ServiceNow just told Wall Street it’s going to double again. Here’s why $30 billion of revenue isn’t crazy

Bill Mc Dermott has a habit of making promises that sound like boasts and then keeping them. When he took the helm of Service Now in 2019, the company was doing $3.5 billion in annual subscription revenue. This year, it will finish at nearly $16 billion. “We are printing a new Service Now every year,” he told reporters at the company’s annual Knowledge conference in Las Vegas on Tuesday. It’s clearly more than a rehearsed punchline — just take a look at the math that he’s seeing. At its Financial Analyst Day on Monday, ServiceNow told investors it intends to double the company again by 2030, reaching more than $30 billion in subscription revenue. What made analysts pay attention wasn’t the target itself — it was the framing. CFO Gina Mastantuono noted that in 2021, the company set a five-year target of $15 billion and is on track to beat it by half a billion dollars, organically. “Our momentum puts us on pace to double that target in 2030 — that’s $30 billion-plus in subscription revenue,” she said. “And it’s not a blue-sky scenario. It’s what a durable platform growth story delivers.” The company’s pipeline supports the claim. ServiceNow currently holds $27.7 billion in remaining performance obligations — approximately double its annual revenue — a metric McDermott cited on CNBC Tuesday as evidence the company is “growing faster than any other enterprise software company at scale in the world. Ever.” A $32 billion upside scenario, requiring a 20% CAGR across its platform and AI consumption businesses, was also presented, though Mastantuono said the company isn’t yet asking investors to underwrite that. The AI monetization story The most closely watched number at the analyst day was the trajectory of Now Assist, ServiceNow’s AI product line. The company crossed $600 million in Now Assist annual contract value in 2025 — more than doubling year-over-year — and ente