ServiceNow: Contracted Revenue

Metric

RPO · Whole company

Contracted balance

$29B

Denominator

Full year 2025 total revenues of $13.278bn, plus first half 2026 revenues of $7.760bn ($3.770bn and $3.990bn), less first half 2025 revenues of $6.308bn. The 2025 half-year figure is derived from the reported year over year growth rates of 22% and 24% on those quarters, so it is accurate to roughly $5m.

Coverage

1.97x (scopes match)

Duration

No weighted average duration is published, but the cRPO disclosure does the same job: $13.20bn of the $29bn total, or 46%, is contracted to be recognised within 12 months. That is the subscription software shape, and it is what a healthy 2x coverage looks like.

Notes

The control group. ServiceNow is what two decades of subscription software convention produce: a backlog just under two years of revenue, of which nearly half is contracted to land inside twelve months, disclosed in both total and current form every quarter. Total RPO grew 22% in constant currency and cRPO 21%, in line with subscription revenue growth of 24.5%, which is the signature of a business compounding rather than reloading. Read the AI infrastructure rows against this one: those backlogs are not bigger versions of this, they are a different shape.

Sources: company filing or release · company filing or release