ServiceNow

Reinvestment into product and platform is the first priority, with R&D and platform build‑out generating high returns. Stock‑based compensation remains material at roughly 1.75 billion dollars in 2024 and is a key watch item; repurchases are framed to offset dilution rather than shrink the share count.

The board expanded buyback authorization by 3.0 billion dollars in January 2025 and the company repurchased 381 thousand shares for 361 million dollars in Q2 2025, leaving about 2.6 billion dollars authorized at that time. M&A has generally been targeted.

The pending 2.85 billion dollar Moveworks acquisition fits the agentic AI thesis and extends the front‑end assistant and enterprise search layer, though it increases execution risk and raises the bar for synergy capture.