NOW earnings

Analysis, not advice

This is a Technology sector Fast Grower generating ~$14B in trailing revenue with a 22% three-year revenue CAGR and operating margins around 13.4%, recently upgraded from Neutral to Buy by an analyst. The setup pits a premium valuation (~91x trailing earnings) against an accelerating growth and margin expansion story.

This print

22 Jul 2026reported — not yet graded

cons 0.86 EPS / 3.93B rev

Next scheduled print 28 Oct 2026. Nothing on this page is about that print yet.

What the desk tested

Explicit conditions that would change the desk’s view — grading follows the transcript.

Bull condition triggered: cRPO holds ≥22% YoY AND subscription revenue holds ≥22% YoY AND management provides any explicit Now Assist ARR or attach-rate metric that puts the $500M FY28 path in view. A…

Bull condition triggered: GAAP operating margin commentary indicates Armis drag is rolling off faster than the 50–75bp guide, with management signaling ≥+150bp annual expansion trajectory intact. This…

＋2 more criteria on the deskfree trial · no card

From the desk's pre-read · 22 Jul 2026

ServiceNow (NOW) is scheduled to print Q2 2026 results on 2026-07-22; FMP consensus sits at EPS $0.86 · Revenue $3.93B.

＋1 more — the full pre-read is on the deskfree trial · no card

The desk's graded verdict

The 22 Jul 2026 print is not graded yet. It lands here once the desk has published against the transcript.

Bull case

A sustained 20%+ revenue CAGR with gradually expanding operating margins could justify the premium multiple if the company continues to scale its earnings base.

Bear case

At ~91x trailing earnings, there is little room for error — any deceleration in growth or margin pressure could compress the multiple significantly.

Educational analysis, not a personalised recommendation. See all covered names on the earnings calendar · part of our public track record.