Key Highlights

  • ServiceNow (NYSE:NOW) traded at USD 123.27, down 17.89%, in pre-market trading on Thursday, October 29, 2026, after the company's third quarter 2026 results and fourth quarter outlook released on Wednesday, October 28, 2026.
  • Third quarter subscription revenues were USD 3,988 million (up 21%) and total revenues USD 4,106 million (up 20.5%); current remaining performance obligations were USD 13.65 billion, and GAAP Diluted Earnings per Share were USD 0.27.
  • Fourth quarter guidance is subscription revenues of USD 4,245 million to USD 4,255 million and current remaining performance obligations growth of 18.5%; the full-year free Cash Flow Margin target was raised by 100 basis points to 36%.
  • The pre-market snapshot is thinly traded and can change before the 9:30 a.m. ET open; the implied prior close of about USD 150.10 is simple arithmetic on the snapshot, not a quoted price.

The Pre-Market Move and Its Catalyst

ServiceNow (NYSE:NOW), a provider of cloud workflow and artificial intelligence software for enterprises, traded at USD 123.27 in pre-market trading on Thursday, October 29, 2026, down 17.89% in the pre-market snapshot. Simple arithmetic on that move implies a prior close of about USD 150.10 on Wednesday, October 28, 2026. The catalyst was the company's third quarter 2026 results release of Wednesday, October 28, 2026, furnished in a Form 8-K. ServiceNow (NYSE:NOW) reported subscription Revenue growth of 21% but guided current remaining performance obligations, meaning contracted subscription revenue due within 12 months, to growth of 18.5% in the fourth quarter. Pre-market trading is thin, and prices can change before the 9:30 a.m. ET open.

How the Third Quarter Results Frame the Move

For the quarter ended Wednesday, September 30, 2026, ServiceNow (NYSE:NOW) reported subscription revenues of USD 3,988 million (up 21%) and current remaining performance obligations of USD 13.65 billion (up 20.5%). Total remaining performance obligations were USD 29.7 billion, up 22%. GAAP Operating Margin was 9.5% and non-GAAP operating margin 32.5%. GAAP Net Income was USD 277 million, or USD 0.27 per diluted share, against USD 1,039 million, or USD 1.00, on a non-GAAP basis. Free cash flow was USD 822 million. The fourth quarter guide of 18.5% compares with the reported 20.5%, a deceleration by simple arithmetic; that gap appears to explain the reaction better than the reported quarter.

Risks and What to Watch

The bull reading rests on subscription growth of 21%, a non-GAAP operating margin of 32.5%, a full-year free cash flow margin target of 36% and a raised artificial intelligence annual contract value target of USD 1.7 billion, up from USD 1 billion at the start of the year. The bear reading is the slower guided growth in current remaining performance obligations and a GAAP operating margin of 9.5%. Named risks are Acquisition integration, since Business combinations cost about USD 9.2 billion year to date and Goodwill rose to USD 10.0 billion, Debt of USD 2.1 billion short term and USD 5.4 billion long term, and thin pre-market liquidity. Investors should watch the 9:30 a.m. ET open on Thursday, October 29, 2026 and the company's fourth quarter results.

Where Things Stand

The answer is that ServiceNow (NYSE:NOW) fell in pre-market trading because its release of Wednesday, October 28, 2026 guided current remaining performance obligations growth to 18.5% from 20.5% reported, even as subscription revenue grew 21%. The pre-market price of USD 123.27 reflects a decline of 17.89%. The next catalysts are the 9:30 a.m. ET open on Thursday, October 29, 2026 and the fourth quarter 2026 results. Pre-market prices are snapshots and can change, and this is not Investment advice.