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AI核心结论
ServiceNow (NOW) delivered strong FY2025 results with revenue growing 20.9% to $13.28B and operating cash flow surging 27.6% to $5.44B, while operating margin expanded 130 bps to 13.7% despite a slight gross margin compression.
营业收入
$13.28B
同比 ++20.88%
每股收益（基本）
$1.69
同比 ++22.46%
毛利率
77.5%
同比 -1.64%
营业利润
$1.82B
同比 ++33.72%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
ServiceNow (NOW) FY2025 营收 $13.28B，同比增长 20.9%。 净利润 $1.75B，同比增长 22.7%，稀释每股收益 $1.67。 毛利率 77.5%。
Revenue grew 20.9% year-over-year to $13.28B in FY2025, up from $10.98B in FY2024, reflecting continued strong enterprise demand for ServiceNow's cloud-based workflow automation and AI-powered platform solutions.
来源: Source: 10-K Income Statement
Operating income rose 33.7% to $1.82B, with operating margin expanding from 12.4% to 13.7%, demonstrating that revenue growth is outpacing operating expense growth even as R&D investment increased 16.4% to $2.96B.
来源: Source: 10-K Income Statement
Gross margin declined approximately 1.6 percentage points to 77.5% from 79.2%, as cost of revenue grew 30.4%—faster than revenue growth of 20.9%—likely reflecting increased infrastructure and cloud delivery costs associated with scaling AI capabilities.
来源: Source: 10-K Income Statement & Key Ratios
Operating cash flow increased 27.6% to $5.44B, and cash & equivalents surged 61.7% to $3.73B, while total assets grew 27.7% to $26.04B, reflecting a significantly strengthened financial position.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Share buybacks increased 164.4% year-over-year to $1.84B in FY2025 versus $696M in FY2024, signaling management's confidence in the company's intrinsic value and commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement
Cost of revenue grew 30.4% in FY2025, significantly outpacing revenue growth of 20.9%, compressing gross margin by ~160 bps to 77.5%. As ServiceNow continues to embed AI capabilities into its platform, infrastructure and compute costs may continue to pressure gross margins if not offset by pricing power or efficiency gains.
来源: Source: 10-K Income Statement & Key Ratios
R&D expenses reached $2.96B in FY2025, representing approximately 22.3% of revenue. While this investment is critical for maintaining competitive differentiation in AI-driven enterprise software, there is execution risk that new product initiatives may not generate commensurate returns or may take longer than expected to monetize.
来源: Source: 10-K Income Statement
The current ratio stands at approximately 1.003, meaning current assets barely cover current liabilities ($10.47B vs. $10.44B). While this is common for SaaS companies with large deferred revenue balances in current liabilities, any unexpected cash demands could strain near-term liquidity.
来源: Source: 10-K Balance Sheet & Key Ratios
The debt-to-equity ratio is approximately 1.008, meaning total liabilities of $13.07B nearly equal stockholders' equity of $12.96B. Rising interest rates or credit market tightening could increase the cost of refinancing obligations and constrain financial flexibility.
来源: Source: 10-K Balance Sheet & Key Ratios
Financing cash outflows increased 74.2% to $2.34B, driven largely by share buybacks that surged 164.4% to $1.84B. While buybacks signal confidence, this aggressive capital return program reduces the cash available for strategic acquisitions or investment during potential market downturns.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $0.92，分析师一致预期 $0.89，超预期 +3.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $13.28B | $10.98B | +20.88% |
营业成本 | $2.98B | $2.29B | +30.43% |
毛利润 | $10.29B | $8.7B | +18.37% |
营业利润 | $1.82B | $1.36B | +33.72% |
净利润 | $1.75B | $1.43B | +22.67% |
每股收益（基本） | $1.69 | $1.38 | +22.46% |
每股收益（稀释） | $1.67 | $1.37 | +21.90% |
研发费用 | $2.96B | $2.54B | +16.40% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $26.04B | $20.38B | +27.74% |
流动资产 | $10.47B | $9.19B | +13.98% |
总负债 | $13.07B | $10.77B | +21.35% |
流动负债 | $10.44B | $8.36B | +24.95% |
股东权益 | $12.96B | $9.61B | +34.92% |
现金及等价物 | $3.73B | $2.3B | +61.72% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $5.44B | $4.27B | +27.58% |
投资活动现金流 | $-1.69B | $-2.5B | +32.47% |
筹资活动现金流 | $-2.34B | $-1.34B | -74.24% |
股票回购 | $1.84B | $696M | +164.37% |
折旧及摊销 | $738M | $564M | +30.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 77.5% | 79.2% | -1.64% |
营业利润率 | 13.7% | 12.4% | +1.32% |
净利率 | 13.2% | — | — |
净资产收益率 | 13.5% | — | — |
总资产收益率 | 6.7% | — | — |
流动比率 | $1.003 | — | — |
资产负债率 | $1.008 | — | — |
ServiceNow's Q2 FY2026 revenue grew 24% year-over-year to $3.987B, but operating margin compressed sharply to 4.1% (from 11.1%) and net income fell 22.6% to $298M, driven primarily by higher amortization of acquired intangibles, elevated stock-based compensation, and a professional services gross loss.
ServiceNow delivered strong Q1 2026 revenue growth of 22.1% YoY to $3.77B, but margin compression and a massive $2.23B share buyback drove cash lower and kept net income growth to just 2.0%.
Systems Software 行业其他公司
ServiceNow delivered strong FY2025 results with revenue of $13.28B, up 20.9% year-over-year, and net income of $1.75B, up 22.7%. Operating cash flow grew 27.6% to $5.44B, highlighting the company's high-quality, cash-generative business model.
ServiceNow's 20.9% revenue growth to $13.28B in FY2025 was driven by continued enterprise adoption of its cloud-based workflow automation and AI-powered platform. The company also significantly expanded its balance sheet, with total assets growing 27.7% to $26.04B, reflecting scale investments to support future growth.
ServiceNow's operating margin improved by approximately 1.3 percentage points to 13.7% in FY2025, reflecting operating leverage as revenue grew faster than operating expenses. However, gross margin declined about 1.6 percentage points to 77.5%, as cost of revenue grew 30.4%—faster than revenue—likely due to AI infrastructure scaling costs.
Key risks inferred from the FY2025 financial data include gross margin compression from rapidly rising infrastructure costs (cost of revenue up 30.4%), a tight current ratio of ~1.003 that leaves limited short-term liquidity buffer, and a debt-to-equity ratio of ~1.008 indicating meaningful leverage. Additionally, R&D spending of $2.96B (22.3% of revenue) carries execution risk if new AI initiatives do not monetize as expected.
ServiceNow repurchased $1.84B worth of shares in FY2025, a dramatic 164.4% increase from $696M in FY2024. This aggressive buyback program signals management's confidence in the company's long-term value but also contributed to financing cash outflows of $2.34B for the year.