ServiceNow J.P. Morgan TMC Conference Takeaways

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ServiceNow J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

ServiceNow Overweight

NOW, NOW US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$101.83

Today we hosted ServiceNow’s President, CPO & COO, Amit Zavery, at our 54th

annual TMC conference in Boston, MA.

Software - Large Cap / Mid & Small

• Usage Volume and Product Portfolio Adoption Underpin Confidence in AI Cap

AC ACV Target. ServiceNow comments that it is “very confident with [its] $1.5B Mark R Murphy

[AI] ACV target” and attributes its continued excitement to two vectors: (i) (1-415) 315-6736

usage volume going up “very fast” which leads the company to believe that mark.r.murphy@jpmchase.com

renewals will happen at “higher, longer, broader entitlements” and/or Arti Vula, CFA

purchases of Assist Packs ramp; (ii) strategic expansion of its portfolio with (1-415) 315-5919

products like AI Control Tower, EmployeeWorks, and others which are landing arti.vula@jpmchase.com

ServiceNow in “more conversations about AI.” The company also notes that Jaiden R Patel

the recent SKU re-pricing it announced, which brings the premium Pro Plus (1-212) 270-6953

jaiden.patel@jpmchase.com

hybrid pricing structure to all of its tiers, helps bring AI functionality to all tiers

Brian Hyska of customers, and removes the “nickel and diming way” that was more

(1-212) 622-2883

prevalant in the previous structure. brian.hyska@jpmchase.com

• Growth Engines Fueling “Base Case” 2030 Target. ServiceNow laid out J.P. Morgan Securities LLC

several growth engines which gives the company confidence in its “$30-32B

base case” 2030 subscription revenue target: (i) its innovation cycle which is

resonating with customers as its full-stack offerings bring AI, workflow, data,