Detailed financial statements for Workday, Inc. (WDAY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Workday, Inc. delivers comprehensive, cloud-hosted enterprise software solutions to clients worldwide. These platforms empower organizations to strategize, operate, examine performance, integrate with existing systems, and oversee their overall business functions. A core offering includes a robust suite of financial management tools.
Analysis Summary
Workday, Inc. reported revenue of $9.55B in the most recent fiscal year, growing at a 5-year CAGR of 17.2%.
Trailing-twelve-month margins: gross margin 75.8%, operating margin 12.0%, net margin 12.3%. Free cash flow grew at 22.4% CAGR over 5 years.
At $195.46 (closing price, October 29, 2026), WDAY trades at a P/E of 39.65 and an ROE of 16.78%. Market capitalisation stands at $47.1B, placing it among large-cap names.
Balance sheet quality for WDAY: current ratio of 1.3, net cash position of $1.62B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, WDAY has compounded revenue at 23.5% annually. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Cash flow quality is strong: free cash flow of $2.78B represents 401% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.2M | $68.1M | $134.4M | $273.7M | $468.9M | $787.9M | $1.16B | $1.57B | $2.14B | $2.82B | $3.63B | $4.32B | $5.14B | $6.22B | $7.26B | $8.45B | $9.55B |
| Cost of Revenue | $20.5M | $39.9M | $65.4M | $116.5M | $176.8M | $264.8M | $374.4M | $483.5M | $629.4M | $835.0M | $1.07B | $1.20B | $1.43B | $1.71B | $1.77B | $2.07B | $2.32B |
| Gross Profit | $4.7M | $28.2M | $69.1M | $157.1M | $292.1M | $523.1M | $782.3M | $1.09B | $1.51B | $1.99B | $2.56B | $3.12B | $3.71B | $4.51B | $5.49B | $6.38B | $7.23B |
| Research & Development | $30.0M | $39.2M | $62.0M | $102.7M | $182.1M | $316.9M | $469.9M | $680.5M | $910.6M | $1.21B | $1.55B | $1.72B | $1.88B | $2.25B | $2.46B | $2.63B | $2.68B |
| Selling, General & Admin | $26.1M | $45.1M | $85.5M | $172.3M | $263.3M | $421.9M | $562.1M | $763.5M | $906.3M | $1.24B | $1.51B | $1.65B | $1.95B | $2.44B | $2.84B | $3.25B | $5.20B |
| Operating Expenses | $56.1M | $84.3M | $147.5M | $275.0M | $445.4M | $738.8M | $1.03B | $1.44B | $1.82B | $2.45B | $3.06B | $3.37B | $3.83B | $4.73B | $5.30B | $5.96B | $6.21B |
| Operating Income | -$51.4M | -$56.1M | -$78.4M | -$117.9M | -$153.3M | -$215.7M | -$249.8M | -$353.1M | -$303.2M | -$463.3M | -$502.2M | -$248.6M | -$116.0M | -$222.0M | $183.0M | $415.0M | $1.02B |
| EBITDA | -$46.6M | -$50.6M | -$69.2M | -$100.0M | -$116.5M | -$155.7M | -$156.2M | -$239.5M | -$134.5M | -$165.4M | -$147.5M | $87.3M | $377.0M | $206.0M | $752.0M | $1.08B | $1.36B |
| Interest Expense | 0 | $221,000 | $976,000 | $1.4M | $19.6M | $31.1M | $31.9M | $30.1M | $44.5M | $60.2M | $58.7M | $68.8M | $17.0M | $102.0M | $114.0M | $114.0M | $114.0M |
| Pre-tax Income | -$49.9M | -$56.1M | -$79.5M | -$119.1M | -$170.8M | -$246.0M | -$274.0M | -$385.5M | -$314.8M | -$423.8M | -$482.4M | -$275.1M | $16.0M | -$260.0M | $356.0M | $638.0M | $1.01B |
| Income Tax | $91,000 | $97,000 | $167,000 | $124,000 | $1.7M | $2.0M | $1.0M | -$814,000 | $6.4M | -$5.5M | -$1.8M | $7.3M | -$13.0M | $107.0M | -$1.02B | $112.0M | $316.0M |
| Net Income | -$49.9M | -$56.2M | -$79.6M | -$119.2M | -$172.5M | -$248.0M | -$275.0M | -$384.7M | -$321.2M | -$418.3M | -$480.7M | -$282.4M | $29.0M | -$367.0M | $1.38B | $526.0M | $693.0M |
| EPS | $-0.22 | $-0.25 | $-0.35 | $-1.61 | $-1.01 | $-1.35 | $-1.53 | $-2.06 | $-1.55 | $-1.93 | $-2.12 | $-1.19 | $0.12 | $-1.44 | $5.28 | $1.98 | $2.60 |
| EPS (Diluted) | $-0.22 | $-0.25 | $-0.35 | $-1.61 | $-1.01 | $-1.35 | $-1.53 | $-2.06 | $-1.55 | $-1.93 | $-2.12 | $-1.19 | $0.12 | $-1.44 | $5.21 | $1.95 | $2.58 |
| Shares Outstanding (Diluted) | 226.1 M | 226.1 M | 226.1 M | 74.0 M | 171.3 M | 183.7 M | 190.0 M | 198.2 M | 207.8 M | 216.8 M | 227.2 M | 237.0 M | 254.0 M | 254.8 M | 265.3 M | 269.2 M | 263.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.43B | $2.53B | $2.54B | $2.65B |
| Gross Profit | $1.84B | $1.92B | $1.94B | $2.00B |
| Operating Income | $259.0M | $304.0M | $338.0M | $317.0M |
| EBITDA | $452.0M | $361.0M | $447.0M | $409.0M |
| Net Income | $252.0M | $145.0M | $222.0M | $632.0M |
| EPS | $0.95 | $0.55 | $0.87 | $2.58 |
| EPS (Diluted) | $0.94 | $0.55 | $0.87 | $2.57 |
Balance Sheet (10y)
| Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.9M | $57.5M | $84.2M | $581.3M | $298.2M | $300.1M | $539.9M | $1.13B | $638.6M | $731.1M | $1.38B | $1.53B | $1.89B | $2.01B | $1.54B | $1.50B |
| Short-term Investments | $4.5M | $53.6M | $706.2M | $1.31B | $1.56B | $1.67B | $1.46B | $2.13B | $1.14B | $1.21B | $2.15B | $2.11B | $4.24B | $5.80B | $6.47B | $3.94B |
| Receivables | $21.4M | $54.5M | $67.4M | $92.2M | $188.4M | $293.4M | $409.8M | $528.2M | $704.7M | $877.6M | $1.03B | $1.24B | $1.57B | $1.64B | $2.00B | $2.33B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $67.3M | $183.2M | $874.5M | $2.01B | $2.09B | $2.34B | $2.47B | $3.89B | $2.62B | $2.99B | $4.68B | $5.06B | $7.92B | $9.71B | $10.28B | $8.43B |
| Property, Plant & Equipment | $12.9M | $25.9M | $44.6M | $77.7M | $140.1M | $214.2M | $365.9M | $546.6M | $796.9M | $1.23B | $1.39B | $1.37B | $1.45B | $1.52B | $1.57B | $1.81B |
| Goodwill | $8.5M | $8.5M | $8.5M | $8.5M | $32.3M | $50.3M | $158.4M | $159.4M | $1.38B | $1.82B | $1.82B | $2.84B | $2.84B | $2.85B | $3.48B | $5.23B |
| Intangible Assets | $188,000 | $90,000 | 0 | $14.9M | $16.3M | $28.3M | $60.6M | $55.0M | $342.1M | $326.3M | $266.4M | $413.8M | $326.0M | $259.0M | $386.0M | $702.0M |
| Total Assets | $100.6M | $232.6M | $959.1M | $2.18B | $2.36B | $2.73B | $3.27B | $4.95B | $5.52B | $6.82B | $8.72B | $10.50B | $13.49B | $16.45B | $17.98B | $18.07B |
| Accounts Payable | $1.1M | $2.7M | $2.7M | $6.2M | $10.6M | $19.6M | $26.8M | $21.0M | $29.1M | $57.6M | $75.6M | $55.5M | $153.8M | $78.0M | $108.0M | $142.0M |
| Short-term Debt | $1.7M | 0 | $12.0M | $9.4M | $3.2M | 0 | 0 | $341.5M | $232.5M | $310.5M | $1.20B | $1.30B | $91.3M | $89.0M | $99.0M | 0 |
| Total Current Liabilities | $71.3M | $145.2M | $254.8M | $421.9M | $641.3M | $922.7M | $1.29B | $2.06B | $2.43B | $2.97B | $4.28B | $5.07B | $4.63B | $5.05B | $5.55B | $6.38B |
| Long-term Debt | 0 | 0 | 0 | $468.4M | $490.5M | $507.5M | $534.4M | $1.15B | $972.3M | $1.02B | $691.9M | $617.4M | $2.98B | $2.98B | $2.98B | $2.99B |
| Total Liabilities | $122.7M | $408.2M | $366.8M | $989.0M | $1.23B | $1.59B | $1.99B | $3.37B | $3.56B | $4.33B | $5.44B | $5.96B | $7.90B | $8.37B | $8.94B | $10.27B |
| Retained Earnings | -$196.7M | -$282.1M | -$401.9M | -$574.4M | -$822.4M | -$1.11B | -$1.41B | -$1.73B | -$2.15B | -$2.63B | -$2.91B | -$2.74B | -$3.11B | -$1.73B | -$1.21B | -$512.0M |
| Total Equity | -$22.1M | -$175.6M | $592.3M | $1.19B | $1.13B | $1.14B | $1.28B | $1.58B | $1.96B | $2.49B | $3.28B | $4.54B | $5.59B | $8.08B | $9.03B | $7.80B |
| Total Debt | $4.2M | $15.7M | $25.0M | $481.4M | $493.7M | $507.5M | $534.4M | $1.49B | $1.20B | $1.57B | $2.24B | $2.10B | $3.25B | $3.30B | $3.36B | $3.82B |
| Net Debt | -$31.2M | -$95.4M | -$765.4M | -$1.41B | -$1.36B | -$1.46B | -$1.46B | -$1.78B | -$573.6M | -$374.7M | -$1.30B | -$1.54B | -$2.87B | -$4.52B | -$4.66B | -$1.62B |
| Working Capital | -$4.1M | $37.9M | $619.7M | $1.59B | $1.45B | $1.42B | $1.19B | $1.84B | $189.1M | $24.8M | $396.6M | -$6.7M | $3.29B | $4.65B | $4.73B | $2.05B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.61B | $1.50B | $559.0M | $661.0M |
| Total Assets | $17.75B | $18.07B | $16.09B | $15.86B |
| Total Liabilities | $8.87B | $10.27B | $9.41B | $9.40B |
| Total Equity | $8.88B | $7.80B | $6.68B | $6.46B |
| Total Debt | $3.79B | $3.82B | $3.81B | $3.77B |
Cash Flow (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$49.9M | -$56.2M | -$79.6M | -$119.2M | -$172.5M | -$248.0M | -$289.9M | -$408.3M | -$321.2M | -$418.3M | -$480.7M | -$282.4M | $29.0M | -$366.7M | $1.38B | $526.0M | $693.0M |
| Depreciation & Amortization | $3.3M | $5.3M | $9.3M | $17.7M | $34.7M | $59.2M | $85.9M | $115.9M | $135.7M | $198.1M | $276.3M | $293.7M | $344.0M | $364.0M | $282.0M | $326.0M | $347.0M |
| Stock-based Compensation | $896,000 | $1.7M | $4.2M | $15.3M | $61.9M | $156.0M | $250.0M | $372.3M | $478.4M | $652.5M | $859.6M | $1.00B | $1.11B | $1.29B | $1.42B | $1.52B | $1.63B |
| Change in Working Capital | $13.2M | $28.3M | $45.2M | $74.7M | $94.9M | $88.3M | $165.8M | $161.9M | $79.7M | $96.3M | $32.5M | $14.0M | $108.1M | $48.2M | -$34.0M | -$218.0M | -$329.0M |
| Operating Cash Flow | -$30.1M | -$15.3M | -$13.8M | $11.2M | $46.3M | $102.0M | $258.6M | $348.7M | $465.7M | $606.7M | $864.6M | $1.27B | $1.65B | $1.66B | $2.15B | $2.46B | $2.94B |
| Capital Expenditure | -$4.2M | -$3.7M | -$5.0M | -$15.9M | -$75.7M | -$103.6M | -$133.7M | -$120.8M | -$152.5M | -$213.0M | -$244.5M | -$256.3M | -$272.3M | -$360.3M | -$238.0M | -$272.0M | -$162.0M |
| Acquisitions | 0 | 0 | 0 | 0 | -$15.0M | -$26.3M | -$31.4M | -$147.9M | -$5.7M | -$1.47B | -$473.6M | $256.3M | -$1.19B | 0 | -$8.0M | -$825.0M | -$2.08B |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$3.8M | -$8.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$74.7M | -$423.0M | -$700.0M | -$2.90B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$34.4M | -$19.0M | -$18.8M | -$4.7M | -$29.5M | -$1.6M | $125.0M | $227.8M | $313.2M | $393.7M | $620.1M | $1.01B | $1.38B | $1.30B | $1.91B | $2.19B | $2.78B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $588.0M | $1.28B | $696.0M | $520.0M |
| Capital Expenditure | -$38.0M | -$60.0M | -$80.0M | -$60.0M |
| Free Cash Flow | $550.0M | $1.22B | $616.0M | $460.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $376.0M | $399.0M | $409.0M | $462.0M |
Growth & Margins (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +169.6% | +97.5% | +103.6% | +71.4% | +68.0% | +46.8% | +36.1% | +36.1% | +31.7% | +28.5% | +19.0% | +19.0% | +21.0% | +16.8% | +16.4% | +13.1% | |
| Net Income Growth (YoY) | -12.6% | -41.7% | -49.7% | -44.7% | -43.8% | -10.9% | -39.9% | +16.5% | -30.2% | -14.9% | +41.2% | +110.3% | -1,365.5% | +476.3% | -61.9% | +31.7% | |
| EPS Growth (YoY) | -13.6% | -40.0% | -360.0% | +37.3% | -33.7% | -13.3% | -34.6% | +24.8% | -24.5% | -9.8% | +43.9% | +110.1% | -1,300.0% | +466.7% | -62.5% | +31.3% | |
| Shares Change (YoY) | +0.0% | +0.0% | -67.3% | +131.4% | +7.2% | +3.4% | +4.3% | +4.8% | +4.3% | +4.8% | +4.3% | +7.2% | +0.3% | +4.1% | +1.5% | -2.2% | |
| FCF Growth (YoY) | +44.7% | +1.2% | +75.0% | -529.0% | +94.4% | +7,706.2% | +82.3% | +37.5% | +25.7% | +57.5% | +63.2% | +36.2% | -5.9% | +47.3% | +14.5% | +26.9% | |
| Gross Margin | 18.8% | 41.4% | 51.4% | 57.4% | 62.3% | 66.4% | 67.6% | 69.3% | 70.6% | 70.4% | 70.6% | 72.3% | 72.2% | 72.5% | 75.6% | 75.5% | 75.7% |
| Operating Margin | -203.6% | -82.4% | -58.4% | -43.1% | -32.7% | -27.4% | -21.6% | -22.4% | -14.1% | -16.4% | -13.8% | -5.8% | -2.3% | -3.6% | 2.5% | 4.9% | 10.7% |
| EBITDA Margin | -184.5% | -74.3% | -51.5% | -36.5% | -24.8% | -19.8% | -13.5% | -15.2% | -6.3% | -5.9% | -4.1% | 2.0% | 7.3% | 3.3% | 10.4% | 12.8% | 14.2% |
| Net Margin | -197.8% | -82.6% | -59.2% | -43.6% | -36.8% | -31.5% | -23.8% | -24.4% | -15.0% | -14.8% | -13.3% | -6.5% | 0.6% | -5.9% | 19.0% | 6.2% | 7.3% |
| FCF Margin | -136.1% | -27.9% | -14.0% | -1.7% | -6.3% | -0.2% | 10.8% | 14.5% | 14.6% | 14.0% | 17.1% | 23.4% | 26.8% | 20.9% | 26.3% | 25.9% | 29.1% |
| Effective Tax Rate | -0.2% | -0.2% | -0.2% | -0.1% | -1.0% | -0.8% | -0.4% | 0.2% | -2.0% | 1.3% | 0.4% | -2.7% | -81.2% | -41.2% | -287.9% | 17.6% | 31.3% |
Per-Share Data (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.15 | $-0.08 | $-0.08 | $-0.06 | $-0.17 | $-0.01 | $0.66 | $1.15 | $1.51 | $1.82 | $2.73 | $4.27 | $5.43 | $5.09 | $7.20 | $8.13 | $10.54 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 226.1 M | 226.1 M | 226.1 M | 74.0 M | 171.3 M | 183.7 M | 190.0 M | 198.2 M | 207.8 M | 216.8 M | 226.7 M | 237.0 M | 247.2 M | 254.7 M | 261.3 M | 265.3 M | 261.3 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 16.78% |
| Return on Invested Capital | 11.40% |
| Return on Assets | 7.89% |
| Gross Margin | 75.80% |
| Operating Margin | 11.99% |
| Net Margin | 12.32% |
Financial Health
| Debt / Equity | 0.58 |
| Current Ratio | 0.91 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.49 |
Key Ratios (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -234.09 | -206.00 | -147.14 | -33.18 | -88.65 | -58.86 | -42.38 | -40.33 | -77.35 | -94.06 | -87.09 | -198.90 | 2,108.42 | -125.99 | 55.13 | 132.35 | 67.55 |
| P/B | 0.00 | -527.20 | -66.32 | 6.68 | 12.92 | 12.96 | 10.84 | 12.90 | 15.76 | 20.09 | 16.84 | 17.11 | 13.79 | 8.27 | 9.41 | 7.69 | 5.88 |
| P/S | 461.19 | 171.08 | 86.61 | 14.45 | 32.71 | 18.53 | 10.65 | 10.46 | 11.62 | 13.94 | 11.54 | 12.99 | 12.17 | 7.43 | 10.48 | 8.23 | 4.80 |
| Gross Margin | 18.8% | 41.4% | 51.4% | 57.4% | 62.3% | 66.4% | 67.6% | 69.3% | 70.6% | 70.4% | 70.6% | 72.3% | 72.2% | 72.5% | 75.6% | 75.5% | 75.7% |
| Operating Margin | -203.6% | -82.4% | -58.4% | -43.1% | -32.7% | -27.4% | -21.6% | -22.4% | -14.1% | -16.4% | -13.8% | -5.8% | -2.3% | -3.6% | 2.5% | 4.9% | 10.7% |
| Net Margin | -197.8% | -82.6% | -59.2% | -43.6% | -36.8% | -31.5% | -23.8% | -24.4% | -15.0% | -14.8% | -13.3% | -6.5% | 0.6% | -5.9% | 19.0% | 6.2% | 7.3% |
Related companies: ADP · PAYX · PCTY · SAP · PAYC · BILL
Explore sector: Technology · Software - Application
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