ServiceNow shares have fallen more than 23% year to date and over 41% in the past year, even as the company’s subscription revenue grew 21% year-over-year and its current remaining performance obligations reached $12.85 billion. The board authorized an additional $5 billion buyback in January and signaled an imminent $2 billion accelerated share repurchase, while free cash flow rose 34% to $4.576 billion in fiscal 2025. Options markets show a full-chain put/call ratio of 0.33, and sell-side analysts hold 43 buy ratings against a single sell with a $141.12 price target. The company has beaten earnings per share estimates in all four quarters of fiscal 2025 and guided fiscal 2026 subscription revenue to between $15.53 billion and $15.57 billion with a 32% non-GAAP operating margin.
ServiceNow IncStock down 30% despite strong growth and buyback, indicating market disappointment or valuation concerns
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