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FY2025 Q3
Повышен
Отчётный звонок ServiceNow, Inc.
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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%.
Выручка$3.407BФакт
EPS$0.96Факт
Валовая маржа77.28%Факт
Операционная маржа16.79%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
AI
AI agent assist consumption up 55x since May
AI
AI control tower deal volume quadrupled quarter-over-quarter
Показать ещё 3 тезиса
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
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $3.407B | Факт |
| EPS | $0.96 | Факт |
| Валовая маржа | 77.28% | Факт |
| Операционная маржа | 16.79% | Факт |
| Свободный денежный поток | $0.578B | Факт |
| Капзатраты | $0.235B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Свободный денежный поток | FY2025 | 34% | 34% | Повышен |
| Операционная маржа | FY2025 | 31% | 31% | Повышен |
| Выручка | FY2025 | $12.835B–$12.845B | $12.84B | Повышен |
| Выручка | FY2025 Q4 | $3.42B–$3.43B | $3.425B | Повышен |
AI, капзатраты и спрос
Оценка менеджмента
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.'
Оценка AI от менеджмента
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.
Инвестиции и мощности
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%.
все упомянутые компании ниже: 5
Компаниис момента звонка
Клиенты
Клиенты
Bill McDermott
Pure Storage is a reference customer for ServiceNow's AI-powered CRM, signaling adoption in the storage space.
Доказательства
“Customers like Thrive and Pure Storage are using ServiceNow CRM to personalize support, connect data, AI, and workflows”
Клиенты
Bill McDermott
AstraZeneca is an early adopter of ServiceNow's AI Control Tower, validating the product for large-scale governance.
Доказательства
“they're using the control tower to manage and govern all their AI initiatives at scale”
Партнёры
Партнёры
Bill McDermott
NVIDIA is a marquee customer and partner, with ServiceNow building on NVIDIA Nemotron to deliver next-gen platform capabilities.
Доказательства
“the great Nvidia, the world's first $5 trillion company. Congratulations, Jensen, our great friend”
Цепочка поставок
Цепочка поставок
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.
Доказательства
“Our AI control tower deal volume more than quadrupled quarter over quarter in Q3.”
Внешние сигналы
Альфа цепочки поставок · 2с момента звонка
AI agent assist consumption has increased 55x since May 2025, indicating an accelerating adoption hockey stick for usage-based monetization.
Доказательства
“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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 5. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.