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ServiceNow Inc. (NYSE:NOW)

Common-Size Balance Sheet: Assets
Quarterly Data

ServiceNow Inc., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 7.90 11.08 14.31 12.51 14.17 16.06 11.30 10.23 11.86 11.72 10.91 7.37 11.14 13.60 11.05 11.24 14.99 20.49 16.00 14.77 14.83 20.64
Marketable securities 6.82 10.17 9.82 12.33 13.64 15.39 16.97 18.50 17.87 17.41 17.14 19.58 20.67 22.49 21.13 24.38 19.55 16.03 14.60 17.21 17.66 18.53
Accounts receivable, net 6.95 7.03 10.09 7.10 7.69 6.48 10.99 7.10 8.34 7.44 11.71 7.74 7.32 8.15 12.97 8.09 7.68 7.50 12.87 8.19 8.50 7.31
Current portion of deferred commissions 1.88 2.42 2.27 2.57 2.50 2.54 2.54 2.72 2.65 2.70 2.65 2.76 2.69 2.88 2.77 2.97 2.91 2.93 2.81 2.83 2.78 2.73
Prepaid expenses and other current assets 3.33 3.89 3.73 3.88 4.06 3.72 3.28 3.21 3.34 2.75 2.32 2.61 2.43 2.34 2.11 2.63 2.90 2.57 2.07 2.25 2.23 2.06
Current assets 26.89% 34.60% 40.21% 38.39% 42.06% 44.20% 45.07% 41.75% 44.05% 42.02% 44.73% 40.06% 44.25% 49.46% 50.03% 49.31% 48.03% 49.50% 48.34% 45.24% 45.99% 51.28%
Deferred commissions, less current portion 3.59 4.63 4.28 4.67 4.61 4.83 4.90 5.13 5.10 5.30 5.29 5.35 5.21 5.71 5.58 5.85 5.76 5.96 5.77 5.53 5.38 5.34
Long-term marketable securities 6.45 11.17 14.48 19.58 21.11 20.67 20.17 20.77 19.07 20.90 18.42 19.48 18.36 16.45 15.92 13.66 14.48 13.50 15.10 14.60 14.69 15.28
Strategic investments 6.55 7.15 5.92 6.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property and equipment, net 6.87 9.23 8.79 9.76 9.00 8.99 8.65 9.32 8.82 8.26 7.81 7.95 7.69 8.20 7.92 8.23 7.89 7.26 7.09 7.81 7.97 7.86
Operating lease right-of-use assets 2.64 3.41 3.10 3.70 3.71 3.86 3.40 3.59 3.71 3.98 4.11 4.63 4.40 5.01 5.13 5.23 5.44 5.30 5.47 6.39 5.07 5.16
Intangible assets, net 11.94 6.07 4.31 1.79 1.45 1.10 1.03 1.16 1.21 1.28 1.29 1.60 1.28 1.56 1.74 2.11 2.31 2.42 2.66 3.19 3.37 2.51
Goodwill 31.06 18.63 13.74 8.35 8.06 6.22 6.25 7.00 6.81 6.98 7.08 7.98 5.50 6.05 6.20 7.15 7.23 7.04 7.20 8.12 8.63 4.09
Deferred tax assets 2.81 3.75 4.06 5.59 6.08 6.49 6.79 7.83 7.95 8.42 8.67 9.97 10.39 4.70 4.78 5.44 5.78 6.24 6.41 7.32 7.24 7.29
Other assets 1.20 1.37 1.11 1.25 3.92 3.64 3.74 3.44 3.29 2.86 2.60 2.98 2.92 2.86 2.70 3.03 3.06 2.77 1.96 1.79 1.65 1.20
Long-term assets 73.11% 65.40% 59.79% 61.61% 57.94% 55.80% 54.93% 58.25% 55.95% 57.98% 55.27% 59.94% 55.75% 50.54% 49.97% 50.69% 51.97% 50.50% 51.66% 54.76% 54.01% 48.72%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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).

The asset composition reveals a fundamental shift in the balance sheet structure, transitioning from a liquid-heavy position to one dominated by non-current assets. Current assets declined from 51.28% of total assets in March 2021 to 26.89% by June 2026. Conversely, long-term assets grew from 48.72% to 73.11% over the same period, indicating a strategic reallocation of capital toward long-term investments and acquisitions.

Liquidity and Cash Management
A downward trend is observed in the liquidity profile. Cash and cash equivalents decreased from 20.64% to 7.90%, while short-term marketable securities fell from 18.53% to 6.82%. Combined, these liquid assets represented approximately 39% of the balance sheet in early 2021 but dropped to roughly 14.7% by mid-2026. Long-term marketable securities also saw a reduction, declining from 15.28% to 6.45%, suggesting that liquid reserves were utilized to fund other growth initiatives.
Acquisition-Driven Growth
There is a substantial increase in assets associated with mergers and acquisitions, particularly accelerating in 2025 and 2026. Goodwill rose dramatically from 4.09% in March 2021 to 31.06% by June 2026. Similarly, intangible assets, net, increased from 2.51% to 11.94%. This surge indicates a pivot toward an inorganic growth strategy, where a significant portion of the company's asset base is now comprised of premiums paid over fair value and identifiable intangible assets.
Strategic and Fixed Assets
Strategic investments emerged as a new component of the balance sheet starting in September 2025, maintaining a weight between 5.92% and 7.15% through June 2026. Property and equipment, net, remained relatively stable for most of the period, fluctuating between 7% and 9%, before declining to 6.87% in the final quarter. Operating lease right-of-use assets showed a steady long-term decline, moving from 5.16% to 2.64%.
Working Capital Components
Accounts receivable, net, exhibited seasonal volatility, typically peaking in December quarters (reaching as high as 12.97% in December 2022) before receding in the first quarter of the following year. Deferred tax assets showed a consistent long-term decline, falling from 7.29% in March 2021 to 2.81% by June 2026, contributing to the overall reduction in the relative weight of current and other non-current assets.

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