| NOW |
Report |
cRPO growth (cc, YoY) |
BEAT |
pred ~20% cc vs. cons ~19.5% cc (guide +19.5% cc incl. ~125bps Armis) |
MEDIUM |
| NOW |
Report |
Subscription revenue |
BEAT |
pred ~$3,850M vs. cons ~$3,823M (guide $3,815-3,820M) |
MEDIUM |
| NOW |
Report |
Non-GAAP operating margin |
BEAT |
pred ~28.3% vs. cons ~26.8% (guide 26.5%) |
MEDIUM |
| NOW |
Guide |
FY26 subscription revenue guide (crux: organic vs. inorganic raise) |
BETTER |
guide raise to ~$15,830M vs. cons ~$15,815M (FY26); but raise likely still Armis/FX-led, organic flat |
MEDIUM |
| NOW |
Guide |
Q3 FY26 subscription revenue guide |
UNCHANGED |
guide ~$3,975M vs. cons ~$3,970M (Q3 FY26) |
LOW |
| NOW |
Guide |
Q3 FY26 cRPO growth guide (deceleration optics) |
LOWER |
guide ~18.5% cc vs. cons ~19% cc (Q3 FY26); organic decel continues |
MEDIUM |
| NOW |
Guide |
FY26 non-GAAP operating margin guide |
UNCHANGED |
guide ~31.5% vs. cons ~31.5% (FY26) |
MEDIUM |
| NOW |
Guide |
Now Assist / AI ACV target (2026) |
UNKNOWN |
guide reaffirm/raise ~$1.5B vs. prior ~$1.5B (FY26); possible upside bump but hard to isolate under AI-native bundling |
LOW |
| NOW |
Return |
Day-1 residual (stock − beta × S&P 500) |
-2.5% |
— |
LOW |
| NOW |
Return |
5-day cumulative residual |
-5.0% (FOLLOW-THROUGH) |
Base case is another mechanical beat-and-raise where the FY lift is Armis/FX-driven while organic cRPO decelerates (~20% reported masks ~18% organic). After Q1's ~18% drop on exactly this pattern and fragile software sentiment post-IBM warning, the initial reaction skews negative; out-period math (implicit organic cuts, decel Q3 cRPO guide) pulls forward numbers down even after the headline beat, so weakness follows through rather than reverses. Wide distribution given beaten-down base (~$102 vs. $147 YTD high) — a clear organic acceleration/AI ACV raise could flip this to a relief rally, hence low confidence. |
LOW |