ServiceNow (NOW) financial statements
ServiceNow reported revenue of $13.3B in fiscal 2025, up 28.5% a year over 9 years.
Net income was $1.7B and the operating margin 13.7%, against -27.5% in 2016.
Free cash flow was $4.6B, and the company returned $1.8B in net buybacks.
The diluted share count rose 27% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ServiceNow's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.9B | $2.6B | $3.5B | $4.5B | $5.9B | $7.2B | $9.0B | $11.0B | $13.3B |
| Cost of revenue | $399M | $500M | $623M | $796M | $987M | $1.4B | $1.6B | $1.9B | $2.3B | $3.0B |
| Gross profit | $992M | $1.4B | $2.0B | $2.7B | $3.5B | $4.5B | $5.7B | $7.0B | $8.7B | $10.3B |
| Research and development | $285M | $378M | $530M | $749M | $1.0B | $1.4B | $1.8B | $2.1B | $2.5B | $3.0B |
| Selling, general and admin | $819M | $1.1B | $1.5B | $1.9B | $2.3B | $2.9B | $3.5B | $4.2B | $4.8B | $5.5B |
| Operating income | -$382M | -$64M | -$42M | $42M | $199M | $257M | $355M | $762M | $1.4B | $1.8B |
| Interest expense | $33M | $53M | $53M | $33M | $33M | $28M | $27M | — | — | — |
| Pre-tax income | -$410M | -$113M | -$39M | $67M | $150M | $249M | $399M | $1.0B | $1.7B | $2.3B |
| Income tax | $4M | $3M | -$12M | -$560M | $31M | $19M | $74M | -$723M | $313M | $513M |
| Net income | -$414M | -$117M | -$27M | $627M | $119M | $230M | $325M | $1.7B | $1.4B | $1.7B |
| EPS (diluted) | -$0.50 | -$0.14 | -$0.03 | $0.64 | $0.12 | $0.23 | $0.32 | $1.68 | $1.37 | $1.67 |
| Diluted shares | 823M | 856M | 889M | 986M | 1.01B | 1.02B | 1.02B | 1.03B | 1.04B | 1.05B |
| Gross margin | 71.3% | 73.9% | 76.1% | 77.0% | 78.2% | 77.1% | 78.3% | 78.6% | 79.2% | 77.5% |
| Operating margin | -27.5% | -3.4% | -1.6% | 1.2% | 4.4% | 4.4% | 4.9% | 8.5% | 12.4% | 13.7% |
| Net margin | -29.8% | -6.1% | -1.0% | 18.1% | 2.6% | 3.9% | 4.5% | 19.3% | 13.0% | 13.2% |
Balance sheet
Fiscal years, from ServiceNow's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $899M | $1.8B | $1.5B | $1.7B | $3.1B | $3.3B | $4.3B | $4.9B | $5.8B | $6.3B |
| Receivables | $323M | $437M | $575M | $835M | $1.0B | $1.4B | $1.7B | $2.0B | $2.2B | $2.6B |
| Total current assets | $1.3B | $2.4B | $2.3B | $2.8B | $4.5B | $5.2B | $6.7B | $7.8B | $9.2B | $10.5B |
| Property, plant and equipment | $182M | $245M | $347M | $468M | $660M | $766M | $1.1B | $1.4B | $1.8B | $2.3B |
| Goodwill | $83M | $129M | $149M | $157M | $241M | $777M | $824M | $1.2B | $1.3B | $3.6B |
| Total assets | $2.0B | $3.6B | $3.9B | $6.0B | $8.7B | $10.8B | $13.3B | $17.4B | $20.4B | $26.0B |
| Total current liabilities | $1.1B | $2.0B | $2.0B | $2.8B | $3.7B | $4.9B | $6.0B | $7.4B | $8.4B | $10.4B |
| Long-term debt | — | — | — | $695M | $1.6B | — | — | — | — | — |
| Total liabilities | $1.6B | $2.8B | $2.8B | $3.9B | $5.9B | $7.1B | $8.3B | $9.8B | $10.8B | $13.1B |
| Shareholders' equity | $541M | $779M | $1.1B | $2.1B | $2.8B | $3.7B | $5.0B | $7.6B | $9.6B | $13.0B |
| Net debt | -$401M | -$726M | -$566M | -$81M | -$37M | -$1.6B | -$1.5B | -$1.9B | -$2.3B | -$3.7B |
Cash flow
Fiscal years, from ServiceNow's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $159M | $643M | $811M | $1.2B | $1.8B | $2.2B | $2.7B | $3.4B | $4.3B | $5.4B |
| Capital spending | $106M | $151M | $224M | $265M | $419M | $392M | $550M | $694M | $852M | $868M |
| Free cash flow | $54M | $492M | $587M | $971M | $1.4B | $1.8B | $2.2B | $2.7B | $3.4B | $4.6B |
| Stock-based compensation | $318M | $394M | $544M | $662M | $870M | $1.1B | $1.4B | $1.6B | $1.7B | $2.0B |
| Share buybacks (net) | $0 | -$55M | $0 | $0 | — | $0 | $0 | -$538M | -$696M | -$1.8B |
| Net borrowing | — | — | $0 | $0 | $1.5B | $0 | $0 | — | — | — |
| Free cash flow margin | 3.8% | 25.7% | 22.5% | 28.1% | 30.3% | 30.5% | 30.0% | 30.1% | 31.1% | 34.5% |
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What was ServiceNow's revenue in 2025?
$13.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does ServiceNow generate?
$4.6B in fiscal 2025 (operating cash flow minus capital spending).
From ServiceNow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.