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NOW

ServiceNow, Inc.Close $95.94EOD only
Max Pain
$100.00
Next expiry Jun 26, 2026
Expected Move
±$4.70
4.9% from close
Price Gap
+4.06
Distance to max pain
IV Rank
28
Middle-high premium
P/C OI
0.78
Slightly call-heavy
Consensus
5.5/10
Bullish tilt
Published snapshot: Jun 23, 2026 close
End-of-day snapshot

This page reflects NOW options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 23, 2026 close
NOW Earnings Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Earnings Verdict

ServiceNow earnings on July 22 with strong historical beat rate (5/5). Options imply large moves, supported by recent heavy call buying. Spot near $93, below max pain $100, adding downside risk.

Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 6.2% from MP; +0.5 VIX 19
Most important: Historical 100% beat rate and recent unusual call volume suggest bullish sentiment, but spot below max pain and negative net premium warrant caution.
📊100% beat rate over 5 quarters but average post-earnings gain only 3.1%.
⚠️Spot ~$93 vs max pain $100 for 6/26 expiration; delta hedging may pull price lower.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,481 (20.0% below spot)

Earnings Overview

Next earnings: 2026-07-22 (28 days)explicit

Expected moves:

  • 2026-06-26 (2d): ±$3.73 (4.0%)
  • 2026-07-02 (8d): ±$6.50 (6.9%)
  • 2026-07-10 (16d): ±$8.95 (9.5%)

IV Setup

Term structure: Elevated across expirations, with 2d implied move of 4% and 16d move of 9.5%. OTM calls show IV ~99%, near-the-money ~55%.

Crush estimate: Expected IV crush of 30-40% post-earnings based on historical patterns and elevated pre-event IV.

Skew: Call skew elevated relative to puts, driven by heavy call buying in OTM strikes.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Average move has exceeded expected move in 4 of last 5 quarters, with a mean absolute move of 6.2% vs 5.5% expected.

Directional bias: Bullish bias given 100% beat rate and average positive post-earnings return of 3.1%.

Key Levels

1$75.00 gamma flip
2EM guardrails: 2d $90.08/$97.53; 1w $87.30/$100.30
3Max pain pins: $100 (2026-06-26); $101 (2026-07-02); $106 (2026-07-10)

Flow Highlights

Unusual call buying: 1,891 contracts of $114C (far OTM) and 2,150 contracts of $97C on 6/24.

Large bullish bets on a sharp move higher, suggesting some traders expect upside surprise or volatility expansion.

Strategies

Call Calendar
Sell 2026-07-17 $100.00 call / buy 2026-08-21 $100.00 call
Debit: $3.91-$4.79
Max loss: $4.79
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot breaches $85 or if IV spikes unexpectedly.
Mitigates downside risk from spot below max pain while capturing upside from historical beat rate.
Outperforms: Sell near-term $100 call, buy later expiry to profit from IV crush and time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bull Call Spread
Buy 2026-07-31 $95.00/$100.00 call spread
Debit: $1.66-$2.03
Max loss: $2.03
Max gain: $2.97
BE: $97.03
Trigger: Exit if spot falls below $90 or if IV drops sharply.
Leverages bullish earnings history and call buying but more directional and higher risk.
Outperforms: Buy $95/$100 call spread to profit from upside move.
Underperforms: Loss of support weakens upside continuation thesis.

Risk Assessment

!Spot trading below max pain ($100) creates magnetic pull risk if price drifts lower.
!Negative net premium (-$19.6M) implies bearish flow pressure overall despite call volume.
!High IV environment may lead to larger than expected moves in either direction.

What to Watch

?Price action relative to $90 support and $100 resistance ahead of earnings.
?Volume in $97 and $93 calls for confirmation of bullish thesis.
?Any shift in put/call volume ratio indicating sentiment change.
How to Use These Reports
This earnings reflects the market close on June 24, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.