Aslan Research · AI software
ServiceNow, Inc. (NOW)
Data as of 2026-09-03 · 27 quarters · filed in USD
Revenue grew 24% per year while expenses grew 19% per year, giving the business a wider growth spread. Its $29.0 billion backlog equals 2.0x one year of revenue, so future contracted work is large relative to the current revenue base.
Earned, collected early, and merely signed
Reports $7.5B of debt; has promised $11B
Total committed money is 1.5x reported debt. The difference includes $936 million of lease commitments, in addition to the $7.5 billion of reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The $18.9 billion due over the next 5 years is set against $29.0 billion of backlog. That backlog equals 2.0x one year of revenue, but the timing of contracted work and required payments does not fully match.
The rates that matter
Expenses as filed vs after cited reconciliation
9 patterns worth a second look
The sharpest filing flag is the Moveworks arrangement, which appears to involve both a proposed acquisition target and a borrower under a Company-related term-loan arrangement. Filings also report obligations for leases not yet commenced and operating lease commitments outside balance-sheet lease liability disclosures, while 18 of 27 quarters changed through reconciliation.
circular financing · 1
Moveworks appears as both a proposed acquisition target and a borrower under a Company-related term-loan arrangement.
off balance sheet · 1
The filings repeatedly report large obligations for leases not yet commenced, alongside operating lease commitments outside the balance-sheet lease liability disclosures.
regulator challenge · 4
A reply to SEC staff was filed on 2022-09-16, answering a staff comment letter dated 2022-09-02; it quotes 3 staff comments.
A reply to SEC staff was filed on 2023-05-02, answering a staff comment letter dated 2023-04-04; it quotes 4 staff comments.
A reply to SEC staff was filed on 2025-05-13, answering a staff comment letter dated 2025-05-01; it quotes 2 staff comments.
+ 1 more
related party exposure · 1
The filings report substantial equity-award commitments to executives and recurring executive trading-plan disclosures.
subsequent event · 1
The FY2025 filing reports post-period borrowing and acquisition activity that materially recontextualizes FY2025 liquidity and obligations.
value revision · 1
The FY2023–FY2025 comparative diluted-share and diluted-EPS figures are substantively revised in the FY2025 filing.