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NOW
FY2025 Q4
Улучшается
Отчётный звонок ServiceNow, Inc.
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$3.568B+5% к/к
EPS$0.92-4% к/к
Валовая маржа76.63%Факт
Операционная маржа12.42%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Leadership
CEO extends commitment to 2030, calls ServiceNow a $1T company.
Guidance
2026 subscription revenue to grow 20%, beat-and-raise culture remains.
Показать ещё 3 тезиса
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.
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $3.568B | +5% к/к |
| EPS | $0.92 | -4% к/к |
| Валовая маржа | 76.63% | Факт |
| Операционная маржа | 12.42% | Факт |
| Свободный денежный поток | $2B | Факт |
| Капзатраты | $0.238B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Свободный денежный поток | FY2026 | 36% | 36% | Подтверждён |
| Операционная маржа | FY2026 | 32% | 32% | Подтверждён |
| Выручка | FY2026 | $15.53B–$15.57B | $15.55B | Подтверждён |
| Выручка | FY2026 Q1 | $3.65B–$3.655B | $3.6525B | Подтверждён |
| Объём | FY2026 Q1 | 20% | 20% | Подтверждён |
AI, капзатраты и спрос
Оценка менеджмента
Upbeat
Management is confident and assertive, repeatedly emphasizing record results, strategic M&A, and a bullish outlook on AI and growth.
Оценка AI от менеджмента
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.
Инвестиции и мощности
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.
все упомянутые компании ниже: 10
Компаниис момента звонка
Партнёры
Партнёры
Bill McDermott
FedEx is expanding its strategic partnership beyond source-to-pay, leveraging ServiceNow's AI platform for broader orchestration, signaling deepening collaboration.
Доказательства
“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.”
Партнёры
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.
Доказательства
“ServiceNow and Microsoft have announced a deep AI integration, connecting copilots, agents, and data across Microsoft 365 and the ServiceNow AI platform.”
ANTHROPIC
Партнёры
Bill McDermott
Deeper integration of Claude models into ServiceNow will drive enterprise AI adoption, especially for coding and workflows.
Доказательства
“ServiceNow and Anthropic have announced an expanded partnership to integrate cloud models more deeply into the ServiceNow AI platform.”
OPENAI
Партнёры
Bill McDermott
ServiceNow gains preferred access to frontier models, enabling differentiated voice and multilingual AI capabilities in CRM and other workflows.
Доказательства
“OpenAI models will be a preferred intelligence capability for several agentic use cases offered to ServiceNow Enterprise customers.”
ANDURIL
Партнёры
Bill McDermott
Armis provides unmatched asset visibility across IT, OT, IoT, and medical devices, forming the foundation for ServiceNow's unified security stack.
Доказательства
“Armis is already protecting over 40% of the Fortune 100, precisely because they've cracked the visibility challenge.”
Партнёры
Bill McDermott
Vesa's dynamic identity mapping is critical for governing AI agent permissions, a bottleneck for enterprise AI deployment at scale.
Доказательства
“VESA will solve the identity governance problem through its patented access graph technology.”
Цепочка поставок
Цепочка поставок
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.
Доказательства
“We expect subscription growth margin of 82%, reflecting incremental data center investments related to public cloud, geo-expansion, and AI.”
Цепочка поставок
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 McDermottВнешние сигналы
Альфа цепочки поставок · 3с момента звонка
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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 10. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.