ServiceNow's total debt rose to $7.52 billion as of Sept. 30, 2026, from $1.49 billion at the end of 2025, mainly to finance the $7.6 billion Armis acquisition. Third-quarter interest expense climbed to $81 million from $6 million a year earlier, while interest income fell to $69 million from $115 million. A $2.1 billion commercial paper balance at a 4.05% weighted-average rate, with just 62 days remaining, adds refinancing exposure. Offsets include about $6.96 billion in cash and securities, an undrawn $3 billion revolver, $822 million of third-quarter free cash flow, and subscription revenue up 21% to $3.99 billion. The article says recurring revenue and liquidity look sufficient for now, but steady cash generation and integrating acquired businesses will be key, and Salesforce and Microsoft are pushing into ServiceNow's markets.
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