Company profile
SEC EDGAR ↗- Industry
- Services-Prepackaged Software
- Listed
- NYSE: NOW
- Incorporated
- DE
- Headquarters
- Santa Clara, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $13.3B
- Net income
- $1.75B
- Total assets
- $26.0B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $13.3B | $1.75B | $26.0B |
| FY2024 | $11.0B | $1.43B | $20.4B |
| FY2023 | $8.97B | $1.73B | $17.4B |
| FY2022 | $7.25B | $325.0M | $13.3B |
| FY2021 | $5.90B | $230.1M | $10.8B |
| FY2020 | $4.52B | $119.0M | $8.71B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
Each Department ServiceNow Enters Makes the Last One Harder to Rip Out
Everyone reads ServiceNow as an IT help-desk company that branched into HR and security. But IT workflows still make up 53% of its ACV — and the real story is a platform built in 2003 for any workflow, where each new department it occupies makes the last one harder to rip out.
8 min
The Money Machine · Business Model
ServiceNow's Money Machine Is a $22.3B Backlog That Renews at Near-100% in Federal
Everyone thinks ServiceNow is an IT-ticketing tool that got lucky. The real machine is a $22.3B contracted backlog that pre-funds growth and renews at near-100% in its U.S. Federal business - and a platform built from day one to be adaptable well beyond IT.
8 min
The Ecosystem Lock-In · Moat & Competition
ServiceNow Sells Workflows, Not Data. The Lock-In Is Realer — and Narrower — Than It Sounds.
In 2024, 99% of ServiceNow's net new business came from customers buying more than one product, and 86% bought five or more. That's the moat. The 'enterprise system of record' story management keeps stretching its TAM to fit isn't — yet.
8 min
The Ecosystem Lock-In · Moat & Competition
ServiceNow's Moat Is Widening — and Getting More Expensive by the Quarter
ServiceNow built a workflow layer the enterprise can't easily leave: $22.3B in booked-but-unrecognized revenue, 2,109 customers paying it over $1M a year. But the leap from IT help-desk to 'AI operating system' runs through a $2.85B deal priced at 20x revenue. The moat and its cost are rising together.
8 min