Workday
Workday provides more than 11,500 organizations with cloud solutions powered by artificial intelligence (“AI”) to help solve some of today’s most complex business challenges, including supporting and empowering their workforce, managing their finances and spend in an ever-changing environment, and planning for the unexpected.
10-K, Mar 6, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Business
How does Workday make money?
Subscription Services is 91.4% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001327811-25-000056 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($8.4B).
- Subscription Services: $7.7B · 91.4%
- Professional Services: $728M · 8.6%
What is left of every $100?
Of every $100 in revenue, $7 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $9.6B
- Gross profit: not reported (not reported for this fiscal year, nothing estimated)
- Operating income: $721M
- Net income: $693M
- Free cash flow: $2.8B
Where do customers sit?
75.1% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001327811-26-000014 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We strive to reimagine how work gets done and hope to empower customers to do the same through an innovative suite of solutions with more than 75 million users under contract around the world and across industries – from emerging and medium-sized businesses to more than 65% of the Fortune 500.”
“Central to our purpose is a set of core values – with our employees as number one – along with customer service, innovation, integrity, fun, and profitability.”
“We believe that happy employees lead to happy customers, and we are committed to helping our customers adapt and thrive in this increasingly dynamic business environment.”
Item 1 · Business · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Where did the growth actually come from?
Subscription Services drove 94% of growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Revenue +13%
“Total revenues were $9.6 billion for fiscal 2026, compared to $8.4 billion for fiscal 2025, an increase of $1.1 billion, or 13%.”
Item 7 · MD&A · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Number check (revenue): stated $9.6B matches the stored value ($9.6B, ±10%)
Revenue: $9.6B FY2026 · +13.1% vs FY2025 · KPIs
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 13% to $9.6B.
Revenue grew 13% YoY to $2.6B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 46.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
7.5% operating margin, up from 4.9%.
Operating income grew 74% to $721M.
Net income grew 32% to $693M.
R&D grew 2.0% to $2.7B.
SG&A grew 8.5% to $3.5B.
EPS diluted grew 33% to $2.59.
11.8% operating margin, up from 10.6%.
Operating income grew 26% YoY to $313M.
Net income grew 177% YoY to $632M.
R&D grew 13% YoY to $747M.
SG&A grew 9.3% YoY to $937M.
EPS diluted grew 206% YoY to $2.57.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $29 of every $100 as free cash.
Operating cash flow grew 19% to $2.9B.
Capex fell 40% to $162M.
Buybacks grew 314% to $2.9B.
Stock-based compensation grew 7.0% to $1.6B.
Free cash flow fell 22% YoY to $460M.
Operating cash flow fell 16% YoY to $519M.
Capex grew 111% YoY to $59.0M.
Buybacks grew 347% YoY to $1.3B.
Stock-based compensation grew 18% YoY to $462M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.5B cash vs $3.0B debt.
Total debt grew 0.1% to $3.0B.
Interest expense was flat at $114M.
Total assets grew 0.5% to $18.1B.
Equity fell 14% to $7.8B.
Cash fell 48% YoY to $661M.
Total debt grew 0.1% YoY to $3.0B.
Interest expense fell 3.4% YoY to $28.0M.
Total assets fell 12% YoY to $15.9B.
Equity fell 30% YoY to $6.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Workday depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Workday annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Workday
Workday holds stakes in
No stake in a covered company found in SEC filings.
Others name Workday
2 competitor mentions (e.g. Oracle, ServiceNow) · 1 other mention (e.g. Okta) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 43 risk factors, one per theme.
Competition
“The markets in which we participate are intensely competitive, and if we do not compete effectively, our operating results could be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Trade, government policy and geopolitics
“Our international presence, continued expansion, and sales to customers outside the U.S. or with international operations expose us to risks inherent in global operations.”
Item 1A · Risk Factors · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Users and engagement
“We have experienced significant growth in the number of users, transactions, and data that our operations infrastructure supports.”
Item 1A · Risk Factors · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Key people
“We may lose key employees or be unable to attract, enable, and retain highly skilled employees.”
Item 1A · Risk Factors · 10-K · 0001327811-26-000014 · filed Mar 6, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Duffield David A holds 19%.
Duffield David A19%
13G/A · as of Dec 31, 2025 · filed Feb 12, 2026
BlackRock, Inc.10%
13G/A · as of Aug 31, 2026 · filed Sep 4, 2026
Vanguard Capital Management LLC7.59%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Hotchkis & Wiley Capital Management LLC6.31%
13G/A · as of Jun 30, 2026 · filed Aug 12, 2026
Eagle Capital Management LLC5.63%
13G · as of Jun 30, 2026 · filed Aug 14, 2026
Vanguard Portfolio Management LLC5.57%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.7%
21.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
First Eagle Investment Management, LLC8.1%
17.6M shares · 13F filed Aug 24, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.1%
13.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Hotchkis & Wiley Capital Management LLC5.8%
12.7M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Eagle Capital Management LLC5.2%
11.3M shares · 13F filed Aug 14, 2026 · share of 13F-reported
914 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 269 sales · $555M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 32 SEC metrics, FY2017–FY2026
Income statement 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| G&A | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | |||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | |||||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | |||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | ||||||
| Capex | not reported | not reported | not reported | |||||||
| Free cash flow calc. | not reported | not reported | not reported | |||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values