ServiceNow, Inc. Revenue in 2025

ServiceNow, Inc. reported $13.3B in revenue for fiscal year 2025. This represents a growth of 20.9% compared to the 2024 figure of $11.0B.

Revenue of $13.278 billion in fiscal 2025, with net income of $1.748 billion — a 13.2 percent net margin — reflects a business in transition between the pure subscription model that drove the first decade of growth and the consumption-based AI monetization that management has explicitly guided toward. The 82 percent subscription gross margin on the core platform is the financial foundation; the question is whether the AI consumption pricing expands or compresses the overall margin profile. Revenue growth from $9.0 billion in 2023 to $13.3 billion in 2025 — 48 percent growth over two years — is among the fastest sustained growth rates in enterprise software at this revenue scale. The growth comes from three sources: new customer acquisition, expansion of existing customer ACV through new workflow modules, and price escalation through annual contract renewals. The 98 percent renewal rate means less than 2 percent of ACV is lost to churn annually, creating a revenue base that compounds rather than requiring constant replacement. The $175 million FX headwind for 2025 subscription revenues — cited in 2024 guidance — reflects that 29 percent of revenue is denominated in non-USD currencies, primarily Euro and British Pound Sterling. A 10 percent USD strengthening would reduce operating income by $150 million according to the company's own 10-K sensitivity disclosure. That currency exposure grows with international revenue expansion and represents a meaningful variance factor in reported results. The 2,109 customers with ACV above $1 million — and nearly 500 above $5 million — represent the enterprise customer concentration that produces high renewal rates and expansion revenue, but also the dependency risk that comes when large enterprise customers negotiate multi-year renewal terms during market downturns. The average ACV of the top cohort reaching $5 million means the company's growth increasingly depends on deepening relationships with existing large customers rather than volume expansion from new customers.