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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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2012
- Current Ratio since 2012
- Price to Operating Profit (P/OP) since 2012
- Price to Book Value (P/BV) since 2012
- Price to Sales (P/S) since 2012
- Aggregate Accruals
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ServiceNow Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 financial information reveals a complex pattern of cash flows over the observed period. Net income demonstrates significant volatility, beginning at US$82 million and fluctuating considerably before reaching US$1,044 million in June 2023, followed by a decrease to US$401 million by September 2023 and then increasing to US$460 million in March 2025. Operating cash flow generally follows a positive trend, increasing from US$727 million in March 2021 to US$2,238 million in December 2025, though with quarterly variations. Investing and financing activities exhibit substantial cash outflows, particularly related to marketable securities and stock repurchases.
- Operating Activities
- Net cash provided by operating activities generally increased over the period, with notable spikes in December 2021 (US$1,162 million), December 2023 (US$1,605 million), and December 2025 (US$2,238 million). Adjustments to reconcile net income to net cash provided by operating activities show significant fluctuations, particularly a large negative adjustment in June 2023 (US$-464 million) and a substantial positive adjustment in December 2023 (US$1,310 million). Depreciation and amortization, stock-based compensation, and amortization of deferred commissions consistently contribute positive cash flow, while deferred income taxes and 'other' items show more variability.
- Investing Activities
- Net cash used in investing activities is consistently negative, primarily driven by purchases of marketable securities. These purchases are substantial, peaking at US$1,599 million in June 2023. Sales and maturities of marketable securities provide offsetting inflows, but are generally insufficient to offset the purchases. Purchases of property and equipment remain relatively stable, while business combinations and purchases of strategic investments contribute to cash outflows, though with varying magnitudes. A significant outflow related to business combinations is observed in September 2023 (US$-279 million).
- Financing Activities
- Net cash provided by (used in) financing activities is largely negative, influenced by stock repurchases and repayments of convertible senior notes. Repurchases of common stock are a significant outflow, particularly in September 2023 (US$-282 million) and December 2025 (US$-597 million). Proceeds from employee stock plans provide some offsetting inflows. The impact of business combinations on financing activities is also present. The foreign currency effect on cash fluctuates, but generally remains a relatively small component of overall cash flow.
- Working Capital
- Changes in operating assets and liabilities demonstrate considerable volatility. Accounts receivable shows large swings, with significant outflows in December 2021 (US$-785 million) and December 2024 (US$-981 million), and inflows in March 2022 (US$562 million) and March 2025 (US$901 million). Deferred revenue also exhibits substantial fluctuations, with a large inflow in December 2021 (US$1,060 million) and a significant outflow in December 2025 (US$1,892 million). Accounts payable and accrued expenses show more moderate variations.
Overall, the company generates substantial cash from operating activities, but this is largely offset by significant investments in marketable securities and returns of capital to shareholders through stock repurchases. The fluctuations in working capital components contribute to the overall complexity of the cash flow pattern. The significant increase in net income in June 2023 appears to be a major driver of the increased operating cash flow observed in subsequent periods.