ServiceNow

ServiceNow makes software that helps large organizations run their internal operations. Its platform automates workflows in IT, human resources, and customer service departments. Companies pay ServiceNow through yearly subscriptions, often across multiple products on the same platform. ServiceNow also sells AI agents that complete work tasks directly, on top of its workflow software.

Investors fear that AI agents will replace the paid work seats ServiceNow prices its software around. Software stocks broadly fell on this fear in September 2026, not only ServiceNow. The gap can close if ServiceNow keeps growing subscription revenue near its current pace while its AI products add revenue instead of replacing seats. The company's AI product line already passed one billion dollars in annual contract value.

In July 2026, the CEO said that deployments of its AI agents grew nine times in nine months. In May 2026, ServiceNow combined Now Assist, Moveworks, and AI Experience into one AI product, Otto. This lets it sell AI work as new revenue rather than compete against its own seat revenue. The Q3 2026 report on October 28, 2026 passed the first test.

Subscription revenue grew 21%. cRPO, current remaining performance obligations, a measure of contracted revenue not yet billed, grew 21% in constant currency, above guidance of 20%. ServiceNow also raised its 2026 target for AI annual contract value to $1.7 billion. But its Q4 2026 guidance calls for cRPO growth of only 18.5% in constant currency. The next test is the Q4 2026 report, expected in late January 2027, with its 2027 guidance.

If growth stays near 20% through 2027, the seat-replacement fear should ease and the gap can close.

1. Oct 28, 2026Passed

   Q3 2026 results: subscription growth and cRPOSubscription revenue growth near 20% and cRPO at or above guidance pass; growth that slows clearly below 20% or a cRPO miss fails.Outcome: Subscription revenue grew 21% and cRPO grew 21% in constant currency, both above guidance, and the 2026 AI contract value target rose to $1.7 billion.
2. Jan 28, 2027 · est.Pending

   Q4 2026 results and 2027 subscription guidance2027 subscription guidance near 20% growth with rising AI contract value passes; lower guidance tied to fewer seats fails.

Every passed and failed checkpoint across all picks

• October 28, 2026ServiceNow reported Q3 2026 results. Subscription revenue was $3,988 million, up 21%, above its guidance. cRPO was $13.65 billion, up 20.5%, or 21% in constant currency, against guidance of 20%. RPO was $29.7 billion, up 22%. Free cash flow was $822 million, and GAAP operating margin was 9.5%. ServiceNow raised its 2026 subscription revenue guidance to $15.78 to $15.79 billion and its free cash flow margin target to 36%. It raised its 2026 target for AI annual contract value to $1.7 billion. On the same day, it announced a wider partnership with OpenAI.
• October 13, 2026Business Insider reported that the AI customer service startup Decagon hired a bank to study a sale and held early talks with ServiceNow and other buyers. On the same day, ServiceNow's president and COO, Amit Zavery, said that ServiceNow "has no interest or intention of purchasing Decagon." Investors watch ServiceNow's purchases closely after it bought Moveworks, Veza and Armis.
• October 7, 2026ServiceNow said it will report Q3 2026 results on October 28, 2026, after the market closes.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · now-20260930
• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 23, 2026 · now-20260630
• 8-KEarnings releaseFiled July 22, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 22, 2026 · now-20260521
• 8-KNew material agreement and New debt or financial obligationFiled May 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 23, 2026 · now-20260331
• 8-KNew material agreement and Earnings releaseFiled April 22, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled April 1, 2026 · now-20260401
• 8-KInvestor disclosureFiled February 17, 2026 · now-20260213

Every filing on SEC EDGAR (CIK 1373715)

• The market prices ServiceNow partly on a bet that AI agents help it more than they hurt it. If large customers cut the number of paid seats faster than ServiceNow can sell new AI-based products, subscription revenue growth could slow in a way that is hard to reverse quickly.
• ServiceNow bought Moveworks, Veza and Armis between December 2025 and April 2026, for about $10 billion in total. It must integrate three companies into its platform and its AI product line at the same time. A slow integration could reduce the AI and security revenue growth that the market watches closely. Amortization and deal costs from these purchases also reduced GAAP operating margin to 4% in Q2 2026 and 9.5% in Q3 2026.
• ServiceNow's AI products are priced differently from its old per-seat subscriptions. Customers pay a usage fee when they use more AI than their subscription includes. This makes future revenue less predictable than the old subscription model. A slowdown in enterprise IT budgets could hit new AI deals harder than renewals of existing seat-based contracts.

ServiceNow had net cash until April 2026. Its only debt was $1.5 billion of 1.40% notes due 2030. Read more

ServiceNow does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.