US equity markets experienced notable volatility in late July 2026, with the Dow Jones Industrial Average declining over 500 points on 23 July 2026, driven in part by significant selloffs in Alphabet and Tesla [Brief - 2026-07-26]. A separate SEC filing for ServiceNow Inc. triggered a prior report on 24 July 2026, reflecting updated financial disclosures as of 30 June 2026, with no additional corporate commentary available at that time [Brief - 2026-07-24].
ServiceNow reported trailing twelve-month revenue of $14.73 billion as of 30 June 2026, reflecting year-over-year revenue growth of 24.0%. Gross margin stood at 74.8%, while operating margin was recorded at 11.4% and net margin at 11.3%, producing net income of $1.67 billion on a trailing basis. The company carried $2.50 billion in cash against total debt of $7.52 billion. EPS declined 21.6% year-over-year, and the price-to-earnings ratio was recorded at 77.5 against a market capitalisation of approximately $128.2 billion [SEC 10-Q - NOW - 2026-06-30].
Insider activity in August 2026 comprised 18 transactions with a mixed net direction and a net value of zero, indicating no material one-sided disposition or acquisition pattern among insiders during the period [SEC Form 4 - NOW - 2026-08]. At the institutional level, five notable firms each opened new positions in ServiceNow: Citadel, Millennium Management, AQR Capital, Tiger Global, and Bridgewater Associates, all reflecting new entries rather than additions to prior holdings [SEC 13F - Citadel - Q2 2026] [SEC 13F - Millennium - Q2 2026] [SEC 13F - AQR Capital - Q2 2026] [SEC 13F - Tiger Global - Q2 2026] [SEC 13F - Bridgewater - Q2 2026].
The prevailing macro environment as of the report date shows the 10-year US Treasury yield at 4.63% and the 2-year yield at 4.15%, producing a normal yield curve with a spread of approximately 48 basis points [FRED DGS10] [FRED DGS2]. This report was generated in response to the material institutional position changes identified above, with five separate firms initiating new disclosable holdings in NOW during the most recent 13F reporting period.