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FY2025 Q3
상향
ServiceNow, Inc. 실적 발표
Buzzberg 분석
Now Assist on pace to exceed $500M ACV, beating expectations
ServiceNow reported a strong Q3 beat across all top-line and profitability metrics, raised full-year guidance, and highlighted accelerating AI adoption with NowAssist on track to exceed $500M ACV. Management expressed bullish demand trends but noted a potential Q4 headwind from a US government shutdown. Subscription revenue grew 20.5% YoY CC, 100bps above guide high end; CRPO growth 20.5%, 250bps beat.
Buzzberg 분석 Now Assist on pace to exceed $500M ACV, beating expectations ServiceNow reported a strong Q3 beat across all top-line and profitability metrics, raised full-year guidance, and highlighted accelerating AI adoption with NowAssist on track to exceed $500M ACV. Management expressed bullish demand trends but noted a potential Q4 headwind from a US government shutdown. Subscription revenue grew 20.5% YoY CC, 100bps above guide high end; CRPO growth 20.5%, 250bps beat. 전체 분석 보기분석 접기
ServiceNow reported a strong Q3 beat across all top-line and profitability metrics, raised full-year guidance, and highlighted accelerating AI adoption with NowAssist on track to exceed $500M ACV. Management expressed bullish demand trends but noted a potential Q4 headwind from a US government shutdown. Subscription revenue grew 20.5% YoY CC, 100bps above guide high end; CRPO growth 20.5%, 250bps beat.
- NowAssist net new ACV beat expectations again; AI products on pace to exceed $500M ACV in 2025, with $1B target for 2026.
- AI agent assist consumption surged 55x since May; AI Control Tower deal volume quadrupled QoQ.
- Full-year guidance raised: subscription revenues +$55M, operating margin +50bps to 31%, FCF margin +200bps to 34%.
매출$3.407B보고값
주당순이익(EPS)$0.96보고값
매출총이익률77.28%보고값
영업이익률16.79%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
AI
AI agent assist consumption up 55x since May
AI
AI control tower deal volume quadrupled quarter-over-quarter
핵심 내용 3개 더 보기
Margins
Company raises full-year operating margin and FCF margin guidance
Demand
Federal business strong but Q4 impacted by government shutdown
Demand
Security and risk business crosses $1B ACV
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $3.407B | 보고값 |
| 주당순이익(EPS) | $0.96 | 보고값 |
| 매출총이익률 | 77.28% | 보고값 |
| 영업이익률 | 16.79% | 보고값 |
| 잉여현금흐름 | $0.578B | 보고값 |
| 자본지출 | $0.235B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 잉여현금흐름 | FY2025 | 34% | 34% | 상향 |
| 영업이익률 | FY2025 | 31% | 31% | 상향 |
| 매출 | FY2025 | $12.835B–$12.845B | $12.84B | 상향 |
| 매출 | FY2025 Q4 | $3.42B–$3.43B | $3.425B | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
Upbeat
Management emphasized record-breaking results, raised guidance, and expressed strong confidence in future growth, using phrases like 'stunning quarterly results' and 'confidence in the future has never been stronger.'
경영진의 AI 분석
Management highlighted accelerating AI demand, with Now Assist on pace to exceed $500M in ACV this year, 12 deals over $1M including one over $10M, and 55x growth in AI agent assist consumption since May. The AI control tower saw deal volume quadruple quarter-over-quarter, and the company is positioned as the AI platform for business transformation with a billion-dollar AI target for 2026.
투자 및 생산능력
Management noted lower CapEx due to data center spend rationalization as some workloads move to hyperscalers, contributing to incremental margin expansion potential. The company raised its full-year free cash flow margin target by 200 basis points to 34%.
아래에 언급된 기업 5개 모두 표시
기업발표 이후 수익률
고객
고객
Bill McDermott
Pure Storage is a reference customer for ServiceNow's AI-powered CRM, signaling adoption in the storage space.
근거
“Customers like Thrive and Pure Storage are using ServiceNow CRM to personalize support, connect data, AI, and workflows”
고객
Bill McDermott
AstraZeneca is an early adopter of ServiceNow's AI Control Tower, validating the product for large-scale governance.
근거
“they're using the control tower to manage and govern all their AI initiatives at scale”
파트너
파트너
Bill McDermott
NVIDIA is a marquee customer and partner, with ServiceNow building on NVIDIA Nemotron to deliver next-gen platform capabilities.
근거
“the great Nvidia, the world's first $5 trillion company. Congratulations, Jensen, our great friend”
공급망
공급망
Bill McDermott
AI Control Tower deal volume more than quadrupled quarter-over-quarter, becoming a major entry point for new security and risk management deals. — Rapid adoption of AI Control Tower suggests ServiceNow is gaining share in AI governance and security, pressuring incumbent security vendors.
근거
“Our AI control tower deal volume more than quadrupled quarter over quarter in Q3.”
외부 신호
공급망 알파 · 2발표 이후 수익률
AI agent assist consumption has increased 55x since May 2025, indicating an accelerating adoption hockey stick for usage-based monetization.
근거
“AI agent assist consumption has increased over 55X. That's the foundation of a beautiful hockey stick that's coming to you.”
AI Control Tower deal volume more than quadrupled quarter-over-quarter, becoming a major entry point for new security and risk management deals.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 5개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.