Common-Size Balance Sheet: Assets
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ServiceNow Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The asset composition of the entity demonstrates notable shifts over the five-year period. Current assets, initially representing nearly half of total assets, experienced a decline to 40.21% by the end of the period. This decrease is accompanied by a corresponding increase in long-term assets, which rose from 51.66% to 59.79% of the total.
- Liquidity and Current Assets
- Cash and cash equivalents decreased from 16.00% to 11.05% between 2021 and 2022, then stabilized around 11% before increasing to 14.31% in 2025. Marketable securities exhibited a more volatile pattern, peaking at 21.13% in 2022 before declining to 9.82% in 2025. Accounts receivable, net, showed a consistent, albeit gradual, decrease from 12.87% to 10.09%. The current portion of deferred commissions also experienced a steady decline. Prepaid expenses and other current assets increased significantly in 2024 and 2025, potentially indicating increased operational spending or changes in accounting practices. Overall, the reduction in current assets suggests a shift in asset allocation towards longer-term investments.
- Long-Term Investments and Intangibles
- Long-term marketable securities increased from 15.10% to 20.17% between 2021 and 2024, then decreased to 14.48% in 2025. The introduction of strategic investments in 2024, growing to 5.92% in 2025, represents a new component of the asset base. Goodwill experienced a substantial increase from 6.20% to 13.74% in 2025, potentially reflecting acquisitions or upward revaluations of existing assets. Intangible assets, net, showed a significant increase in 2025, rising to 4.31% from a low of 1.03% in 2024, which could be due to internally developed technology or acquired intellectual property. Deferred tax assets fluctuated, peaking at 8.67% in 2023 before decreasing to 4.06% in 2025.
- Fixed Assets and Other Long-Term Items
- Property and equipment, net, demonstrated a consistent increase, rising from 7.09% to 8.79%. Operating lease right-of-use assets decreased steadily throughout the period, indicating a potential reduction in leased assets or changes in lease accounting. Other assets decreased from 2.70% to 1.11%, suggesting a reduction in miscellaneous long-term holdings.
In summary, the entity’s asset allocation shifted from a greater proportion of current assets to a larger share of long-term assets, including marketable securities, strategic investments, goodwill, and intangible assets. This suggests a strategic focus on long-term growth and investment, potentially through acquisitions and internal development of intellectual property.