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ServiceNow（NOW）与Workday, Inc.（WDAY）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是Workday, Inc.的1.6倍（$3.8B vs $2.4B），ServiceNow净利率更高（12.4% vs 10.4%，领先2.1%），Workday, Inc.同比增速更快（12.6% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $550.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 12.5%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
Workday是全球领先的企业级云软件供应商，核心产品覆盖人力资本管理、财务管理及企业资源规划解决方案，主要服务教育、医疗、金融、科技等行业的中大型机构，业务遍布北美、欧洲、亚太等全球主要市场。
NOW vs WDAY — 直观对比
营收规模更大
NOW
是对方的1.6倍
$2.4B
营收增速更快
WDAY
高出9.8%
2.8%
净利率更高
NOW
高出2.1%
10.4%
自由现金流更多
NOW
多$1.1B
$550.0M
两年增速更快
NOW
近两年复合增速
12.5%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.4B |
| 净利润 | $469.0M | $252.0M |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 10.6% |
| 净利率 | 12.4% | 10.4% |
| 营收同比 | 2.8% | 12.6% |
| 净利润同比 | -53.7% | 30.6% |
| 每股收益（稀释后） | $1.04 | $0.94 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NOWWDAY
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $2.4B | ||
| Q3 25 | $3.4B | $2.3B | ||
| Q2 25 | $3.2B | $2.2B | ||
| Q1 25 | $3.1B | $2.2B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.6B | $2.0B |
净利润NOWWDAY
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $252.0M | ||
| Q3 25 | $502.0M | $228.0M | ||
| Q2 25 | $385.0M | $68.0M | ||
| Q1 25 | $460.0M | $94.0M | ||
| Q4 24 | $384.0M | $193.0M | ||
| Q3 24 | $432.0M | $132.0M | ||
| Q2 24 | $262.0M | $107.0M |
毛利率NOWWDAY
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWWDAY
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 10.6% | ||
| Q3 25 | 16.8% | 10.6% | ||
| Q2 25 | 11.1% | 1.7% | ||
| Q1 25 | 14.6% | 3.4% | ||
| Q4 24 | 12.6% | 7.6% | ||
| Q3 24 | 14.9% | 5.3% | ||
| Q2 24 | 9.1% | 3.2% |
净利率NOWWDAY
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 10.4% | ||
| Q3 25 | 14.7% | 9.7% | ||
| Q2 25 | 12.0% | 3.0% | ||
| Q1 25 | 14.9% | 4.3% | ||
| Q4 24 | 13.0% | 8.9% | ||
| Q3 24 | 15.4% | 6.3% | ||
| Q2 24 | 10.0% | 5.4% |
每股收益（稀释后）NOWWDAY
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.94 | ||
| Q3 25 | $2.40 | $0.84 | ||
| Q2 25 | $1.84 | $0.25 | ||
| Q1 25 | $2.20 | $0.34 | ||
| Q4 24 | $1.84 | $0.72 | ||
| Q3 24 | $2.07 | $0.49 | ||
| Q2 24 | $1.26 | $0.40 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.7B | $6.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $8.9B |
| 总资产 | $24.4B | $17.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NOWWDAY
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $6.8B | ||
| Q3 25 | $2.7B | $8.2B | ||
| Q2 25 | $3.1B | $8.0B | ||
| Q1 25 | $3.4B | $8.0B | ||
| Q4 24 | $2.3B | $7.2B | ||
| Q3 24 | $1.9B | $7.4B | ||
| Q2 24 | $2.2B | $7.2B |
总债务NOWWDAY
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B |
股东权益NOWWDAY
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $8.9B | ||
| Q3 25 | $11.3B | $9.2B | ||
| Q2 25 | $10.9B | $8.9B | ||
| Q1 25 | $10.1B | $9.0B | ||
| Q4 24 | $9.6B | $8.6B | ||
| Q3 24 | $9.3B | $8.3B | ||
| Q2 24 | $8.7B | $8.2B |
总资产NOWWDAY
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $17.8B | ||
| Q3 25 | $21.8B | $18.0B | ||
| Q2 25 | $22.1B | $17.2B | ||
| Q1 25 | $21.0B | $18.0B | ||
| Q4 24 | $20.4B | $16.4B | ||
| Q3 24 | $18.4B | $16.2B | ||
| Q2 24 | $18.2B | $15.9B |
负债/权益比NOWWDAY
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.7B | $588.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $550.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 22.6% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 现金转化率经营现金流/净利润 | 3.56× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $2.6B |
8季度趋势，按日历期对齐
经营现金流NOWWDAY
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $588.0M | ||
| Q3 25 | $813.0M | $616.0M | ||
| Q2 25 | $716.0M | $457.0M | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.6B | $406.0M | ||
| Q3 24 | $671.0M | $571.0M | ||
| Q2 24 | $620.0M | $372.0M |
自由现金流NOWWDAY
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $550.0M | ||
| Q3 25 | $578.0M | $588.0M | ||
| Q2 25 | $526.0M | $421.0M | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.4B | $359.0M | ||
| Q3 24 | $469.0M | $516.0M | ||
| Q2 24 | $358.0M | $291.0M |
自由现金流率NOWWDAY
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 22.6% | ||
| Q3 25 | 17.0% | 25.0% | ||
| Q2 25 | 16.4% | 18.8% | ||
| Q1 25 | 47.7% | 46.4% | ||
| Q4 24 | 46.7% | 16.6% | ||
| Q3 24 | 16.8% | 24.7% | ||
| Q2 24 | 13.6% | 14.6% |
资本支出强度NOWWDAY
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 1.6% | ||
| Q3 25 | 6.9% | 1.2% | ||
| Q2 25 | 5.9% | 1.6% | ||
| Q1 25 | 6.6% | 3.9% | ||
| Q4 24 | 8.6% | 2.2% | ||
| Q3 24 | 7.2% | 2.6% | ||
| Q2 24 | 10.0% | 4.1% |
现金转化率NOWWDAY
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 2.33× | ||
| Q3 25 | 1.62× | 2.70× | ||
| Q2 25 | 1.86× | 6.72× | ||
| Q1 25 | 3.65× | 11.83× | ||
| Q4 24 | 4.26× | 2.10× | ||
| Q3 24 | 1.55× | 4.33× | ||
| Q2 24 | 2.37× | 3.48× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
