Workday (WDAY) Financials

$222.22 -7.16 (-3.12%)

Closing price 08/1/2025 04:00 PM Eastern

Extended Trading

$221.60 -0.62 (-0.28%)

As of 08/1/2025 07:59 PM Eastern

Annual Income Statements for Workday

This table shows Workday's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-248	-275	-385	-321	-418	-481	-282	29	-367	1,381	526
Consolidated Net Income / (Loss)	-248	-275	-385	-321	-418	-481	-282	29	-367	1,381	526
Net Income / (Loss) Continuing Operations	-248	-275	-385	-321	-418	-481	-282	29	-367	1,381	526
Total Pre-Tax Income	-246	-274	-386	-315	-424	-482	-275	16	-260	356	638
Total Operating Income	-216	-250	-353	-303	-463	-502	-249	-116	-222	183	415
Total Gross Profit	523	782	1,091	1,514	1,987	2,562	3,120	3,711	4,506	5,488	6,377
Total Revenue	788	1,157	1,574	2,143	2,822	3,627	4,318	5,139	6,216	7,259	8,446
Operating Revenue	788	1,157	1,574	2,143	2,822	3,627	4,318	5,139	6,216	7,259	8,446
Total Cost of Revenue	265	374	484	629	835	1,065	1,198	1,428	1,710	1,771	2,069
Operating Cost of Revenue	265	374	484	629	835	1,065	1,198	1,428	1,710	1,771	2,069
Total Operating Expenses	739	1,032	1,444	1,817	2,451	3,064	3,368	3,827	4,728	5,305	5,962
Selling, General & Admin Expense	106	149	198	223	347	368	414	486	599	702	820
Marketing Expense	316	414	565	683	891	1,147	1,233	1,462	1,842	2,139	2,432
Research & Development Expense	317	470	681	911	1,212	1,550	1,721	1,879	2,247	2,464	2,626
Restructuring Charge	-	-	-	-	-	-	-	-	40	0.00	84
Total Other Income / (Expense), net	-30	-24	-32	-12	40	20	-27	132	-38	173	223
Other Income / (Expense), net	-30	-24	-32	-12	40	20	-27	132	-38	173	223
Income Tax Expense	2.01	1.02	-0.81	6.44	-5.49	-1.77	7.30	-13	107	-1,025	112
Basic Earnings per Share	($1.35)	($1.45)	($1.94)	($1.55)	($1.93)	($2.12)	($1.19)	$0.12	($1.44)	$5.28	$1.98
Weighted Average Basic Shares Outstanding	183.70M	190.02M	198.21M	207.77M	216.79M	227.19M	237.02M	247.25M	254.82M	261.34M	265.26M
Diluted Earnings per Share	($1.35)	($1.45)	($1.94)	($1.55)	($1.93)	($2.12)	($1.19)	$0.12	($1.44)	$5.21	$1.95
Weighted Average Diluted Shares Outstanding	183.70M	190.02M	198.21M	207.77M	216.79M	227.19M	237.02M	254.03M	254.82M	265.29M	269.21M
Weighted Average Basic & Diluted Shares Outstanding	183.70M	190.02M	198.21M	207.77M	216.79M	227.19M	237.02M	251M	259M	264M	266M

This table shows Workday's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/31/2022	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-64	-75	-126	0.00	79	114	1,188	107	132	193	94
Consolidated Net Income / (Loss)	-64	-75	-126	0.00	79	114	1,188	107	132	193	94
Net Income / (Loss) Continuing Operations	-64	-75	-126	0.00	79	114	1,188	107	132	193	94
Total Pre-Tax Income	-67	-22	-78	7.00	82	129	138	123	168	227	120
Total Operating Income	-34	-26	-89	-20	36	88	79	64	111	165	75
Total Gross Profit	1,113	1,163	1,198	1,267	1,339	1,421	1,461	1,501	1,574	1,630	1,672
Total Revenue	1,536	1,599	1,646	1,684	1,787	1,866	1,922	1,990	2,085	2,160	2,211
Operating Revenue	1,536	1,599	1,646	1,684	1,787	1,866	1,922	1,990	2,085	2,160	2,211
Total Cost of Revenue	423	436	448	417	448	445	461	489	511	530	539
Operating Cost of Revenue	423	436	448	417	448	445	461	489	511	530	539
Total Operating Expenses	1,147	1,190	1,287	1,287	1,303	1,333	1,382	1,437	1,463	1,465	1,597
Selling, General & Admin Expense	140	154	171	168	169	176	189	208	203	198	211
Marketing Expense	459	470	484	519	524	538	558	573	611	620	628
Research & Development Expense	548	566	592	600	610	619	635	656	649	647	674
Total Other Income / (Expense), net	-33	4.16	11	27	46	41	59	59	57	62	45
Other Income / (Expense), net	-33	4.16	11	27	46	41	59	59	57	62	45
Income Tax Expense	-2.71	53	48	7.00	3.00	15	-1,050	16	36	34	26
Basic Earnings per Share	($0.25)	($0.29)	($0.49)	$0.00	$0.30	$0.43	$4.55	$0.40	$0.50	$0.73	$0.35
Weighted Average Basic Shares Outstanding	254.36M	255.75M	254.82M	258.82M	261.19M	262.15M	261.34M	264.44M	265.32M	265.41M	265.26M
Diluted Earnings per Share	($0.25)	($0.29)	($0.49)	$0.00	$0.30	$0.43	$4.48	$0.40	$0.49	$0.72	$0.34
Weighted Average Diluted Shares Outstanding	254.36M	255.75M	254.82M	261.37M	264.44M	266.38M	265.29M	270.30M	267.95M	268.55M	269.21M
Weighted Average Basic & Diluted Shares Outstanding	256M	257M	259M	261M	262M	263M	264M	265M	265M	266M	266M

This table details how cash moves in and out of Workday's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Net Change in Cash & Equivalents	-283	1.90	242	593	-493	93	653	153	354	129	-470
Net Cash From Operating Activities	102	259	351	466	607	865	1,268	1,651	1,657	2,149	2,461
Net Cash From Continuing Operating Activities	102	259	351	466	607	865	1,268	1,651	1,657	2,149	2,461
Net Income / (Loss) Continuing Operations	-248	-275	-385	-321	-418	-481	-282	29	-367	1,381	526
Consolidated Net Income / (Loss)	-248	-275	-385	-321	-418	-481	-282	29	-367	1,381	526
Depreciation Expense	59	86	106	136	198	276	294	344	364	282	326
Amortization Expense	43	62	72	101	131	145	166	142	133	64	138
Non-Cash Adjustments To Reconcile Net Income	159	248	719	786	944	1,247	1,404	1,579	1,927	2,007	2,054
Changes in Operating Assets and Liabilities, net	88	138	-162	-236	-248	-323	-313	-443	-400	-1,585	-583
Net Cash From Investing Activities	-404	-300	-169	-979	-843	-897	-1,242	-1,607	-2,506	-1,751	-1,781
Net Cash From Continuing Investing Activities	-404	-300	-169	-979	-843	-896	-1,242	-1,607	-2,506	-1,751	-1,781
Purchase of Property, Plant & Equipment	-104	-134	-228	-142	-384	-244	-259	-435	-364	-232	-269
Acquisitions	-26	-31	-148	-17	-1,485	-474	-2.95	-1,198	-1.00	-18	-828
Purchase of Investments	-1,748	-2,142	-1,918	-2,657	-2,033	-1,922	-2,799	-2,982	-7,206	-6,166	-4,808
Sale and/or Maturity of Investments	1,473	2,008	2,124	1,836	3,059	1,743	1,820	3,008	5,065	4,665	4,124
Net Cash From Financing Activities	19	44	60	1,106	-257	125	625	110	1,204	-268	-1,150
Net Cash From Continuing Financing Activities	19	44	60	1,106	-257	125	625	110	1,204	-268	-1,150
Repayment of Debt	-9.76	-1.55	0.00	-0.17	-350	-0.52	-271	-38	-1,851	0.00	0.00
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-75	-423	-700
Issuance of Debt	1.27	0.00	1.60	1,132	0.00	-0.03	748	0.00	2,978	0.00	0.00
Issuance of Common Equity	36	46	58	150	94	126	149	148	152	177	186
Other Financing Activities, net	-8.29	0.00	0.00	-176	-	-	-	-	0.00	-22	-636
Effect of Exchange Rate Changes	-0.43	-0.70	0.39	-	-	-	1.33	-1.00	-1.00	-1.00	0.00
Cash Interest Paid	6.87	6.41	3.16	0.08	0.04	3.31	14	13	60	110	110
Cash Income Taxes Paid	0.94	2.12	5.32	3.42	6.01	-	9.94	13	89	39	65

This table details how cash moves in and out of Workday's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/31/2022	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025
Net Change in Cash & Equivalents	-290	-909	307	-439	-8.00	128	448	-253	-122	-326	231
Net Cash From Operating Activities	114	409	694	277	426	450	996	372	571	406	1,112
Net Cash From Continuing Operating Activities	114	409	694	277	426	450	996	372	571	406	1,112
Net Income / (Loss) Continuing Operations	-64	-75	-126	0.00	79	114	1,188	107	132	193	94
Consolidated Net Income / (Loss)	-64	-75	-126	0.00	79	114	1,188	107	132	193	94
Depreciation Expense	93	92	90	70	72	68	72	75	79	81	91
Amortization Expense	42	29	22	15	14	15	20	26	33	36	43
Non-Cash Adjustments To Reconcile Net Income	422	290	1,176	52	448	258	1,249	-107	406	272	1,483
Changes in Operating Assets and Liabilities, net	-379	73	-468	140	-187	-5.00	-1,533	271	-79	-176	-599
Net Cash From Investing Activities	-487	-168	-380	-713	-385	-172	-481	-258	-345	-451	-727
Net Cash From Continuing Investing Activities	-487	-168	-380	-713	-385	-172	-481	-258	-345	-451	-727
Purchase of Property, Plant & Equipment	-169	-59	-78	-59	-65	-59	-49	-81	-55	-47	-86
Acquisitions	-	-0.70	-0.30	-9.00	-	-10	1.00	-512	-10	-305	-1.00
Purchase of Investments	-1,331	-2,314	-1,535	-1,899	-1,585	-1,273	-1,409	-778	-1,372	-994	-1,664
Sale and/or Maturity of Investments	1,013	2,206	1,232	1,254	1,265	1,170	976	1,113	1,092	895	1,024
Net Cash From Financing Activities	83	-1,149	-7.72	-2.00	-50	-149	-67	-367	-348	-281	-154
Net Cash From Continuing Financing Activities	83	-1,149	-7.72	-2.00	-50	-149	-67	-367	-348	-281	-154
Repurchase of Common Equity	-	-	-75	0.00	-139	-144	-140	-128	-312	-157	-103
Issuance of Common Equity	83	0.71	67	1.00	94	-	82	0.00	106	-	80
Other Financing Activities, net	-	-	-	-3.00	-5.00	-5.00	-9.00	-239	-142	-124	-131
Cash Income Taxes Paid	3.27	2.09	79	11	21	3.00	4.00	6.00	29	13	17

This table presents Workday's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Total Assets	2,350	2,730	3,268	4,947	5,521	6,816	8,718	10,499	13,486	16,452	17,977
Total Current Assets	2,108	2,362	2,524	3,957	2,701	3,095	4,802	5,214	8,108	9,939	10,545
Cash & Equivalents	298	300	540	1,134	639	731	1,384	1,534	1,886	2,012	1,543
Short-Term Investments	1,560	1,669	1,457	2,133	1,140	1,213	2,151	2,110	4,235	5,801	6,474
Accounts Receivable	188	293	410	528	705	878	1,032	1,243	1,570	1,639	1,950
Prepaid Expenses	42	78	67	98	137	172	111	174	226	255	311
Other Current Assets	20	22	51	63	81	100	123	153	191	232	267
Plant, Property, & Equipment, net	140	214	366	547	797	936	972	1,123	1,201	1,234	1,239
Total Noncurrent Assets	102	154	378	444	2,023	2,786	2,944	4,161	4,177	5,279	6,193
Goodwill	35	50	158	159	1,379	1,819	1,820	2,840	2,840	2,846	3,478
Intangible Assets	-	15	49	34	313	308	249	391	306	233	361
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	13	1,065	1,039
Other Noncurrent Operating Assets	67	88	171	250	331	658	876	930	1,018	1,135	1,315
Total Liabilities & Shareholders' Equity	2,350	2,730	3,268	4,947	5,521	6,816	8,718	10,499	13,486	16,452	17,977
Total Liabilities	1,224	1,594	1,992	3,367	3,562	4,330	5,441	5,963	7,901	8,370	8,943
Total Current Liabilities	641	923	1,285	2,059	2,431	2,969	4,283	5,068	4,628	5,055	5,548
Accounts Payable	11	20	27	21	29	58	76	55	154	78	108
Accrued Expenses	24	43	62	122	124	130	169	196	260	287	296
Current Deferred Revenue	547	769	1,086	1,426	1,838	2,223	2,557	3,111	3,559	4,057	4,467
Current Employee Benefit Liabilities	56	91	111	148	208	248	285	403	564	544	578
Other Current Liabilities	-	-	-	-	-	66	93	81	91	89	99
Total Noncurrent Liabilities	583	671	706	1,308	1,132	1,360	1,158	896	3,273	3,315	3,395
Long-Term Debt	482	507	534	1,150	972	1,018	692	617	2,976	2,980	2,984
Noncurrent Deferred Revenue	86	131	135	111	112	86	80	72	75	70	80
Other Noncurrent Operating Liabilities	15	33	37	47	48	256	386	207	222	265	331
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,126	1,136	1,277	1,580	1,958	2,487	3,278	4,535	5,585	8,082	9,034
Total Preferred & Common Equity	1,126	1,136	1,277	1,580	1,958	2,487	3,278	4,535	5,585	8,082	9,034
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00
Total Common Equity	1,126	1,136	1,276	1,580	1,958	2,487	3,278	4,547	5,585	8,082	9,034
Common Stock	1,948	2,247	2,681	3,354	4,106	5,090	6,255	7,284	8,829	10,400	11,463
Retained Earnings	-822	-1,112	-1,407	-1,728	-2,146	-2,627	-2,910	-2,745	-3,112	-1,731	-1,205
Treasury Stock	-	-	-	-	-	0.00	-12	-	-	-608	-1,308
Accumulated Other Comprehensive Income / (Loss)	-0.14	0.80	2.07	-46	-0.81	23	-55	7.71	53	21	84

This table presents Workday's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/31/2021	4/30/2022	7/31/2022	10/31/2022	4/30/2023	7/31/2023	10/31/2023	4/30/2024	7/31/2024	10/31/2024
Total Assets	9,441	12,799	13,250	12,390	13,253	13,735	13,926	15,941	16,234	16,424
Total Current Assets	4,694	7,443	7,805	6,970	7,873	8,382	8,574	8,874	9,200	9,078
Cash & Equivalents	1,297	2,776	2,487	1,576	1,444	1,436	1,564	1,752	1,635	1,311
Short-Term Investments	2,258	3,479	3,806	3,916	4,885	5,221	5,316	5,430	5,738	5,846
Accounts Receivable	865	778	1,105	1,040	1,089	1,271	1,225	1,133	1,292	1,404
Prepaid Expenses	138	253	241	267	263	255	262	327	298	273
Other Current Assets	136	157	165	171	192	199	208	232	237	244
Plant, Property, & Equipment, net	1,120	1,186	1,233	1,219	1,218	1,222	1,207	1,238	1,259	1,263
Total Noncurrent Assets	3,627	4,170	4,212	4,200	4,162	4,132	4,145	5,829	5,775	6,083
Goodwill	2,428	2,840	2,840	2,840	2,840	2,840	2,846	3,257	3,257	3,479
Intangible Assets	372	369	348	327	284	263	249	351	331	383
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	1,056	1,022	1,031
Other Noncurrent Operating Assets	827	960	1,024	1,034	1,037	1,029	1,050	1,165	1,165	1,190
Total Liabilities & Shareholders' Equity	9,441	12,799	13,250	12,390	13,253	13,735	13,926	15,941	16,234	16,424
Total Liabilities	5,225	8,018	8,122	6,981	7,311	7,461	7,301	7,778	7,889	7,800
Total Current Liabilities	4,275	4,781	4,858	3,723	4,044	4,182	4,029	4,428	4,513	4,422
Accounts Payable	48	123	61	76	113	89	79	76	87	74
Accrued Expenses	196	247	294	335	227	259	235	254	292	323
Current Deferred Revenue	2,423	2,820	2,889	2,816	3,228	3,309	3,197	3,552	3,549	3,447
Current Employee Benefit Liabilities	312	362	374	407	381	426	420	451	487	476
Other Current Liabilities	83	81	91	90	95	99	98	95	98	102
Total Noncurrent Liabilities	950	3,237	3,264	3,257	3,267	3,279	3,272	3,350	3,376	3,378
Long-Term Debt	636	2,973	2,974	2,975	2,977	2,978	2,979	2,981	2,982	2,983
Noncurrent Deferred Revenue	71	59	54	64	62	60	62	61	62	64
Other Noncurrent Operating Liabilities	243	205	236	219	228	240	231	308	332	331
Total Equity & Noncontrolling Interests	4,216	4,781	5,128	5,409	5,942	6,275	6,625	8,163	8,345	8,624
Total Preferred & Common Equity	4,216	4,781	5,128	5,409	5,942	6,275	6,625	8,163	8,345	8,624
Total Common Equity	4,216	4,781	5,128	5,409	5,942	6,275	6,625	8,163	8,345	8,624
Common Stock	6,920	7,597	7,988	8,401	9,195	9,638	9,982	10,512	10,869	11,115
Retained Earnings	-2,671	-2,847	-2,911	-2,986	-3,111	-3,033	-2,919	-1,624	-1,492	-1,299
Treasury Stock	-12	-13	-13	-110	-185	-324	-471	-742	-1,051	-1,208
Accumulated Other Comprehensive Income / (Loss)	-21	43	63	104	43	-6.78	33	17	19	16

This table displays calculated financial ratios and metrics derived from Workday's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	68.01%	46.81%	36.12%	36.12%	31.69%	28.53%	19.04%	19.01%	20.96%	16.78%	16.35%
EBITDA Growth	-30.85%	11.69%	-63.87%	62.59%	-21.71%	34.88%	400.62%	171.55%	-52.79%	196.20%	56.98%
EBIT Growth	-43.99%	-11.41%	-40.68%	18.35%	-34.62%	-13.85%	42.97%	105.82%	-1,725.00%	236.92%	79.21%
NOPAT Growth	-40.72%	-15.80%	-41.35%	14.12%	-52.79%	-8.41%	50.50%	-20.82%	26.09%	556.82%	-51.80%
Net Income Growth	-43.75%	-10.91%	-39.87%	16.50%	-30.21%	-14.92%	41.24%	110.27%	-1,365.52%	476.29%	-61.91%
EPS Growth	-33.66%	-7.41%	-33.79%	20.10%	-24.52%	-9.84%	43.87%	110.08%	-1,300.00%	461.81%	-62.57%
Operating Cash Flow Growth	120.49%	153.56%	35.57%	32.83%	30.26%	42.52%	46.71%	30.16%	0.36%	29.69%	14.52%
Free Cash Flow Firm Growth	-96.20%	21.90%	-305.12%	47.88%	-843.94%	59.53%	112.07%	-1,608.63%	109.64%	-173.24%	-313.56%
Invested Capital Growth	-13.11%	-32.14%	43.00%	-5.61%	806.06%	30.29%	-14.80%	77.64%	-10.65%	33.16%	23.15%
Revenue Q/Q Growth	12.00%	8.59%	8.39%	7.14%	7.88%	5.46%	3.73%	5.00%	4.54%	3.95%	3.54%
EBITDA Q/Q Growth	2.57%	11.04%	-19.85%	28.00%	5.40%	-1.40%	52.91%	-0.61%	-4.92%	38.76%	2.23%
EBIT Q/Q Growth	-1.55%	-2.40%	-7.28%	0.88%	-4.10%	-5.25%	18.06%	-49.09%	2.27%	154.23%	-2.74%
NOPAT Q/Q Growth	-1.13%	-3.39%	-9.41%	2.45%	-9.18%	-5.42%	22.65%	-140.68%	5.03%	9,626.69%	-66.93%
Net Income Q/Q Growth	-1.43%	-2.53%	-6.07%	-0.26%	-3.79%	-5.16%	16.61%	-6.21%	-16.63%	1,959.60%	-67.53%
EPS Q/Q Growth	0.74%	-1.40%	-5.43%	0.64%	-2.66%	-3.92%	18.49%	20.00%	-18.03%	2,070.83%	-67.98%
Operating Cash Flow Q/Q Growth	15.23%	24.09%	3.31%	3.75%	25.68%	5.70%	25.36%	3.88%	4.99%	16.33%	4.95%
Free Cash Flow Firm Q/Q Growth	1.29%	21.79%	-61.43%	24.95%	1.60%	-117.87%	113.58%	-108.30%	124.76%	-156.45%	40.73%
Invested Capital Q/Q Growth	-14.20%	-23.99%	25.35%	0.65%	-3.96%	23.39%	-20.04%	8.84%	-15.63%	19.28%	-10.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.39%	67.63%	69.29%	70.63%	70.41%	70.63%	72.25%	72.21%	72.49%	75.60%	75.50%
EBITDA Margin	-18.19%	-10.94%	-13.17%	-3.62%	-3.35%	-1.70%	4.28%	9.77%	3.81%	9.67%	13.05%
Operating Margin	-27.38%	-21.60%	-22.43%	-14.15%	-16.42%	-13.85%	-5.76%	-2.26%	-3.57%	2.52%	4.91%
EBIT Margin	-31.22%	-23.69%	-24.49%	-14.69%	-15.02%	-13.30%	-6.37%	0.31%	-4.18%	4.90%	7.55%
Profit (Net Income) Margin	-31.48%	-23.78%	-24.43%	-14.99%	-14.82%	-13.25%	-6.54%	0.56%	-5.90%	19.02%	6.23%
Tax Burden Percent	100.82%	100.37%	99.79%	102.04%	98.70%	99.63%	102.65%	181.25%	141.15%	387.92%	82.45%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-81.25%	0.00%	-287.92%	17.55%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-54.56%	-22.05%	-10.42%	-9.85%	-6.01%	24.96%	9.44%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-46.57%	-1.49%	-1.47%	-23.35%	2.54%	8.13%	5.71%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	30.93%	0.42%	0.62%	10.60%	-1.24%	-4.75%	-3.29%
Return on Equity (ROE)	-21.44%	-24.32%	-31.89%	-22.49%	-23.64%	-21.63%	-9.80%	0.74%	-7.25%	20.21%	6.15%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-137.58%	-48.35%	5.57%	-65.78%	5.23%	-3.48%	-11.31%
Operating Return on Assets (OROA)	-10.87%	-10.79%	-12.85%	-7.66%	-8.10%	-7.82%	-3.54%	0.17%	-2.17%	2.38%	3.71%
Return on Assets (ROA)	-10.96%	-10.83%	-12.83%	-7.82%	-7.99%	-7.79%	-3.64%	0.30%	-3.06%	9.23%	3.06%
Return on Common Equity (ROCE)	-21.44%	-24.31%	-31.88%	-22.48%	-23.64%	-21.63%	-9.80%	0.74%	-7.26%	20.21%	6.15%
Return on Equity Simple (ROE_SIMPLE)	-22.02%	-24.21%	-30.13%	-20.33%	-21.36%	-19.33%	-8.62%	0.64%	-6.57%	17.09%	5.82%
Net Operating Profit after Tax (NOPAT)	-151	-175	-247	-212	-324	-352	-174	-210	-155	710	342
NOPAT Margin	-19.16%	-15.12%	-15.70%	-9.90%	-11.49%	-9.69%	-4.03%	-4.09%	-2.50%	9.78%	4.05%
Net Nonoperating Expense Percent (NNEP)	-6.98%	-7.07%	-9.41%	-6.73%	-8.00%	-20.56%	-8.95%	13.50%	-8.55%	16.82%	3.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-1.82%	6.42%	2.85%
Cost of Revenue to Revenue	33.61%	32.37%	30.71%	29.37%	29.59%	29.37%	27.75%	27.79%	27.51%	24.40%	24.50%
SG&A Expenses to Revenue	13.46%	12.85%	12.58%	10.40%	12.31%	10.14%	9.59%	9.46%	9.64%	9.67%	9.71%
R&D to Revenue	40.22%	40.63%	43.22%	42.49%	42.94%	42.73%	39.86%	36.56%	36.15%	33.94%	31.09%
Operating Expenses to Revenue	93.77%	89.22%	91.71%	84.78%	86.83%	84.48%	78.01%	74.47%	76.06%	73.08%	70.59%
Earnings before Interest and Taxes (EBIT)	-246	-274	-386	-315	-424	-482	-275	16	-260	356	638
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-143	-127	-207	-78	-94	-61	185	502	237	702	1,102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	13.20	10.76	13.08	15.93	20.39	17.08	16.66	13.91	8.35	9.47	7.72
Price to Tangible Book Value (P/TBV)	13.62	11.42	15.62	18.16	150.09	118.32	45.15	48.06	19.12	15.30	13.42
Price to Revenue (P/Rev)	18.86	10.57	10.61	11.75	14.15	11.71	12.65	12.31	7.50	10.55	8.25
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,181.12	0.00	55.43	132.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	1.80%	0.75%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	28.43	23.16	34.39	22.50	17.82	22.07	16.16
Enterprise Value to Revenue (EV/Rev)	17.12	9.30	9.68	10.92	13.95	11.52	12.24	11.96	7.00	9.88	7.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	285.98	122.41	183.47	102.16	58.69
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,840.51	0.00	201.46	101.37
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	101.03	189.03
Enterprise Value to Operating Cash Flow (EV/OCF)	132.22	41.61	43.46	50.24	64.88	48.33	41.68	37.22	26.24	33.37	26.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	568.15	0.00	321.34	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.45	0.42	0.94	0.62	0.51	0.55	0.41	0.53	0.37	0.33
Long-Term Debt to Equity	0.43	0.45	0.42	0.73	0.50	0.41	0.21	0.14	0.53	0.37	0.33
Financial Leverage	-1.20	-1.25	-1.21	-1.13	-0.66	-0.28	-0.42	-0.45	-0.49	-0.58	-0.58
Leverage Ratio	1.96	2.25	2.49	2.88	2.96	2.78	2.70	2.46	2.37	2.19	2.01
Compound Leverage Factor	1.96	2.25	2.49	2.88	2.96	2.78	2.70	2.46	2.37	2.19	2.01
Debt to Total Capital	30.11%	30.88%	29.51%	48.55%	38.09%	33.67%	35.38%	28.86%	34.76%	26.94%	24.83%
Short-Term Debt to Total Capital	0.20%	0.00%	0.00%	11.12%	7.35%	6.52%	21.75%	19.18%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	29.91%	30.88%	29.51%	37.43%	30.74%	27.15%	13.64%	9.68%	34.76%	26.94%	24.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.88%	69.11%	70.48%	51.44%	61.91%	66.33%	64.61%	71.33%	65.24%	73.06%	75.17%
Debt to EBITDA	-3.39	-4.01	-2.58	-19.22	-12.76	-20.53	9.71	3.66	12.56	4.25	2.71
Net Debt to EBITDA	9.58	11.55	7.05	22.90	6.07	11.10	-9.42	-3.59	-13.27	-6.88	-4.57
Long-Term Debt to EBITDA	-3.36	-4.01	-2.58	-14.82	-10.30	-16.55	3.74	1.23	12.56	4.25	2.71
Debt to NOPAT	-3.21	-2.90	-2.16	-7.03	-3.72	-3.59	-10.32	-8.75	-19.15	4.20	8.72
Net Debt to NOPAT	9.09	8.36	5.92	8.37	1.77	1.94	10.00	8.58	20.24	-6.81	-14.71
Long-Term Debt to NOPAT	-3.19	-2.90	-2.16	-5.42	-3.00	-2.90	-3.98	-2.94	-19.15	4.20	8.72
Altman Z-Score	7.53	4.76	4.98	4.68	6.50	5.67	6.02	6.51	3.92	6.21	5.50
Noncontrolling Interest Sharing Ratio	0.02%	0.02%	0.02%	0.01%	0.01%	0.00%	0.00%	-0.15%	-0.12%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.29	2.56	1.96	1.92	1.11	1.04	1.12	1.03	1.75	1.97	1.90
Quick Ratio	3.19	2.45	1.87	1.84	1.02	0.95	1.07	0.96	1.66	1.87	1.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-122	-96	-387	-202	-1,905	-771	93	-1,404	135	-99	-410
Operating Cash Flow to CapEx	98.41%	193.49%	153.91%	329.05%	158.11%	354.79%	488.81%	379.54%	455.22%	926.29%	914.87%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.46	0.53	0.52	0.54	0.59	0.56	0.53	0.52	0.48	0.49
Accounts Receivable Turnover	5.62	4.80	4.48	4.57	4.58	4.58	4.52	4.52	4.42	4.52	4.71
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.23	6.53	5.43	4.70	4.20	4.19	4.52	4.90	5.35	5.96	6.83
Accounts Payable Turnover	31.46	24.77	20.83	26.32	33.34	24.59	18.00	21.79	16.33	15.27	22.25
Days Sales Outstanding (DSO)	64.98	76.01	81.51	79.88	79.73	79.61	80.73	80.79	82.58	80.68	77.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	11.60	14.73	17.52	13.87	10.95	14.84	20.28	16.75	22.36	23.91	16.41
Cash Conversion Cycle (CCC)	53.38	61.28	63.99	66.01	68.78	64.77	60.45	64.04	60.22	56.77	61.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-247	-326	-186	-196	1,385	1,804	1,537	2,731	2,440	3,249	4,001
Invested Capital Turnover	-3.39	-4.04	-6.16	-11.22	4.75	2.27	2.58	2.41	2.40	2.55	2.33
Increase / (Decrease) in Invested Capital	-29	-79	140	-10	1,581	419	-267	1,194	-291	809	752
Enterprise Value (EV)	13,486	10,762	15,239	23,400	39,363	41,783	52,867	61,448	43,483	71,718	64,675
Market Capitalization	14,859	12,224	16,701	25,177	39,937	42,465	54,607	63,253	46,628	76,551	69,708
Book Value per Share	$6.02	$5.86	$6.35	$7.52	$8.90	$10.81	$13.66	$18.19	$21.73	$30.73	$33.96
Tangible Book Value per Share	$5.83	$5.52	$5.32	$6.60	$1.21	$1.56	$5.04	$5.27	$9.49	$19.02	$19.53
Total Capital	1,611	1,644	1,811	3,072	3,163	3,749	5,073	6,375	8,561	11,062	12,018
Total Debt	485	507	534	1,491	1,205	1,262	1,795	1,840	2,976	2,980	2,984
Total Long-Term Debt	482	507	534	1,150	972	1,018	692	617	2,976	2,980	2,984
Net Debt	-1,373	-1,462	-1,462	-1,776	-574	-682	-1,741	-1,804	-3,145	-4,833	-5,033
Capital Expenditures (CapEx)	104	134	228	142	384	244	259	435	364	232	269
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-387	-530	-758	-1,028	-1,276	-1,575	-1,913	-2,276	-2,641	-2,929	-3,020
Debt-free Net Working Capital (DFNWC)	1,470	1,440	1,239	2,240	502	370	1,623	1,369	3,480	4,884	4,997
Net Working Capital (NWC)	1,467	1,440	1,239	1,898	270	125	519	146	3,480	4,884	4,997
Net Nonoperating Expense (NNE)	97	100	138	109	94	129	108	-239	212	-671	-184
Net Nonoperating Obligations (NNO)	-1,373	-1,462	-1,462	-1,776	-574	-682	-1,741	-1,804	-3,145	-4,833	-5,033
Total Depreciation and Amortization (D&A)	103	147	178	237	329	421	460	486	497	346	464
Debt-free, Cash-free Net Working Capital to Revenue	-49.17%	-45.81%	-48.12%	-47.98%	-45.21%	-43.42%	-44.31%	-44.28%	-42.49%	-40.35%	-35.76%
Debt-free Net Working Capital to Revenue	186.62%	124.46%	78.71%	104.51%	17.80%	10.19%	37.58%	26.63%	55.98%	67.28%	59.16%
Net Working Capital to Revenue	186.22%	124.46%	78.71%	88.57%	9.56%	3.45%	12.03%	2.85%	55.98%	67.28%	59.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.35)	($1.53)	($2.06)	($1.55)	($1.93)	($2.12)	($1.19)	$0.12	($1.44)	$5.28	$1.98
Adjusted Weighted Average Basic Shares Outstanding	189M	195M	203M	212M	222M	232M	243M	247.25M	254.82M	261.34M	265.26M
Adjusted Diluted Earnings per Share	($1.35)	($1.53)	($2.06)	($1.55)	($1.93)	($2.12)	($1.19)	$0.12	($1.44)	$5.21	$1.95
Adjusted Weighted Average Diluted Shares Outstanding	189M	195M	203M	212M	222M	232M	243M	254.03M	254.82M	265.29M	269.21M
Adjusted Basic & Diluted Earnings per Share	($1.35)	($1.53)	($2.06)	($1.55)	($1.93)	($2.12)	($1.19)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	183.70M	190.02M	198.21M	207.77M	216.79M	227.19M	237.02M	251M	259M	264M	266M
Normalized Net Operating Profit after Tax (NOPAT)	-151	-175	-247	-212	-324	-352	-174	-81	-127	128	411
Normalized NOPAT Margin	-19.16%	-15.12%	-15.70%	-9.90%	-11.49%	-9.69%	-4.03%	-1.58%	-2.05%	1.76%	4.87%
Pre Tax Income Margin	-31.22%	-23.69%	-24.49%	-14.69%	-15.02%	-13.30%	-6.37%	0.31%	-4.18%	4.90%	7.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-20.44%	30.63%	133.08%

This table displays calculated financial ratios and metrics derived from Workday's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/31/2022	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.85%	20.48%	19.62%	17.38%	16.36%	16.69%	16.74%	18.17%	16.68%	15.76%	15.04%
EBITDA Growth	-69.19%	-41.27%	-26.55%	153.67%	146.75%	114.73%	578.11%	143.48%	66.67%	62.26%	10.43%
EBIT Growth	-165.64%	-148.70%	7.18%	107.53%	222.63%	682.18%	276.99%	1,657.14%	104.88%	75.97%	-13.04%
NOPAT Growth	-1,951.90%	-180.65%	11.69%	100.00%	245.39%	522.08%	1,194.61%	0.00%	151.46%	80.39%	-91.36%
Net Income Growth	-160.68%	-272.12%	-71.06%	100.00%	223.13%	252.57%	1,043.25%	0.00%	67.09%	69.30%	-92.09%
EPS Growth	-160.98%	-270.59%	-81.48%	100.00%	220.00%	248.28%	1,014.29%	0.00%	63.33%	67.44%	-92.41%
Operating Cash Flow Growth	-42.38%	6.24%	12.81%	-37.00%	272.51%	10.11%	43.46%	34.30%	34.04%	-9.78%	11.65%
Free Cash Flow Firm Growth	-4.00%	28.80%	118.09%	113.48%	170.30%	161.30%	-156.40%	-2,415.60%	-420.09%	-744.61%	-437.77%
Invested Capital Growth	22.40%	15.26%	-10.65%	-2.15%	-12.26%	-5.82%	33.16%	52.99%	52.35%	63.38%	23.15%
Revenue Q/Q Growth	7.05%	4.12%	2.96%	2.28%	6.12%	4.42%	3.00%	3.51%	4.77%	3.60%	2.36%
EBITDA Q/Q Growth	87.74%	45.01%	-65.65%	171.24%	82.61%	26.19%	8.49%	-2.28%	25.00%	22.86%	-26.16%
EBIT Q/Q Growth	28.10%	66.86%	-251.88%	108.98%	1,071.43%	57.32%	6.98%	-10.83%	36.59%	35.12%	-47.14%
NOPAT Q/Q Growth	53.22%	22.76%	-237.21%	100.00%	0.00%	124.22%	774.51%	-91.81%	56.65%	60.85%	-58.12%
Net Income Q/Q Growth	37.21%	-16.46%	-68.56%	100.00%	0.00%	44.30%	942.11%	-91.00%	23.36%	46.21%	-51.30%
EPS Q/Q Growth	39.02%	-16.00%	-68.97%	100.00%	0.00%	43.33%	941.86%	-91.07%	22.50%	46.94%	-52.78%
Operating Cash Flow Q/Q Growth	-73.99%	257.36%	69.88%	-60.10%	53.79%	5.63%	121.33%	-62.64%	53.49%	-28.90%	173.89%
Free Cash Flow Firm Q/Q Growth	-33.99%	28.97%	156.95%	-75.13%	598.66%	-38.06%	-152.40%	-918.63%	3.42%	-24.74%	56.29%
Invested Capital Q/Q Growth	11.76%	-2.23%	-15.63%	6.14%	0.21%	4.95%	19.28%	21.95%	-0.20%	12.54%	-10.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.45%	72.75%	72.77%	75.24%	74.93%	76.15%	76.01%	75.43%	75.49%	75.46%	75.62%
EBITDA Margin	4.43%	6.17%	2.06%	5.46%	9.40%	11.36%	11.97%	11.26%	13.43%	15.93%	11.49%
Operating Margin	-2.22%	-1.65%	-5.39%	-1.19%	2.01%	4.72%	4.11%	3.22%	5.32%	7.64%	3.39%
EBIT Margin	-4.35%	-1.39%	-4.74%	0.42%	4.59%	6.91%	7.18%	6.18%	8.06%	10.51%	5.43%
Profit (Net Income) Margin	-4.18%	-4.67%	-7.65%	0.00%	4.42%	6.11%	61.81%	5.38%	6.33%	8.94%	4.25%
Tax Burden Percent	95.95%	337.22%	161.54%	0.00%	96.34%	88.37%	860.87%	86.99%	78.57%	85.02%	78.33%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	100.00%	3.66%	11.63%	-760.87%	13.01%	21.43%	14.98%	21.67%
Return on Invested Capital (ROIC)	-3.28%	-2.54%	-9.07%	0.00%	4.69%	10.37%	90.30%	6.46%	10.04%	14.77%	6.19%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.05%	0.13%	-6.49%	0.00%	3.18%	9.24%	77.57%	5.10%	8.93%	13.46%	5.48%
Return on Net Nonoperating Assets (RNNOA)	0.42%	-0.06%	3.18%	0.00%	-1.63%	-4.93%	-45.28%	-2.73%	-4.93%	-7.13%	-3.16%
Return on Equity (ROE)	-2.86%	-2.59%	-5.90%	0.00%	3.06%	5.44%	45.02%	3.73%	5.11%	7.64%	3.03%
Cash Return on Invested Capital (CROIC)	-24.92%	-20.24%	5.23%	-2.35%	10.56%	6.25%	-3.48%	-16.19%	-12.65%	-19.28%	-11.31%
Operating Return on Assets (OROA)	-2.21%	-0.75%	-2.45%	0.21%	2.28%	3.67%	3.48%	3.20%	4.23%	5.65%	2.66%
Return on Assets (ROA)	-2.12%	-2.55%	-3.97%	0.00%	2.20%	3.24%	29.97%	2.79%	3.32%	4.80%	2.09%
Return on Common Equity (ROCE)	-2.86%	-2.59%	-5.90%	0.00%	3.06%	5.44%	45.02%	3.73%	5.11%	7.64%	3.03%
Return on Equity Simple (ROE_SIMPLE)	-3.83%	-5.82%	0.00%	-4.46%	-1.94%	1.01%	0.00%	18.23%	18.47%	18.78%	0.00%
Net Operating Profit after Tax (NOPAT)	-24	-18	-62	0.00	35	78	680	56	87	140	59
NOPAT Margin	-1.55%	-1.15%	-3.77%	0.00%	1.94%	4.17%	35.38%	2.80%	4.18%	6.49%	2.66%
Net Nonoperating Expense Percent (NNEP)	-2.23%	-2.67%	-2.58%	0.00%	1.52%	1.13%	12.73%	1.36%	1.11%	1.31%	0.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.73%	-	-	-	6.15%	-	-	-	0.49%
Cost of Revenue to Revenue	27.55%	27.25%	27.23%	24.76%	25.07%	23.85%	23.99%	24.57%	24.51%	24.54%	24.38%
SG&A Expenses to Revenue	9.13%	9.61%	10.40%	9.98%	9.46%	9.43%	9.83%	10.45%	9.74%	9.17%	9.54%
R&D to Revenue	35.67%	35.38%	35.95%	35.63%	34.14%	33.17%	33.04%	32.96%	31.13%	29.95%	30.48%
Operating Expenses to Revenue	74.67%	74.39%	78.16%	76.43%	72.92%	71.44%	71.90%	72.21%	70.17%	67.82%	72.23%
Earnings before Interest and Taxes (EBIT)	-67	-22	-78	7.00	82	129	138	123	168	227	120
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	68	99	34	92	168	212	230	224	280	344	254
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.68	7.37	8.35	8.11	9.86	8.37	9.47	7.91	7.21	7.19	7.72
Price to Tangible Book Value (P/TBV)	20.31	17.79	19.12	17.11	19.52	15.72	15.30	14.18	12.65	13.01	13.42
Price to Revenue (P/Rev)	6.94	6.71	7.50	7.46	9.21	7.94	10.55	8.54	7.65	7.60	8.25
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	827.24	55.43	43.42	39.06	38.25	132.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	1.80%	2.30%	2.56%	2.61%	0.75%
Enterprise Value to Invested Capital (EV/IC)	12.59	12.92	17.82	17.32	22.43	18.93	22.07	15.25	14.11	12.99	16.16
Enterprise Value to Revenue (EV/Rev)	6.56	6.29	7.00	6.94	8.67	7.38	9.88	7.99	7.10	7.09	7.66
Enterprise Value to EBITDA (EV/EBITDA)	116.82	149.93	183.47	153.24	148.25	101.93	102.16	72.43	58.98	53.61	58.69
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	368.25	201.46	127.98	99.99	88.10	101.37
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	7,065.47	101.03	71.77	59.08	55.86	189.03
Enterprise Value to Operating Cash Flow (EV/OCF)	23.95	23.68	26.24	30.02	32.23	27.92	33.37	26.92	23.36	24.65	26.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	321.34	0.00	198.55	293.72	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.55	0.53	0.50	0.47	0.45	0.37	0.37	0.36	0.35	0.33
Long-Term Debt to Equity	0.58	0.55	0.53	0.50	0.47	0.45	0.37	0.37	0.36	0.35	0.33
Financial Leverage	-0.40	-0.44	-0.49	-0.51	-0.51	-0.53	-0.58	-0.54	-0.55	-0.53	-0.58
Leverage Ratio	2.49	2.27	2.37	2.43	2.37	2.19	2.19	2.07	2.05	1.99	2.01
Compound Leverage Factor	2.49	2.27	2.37	2.43	2.37	2.19	2.19	2.07	2.05	1.99	2.01
Debt to Total Capital	44.57%	35.48%	34.76%	33.38%	32.18%	31.02%	26.94%	26.75%	26.33%	25.70%	24.83%
Short-Term Debt to Total Capital	12.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.15%	35.48%	34.76%	33.38%	32.18%	31.02%	26.94%	26.75%	26.33%	25.70%	24.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.43%	64.52%	65.24%	66.62%	67.82%	68.98%	73.06%	73.25%	73.67%	74.30%	75.17%
Debt to EBITDA	12.94	11.94	12.56	10.17	7.58	5.89	4.25	3.57	3.15	2.77	2.71
Net Debt to EBITDA	-6.81	-10.10	-13.27	-11.45	-9.37	-7.71	-6.88	-5.04	-4.64	-3.87	-4.57
Long-Term Debt to EBITDA	9.33	11.94	12.56	10.17	7.58	5.89	4.25	3.57	3.15	2.77	2.71
Debt to NOPAT	-32.10	-18.18	-19.15	-25.14	-42.94	408.14	4.20	3.54	3.16	2.88	8.72
Net Debt to NOPAT	16.89	15.38	20.24	28.31	53.05	-534.52	-6.81	-4.99	-4.65	-4.03	-14.71
Long-Term Debt to NOPAT	-23.15	-18.18	-19.15	-25.14	-42.94	408.14	4.20	3.54	3.16	2.88	8.72
Altman Z-Score	3.28	3.88	3.97	4.46	5.54	5.19	6.17	5.68	5.31	5.54	5.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	1.87	1.75	1.95	2.00	2.13	1.97	2.00	2.04	2.05	1.90
Quick Ratio	1.52	1.75	1.66	1.83	1.90	2.01	1.87	1.88	1.92	1.94	1.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-565	-401	229	57	397	246	-129	-1,317	-1,271	-1,586	-693
Operating Cash Flow to CapEx	67.73%	694.47%	895.34%	469.49%	655.38%	762.71%	2,032.65%	459.26%	1,038.18%	863.83%	1,293.02%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.54	0.52	0.50	0.50	0.53	0.48	0.52	0.52	0.54	0.49
Accounts Receivable Turnover	5.74	6.24	4.42	6.92	5.65	6.17	4.52	6.81	6.14	6.21	4.71
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.79	5.08	5.35	5.38	5.47	5.76	5.96	6.16	6.34	6.61	6.83
Accounts Payable Turnover	27.69	26.69	16.33	14.62	23.46	22.73	15.27	19.48	21.68	25.97	22.25
Days Sales Outstanding (DSO)	63.62	58.49	82.58	52.71	64.57	59.20	80.68	53.61	59.49	58.82	77.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	13.18	13.67	22.36	24.97	15.56	16.06	23.91	18.74	16.83	14.05	16.41
Cash Conversion Cycle (CCC)	50.44	44.81	60.22	27.74	49.01	43.14	56.77	34.87	42.65	44.76	61.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,958	2,892	2,440	2,590	2,595	2,724	3,249	3,962	3,954	4,450	4,001
Invested Capital Turnover	2.11	2.20	2.40	2.47	2.42	2.49	2.55	2.31	2.40	2.27	2.33
Increase / (Decrease) in Invested Capital	541	383	-291	-57	-363	-168	809	1,372	1,359	1,726	752
Enterprise Value (EV)	37,225	37,373	43,483	44,858	58,212	51,567	71,718	60,408	55,796	57,796	64,675
Market Capitalization	39,395	39,890	46,628	48,210	61,891	55,468	76,551	64,609	60,187	61,970	69,708
Book Value per Share	$20.19	$21.13	$21.73	$22.94	$24.04	$25.29	$30.73	$30.92	$31.49	$32.54	$33.96
Tangible Book Value per Share	$7.64	$8.76	$9.49	$10.88	$12.15	$13.47	$19.02	$17.25	$17.95	$17.97	$19.53
Total Capital	9,251	8,384	8,561	8,919	9,252	9,604	11,062	11,144	11,327	11,607	12,018
Total Debt	4,123	2,975	2,976	2,977	2,978	2,979	2,980	2,981	2,982	2,983	2,984
Total Long-Term Debt	2,974	2,975	2,976	2,977	2,978	2,979	2,980	2,981	2,982	2,983	2,984
Net Debt	-2,170	-2,517	-3,145	-3,352	-3,679	-3,901	-4,833	-4,201	-4,391	-4,174	-5,033
Capital Expenditures (CapEx)	169	59	78	59	65	59	49	81	55	47	86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,197	-2,245	-2,641	-2,500	-2,457	-2,335	-2,929	-2,736	-2,686	-2,501	-3,020
Debt-free Net Working Capital (DFNWC)	4,096	3,247	3,480	3,829	4,200	4,545	4,884	4,446	4,687	4,656	4,997
Net Working Capital (NWC)	2,947	3,247	3,480	3,829	4,200	4,545	4,884	4,446	4,687	4,656	4,997
Net Nonoperating Expense (NNE)	40	56	64	0.00	-44	-36	-508	-51	-45	-53	-35
Net Nonoperating Obligations (NNO)	-2,170	-2,517	-3,145	-3,352	-3,679	-3,901	-4,833	-4,201	-4,391	-4,174	-5,033
Total Depreciation and Amortization (D&A)	135	121	112	85	86	83	92	101	112	117	134
Debt-free, Cash-free Net Working Capital to Revenue	-38.72%	-37.76%	-42.49%	-38.67%	-36.59%	-33.44%	-40.35%	-36.17%	-34.16%	-30.66%	-35.76%
Debt-free Net Working Capital to Revenue	72.18%	54.61%	55.98%	59.22%	62.53%	65.08%	67.28%	58.77%	59.61%	57.08%	59.16%
Net Working Capital to Revenue	51.93%	54.61%	55.98%	59.22%	62.53%	65.08%	67.28%	58.77%	59.61%	57.08%	59.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.25)	($0.29)	($0.49)	$0.00	$0.30	$0.43	$4.55	$0.40	$0.50	$0.73	$0.35
Adjusted Weighted Average Basic Shares Outstanding	254.36M	255.75M	254.82M	258.82M	261.19M	262.15M	261.34M	264.44M	265.32M	265.41M	265.26M
Adjusted Diluted Earnings per Share	($0.25)	($0.29)	($0.49)	$0.00	$0.30	$0.43	$4.48	$0.40	$0.49	$0.72	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	254.36M	255.75M	254.82M	261.37M	264.44M	266.38M	265.29M	270.30M	267.95M	268.55M	269.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	256M	257M	259M	261M	262M	263M	264M	265M	265M	266M	266M
Normalized Net Operating Profit after Tax (NOPAT)	-24	-18	-62	-14	35	78	55	56	87	140	59
Normalized NOPAT Margin	-1.55%	-1.15%	-3.77%	-0.83%	1.94%	4.17%	2.88%	2.80%	4.18%	6.49%	2.66%
Pre Tax Income Margin	-4.35%	-1.39%	-4.74%	0.42%	4.59%	6.91%	7.18%	6.18%	8.06%	10.51%	5.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-20.44%	0.00%	-175.89%	533.91%	30.63%	37.03%	46.98%	45.49%	133.08%

Key Financial Trends

Over the last four years, Workday, Inc. (NASDAQ: WDAY) has demonstrated significant growth and changes across its financial statements. Here's a summary of key trends and notable points based on the latest quarterly data and recent history:

Revenue Growth: Operating revenue has steadily increased from approximately $1.37 billion in Q4 2022 to $2.21 billion in Q4 2025, indicating strong top-line growth over the period.
Gross Profit Expansion: Total gross profit has improved following revenue growth, rising from around $987 million in Q4 2022 to $1.67 billion in Q4 2025, demonstrating efficient cost management relative to revenue.
Operating Income Turnaround: After periods of operating losses in 2022, Workday achieved positive operating income in recent quarters, posting $75 million in Q4 2025 compared to losses in prior years.
Increasing Net Income: The company turned net income positive and has steadily grown to $94 million in Q4 2025, compared to net losses seen in many quarters during 2022 and early 2023.
Solid Cash Flow from Operations: Net cash from operating activities reached $1.11 billion in Q4 2025, indicating strong cash generation from core business operations.
Investment in Growth: Workday continues to invest heavily in property, plant and equipment and acquisitions as reflected in cash flows, with large outflows for investments and acquisitions (e.g., purchases of investments around $1.66 billion in Q4 2025).
Free Cash Flow Volatility: Despite strong operating cash flows, significant investing and financing activities (including share repurchases and equity issuance) cause volatility in net change in cash and overall liquidity.
Share Repurchase Activity: The company repurchased $103 million in common equity in Q4 2025, reflecting a capital return strategy, though equity issuances also partially offset this.
High Operating Expenses: Selling, general & administrative (SG&A), marketing, and R&D expenses remain high (over $1.59 billion in Q4 2025), putting pressure on margins despite revenue growth.
Stable Equity and Debt Levels: Total equity has increased over the years, reaching approximately $8.62 billion by Q3 2025, while long-term debt remains around $3 billion, indicating a manageable leverage position.

In summary, Workday has made a clear transition from operating losses to consistent profitability alongside strong revenue and gross profit growth. The company is investing aggressively in growth initiatives while maintaining solid cash flow generation. However, high operating expenses and significant investing outflows suggest ongoing prioritization of expansion and product development. Investors should watch for continued margin improvement and cash flow stability as key indicators of sustainable financial performance.

08/02/25 06:52 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Workday's Financials

When does Workday's fiscal year end?

According to the most recent income statement we have on file, Workday's financial year ends in January. Their financial year 2025 ended on January 31, 2025.

How has Workday's net income changed over the last 10 years?

Workday's net income appears to be on a downward trend, with a most recent value of $526 million in 2025, falling from -$247.98 million in 2015. The previous period was $1.38 billion in 2024. View Workday's forecast to see where analysts expect Workday to go next.

What is Workday's operating income?

Workday's total operating income in 2025 was $415 million, based on the following breakdown:

Total Gross Profit: $6.38 billion
Total Operating Expenses: $5.96 billion

How has Workday's revenue changed over the last 10 years?

Over the last 10 years, Workday's total revenue changed from $787.86 million in 2015 to $8.45 billion in 2025, a change of 972.0%.

How much debt does Workday have?

Workday's total liabilities were at $8.94 billion at the end of 2025, a 6.8% increase from 2024, and a 630.6% increase since 2015.

How much cash does Workday have?

In the past 10 years, Workday's cash and equivalents has ranged from $298.19 million in 2015 to $2.01 billion in 2024, and is currently $1.54 billion as of their latest financial filing in 2025.

How has Workday's book value per share changed over the last 10 years?

Over the last 10 years, Workday's book value per share changed from 6.02 in 2015 to 33.96 in 2025, a change of 464.1%.

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This page (NASDAQ:WDAY) was last updated on 8/2/2025 by MarketBeat.com Staff

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Workday (WDAY) Financials

Key Financial Trends

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Workday (WDAY) Financials

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