Shareholder letter / filing capturedNo transcript→ Stable
AI Surface Over Time
A historical globe of ServiceNow’s named AI products, capabilities, partnerships, use cases, and executive themes across the latest 4 quarters, with each theme anchored to when it first appeared.
148 normalized themesLatest: Q4 FY2025
Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Positioned by first-seen quarter
ServiceNow presents a bullish AI-forward narrative: positioning itself as an "AI control tower" and highlighting product momentum (Now Assist, Workflow Data Fabric, Raptor, CPQ, Build Agent) and strategic moves (acquisitions of Moveworks, intent to acquire Armis and Veza). The company announced multiple partner integrations (Anthropic/Claude, OpenAI, Microsoft Agent 365, Figma) to bring foundation/frontier models and agent orchestration into its platform and announced programs (Build Program, Now Next AI, ServiceNow Store) to accelerate partner-built AI agents. Financially, Q4 2025 total revenue was $3,568M (20.5% YoY), non-GAAP gross margin 80.5%, non-GAAP operating income $1,101M, GAAP net income $401M, and non-GAAP free cash flow $2,032M. Guidance includes Q1 2026 subscription revenue of $3,650–3,655M and full-year 2026 subscription revenue $15,530–15,570M, and management links AI product adoption (Now Assist, Moveworks) to near-term guidance and long-term market opportunity.
Quarterly Movement
Movement Read
Stable: ServiceNow is currently showing a relatively stable AI transformation narrative versus the prior quarter.
Momentum currently reads +1.0%.
Evidence Snippets
Executive signal
ServiceNow exceeds guidance across all Q4 2025 topline growth and profitability metrics
Transcript / release tone extraction
Tone evidence
We are building the AI control tower for business reinvention
Transcript / release tone extraction
Narrative evidence
Now Assist net new ACV in Q4 2025 more than doubled year-over-year
Narrative signal extraction
Narrative evidence
includes approximately 100bps of contribution from Moveworks
Narrative signal extraction
AI Products
Now Assist
ServiceNow AI Platform
Build Agent
Workflow Data Fabric
Raptor
CPQ
Strategic AI Partnerships
Anthropic
OpenAI
Microsoft
Figma
NTT DATA
Fiserv
Panasonic Avionics
AI Capabilities
agentic workflows
AI orchestration
AI governance
enterprise search
autonomous cybersecurity
identity and access management for AI agents
prompt-based app generation
AI Primitives
Claude models
frontier models
AI agents
Major Customers
Now Assist net new ACV in Q4 2025 more than doubled year-over-year
244 transactions over $1 million in net new ACV in Q4 2025
603 customers with more than $5 million in ACV
Panasonic Avionics deployment across more than 300 airline customers
Customer Use Cases
FSO and ITSM automation
in-flight CRM automation
autonomous cybersecurity
identity/security for AI agents
design-to-app generation from Figma prompts
agent orchestration and governance
Developer Tools
Build Agent
AI Initiatives
Now Next AI
Build Program
ServiceNow Store
Canada Centre of Excellence
acquisition of Armis
acquisition of Veza
Moveworks acquisition
Management Focus Topics
AI control tower
agentic AI
AI-driven workflows
AI governance
security for AI
partner ecosystem expansion
Narrative Risk Signals
privacy and compliance for AI in regulated industries
defending against AI-powered attacks
mix shift to hosted/hyperscaler offerings impacting growth rates
foreign currency effects
Monetization Signals
Now Assist ACV growth
Moveworks contribution (~100bps) to guidance
ServiceNow Store monetization of partner-built AI agents
scaled deployments at Fiserv and Panasonic
Guidance Topics
subscription revenue guidance for Q1 2026
full-year 2026 subscription revenue guidance
AI contribution to guidance (Moveworks ~100bps)
Financial Signals
Revenue: $3.568 billion
Revenue Growth YoY: 20.5%
Gross Margin: 80.5%
Operating Income: $1.101 billion
Net Income: $401 million
Free Cash Flow: $2.032 billion
Next-Quarter Revenue Guidance: Q1 FY2026 revenue: $3,650 to $3,655 million.
Full-Year Revenue Guidance: FY2026 revenue: $15,530 to $15,570 million.
How The Story Is Framed
Internal attribution: execution and product momentum