The NOW stock split question has a clear answer right now: ServiceNow already completed a 5-for-1 stock split in late 2025, with split-adjusted trading starting on December 18, 2025. No additional NOW stock split is in the pipeline at this time. What is actually driving the conversation around ServiceNow right now is the $4 billion ServiceNow debt sale priced on May 15, 2026, the same day shares jumped 5.05%, even as the S&P 500 dropped 1.24%.
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ServiceNow Stock Split, Debt Sale, and NOW Stock Forecast For 2026
ServiceNow Stock Split History and Where the Stock Stands Today
The ServiceNow stock split history is short. The 5-for-1 in December 2025 was the company’s first ever split, and brokerages automatically adjusted holdings to reflect five shares for every one pre-split share, with the price per share adjusting proportionally. Right now, the stock’s 52-week high sits at $211.48, which is a long way from the current price of around $95.
That gap tells the story of a rough few months for enterprise software, a sector that lost roughly $1 trillion in market value on worries about AI disrupting traditional SaaS demand. Shares did add around 4.3% for the week ending May 15, so some buying interest is returning ahead of key investor conferences.
The $4 Billion ServiceNow Debt Sale, Broken Down
The ServiceNow debt sale covers a multi-tranche senior unsecured bond offering with maturities running from 2028 to 2056 and coupons between 4.25% and 6.30%. About $3.94 billion of the net proceeds go toward paying down the bridge loan ServiceNow took on to fund its $7.75 billion acquisition of cybersecurity firm Armis Security, a deal that closed in April 2026. JPMorgan, Wells Fargo, Barclays, and Citigroup arranged the offering, and it pulled in over $38 billion in institutional orders, roughly 9.5 times the amount on offer, letting the company lock in tighter pricing than it might otherwise have secured.
CEO Bill McDermott has been pretty direct about the Armis rationale. He stated:
“Armis is going to be our Instagram, and I’ll tell you why. The #3 economy in the world is cybercrime. It’s $1 trillion a month. We now have a situation where on the IT and the OT landscape of every major corporation, we are managing the agents and the humans, and we are managing the landscape of the threat actors.”
Will NOW Stock Go Up? The 2026 Picture
The NOW stock forecast for 2026 hinges on AI monetization picking up speed. ServiceNow posted Q1 subscription revenue of $3.67 billion, up 22% year over year, and current remaining performance obligations rose 22.5% to $12.64 billion. McDermott has also called the company’s $30 billion subscription revenue target for 2030 a “bear case,” which signals that internal expectations run even higher than what the company tells the market.
McDermott said:
“ServiceNow’s first quarter performance beat the high end of our guidance once again. Our AI growth is far exceeding even our own expectations, reinforcing our position as one of the fastest growing enterprise software companies ever.”
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COO Amit Zavery told Reuters that more than half of new sales now come from usage-based pricing rather than per-user licenses, which is a pretty significant shift for anyone tracking the NOW stock forecast for 2026. Near-term risks include margin pressure from the Armis integration, heavier debt payments, and Middle East deal delays that already trimmed 75 basis points off Q1 subscription growth. Zavery noted: “We don’t know when these conflicts will get sorted out.” COO Zavery presents at the J.P. Morgan Global Technology, Media and Communications Conference on May 19, and CFO Gina Mastantuono follows at a Jefferies software and AI conference on May 27. Both events matter for the NOW stock forecast, and also for whether the momentum around the ServiceNow debt sale carries through into a broader recovery.
