ServiceNow: growth far beyond its economy.

1. From profit to six straight losses. ServiceNow lost money every year from 2013 to 2018: $1 billion in all. 2019 was its first profit in seven years: $0.6 billion.
2. It outgrew its own economy many times over. Revenue rose from $1.4 billion in 2016 to $13.3 billion in 2025: 9.5 times as much. The US economy, counted the same way in money terms, grew about 60%. Whatever drove it, the economy around it does not account for growth of that size.
3. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 855% in US dollars; the median among 58 large service companies grew 90%. It outgrew 86% of them.
4. Leaders came and went. ServiceNow filed 42 leadership changes since 2016, more than 92% of large service companies (the median is 22). The day after each, its shares fell a median 0.5 points against its sector.
5. One decision on record. Stratrix has verified one of ServiceNow's big decisions, each with what happened next. The hardest year after: "ServiceNow's Moat Is Widening — and Getting More Expensive by the Quarter", with its shares 55 points behind the S&P 500 over the next year.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2025ServiceNow's Moat Is Widening — and Getting More Expensive by the QuarterStood · shares −55 pts vs the S&P 500 over a year