| NOW |
Report |
cRPO constant-currency growth |
BEAT |
pred ~20.1% vs. cons 19.5% |
MEDIUM |
| NOW |
Report |
Subscription revenue |
IN-LINE |
pred ~$3.842B vs. cons $3.820B |
MEDIUM |
| NOW |
Report |
Non-GAAP operating margin |
BEAT |
pred ~27.1% vs. cons 26.5% |
MEDIUM |
| NOW |
Guide |
Subscription revenue |
LOWER |
guide ~$3.985B vs. cons $4.005B (Q3 2026) |
MEDIUM |
| NOW |
Guide |
cRPO constant-currency growth |
BETTER |
guide ~18.9% vs. cons 18.7% (Q3 2026) |
LOW |
| NOW |
Guide |
Subscription revenue |
UNCHANGED |
guide ~$15.79B vs. cons $15.79B (FY 2026) |
MEDIUM |
| NOW |
Guide |
Non-GAAP operating margin |
UNCHANGED |
guide ~31.5% vs. cons 31.5% (FY 2026) |
MEDIUM |
| NOW |
Guide |
AI ACV target |
UNCHANGED |
guide ~$1.50B vs. cons $1.50B (FY 2026) |
MEDIUM |
| NOW |
Return |
Day-1 residual (stock − beta × S&P 500) |
+5.0% |
— |
LOW |
| NOW |
Return |
5-day cumulative residual |
+1.5% (FADE) |
The cRPO and margin beats support a day-1 relief rally, but guide ~$3.985B vs. cons $4.005B for Q3 and FY guide ~$15.79B vs. cons $15.79B imply that the Q2 upside does not flow through to the out-period; estimate revisions should therefore remain flat to slightly negative, fading the residual from +5.0% on day 1 to +1.5% cumulatively by day 5. |
LOW |