ServiceNow
NOW · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
ServiceNow reported revenue of $13.3B in the fiscal year ended Dec 2025, up 20.9% from the year before. Operating income was $1.8B, an operating margin of 13.7%, and net income was $1.7B. Operating cash flow of $5.4B less capital expenditure of $868M left free cash flow of $4.6B. It held more cash than debt (net cash $2.2B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.9B | $7.2B | $9B | $11B | $13.3B |
| Cost of revenue | $1.4B | $1.6B | $1.9B | $2.3B | $3B |
| Gross profit | $4.5B | $5.7B | $7.1B | $8.7B | $10.3B |
| Research & development | $1.4B | $1.8B | $2.1B | $2.5B | $3B |
| Operating income | $257M | $355M | $762M | $1.4B | $1.8B |
| Interest expense | $28M | $27M | – | – | – |
| Pre-tax income | $249M | $399M | $1B | $1.7B | $2.3B |
| Income tax | $19M | $74M | −$723M | $313M | $513M |
| Net income | $230M | $325M | $1.7B | $1.4B | $1.7B |
| Diluted EPS | 1.13 | 1.60 | 1.68 | 1.37 | 1.67 |
| Diluted shares | 203M | 204M | 1,028M | 1,042M | 1,047M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.7B | $1.5B | $1.9B | $2.3B | $3.7B |
| Receivables | $1.4B | $1.7B | $2B | $2.2B | $2.6B |
| Current assets | $5.2B | $6.7B | $7.8B | $9.2B | $10.5B |
| Net PP&E | $766M | $1.1B | $1.4B | $1.8B | $2.3B |
| Goodwill | $777M | $824M | $1.2B | $1.3B | $3.6B |
| Total assets | $10.8B | $13.3B | $17.4B | $20.4B | $26B |
| Payables | $89M | $274M | $126M | $68M | $204M |
| Deferred revenue | $3.8B | $4.7B | $5.8B | $6.8B | $8.3B |
| Current liabilities | $4.9B | $6B | $7.4B | $8.4B | $10.4B |
| Short-term debt | $92M | $0 | – | – | $0 |
| Long-term debt | – | – | – | – | $1.5B |
| Total liabilities | $7.1B | $8.3B | $9.8B | $10.8B | $13.1B |
| Shareholders' equity | $3.7B | $5B | $7.6B | $9.6B | $13B |
| Backlog (remaining obligations) | $11.5B | $14B | $18B | $22.3B | $28.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $2.7B | $3.4B | $4.3B | $5.4B |
| Capital expenditure | $392M | $550M | $694M | $852M | $868M |
| Free cash flow | $1.8B | $2.2B | $2.7B | $3.4B | $4.6B |
| Depreciation & amortisation | $472M | $433M | $562M | $564M | $738M |
| Stock-based compensation | $1.1B | $1.4B | $1.6B | $1.7B | $2B |
| Acquisitions | $785M | $91M | $279M | $113M | $1.1B |
| Share buybacks | $0 | $0 | $538M | $696M | $1.8B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.9% | 23.8% | 22.4% | 20.9% |
| Operating income growth (YoY) | – | 38.1% | 114.6% | 79.0% | 33.7% |
| EPS growth (YoY) | – | 41.6% | 5.0% | −18.5% | 21.9% |
| Gross margin | 77.1% | 78.3% | 78.6% | 79.2% | 77.5% |
| Operating margin | 4.4% | 4.9% | 8.5% | 12.4% | 13.7% |
| Net margin | 3.9% | 4.5% | 19.3% | 13.0% | 13.2% |
| Return on equityBlank when equity is negative | 6.2% | 6.5% | 22.7% | 14.8% | 13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.4% | 4.9% | 7.6% | 11.3% | 11.7% |
| Free cash flow margin | 30.5% | 30.0% | 30.1% | 31.1% | 34.5% |
| Cash conversion (CFO ÷ net income) | 9.53x | 8.38x | 1.96x | 2.99x | 3.11x |
| Receivable days | 86 | 87 | 83 | 74 | 72 |
| Payable days | 24 | 64 | 24 | 11 | 25 |
| Interest cover | 9.18x | 13.1x | – | – | – |
| Debt ÷ equity | – | – | – | – | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −$2.2B |
| Current ratio | 1.05x | 1.11x | 1.06x | 1.10x | 1.00x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.