markets

Matt Phillips1/29/26

ServiceNow slips despite beating Q4 earnings expectations

Cloud software giant ServiceNow delivered better-than-expected Q4 sales and earnings after the close of trading on Wednesday, though the shares slipped in after-hours trading.

The company reported:

Revenue of $3.57 billion, higher than the $3.53 billion analyst consensus estimate published by FactSet.
Adjusted earnings of $0.92 per share vs. the $0.88 analysts expected.
Subscription revenue of $3.47 billion vs. the $3.42 billion predicted.
Issued guidance for Q1 subscription revenues of between $3.65 billion and 3.655 billion, compared to the $3.58 billion FactSet consensus estimate.
Non-GAAP gross margins of 80.5%, a little light compared to the 81.1% FactSet consensus estimate.

Despite the better-than-expected results, the stock was down after-hours. ServiceNow also announced an expanded AI partnership with Anthropic, in which it will enmesh Anthropic’s Claude models more deeply into its products, alongside its financial results.

Such efforts to more closely associate itself with the AI boom have fizzled so far. ServiceNow shares have plunged 45% over the last year. And investors clearly remain skeptical after the Q4 numbers.

Correction (January 29, 9:16 a.m. ET) : ServiceNow issued Q1 2026 subscription revenue guidance for the first time in its January 28 earnings release. A previous version of this post reported that ServiceNow raised Q1 guidance.

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