ServiceNow keeps selling more to existing customers over time, one of the biggest reasons to be bullish long term. Its 2011 customer cohort's annual contract value grew from an indexed $100 to $3,730 by Q3 2026, or 37.3x, even including customer losses. x.com 

ServiceNow's unexpected expense surge makes its rich valuation more vulnerable in a struggling software sector. Revenue rose 21%, but spending drove an EPS miss and one quarter of guided cRPO deceleration; wider market conditions could hurt near term. The 20% selloff looks excessive, and few software companies should benefit as much from AI. Management could deliver over 3-5 years, though the stock is only close to a buy again now; below $100 looks good for the long term. x.com  x.com  x.com  x.com 

ServiceNow's seat business is being cannibalized faster than AI deals can replace it. Next-quarter cRPO growth is guided to 18.5%, down from 20.5%, while subscription growth was 24.5% two quarters ago; agentic usage on its platform is up 13x. Management points to AI deal value heading to $1.7bn, against a roughly $16bn subscription business. The slowdown leaves more pain ahead. Underweight, $90 target. x.com  x.com 

ServiceNow's third-quarter subscription revenue, cRPO and operating-margin beats make its double-digit selloff look overdone. After a 77% rise from April lows, it needed a big beat and raise; lower fourth-quarter cRPO guidance and back-loaded implications for $30-$32 billion in subscription growth by 2030 leave the stock in show-me mode. x.com 

ServiceNow's AI contract growth and improving free cash flow margin make the 18% selloff excessive and its shares a massive discount among leading enterprise AI companies. AI net-new ACV rose 65%; its 2026 AI ACV target rose to $1.7B, up 70% from the start of the year. Adjusted operating margin slipped to 32.5% from 33.5%, but free cash flow margin rose to 20% from 17.5%. Acquisition costs, stock compensation and severance largely drove the GAAP decline. x.com  x.com  x.com 

ServiceNow's slowing contracted-revenue growth suggests agentic AI and growing open-source alternatives may be reducing the need for its products. Q3 operating margin fell to 9.4% from 16.8% a year earlier, net income dropped, and cRPO growth slowed from 25% to 20.5%; Q4 guidance implies 18.5%. x.com 

ServiceNow is priced as if AI agents will replace it, yet its numbers show AI becoming its biggest growth driver. Q2 revenue grew 24% to $3.9B, faster than last quarter, earnings beat by almost 5% and full-year guidance rose for the second time. Its AI products crossed $1B in annual contract value, renewals were 98%, and $1M+ deals rose 40% to 123. AI infrastructure costs have squeezed margins slightly, and AI shrinking software budgets over 5-10 years is a fair bear risk. x.com 

ServiceNow's after-hours drop reflects guidance, not the quarter, and its sloppy shift away from seat-based pricing is an opportunity for multi-year holders. Q1 had 22% subscription and 22.5% cRPO growth, and the 2026 AI target rose 50% to $1.5B. The $7.75B Armis deal temporarily cuts margins, and Q2 cRPO guides to 18% as Middle East conflict delays large deals. Over half of new deals are not seat-based, pressuring margins for years. Buybacks are warranted, and the stock is already down 50%+. … Show more

ServiceNow's guidance growth is set to fall by another fifth next quarter, a poor trajectory rather than a buying opportunity after earnings. x.com 

ServiceNow is a rare opportunity because the narrative that AI will kill it is far from true. The stock is down about 31% over the past year, yet NVIDIA's Jensen Huang says ServiceNow can grow 100-fold, CEO Bill McDermott bought about $3 million of shares near $104.60, and Donald Trump disclosed a $1M-5M purchase in February. x.com