ServiceNow, Inc. (NOW) Stock Price & How to Invest

ServiceNow is one of the largest enterprise software companies in the world, providing a cloud-based platform for digital workflows. The original product (and still the largest revenue contributor) is IT Service Management (ITSM), which helps IT organizations manage incidents, problems, and changes. The platform has expanded into IT Operations Management, HR service delivery, customer service, security operations, and increasingly application development through low-code/no-code tooling.

ServiceNow's platform model means customers buy the underlying Now Platform and then activate different workflows (ITSM, HR, etc.) over time, expanding the relationship. Customer expansion (more workflows, more seats, more usage) drives a high proportion of revenue growth. Founded in 2004 by Fred Luddy, headquartered in Santa Clara, California. Bill McDermott has been CEO since 2019.

The operating numbers in 2026 have stayed strong even as the share price swung. Second-quarter 2026 revenue was about $3.99 billion, up roughly 24% from a year earlier, and adjusted EPS of $0.90 beat the ~$0.86 consensus. Trailing revenue is now about $14.7 billion with roughly $5.2 billion of free cash flow. In mid-October the company introduced an EmployeeWorks AI platform and an AI Passport control layer for enterprise agents, and the shares rose about 5% after ServiceNow denied interest in acquiring the AI startup Decagon. Per-share figures on this page reflect the stock's five-for-one split in late 2025.

Premium valuation embeds high expectations for continued growth: even after the 2026 drawdown the stock trades near 88x trailing GAAP earnings and about 28x forward estimates. The sharp swing from a 52-week high near $193 to a low near $81 shows how quickly sentiment on AI disruption of software can move the shares. GAAP operating margin has thinned to about 4% on a trailing basis and second-quarter GAAP net income fell to about $298 million, while debt has risen to roughly $8.5 billion against $4.7 billion of cash. Macroeconomic pressure can slow enterprise software spending in the near term, and competition from Microsoft (Power Platform, Copilot Studio) and Salesforce in adjacent workflows remains.

46 analysts publish price targets on NOW, averaging $151.47 against a $141.97 price as of October 2026, or +6.7%. The published targets run from $72.00 to $248.00, a wide spread, and the ratings split 44 buy, 3 hold, 2 sell. Over the last six months there have been 11 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full NOW forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on ServiceNow, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AI agents and Now Assist. ServiceNow has been one of the more aggressive enterprise software companies in shipping AI features. The most optimistic published target, $248.00, assumes this works close to its best case.

The case against. Premium valuation embeds high expectations for continued growth: even after the 2026 drawdown the stock trades near 88x trailing GAAP earnings and about 28x forward estimates. The most pessimistic target, $72.00, is roughly what NOW is worth if this bites instead.

Read the full bull and bear case on NOW, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. ServiceNow, Inc. (NOW) has had one share split in the last 10 years:

• 5:1 on December 18, 2025, so every share held became 5 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of NOW the day before the 5:1 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ServiceNow, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$14.7 billion
• Revenue growth (latest quarter): ~24% YoY (Q2 2026 revenue ~$3.99 billion)
• Margins (gross / GAAP operating / net): ~75% / ~4% / ~11%
• Net income (TTM): ~$1.7 billion (GAAP)
• P/E: ~88x trailing (GAAP); ~28x forward
• Price to sales: ~10x
• Market cap: ~$146 billion
• Free cash flow (TTM): ~$5.2 billion
• Dividend yield: None (share buybacks instead)

ServiceNow's multiple has compressed sharply: price to sales is now about 10x, down from roughly 17x in early 2026, as the market repriced software for AI disruption risk even while revenue kept growing in the mid-20s percent. The stock still trades at a premium on GAAP earnings (about 88x trailing) but at roughly 28x forward estimates. Third-quarter results on October 28, 2026 face a consensus near $1.02 of EPS on about $4.09 billion of revenue.

If you want NOW exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses NOW naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to NOW: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NOW exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (IGV, CLOU), which spreads the position across many companies. Or build it into a focused thematic portfolio, so NOW sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NOW fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

ServiceNow (NOW) is a sticky, multi-workflow SaaS leader whose 20%-plus growth, high renewal rates, and AI monetization have long supported one of the richest valuations in enterprise software. 2026 tested that premium: the stock fell as low as about $81 on worries that AI agents would erode seat-based software, then rebounded sharply as revenue kept growing about 24%. In a portfolio it behaves as a large-cap quality-growth anchor (often held with Microsoft and Palantir), paying no dividend, with third-quarter results due October 28, 2026.

Whether NOW is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NOW a buy or a sell?, and where the stock could go from here in the NOW stock forecast.

For income investors, whether NOW pays a dividend and how the payout looks is covered in does NOW pay a dividend? And to weigh NOW against a peer, read the full side-by-side comparisons: NOW vs MSFT and NOW vs GOOGL.