New Delhi, July 23 -- if AI agents eventually automate the enterprise workflows his company charges organizations to run, what exactly is ServiceNow selling? The second-quarter results released Wednesday came with a partial answer: $3.88 billion in subscription revenue, a 25 percent jump from the same period in 2025, against a market that was supposed to be contracting under AI pressure.

NOW) raised its annual subscription revenue forecast on the strength of the quarter, and the stock climbed in after-hours trading even as some analysts characterized the company's forward guidance as conservative relative to their models.

The disruption thesis has shadowed the enterprise workflow software market for nearly two years. The argument runs a...