ServiceNow (NOW) 10-K Summary — Year Ended Dec 31, 2024
ServiceNow provides a cloud-based platform for enterprise digital workflows. The company reported higher revenue and operating cash flow for the latest annual period.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
ServiceNow provides a cloud-based platform for enterprise digital workflows. The company reported higher revenue and operating cash flow for the latest annual period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11B
Revenue reported for the fiscal year.
Operating income
$1.4B
Income from operations reported for the year.
Net income
$1.4B
Net income reported for the year.
Operating cash flow
$4.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $5.9B | n/a |
| Dec 31, 2022 | $7.2B | +22.9% |
| Dec 31, 2023 | $9B | +23.8% |
| Dec 31, 2024 | $11B | +22.4% |
Business overview
ServiceNow operates a cloud platform, the Now Platform, that automates and digitizes enterprise workflows. The company generates revenue primarily from subscription services, which are typically paid in advance under multi-year contracts. It invests in developing new services and core technologies to enhance its platform and customer experience.
Financial performance
Revenue grew over the prior year, and operating income and net income were each reported at the same level. Operating cash flow also increased, reflecting continued cash generation from subscription sales.
Material risks
The filing identifies risks related to maintaining high renewal rates for subscription contracts, as well as the need to invest in data center capacity and workforce to support growth. Competitive pressures and technology changes could also affect the business.
Liquidity and capital
The company has generated positive operating cash flows for over ten years and expects to continue doing so. As of the latest balance sheet, it held significant cash, cash equivalents, and investments to support capital expenditures and other obligations.
What to watch
Monitor the subscription renewal rate, which has been consistently high, for any change in trend.