Short answer
ServiceNow (NOW) filed its fiscal 2025 10-K annual report with the SEC on Jan 29, 2026. It reported revenue of $13.3B (+20.9% year over year) and net income of $1.7B.
- Top risk flagged: Regulatory risk: California deferred tax assets valuation allowance of $241M maintained due to uncertain realizability as of December 31, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $13.3B
- +20.9% YoY
- Net income
- $1.7B
- +22.7% YoY
- Operating margin
- 13.7%
- +1.3 pp YoY
- Gross margin
- 77.5%
- −1.6 pp YoY
- EPS (diluted)
- $1.67
- −75.6% YoY
- ROE
- 13.5%
- −1.3 pp YoY
- Operating cash flow
- $5.4B
- +27.6% YoY
Source: XBRL data from the ServiceNow (NOW) FY2025 10-K on SEC EDGAR. USD.
ServiceNow FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Cloud-based AI-powered workflow automation platform integrating enterprise systems, data and processes to drive productivity and digital transformation
- New emphasis on AI governance tools and Now Assist AI agents enhancing responsible AI adoption and workflow orchestration
- Strategic shift focusing on AI's role in seamlessly connecting insights to business execution with extensive AI agent flexibility and human-in-the-loop control
- Workforce expanded to 29,187 employees as of Dec 31, 2025, with significant investments in AI-driven learning via ServiceNow University
- Notable acquisition of Moveworks, Inc. to enhance enterprise workflow automation with advanced machine learning and conversational AI capabilities
Management Discussion & Analysis
- No explicit total revenue or YoY change disclosed in provided text
- No profitability or margin figures provided
- No segment performance details with numbers mentioned
- Management sees no material impact from global conflicts; monitors macroeconomic risks including inflation, interest rates, tariffs impacting economic uncertainty
Risk Factors
- Regulatory risk: California deferred tax assets valuation allowance of $241M maintained due to uncertain realizability as of December 31, 2025
- Macroeconomic risk: Foreign currency exchange rate fluctuations impact 46% of $28.2B remaining performance obligations as of December 31, 2025
- Operational risk: Increasing contracts with 12-month terms from U.S. federal government cause variability in remaining performance obligations and renewals
- Competitive risk: Seasonality and quota-driven sales cycles create risk of revenue variability due to large enterprise buying patterns concentrated in Q4
- Financial risk: Significant sales commissions deferred and amortized over five years create long-term cost recognition impacting operating cash flow timing
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.