How ServiceNow became a $200 billion powerhouse: CFO Gina Mastantuono on growth, AI, and strategic expansion

CFOs are called on to understand their business in granular detail while also maintaining a bird’s-eye view of the company’s financial, operational, and strategic landscape. According to Gina Mastantuono, president and CFO of ServiceNow, the company is positioned as a powerhouse in enterprise technology.

“Last year, we crossed $10 billion in revenue, one of only a handful of software companies ever to do that,” Mastantuono told Fortune. She joined ServiceNow as finance chief in January 2020, after serving as CFO at Ingram Micro and Revlon. Four years ago, ServiceNow’s market cap was over $100 billion; it has now surpassed $200 billion, she said. The company has grown from nearly 11,000 employees to about 26,000, and the stock price has nearly tripled, she added.

Led by CEO Bill McDermott, ServiceNow was originally known for automating IT support requests. Over the past several years, it has expanded into other fields, notably employee workflows such as HR service delivery and operations, and more recently, customer relationship management (CRM). The move into CRM represents a strategic expansion and puts ServiceNow in competition with companies like Salesforce.

ServiceNow, which debuted on the Fortune 500 in 2023 and last year moved up 67 spots, has grown its subscription revenue at a 26% compound annual growth rate from 2020 to 2024, reaching $10.6 billion last year. The company added $2 billion in organic revenue in 2024, ending with $22.3 billion in remaining performance obligations. Seventy percent of existing customers increased their investment, contributing to a 120% net expansion rate.

Over the past four years, ServiceNow customers with contract values exceeding $5 million have seen their contracts grow by an average of 40% through upsells and additional services. Its AI experience, Now Assist, surpassed $250 million in average contract value, with a projected $1 billion contribution by 2026.

“I’ve had a front-row seat for what I think is one of the most remarkable growth trajectories in enterprise tech,” Mastantuono said. During its investor day last week, ServiceNow announced it expects to achieve $12.7 billion in revenue on a constant currency basis in 2025, maintaining a 32% free cash flow margin.

Although there’s skyrocketing growth, Big Tech companies like ServiceNow have had to navigate a tumultuous market this year, which has brought see-sawing stock prices due to investor concerns over Trump administration tariff policies announced in April, potential cuts to government software spending, and currency fluctuations. Most recently, this week’s reversal by the Trump administration from its initial trade strategy spurred stocks to rise.

ServiceNow’s recent Q1 results—strong earnings, upbeat guidance, and public sector growth—have helped alleviate investor concern, according to Mastantuono. For Q1, the company reported over 30% year-on-year growth in the U.S., securing six new customers, including one federal agency. Eleven federal contracts exceeded $1 million, up from eight a year earlier; two of those deals topped $5 million.

“The need to modernize and digitize IT across government agencies is still so broad,” Mastantuono said.

ServiceNow is doubling down on AI “agents” that automate workflows for customers. On May 6, the company launched its new AI Control Tower, which encompasses agents,  applications, models and new workflows. It also recently announced the acquisition of Moveworks for $2.85 billion. ServiceNow is using its own AI agent products internally, driving $350 million of value across the company and seeing 20% productivity increases across customer, HR, and IT support, Mastantuono said. In a time when the AI race is heating up, she sees this as a competitive advantage.

Mastantuono took on the role of president in January, in addition to finance chief. Not only does she meet with clients to help them use the company's products to navigate uncertainty, but she also does the same internally. “What I'm doing in my new role is ensuring that AI is going to drive real productivity across the organization,” Mastantuono said. A modern CFO’s job is to be the business strategist, she said.

This story was originally featured on Fortune.com