New York, January 26, 2026, 12:16 (EST) — Regular session.
- ServiceNow shares were up about 1.6% in midday trading as investors positioned ahead of earnings.
- Analysts are zeroing in on subscription growth and backlog metrics for signs of demand.
- ServiceNow reports after Wednesday’s close, with a conference call set for 5 p.m. ET.
ServiceNow, Inc. (NOW) shares rose about 1.6% to $135.29 by 12:16 p.m. EST on Monday, after ending the previous session at $133.11. The stock traded between $133.18 and $136.14, with about 6.1 million shares changing hands.
The workflow software maker reports results after the close on Wednesday, landing in a week packed with mega-cap tech earnings and a Federal Reserve rate decision. For investors still debating how much to pay for growth tied to AI-driven automation, guidance matters more than the headline beat.
U.S. stocks were higher as markets geared up for the Fed and big earnings, with the S&P 500 and Nasdaq up about 0.5% and 0.6% in late morning trading, Reuters reported. “This week’s lineup of megacap earnings should help shape sentiment around the AI trade,” Chris Larkin at E*Trade from Morgan Stanley said. 1
Bernstein SocGen Group analyst Peter Weed reiterated an Outperform rating and pointed to upside catalysts from generative AI, tools that generate text and other content. “ServiceNow may even see incremental H2 revenue upside,” Weed wrote in an investor note. 2
BMO Capital said it expects the quarter could come in slightly better than anticipated on a constant-currency basis — excluding exchange-rate swings — for subscription revenue and “current remaining performance obligations” (cRPO), a measure of contracted revenue still to be recognized. Jefferies also expects a modest beat on constant-currency cRPO and subscription revenue, while BMO cited broader “multiple compression” in software stocks as a drag on valuations. 3
That sets up a familiar checklist: subscription growth, cRPO, and the tone around 2026 demand. Investors will be listening for whether large customers are still expanding deployments, or if deals are slipping out as budgets get tighter.
ServiceNow has said it will release fourth-quarter and full-year 2025 results after the close on January 28, followed by a conference call and webcast at 2 p.m. Pacific (5 p.m. ET). 4
The stock’s move came alongside gains in other enterprise software names, with Salesforce up about 0.4%, Workday up about 1.3%, Oracle up about 4.0% and SAP up about 3.6%.
But the setup cuts both ways. A cautious outlook, or any stumble in backlog metrics, could snap the rebound, especially if the Fed leans hawkish and rate expectations push higher.
Beyond the numbers, traders will sift management’s comments for signs of traction in AI features meant to automate IT, customer support and other workflow-heavy tasks — and whether customers are paying up for them.
Next up: ServiceNow’s earnings after Wednesday’s close, with the Federal Reserve statement due the same day.
