🚨 WALL STREET MAY BE COMPLETELY WRONG ABOUT $NOW EARNINGS The stock has dropped -47% over the past year because investors fear AI will destroy traditional seat-based SaaS. BUT, as companies integrate AI in their processes, the number of AI workflows are growing far faster than employee numbers. ServiceNow already processes 85 billion workflows annually, while more than 50% of new business is now generated through usage-based models. The AI CapEx is already translating into revenue growth: • $1M+ Now Assist customers: +130% • New $5M+ ACV deals: +80% • Subscription revenue: +22% • Total RPO: $27.7B, +25% • 2026 Now Assist ACV target raised from $1B to $1.5B+ Today’s earnings will test whether that future is arriving fast enough. Wall Street expects approximately $3.9 billion in revenue and $0.86 adjusted EPS, but the most important number will be cRPO growth. Investors are pricing in roughly 19% after previous deal delays and weaker acquisition-adjusted guidance. The bullish scenario: • cRPO holds near or above 20% • Now Assist remains on track for $1.5B+ ACV • Usage-based revenue continues replacing seat dependence • Management maintains or raises full-year guidance If those four things happen, the narrative will shift towards AI accelerating $NOW's growth, rather than destroying it. $NOW needs to show that every new enterprise AI agent creates another workflow ServiceNow can control.