ServiceNow, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ServiceNow, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,391	1,933	2,609	3,460	4,519	5,896	7,245	8,971	10,984	13,278
Cost of revenue	399	500	623	796	987	1,353	1,573	1,921	2,287	2,983
Gross profit	992	1,419	1,986	2,664	3,532	4,543	5,672	7,050	8,697	10,295
Research and development	285	378	530	749	1,024	1,397	1,768	2,124	2,543	2,960
Selling and marketing	660	895	1,203	1,534	1,855	2,292	2,814	3,301	3,854	4,388
General and administrative	159	211	296	339	454	597	735	863	936	1,123
Operating expenses	1,374	1,483	2,029	2,622	3,333	4,286	5,317	6,288	7,333	8,471
Operating income	-382	-64.4	-42.4	42	199	257	355	762	1,364	1,824
Interest expense	33.3	53.4	52.7	33	33	28	27
Other non-operating income	5.03	4.38	56.1	58.3	-16	-28	-38	-56	-45	-14
Pre-tax income	-410	-113	-39	67	150	249	399	1,008	1,738	2,261
Income tax	3.83	3.44	-12.3	-560	31	19	74	-723	313	513
Net income	-414	-117	-26.7	627	119	230	325	1,731	1,425	1,748
EBITDA	-299	49.5	107	294	535	729	788	1,324	1,928	2,562
EPS, basic	-0.50	-0.14	-0.03	0.67	0.12	0.23	0.32	1.70	1.38	1.69
EPS, diluted	-0.50	-0.14	-0.03	0.63	0.12	0.23	0.32	1.68	1.37	1.67
Shares, basic (weighted)	825	858	891	935	968	993	1,010	1,021	1,029	1,037
Shares, diluted (weighted)	825	858	891	988	1,015	1,018	1,020	1,028	1,042	1,047

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	401	726	566	776	1,677	1,728	1,470	1,897	2,304	3,726
Short-term investments		1,053	932	915	1,415	1,576	2,810	2,980	3,458	2,558
Receivables	323	437	575	835	1,009	1,390	1,725	2,036	2,240	2,627
Other current assets	43.6	96	132	125	192	223	280	403	668	970
Total current assets	1,343	2,422	2,345	2,827	4,522	5,220	6,654	7,777	9,187	10,471
Property, plant and equipment	182	245	347	468	660	766	1,053	1,358	1,763	2,289
Lease right-of-use assets			0	402	454	591	682	715	693	806
Goodwill	82.5	129	149	157	241	777	824	1,231	1,273	3,578
Intangible assets	65.9	86.9	101	144	153	287	232	224	209	1,121
Long-term investments		391	582	1,013	1,468	1,630	2,117	3,203	4,111	3,771
Other non-current assets	36.6	51.8	52.8	78	100	212	359	452	291	290
Total assets	2,034	3,550	3,879	6,022	8,715	10,798	13,299	17,387	20,383	26,038
Accounts payable	38.1	32.1	30.7	53	34	89	274	126	68	204
Accrued liabilities	172	253	330	461	668	850	975	1,365	1,369	1,813
Deferred revenue	862	1,211	1,652	2,186	2,963	3,836	4,660	5,785	6,819	8,314
Short-term debt					0	92	0			0
Total current liabilities	1,071	2,039	2,013	2,753	3,737	4,949	6,005	7,365	8,358	10,443
Long-term debt				695	1,640
Lease liabilities			0	383	423	556	650	707	687	800
Other non-current liabilities	34.2	65.9	55.1	23.5	36	51	56	118	145	220
Total liabilities	1,647	2,772	2,768	3,894	5,881	7,103	8,267	9,759	10,774	13,074
Total debt				695	1,640	92	0			1,491
Paid-in capital	1,405	1,731	2,094	2,455	2,974	3,665	4,796	6,131	7,401	10,747
Retained earnings	-997	-959	-979	-352	-234	-4	338	2,069	3,494	5,242
Treasury stock							0	-535	-1,219	-3,045
Other comprehensive income	-21.1	5.77	-4.04	25.3	94	34	-102	-37	-68	19
Shareholders' equity	541	779	1,110	2,127	2,834	3,695	5,032	7,628	9,609	12,964
Total equity	541	779	1,110	2,127	2,834	3,695	5,032	7,628	9,609	12,964
Total liabilities and equity	2,034	3,550	3,879	6,022	8,715	10,798	13,299	17,387	20,383	26,038
Shares outstanding	839	873	903	950	982	1,000	1,017	205	1,032	1,047

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-414	-117	-26.7	627	119	230	325	1,731	1,425	1,748
Depreciation and amortization	83.1	114	150	252	336	472	433	562	564	738
Stock-based compensation	318	394	544	662	870	1,131	1,401	1,604	1,746	1,955
Deferred income tax	-1.35	-5.76	-34.4	-576	-22	-34	15	-857	98	251
Change in receivables	-126	-99.7	-146	-260	-152	-401	-340	-300	-254	-312
Change in payables	-3.55	-5.5	-4.76	21	-34	55	172	-142	-52	55
Cash from operations	159	643	811	1,236	1,786	2,191	2,723	3,398	4,267	5,444
Capital expenditures	-106	-151	-224	-265	-419	-392	-550	-694	-852	-868
Acquisitions	-34.3	-58.2	-37.4	-7	-107	-785	-91	-279	-113	-1,084
Purchases of investments	-519	-1,194	-1,296	-1,596	-2,922	-2,485	-4,038	-4,634	-5,031	-2,814
Sales and maturities of investments	272	441	1,195	1,159
Cash from investing	-108	-884	-347	-725	-1,507	-1,607	-2,583	-2,167	-2,501	-1,689
Debt issued			0	0	1,482	0	0
Share buybacks	0	-55	0	0		0	0	-538	-696	-1,840
Cash from financing	-55.8	539	-607	-302	597	-506	-344	-803	-1,343	-2,340
Exchange rate effect	-5.95	28	-15.5	0	25	-25	-53	1	-17	7
Net change in cash	-10.9	326	-159	209	901	53	-257	429	406	1,422
Free cash flow	53.5	492	587	971	1,367	1,799	2,173	2,704	3,415	4,576
Interest paid				0	0	41	24	23	23	22
Income taxes paid	4.34	7.9	17.5	20	39	36	45	127	230	283

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $135.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.8%	Gross profit / revenue.
Operating margin	11.4%	Operating income / revenue.
EBITDA margin	16.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.9%	Pre-tax income / revenue.
Net margin	11.3%	Net income / revenue.
FCF margin	31.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.0%	Cash from operations / revenue.
Effective tax rate	28.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
Return on invested capital (ROIC)	7.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	22.1%	Research and development expense / revenue.
Stock-based pay / revenue	14.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.9%	Capital expenditures / revenue.
D&A / revenue	5.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	72.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	55.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	32.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	48.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	36.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	75.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	71.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	73.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	70.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	27.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	28.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	27.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	34.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	37.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	35.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	27.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.70x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.43x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.2%	Total debt / total assets.
Liabilities / assets	60.5%	Total liabilities / total assets.
Net debt	$771.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$3.64B	Current assets - current liabilities.
Goodwill and intangibles / assets	43.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	6.77x	Revenue / average property, plant and equipment.
Receivables turnover	6.69x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
FCF conversion	274.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.24	Revenue / diluted weighted shares.
FCF per share	$4.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.13	Cash from operations / diluted weighted shares.
Book value per share	$12.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.07	Tangible book value / shares outstanding.
Cash per share	$4.51	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	74.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$140.23B	Share price x shares outstanding.
Enterprise value	$141.00B	Market cap + total debt - cash - short-term investments.
P/E	84.0x	Market cap / net income. Only when net income is positive.
P/S	9.52x	Market cap / revenue.
P/B	11.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	30.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.4x	Market cap / cash from operations, when positive.
EV/Sales	9.57x	Enterprise value / revenue.
EV/EBIT	83.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	57.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	1.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ServiceNow, Inc.'s revenue in fiscal 2025?

ServiceNow, Inc. reported revenue of $13.28B for fiscal 2025, 20.9% higher than the year before.

Was ServiceNow, Inc. profitable in fiscal 2025?

Yes. Net income was $1.75B, a net margin of 13.2%.

How much free cash flow did ServiceNow, Inc. generate in fiscal 2025?

Cash from operations of $5.44B minus capital expenditures of $868.0M left free cash flow of $4.58B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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