Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding expectations by reporting a year-over-year increase of 20.5% in constant currency.</li><li>This was a point above the high end of their guidance, reflecting the solid demand for its platforms and services.</li><li>The company recorded an operating margin of 33.5%, surpassing the anticipated margin by 3 points, showcasing significant operational efficiencies that further bolstered profitability with a free cash flow margin hitting 17.5%.</li></ul>

ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding expectations by reporting a year-over-year increase of 20.5% in constant currency.This was a point above the high end of their guidance, reflecting the solid demand for its platforms and services.The company recorded an operating margin of 33.5%, surpassing the anticipated margin by 3 points, showcasing significant operational efficiencies that further bolstered profitability with a free cash flow margin hitting 17.5%.

ServiceNow’s AI Explosion: How Its 55x Usage Growth Is Reshaping Enterprise Workflow!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.</li><li>During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.</li><li>Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

<ul><li>ServiceNow's second quarter 2025 financial results were characterized by strong performance and strategic advancements, yet they portrayed a nuanced landscape with both commendable growth and pertinent challenges.</li><li>The company reported a noteworthy subscription revenue growth of 21.5% in constant currency, surpassing their guidance by 2 percentage points.</li><li>This was complemented by a robust operating margin of 29.5%, which exceeded expectations by over 2.5 percentage points.</li></ul>

ServiceNow's second quarter 2025 financial results were characterized by strong performance and strategic advancements, yet they portrayed a nuanced landscape with both commendable growth and pertinent challenges.The company reported a noteworthy subscription revenue growth of 21.5% in constant currency, surpassing their guidance by 2 percentage points.This was complemented by a robust operating margin of 29.5%, which exceeded expectations by over 2.5 percentage points.

ServiceNow Has Started Teaming Up with AI Titans—Is This the Start of A New Enterprise Software Empire?

<ul><li>ServiceNow reported better-than-expected 2Q25 results: total revenue increased by 22.5% YoY to US$3.22bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income grew by 33% YoY to US$955mn, 13% ahead of consensus estimate, mainly thanks to AI-enhanced efficiencies and the timing of marketing spending.</li><li>cRPO was up by 21.5% YoY in constant currency in 2Q25, and beat company guidance by 200bps.</li><li>Given the strong topline performance and deal acquisition, management raised FY25 total revenue guidance by c.1% to US$12.775-12.795bn (+20% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ServiceNow reported better-than-expected 2Q25 results: total revenue increased by 22.5% YoY to US$3.22bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income grew by 33% YoY to US$955mn, 13% ahead of consensus estimate, mainly thanks to AI-enhanced efficiencies and the timing of marketing spending.cRPO was up by 21.5% YoY in constant currency in 2Q25, and beat company guidance by 200bps.Given the strong topline performance and deal acquisition, management raised FY25 total revenue guidance by c.1% to US$12.775-12.795bn (+20% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ServiceNow (NOW US) - 2Q25 Earnings Beat...

<ul><li>ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.</li><li>The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.</li><li>Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.</li></ul>

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow’s AI Explosion: How Its 55x Usage Growth Is Reshaping Enterprise Workflow!

ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding...

Baptista Research

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income...

CMB International

ServiceNow Has Started Teaming Up with AI Titans—Is This the Start of A New Enterprise Software Empire?

ServiceNow's second quarter 2025 financial results were characterized by strong performance and strategic advancements, yet they portrayed a...

Baptista Research

ServiceNow (NOW US) - 2Q25 Earnings Beat...

We are upbeat on ServiceNow’s differentiated AI solutions, which offer cross-functional AI agents to improve efficiency of various enterprise...

CMB International

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

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