Common-Size Balance Sheet: Assets
Quarterly Data
ServiceNow Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
A systemic shift in asset composition is evident over the analyzed period, characterized by a transition from a liquidity-heavy balance sheet to one dominated by long-term assets. Current assets decreased from 51.28% of total assets in March 2021 to 34.60% by March 2026. Conversely, long-term assets grew from 48.72% to 65.40% during the same interval, indicating a strategic reallocation of resources toward long-term investments and growth-oriented assets.
- Liquidity and Cash Management
- Cash and cash equivalents exhibited volatility, peaking at 20.64% in early 2021 before settling at 11.08% by March 2026. Marketable securities, both current and long-term, showed a fluctuating pattern; current marketable securities peaked at 24.38% in September 2022 but declined to 10.17% by the end of the period. Long-term marketable securities experienced a gradual rise, peaking at 21.11% in June 2025 before a sharp contraction to 11.17% in March 2026.
- Inorganic Growth and Intangible Assets
- A significant increase in assets associated with acquisitions is observed toward the end of the timeline. Goodwill rose substantially from 4.09% in March 2021 to 18.63% by March 2026. Similarly, net intangible assets grew from 2.51% to 6.07%. This trend suggests an intensified focus on mergers and acquisitions to drive expansion.
- Strategic and Operational Assets
- Strategic investments emerged as a new component of the asset base in late 2025, reaching 7.15% by March 2026. Property and equipment, net, remained relatively stable, though a slight upward trend is noted, moving from 7.86% to 9.23%. Operating lease right-of-use assets showed a gradual decline from 5.16% to 3.41%, suggesting a reduction in the relative weight of leased assets compared to total asset growth.
- Working Capital Trends
- Accounts receivable, net, generally fluctuated between 6% and 13%, with recurring spikes every December, likely reflecting seasonal billing cycles. Deferred commissions remained remarkably stable, with the combined current and non-current portions consistently representing approximately 8% of total assets throughout the majority of the period.
Overall, the balance sheet evolved from a position of high liquidity and minimal intangible weight to a structure focused on strategic investments and acquired intangible value. The sharp increase in goodwill and the emergence of strategic investments in the final quarters highlight a pivot toward an aggressive growth strategy funded by the reduction of liquid cash and marketable securities.
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