At a glance
ServiceNow Inc is worth $110.04B, about 64 times its fiscal 2025 earnings. Revenue grew 20.9% to $13.28B in fiscal 2025, with 13.2% kept as profit; over 5 years it has grown 24.1% a year. It pays no dividend; it spent $3.07B buying back its shares over FY2021–FY2025. The stock returned −42.3% over the past year with dividends reinvested and −5.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.8% in the 2020 crash (S&P 500: 33.7%) and 41.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 13 months after the lows.
The business in plain English
ServiceNow provides cloud software (delivered over the internet) that businesses and government agencies use to automate everyday work, such as fixing IT problems, onboarding new staff or answering customer requests. Everything runs on one system, the ServiceNow AI Platform, which links an organization's people, data and existing software. Its AI features include Now Assist and thousands of ready-made AI agents, which are software that carries out tasks under human oversight. The acquisition of Moveworks added AI search and chat-style virtual assistants for employees.
Products fall into four groups. Technology products help IT departments run services, track assets and respond to security threats. Customer Relationship Management (CRM) and Industry products connect customer service, field service and sales, with versions tailored to specific industries. Core Business products cover HR, legal, finance, supply chain and facilities. Creator and Other includes low-code tools, which let staff build apps with little programming, plus data privacy and security products. ServiceNow releases two major platform upgrades a year.
Customers pay subscription fees. ServiceNow generally records each fee as revenue over the contract's term, and partners bring in a growing share of sales. Revenue reached $13.28 billion in fiscal 2025, which ended December 31, 2025, up 20.9%. North America supplied 62.9%; Europe, the Middle East and Africa (EMEA) 25.6%; and Asia Pacific and other regions 11.5%.
Price history
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NOW -42.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| North America | $8.35B | 62.9% |
| EMEA | $3.40B | 25.6% |
| Asia Pacific and other | $1.53B | 11.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.11B, up 20.5% from a year earlier, and net income was $277.0M (-44.8%).
- For fiscal 2025, revenue was $13.28B (+20.9% year over year; +24.1% a year from FY2020 to FY2025) with a 13.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.1% good |
|---|---|
| Operating margin | 13.7% watch |
| Free cash flow margin | 34.5% good |
| Return on equity (FY2025) | 13.5% watch |
| Return on assets (FY2025) | 6.7% watch |
| Net cash (cash minus debt) | $-563.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.52B | $119.0M | $1.37B |
| FY2021 | $5.90B | $230.0M | $1.80B |
| FY2022 | $7.25B | $325.0M | $2.17B |
| FY2023 | $8.97B | $1.73B | $2.70B |
| FY2024 | $10.98B | $1.43B | $3.42B |
| FY2025 | $13.28B | $1.75B | $4.58B |
Valuation snapshot
| Market value | $110.04B |
|---|---|
| P/E ratio | 63.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
ServiceNow’s market value went from $12.34B at the end of 2016 to $110.04B on Nov 2, 2026, about 8.9 times as much; since the end of 2025 it is down 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $110.04B | -30.9% |
| 2025 | $159.32B | -27.0% |
| 2024 | $218.38B | +50.8% |
| 2023 | $144.83B | +84.3% |
| 2022 | $78.59B | -39.2% |
| 2021 | $129.17B | +20.3% |
| 2020 | $107.39B | +101.7% |
| 2019 | $53.25B | +66.8% |
| 2018 | $31.92B | +41.8% |
| 2017 | $22.52B | +82.5% |
| 2016 | $12.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NOW price data to Nov 2, 2026 | -30.8% | -42.3% | -4.0% | -5.0% | +20.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.8% |
| 2025 | -27.8% |
| 2024 | +50.0% |
| 2023 | +82.0% |
| 2022 | -40.2% |
| 2021 | +17.9% |
| 2020 | +95.0% |
| 2019 | +58.6% |
| 2018 | +36.5% |
| 2017 | +75.4% |
| 2016 | -14.1% |
| 2015 | +27.6% |
| 2014 | +21.1% |
| 2013 | +86.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.6% over that stretch · deepest drop along the way 28.8%, back to its old high 1.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.4% over that stretch · deepest drop along the way 41.4%, back to its old high 12.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($1.9M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 28, 2026 | Jacqueline P Canney Chief People & AI Enblmt. Off. | sell (plan) | $1.1M |
| Aug 27, 2026 | Paul Edward Chamberlain Director | sell | $366K |
| Aug 31, 2026 | Paul Fipps President, Global Customer Ops | sell | $301K |
| Aug 13, 2026 | Paul Edward Chamberlain Director | sell (plan) | $188K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Dec 31, 2024 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in NOW
| IGV iShares Expanded Tech-Software Sector ETF | 6.14% |
| XDAT Franklin Exponential Data ETF | 5.34% |
| USSE Segall Bryant & Hamill Select Equity ETF | 4.76% |
| FCLD Fidelity Cloud Computing ETF | 4.69% |
| TSEL Touchstone Sands Capital US Select Growth ETF | 4.31% |
| AIFD TCW Artificial Intelligence ETF | 4.23% |
| SXQG ETC 6 Meridian Quality Growth ETF | 4% |
| NBDS Neuberger Berman Disrupters ETF | 3.97% |
What could go wrong
- AI rivals could weaken its position. ServiceNow is betting that companies will run AI through its workflow platform. Rivals and new AI-focused companies are building their own tools. If ServiceNow falls behind, it could lose customers and growth.
- Complex deals mean slower, costlier sales. ServiceNow says its customer deals are getting more complex. That brings longer and costlier sales cycles, more pressure to cut prices, and harder installations. Any of these could slow growth.
- AI and data rules may limit it. Governments keep adding laws on privacy, AI and data residency (keeping data inside a country). These laws, plus legal and ethical issues from its own AI features, could restrict how ServiceNow runs and improves its platform.
- Outages or breaches could drive customers away. Customers run critical work on ServiceNow's cloud. A cyberattack or service disruption, at ServiceNow or its outside providers, could harm customers' businesses, bring costly liability claims and make clients doubt the platform.
- Acquisitions may disappoint or dilute shareholders. ServiceNow acquires companies such as Moveworks. Deals may not deliver the expected benefits and can distract management. They may also add costs or dilute shareholders, meaning new shares shrink existing owners' stakes.
- Slowdowns show up late; growth expected to ease. Subscription revenue is recorded over each contract's life, so a drop in new deals or renewals may not hit results right away. The company also expects its revenue growth rate to decline over time.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Major agreement signed; Quarterly results released; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Executive or board change
- Quarterly results released; Other company announcement
- Executive or board change
For income and retirement investors
ServiceNow pays no dividend and paid none in fiscal years 2021 through 2025, so it offers no regular income. An investor who needs cash from it would have to cash in shares. Instead, the company repurchases its own stock, known as buybacks. It spent $3.07 billion on buybacks over fiscal 2021 through 2025, including $1.84 billion in fiscal 2025. Even so, split-adjusted shares outstanding rose 3.9% between September 30, 2021 and June 30, 2026, so buybacks have not shrunk the share count.
The stock has swung hard in downturns. It fell 28.8% in the 2020 COVID crash and regained its peak by May 5, 2020. In the 2022 bear market it dropped 41.4% and took about 13 months after the October 12, 2022 low to recover. As of October 27, 2026, it was down 18.2% over one year and had fallen as much as 56.1% from its high within that year. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does ServiceNow make money?
ServiceNow earns money mainly from subscription fees for its cloud software, the ServiceNow AI Platform. Organizations use it to automate work in IT, customer service, HR, finance and other departments. The company generally records subscription revenue over the length of each contract, and partners bring in a growing share of sales. Revenue was $13.28 billion in fiscal 2025, which ended December 31, 2025. North America provided 62.9%, EMEA (Europe, the Middle East and Africa) 25.6%, and Asia Pacific and other regions 11.5%.
Does ServiceNow pay a dividend?
No. ServiceNow does not pay a dividend and paid none in fiscal years 2021 through 2025, so it has no dividend yield. Instead, it returns cash by repurchasing its own shares. It spent $3.07 billion over those five years, including $1.84 billion in fiscal 2025. Those buybacks have not shrunk the share count: split-adjusted shares outstanding rose 3.9% between September 30, 2021 and June 30, 2026. Shareholder returns depend entirely on the share price.
Did ServiceNow split its stock?
Yes. ServiceNow completed a 5-for-1 stock split, so each old share became five new shares, each worth one-fifth as much. The company's filings reflect the split by January 29, 2026, when its annual report was filed, and the per-share numbers here are adjusted for it. On that basis, diluted earnings per share (profit per share, counting stock awards that could become shares) were $1.67 for fiscal 2025. A split changes the share count, not the value of the company or of an investor's holding.
Is ServiceNow stock expensive?
It trades at a high price compared with its profits. As of October 27, 2026, the stock was priced at about 92.7 times fiscal 2025 earnings per share. This price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit. Cash generation looks stronger. Free cash flow (cash left after operating costs and capital spending) was $4.58 billion in fiscal 2025, against net income of $1.75 billion. A high P/E leaves less room for disappointment if growth slows.
How has ServiceNow stock performed over the long term?
It has posted big long-term gains with deep drops along the way. As of October 27, 2026, the share price had risen about 24.7% a year over 10 years, or 811% in total. Over five years it rose just 3.1% a year, and it was down 18.2% over one year. The stock lost 40.2% in calendar 2022 and 27.8% in 2025. Its deepest fall from a peak in about 14 years of price history was 64.5%. These are price returns; ServiceNow pays no dividends.