Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
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ServiceNow Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
The company exhibits a strong upward trajectory in cash generation from operating activities, characterized by significant quarterly seasonality and a growing reliance on non-cash adjustments to reconcile net income. Net cash provided by operating activities grew from 727 million in March 2021 to 1,670 million by March 2026, with consistent peaks occurring in the fourth quarter of each fiscal year.
- Operating Cash Flow Dynamics
- Cash flow from operations is heavily influenced by a recurring year-end surge. This pattern is primarily driven by substantial increases in deferred revenue during the fourth quarter—reaching 1,892 million in December 2025—which suggests a business model centered on annual upfront subscription payments. This seasonality creates a cyclical pattern where Q4 cash inflows frequently offset lower balances in preceding quarters.
- Non-Cash Adjustments and Compensation
- A consistent and increasing contribution to operating cash flow comes from stock-based compensation, which rose from 256 million in March 2021 to 547 million by March 2026. Similarly, depreciation and amortization have trended upward, increasing from 106 million to 258 million over the same period. These non-cash expenses significantly widen the gap between reported net income and actual cash generated from operations.
- Investing Activity and Capital Allocation
- Investing activities are dominated by the active management of marketable securities, with large-scale purchases frequently offset by sales and maturities. Capital expenditures for property and equipment have generally increased, rising from approximately 100 million per quarter in 2021 to peaks of 262 million in 2024. A significant shift in investing strategy is observed in the first quarter of 2026, where business combinations resulted in a cash outflow of 1,325 million.
- Financing Trends and Shareholder Returns
- Financing activities have transitioned from modest outflows toward aggressive shareholder returns. While early periods focused on the repayment of convertible senior notes and taxes related to equity awards, there is a marked acceleration in common stock repurchases. This trend culminated in a substantial outflow of 2,225 million for share buybacks in March 2026, indicating a strategic shift toward returning capital to shareholders as operating cash flows matured.
- Working Capital Volatility
- Operating assets and liabilities show high volatility, particularly regarding accounts receivable and deferred revenue. The consistent pattern of large Q4 increases in deferred revenue followed by Q1 decreases indicates the recognition of prepaid services over the subsequent year. This cycle creates significant swings in the net change in cash, as seen in the fluctuation between 998 million in December 2025 and a deficit of 1,022 million in March 2026.