NOW · CIK 1373715
What ServiceNow, Inc. told the SEC could break it.
ServiceNow's register centers on its reliance on partners, and on the U.S. government channel in particular. An increasing share of its revenue flows through a network of resellers, distributors and managed service providers, and within that, a single customer — a U.S. federal channel partner and systems integrator — accounted for 11% of total revenue in 2025 and roughly 11–12% of accounts receivable. That federal business carries its own regulatory weight: ServiceNow and its resellers face penalties and administrative sanctions for compliance failures, including contract termination and suspension or debarment from future government work, plus export-control and sanctions exposure. Separately, it flags growing reliance on public cloud providers to host its service, which raises the risk of outages beyond its direct control.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- increasing revenue dependence on partner network (resellers, distributors, MSPs)medium
An increasing portion of ServiceNow's revenues is generated through its network of partners — including resellers, distributors and managed service providers — and if these partners fail to perform, its business may be harmed.
“We rely on our network of partners for an increasing portion of our revenues, and if these partners fail to perform, our business may be harmed. An increasing portion of our revenues is generated by sales through our network of partners, including resellers, distributors and managed service providers.”
SEC filing →As of 2026 - one U.S. federal channel partner/systems integrator = 11% of total revenue and ~11-12% of ARmedium
A single customer — a U.S. federal channel partner and systems integrator — represented 11% of ServiceNow's total revenues in 2025 and 2024 and ~11-12% of its accounts receivable balance, an individual concentration above the 10% threshold tied to federal-government business.
“We had one customer, a U.S. federal channel partner and systems integrator, that represented 11 % and 12 % of our accounts receivable balance as of December 31, 2025 and 2024, respectively, and 11 % of our total revenues for the years ended December 31, 2025 and 2024.”
Regulatory & policy
- federal-contract compliance (debarment risk) and export/sanctions/anti-corruption lawsmedium
ServiceNow and its distributors/resellers face civil and criminal penalties and administrative sanctions — including contract termination, profit forfeiture, fines, and suspension/debarment from future government business — for failing to meet contractual/regulatory requirements, plus exposure to export-control and economic-sanctions laws (e.g., Russia/Belarus).
“If it is determined that we or our third-party distributors, resellers or service providers have failed to comply with applicable contractual or regulatory requirements, we may be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, forfeiture of profits, cost associated with the triggering of price reduction clauses, fines and suspensions or debarment from future government business”
SEC filing →As of 2026
Supplier concentration
- increasing reliance on third-party / public cloud service providers for hostingmedium
ServiceNow currently serves customers mainly via its own equipment co-located in third-party data centers but expects to increasingly use public cloud service providers; as that reliance grows it faces heightened risks of outages or performance degradation beyond its direct control.
“we expect to increasingly serve our customers using data center facilities operated by public cloud service providers. As our reliance on public cloud service providers increases, we face heightened risks of outages or performance degradation beyond our direct control.”
SEC filing →As of 2026
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