Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2012
- Price to Book Value (P/BV) since 2012
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ServiceNow Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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 capital structure exhibits a general transition from a liability-heavy position toward a more equity-funded base over the majority of the observed period, followed by a significant shift in the final quarter. Total liabilities decreased from 65.57% in March 2021 to a low of 48.13% in September 2025, before rising sharply to 60.47% by June 2026.
- Liability Composition and Debt Trends
- Current liabilities consistently represent a substantial portion of the balance sheet, typically ranging between 36% and 45%. The primary driver of this is the current portion of deferred revenue, which fluctuates between 25.44% and 35.53%, signaling a business model heavily dependent on prepaid subscription services. Long-term debt, net, showed a sustained downward trajectory from 18.26% in March 2021 to 6.12% in March 2026, indicating a period of aggressive deleveraging. However, this trend reversed abruptly in June 2026, with long-term debt rising to 17.16% and short-term debt appearing at 6.57%.
- Stockholders' Equity and Profitability
- Stockholders' equity demonstrated a long-term growth trend, increasing from 34.43% in March 2021 to a peak of 51.87% in September 2025. This growth was primarily fueled by a dramatic improvement in retained earnings, which transitioned from a deficit of -1.72% in March 2021 to a surplus of 23.42% by March 2026, reflecting sustained profitability and the accumulation of net income.
- Share Repurchase Activity
- A significant increase in treasury stock is observed starting in late 2023. Treasury stock shifted from -1.87% in September 2023 to a peak negative value of -22.05% in December 2025. This indicates a substantial allocation of capital toward share buybacks, which acted as a counterweight to the growth in retained earnings and contributed to the eventual contraction of total stockholders' equity to 39.53% by June 2026.
- Recent Structural Pivot
- The data for the final period ending June 30, 2026, reveals a sharp departure from previous trends. There is a simultaneous spike in both short-term and long-term debt and a corresponding drop in stockholders' equity. This suggest a strategic shift in financing, possibly involving new debt issuance to fund operations or further share repurchases, effectively returning the company to a higher leverage ratio.