ServiceNow (NOW)
Market Price (11/12/2026): $100.82 | Market Cap: $104.6 BilInvestor Relations Sector: Information Technology | Industry: Systems Software
ServiceNow (NOW)
Market Price (11/12/2026): $100.82Market Cap: $104.6 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 5.3 Bil, FCF LTM is 4.8 Bil Stock buyback supportStock Buyback 3Y Total is 5.0 Bil Megatrend and thematic driversMegatrends include Cloud Computing, Automation & Robotics, Artificial Intelligence, and Cybersecurity. Show more. | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -88% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 74x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% Key risksNOW key risks include [1] intense competition from major players challenging its leadership in AI orchestration, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 5.3 Bil, FCF LTM is 4.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.0 Bil |
| Megatrend and thematic driversMegatrends include Cloud Computing, Automation & Robotics, Artificial Intelligence, and Cybersecurity. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -88% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 74x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% |
| Key risksNOW key risks include [1] intense competition from major players challenging its leadership in AI orchestration, Show more. |
Qualitative Assessment
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Prices as of 11/11/2026
Nov 5: down 5.9% in one day (S&P 500 down 4.4%)
ServiceNow's shares fell amid a broad market decline, with market headlines citing a "Sea Of Red" and growing concerns about AI stocks. The company's Q3 earnings call also highlighted outlook risks from slower backlog growth.
Down 37.3% from its Oct 23 high to Nov 10, up 3.2% since (S&P 500 down 1.3%)
The decline was driven primarily by the company's Q3 earnings report, which lagged estimates despite revenue growth. This was compounded by broader market concerns for tech and AI stocks.
Oct 29: down 26.9% the day after its Oct 28 earnings report (S&P 500 down 0.4%)
ServiceNow's stock plunged after its Q3 earnings lagged estimates, with net income and diluted EPS falling significantly despite revenue growth. Headlines reported a mixed quarter where earnings fell short, leading to the largest drop on record.
Nov 5: down 5.9% in one day (S&P 500 down 4.4%)
ServiceNow's shares fell amid a broad market decline, with market headlines citing a "Sea Of Red" and growing concerns about AI stocks. The company's Q3 earnings call also highlighted outlook risks from slower backlog growth.
Down 37.3% from its Oct 23 high to Nov 10, up 3.2% since (S&P 500 down 1.3%)
The decline was driven primarily by the company's Q3 earnings report, which lagged estimates despite revenue growth. This was compounded by broader market concerns for tech and AI stocks.
Oct 29: down 26.9% the day after its Oct 28 earnings report (S&P 500 down 0.4%)
ServiceNow's stock plunged after its Q3 earnings lagged estimates, with net income and diluted EPS falling significantly despite revenue growth. Headlines reported a mixed quarter where earnings fell short, leading to the largest drop on record.
Prices as of 11/11/2026
Nov 5: down 5.9% in one day (S&P 500 down 4.4%)
ServiceNow's shares fell amid a broad market decline, with market headlines citing a "Sea Of Red" and growing concerns about AI stocks. The company's Q3 earnings call also highlighted outlook risks from slower backlog growth.
Down 37.3% from its Oct 23 high to Nov 10, up 3.2% since (S&P 500 down 1.3%)
The decline was driven primarily by the company's Q3 earnings report, which lagged estimates despite revenue growth. This was compounded by broader market concerns for tech and AI stocks.
Oct 29: down 26.9% the day after its Oct 28 earnings report (S&P 500 down 0.4%)
ServiceNow's stock plunged after its Q3 earnings lagged estimates, with net income and diluted EPS falling significantly despite revenue growth. Headlines reported a mixed quarter where earnings fell short, leading to the largest drop on record.
Show less
Nov 5: down 5.9% in one day (S&P 500 down 4.4%)
ServiceNow's shares fell amid a broad market decline, with market headlines citing a "Sea Of Red" and growing concerns about AI stocks. The company's Q3 earnings call also highlighted outlook risks from slower backlog growth.
Down 37.3% from its Oct 23 high to Nov 10, up 3.2% since (S&P 500 down 1.3%)
The decline was driven primarily by the company's Q3 earnings report, which lagged estimates despite revenue growth. This was compounded by broader market concerns for tech and AI stocks.
Oct 29: down 26.9% the day after its Oct 28 earnings report (S&P 500 down 0.4%)
ServiceNow's stock plunged after its Q3 earnings lagged estimates, with net income and diluted EPS falling significantly despite revenue growth. Headlines reported a mixed quarter where earnings fell short, leading to the largest drop on record.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -7.6% change in NOW stock from 7/31/2026 to 11/11/2026 was primarily driven by a -17.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 111.23 | 102.76 | -7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,732 | 15,431 | 4.7% |
| Net Income Margin (%) | 11.3% | 9.4% | -17.4% |
| P/E Multiple | 68.7 | 73.6 | 7.1% |
| Shares Outstanding (Mil) | 1,031 | 1,035 | -0.3% |
| Cumulative Contribution | -7.6% |
Market Drivers
7/31/2026 to 11/11/2026| Return | Correlation | |
|---|---|---|
| NOW | -7.6% | |
| Market (SPY) | 1.7% | 29.6% |
| Sector (XLK) | -0.6% | 25.9% |
Fundamental Drivers
The 16.4% change in NOW stock from 4/30/2026 to 11/11/2026 was primarily driven by a 41.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.31 | 102.76 | 16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,960 | 15,431 | 10.5% |
| Net Income Margin (%) | 12.6% | 9.4% | -25.6% |
| P/E Multiple | 52.0 | 73.6 | 41.5% |
| Shares Outstanding (Mil) | 1,035 | 1,035 | 0.0% |
| Cumulative Contribution | 16.4% |
Market Drivers
4/30/2026 to 11/11/2026| Return | Correlation | |
|---|---|---|
| NOW | 16.4% | |
| Market (SPY) | 6.0% | 17.2% |
| Sector (XLK) | 9.4% | 9.3% |
Fundamental Drivers
The -44.1% change in NOW stock from 10/31/2025 to 11/11/2026 was primarily driven by a -33.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 183.86 | 102.76 | -44.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,667 | 15,431 | 21.8% |
| Net Income Margin (%) | 13.7% | 9.4% | -31.5% |
| P/E Multiple | 110.3 | 73.6 | -33.3% |
| Shares Outstanding (Mil) | 1,038 | 1,035 | 0.3% |
| Cumulative Contribution | -44.1% |
Market Drivers
10/31/2025 to 11/11/2026| Return | Correlation | |
|---|---|---|
| NOW | -44.1% | |
| Market (SPY) | 12.3% | 16.6% |
| Sector (XLK) | 16.4% | 14.2% |
Fundamental Drivers
The -11.7% change in NOW stock from 10/31/2023 to 11/11/2026 was primarily driven by a -50.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 116.37 | 102.76 | -11.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,474 | 15,431 | 82.1% |
| Net Income Margin (%) | 18.7% | 9.4% | -50.0% |
| P/E Multiple | 75.0 | 73.6 | -1.9% |
| Shares Outstanding (Mil) | 1,022 | 1,035 | -1.2% |
| Cumulative Contribution | -11.7% |
Market Drivers
10/31/2023 to 11/11/2026| Return | Correlation | |
|---|---|---|
| NOW | -11.7% | |
| Market (SPY) | 87.9% | 38.7% |
| Sector (XLK) | 116.4% | 37.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NOW Return | 18% | -40% | 82% | 50% | -28% | -35% | -10% |
| Peers Return | 39% | -54% | 70% | 4% | -7% | 5% | 11% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| NOW Win Rate | 50% | 17% | 75% | 75% | 33% | 27% | |
| Peers Win Rate | 58% | 32% | 60% | 45% | 45% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| NOW Max Drawdown | -24% | -47% | -16% | -21% | -38% | -46% | |
| Peers Max Drawdown | -29% | -60% | -25% | -37% | -38% | -49% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CRM, TEAM, WDAY, DDOG, SNOW. See NOW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/11/2026 (YTD)
How Low Can It Go
| Event | NOW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.9% | -18.8% |
| % Gain to Breakeven | 36.8% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.0% | -6.7% |
| % Gain to Breakeven | 11.1% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.8% | -24.5% |
| % Gain to Breakeven | 84.4% | 32.4% |
| Time to Breakeven | 392 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.2% | -33.7% |
| % Gain to Breakeven | 43.3% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.1% | -19.2% |
| % Gain to Breakeven | 25.1% | 23.8% |
| Time to Breakeven | 73 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.0% | -12.2% |
| % Gain to Breakeven | 63.9% | 13.9% |
| Time to Breakeven | 211 days | 62 days |
In The Past
ServiceNow's stock fell -26.9% during the 2025 US Tariff Shock. Such a loss loss requires a 36.8% gain to breakeven.
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Asset Allocation
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| Event | NOW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.9% | -18.8% |
| % Gain to Breakeven | 36.8% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.8% | -24.5% |
| % Gain to Breakeven | 84.4% | 32.4% |
| Time to Breakeven | 392 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.2% | -33.7% |
| % Gain to Breakeven | 43.3% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.1% | -19.2% |
| % Gain to Breakeven | 25.1% | 23.8% |
| Time to Breakeven | 73 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.0% | -12.2% |
| % Gain to Breakeven | 63.9% | 13.9% |
| Time to Breakeven | 211 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.9% | -6.8% |
| % Gain to Breakeven | 29.7% | 7.3% |
| Time to Breakeven | 32 days | 15 days |
In The Past
ServiceNow's stock fell -26.9% during the 2025 US Tariff Shock. Such a loss loss requires a 36.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ServiceNow (NOW)
ServiceNow (symbol: NOW) is an enterprise cloud computing company that specializes in defining, structuring, consolidating, managing, and automating services for businesses worldwide. At its core, the company operates the powerful "Now Platform," which leverages advanced technologies such as workflow automation, artificial intelligence, machine learning, and robotic process automation to streamline operations and enhance efficiency across an organization's digital landscape.
Built upon this versatile platform, ServiceNow offers a comprehensive suite of applications designed to address various critical enterprise functions. Key product areas include IT service management, operations, and asset management; human resources, legal, and workplace service delivery solutions; customer service and field service management; and applications for security operations and governance, risk, and compliance. These offerings help enterprises automate processes, connect disparate systems, and improve the service experience for employees, customers, and partners.
ServiceNow serves a diverse global clientele spanning numerous industries. Its primary customers come from sectors such as government, financial services, healthcare, telecommunications, manufacturing, IT services, and education. The company reaches these varied markets through a combination of its direct sales teams and strategic resale partners.
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- Salesforce for enterprise service automation.
- A modern, cloud-based SAP or Oracle, but specialized in automating enterprise services and workflows.
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- Now Platform: The core platform offering workflow automation, AI, machine learning, and various enterprise service capabilities.
- IT Service Management (ITSM): Applications designed to manage and automate IT services for employees, customers, and partners.
- IT Operations Management (ITOM): A product that connects and manages a customer's physical and cloud-based IT infrastructure.
- IT Business Management (ITBM): A suite of products to manage the business aspects of IT, including portfolio and financial management.
- IT Asset Management (ITAM): Applications to automate and manage the entire lifecycle of IT assets.
- Security Operations (SecOps): Solutions that connect and automate security incident response and vulnerability management.
- Governance, Risk, and Compliance (GRC): A product designed to help organizations manage risk, ensure compliance, and build resilience.
- HR Service Delivery: Products to automate and optimize human resources, legal, and workplace service delivery.
- Customer Service Management (CSM): Applications that unify customer service operations across channels for improved customer experience.
- Field Service Management (FSM): Applications to manage and optimize field service operations, scheduling, and dispatch.
- App Engine: A product enabling customers to build and extend custom applications on the Now Platform.
- IntegrationHub: A tool that allows applications to extend workflows by integrating with other systems and services.
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Bill McDermott, Chairman and Chief Executive Officer
Bill McDermott has served as the Chairman and CEO of ServiceNow since late 2019, leading the company to nearly triple its full-year revenues and establishing it as an AI-driven platform for business workflows. Prior to joining ServiceNow, he was the CEO of SAP SE from 2010 to 2019, where he significantly increased the company's market value from $39 billion to over $160 billion. He previously held leadership roles at Xerox, Gartner, and Siebel Systems, and is the author of the national bestseller, "Winners Dream: A Journey from Corner Store to Corner Office."
Gina Mastantuono, President and Chief Financial Officer
Gina Mastantuono joined ServiceNow as Chief Financial Officer on January 1, 2020, and currently serves as President and Chief Financial Officer. She oversees various financial aspects, corporate strategy, and venture initiatives, contributing to the company's growth. Before ServiceNow, Mastantuono was Executive Vice President and CFO of Ingram Micro Inc. She also served as Senior Vice President, Chief Accounting Officer, Controller, and International CFO at Revlon, Inc., and held executive finance roles at InterActiveCorp., starting her career at Ernst & Young.
Chris Bedi, Chief Customer Officer and AI Enterprise Advisor
Chris Bedi serves as ServiceNow's Chief Customer Officer and AI Enterprise Advisor.
Pablo Stern, Executive Vice President and General Manager, Technology Workflow Products
Pablo Stern is the Executive Vice President and General Manager of ServiceNow's Technology Workflow Products. This portfolio includes Service Management (ITSM), Operations Management (ITOM), Strategic Portfolio Management (SPM), Asset Management (ITAM), Security Operations, Risk Management (IRM), and Operational Technology (OT). Before ServiceNow, he held CTO, engineering, and business leadership roles at Microsoft, Symantec, Veritas, and various startups.
Amy Lokey, Executive Vice President, Chief Experience Officer
Amy Lokey leads the global Experience team at ServiceNow as Executive Vice President, Chief Experience Officer, overseeing Design, Research, Product Documentation, and Operations across all ServiceNow products and customer experiences. Her mission is to create product experiences that customers love. Prior to joining ServiceNow in 2019, she was the head of the global User Experience team for Google Workspace and led User Experience for LinkedIn across consumer and enterprise solutions.
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Here are the key risks to ServiceNow's business:
- Intense Competition: ServiceNow operates in a highly competitive market for enterprise cloud computing and workflow automation solutions. The company faces significant competition from major technology players like Microsoft, Oracle, and Salesforce, as well as numerous specialized smaller companies offering similar functionalities, some at potentially lower costs or with easier implementation. This competitive landscape could pressure ServiceNow's pricing, market share, and profitability.
- Impact of Artificial Intelligence (AI) Adoption and Potential Pricing Pressure: While ServiceNow is heavily investing in AI to enhance its platform, there is a risk associated with how AI adoption will ultimately impact the software sector. The debate exists whether AI will boost capabilities and upsells or lead to "seat compression" (reduced user counts) due to increased automation, which could result in pricing pressure and negatively impact revenue. The success of ServiceNow's hybrid pricing model and its ability to effectively leverage AI to demonstrate tangible value will be critical in mitigating this risk.
- Cybersecurity Threats and Data Privacy Breaches: As a leading provider of cloud-based enterprise solutions that manage and automate critical services and handle sensitive data for enterprises worldwide, ServiceNow is inherently exposed to significant cybersecurity threats, data privacy breaches, and the risk of regulatory compliance failures. A major security incident or a failure to comply with data protection regulations such as GDPR or HIPAA could lead to substantial financial penalties, reputational damage, and loss of customer trust.
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ServiceNow (NOW) operates in several large and growing addressable markets for its main products and services:
- Overall Platform / Total Addressable Market (TAM): ServiceNow's total addressable market (TAM) is projected to expand to $275 billion by 2026. Another source projects ServiceNow's large addressable market to reach $500 billion, with AI products playing a pivotal role in this expansion. The global "ServiceNow Business Market" was estimated at USD 38.33 billion in 2025 and is expected to reach USD 43.14 billion in 2026, with projections to reach USD 88.42 billion by 2032. The global "ServiceNow Tech Service Market" is estimated to be valued at USD 46.6 billion in 2025 and is projected to reach USD 235.6 billion by 2035.
- IT Service Management (ITSM): The global IT Service Management (ITSM) software market grew to $11.4 billion in 2024 and is expected to reach $15.4 billion by 2029. The global information technology service management market is expected to reach USD 29.93 billion by 2030, growing at a compound annual growth rate of 14.4% from 2025 to 2030. North America dominated the ITSM market in 2024, accounting for over 40% of the global revenue.
- IT Operations Management (ITOM): The global IT Operations Management software market size was estimated at USD 39,006.8 million in 2023 and is projected to reach USD 73,380.5 million by 2030. The IT Operations Management Market is estimated to be worth USD 40.67 billion in 2026, with projections to reach USD 71.82 billion by 2031.
- IT Asset Management (ITAM): The global IT asset management market size is forecasted to be worth USD 2,988.59 million in 2026, expected to achieve USD 4,963.94 million by 2035. The software asset management market is projected to reach USD 7.3 billion by 2029.
- Governance, Risk, and Compliance (GRC): The global enterprise governance, risk and compliance market size was valued at USD 49.85 billion in 2025 and is projected to grow from USD 57.10 billion in 2026 to USD 129.45 billion by 2034. North America dominated the enterprise governance, risk and compliance market with a market share of 41.00% in 2025, with the U.S. market valued at USD 17.62 billion by 2026.
- Customer Service Management (CSM): While no overall market size for ServiceNow's specific CSM offering was readily available, ServiceNow Customer Service Management holds a market share of 9.55% in the broader customer support services category, ranking third globally.
- HR Service Delivery (HRSD): An explicit global market size for HR Service Delivery was not found. However, ServiceNow considers HR service delivery a critical area of focus.
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ServiceNow (symbol: NOW) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
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Accelerated Adoption and Monetization of AI-Powered Solutions: ServiceNow anticipates significant revenue growth from its artificial intelligence (AI) offerings, particularly through products like Now Assist and the AI Control Tower. The company aims to achieve $1 billion in Annual Contract Value (ACV) from its AI products by 2026, with these capabilities being a significant factor in securing large enterprise agreements. The shift towards consumption-based pricing models for AI and data solutions is also expected to boost revenue through increased customer spending.
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Expansion into New Enterprise Workflows and Industry-Specific Solutions: ServiceNow is actively broadening its platform's application beyond its traditional IT Service Management (ITSM) core. The company is expanding into other functional areas such as Human Resources (HR) service delivery, customer service management (CSM), security operations, and governance, risk, and compliance. Additionally, a focus on tailored AI-powered solutions for specific industries is creating new avenues for growth.
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Growth in High-Value Enterprise Customer Acquisition and Deeper Platform Adoption: The continuous increase in the number of large deals (those exceeding $1 million in net new ACV) and the expansion of its customer base are significant drivers. The company has also seen substantial growth in customers contributing over $5 million in ACV, and upgrades from standard to more advanced Pro Plus offerings are expected to accelerate revenue.
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Strategic Partnerships and International Market Expansion: Collaborations with industry leaders, including hyperscalers like Microsoft, Amazon, and Google Cloud, as well as global systems integrators such as Accenture, Deloitte, and Cognizant, are enhancing ServiceNow's market reach and technological capabilities. Furthermore, the company is actively pursuing international expansion in regions such as Brazil, Japan, India, Saudi Arabia, and the Middle East, with a particular focus on growing its global public sector business.
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Share Repurchases
- ServiceNow's Board of Directors authorized an additional $5 billion for its share repurchase program in January 2026, adding to approximately $1.4 billion remaining from prior authorizations as of December 31, 2025.
- In the fourth quarter of 2025, ServiceNow repurchased approximately 3.6 million shares of its common stock for $597 million.
- The company initiated its first-ever share repurchase program in May 2023, authorizing up to $1.5 billion, primarily to manage the impact of dilution from future employee equity grants and employee stock purchase programs.
Share Issuance
- ServiceNow issued $270 million in common stock in fiscal year 2025, $237 million in fiscal year 2024, and $194 million in fiscal year 2023.
- The company's shares outstanding were 1.047 billion as of December 31, 2025, marking a 0.44% increase from 2024.
- Shares outstanding increased by 1.38% from 2023 to 2024, reaching 1.042 billion, and by 1.01% from 2022 to 2023, totaling 1.028 billion.
Outbound Investments
- ServiceNow engaged in an aggressive acquisition strategy, spending at least $12 billion on acquisitions and investments in 2025.
- Significant acquisitions in 2025 include Armis for $7.75 billion, Moveworks for $2.85 billion, and Veza, all aimed at strengthening AI and security capabilities.
- In the third quarter of 2025, ServiceNow made a $750 million investment in Genesys, an AI-powered experience orchestration leader.
Capital Expenditures
- Capital expenditures were $868 million in fiscal year 2025 and $852 million in fiscal year 2024.
- ServiceNow's capital expenditures are primarily focused on building data centers and enhancing AI capacity for its Now platform.
- Expected capital expenditures are projected to be approximately $994.4 million for 2026, $1,113 million for 2027, and $1,267 million for 2028.
Peer Outperformance in Systems Software
NOW has outperformed 66% of its 70 Systems Software peers over 5Y. Among the peers that beat it is AVPT. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that NOW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
35%
of 86 industry peers · -40.3% return
3Y
35%
of 72 industry peers · -19.1% return
5Y
66%
of 70 industry peers · -24.4% return
Systems Software peers with revenue growth within 4pp of NOW's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NOW | ServiceNow | 22.1% | 73.6x | -40.3% | -19.1% | -24.4% | — |
| AVPT | AvePoint | 23.2% | 45.6x | 27.7% | 102.1% | 86.0% | +110pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is NOW's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 19.4% | 114.8% | 191.3% | FLEX 488% · TTMI 452% · JBL 307% |
| Technology Distributors | 9 | 60.5% | 64.3% | 60.7% | AVT 146% · SNX 126% · CNXN 82% |
| Semiconductor Materials & Equipment | 28 | 53.9% | 63.2% | 46.6% | AXTI 420% · KLAC 309% · LRCX 304% |
| Electronic Components | 24 | 24.0% | 79.4% | 41.6% | CLS 2005% · BELFA 1139% · APH 301% |
| Communications Equipment | 36 | 8.3% | 101.2% | 40.3% | AAOI 825% · LITE 611% · ANET 504% |
| Electronic Equipment & Instruments | 27 | -4.4% | 31.0% | 3.0% | PI 133% · OSIS 106% · KEYS 65% |
| Semiconductors | 55 | 16.9% | 49.3% | -1.9% | MU 1015% · AVGO 579% · NVDA 474% |
| Technology Hardware, Storage & Peripherals | 21 | -12.8% | 87.4% | -12.7% | DELL 633% · WDC 616% · SMCI 587% |
| IT Consulting & Other Services | 30 | -17.7% | -1.9% | -22.0% | APLD 349% · IBM 148% · GIB -8% |
| Internet Services & Infrastructure | 6 | -9.1% | 41.9% | -22.2% | GDDY 61% · VRSN 37% · AKAM -21% |
| Application Software | 126 | -11.5% | -13.2% | -53.8% | PLTR 650% · FROG 196% · AGYS 160% |
| Systems Software ← | 71 | -8.6% | 20.3% | -58.2% | ZETA 282% · CRWD 226% · CVLT 149% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 186.89 |
| Mkt Cap | 84.9 |
| Rev LTM | 8,533 |
| Op Inc LTM | 758 |
| FCF LTM | 2,256 |
| FCF 3Y Avg | 1,971 |
| CFO LTM | 2,387 |
| CFO 3Y Avg | 2,104 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.2% |
| Rev Chg 3Y Avg | 22.6% |
| Rev Chg Q | 22.1% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 39.2% |
| Op Inc Chg 3Y Avg | 63.6% |
| Op Mgn LTM | 7.0% |
| Op Mgn 3Y Avg | 4.8% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 30.0% |
| CFO/Rev 3Y Avg | 30.4% |
| FCF/Rev LTM | 27.0% |
| FCF/Rev 3Y Avg | 27.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 84.9 |
| P/S | 6.1 |
| P/Op Inc | 54.2 |
| P/EBIT | 40.7 |
| P/E | 54.8 |
| P/CFO | 21.0 |
| Total Yield | 0.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -21.7% |
| 3M Rtn | -5.9% |
| 6M Rtn | 48.0% |
| 12M Rtn | -8.9% |
| 3Y Rtn | -5.2% |
| 1M Excs Rtn | -17.8% |
| 3M Excs Rtn | -6.2% |
| 6M Excs Rtn | 47.0% |
| 12M Excs Rtn | -18.9% |
| 3Y Excs Rtn | -74.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $102.76 | |
| Market Cap ($ Bil) | 106.4 | |
| First Trading Date | 06/29/2012 | |
| Distance from 52W High | -40.8% | |
| 50 Days | 200 Days | |
| DMA Price | $133.69 | $113.96 |
| DMA Trend | up | down |
| Distance from DMA | -23.1% | -9.8% |
| 3M | 1YR | |
| Volatility | 74.1% | 64.4% |
| Downside Capture | 244.96 | 186.28 |
| Upside Capture | 159.06 | 100.80 |
| Correlation (S&P 500) | 24.4% | 15.9% |
NOW Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.82 | 1.54 | 1.82 | 0.77 | 0.71 | 1.19 |
| Up Beta | -7.68 | 0.21 | 1.19 | -1.09 | -0.61 | 1.10 |
| Down Beta | -1.25 | 0.15 | 0.66 | 0.65 | 0.19 | 1.11 |
| Up Capture | 200% | 119% | 241% | 162% | 90% | 144% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 19 | 32 | 63 | 125 | 400 |
| Down Capture | 456% | 312% | 233% | 121% | 144% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 24 | 32 | 63 | 126 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NOW | |
|---|---|---|---|---|
| NOW | -40.8% | 64.4% | -0.55 | - |
| Sector ETF (XLK) | 18.5% | 28.6% | 0.58 | 13.7% |
| Equity (SPY) | 12.5% | 13.7% | 0.60 | 16.1% |
| Gold (GLD) | -3.5% | 28.8% | -0.13 | 1.5% |
| Commodities (DBC) | 33.0% | 21.3% | 1.24 | -3.9% |
| Real Estate (VNQ) | 11.7% | 14.2% | 0.53 | -6.1% |
| Bitcoin (BTCUSD) | -30.9% | 43.5% | -0.73 | 19.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NOW | |
|---|---|---|---|---|
| NOW | -5.7% | 47.2% | 0.03 | - |
| Sector ETF (XLK) | 17.2% | 26.5% | 0.58 | 52.6% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 52.8% |
| Gold (GLD) | 17.1% | 19.2% | 0.72 | 4.3% |
| Commodities (DBC) | 7.9% | 19.6% | 0.29 | 7.6% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 30.6% |
| Bitcoin (BTCUSD) | 3.1% | 51.5% | 0.24 | 27.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NOW | |
|---|---|---|---|---|
| NOW | 19.5% | 42.5% | 0.56 | - |
| Sector ETF (XLK) | 23.4% | 25.3% | 0.84 | 60.1% |
| Equity (SPY) | 15.5% | 18.0% | 0.73 | 56.1% |
| Gold (GLD) | 11.5% | 16.6% | 0.57 | 5.2% |
| Commodities (DBC) | 7.4% | 18.2% | 0.33 | 12.6% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 34.0% |
| Bitcoin (BTCUSD) | 58.6% | 66.3% | 0.99 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -26.9% | -27.5% | |
| 7/22/2026 | -3.7% | 21.3% | 35.9% |
| 4/22/2026 | -17.7% | -13.8% | -3.3% |
| 1/28/2026 | -9.9% | -14.3% | -16.7% |
| 10/29/2025 | 2.5% | -3.5% | -9.8% |
| 7/23/2025 | 4.2% | 2.2% | -8.3% |
| 4/23/2025 | 15.5% | 17.5% | 25.0% |
| 1/29/2025 | -11.4% | -10.2% | -18.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 13 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 4.2% | 7.1% | 12.3% |
| Median Negative | -9.4% | -10.2% | -6.7% |
| Max Positive | 15.5% | 21.3% | 35.9% |
| Max Negative | -26.9% | -27.5% | -18.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -26.9% | -27.5% | |
| 7/22/2026 | -3.7% | 21.3% | 35.9% |
| 4/22/2026 | -17.7% | -13.8% | -3.3% |
| 1/28/2026 | -9.9% | -14.3% | -16.7% |
| 10/29/2025 | 2.5% | -3.5% | -9.8% |
| 7/23/2025 | 4.2% | 2.2% | -8.3% |
| 4/23/2025 | 15.5% | 17.5% | 25.0% |
| 1/29/2025 | -11.4% | -10.2% | -18.7% |
| 10/23/2024 | 5.4% | 4.7% | 15.4% |
| 7/24/2024 | 13.4% | 11.4% | 12.3% |
| 4/24/2024 | -4.0% | -8.1% | 1.6% |
| 1/24/2024 | 0.4% | 0.3% | 1.0% |
| 10/25/2023 | 3.9% | 11.9% | 27.1% |
| 7/26/2023 | -3.0% | -2.4% | -4.8% |
| 4/26/2023 | 0.1% | -3.7% | 17.1% |
| 1/25/2023 | 3.2% | 5.6% | -5.2% |
| 10/26/2022 | 13.4% | 7.2% | 11.1% |
| 7/27/2022 | -2.7% | 5.1% | 3.9% |
| 4/27/2022 | 8.1% | 7.1% | -2.4% |
| 1/26/2022 | 9.1% | 20.0% | 19.8% |
| 10/27/2021 | 3.5% | 3.4% | -2.3% |
| 7/28/2021 | 0.5% | 1.7% | 7.0% |
| 4/28/2021 | -9.4% | -13.9% | -14.0% |
| 1/27/2021 | 7.3% | 11.6% | 3.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 13 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 4.2% | 7.1% | 12.3% |
| Median Negative | -9.4% | -10.2% | -6.7% |
| Max Positive | 15.5% | 21.3% | 35.9% |
| Max Negative | -26.9% | -27.5% | -18.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 01/25/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/31/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 01/25/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/31/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 cRPO GAAP Growth | Reported | 18.5% | ||||||
| Q4 2026 cRPO Non-GAAP Constant Currency Growth | Reported | 18.5% | ||||||
| Q4 2026 Subscription Revenues | Reported | 4.25 Bil | 4.25 Bil | 4.25 Bil | 6.9% | Higher New | Guidance: 3.98 Bil for Q3 2026 | |
| Q4 2026 Subscription Revenues GAAP Year/Year Growth | Reported | 22.5% | 22.75% | 23.0% | 2.2% | Higher New | Guidance: 20.5% for Q3 2026 | |
| Q4 2026 Subscription Revenues Non-GAAP Constant Currency Growth | Reported | 21.5% | ||||||
| Q4 2026 Non-GAAP Operating Margin | Reported | 32.0% | 1.0% | Higher New | Guidance: 31.0% for Q3 2026 | |||
| Q4 2026 GAAP Operating Margin | Reported | 12.0% | ||||||
| Q4 2026 Weighted-Average Diluted Shares | Reported | 1.05 Bil | ||||||
| 2026 AI Annual Contract Value Target | Reported | 1.70 Bil | Raised | |||||
| 2026 Subscription Revenues | Reported | 15.78 Bil | 15.79 Bil | 15.79 Bil | 0.1% | Raised | Guidance: 15.77 Bil for 2026 | |
| 2026 Subscription Revenues GAAP Year/Year Growth | Reported | 22.5% | 0.0% | Affirmed | Guidance: 22.5% for 2026 | |||
| 2026 Subscription Revenues Non-GAAP Constant Currency Growth | Reported | 21.0% | ||||||
| 2026 Non-GAAP Subscription Gross Profit Margin | Reported | 81.0% | ||||||
| 2026 GAAP Subscription Gross Margin | Reported | 75.0% | ||||||
| 2026 Non-GAAP Operating Margin | Reported | 31.5% | 0.0% | Affirmed | Guidance: 31.5% for 2026 | |||
| 2026 GAAP Operating Margin | Reported | 10.0% | ||||||
| 2026 GAAP Net Cash Provided by Operating Activities Margin | Reported | 37.0% | ||||||
| 2026 Weighted-Average Diluted Shares | Reported | 1.04 Bil | ||||||
| 2026 Non-GAAP Free Cash Flow Margin | Reported | 36.0% | 1.0% | Raised | Guidance: 35.0% for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Subscription Revenues | Reported | 3.98 Bil | 3.98 Bil | 3.98 Bil | ||||
| Q3 2026 Subscription Revenues Growth | Reported | 20.5% | ||||||
| Q3 2026 Operating Margin | Reported | 31.0% | ||||||
| 2026 Subscription Revenues | Reported | 15.76 Bil | 15.77 Bil | 15.78 Bil | 0.1% | Raised | Guidance: 15.76 Bil for 2026 | |
| 2026 Subscription Revenues Growth | Reported | 22.5% | ||||||
| 2026 Operating Margin | Reported | 31.5% | ||||||
| 2026 Free Cash Flow Margin | Reported | 35.0% | ||||||
Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Subscription Revenues | Reported | 3.81 Bil | 3.82 Bil | 3.82 Bil | 4.5% | Higher New | Guidance: 3.65 Bil for Q1 2026 | |
| 2026 Subscription Revenues | Reported | 15.73 Bil | 15.76 Bil | 15.78 Bil | 1.3% | Raised | Guidance: 15.55 Bil for 2026 | |
Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 cRPO Growth | Reported | 22.5% | ||||||
| Q1 2026 Subscription Revenues | Reported | 3.65 Bil | 3.65 Bil | 3.65 Bil | 6.6% | Higher New | Guidance: 3.42 Bil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Margin | Reported | 31.5% | 1.5% | Higher New | Guidance: 30.0% for Q4 2025 | |||
| 2026 Subscription Revenues | Reported | 15.53 Bil | 15.55 Bil | 15.57 Bil | 21.1% | Higher New | Guidance: 12.84 Bil for 2025 | |
| 2026 Non-GAAP Subscription Gross Margin | Reported | 82.0% | ||||||
| 2026 Non-GAAP Operating Margin | Reported | 32.0% | 1.0% | Higher New | Guidance: 31.0% for 2025 | |||
| 2026 Non-GAAP Free Cash Flow Margin | Reported | 36.0% | 2.0% | Higher New | Guidance: 34.0% for 2025 | |||
Insider Activity
Updated 11/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 11102026 | 101.70 | 1,289 | 131,091 | 3,055,271 | Form |
| 2 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 9012026 | 147.87 | 2,034 | 300,777 | 2,706,873 | Form |
| 3 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 9012026 | 138.00 | 7,847 | 1,082,886 | 4,145,796 | Form |
| 4 | Chamberlain, Paul Edward | Direct | Sell | 8312026 | 135.50 | 2,700 | 365,851 | 5,960,663 | Form | |
| 5 | Chamberlain, Paul Edward | Direct | Sell | 8172026 | 125.60 | 1,500 | 188,400 | 5,864,264 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 11102026 | 101.70 | 1,289 | 131,091 | 3,055,271 | Form |
| 2 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 9012026 | 147.87 | 2,034 | 300,777 | 2,706,873 | Form |
| 3 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 9012026 | 138.00 | 7,847 | 1,082,886 | 4,145,796 | Form |
| 4 | Chamberlain, Paul Edward | Direct | Sell | 8312026 | 135.50 | 2,700 | 365,851 | 5,960,663 | Form | |
| 5 | Chamberlain, Paul Edward | Direct | Sell | 8172026 | 125.60 | 1,500 | 188,400 | 5,864,264 | Form | |
| 6 | Briggs, Teresa | Direct | Sell | 6012026 | 108.70 | 1,595 | 173,376 | 1,196,787 | Form | |
| 7 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 5182026 | 98.51 | 1,048 | 103,238 | 1,189,201 | Form |
| 8 | Sands, Anita M | Direct | Sell | 5182026 | 90.14 | 16,445 | 1,482,402 | 2,712,403 | Form | |
| 9 | Chamberlain, Paul Edward | Direct | Sell | 5182026 | 87.23 | 1,500 | 130,845 | 3,919,244 | Form | |
| 10 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 5122026 | 90.47 | 151 | 13,661 | 736,777 | Form |
| 11 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 4282026 | 89.60 | 8,927 | 799,868 | 2,646,007 | Form |
| 12 | McDermott, William R | Chairman & CEO | Direct | Buy | 3022026 | 104.60 | 28,682 | 3,000,058 | 16,550,839 | Form |
| 13 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 2252026 | 101.77 | 3,696 | 376,142 | 820,356 | Form |
| 14 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 2192026 | 105.93 | 9,641 | 1,021,271 | 1,245,406 | Form |
| 15 | McBride, Kevin Thomas | Principal Accounting Officer | Direct | Sell | 2132026 | 105.71 | 1,400 | 147,994 | 2,781,653 | Form |
| 16 | Chamberlain, Paul Edward | Direct | Sell | 2132026 | 101.17 | 1,500 | 151,755 | 4,697,323 | Form | |
| 17 | Mastantuono, Gina | President and CFO | Direct | Sell | 12092025 | 850.00 | 415 | 352,750 | 10,393,800 | Form |
| 18 | Jackson, Lawrence | Direct | Sell | 12022025 | 810.22 | 265 | 214,708 | 261,701 | Form | |
| 19 | Chamberlain, Paul Edward | Direct | Sell | 12022025 | 808.00 | 300 | 242,400 | 7,745,488 | Form | |
| 20 | Mastantuono, Gina | President and CFO | Direct | Sell | 12022025 | 808.00 | 417 | 336,936 | 10,215,544 | Form |
| 21 | Fipps, Paul | President, Global Customer Ops | Direct | Sell | 11192025 | 817.55 | 305 | 249,353 | 441,948 | Form |
| 22 | Elmer, Russell S | General Counsel | Direct | Sell | 11192025 | 827.08 | 81 | 66,993 | 3,582,911 | Form |
| 23 | Tzitzon, Nicholas | Vice Chairman | Direct | Sell | 11192025 | 827.08 | 522 | 431,736 | 2,481,240 | Form |
| 24 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 11192025 | 827.08 | 94 | 77,746 | 2,503,571 | Form |
| 25 | Elmer, Russell S | General Counsel | Direct | Sell | 11192025 | 846.92 | 110 | 93,161 | 3,668,857 | Form |
| 26 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 11192025 | 846.92 | 145 | 122,803 | 2,563,627 | Form |
| 27 | McBride, Kevin Thomas | Principal Accounting Officer | Direct | Sell | 11182025 | 842.48 | 280 | 235,894 | 4,257,894 | Form |
| 28 | Elmer, Russell S | General Counsel | Direct | Sell | 11142025 | 852.38 | 62 | 52,848 | 3,692,510 | Form |
| 29 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 11142025 | 852.38 | 66 | 56,257 | 2,580,154 | Form |
| 30 | Canney, Jacqueline P | Chief People & AI Enblmt. Off. | Direct | Sell | 11122025 | 863.86 | 257 | 222,012 | 2,614,904 | Form |
| 31 | Elmer, Russell S | General Counsel | Direct | Sell | 11122025 | 863.86 | 191 | 164,997 | 3,742,242 | Form |
Investor Activity (13F)
Updated Nov 12, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lightspeed Management Company, L.L.C. | $160.0 Mil | 16.2% | 8 | TRIM -14.2% | 13F |
| KPS Global Asset Management UK Ltd | $73.2 Mil | 11.8% | 4 | ADD +12.0% | 13F |
| CDAM (UK) Ltd | $45.3 Mil | 10.1% | 11 | ADD +49.7% | 13F |
| Praesidium Investment Management Company, LLC | $36.9 Mil | 8.8% | 12 | Hold | 13F |
| Standard Investments LLC | $114.5 Mil | 6.7% | 11 | ADD +65.9% | 13F |
| Grace & Mercy Foundation, Inc. | $25.2 Mil | 6.2% | 21 | ADD +51.1% | 13F |
| Ithaka Group LLC | $21.9 Mil | 4.5% | 38 | Hold | 13F |
| BloombergSen Inc. | $37.5 Mil | 4.2% | 27 | New | 13F |
| Manchester Global Management (UK) Ltd | $30.4 Mil | 4.1% | 23 | New | 13F |
| Scge Management, L.P. | $118.7 Mil | 3.6% | 21 | Hold | 13F |
| HMI Capital Management, L.P. | $26.1 Mil | 3.5% | 11 | New | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $18.9 Mil | 3.4% | 28 | Hold | 13F |
| Boothe Investment Group, Inc. | $9.9 Mil | 3.2% | 40 | ADD +54.2% | 13F |
| MayTech Global Investments, LLC | $25.2 Mil | 3.1% | 23 | Hold | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $235.2 Mil | 2.9% | 21 | Hold | 13F |
| Jia Investment Alliance PTE. LTD. | $26.9 Mil | 2.8% | 24 | Hold | 13F |
| Iyo Bank, Ltd. | $6.7 Mil | 2.4% | 35 | ADD +72.7% | 13F |
| Ravenswood Partners LP | $6.1 Mil | 2.2% | 35 | Hold | 13F |
| Firetrail Investments PTY LTD | $6.1 Mil | 2.1% | 28 | ADD +41.1% | 13F |
| Long Corridor Asset Management Ltd | $8.4 Mil | 2.0% | 38 | New | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $5.0 Mil | 1.9% | 28 | New | 13F |
| Akre Capital Management LLC | $114.6 Mil | 1.9% | 19 | New | 13F |
| Optimus Prime Fund Management Co., Ltd. | $18.9 Mil | 1.8% | 27 | New | 13F |
| Bender Robert & Associates | $6.4 Mil | 1.5% | 45 | Hold | 13F |
| Vulcan Value Partners, LLC | $55.8 Mil | 1.5% | 33 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Akre Capital Management LLC | $114.6 Mil | 1.9% | 19 | New | 13F |
| Vulcan Value Partners, LLC | $55.8 Mil | 1.5% | 33 | New | 13F |
| BloombergSen Inc. | $37.5 Mil | 4.2% | 27 | New | 13F |
| Manchester Global Management (UK) Ltd | $30.4 Mil | 4.1% | 23 | New | 13F |
| HMI Capital Management, L.P. | $26.1 Mil | 3.5% | 11 | New | 13F |
| Optimus Prime Fund Management Co., Ltd. | $18.9 Mil | 1.8% | 27 | New | 13F |
| Long Corridor Asset Management Ltd | $8.4 Mil | 2.0% | 38 | New | 13F |
| RDST Capital LLC | $8.0 Mil | 0.8% | 20 | New | 13F |
| Crosslink Capital Inc | $7.1 Mil | 0.7% | 21 | New | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $5.0 Mil | 1.9% | 28 | New | 13F |
| Iyo Bank, Ltd. | $6.7 Mil | 2.4% | 35 | ADD +72.7% | 13F |
| Standard Investments LLC | $114.5 Mil | 6.7% | 11 | ADD +65.9% | 13F |
| Boothe Investment Group, Inc. | $9.9 Mil | 3.2% | 40 | ADD +54.2% | 13F |
| Grace & Mercy Foundation, Inc. | $25.2 Mil | 6.2% | 21 | ADD +51.1% | 13F |
| CDAM (UK) Ltd | $45.3 Mil | 10.1% | 11 | ADD +49.7% | 13F |
| DSM Capital Partners LLC | $49.7 Mil | 0.9% | 44 | ADD +45.6% | 13F |
| Firetrail Investments PTY LTD | $6.1 Mil | 2.1% | 28 | ADD +41.1% | 13F |
| Lingotto Investment Management LLP | $40.8 Mil | 0.8% | 34 | ADD +36.6% | 13F |
| KPS Global Asset Management UK Ltd | $73.2 Mil | 11.8% | 4 | ADD +12.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Stockbridge Partners LLC | $290.7 Mil | 6.4% | 13 | Exited | Dec 31, 2025 | 13F |
| RGM Capital, LLC | $167.9 Mil | 8.1% | 17 | Exited | Dec 31, 2025 | 13F |
| Locust Wood Capital Advisers, LLC | $68.7 Mil | 1.7% | 32 | Exited | Dec 31, 2025 | 13F |
| Visualize Group LP | $21.3 Mil | 7.9% | 11 | Exited | Dec 31, 2025 | 13F |
| Benchstone Capital Management LP | $21.1 Mil | 2.4% | 43 | Exited | Dec 31, 2025 | 13F |
| Walter Public Investments Inc. | $7.8 Mil | 1.4% | 49 | Exited | Dec 31, 2025 | 13F |
| Hyperion Asset Management Ltd | $38.0 Mil | 1.2% | 18 | TRIM -76.6% | Mar 31, 2026 | 13F |
| Archon Partners LLC | $6.3 Mil | 0.7% | 39 | TRIM -14.3% | Mar 31, 2026 | 13F |
| Lightspeed Management Company, L.L.C. | $160.0 Mil | 16.2% | 8 | TRIM -14.2% | Mar 31, 2026 | 13F |
| Valiant Capital Management, L.P. | $8.7 Mil | 0.7% | 28 | TRIM -8.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $235.2 Mil | 2.9% | 21 | Hold | 13F |
| Lightspeed Management Company, L.L.C. | $160.0 Mil | 16.2% | 8 | TRIM -14.2% | 13F |
| Scge Management, L.P. | $118.7 Mil | 3.6% | 21 | Hold | 13F |
| Akre Capital Management LLC | $114.6 Mil | 1.9% | 19 | New | 13F |
| Standard Investments LLC | $114.5 Mil | 6.7% | 11 | ADD +65.9% | 13F |
| KPS Global Asset Management UK Ltd | $73.2 Mil | 11.8% | 4 | ADD +12.0% | 13F |
| Vulcan Value Partners, LLC | $55.8 Mil | 1.5% | 33 | New | 13F |
| DSM Capital Partners LLC | $49.7 Mil | 0.9% | 44 | ADD +45.6% | 13F |
| CDAM (UK) Ltd | $45.3 Mil | 10.1% | 11 | ADD +49.7% | 13F |
| Lingotto Investment Management LLP | $40.8 Mil | 0.8% | 34 | ADD +36.6% | 13F |
| Hyperion Asset Management Ltd | $38.0 Mil | 1.2% | 18 | TRIM -76.6% | 13F |
| BloombergSen Inc. | $37.5 Mil | 4.2% | 27 | New | 13F |
| Praesidium Investment Management Company, LLC | $36.9 Mil | 8.8% | 12 | Hold | 13F |
| Manchester Global Management (UK) Ltd | $30.4 Mil | 4.1% | 23 | New | 13F |
| Jia Investment Alliance PTE. LTD. | $26.9 Mil | 2.8% | 24 | Hold | 13F |
| HMI Capital Management, L.P. | $26.1 Mil | 3.5% | 11 | New | 13F |
| Grace & Mercy Foundation, Inc. | $25.2 Mil | 6.2% | 21 | ADD +51.1% | 13F |
| MayTech Global Investments, LLC | $25.2 Mil | 3.1% | 23 | Hold | 13F |
| Ithaka Group LLC | $21.9 Mil | 4.5% | 38 | Hold | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $18.9 Mil | 3.4% | 28 | Hold | 13F |
| Optimus Prime Fund Management Co., Ltd. | $18.9 Mil | 1.8% | 27 | New | 13F |
| Boothe Investment Group, Inc. | $9.9 Mil | 3.2% | 40 | ADD +54.2% | 13F |
| Valiant Capital Management, L.P. | $8.7 Mil | 0.7% | 28 | TRIM -8.6% | 13F |
| Long Corridor Asset Management Ltd | $8.4 Mil | 2.0% | 38 | New | 13F |
| Stony Point Capital LLC | $8.3 Mil | 0.7% | 31 | Hold | 13F |
ServiceNow — Investor Video Playlist
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Key Takeaways From Microsoft and ServiceNow Earnings
Products & Services
AI Control Tower Live: Governance that moves at machine speed
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Whiteboard 2.0 with Michael Park
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ServiceNow Analyst Day 2026 | New $1.5B FY26 AI ACV Growth Target Unveiled At Las Vegas Forum
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The Blueprint for Agentic Business | ServiceNow Knowledge 2026 Day 2 Keynote
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Nine major announcements. One platform.
Leadership
Welcome to Agentic Business | ServiceNow Knowledge 2026 Opening Keynote
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Core Cache Last Updated: 11/11/2026