2. ServiceNow Inc. (NYSE:NOW)
Number of Hedge Fund Holders — 115
Value of Holdings — $5.05 billion
Workflow Automation Keeps Growing From a Larger Base
ServiceNow, Inc. (NYSE: NOW) reported second-quarter 2026 subscription revenue of $3.877 billion, up 24.5%, and total revenue of $3.987 billion, up 24%. Current remaining performance obligations increased 21% to $13.20 billion, while total remaining performance obligations reached $29 billion.
Its workflow automation platform connects requests, approvals, and actions across enterprise systems. AI adds another avenue for completing those processes, with the company reporting that its AI offerings exceeded $1 billion in annual contract value during the quarter.
Large transactions strengthened the quarter. The company recorded 123 deals exceeding $1 million in net new annual contract value, up nearly 40%, and ended the period with 658 customers above $5 million in annual contract value.
These measures serve different purposes. Contract value and remaining obligations indicate commitments, while recognized revenue shows what has entered the income statement. Treating them as interchangeable would overstate what has already been earned.
The investment question is whether broader deployments can sustain growth as the revenue base expands. Longer commitments help, but execution and customer value must support each successive renewal and expansion.
Ranking Rationale
ServiceNow, Inc. (NYSE: NOW) ranks second with 115 hedge fund holders and $5.05 billion in combined stakes. It trails the leader by four holders, even though some lower-ranked businesses have larger aggregate positions.
