ServiceNow

Revenue is predominantly subscription and recognized ratably, with cRPO and RPO rising faster than revenue, signaling forward visibility. Q2 2025 reported subscription revenue up 22.5 percent, cRPO up 24.5 percent, and RPO up 29 percent.

TTM free cash flow of about 3.88 billion dollars on roughly 12.1 billion dollars of revenue yields a 32 percent margin, consistent with multi‑year expansion. Cohort behavior shows durable upsell as customers add adjacent workflows and AI features. While the company flagged timing headwinds in U.S.

Federal renewals for Q3 2025, it also noted those cohorts are expected to renew in Q4. Currency and macro cycles can affect near‑term linearity, but the long‑term trajectory remains steady.