ServiceNowNOWRevenue: is the business selling more than it used to?
$13.3B+21% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $13.3B in 2025, compounding +22% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $14.7B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWNet income: how much of that revenue becomes profit?
$1.7B+23% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $1.7B in 2025, compounding +75% a year over three years. Trailing twelve-month profit stands at $1.7B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWHow fast is it growing, year by year?
+20.9%revenue growth, FY 2025
Off the axis: 2023 earnings +432.6% - rebounds off a collapsed prior year.
→Revenue grew +21% in 2025 against a five-year average of +24%. Earnings grew faster (+23%), so each new dollar of sales is arriving more profitably. 2023's +433% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWRevenue per share: is your slice growing as fast as the company?
$12.69revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $12.69 in 2025, compounding +21% a year against +22% for NOW as a whole. Dilution absorbed about 1.1 points of that growth. Free cash flow per share stands at $4.37.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWFree cash flow: what is left in real cash after everything?
$4.6B+34% YoYFY 2025
→Free cash flow was $4.6B in 2025, compounding +28% a year since 2022. That is the most cash the business has ever thrown off in a year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWWhere does each dollar of revenue actually go?
→Of $13.3B in 2025 sales, $1.7B reaches net profit - 13 cents on the dollar. The largest single deduction is running the company ($8.5B).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→34 cents of every sales dollar became free cash in 2025, up 4 points since 2022 - the best conversion in its filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 22% of revenue (stock compensation 15%, capital spending 7%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 4 of the last 5 years, most recently +34% against +21%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 9 points to 14% since 2022. After everything, 13 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 13% and ROCE of 12% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWWhat has the market paid for NOW over time?
88.5xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 88.5x earnings, the market is paying 27% less than NOW's own 7-year median of 121.8x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWWhat cash return does the business throw off per dollar of market value?
3.1%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 3.1% of annual free cash flow, more than its 9-year median of 2.0% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWCould it handle its debt if things went wrong?
→Debt of $7.5B sits against $2.5B of cash, or 0.6x shareholders' equity. Earnings cover the interest bill 62 times over, so the debt is comfortably serviced.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWIs the company's own capital growing?
→The company's own capital grew from $7.6B in 2023 to $12.5B (+64%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWHow much goes back, and how much leaks out as stock comp?
→Shareholders received $1.8B in buybacks in 2025. Stock compensation issued $2.0B of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWHow fast is your ownership being diluted - or concentrated?
→The share count grew 0.4% in 2025, averaging 0.9% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWDoes NOW earn more on its capital than that capital costs?
→NOW earns 11.7% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 4.9% in 2022, so the trend is up, though the pace has cooled. That is the highest in NOW's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWNOW has issued or retired shares - did shareholders end up better off?
→NOW issued +42% more shares from 2012 to 2025, but revenue per share still rose +3747%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ServiceNowNOWAre the people running it buying or selling?
→Insiders sold $4M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 56 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30