Thoughts Into F2Q & Takeaways From Quarterly Partner Survey

研报英文原文证据摘录

Thoughts Into F2Q & Takeaways From Quarterly Partner Survey

July 01, 2026

other vendors, though ~13% now expect NOW could struggle to win this market, which is a

reminder that the control-plane discussion remains very early and competitive;

5) We also introduced a new question around the recent security M&A, and partners are

broadly constructive. ~80% expect Armis/Veza to expand NOW’s wallet share, though

most see this as a 6-12 month or longer-term opportunity rather than an immediate

contributor. In terms of workflows, momentum was broadly stable, with Technology and

Customer workflows leading and Employee/Creator remaining steady. In terms of verticals,

Technology remains the strongest, followed by Financial Services and Healthcare, while

Public Sector remains the most pressured vertical but improved at the margin. Cross-sell

and pricing remain the key sources of growth, consistent with the view that customers

continue to treat NOW as a strategic platform rather than just an ITSM vendor.

Key Metrics/topics to keep an eye on:

◼ CRPO results/guidance. In our view, we see the F2Q CRPO setup as relatively balanced

following a solid F1Q print, where CRPO growth came in at ~21% in constant currency

(~100bps above guidance). While this reinforced that underlying demand remains healthy,

the F2Q guide implies ~19.5% CRPO growth in constant currency, though importantly this

includes inorganic contribution from Armis and Moveworks. Said differently, the organic

constant-currency guide is closer to the low to mid 17% range, so we believe investor focus

will be on whether management can show that the organic trendline is stabilizing as Federal

pressure eases and AI/Prime adoption builds. Worth noting that management noted