ServiceNow, Inc. (NOW) Cash Flow Statement
Where NOW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.44B +27.6% vs 2024
- Capital expenditures
- $868.0M 6.5% of revenue
- Free cash flow
- $4.58B 34.5% margin
- Returned to shareholders
- $1.84B 40% of free cash flow
- Change in cash
- $1.42B cash at year-end $3.73B
Cash from operations
$5.44B
Capital expenditures
−$868.0M
Investments (net)
+$268.0M
Acquisitions & other
−$1.09B
Share buybacks (net)
−$1.84B
Other financing
−$500.0M
Change in cash
$1.42B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NOW operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NOW cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $159.9M2016 | $5.44B2025 | +48.0%/yr | |
| Capital expenditures | $128.4M2016 | $868.0M2025 | +23.7%/yr | |
| Free cash flow | $31.5M2016 | $4.58B2025 | +73.9%/yr | |
| Free cash flow margin | 2.3%2016 | 34.5%2025 | +32.2 pts | |
| Operating cash flow / net income | 1.972019 | 3.112025 | +1.14 | |
| Stock-based compensation | $317.6M2016 | $1.96B2025 | +22.4%/yr | |
| Dividends paid | $302.1M2019 | $250.0M2022 | −6.1%/yr | |
| Share buybacks (net) | $119.9M2016 | $1.84B2025 | +35.4%/yr | |
| Capex / revenue | 9.2%2016 | 6.5%2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOW cash flow by activity
OperatingInvestingFinancingChange in cash
NOW net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NOW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.75B | $1.43B | $1.73B | $325.0M | $230.0M | $118.5M | $626.7M | −$26.7M | −$149.1M | −$451.8M |
| Depreciation & amortization | $738.0M | $564.0M | $562.0M | $433.0M | $472.0M | $336.0M | $252.0M | $149.6M | $113.9M | $83.1M |
| Stock-based compensation | $1.96B | $1.75B | $1.60B | $1.40B | $1.13B | $870.0M | $662.2M | $544.0M | $394.1M | $317.6M |
| Change in working capital | $29.0M | −$65.0M | −$101.0M | $174.0M | $58.0M | $281.5M | $78.4M | $140.8M | $125.3M | $96.2M |
| Other non-cash items | $974.0M | $597.0M | −$398.0M | $390.0M | $300.0M | $180.6M | −$383.3M | $3.5M | $158.7M | $114.8M |
| Cash from operating activities | $5.44B | $4.27B | $3.40B | $2.72B | $2.19B | $1.79B | $1.24B | $811.1M | $642.8M | $159.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$868.0M | −$852.0M | −$694.0M | −$550.0M | −$399.0M | −$432.5M | −$337.6M | −$248.9M | −$157.2M | −$128.4M |
| Investments (net) | $268.0M | −$2.50B | −$2.60B | −$2.58B | −$437.0M | −$967.1M | −$379.5M | −$61.1M | −$668.6M | $50.4M |
| Acquisitions & other investing | −$1.09B | $852.0M | $1.12B | $550.0M | −$771.0M | −$107.2M | −$7.4M | −$37.4M | −$58.2M | −$34.5M |
| Cash from investing activities | −$1.69B | −$2.50B | −$2.17B | −$2.58B | −$1.61B | −$1.51B | −$724.5M | −$347.4M | −$883.9M | −$112.5M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$250.0M | −$445.0M | −$363.2M | −$302.1M | — | — | — |
| Share repurchases & issuance (net) | −$1.84B | −$696.0M | −$538.0M | −$427.0M | −$612.0M | −$509.0M | −$410.0M | −$281.0M | −$55.0M | −$119.9M |
| Net borrowing (repayment) | — | $0 | $0 | −$94.0M | −$61.0M | $1.48B | −$9,000 | −$430.6M | $644.1M | −$2.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$500.0M | −$647.0M | −$265.0M | $427.0M | $612.0M | −$12.4M | $410.1M | $104.2M | −$50.2M | $66.4M |
| Cash from financing activities | −$2.34B | −$1.34B | −$803.0M | −$344.0M | −$506.0M | $597.0M | −$302.0M | −$607.4M | $538.9M | −$55.8M |
| Summary | ||||||||||
| Net change in cash | $1.42B | $406.0M | $429.0M | −$257.0M | $53.0M | $901.0M | $209.0M | −$159.3M | $325.9M | −$10.9M |
| Cash at end of period | $3.73B | $2.31B | $1.90B | $1.48B | $1.73B | $1.68B | $778.0M | $568.5M | $727.8M | $401.9M |
| Free cash flow | $4.58B | $3.42B | $2.70B | $2.17B | $1.79B | $1.35B | $898.4M | $562.2M | $485.6M | $31.5M |
| Free cash flow margin | 34.5% | 31.1% | 30.1% | 30.0% | 30.4% | 30.0% | 26.0% | 21.6% | 25.1% | 2.3% |
| Capex / revenue | 6.5% | 7.8% | 7.7% | 7.6% | 6.8% | 9.6% | 9.8% | 9.5% | 8.1% | 9.2% |
| Operating cash flow / net income | 3.11 | 2.99 | 1.96 | 8.38 | 9.53 | 15.08 | 1.97 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $298.0M | $469.0M | $401.0M | $502.0M | $385.0M | $460.0M | $384.0M | $432.0M | $262.0M | $347.0M | $295.0M | $242.0M |
| Depreciation & amortization | $407.0M | $258.0M | $212.0M | $194.0M | $145.0M | $160.0M | $154.0M | $144.0M | $136.0M | $130.0M | $154.0M | $146.0M |
| Stock-based compensation | $652.0M | $547.0M | $494.0M | $492.0M | $499.0M | $470.0M | $454.0M | $426.0M | $444.0M | $422.0M | $413.0M | $413.0M |
| Change in working capital | −$663.0M | −$142.0M | $826.0M | −$641.0M | −$562.0M | $406.0M | $465.0M | −$460.0M | −$371.0M | $301.0M | $587.0M | −$624.0M |
| Other non-cash items | −$107.0M | $538.0M | $305.0M | $266.0M | $249.0M | $181.0M | $178.0M | $129.0M | $149.0M | $141.0M | $156.0M | $134.0M |
| Cash from operating activities | $587.0M | $1.67B | $2.24B | $813.0M | $716.0M | $1.68B | $1.64B | $671.0M | $620.0M | $1.34B | $1.60B | $311.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$114.0M | −$141.0M | −$238.0M | −$235.0M | −$190.0M | −$205.0M | −$253.0M | −$202.0M | −$271.0M | −$156.0M | −$261.0M | −$136.0M |
| Investments (net) | $937.0M | $987.0M | $597.0M | −$551.0M | −$423.0M | −$217.0M | −$738.0M | −$658.0M | −$187.0M | −$918.0M | −$444.0M | −$525.0M |
| Acquisitions & other investing | −$7.48B | −$1.30B | −$857.0M | $235.0M | $190.0M | $205.0M | $253.0M | $202.0M | $271.0M | $156.0M | $261.0M | $136.0M |
| Cash from investing activities | −$6.65B | −$451.0M | −$498.0M | −$551.0M | −$423.0M | −$217.0M | −$738.0M | −$658.0M | −$187.0M | −$918.0M | −$444.0M | −$525.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $2.23B | −$2.23B | −$597.0M | −$584.0M | −$361.0M | −$298.0M | −$296.0M | −$225.0M | −$137.0M | −$175.0M | −$256.0M | −$282.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.65B | −$11.0M | −$142.0M | −$73.0M | −$185.0M | −$100.0M | −$175.0M | −$67.0M | −$184.0M | −$84.0M | −$125.0M | −$51.0M |
| Cash from financing activities | $5.87B | −$2.24B | −$739.0M | −$657.0M | −$546.0M | −$398.0M | −$471.0M | −$292.0M | −$321.0M | −$259.0M | −$381.0M | −$333.0M |
| Summary | ||||||||||||
| Net change in cash | −$193.0M | −$1.02B | $992.0M | −$408.0M | −$244.0M | $1.07B | $417.0M | −$274.0M | $103.0M | $160.0M | $785.0M | −$551.0M |
| Cash at end of period | $2.52B | $2.71B | $3.73B | $2.73B | $3.13B | $3.38B | $2.31B | $1.89B | $2.17B | $2.06B | $1.90B | $1.12B |
| Free cash flow | $473.0M | $1.53B | $2.00B | $578.0M | $526.0M | $1.47B | $1.38B | $469.0M | $349.0M | $1.19B | $1.34B | $175.0M |
| Free cash flow margin | 11.9% | 40.6% | 56.1% | 17.0% | 16.4% | 47.7% | 46.7% | 16.8% | 13.3% | 45.5% | 55.1% | 7.6% |
| Capex / revenue | 2.9% | 3.7% | 6.7% | 6.9% | 5.9% | 6.6% | 8.6% | 7.2% | 10.3% | 6.0% | 10.7% | 5.9% |
| Operating cash flow / net income | 1.97 | 3.56 | 5.58 | 1.62 | 1.86 | 3.65 | 4.26 | 1.55 | 2.37 | 3.86 | 5.44 | 1.29 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NOW cash generation
In fiscal 2025 (ended December 31, 2025), ServiceNow generated $5.4 billion of cash from operations (up 27.6%) and spent $868.0 million on capital expenditures, leaving free cash flow of $4.6 billion, 34.5% of revenue. It returned $1.8 billion to shareholders through dividends ($0) and net share buybacks ($1.8 billion). Cash and equivalents rose by $1.4 billion over the year.
Related: NOW income statement, NOW balance sheet. See the NOW stock overview for the latest quote and news.
NOW cash flow FAQ
What is ServiceNow's free cash flow?
ServiceNow's free cash flow was $4.6 billion in fiscal 2025: $5.4 billion of operating cash flow minus $868.0 million of capital expenditures It was $3.4 billion a year earlier..
How much cash does ServiceNow generate from operations?
ServiceNow generated $5.4 billion of cash from operating activities in fiscal 2025, 3.11 times its net income of $1.7 billion.
How much does ServiceNow spend on capital expenditures?
ServiceNow spent $868.0 million on capital expenditures in fiscal 2025, 6.5% of revenue, compared with $852.0 million the year before.
How much stock does ServiceNow buy back?
ServiceNow spent $1.8 billion on net share repurchases in fiscal 2025.