ServiceNow
ConvictionModerate
Subscription SaaS (multi-year contracts), historically per-seat but shifting toward usage/consumption pricing for AI (Now Assist); ~97% subscription revenue, high net-retention land-and-expand.
Revenue
$13.28B FY2025~$15.0B+ run-rate (Q1 FY26 annualized $15.1BRev growth
+22% YoYQ1 FY26 total & subscription); FY25 +20.8%Gross margin
~81.5% subscription gross marginFY26 guide); ~78-79% totalOp margin
32% non-GAAPQ1 FY26); FY26 guide 31.5% non-GAAPCapex intensity
Low — capex/sales mid-single-digit %asset-light SaaSMarket cap
~$100BJun 26 2026; ~1.03B shares post 5-for-1 split @ ~$97Across the boards
The thesis on this name
subject
State of AI Compute
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-01-29. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$5.9B
FY’22
$7.2B+23%
FY’23
$9.0B+24%
FY’24
$11.0B+22%
FY’25
$13.3B+21%
Margins & balance sheet — FY’25
Gross margin77.5%
Operating margin13.7%
Net margin13.2%
Net cash$1.2B
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for ServiceNow
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.