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ServiceNow
(NOW ↗)
servicenow.com ↗
The software that runs the boring-but-critical workflows inside big companies — IT tickets, HR requests, approvals — and almost never gets cancelled once it's in. A 20%+ grower at $13B scale, deeply profitable, with one of the stickiest customer bases in software.
Updated · FY2025 · December 2025
6
Chapters
~15
Min read
$13.3B / yr revenue · ~27K employees · public since 2012
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Spice: Jalapeño (3/5)
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0 of 6
1
Growth
~3 min
Still Sprinting at $13 Billion
Most software companies slow down as they get huge. ServiceNow is still growing 20%+ at a $13 billion scale.
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2
Financial Health
~3 min
Growth With Real Cash
Plenty of software companies grow fast while losing money. ServiceNow grows fast and generates billions in cash.
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3
Moat
~3 min
The Software Nobody Rips Out
ServiceNow's customers almost never leave. 98 out of every 100 dollars up for renewal stay.
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4
Management
~2 min
Returning the Cash
A profitable, cash-rich company has to decide what to do with the money. ServiceNow's answer is increasingly: give it back.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Durable 20% growth, a 98% renewal rate, billions in cash — and a big bet on becoming the platform for enterprise AI.
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6
Risk
~2 min
Priced for Perfection — and the AI Wildcard
ServiceNow is an excellent business. The risks are what you pay for it, and whether AI helps it or upends it.
↻ Next update · Apr 23
est. Apr 23, 2026 · Q1 FY26 · ServiceNow IR ↗
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You're reading the 6 opening chapters. After that, every time ServiceNow files a new report, the chapters get updated here.