ServiceNow (NOW)

Outperform Recap: Q2 2026

Q2 2026 Recap: ServiceNow Beats Everything, Crosses $1B AI ACV, and the Tape Sells the Pop. Maintaining Outperform on a De-Rated Multiple

Outperform Recap: Q1 2026

Q1 2026 Recap: Subscription Beat + FY26 Raised + Armis Closed Early + $2B ASR — Maintaining Outperform with HIGH Conviction

Outperform Recap: Q4 2025

Q4 2025 + FY25 Wrap: Veza + Armis Acquisitions, Microsoft Agent 365 Partnership, McDermott Extends to 2030 — Maintaining Outperform

Outperform Recap: Q3 2025

Q3 2025 Recap: Op Margin 33.5% (+300bp Above Guide), 103 Deals >$1M, 5-for-1 Stock Split — Maintaining Outperform

Outperform Recap: Q2 2025

Q2 2025 Recap: Subscription +21.5% CC, Now Assist $20M+ Deal, FY25 Raised — Initiating at Outperform