8B | $2.2B | $2.7B | $3.4B | $4.3B | $5.4B |
| Capital expenditure | $106M | $151M | $225M | $265M | $419M | $392M | $550M | $694M | $852M | $868M |
| Free cash flow | $53.5M | $492M | $587M | $971M | $1.4B | $1.8B | $2.2B | $2.7B | $3.4B | $4.6B |
| Depreciation and amortization | $83.1M | $114M | $150M | $252M | $336M | $472M | $433M | $562M | $564M | $738M |
| Stock-based compensation | $318M | $394M | $544M | $662M | $870M | $1.1B | $1.4B | $1.6B | $1.7B | $2.0B |
| Acquisitions | $34.3M | $58.2M | $37.4M | $7.0M | $107M | $785M | $91.0M | $279M | $113M | $1.1B |
| Share buybacks | $0.0M | $55.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $538M | $696M | $1.8B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $55.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $538M | $696M | $1.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $401M | $1.8B | $1.5B | $1.7B | $3.1B | $3.3B | $4.3B | $4.9B | $5.8B | $6.3B |
| Total debt | $508M | $630M | $662M | $695M | $1.6B | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.3B | $2.4B | $2.3B | $2.8B | $4.5B | $5.2B | $6.7B | $7.8B | $9.2B | $10.5B |
| Current liabilities | $1.1B | $2.0B | $2.0B | $2.8B | $3.7B | $4.9B | $6.0B | $7.4B | $8.4B | $10.4B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $182M | $245M | $347M | $468M | $660M | $766M | $1.1B | $1.4B | $1.8B | $2.3B |
| Total assets | $2.0B | $3.6B | $3.9B | $6.0B | $8.7B | $10.8B | $13.3B | $17.4B | $20.4B | $26.0B |
| Total liabilities | $1.6B | $2.8B | $2.8B | $3.9B | $5.9B | $7.1B | $8.3B | $9.8B | $10.8B | $13.1B |
| Shareholders' equity | $541M | $779M | $1.1B | $2.1B | $2.8B | $3.7B | $5.0B | $7.6B | $9.6B | $13.0B |
| Margins | ||||||||||
| Gross margin | 71.3% | 73.4% | 76.1% | 77.0% | 78.2% | 77.1% | 78.3% | 78.6% | 79.2% | 77.5% |
| Operating margin | −27.5% | −3.3% | −1.6% | 1.2% | 4.4% | 4.4% | 4.9% | 8.5% | 12.4% | 13.7% |
| EBITDA margin | −21.5% | 2.6% | 4.1% | 8.5% | 11.8% | 12.4% | 10.9% | 14.8% | 17.6% | 19.3% |
| Net margin | −29.8% | −6.0% | −1.0% | 18.1% | 2.6% | 3.9% | 4.5% | 19.3% | 13.0% | 13.2% |
| FCF margin | 3.9% | 25.5% | 22.5% | 28.1% | 30.3% | 30.5% | 30.0% | 30.1% | 31.1% | 34.5% |
| Returns | ||||||||||
| Return on capital | −47.3% | — | — | 6.0% | 12.6% | 14.2% | 13.8% | 23.5% | 23.4% | 20.9% |
| Return on capital employed | −37.5% | −5.2% | −2.5% | 1.6% | 4.8% | 4.8% | 5.4% | 8.8% | 12.4% | 13.2% |
| Return on equity | −74.8% | −17.7% | −2.8% | 38.7% | 4.8% | 7.1% | 7.5% | 27.4% | 16.5% | 15.5% |
| Return on assets | −21.6% | −4.2% | −0.7% | 12.7% | 1.6% | 2.4% | 2.7% | 11.3% | 7.6% | 7.5% |
| Growth | ||||||||||
| Revenue growth | 38.3% | 39.0% | 35.0% | 32.6% | 30.6% | 30.5% | 22.9% | 23.8% | 22.4% | 20.9% |
| Net income growth | — | — | — | — | −81.0% | 93.3% | 41.3% | 432.6% | −17.7% | 22.7% |
| EPS growth | — | — | — | — | −81.5% | 91.5% | 41.6% | 425.0% | −18.5% | 21.9% |
| FCF growth | −76.8% | 820.1% | 19.1% | 65.5% | 40.8% | 31.6% | 20.8% | 24.4% | 26.3% | 34.0% |
| Share count change | 5.7% | 4.0% | 3.9% | 10.9% | 2.7% | 0.3% | 0.2% | 1.0% | 1.4% | 0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −23.2x | −7.8x | −3.4x | −2.7x | −2.4x | −3.6x | −2.6x | −2.2x | −1.9x |
| Debt / equity | 0.9x | 0.8x | 0.6x | 0.3x | 0.6x | 0.4x | 0.3x | 0.2x | 0.2x | 0.1x |
| Interest coverage | −11.5x | −1.2x | −0.8x | 1.3x | 6.0x | 9.2x | 13.2x | 33.1x | 59.3x | 82.9x |
| Current ratio | 1.3x | 1.2x | 1.2x | 1.0x | 1.2x | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x |
| Quick ratio | 1.3x | 1.2x | 1.2x | 1.0x | 1.2x | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 7.6% | 7.8% | 8.6% | 7.7% | 9.3% | 6.7% | 7.6% | 7.7% | 7.8% | 6.5% |
| Stock comp / revenue | 22.8% | 20.4% | 20.9% | 19.1% | 19.3% | 19.2% | 19.3% | 17.9% | 15.9% | 14.7% |
| Payouts / FCF | 0.0% | 11.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 19.9% | 20.4% | 40.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 5.0 | 7.0 | 5.0 | 5.0 | 7.0 | 7.0 | 6.0 | 6.0 |
| Altman Z'' | −1.6 | 0.0 | 0.1 | 0.5 | 1.2 | 0.9 | 1.2 | 1.7 | 2.2 | 2.2 |
| Accruals ratio | −29.9% | −27.2% | −22.6% | −12.3% | −22.6% | −20.1% | −19.9% | −10.9% | −15.1% | −15.9% |
Source: SEC EDGAR XBRL filings (CIK 0001373715). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.