{"schemaVersion":1,"research":true,"symbol":"now","name":"ServiceNow","topic":"moat","path":"/stock/now/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:44:49.620Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"ServiceNow has an evidenced switching-cost advantage from embedded enterprise workflows, configuration and integration requirements, supported by persistent high renewals and substantial non-cancellable contracts. Renewal rates remained strong through June 2026, despite a first-quarter dip. Paid AI adoption demonstrates monetization, but comparable-price increases and unrestricted pricing power are unproven. AI substitution, bundled competition and integration dependencies constrain confidence in long-term durability.","advantages":[{"mechanism":"switching_costs","claim":"Configured workflows connecting enterprise systems create replacement effort and operational disruption risk. High renewals and multi-year commitments support a current switching-cost advantage, although implementation complexity alone does not measure the cost of leaving ServiceNow.","durability":"Annual renewal rates were 98% in 2021–2025. The rate dipped to 97% in the first quarter of 2026, then was 98% for both the second quarter and first half. Typical three-year arrangements and $29.0 billion of non-cancellable RPO at June 30, 2026 support persistence over several years, without establishing exceptional durability.","risks":"Microsoft, Oracle, SAP, Salesforce and Workday are named competitors. Bundling, alternative AI approaches and restrictions imposed by systems-of-record operators could weaken the integration advantage. The renewal metric excludes most contraction and price changes. Earlier disclosures identify low entry barriers in the broader market; those barriers differ from displacing an established deployment.","invalidation":"The thesis would weaken materially if comparable annual renewal rates persistently fell below their historical 98% level alongside customer contraction, or if documented replacements showed that customers could migrate configured workflows with little effort or disruption. Sustained losses to bundled or AI alternatives, or integration restrictions that made the platform less useful, would also invalidate the advantage.","competitors":["Microsoft","Oracle","SAP","Salesforce","Workday"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Risk Factors / enterprise evaluation, configuration and integration requirements","excerpt":"These customers tend to require considerable time evaluating our portfolio of products and testing our platform prior to making a purchasing decision, require multiple levels of review and approval from a broader set of buyers and stakeholders, and demand more configuration, integration services and features, particularly when switching from legacy on-premises solutions."},{"id":"e2","sourceId":"filing-1","location":"Business / platform integration with existing infrastructure; issuer description","excerpt":"Building on this foundation, our platform’s architecture, developed over years of iteration with customer feedback, allows organizations to deploy AI-enhanced workflows without replacing their existing technology infrastructure or disrupting established processes."},{"id":"e3","sourceId":"filing-5","location":"MD&A / contract duration and annual renewal rates for 2021–2023","excerpt":"Subscription services arrangements typically have a three-year duration, and we have experienced a renewal rate of 98% for each of the years ended December 31, 2023, 2022 and 2021."},{"id":"e4","sourceId":"filing-1","location":"MD&A / annual renewal rates for 2023–2025","excerpt":"Our renewal rate was 98% for each of the years ended December 31, 2025, 2024 and 2023."},{"id":"e5","sourceId":"filing-2","location":"MD&A / second-quarter and first-half 2026 renewal rates","excerpt":"Our renewal rate was 98% for each of the three and six months ended June 30, 2026 and 2025."},{"id":"e6","sourceId":"filing-2","location":"MD&A / typical subscription duration","excerpt":"Subscription services arrangements typically have a three-year duration, and we have experienced a renewal rate of 98% over the last three years."},{"id":"e7","sourceId":"filing-2","location":"Note 10 / non-cancellable RPO at June 30, 2026","excerpt":"As of June 30, 2026, the total non-cancellable RPO under our contracts with customers was $29.0 billion and we expect to recognize revenues on approximately 46% of these RPO over the following 12 months."},{"id":"e8","sourceId":"filing-2","location":"MD&A / non-cancellation and termination for material failure to perform","excerpt":"Our contracts are generally non-cancellable during the subscription term, though a customer can terminate for breach if we materially fail to perform."},{"id":"e9","sourceId":"filing-6","location":"MD&A / first-quarter 2026 renewal rate decline","excerpt":"Our renewal rate was 97% and 98% for the three months ended March 31, 2026 and 2025, respectively."},{"id":"e10","sourceId":"filing-2","location":"MD&A / renewal calculation excludes price and user changes","excerpt":"Our attrition rate for a period is equal to the ACV from customers lost during the period, divided by the sum of (i) the total ACV from all customers that renewed during the period, excluding changes in price or users, and (ii) the total ACV from all customers lost during the period."},{"id":"e11","sourceId":"filing-2","location":"MD&A / renewal metric excludes most purchase expansion and contraction","excerpt":"Further, our renewal rate does not reflect increased or decreased purchases from our customers to the extent such customers are not lost customers or lapsed renewals."},{"id":"e12","sourceId":"filing-1","location":"Business / named competitors and alternative approaches","excerpt":"As our business expands and the industries in which we operate continue to evolve, we compete with a broad range of solutions and alternative approaches, including: •enterprise application software vendors, both cloud-based and on-premises, such as Microsoft, Oracle, SAP, Salesforce and Workday; •new technologies and entrants, including point-solutions and platform solutions, particularly those related to AI; •custom-developed and in-house solutions; •technology consulting firms; •systems integrators; and •software resellers."},{"id":"e13","sourceId":"filing-1","location":"Risk Factors / potential restrictions on systems integration","excerpt":"“Systems of record” operators may attempt to create technology solutions or other mechanisms that would prevent our systems from integrating with theirs."},{"id":"e14","sourceId":"filing-1","location":"Risk Factors / potential competitor price reductions and bundling","excerpt":"They may create pricing pressures by reducing the price of competing products, services or subscriptions or bundling their offerings, causing our offerings to appear relatively more expensive."},{"id":"e15","sourceId":"filing-4","location":"Business / fragmented competition, disruption and low entry barriers","excerpt":"Our business is highly competitive, rapidly evolving and fragmented, and subject to disruptive technologies with low barriers to entry, to shifting customer needs and to frequent introductions of new products and services."},{"id":"e16","sourceId":"filing-4","location":"Business / Now Assist offered at additional cost","excerpt":"As an AI platform for business transformation, the Now Platform has embedded Now Assist, our AI solution available for certain products at an additional cost, to help enhance user productivity and efficiency, thereby accelerating our customers’ return on investment in the Now Platform."},{"id":"e17","sourceId":"filing-3","location":"Proxy / reported 2025 Now Assist ACV and separate 2026 forecast","excerpt":"In 2025, sales of our Now Assist product, our AI powered workflows, exceeded $600 million in annual contract value and is on track to exceed $1 billion in 2026."},{"id":"e18","sourceId":"filing-3","location":"Appendix B / GAAP operating income, cash generation and non-GAAP reconciliation","excerpt":"GAAP to Non-GAAP Reconciliation (in millions) Year ended Year ended % Growth Income from Operations December 31, 2025 December 31, 2024 Y/Y GAAP income from operations 1,824 1,364 Stock-based compensation 1,955 1,746 Amortization of purchased intangibles 120 94 Business combination and other related costs 109 33 Impairment of assets 30 — Severance costs 74 — Legal settlements — 17 Contract termination costs 37 — Non-GAAP income from operations 4,150 3,255 27% B-2 APPENDIX B Year ended Operating Margin December 31, 2025 GAAP operating margin 13.5% Stock-based compensation as % of total revenues 14.5% Amortization of purchased intangibles as % of total revenues 1% Business combination and other related costs as % of total revenues 1% Impairment of assets as % of total revenues —% Severance costs as % of total revenues 0.5% Legal settlements as % of total revenues —% Contract termination costs as % of total revenues 0.5% Non-GAAP operating margin 31% Year ended Year ended % Growth Free Cash Flow December 31, 2025 December 31, 2024 Y/Y GAAP net cash provided by operating activities 5,444 4,267 Purchases of property and equipment (868) (852) Business combination and other related costs 60 23 Cash paid for legal settlements — 17 Non-GAAP free cash flow 4,636 3,455 34% Year ended Free Cash Flow Margin December 31, 2025 GAAP net cash provided by operating activities as % of total revenues 41% Purchases of property and equipment as % of total revenues (6.5)% Business combination and other related costs as % of total revenues 0.5% Cash paid for legal settlements as % of total revenues —% Non-GAAP free cash flow margin 35% Numbers rounded for presentation purposes and may not foot."},{"id":"e19","sourceId":"filing-4","location":"Risk Factors / public-sector termination rights","excerpt":"Our public sector customers may have contractual, statutory or regulatory rights to terminate current contracts with us or our third-party distributors or resellers for convenience or due to a default, though such risk may be assumed by such third-party distributor or reseller."},{"id":"e20","sourceId":"filing-4","location":"Risk Factors / government price protection and other contractual constraints","excerpt":"These may also include rights with respect to price protection, refund and setoff, performance of services in languages other than English, the accuracy of information provided to the government, contractor compliance with supplier diversity policies, constraints on sales practices and other obligations that are particular to government contracts."},{"id":"e21","sourceId":"filing-2","location":"Note 5 / completed Armis cash acquisition consideration","excerpt":"(“Armis”), a cyber-exposure management and cyber-physical security solutions provider, for preliminary purchase price consideration of approximately $7.6 billion, settled in cash."},{"id":"e22","sourceId":"filing-2","location":"Note 11 / outstanding debt and interest expense","excerpt":"18 Table of Contents (11) Debt The following table summarizes the carrying value of our outstanding debt (in millions, except percentages): Effective Interest Rate June 30, 2026 December 31, 2025 Long-Term Debt Senior notes issued August 2020: 1.40% notes due September 2030 1.53% $ 1,500 $ 1,500 Senior notes issued May 2026: 4.25% notes due May 2028 4.68% 750 — 4.70% notes due August 2031 5.00% 600 — 5.05% notes due May 2033 5.36% 650 — 5.40% notes due May 2036 5.68% 1,250 — 6.30% notes due May 2056 6.57% 750 — Total senior notes $ 5,500 $ 1,500 Unamortized debt discount and issuance costs (65) (9) Total carrying value of long-term debt $ 5,435 $ 1,491 Short-Term Debt Commercial paper $ 2,100 $ — Unamortized debt discount (18) — Total carrying value of short-term debt $ 2,082 $ — Total interest expense recognized related to our outstanding debt was $66 million and $6 million for the three months ended June 30, 2026 and 2025, respectively, and $72 million and $12 million for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e23","sourceId":"filing-2","location":"MD&A / first-half operating, investing and financing cash flows","excerpt":"Six Months Ended June 30, 2026 2025 (dollars in millions) Net cash provided by operating activities $ 2,257 $ 2,393 Net cash used in investing activities $ (7,105) $ (640) Net cash provided by (used in) financing activities $ 3,638 $ (944) Net (decrease) increase in cash, cash equivalents and restricted cash $ (1,215) $ 823 43 Table of Contents Operating Activities Net cash provided by operating activities was $2,257 million for the six months ended June 30, 2026 compared to $2,393 million for the six months ended June 30, 2025."},{"id":"e24","sourceId":"filing-2","location":"MD&A / explanation of operating cash flow decline","excerpt":"The net decrease in operating cash flows was primarily due to higher business combination and related costs to support business growth."},{"id":"e25","sourceId":"filing-2","location":"Note 13 / completed accelerated share repurchase","excerpt":"During the three months ended March 31, 2026, the Company completed the ASR transaction with 18.5 million shares of common stock repurchased at an average price of $107.97 per share."},{"id":"e26","sourceId":"filing-2","location":"Note 13 / additional completed open-market repurchases","excerpt":"During the six months ended June 30, 2026, the Company repurchased an additional 1.6 million shares of its common stock for $225 million in open market transactions."},{"id":"e27","sourceId":"filing-2","location":"Note 13 / actual employee-plan share issuance","excerpt":"During the six months ended June 30, 2026 and 2025, we issued a total of 6.7 million and 6.2 million shares, respectively, from stock option exercises, vesting of RSUs, net of employee payroll taxes, and purchases from the employee stock purchase plan (“ESPP”)."},{"id":"e28","sourceId":"filing-1","location":"MD&A / non-cancellable operating purchase commitments","excerpt":"Non-cancellable purchase commitments for business operations total $7.9 billion as of December 31, 2025, which are due primarily over the next five years."},{"id":"e29","sourceId":"filing-3","location":"Compensation Discussion and Analysis / implemented incentive changes","excerpt":"We contacted 56% of outstanding shares We engaged 43% of outstanding shares 2026 PROXY STATEMENT 55 COMPENSATION DISCUSSION AND ANALYSIS Executive Compensation Program Structure Over the past two years, the Compensation Committee has made several changes to our executive compensation program in response to feedback from our shareholders, including: •Eliminating overlapping metrics by removing the NNACV metric from our Long-Term Incentive Plan •Lengthening the Long-Term Incentive Plan performance period to 3 years from 1 year •Extending the PRSU vesting period to 3-year cliff vesting from 3-year ratable vesting •Committing to not grant any one-time equity awards to any NEO holding a 2021 PSO Award with an ongoing performance period We also made changes to other aspects of our executive compensation program, including, among other things, revising the non-financial component of the annual cash incentive to provide the opportunity for both a 10% upward or downward modification to the payout."},{"id":"e30","sourceId":"filing-3","location":"Compensation Discussion and Analysis / actual 2025 LTI award mix","excerpt":"Equity Mix 2025 LTI awards consist of 60% PRSUs and 40% time-based RSUs."},{"id":"e31","sourceId":"filing-3","location":"Compensation governance / ownership guidelines, hedging restrictions and clawback policy","excerpt":"74 COMPENSATION DISCUSSION AND ANALYSIS Compensation Governance To ensure our executive compensation program is effective in aligning our NEO interests with those of our shareholders, we adhere to the following best compensation governance practices: What We Do What We Do Not Do Pay for performance Make a significant percentage of total annual compensation at-risk Award a majority of LTI awards as PRSUs Denominate and settle all LTI awards in equity Use rigorous performance goals Use both absolute and relative metrics Incorporate operational and cultural goals aligned with key Company priorities Regularly engage with shareholders Maintain robust stock ownership guidelines for executive officers and directors Require multi-year vesting for all equity awards Conduct annual compensation risk assessments Review peer group annually Conduct annual say on pay vote Maintain a “clawback” policy Engage an independent compensation advisor Maintain a fully independent Compensation Committee Manage our equity burn rate and stock-based compensation Offer pension plans Provide guaranteed annual cash incentives Offer excessive executive perquisites Provide Section 280G tax gross-ups Approve single-year vesting on equity awards Offer “single-trigger” change in control payments or acceleration of equity awards Discount stock options or reprice underwater options Allow hedging or pledging Stock Ownership Guidelines Our Compensation Committee has adopted stock ownership guidelines to align the interests of our executive officers and non-employee directors with the interests of our shareholders and to promote accountability and long-term value creation."},{"id":"e32","sourceId":"filing-2","location":"Note 14 / achieved performance-award vesting as of June 30, 2026","excerpt":"As of June 30, 2026, the first four tranches were vested based on achievement of both the performance and market conditions."},{"id":"e33","sourceId":"filing-2","location":"Note 14 / shareholder approval of equity-plan increases, including May 2026","excerpt":"The 2021 Plan, as amended and restated, was approved by the shareholders on June 1, 2023 and May 21, 2026 to increase shares available for future grants by approximately 50 million and 38 million shares, respectively."},{"id":"e34","sourceId":"filing-3","location":"Governance / independent board committees","excerpt":"•Independent committees. All ServiceNow Board committees are comprised entirely of independent directors."},{"id":"e35","sourceId":"filing-3","location":"Governance / completed elimination of supermajority voting provisions","excerpt":"118 PROPOSAL 6: SHAREHOLDER PROPOSAL REGARDING SHAREHOLDER RIGHT TO ACT BY WRITTEN CONSENT •No Supermajority Voting Provisions: In response to shareholder feedback, at the 2025 annual shareholders meeting, the Board and shareholders approved amendments to our Restated Certificate of Incorporation which eliminated any supermajority voting provisions."},{"id":"e36","sourceId":"filing-2","location":"Note 17 / board finding of hiring-related policy violations","excerpt":"As a result of the investigation, the Company’s board of directors determined that the Company’s President and Chief Operating Officer and the hired individual violated Company policy regarding a possible conflict relating to such individual’s hiring."},{"id":"e37","sourceId":"filing-2","location":"Note 17 / President and COO departure effective July 24, 2024","excerpt":"On July 24, 2024, the Company and its President and Chief Operating Officer came to a mutual agreement that he would resign from all positions with the Company, effective immediately."},{"id":"e38","sourceId":"filing-2","location":"Note 17 / continuing government investigation and cooperation","excerpt":"The Company has informed the Department of Justice, the Department of Defense Office of Inspector General and the Army Suspension and Debarment Office of the investigation and is continuing to cooperate with the Department of Justice, which has commenced its own investigation and required the Company to deliver certain documents in connection with these matters."},{"id":"e39","sourceId":"filing-2","location":"Note 5 / acquisition goodwill attributed to expected synergies","excerpt":"Goodwill, which is not deductible for income tax purposes, is primarily attributed to the expected synergies from integrating Armis’ and Veza’s technologies into our product portfolio and expanded market opportunities."},{"id":"e40","sourceId":"filing-3","location":"Proxy / reported 2025 subscription growth and operating highlights","excerpt":"Strong Growth and Profitability Growth Profitability 21% 98% $13.3B 31% 35% $4.6B Subscription Revenues Growth Y/Y Industry Renewal Rate 7 Years in a Row(1) Total Revenues Non-GAAP Operating Margin(2) Free Cash Flow Margin(2) Free Cash Flow (“FCF”)(2) Subscription Revenues Total Revenues Growth Y/Y (3) Non-GAAP Operating Income Growth Y/Y (2) (3) FCF Growth Y/Y (3) Numbers rounded for presentation purposes."},{"id":"e41","sourceId":"filing-2","location":"MD&A / renewal-timing comparability limitation","excerpt":"As our renewal rate is impacted by the timing of renewals, which could occur in advance of, or subsequent to the original contract end date, period-to-period comparison of renewal rates may not be meaningful."}],"changes":["Retain the previous narrow verdict; extend operating evidence through June 2026, including $29.0 billion of RPO and 98% second-quarter and first-half renewals.","Recognize the first-quarter 2026 renewal dip to 97% and explicitly distinguish the renewal measure from net revenue retention.","Add demonstrated paid AI adoption, implemented compensation changes and governance disclosures. Treat Armis as a completed acquisition with unproven synergies, and incorporate increased debt and lower first-half operating cash flow."],"limitations":["The supplied evidence consists of issuer filings and an issuer proxy. Reported contractual terms and operating results support the assessment; claims of superior architecture, expertise and AI capabilities are not independent proof.","Named competitor coverage establishes their presence, without comparable win rates, migration costs, pricing or product outcomes. AI entrants and other alternatives are largely unnamed.","No comparable-unit pricing, discount history or renewal-price realization is supplied. Paid AI ACV demonstrates monetization but cannot isolate price from customer count, usage or product mix.","Actual executive ownership balances and compliance with ownership guidelines are absent from the passages. April proxy proposals are not assumed adopted; the July filing separately confirms May 2026 equity-plan approval.","Source dates are filing dates: January 25, 2024; January 30, 2025; January 29, April 6, April 23 and July 23, 2026. Reporting periods and historical events are assessed separately; no later outcomes are assumed.","No separate network effect, cost advantage, efficient-scale advantage or independently demonstrated intangible-asset moat is established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Integration and configuration requirements, sustained renewals and non-cancellable commitments together support strong evidence of switching costs. Replacement costs are inferred from the operating structure rather than directly quantified.","evidenceIds":["e1","e2","e4","e5","e7"]},{"criterion":"durability","grade":3,"rationale":"Annual 98% renewals across 2021–2025 and typical three-year contracts demonstrate persistence. The first-quarter 2026 dip and rapidly evolving competition prevent an exceptional grade.","evidenceIds":["e3","e4","e5","e6","e9","e15"]},{"criterion":"customer_dependency","grade":3,"rationale":"Complex integrated deployments, strong actual renewals and substantial contracted obligations indicate customer reliance. Renewals omit most contraction, so they do not prove unchanged spending or universal mission-critical dependence.","evidenceIds":["e1","e5","e7","e10","e11"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Renewals remain strong and paid AI adoption shows adaptation, balanced against low entry barriers, bundling and integration dependence. These risks are possibilities rather than demonstrated widespread displacement, while resilience through a full AI transition remains unproven.","evidenceIds":["e5","e9","e13","e14","e15","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Now Assist is offered at additional cost and reported 2025 ACV exceeded $600 million, supporting realized paid monetization. This does not establish comparable-product price increases or reveal discounts and cannibalization. The 2026 ACV forecast is excluded from demonstrated outcomes.","evidenceIds":["e16","e17"]},{"criterion":"retention","grade":3,"rationale":"Actual renewal history demonstrates strong repeat demand, including 98% for the first half of 2026 despite a 97% first-quarter result. This ACV-based attrition measure excludes price changes and most contraction; it is not net revenue retention.","evidenceIds":["e3","e4","e5","e9","e10","e11","e41"]},{"criterion":"margin_resilience","grade":3,"rationale":"GAAP operating income increased from $1.364 billion in 2024 to $1.824 billion in 2025 alongside reported subscription growth, supporting operating resilience. The 31% non-GAAP margin excludes substantial compensation and other costs; neither the margin nor its improvement establishes pricing as the cause. Current 2026 margin evidence is limited.","evidenceIds":["e18","e40"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Generally non-cancellable subscription terms protect agreed revenue, but typical multi-year arrangements do not establish unilateral repricing rights. Public-sector termination rights and price-protection provisions constrain freedom. Evidence supports a mixed contractual position rather than unrestricted control of terms.","evidenceIds":["e6","e8","e19","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Strong 2025 cash generation and repurchases exceeding employee-plan issuance in the first half of 2026 support discipline. Against this, Armis required $7.6 billion cash, debt increased materially, substantial purchase commitments remain, and first-half operating cash flow declined with acquisition-related costs. Acquisition returns and repurchase value creation are not established.","evidenceIds":["e18","e21","e22","e23","e24","e25","e26","e27","e28","e39"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Implemented three-year performance periods and cliff vesting, a 60% performance-based LTI mix, ownership guidelines and hedging restrictions support strong alignment mechanisms. Actual performance-award vesting is disclosed. Time-based awards and further approved equity capacity create dilution exposure; ownership balances and guideline compliance are unverified.","evidenceIds":["e29","e30","e31","e32","e33"]},{"criterion":"execution","grade":3,"rationale":"Reported subscription growth, improved GAAP operating income, sustained renewals and paid AI adoption demonstrate strong operating execution. These are operating outcomes rather than proof of management's exclusive contribution. Lower first-half 2026 cash flow and unproven acquisition synergies limit the assessment.","evidenceIds":["e4","e5","e17","e18","e23","e24","e39","e40"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, implemented compensation responses and removal of supermajority voting provisions are concrete safeguards. The board also found actual hiring-related policy violations involving the former President and COO; departure and cooperation demonstrate corrective action, while the government investigation remains unresolved. This supports a mixed grade, without assuming legal guilt or a future sanction.","evidenceIds":["e29","e34","e35","e36","e37","e38"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"00cde5847bdaf2e3efb248948524945f573422a50512267f5598254303f59b04","updatedAt":"2026-10-18T12:44:49.620Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371526000007/now-20251231.htm","publishedAt":"2026-01-29","sha256":"673d7313ec6d644eb14570b324ca560f525f055c24a5a1cfce68ac5f9a330e56","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371526000076/now-20260630.htm","publishedAt":"2026-07-23","sha256":"c852c48d0fa4a69c6c9aabf688a6ddd84726585c3ee92e40cb4acdcb278a145e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371526000039/now-20260406.htm","publishedAt":"2026-04-06","sha256":"d62b4ec61763c1a8240c12a66a7bbfe25b4a319dfcf9a551bddac2e1680ae0ef","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371525000010/now-20241231.htm","publishedAt":"2025-01-30","sha256":"14d15a9e74fbb0fde9f369f57b4079e3e3647762ebde842668da32703b309378","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371524000030/now-20231231.htm","publishedAt":"2024-01-25","sha256":"30b048e5a00410afdab9e8ba569d67a63860dca71502b5b02480b4018e855391","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371526000056/now-20260331.htm","publishedAt":"2026-04-23","sha256":"fb23df766f05d2bea57ce2117be1dd90876d9b5aa4392e631d6db54b110ecdc7","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2f6a1d5a3e1eabf7577ba9ce87cbfeb17e12b1df6e8c99c43841f249d9b73dac","usage":{"input_tokens":89734,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4457,"reasoning_output_tokens":113},"basisSupplement":{"previousHash":"24e04e6739e3126128457291f477bbde15abbb8b031b5501c5c8fcc1203ebdd3","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":77.05223880597015,"operating_margin":4.358887381275442,"roic":null,"fcf_margin":30.512211668928085,"sbc_revenue":19.18249660786974},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":78.28847481021394,"operating_margin":4.899930986887509,"roic":null,"fcf_margin":29.993098688750862,"sbc_revenue":19.337474120082813},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":78.58655668264407,"operating_margin":8.494036339315572,"roic":null,"fcf_margin":30.14156727232193,"sbc_revenue":17.879835023966113},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":79.1788055353241,"operating_margin":12.418062636562272,"roic":null,"fcf_margin":31.090677348871086,"sbc_revenue":15.895848506919155},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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