For thirteen years ServiceNow was one of the most predictable businesses in enterprise software: subscription revenue compounding above 20% every year without exception, a 98% renewal rate, and almost no debt. Then, in the seven months to July 2026, it spent $11.3 billion buying Moveworks, Veza and Armis, raised $4.0 billion of senior notes and $2.1 billion of commercial paper to pay for them, and watched its GAAP operating margin fall from 11% to 4% in a single quarter. The subscription line did not miss a beat. This is a full institutional-grade equity research report on ServiceNow, Inc. (NYSE: NOW), built from the Forms 10-K and 10-Q, every quarterly press release and investor presentation through Q2 2026, and the earnings calls, into eight structured chapters and 65 rebuilt charts.
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