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FY2025 Q4
개선
ServiceNow, Inc. 실적 발표
Buzzberg 분석
Now Assist ACV surpassed $600 million, tracking to $1B+ target.
ServiceNow delivered a strong Q4 beat, with subscription revenue growth of 21% (19.5% CC), CRPO up 21% CC, and operating margin 31%. Management guided to 20% subscription revenue growth for FY2026 with expanding margins, dismissed AI disruption fears, and detailed strategic acquisitions of Armis and Vesa to build a unified security orchestration platform. Key partnerships with Microsoft, OpenAI, and Anthropic were highlighted, along with rapid AI monetization (Now Assist ACV surpassed $600M). The tone was extremely bullish, with the CEO reiterating a $1 trillion market cap goal. Q4 subscription revenue $3.466B (+19.5% CC), beat high end by 150bps; CRPO +21% CC, beat guide by 200bps.
Buzzberg 분석 Now Assist ACV surpassed $600 million, tracking to $1B+ target. ServiceNow delivered a strong Q4 beat, with subscription revenue growth of 21% (19.5% CC), CRPO up 21% CC, and operating margin 31%. Management guided to 20% subscription revenue growth for FY2026 with expanding margins, dismissed AI disruption fears, and detailed strategic acquisitions of Armis and Vesa to build a unified security orchestration platform. Key partnerships with Microsoft, OpenAI, and Anthropic were highlighted, along with rapid AI monetization (Now Assist ACV surpassed $600M). The tone was extremely bullish, with the CEO reiterating a $1 trillion market cap goal. Q4 subscription revenue $3.466B (+19.5% CC), beat high end by 150bps; CRPO +21% CC, beat guide by 200bps. 전체 분석 보기분석 접기
ServiceNow delivered a strong Q4 beat, with subscription revenue growth of 21% (19.5% CC), CRPO up 21% CC, and operating margin 31%. Management guided to 20% subscription revenue growth for FY2026 with expanding margins, dismissed AI disruption fears, and detailed strategic acquisitions of Armis and Vesa to build a unified security orchestration platform. Key partnerships with Microsoft, OpenAI, and Anthropic were highlighted, along with rapid AI monetization (Now Assist ACV surpassed $600M). The tone was extremely bullish, with the CEO reiterating a $1 trillion market cap goal. Q4 subscription revenue $3.466B (+19.5% CC), beat high end by 150bps; CRPO +21% CC, beat guide by 200bps.
- FY2026 guidance: subscription revenue $15.53-15.57B (+19.5-20% CC), operating margin 32%, FCF margin 36%.
- Now Assist ACV surpassed $600M, more than doubled YoY; AI control tower deal volume nearly tripled QoQ.
- Partnerships with Microsoft, OpenAI, and Anthropic deepen AI integration; FedEx partnership expands beyond source-to-pay.
매출$3.568B+5% 전분기 대비
주당순이익(EPS)$0.92-4% 전분기 대비
매출총이익률76.63%보고값
영업이익률12.42%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Leadership
CEO extends commitment to 2030, calls ServiceNow a $1T company.
Guidance
2026 subscription revenue to grow 20%, beat-and-raise culture remains.
핵심 내용 3개 더 보기
Capital Allocation
New $5B buyback authorization with $2B ASR announced.
M&A
M&A not needed for growth; security portfolio doubling YoY.
AI
AI Control Tower deal volume nearly tripled in Q4.
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $3.568B | +5% 전분기 대비 |
| 주당순이익(EPS) | $0.92 | -4% 전분기 대비 |
| 매출총이익률 | 76.63% | 보고값 |
| 영업이익률 | 12.42% | 보고값 |
| 잉여현금흐름 | $2B | 보고값 |
| 자본지출 | $0.238B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 잉여현금흐름 | FY2026 | 36% | 36% | 유지 |
| 영업이익률 | FY2026 | 32% | 32% | 유지 |
| 매출 | FY2026 | $15.53B–$15.57B | $15.55B | 유지 |
| 매출 | FY2026 Q1 | $3.65B–$3.655B | $3.6525B | 유지 |
| 판매량 | FY2026 Q1 | 20% | 20% | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Upbeat
Management is confident and assertive, repeatedly emphasizing record results, strategic M&A, and a bullish outlook on AI and growth.
경영진의 AI 분석
Management emphasizes that AI is a major growth driver, with strong adoption of Now Assist and AI Control Tower, and they position ServiceNow as the essential orchestration layer that complements LLM partnerships.
투자 및 생산능력
Management expects subscription gross margin of 82% for 2026, reflecting incremental data center investments related to public cloud, geo-expansion, and AI, but they are offsetting this with operating expense savings and expect continued margin expansion.
아래에 언급된 기업 10개 모두 표시
기업발표 이후 수익률
파트너
파트너
Bill McDermott
FedEx is expanding its strategic partnership beyond source-to-pay, leveraging ServiceNow's AI platform for broader orchestration, signaling deepening collaboration.
근거
“We're combining ServiceNow's orchestration with FedEx's unique data DNA to provide procurement leaders with trusted insights in our source-to-pay solution.”
파트너
Bill McDermott
ServiceNow is guiding to a 1.5 ppt headwind in Q1 from the shift of on-prem to hosted revenue, partly due to strong adoption of hyperscaler offerings, but expects this to normalize over time. — The shift to hyperscaler infrastructure temporarily depresses gross margins but signals deeper cloud partnerships and eventual margin recovery with scale.
근거
“ServiceNow and Microsoft have announced a deep AI integration, connecting copilots, agents, and data across Microsoft 365 and the ServiceNow AI platform.”
ANTHROPIC
파트너
Bill McDermott
Deeper integration of Claude models into ServiceNow will drive enterprise AI adoption, especially for coding and workflows.
근거
“ServiceNow and Anthropic have announced an expanded partnership to integrate cloud models more deeply into the ServiceNow AI platform.”
OPENAI
파트너
Bill McDermott
ServiceNow gains preferred access to frontier models, enabling differentiated voice and multilingual AI capabilities in CRM and other workflows.
근거
“OpenAI models will be a preferred intelligence capability for several agentic use cases offered to ServiceNow Enterprise customers.”
ANDURIL
파트너
Bill McDermott
Armis provides unmatched asset visibility across IT, OT, IoT, and medical devices, forming the foundation for ServiceNow's unified security stack.
근거
“Armis is already protecting over 40% of the Fortune 100, precisely because they've cracked the visibility challenge.”
파트너
Bill McDermott
Vesa's dynamic identity mapping is critical for governing AI agent permissions, a bottleneck for enterprise AI deployment at scale.
근거
“VESA will solve the identity governance problem through its patented access graph technology.”
공급망
공급망
Gina Mastantuono
ServiceNow is guiding to a 1.5 ppt headwind in Q1 from the shift of on-prem to hosted revenue, partly due to strong adoption of hyperscaler offerings, but expects this to normalize over time. — The shift to hyperscaler infrastructure temporarily depresses gross margins but signals deeper cloud partnerships and eventual margin recovery with scale.
근거
“We expect subscription growth margin of 82%, reflecting incremental data center investments related to public cloud, geo-expansion, and AI.”
공급망
Armis is already protecting over 40% of the Fortune 100, giving ServiceNow immediate credibility in OT/IoT security and a large installed base to cross-sell their AI platform. — ServiceNow can rapidly expand its security footprint by integrating Armis into its AI control tower, potentially displacing incumbent security vendors in visibility and orchestration.
Bill McDermott외부 신호
공급망 알파 · 3발표 이후 수익률
ServiceNow is guiding to a 1.5 ppt headwind in Q1 from the shift of on-prem to hosted revenue, partly due to strong adoption of hyperscaler offerings, but expects this to normalize over time.
Armis is already protecting over 40% of the Fortune 100, giving ServiceNow immediate credibility in OT/IoT security and a large installed base to cross-sell their AI platform.
ServiceNow's now assist ACV surpassed $600M and more than doubled YoY, with deals over $1M nearly tripling QoQ, indicating rapid enterprise adoption and token reload cycles.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 10개를 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.