ServiceNow, Inc.NOW

ServiceNow, Inc. Fair Value Disclosure

10-KFiled Jan 29, 20262 min read
Fair Value Measurements
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis as of December 31, 2025 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$2,055 $— $2,055 
Commercial paper— 137 137 
Corporate notes and bonds— 6 6 
Deposits219 — 219 
U.S. government and agency securities— 515 515 
Marketable securities:
Commercial paper— 173 173 
Corporate notes and bonds— 4,793 4,793 
Certificates of deposit— 11 11 
U.S. government and agency securities— 1,263 1,263 
Mortgage-backed and asset-backed securities— 89 89 
Total$2,274 $6,987 $9,261 
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis as of December 31, 2024 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$1,357 $— $1,357 
Commercial paper— 23 23 
Corporate notes and bonds— 4 4 
Deposits391 — 391 
U.S. government and agency securities — 14 14 
Marketable securities:
Commercial paper— 336 336 
Corporate notes and bonds— 4,976 4,976 
Certificates of deposit— 67 67 
U.S. government and agency securities— 2,104 2,104 
Mortgage-backed and asset-backed securities— 86 86 
Total$1,748 $7,610 $9,358 
We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs), pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) or using unobservable inputs that are supported by little or no market activity (Level 3 inputs). Our strategic investments are not included in the table above and are discussed in Note 3 “Investments”. Refer to Note 8 “Derivative Contracts” for the fair value measurement of our derivative contracts and Note 12 “Debt” for the fair value measurement of our long-term debt, which are also not included in the table above.
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Historical Timeline

Fiscal YearFiled
2025Jan 29, 2026Showing above
2024Jan 30, 2025
2023Jan 25, 2024
2022Jan 31, 2023
2021Feb 3, 2022
2020Feb 12, 2021
2019Feb 20, 2020
2018Feb 28, 2018
2016Feb 28, 2017
2015Feb 25, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

Income TaxesRevenueEarnings Per SharePP&EGoodwill & IntangiblesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance