NOW.US: Q2'26 sub $3.88B — AI ACV tops $1B

Snapshot

Price (approx.)

USD 165

Mkt cap (approx.)

USD 171.0B

Revenue (approx.)

USD 15.9B

cRPO

USD 13.2B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

ServiceNow Q2 subscription $3.877B (+24.5%), total $3.987B; cRPO $13.20B (+21%). AI ACV crossed $1B, YE target $1.5B. FY subscription $15.76–15.78B. High-quality workflow compounder; multiple needs cRPO to stay out of the high teens.

Business

Model: enterprise workflow cloud. Flagships: ITSM; customer/employee workflows; AI agents. Edge: platform and process data. Strategy: AI control tower. Entity: ServiceNow, Inc.

Value chain

Downstream enterprise software. Upstream: hyperscalers; downstream: 658 $5M+ ACV customers. Risks: replacement cycles, AI packaging, CRM overlap.

Valuation

Price context ~$165 / mkt ~$171B (watch share count). Market prices 20%+ cRPO.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 165	NOW · 以包内 kpi_snapshot 时点为准

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

98% renewal; FY FCF margin guide 35%. Net-cash software. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

123 $1M+ net-new ACV deals (+40%); 98% renewal; 29.5% non-GAAP OM.

Key financial points

Key financial points

Item	Value	YoY	Note
订阅收入	$3.877B	+24.5%	超指引
总营收	$3.987B	+24%
cRPO	$13.20B	+21%	超指引 200bps
RPO	$29.0B	+21%
AI ACV	>$1B	里程碑	YE $1.5B
FY 订阅指引	$15.76–15.78B	上修

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
ServiceNow (self)	Workflow platform	~79% GM	Platform breadth	Valuation risk
Salesforce	CRM apps	High GM	App depth	Overlap in service
Microsoft	Power Platform	Bundle	Distribution	Best-of-breed fight
IBM	ITSM/consulting	Mid	Services	Product vs platform

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Bill McDermott	2019+	No material change
CFO	Gina Mastantuono	2020+	No material change
Product / AI	Product leads	ongoing	AI agent push

Stability: Platform strategy continuity; no 24m control change.

Outlook

Track Q3 sub ~$3.98B, AI ACV, $1M+ deals.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. Q3 sub ~$3.98B and FY sub $15.76–15.78B
2. cRPO $13.20B (+21%) and 123 $1M+ net-new deals
3. AI ACV >$1B and YE $1.5B target
4. 29.5% non-GAAP OM and 98% renewal
5. Workflow share vs CRM/ITSM peers

References

1. ServiceNow Q2 2026 results — https://newsroom.servicenow.com/press-releases/details/2026/ServiceNow-Reports-Second-Quarter-2026-Financial-Results/default.aspx
2. ServiceNow IR — https://investor.servicenow.com/
3. Cross — CRM workflow

Not investment advice; defer to latest company filings.