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ServiceNow cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$748M in Q3 2026 · $4.8B over twelve months

Operating cash flow$839M
Capital spending−$91.0M
Free cash flow+$748M
Cash / net income3.0×
Cash conversion cycle35 days

Analysis

In Q3 2026, ServiceNow generated $839M of operating cash flow and spent $91.0M on capital projects, leaving free cash flow of $748M. That is $170M more than in Q3 2025 ($578M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.3B; the largest uses were acquisitions ($10.0B), buybacks ($2.8B), taxes on employees’ shares ($598M); besides operations, cash came from other financing ($6.0B), other investing ($2.2B); the cash balance fell by $329M.

Operating cash flow was $839M against net income of $277M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$630M, deferred revenue −$463M, depreciation & amortization +$390M.

Its cash conversion cycle was 35 days (receivables 50 + inventory 0 − payables 15).

Free cash flow

ServiceNow: free cash flow by quarterServiceNow: free cash flow by quarter$1.4BQ4 2024$1.5BQ1 2025$526MQ2 2025$578MQ3 2025$2.0BQ4 2025$1.5BQ1 2026$473MQ2 2026$748MQ3 2026
Operating cash flow less capital spending.
ServiceNow: operating cash flow against capital spendingServiceNow: operating cash flow against capital spendingOperating cash flowCapital spending$1.6B$253MQ4 2024$1.7B$205MQ1 2025$716M$190MQ2 2025$813M$235MQ3 2025$2.2B$238MQ4 2025$1.7B$141MQ1 2026$587M$114MQ2 2026$839M$91.0MQ3 2026
Latest (Q3 2026): Operating cash flow $839M, Capital spending $91.0M.

Capital allocation, year by year

ServiceNow: where the cash came from (up) and went (down), by fiscal yearServiceNow: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.2BFY2021: Shares issued $167MFY2021: Capital spending −$392MFY2021: Acquisitions −$785M$2.4BFY2021FY2022: Operating cash flow $2.7BFY2022: Shares issued $177MFY2022: Capital spending −$550MFY2022: Acquisitions −$91.0M$2.9BFY2022FY2023: Operating cash flow $3.4BFY2023: Shares issued $194MFY2023: Capital spending −$694MFY2023: Acquisitions −$279MFY2023: Buybacks −$538M$3.6BFY2023FY2024: Operating cash flow $4.3BFY2024: Shares issued $237MFY2024: Capital spending −$852MFY2024: Acquisitions −$113MFY2024: Buybacks −$696M$4.5BFY2024FY2025: Operating cash flow $5.4BFY2025: Shares issued $270MFY2025: Capital spending −$868MFY2025: Acquisitions −$1.1BFY2025: Buybacks −$1.8B$5.7BFY2025
Over these 5 years operating cash flow totalled $18.0B; the largest uses were capital spending ($3.4B) and buybacks ($3.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.6B
Debt$7.5B
Net debt$2.9B

ServiceNow funds itself: free cash flow was $4.8B over the last twelve months, and $4.6B of cash and investments stands against $7.5B of debt.

Where the cash came from and went

ServiceNow: sources (+) and uses (−) of cash, Q3 2026ServiceNow: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$839MAcquisitions−$391MOther investing−$356MTaxes on employees’ shares−$175MCash drawn (+) / kept (−)$112MCapital spending−$91.0MShares issued$79.0MNet borrowing (+) / repaid (−)−$18.0MExchange rates$1.0M
ServiceNow: sources (+) and uses (−) of cash, TTM to Q3 2026ServiceNow: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$10.0BOther financing$6.0BOperating cash flow$5.3BBuybacks−$2.8BOther investing$2.2BTaxes on employees’ shares−$598MCapital spending−$584MCash drawn (+) / kept (−)$329MShares issued$233MExchange rates−$7.0M

From profit to cash

ServiceNow: net income to operating cash flow, Q3 2026ServiceNow: net income to operating cash flow, Q3 2026Net income$277MDepreciation & amortization$390MStock-based pay$630MReceivables−$29.0MPayables$72.0MAccrued liabilities$37.0MDeferred revenue−$463MPrepaid and other assets−$103MOperating cash flow$839M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650—1535
Q2 202645—2322
Q1 202652—3022
Q4 202554—1935
Q3 202544—2123
Q2 202543—3311
Q1 202552—2626
Q4 202455—1738

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$839M−$91.0M−$391M—−$18.0M$79.0M$112M$748M
Q2 2026$587M−$114M−$7.5B——$1.0M$193M$473M
Q1 2026$1.7B−$141M−$1.3B−$2.2B—$153M$1.0B$1.5B
Q4 2025$2.2B−$238M−$869M−$597M——−$998M$2.0B
Q3 2025$813M−$235M−$139M−$584M—$117M$399M$578M
Q2 2025$716M−$190M−$58.0M−$361M——$244M$526M
Q1 2025$1.7B−$205M−$18.0M−$298M—$153M−$1.1B$1.5B
Q4 2024$1.6B−$253M−$31.0M−$296M——−$417M$1.4B

ServiceNow: income statement and cash flow

ServiceNow, Q3 2026: revenue $4.1B (+20% year over year), operating margin 9.4%. The chart follows the revenue to costs, profit and cash.

ServiceNow: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.