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NOWServiceNow

Technology · Software · NYSE
NOW quote by TradingView
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FY2025 at a glance

Sales up 20.9%, free cash flow up to $4.6B

XBRL, from each 10-K
RevenueStatements ↓
$13.3B
from $11.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.7B
from $1.4B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$4.6B
from $3.4B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$1.67
from $1.37 in FY2024
FY2016FY2025
Operating marginStatements ↓
13.7%
from 12.4% in FY2024
FY2016FY2025
Total debtStatements ↓
$1.5B
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.39Sales (ttm)15.4BNet income (ttm)1.4BSales growth+20.9%EPS growth+21.9%Sales Q/Q+20.5%
Free cash flow4.8BGross margin73.1%Oper. margin9.7%Net margin9.4%FCF margin30.8%ROE11.0%
ROA4.5%R&D / sales22.3%Dividend-Debt/Eq0.58Curr. ratio0.72Cash2.4B
Op. cash flow (ttm)5.3BEBITDA2.6BEBITDA margin19.3%Net debt5.1BQuick ratio0.72Interest cover82.91
ROIC6.8%Tax rate22.7%Stock pay / sales14.7%Shares out.1.0BShares Y/Y+0.4%Book / share12.62
Cash / share2.31Sales / share14.87Asset turnover0.48Days sales out.72Sales 3Y CAGR+22.4%Sales 5Y CAGR+24.1%
EPS 3Y CAGR+73.4%EPS 5Y CAGR+69.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 34%$3.4B → $4.6B · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

NOW against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
NOWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+20.9%23rd of 75 · median +14.1%
Net margin
9.4%59th of 75 · median 19.1%
Return on equity
11.0%55th of 69 · median 23.9%
Free cash flow margin
30.8%20th of 71 · median 22.3%
Debt / equity (less is better)
0.5836th of 61 · median 0.46
NOW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
NOW ServiceNow$15.4B +20.9%73.1%9.4%11.0%30.8%0.58
KLAC KLA Corporation$14.5B +11.7%61.5%36.2%80.6%27.8%0.88
WDC Western Digital$14.5B +35.7%52.6%69.2%107.2%29.6%0.11
ADI Analog Devices$13.9B +16.9%65.8%29.8%12.3%35.6%0.27
STX Seagate Technology$13.8B +34.1%50.4%31.9%127.3%30.1%0.68
NXPI NXP Semiconductors$13.8B -2.7%56.4%23.4%26.7%25.4%1.07
Where each dollar goes

From $5.9B of sales to $230.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.5BRevenue to Cost of revenue: $1.4BGross profit to Operating profit: $257.0MGross profit to Operating expenses: $4.3BOperating profit to Net profit: $230.0MOperating profit to Tax & other: $27.0MOperating expenses to R&D: $1.4BOperating expenses to Sales, admin & other: $2.9B Revenue: $5.9B Revenue$5.9B +30% Y/Y Gross profit: $4.5B · 77% margin Gross profit$4.5B77% margin +29% Y/Y Cost of revenue: $1.4B · 23% of revenue Cost of revenue$1.4B23% of revenue Operating profit: $257.0M · 4% margin Operating profit$257.0M4% margin +29% Y/Y Operating expenses: $4.3B · 73% of revenue Operating expenses$4.3B73% of revenue Net profit: $230.0M · 4% margin Net profit$230.0M4% margin +93% Y/Y Tax & other: $27.0M · 0% of revenue Tax & other$27.0M0% of revenue R&D: $1.4B · 24% of revenue R&D$1.4B24% of revenue Sales, admin & other: $2.9B · 49% of revenue Sales, admin & other$2.9B49% of revenue

Swipe sideways for the whole flow →

From $7.2B of sales to $325.0M of profit

FY2022, from the 10-K income statement and revenue by product
Professional services and other to Revenue: $354.0MDigital workflow products to Revenue: $6.1BITOM products to Revenue: $814.0MRevenue to Gross profit: $5.7BRevenue to Cost of revenue: $1.6BGross profit to Operating profit: $355.0MGross profit to Operating expenses: $5.3BOperating profit to Net profit: $325.0MOperating profit to Tax & other: $30.0MOperating expenses to R&D: $1.8BOperating expenses to Sales, admin & other: $3.5B Professional services and other: $354.0M · 5% Professional services a…$354.0M5% Digital workflow products: $6.1B · 84% Digital workflow produc…$6.1B84% ITOM products: $814.0M · 11% ITOM products$814.0M11% Revenue: $7.2B Revenue$7.2B +23% Y/Y Gross profit: $5.7B · 78% margin Gross profit$5.7B78% margin +25% Y/Y Cost of revenue: $1.6B · 22% of revenue Cost of revenue$1.6B22% of revenue Operating profit: $355.0M · 5% margin Operating profit$355.0M5% margin +38% Y/Y Operating expenses: $5.3B · 73% of revenue Operating expenses$5.3B73% of revenue Net profit: $325.0M · 4% margin Net profit$325.0M4% margin +41% Y/Y Tax & other: $30.0M · 0% of revenue Tax & other$30.0M0% of revenue R&D: $1.8B · 24% of revenue R&D$1.8B24% of revenue Sales, admin & other: $3.5B · 49% of revenue Sales, admin & other$3.5B49% of revenue

Swipe sideways for the whole flow →

From $9.0B of sales to $1.7B of profit

FY2023, from the 10-K income statement and revenue by product
Professional services and other to Revenue: $291.0MDigital workflow products to Revenue: $7.7BITOM products to Revenue: $1.0BRevenue to Gross profit: $7.0BRevenue to Cost of revenue: $1.9BGross profit to Operating profit: $762.0MGross profit to Operating expenses: $6.3BOperating profit to Net profit: $762.0MOther income to Net profit: $969.0MOperating expenses to R&D: $2.1BOperating expenses to Sales, admin & other: $4.2B Professional services and other: $291.0M · 3% Professional services a…$291.0M3% Digital workflow products: $7.7B · 86% Digital workflow produc…$7.7B86% ITOM products: $1.0B · 11% ITOM products$1.0B11% Revenue: $9.0B Revenue$9.0B +24% Y/Y Gross profit: $7.0B · 79% margin Gross profit$7.0B79% margin +24% Y/Y Cost of revenue: $1.9B · 21% of revenue Cost of revenue$1.9B21% of revenue Operating profit: $762.0M · 8% margin Operating profit$762.0M8% margin +115% Y/Y Other income: $969.0M · 11% of revenue Other income$969.0M11% of revenue Operating expenses: $6.3B · 70% of revenue Operating expenses$6.3B70% of revenue Net profit: $1.7B · 19% margin Net profit$1.7B19% margin +433% Y/Y R&D: $2.1B · 24% of revenue R&D$2.1B24% of revenue Sales, admin & other: $4.2B · 46% of revenue Sales, admin & other$4.2B46% of revenue

Swipe sideways for the whole flow →

From $11.0B of sales to $1.4B of profit

FY2024, from the 10-K income statement and revenue by product
Professional services and other to Revenue: $338.0MDigital workflow products to Revenue: $9.4BITOM products to Revenue: $1.2BRevenue to Gross profit: $8.7BRevenue to Cost of revenue: $2.3BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $7.3BOperating profit to Net profit: $1.1BOperating profit to Tax: $313.0MOther income to Net profit: $374.0MOperating expenses to R&D: $2.5BOperating expenses to Sales, admin & other: $4.8B Professional services and other: $338.0M · 3% Professional services a…$338.0M3% Digital workflow products: $9.4B · 86% Digital workflow produc…$9.4B86% ITOM products: $1.2B · 11% ITOM products$1.2B11% Revenue: $11.0B Revenue$11.0B +22% Y/Y Gross profit: $8.7B · 79% margin Gross profit$8.7B79% margin +23% Y/Y Cost of revenue: $2.3B · 21% of revenue Cost of revenue$2.3B21% of revenue Operating profit: $1.4B · 12% margin Operating profit$1.4B12% margin +79% Y/Y Other income: $374.0M · 3% of revenue Other income$374.0M3% of revenue Operating expenses: $7.3B · 67% of revenue Operating expenses$7.3B67% of revenue Net profit: $1.4B · 13% margin Net profit$1.4B13% margin −18% Y/Y Tax: $313.0M · 3% of revenue Tax$313.0M3% of revenue R&D: $2.5B · 23% of revenue R&D$2.5B23% of revenue Sales, admin & other: $4.8B · 44% of revenue Sales, admin & other$4.8B44% of revenue

Swipe sideways for the whole flow →

From $13.3B of sales to $1.7B of profit

FY2025, from the 10-K income statement and revenue by product
Subscription to Revenue: $12.9BProfessional services and other to Revenue: $395.0MRevenue to Gross profit: $10.3BRevenue to Cost of revenue: $3.0BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $8.5BOperating profit to Net profit: $1.3BOperating profit to Tax: $513.0MOther income to Net profit: $437.0MOperating expenses to R&D: $3.0BOperating expenses to Sales, admin & other: $5.5B Subscription: $12.9B · 97% Subscription$12.9B97% Professional services and other: $395.0M · 3% Professional services a…$395.0M3% Revenue: $13.3B Revenue$13.3B +21% Y/Y Gross profit: $10.3B · 78% margin Gross profit$10.3B78% margin +18% Y/Y Cost of revenue: $3.0B · 22% of revenue Cost of revenue$3.0B22% of revenue Operating profit: $1.8B · 14% margin Operating profit$1.8B14% margin +34% Y/Y Other income: $437.0M · 3% of revenue Other income$437.0M3% of revenue Operating expenses: $8.5B · 64% of revenue Operating expenses$8.5B64% of revenue Net profit: $1.7B · 13% margin Net profit$1.7B13% margin +23% Y/Y Tax: $513.0M · 4% of revenue Tax$513.0M4% of revenue R&D: $3.0B · 22% of revenue R&D$3.0B22% of revenue Sales, admin & other: $5.5B · 42% of revenue Sales, admin & other$5.5B42% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4
  • !
    Net margin below the peer median9.4% vs 19.1%
  • !
    Gross margin down over 5 years78.2% → 77.5%
  • !
    Return on equity below 15%11.0%
  • !
    A profit in 7 of 10 years
Net margin, FY2016 to FY2025: -29.8% → 13.2%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 82.9× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.58 on the latest balance sheet (peer median 0.46)
  • !
    Current ratio below 1Current ratio 0.72
  • ✓
    Net debt under 3 years of free cash flow$2.6B net debt, 0.5 years
Debt / equity at each year end, FY2016 to FY2025: 0.33 → 0.12
What the debt is made of ↓

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 10 years$4.6B last year
  • !
    Share count up over 5 years+3.4%
  • ✓
    Cash from operations above net income$5.4B vs $1.7B
Free cash flow, FY2016 to FY2025: 53.5M → 4.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 13.3B Net income 1.7B
FY2016 revenue 1.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-19-000070 FY2016 net income -414.2M · NetIncomeLoss, 0001373715-19-000070 1.4B FY2016 FY2017 revenue 1.9B · Revenues, 0001373715-18-000058 FY2017 net income -116.8M · NetIncomeLoss, 0001373715-20-000072 1.9B FY2017 FY2018 revenue 2.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-21-000061 FY2018 net income -26.7M · NetIncomeLoss, 0001373715-21-000061 2.6B FY2018 FY2019 revenue 3.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-22-000024 FY2019 net income 626.7M · NetIncomeLoss, 0001373715-22-000024 3.5B FY2019 FY2020 revenue 4.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-23-000035 FY2020 net income 119.0M · NetIncomeLoss, 0001373715-23-000035 4.5B FY2020 FY2021 revenue 5.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-24-000030 FY2021 net income 230.0M · NetIncomeLoss, 0001373715-24-000030 5.9B FY2021 FY2022 revenue 7.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-25-000010 FY2022 net income 325.0M · NetIncomeLoss, 0001373715-25-000010 7.2B FY2022 FY2023 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-26-000007 FY2023 net income 1.7B · NetIncomeLoss, 0001373715-26-000007 9.0B FY2023 FY2024 revenue 11.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-26-000007 FY2024 net income 1.4B · NetIncomeLoss, 0001373715-26-000007 11.0B FY2024 FY2025 revenue 13.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001373715-26-000007 FY2025 net income 1.7B · NetIncomeLoss, 0001373715-26-000007 13.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

NOW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue13.3B
FY2016: 1.4BFY2017: 1.9BFY2018: 2.6BFY2019: 3.5BFY2020: 4.5BFY2021: 5.9BFY2022: 7.2BFY2023: 9.0BFY2024: 11.0BFY2025: 13.3B FY2017FY2019FY2021FY2023FY2025
Net income1.7B
FY2016: -414.2MFY2017: -116.8MFY2018: -26.7MFY2019: 626.7MFY2020: 119.0MFY2021: 230.0MFY2022: 325.0MFY2023: 1.7BFY2024: 1.4BFY2025: 1.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow4.6B
FY2016: 53.5MFY2017: 492.4MFY2018: 586.6MFY2019: 971.0MFY2020: 1.4BFY2021: 1.8BFY2022: 2.2BFY2023: 2.7BFY2024: 3.4BFY2025: 4.6B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)1.67
FY2016: -0.50FY2017: -0.14FY2018: -0.03FY2019: 0.64FY2020: 0.12FY2021: 0.23FY2022: 0.32FY2023: 1.68FY2024: 1.37FY2025: 1.67 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.0B
FY2016: -FY2017: 855.9MFY2018: 889.2MFY2019: 986.1MFY2020: 1.0BFY2021: 1.0BFY2022: 1.0BFY2023: 1.0BFY2024: 1.0BFY2025: 1.0B FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Subscription 12.9B97.0% +21.0%
Professional services and other 395.0M3.0% +16.9%

10-K 0001373715-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 8.3B62.9% +20.8%
EMEA 3.4B25.6% +20.0%
Asia Pacific and other 1.5B11.5% +23.1%

10-K 0001373715-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.4B1.9B2.6B3.5B4.5B5.9B7.2B9.0B11.0B13.3B
Cost of revenue399.0M499.9M622.7M796.0M987.0M1.4B1.6B1.9B2.3B3.0B
Gross profit992.0M1.4B2.0B2.7B3.5B4.5B5.7B7.0B8.7B10.3B
R&D285.2M377.5M529.5M749.0M1.0B1.4B1.8B2.1B2.5B3.0B
SG&A158.9M210.5M296.0M339.0M454.0M597.0M735.0M863.0M936.0M1.1B
Operating income-382.2M-64.4M-42.4M42.0M199.0M257.0M355.0M762.0M1.4B1.8B
Interest expense33.3M53.4M52.7M33.0M33.0M28.0M27.0M23.0M23.0M22.0M
Pretax income-410.4M-113.4M-39.0M67.0M150.0M249.0M399.0M1.0B1.7B2.3B
Income tax3.8M3.4M-12.3M-560.0M31.0M19.0M74.0M-723.0M313.0M513.0M
Net income-414.2M-116.8M-26.7M626.7M119.0M230.0M325.0M1.7B1.4B1.7B
EPS (diluted)-0.50-0.14-0.030.640.120.230.321.681.371.67
Diluted shares-855.9M889.2M986.1M1.0B1.0B1.0B1.0B1.0B1.0B
Depreciation & amortization83.1M113.9M149.6M252.0M336.0M472.0M433.0M562.0M564.0M738.0M
EBITDA-299.1M49.5M107.2M294.0M535.0M729.0M788.0M1.3B1.9B2.6B
Gross margin71.3%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%
Net margin-29.8%-6.0%-1.0%18.1%2.6%3.9%4.5%19.3%13.0%13.2%
Revenue growth-+39.0%+35.0%+32.6%+30.6%+30.5%+22.9%+23.8%+22.4%+20.9%
EPS growth-----81.4%+91.5%+41.6%+425%-18.5%+21.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash401.2M726.5M566.2M776.0M1.7B1.7B1.5B1.9B2.3B3.7B
Short-term investments-1.1B931.7M915.3M1.4B1.6B2.8B3.0B3.5B2.6B
Receivables322.8M437.1M574.8M835.3M1.0B1.4B1.7B2.0B2.2B2.6B
Current assets1.3B2.4B2.3B2.8B4.5B5.2B6.7B7.8B9.2B10.5B
Property & equipment181.6M245.1M347.2M468.1M660.0M766.0M1.1B1.4B1.8B2.3B
Goodwill82.5M128.7M148.8M157.0M241.0M777.0M824.0M1.2B1.3B3.6B
Total assets2.0B3.6B3.9B6.0B8.7B10.8B13.3B17.4B20.4B26.0B
Accounts payable38.1M32.1M30.7M53.0M34.0M89.0M274.0M126.0M68.0M204.0M
Current liabilities1.1B2.0B2.0B2.8B3.7B4.9B6.0B7.4B8.4B10.4B
Total debt---695.0M1.6B----1.5B
Total liabilities1.6B2.8B2.8B3.9B5.9B7.1B8.3B9.8B10.8B13.1B
Shareholders' equity541.1M778.7M1.1B2.1B2.8B3.7B5.0B7.6B9.6B13.0B
Retained earnings-997.4M-958.6M-978.8M-352.2M-234.0M-4.0M338.0M2.1B3.5B5.2B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow159.1M642.9M811.1M1.2B1.8B2.2B2.7B3.4B4.3B5.4B
Capital spending105.6M150.5M224.5M265.0M419.0M392.0M550.0M694.0M852.0M868.0M
Free cash flow53.5M492.4M586.6M971.0M1.4B1.8B2.2B2.7B3.4B4.6B
Stock-based pay (added back)317.7M394.0M544.0M662.0M870.0M1.1B1.4B1.6B1.7B2.0B
Buybacks055.0M00-00538.0M696.0M1.8B
Acquisitions34.3M58.2M37.4M7.0M107.0M785.0M91.0M279.0M113.0M1.1B
Debt raised--001.5B00---
Investing cash flow-108.2M-883.9M-347.4M-725.0M-1.5B-1.6B-2.6B-2.2B-2.5B-1.7B
Financing cash flow-55.8M538.9M-607.4M-302.0M597.0M-506.0M-344.0M-803.0M-1.3B-2.3B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)317.7M394.0M544.0M662.0M870.0M1.1B1.4B1.6B1.7B2.0B
Stock-based pay / revenue22.8%20.4%20.9%19.1%19.3%19.2%19.3%17.9%15.9%14.7%
Operating lease cost---64.0M83.0M100.0M112.0M129.0M130.0M147.0M
Operating lease cash paid---44.0M59.0M75.0M75.0M82.0M85.0M107.0M
Right-of-use assets--0402.4M454.0M591.0M682.0M715.0M693.0M806.0M
Operating lease liabilities---435.9M495.0M638.0M746.0M796.0M789.0M912.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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