> **来源：[研报客](https://pc.yanbaoke.cn)** # ServiceNow (NOW US) Summary ## Core Content ServiceNow reported its 1Q26 financial results, showing **total revenue growth of 22% YoY** to **US$3.77 billion**, aligning with the Bloomberg consensus estimate. **Non-GAAP operating income** increased by **26% YoY** to **US$1.20 billion**, also in line with the consensus. The company raised its **FY26 subscription revenue growth guidance** to **+20.5-21% YoY** from **+19.5-20% YoY**, primarily due to the **125bps contribution from the early close of the Armis acquisition**. However, the acquisition is expected to introduce **75bps and 200bps headwinds** to **FY26 operating and FCF margins**, respectively, leading to a revised **FY26 operating margin** of **31.5%** and **FCF margin** of **35%** from the previous guidance of **32%** and **36%**. Management is optimistic about **AI efficiency gains** normalizing the margin expansion trajectory from **FY27E onwards**. The **AI ACV target** was raised to **US$1.5 billion** by the end of FY26 from **US$1 billion**, indicating strong momentum in AI monetization. **Now Assist** continues to exceed expectations, with **customers spending over US$1 million** in ACV increasing by **over 130% YoY** in 1Q26. ## Main Points - **Revenue Growth**: - 1Q26 total revenue grew **22% YoY** to **US$3.77 billion**. - Subscription revenue grew **19% YoY** in constant currency to **US$3.67 billion**. - **cRPO** (constant currency revenue per order) grew **21% YoY** to **US$12.64 billion**, **100bps above** company guidance. - **Guidance Adjustments**: - **FY26 subscription revenue growth** revised to **+20.5-21% YoY**. - **FY26 operating margin** lowered to **31.5%** and **FCF margin** to **35%** due to integration headwinds. - **FY26 AI ACV target** raised to **US$1.5 billion** from **US$1 billion**. - **AI Momentum**: - **Now Assist** continues to outperform expectations. - **EmployeeWorks**, a unified AI front door, has already closed **6 deals above US$1 million** in net new ACV. - **AI Control Tower** saw **average deal sizes more than double** in 1Q26 compared to the previous quarter. - **50%** of net new business now comes from **non-seat-based pricing models**. - **Financial Performance**: - **Non-GAAP OPM** improved to **31.4%** in 1Q26. - **AI efficiency** has resolved **90% of employee IT requests**. - **Adjusted net profit** for FY26 is forecasted at **US$4.4 billion**, with a **non-GAAP EPS** of **US$4.2**. ## Key Figures | Metric | FY26E | FY27E | FY28E | |----------------------|--------|--------|--------| | Revenue (US$ bn) | 16.2 | 19.3 | 22.8 | | Operating Profit (US$ bn) | 5.1 | 6.2 | 7.6 | | Non-GAAP Net Profit (US$ bn) | 4.4 | 5.3 | 6.5 | | Non-GAAP EPS (US$) | 4.2 | 5.1 | 6.3 | | Non-GAAP OPM (%) | 31.4 | 32.2 | 33.4 | | Non-GAAP Net Margin (%) | 27.3 | 27.4 | 28.8 | ## Valuation and Target Price - **Target Price**: **US$160.00** (lowered from **US$215.00**). - **Valuation Basis**: **30x FY26E EV/EBITDA**, reflecting a **premium to the sector average** of **20x**. - **EV/EBITDA** for FY26E is **30x**, leading to a **target EV of US$165.037 billion**. - **Non-GAAP net profit margin** is expected to improve slightly from **27.3%** to **28.8%** by FY28E. ## Market and Financial Overview - **Market Cap**: **US$88.17 billion**. - **Average 3-Month Trading Volume**: **US$1.6 billion**. - **52-Week High/Low**: **US$782.39/US$83.00**. - **Total Issued Shares**: **1.04 billion**. ## Analyst Ratings - **CMBIGM Rating**: **BUY**. - **Potential Return**: **Over 15% over the next 12 months**. ## Analyst Certification - The **research analyst** certifies that the views expressed accurately reflect his or her personal views. - The analyst confirms no **conflict of interest** in relation to the covered securities. ## Disclaimer - **Risks**: Inherent in trading any securities. - **No Investment Advice**: Provided as general information. - **Past Performance**: Not indicative of future performance. - **Confidentiality**: Report is for the use of intended recipients only and cannot be reproduced or distributed without prior written consent. ## Summary of Key Trends - **AI Integration**: Strong growth in AI ACV and customer engagement. - **Margin Impact**: Short-term margin headwinds expected in FY26, with recovery anticipated in FY27E. - **Sector Valuation**: Decline in sector EV/EBITDA multiples has led to a lower target price. - **Business Model Shift**: Continued transformation to **non-seat-based pricing models**. ## Financial Highlights - **Revenue Growth**: Expected to continue at a **21.8% CAGR** from FY26 to FY28. - **Gross Margin**: Stable at **73.8-74.5%** for FY26E to FY28E. - **Operating Margin**: Expected to increase from **10.8%** to **17.4%** by FY28E. - **Non-GAAP Net Margin**: Projected to rise from **27.3%** to **28.8%** by FY28E. ## Conclusion ServiceNow is maintaining its **BUY** rating, despite short-term margin pressures. The company is demonstrating strong **AI monetization** and **business momentum**, with **enhanced efficiency** and **revenue growth** expected to normalize in the coming years. The **revised target price** reflects a more conservative valuation in line with sector trends.