Workiva (WK) Financials

$55.35 -1.23 (-2.17%)

Closing price 03:59 PM Eastern

Extended Trading

$53.02 -2.33 (-4.21%)

As of 07:57 PM Eastern

Annual Income Statements for Workiva

This table shows Workiva'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	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-43	-44	-44	-50	-47	-48	-38	-91	-128	-55	-26
Consolidated Net Income / (Loss)	-43	-44	-44	-50	-47	-48	-38	-91	-128	-55	-26
Net Income / (Loss) Continuing Operations	-43	-44	-44	-50	-47	-48	-38	-91	-128	-55	-26
Total Pre-Tax Income	-43	-44	-44	-50	-47	-49	-39	-89	-124	-49	-22
Total Operating Income	-44	-44	-44	-50	-45	-38	-29	-89	-95	-77	-42
Total Gross Profit	105	127	148	178	213	261	339	408	476	567	694
Total Revenue	145	179	208	244	298	352	443	538	630	739	885
Operating Revenue	145	179	208	244	298	352	443	538	630	739	885
Total Cost of Revenue	40	52	60	66	85	90	104	130	154	172	190
Operating Cost of Revenue	40	52	60	66	85	90	104	130	154	172	190
Total Operating Expenses	149	171	192	228	258	299	369	497	570	643	737
Selling, General & Admin Expense	29	33	40	56	48	60	74	100	111	103	113
Marketing Expense	70	80	84	90	120	145	179	245	287	347	409
Research & Development Expense	50	57	68	82	90	95	116	152	173	193	215
Total Other Income / (Expense), net	0.28	-0.38	-0.06	-0.04	-1.93	-11	-9.75	-0.24	-30	27	20
Interest Expense	2.03	1.88	1.85	1.83	6.03	14	14	6.04	54	13	13
Interest & Investment Income	-	-	0.59	1.28	4.66	3.28	1.04	4.88	26	39	34
Other Income / (Expense), net	2.30	1.50	1.20	0.51	-0.56	-0.21	3.23	0.93	-1.81	0.56	-1.35
Income Tax Expense	-0.01	0.02	0.06	0.25	0.14	-0.29	-1.37	1.95	3.43	5.60	3.75
Basic Earnings per Share	($1.09)	($1.08)	($1.07)	($1.15)	($1.03)	($1.00)	($0.74)	($1.72)	($2.36)	($0.99)	($0.47)
Weighted Average Basic Shares Outstanding	39.85M	40.67M	41.62M	43.64M	46.30M	48.45M	51.13M	52.95M	54.10M	55.36M	56.27M
Diluted Earnings per Share	($1.09)	($1.08)	($1.07)	($1.15)	($1.03)	($1.00)	($0.74)	($1.72)	($2.36)	($0.99)	($0.47)
Weighted Average Diluted Shares Outstanding	39.85M	40.67M	41.62M	43.64M	46.30M	48.45M	51.13M	52.95M	54.10M	55.36M	56.27M
Weighted Average Basic & Diluted Shares Outstanding	39.85M	40.67M	41.62M	43.64M	46.30M	48.45M	51.96M	53.10M	54.73M	56.13M	56.83M

This table shows Workiva'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	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-21	-56	-4.20	-12	-18	-17	-8.82	-21	-19	2.79	12
Consolidated Net Income / (Loss)	-21	-56	-4.20	-12	-18	-17	-8.82	-21	-19	2.79	12
Net Income / (Loss) Continuing Operations	-21	-56	-4.20	-12	-18	-17	-8.82	-21	-19	2.79	12
Total Pre-Tax Income	-20	-56	-2.70	-11	-16	-16	-6.34	-19	-18	2.16	13
Total Operating Income	-23	-16	-9.47	-18	-23	-22	-13	-25	-22	-3.41	7.86
Total Gross Profit	116	120	129	134	136	142	154	158	166	178	193
Total Revenue	155	158	167	176	178	186	200	206	215	224	239
Operating Revenue	155	158	167	176	178	186	200	206	215	224	239
Total Cost of Revenue	40	38	38	42	41	44	46	48	50	46	46
Operating Cost of Revenue	40	38	38	42	41	44	46	48	50	46	46
Total Operating Expenses	138	135	138	152	159	164	168	183	188	181	185
Selling, General & Admin Expense	24	21	24	24	26	26	27	27	29	29	28
Marketing Expense	72	73	72	83	85	90	90	102	104	101	102
Research & Development Expense	43	42	43	45	48	48	51	54	55	51	55
Total Other Income / (Expense), net	2.60	-40	6.77	7.31	7.05	5.75	6.98	5.32	4.41	5.57	4.73
Interest Expense	1.50	47	3.20	3.23	3.24	3.20	3.20	3.20	3.19	3.20	3.19
Interest & Investment Income	4.54	7.29	10	10	10	9.30	9.31	8.75	8.34	8.44	8.62
Other Income / (Expense), net	-0.44	-0.07	-0.36	0.09	-0.05	-0.35	0.87	-0.23	-0.74	0.32	-0.70
Income Tax Expense	0.82	0.53	1.49	0.71	1.45	0.96	2.48	1.94	1.67	-0.63	0.77
Basic Earnings per Share	($0.39)	($1.04)	($0.07)	($0.21)	($0.32)	($0.31)	($0.15)	($0.38)	($0.35)	$0.05	$0.21
Weighted Average Basic Shares Outstanding	54.01M	54.26M	54.10M	54.92M	55.18M	55.58M	55.36M	56.16M	56.08M	56.35M	56.27M
Diluted Earnings per Share	($0.39)	($1.04)	($0.07)	($0.21)	($0.32)	($0.31)	($0.15)	($0.38)	($0.35)	$0.05	$0.21
Weighted Average Diluted Shares Outstanding	54.01M	54.26M	54.10M	54.92M	55.18M	55.58M	55.36M	56.16M	56.08M	58.18M	56.27M
Weighted Average Basic & Diluted Shares Outstanding	53.66M	54.05M	54.73M	54.82M	55.24M	55.39M	56.13M	55.73M	56.02M	56.13M	56.83M

This table details how cash moves in and out of Workiva'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	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-42	-7.47	9.05	17	304	-59	-22	-60	17	46	37
Net Cash From Operating Activities	-22	-10	5.52	6.40	31	33	50	11	71	88	140
Net Cash From Continuing Operating Activities	-22	-10	5.52	6.40	31	33	50	11	71	88	140
Net Income / (Loss) Continuing Operations	-43	-44	-44	-50	-47	-48	-38	-91	-128	-55	-26
Consolidated Net Income / (Loss)	-43	-44	-44	-50	-47	-48	-38	-91	-128	-55	-26
Depreciation Expense	4.41	3.82	3.55	3.78	3.84	4.30	5.24	10	11	11	11
Amortization Expense	0.08	0.15	0.10	-0.14	3.28	9.56	12	2.38	-5.99	-9.39	-2.70
Non-Cash Adjustments To Reconcile Net Income	9.05	13	17	31	38	50	49	76	146	104	124
Changes in Operating Assets and Liabilities, net	8.27	16	29	21	33	18	21	14	47	38	34
Net Cash From Investing Activities	-20	3.81	-6.47	-5.63	-90	-104	-69	-68	-357	-45	-35
Net Cash From Continuing Investing Activities	-20	3.81	-6.47	-5.63	-90	-104	-69	-68	-357	-45	-35
Purchase of Property, Plant & Equipment	-1.84	-1.90	-1.19	-1.12	-3.10	-1.87	-3.53	-3.46	-2.12	-1.36	-2.08
Acquisitions	-0.39	-0.19	-0.20	-0.25	-0.73	-0.30	-38	-99	-0.24	-98	-0.39
Purchase of Investments	-24	-1.30	-14	-25	-114	-176	-171	-131	-573	-402	-425
Sale and/or Maturity of Investments	6.52	7.20	9.28	20	27	74	143	166	218	457	393
Net Cash From Financing Activities	-1.10	-0.90	9.82	17	363	11	-3.39	-1.59	301	6.74	-75
Net Cash From Continuing Financing Activities	-1.10	-0.90	9.82	17	363	11	-3.39	-1.59	301	6.74	-75
Repayment of Debt	-2.37	-1.91	-1.59	-1.16	-1.57	-1.64	-1.71	-1.58	-397	0.00	0.00
Repurchase of Common Equity	-1.35	-	-	-	-	-	-	-	0.00	0.00	-72
Issuance of Debt	0.30	-	0.00	0.00	336	-	0.00	0.00	691	0.00	0.00
Issuance of Common Equity	-	0.00	0.00	3.22	4.92	7.23	8.86	9.26	13	14	14
Other Financing Activities, net	2.69	1.02	11	15	24	5.53	-11	-9.27	-5.49	-7.08	-17
Other Net Changes in Cash	-	-0.01	-	-	-	-	-	-	1.64	-3.57	6.96
Cash Interest Paid	2.05	1.84	1.63	1.73	1.34	5.07	4.84	4.74	4.71	10	10
Cash Income Taxes Paid	0.06	0.05	0.04	0.07	0.37	0.68	-0.04	1.43	2.66	6.20	5.49

This table details how cash moves in and out of Workiva'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	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	3.45	206	-148	40	-28	-20	54	-60	42	32	23
Net Cash From Operating Activities	26	15	24	25	-0.01	19	44	-7.36	50	46	51
Net Cash From Continuing Operating Activities	26	15	24	25	-0.01	19	44	-7.36	50	46	51
Net Income / (Loss) Continuing Operations	-21	-56	-4.20	-12	-18	-17	-8.82	-21	-19	2.79	12
Consolidated Net Income / (Loss)	-21	-56	-4.20	-12	-18	-17	-8.82	-21	-19	2.79	12
Depreciation Expense	2.87	2.69	2.79	2.52	2.56	3.01	2.91	2.89	2.95	2.69	2.46
Amortization Expense	-1.25	-1.46	-2.58	-3.14	-2.55	-2.03	-1.68	-1.09	-0.78	-0.51	-0.33
Non-Cash Adjustments To Reconcile Net Income	22	66	22	24	27	29	28	29	29	32	34
Changes in Operating Assets and Liabilities, net	23	4.26	6.06	13	-9.08	6.18	24	-17	38	9.46	3.22
Net Cash From Investing Activities	-23	-109	-175	17	-26	-50	13	-9.13	-4.28	-10	-11
Net Cash From Continuing Investing Activities	-23	-109	-175	17	-26	-50	13	-9.13	-4.28	-10	-11
Purchase of Property, Plant & Equipment	-0.64	-0.90	-0.39	-0.20	-0.11	-0.24	-0.81	-0.76	-1.00	-0.09	-0.23
Acquisitions	-0.04	-0.05	-0.07	-0.03	-98	0.14	-0.07	-0.02	-0.04	-0.05	-0.29
Purchase of Investments	-51	-145	-251	-117	-35	-159	-92	-103	-103	-107	-112
Sale and/or Maturity of Investments	29	37	77	134	107	109	106	95	100	97	101
Net Cash From Financing Activities	-0.59	301	0.98	-1.33	-1.48	8.68	0.87	-45	-8.91	-3.57	-17
Net Cash From Continuing Financing Activities	-0.59	301	0.98	-1.33	-1.48	8.68	0.87	-45	-8.91	-3.57	-17
Repayment of Debt	-0.13	-397	-0.51	-0.13	-0.13	0.26	-0.53	-0.14	-0.14	-0.14	0.42
Repurchase of Common Equity	-	-	-	0.00	-	-	-	-40	-10	-10	-12
Other Financing Activities, net	-0.47	-0.24	1.49	-8.31	-1.35	1.71	1.41	-12	1.23	0.41	-6.37
Cash Interest Paid	0.20	2.16	0.20	4.91	0.20	4.98	0.19	4.98	0.19	4.98	0.19
Cash Income Taxes Paid	1.20	0.61	0.53	0.95	2.18	1.39	1.68	3.03	2.48	0.68	-0.70

This table presents Workiva'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	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	144	143	158	231	639	707	787	820	1,219	1,368	1,494
Total Current Assets	98	98	115	177	571	633	657	600	1,009	1,048	1,162
Cash & Equivalents	59	51	60	78	382	323	300	240	256	302	339
Short-Term Investments	17	11	16	21	106	207	230	191	558	515	553
Accounts Receivable	16	24	30	66	63	72	80	113	133	159	179
Prepaid Expenses	3.88	9.38	6.44	4.42	6.51	9.05	15	18	24	22	29
Other Current Assets	1.37	1.86	2.38	8.18	14	22	31	38	39	51	63
Plant, Property, & Equipment, net	44	43	40	41	32	29	29	27	24	22	21
Total Noncurrent Assets	1.61	2.51	1.98	12	35	45	101	192	186	298	311
Goodwill	-	-	-	-	-	0.00	35	110	112	197	206
Intangible Assets	0.90	1.01	1.12	1.27	1.65	1.58	10	28	23	27	22
Other Noncurrent Operating Assets	0.71	1.50	0.86	11	34	43	56	54	51	74	82
Total Liabilities & Shareholders' Equity	144	143	158	231	639	707	787	820	1,219	1,368	1,494
Total Liabilities	118	146	175	241	585	643	714	814	1,308	1,410	1,499
Total Current Liabilities	84	100	129	192	232	282	646	407	485	592	742
Short-Term Debt	1.83	1.31	1.17	1.22	-	0.00	299	-	-	0.00	71
Accounts Payable	5.14	0.85	3.06	5.46	7.06	2.84	4.11	6.17	5.20	7.75	8.93
Accrued Expenses	20	21	20	36	50	68	84	84	98	127	113
Current Deferred Revenue	57	77	105	149	174	209	258	316	381	458	548
Other Current Liabilities	-	-	-	-	1.63	1.71	1.58	0.50	0.53	0.56	0.61
Total Noncurrent Liabilities	34	46	45	49	353	361	67	407	824	818	757
Long-Term Debt	0.07	0.05	-	0.00	281	289	0.00	340	762	765	696
Capital Lease Obligations	21	20	18	17	19	17	15	15	14	13	13
Noncurrent Deferred Revenue	7.60	21	23	25	33	36	34	38	36	30	37
Other Noncurrent Operating Liabilities	5.34	5.10	4.17	6.89	20	19	18	14	11	9.67	11
Total Equity & Noncontrolling Interests	26	-3.13	-17	-9.74	54	64	73	5.98	-89	-42	-5.44
Total Preferred & Common Equity	26	-3.13	-17	-9.74	54	64	73	5.98	-89	-42	-5.44
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	26	-3.13	-17	-9.74	54	64	73	5.98	-89	-42	-5.44
Common Stock	202	217	248	297	420	479	526	538	563	672	721
Retained Earnings	-177	-221	-265	-307	-366	-415	-452	-525	-653	-708	-734
Accumulated Other Comprehensive Income / (Loss)	0.24	0.29	0.07	0.10	0.29	0.23	-0.29	-6.69	0.26	-6.42	7.44

This table presents Workiva'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	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	777	800	831	1,149	1,202	1,243	1,302	1,294	1,346	1,411
Total Current Assets	568	585	620	947	997	932	989	974	1,023	1,092
Cash & Equivalents	229	195	199	405	296	268	248	242	284	316
Short-Term Investments	204	244	267	378	542	473	528	525	529	541
Accounts Receivable	86	82	90	106	95	128	147	128	131	155
Prepaid Expenses	14	24	25	22	26	21	21	28	25	26
Other Current Assets	35	40	38	37	38	42	45	51	53	55
Plant, Property, & Equipment, net	27	26	25	25	23	22	22	21	21	20
Total Noncurrent Assets	182	189	186	177	182	288	292	298	301	299
Goodwill	103	111	111	109	110	199	202	200	206	206
Intangible Assets	28	27	26	24	21	32	30	26	25	24
Other Noncurrent Operating Assets	51	50	49	44	50	57	59	72	70	69
Total Liabilities & Shareholders' Equity	777	800	831	1,149	1,202	1,243	1,302	1,294	1,346	1,411
Total Liabilities	782	799	831	1,263	1,285	1,320	1,353	1,369	1,412	1,448
Total Current Liabilities	376	396	424	438	467	506	539	547	662	692
Short-Term Debt	0.00	-	-	-	-	-	-	-	71	71
Accounts Payable	9.67	6.39	5.31	4.91	9.91	8.23	13	15	11	11
Accrued Expenses	85	79	91	94	89	113	111	93	119	120
Current Deferred Revenue	281	310	327	338	367	384	414	439	461	490
Other Current Liabilities	0.61	0.51	0.52	0.53	0.54	0.55	0.56	0.57	0.58	0.59
Total Noncurrent Liabilities	406	403	406	825	818	814	814	822	750	756
Long-Term Debt	340	341	341	762	763	764	764	766	695	696
Capital Lease Obligations	15	14	14	14	14	14	14	13	13	13
Noncurrent Deferred Revenue	37	36	40	38	31	28	28	33	32	39
Other Noncurrent Operating Liabilities	14	12	11	11	10	9.08	8.30	10	9.18	8.20
Total Equity & Noncontrolling Interests	-5.49	0.93	0.16	-114	-83	-78	-51	-76	-67	-37
Total Preferred & Common Equity	-5.49	0.93	0.16	-114	-83	-78	-51	-76	-67	-37
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-5.49	0.93	0.16	-114	-83	-78	-51	-76	-67	-37
Common Stock	522	576	596	541	585	609	645	655	675	702
Retained Earnings	-511	-571	-592	-648	-664	-682	-699	-729	-748	-746
Accumulated Other Comprehensive Income / (Loss)	-17	-3.41	-3.41	-6.40	-3.64	-4.73	2.92	-2.11	6.79	6.79

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	28.91%	22.97%	16.36%	17.55%	21.91%	18.03%	26.08%	21.34%	17.13%	17.24%	19.75%
EBITDA Growth	-5.61%	-3.30%	-3.54%	-15.65%	14.87%	37.83%	64.03%	-766.23%	-21.18%	18.45%	52.26%
EBIT Growth	-5.89%	-1.68%	-2.44%	-14.31%	6.71%	17.32%	31.26%	-236.21%	-9.68%	21.14%	42.36%
NOPAT Growth	-13.14%	0.24%	-1.66%	-12.38%	8.80%	16.75%	22.35%	-202.38%	-6.49%	19.03%	44.55%
Net Income Growth	-5.46%	-1.33%	-1.02%	-12.71%	5.18%	-1.94%	22.04%	-141.05%	-40.22%	56.84%	52.46%
EPS Growth	14.84%	0.92%	0.93%	-7.48%	10.43%	2.91%	26.00%	-132.43%	-37.21%	58.05%	52.53%
Operating Cash Flow Growth	-516.03%	51.98%	153.24%	15.94%	383.09%	7.52%	49.94%	-77.26%	525.33%	23.75%	59.70%
Free Cash Flow Firm Growth	-52.89%	44.77%	87.05%	-1,021.96%	163.94%	-104.80%	-6,071.83%	-272.92%	92.99%	-954.00%	107.03%
Invested Capital Growth	-31.75%	-62.87%	-65.49%	-21.10%	-49.16%	-19.34%	9.96%	51.32%	-80.95%	37.03%	-46.13%
Revenue Q/Q Growth	7.20%	3.77%	4.07%	4.24%	5.61%	4.01%	6.47%	4.47%	3.76%	4.71%	4.62%
EBITDA Q/Q Growth	4.95%	6.30%	-23.04%	12.23%	-11.89%	27.95%	-124.41%	-5.74%	1.28%	-2.18%	36.61%
EBIT Q/Q Growth	4.78%	6.08%	-20.73%	11.64%	-16.47%	18.91%	-29.34%	-2.67%	3.97%	-3.56%	30.93%
NOPAT Q/Q Growth	-0.45%	9.15%	-19.62%	12.15%	-16.35%	19.28%	-27.65%	-2.04%	3.87%	-5.29%	33.29%
Net Income Q/Q Growth	5.17%	5.94%	-18.09%	11.65%	-20.03%	13.62%	-20.09%	0.46%	7.07%	-9.16%	44.08%
EPS Q/Q Growth	11.38%	6.09%	-17.58%	12.21%	-18.39%	15.25%	-17.46%	0.58%	7.45%	-8.79%	43.37%
Operating Cash Flow Q/Q Growth	-2.03%	59.11%	-74.56%	982.91%	9.79%	49.55%	-7.57%	-48.18%	56.58%	28.83%	5.25%
Free Cash Flow Firm Q/Q Growth	0.00%	52.23%	-111.81%	10.29%	-32.93%	97.79%	-103.29%	-15.60%	70.77%	17.46%	-64.96%
Invested Capital Q/Q Growth	-5.58%	-40.29%	-2.36%	1.00%	1.82%	-12.13%	-2.28%	16.56%	-5.44%	-61.87%	-2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.33%	71.10%	71.02%	73.05%	71.46%	74.35%	76.58%	75.85%	75.52%	76.71%	78.47%
EBITDA Margin	-25.40%	-21.33%	-18.98%	-18.68%	-13.04%	-6.87%	-1.96%	-13.99%	-14.47%	-10.07%	-4.01%
Operating Margin	-30.07%	-24.39%	-21.31%	-20.38%	-15.24%	-10.75%	-6.62%	-16.50%	-15.00%	-10.36%	-4.80%
EBIT Margin	-28.49%	-23.55%	-20.74%	-20.17%	-15.43%	-10.81%	-5.89%	-16.33%	-15.29%	-10.28%	-4.95%
Profit (Net Income) Margin	-29.87%	-24.62%	-21.37%	-20.49%	-15.94%	-13.77%	-8.51%	-16.91%	-20.24%	-7.45%	-2.96%
Tax Burden Percent	99.98%	100.05%	100.14%	100.50%	100.29%	99.40%	96.50%	102.19%	102.76%	111.33%	116.75%
Interest Burden Percent	104.89%	104.46%	102.92%	101.11%	102.98%	128.11%	149.66%	101.32%	128.81%	65.08%	51.19%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-106.45%	-389.28%	442.95%	375.43%	-213.57%	-81.70%	-54.98%	-230.36%	305.79%	83.99%	111.07%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-26.83%	-29.32%	-28.66%	-25.35%	-10.57%	-5.65%	-3.50%	-10.94%	-9.45%	-5.87%	-3.06%
Return on Assets (ROA)	-28.14%	-30.64%	-29.53%	-25.76%	-10.91%	-7.19%	-5.05%	-11.32%	-12.51%	-4.25%	-1.83%
Return on Common Equity (ROCE)	-106.45%	-389.28%	442.95%	375.43%	-213.57%	-81.70%	-54.98%	-230.36%	305.79%	83.99%	111.07%
Return on Equity Simple (ROE_SIMPLE)	-168.74%	1,407.26%	262.35%	514.08%	-87.60%	-75.30%	-51.70%	-1,520.09%	142.66%	132.05%	0.00%
Net Operating Profit after Tax (NOPAT)	-31	-31	-31	-35	-32	-26	-21	-62	-66	-54	-30
NOPAT Margin	-21.05%	-17.08%	-14.92%	-14.26%	-10.67%	-7.53%	-4.64%	-11.55%	-10.50%	-7.25%	-3.36%
Net Nonoperating Expense Percent (NNEP)	-19.75%	-28.42%	-27.18%	-22.21%	-11.72%	-10.65%	-7.80%	-19.69%	-108.43%	-3.90%	4.75%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-17.22%	-9.63%	-7.27%	-3.83%
Cost of Revenue to Revenue	27.68%	28.90%	28.98%	26.95%	28.54%	25.65%	23.42%	24.15%	24.48%	23.29%	21.53%
SG&A Expenses to Revenue	19.77%	18.30%	19.05%	23.05%	16.13%	16.98%	16.76%	18.55%	17.54%	13.94%	12.76%
R&D to Revenue	34.74%	32.15%	32.80%	33.40%	30.19%	26.98%	26.11%	28.21%	27.43%	26.12%	24.29%
Operating Expenses to Revenue	102.39%	95.50%	92.33%	93.42%	86.70%	85.10%	83.20%	92.35%	90.53%	87.07%	83.27%
Earnings before Interest and Taxes (EBIT)	-41	-42	-43	-49	-46	-38	-26	-88	-96	-76	-44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-37	-38	-39	-46	-39	-24	-8.69	-75	-91	-74	-36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	27.86	0.00	0.00	0.00	36.04	68.70	90.94	737.49	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	28.87	0.00	0.00	0.00	37.18	70.43	237.13	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.93	3.15	4.32	6.44	6.56	12.56	14.97	8.20	8.71	8.21	5.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.57	2.92	4.04	6.11	5.93	11.92	14.48	8.06	8.65	8.16	5.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	152.20	233.41	57.11	126.10	128.81	382.61	76.90	68.72	33.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	143.60	0.00	0.00	0.00	0.00	0.00	669.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.89	-6.75	-1.16	-1.89	5.54	4.76	4.30	59.31	-8.69	-18.67	-143.59
Long-Term Debt to Equity	0.82	-6.33	-1.09	-1.77	5.54	4.76	0.21	59.31	-8.69	-18.67	-130.52
Financial Leverage	-1.59	-4.20	4.92	5.14	-6.02	-3.48	-3.21	-3.71	1.36	0.57	3.16
Leverage Ratio	3.78	12.70	-15.00	-14.58	19.57	11.36	10.88	20.34	-24.44	-19.74	-60.74
Compound Leverage Factor	3.97	13.27	-15.44	-14.74	20.15	14.55	16.29	20.61	-31.48	-12.85	-31.09
Debt to Total Capital	47.19%	117.38%	736.86%	212.08%	84.70%	82.65%	81.13%	98.34%	113.01%	105.66%	100.70%
Short-Term Debt to Total Capital	3.75%	7.26%	43.93%	14.06%	0.00%	0.00%	77.23%	0.00%	0.00%	0.00%	9.17%
Long-Term Debt to Total Capital	43.44%	110.12%	692.93%	198.02%	84.70%	82.65%	3.90%	98.34%	113.01%	105.66%	91.53%
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	52.81%	-17.38%	-636.86%	-112.08%	15.30%	17.35%	18.87%	1.66%	-13.01%	-5.66%	-0.70%
Debt to EBITDA	-0.62	-0.55	-0.50	-0.40	-7.72	-12.68	-36.12	-4.72	-8.52	-10.47	-21.99
Net Debt to EBITDA	1.44	1.09	1.45	1.75	4.84	9.27	24.95	1.01	0.41	0.51	3.13
Long-Term Debt to EBITDA	-0.57	-0.52	-0.47	-0.38	-7.72	-12.68	-1.74	-4.72	-8.52	-10.47	-19.99
Debt to NOPAT	-0.75	-0.69	-0.63	-0.53	-9.44	-11.57	-15.27	-5.71	-11.74	-14.53	-26.27
Net Debt to NOPAT	1.74	1.36	1.84	2.29	5.91	8.46	10.55	1.22	0.56	0.71	3.74
Long-Term Debt to NOPAT	-0.69	-0.65	-0.59	-0.49	-9.44	-11.57	-0.73	-5.71	-11.74	-14.53	-23.88
Altman Z-Score	2.09	0.41	1.04	2.34	2.07	4.22	5.24	2.94	2.54	2.61	2.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	0.98	0.89	0.93	2.46	2.25	1.02	1.47	2.08	1.77	1.57
Quick Ratio	1.10	0.87	0.82	0.86	2.37	2.14	0.94	1.34	1.95	1.65	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-24	-13	-1.71	-19	12	-0.59	-36	-136	-9.53	-100	7.07
Operating Cash Flow to CapEx	-1,171.57%	-545.45%	464.65%	570.41%	996.07%	1,774.85%	1,410.41%	327.76%	3,336.86%	6,434.78%	6,750.36%
Free Cash Flow to Firm to Interest Expense	-11.83	-7.06	-0.93	-10.53	2.04	-0.04	-2.60	-22.49	-0.18	-7.81	0.55
Operating Cash Flow to Interest Expense	-10.66	-5.53	2.99	3.50	5.13	2.38	3.56	1.88	1.32	6.82	10.96
Operating Cash Flow Less CapEx to Interest Expense	-11.57	-6.54	2.35	2.89	4.61	2.25	3.30	1.30	1.28	6.71	10.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	1.24	1.38	1.26	0.68	0.52	0.59	0.67	0.62	0.57	0.62
Accounts Receivable Turnover	10.42	8.81	7.72	5.09	4.62	5.22	5.82	5.56	5.13	5.07	5.23
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	3.20	4.11	5.01	5.97	8.08	11.40	15.24	19.24	24.53	32.04	41.75
Accounts Payable Turnover	9.87	17.25	30.82	15.46	13.58	18.22	29.85	25.25	27.11	26.57	22.83
Days Sales Outstanding (DSO)	35.02	41.42	47.28	71.75	79.00	69.94	62.77	65.61	71.13	71.96	69.75
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)	36.99	21.16	11.84	23.61	26.87	20.04	12.23	14.46	13.46	13.74	15.98
Cash Conversion Cycle (CCC)	-1.97	20.26	35.44	48.14	52.13	49.90	50.54	51.16	57.66	58.22	53.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-27	-45	-74	-90	-134	-160	-144	-70	-127	-80	-116
Invested Capital Turnover	-6.01	-4.95	-3.50	-2.99	-2.67	-2.40	-2.92	-5.03	-6.41	-7.16	-9.02
Increase / (Decrease) in Invested Capital	-6.62	-17	-29	-16	-44	-26	16	74	-57	47	-37
Enterprise Value (EV)	663	521	840	1,494	1,766	4,192	6,420	4,336	5,450	6,027	4,730
Market Capitalization	717	563	897	1,574	1,954	4,416	6,637	4,412	5,487	6,065	4,841
Book Value per Share	$0.63	($0.08)	($0.40)	($0.22)	$1.17	$1.33	$1.43	$0.11	($1.65)	($0.75)	($0.10)
Tangible Book Value per Share	$0.61	($0.10)	($0.43)	($0.25)	$1.13	$1.30	$0.55	($2.51)	($4.15)	($4.80)	($4.17)
Total Capital	49	18	2.66	8.69	354	370	387	361	687	737	775
Total Debt	23	21	20	18	300	306	314	355	777	778	781
Total Long-Term Debt	21	20	18	17	300	306	15	355	777	778	709
Net Debt	-53	-42	-57	-80	-188	-224	-217	-76	-37	-38	-111
Capital Expenditures (CapEx)	1.84	1.90	1.19	1.12	3.10	1.87	3.53	3.46	2.12	1.36	2.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-61	-63	-90	-111	-149	-179	-221	-238	-289	-361	-400
Debt-free Net Working Capital (DFNWC)	16	-0.54	-13	-13	339	351	309	193	524	456	492
Net Working Capital (NWC)	14	-1.85	-14	-14	339	351	11	193	524	456	421
Net Nonoperating Expense (NNE)	13	13	13	15	16	22	17	29	61	1.47	-3.54
Net Nonoperating Obligations (NNO)	-53	-42	-57	-80	-188	-224	-217	-76	-37	-38	-111
Total Depreciation and Amortization (D&A)	4.49	3.97	3.65	3.64	7.12	14	17	13	5.15	1.61	8.29
Debt-free, Cash-free Net Working Capital to Revenue	-41.68%	-35.41%	-43.09%	-45.62%	-49.96%	-50.84%	-49.90%	-44.18%	-45.92%	-48.82%	-45.20%
Debt-free Net Working Capital to Revenue	10.75%	-0.30%	-6.20%	-5.37%	113.84%	99.91%	69.76%	35.91%	83.24%	61.71%	55.60%
Net Working Capital to Revenue	9.50%	-1.03%	-6.76%	-5.87%	113.84%	99.91%	2.39%	35.91%	83.24%	61.71%	47.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.74)	($1.72)	($2.36)	($0.99)	($0.47)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	51.13M	52.95M	54.10M	55.36M	56.27M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.74)	($1.72)	($2.36)	($0.99)	($0.47)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	51.13M	52.95M	54.10M	55.36M	56.27M
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	0.00	0.00	0.00	0.00	0.00	0.00	51.96M	53.10M	54.73M	56.13M	56.83M
Normalized Net Operating Profit after Tax (NOPAT)	-31	-31	-31	-35	-32	-26	-21	-62	-66	-54	-30
Normalized NOPAT Margin	-21.05%	-17.08%	-14.92%	-14.26%	-10.67%	-7.53%	-4.64%	-11.55%	-10.50%	-7.25%	-3.36%
Pre Tax Income Margin	-29.88%	-24.60%	-21.34%	-20.39%	-15.89%	-13.85%	-8.82%	-16.55%	-19.70%	-6.69%	-2.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-20.44	-22.44	-23.36	-26.97	-7.63	-2.72	-1.86	-14.54	-1.80	-5.91	-3.43
NOPAT to Interest Expense	-15.10	-16.27	-16.81	-19.08	-5.27	-1.90	-1.47	-10.28	-1.23	-4.16	-2.33
EBIT Less CapEx to Interest Expense	-21.35	-23.46	-24.01	-27.58	-8.14	-2.86	-2.12	-15.11	-1.84	-6.01	-3.59
NOPAT Less CapEx to Interest Expense	-16.01	-17.28	-17.45	-19.69	-5.79	-2.03	-1.72	-10.86	-1.27	-4.27	-2.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-3.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-273.71%

This table displays calculated financial ratios and metrics derived from Workiva'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	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.84%	19.06%	15.89%	16.96%	14.50%	17.35%	19.94%	17.43%	21.23%	20.77%	19.53%
EBITDA Growth	10.47%	44.78%	10.93%	58.81%	-7.76%	-47.24%	-16.46%	-23.17%	10.64%	95.71%	182.89%
EBIT Growth	15.98%	46.50%	28.81%	61.92%	-0.29%	-41.91%	-26.54%	-37.29%	1.35%	86.05%	157.53%
NOPAT Growth	19.52%	48.45%	28.65%	60.97%	-2.03%	-40.30%	-40.61%	-35.37%	4.33%	71.20%	179.13%
Net Income Growth	27.55%	-89.52%	69.82%	74.68%	16.08%	69.80%	-110.08%	-82.86%	-10.55%	116.40%	234.04%
EPS Growth	29.09%	-85.71%	73.08%	75.58%	17.95%	70.19%	-114.29%	-80.95%	-9.38%	116.13%	240.00%
Operating Cash Flow Growth	199.16%	208.77%	2,019.72%	346.59%	-100.05%	26.12%	80.63%	-129.62%	359,464.29%	144.13%	15.90%
Free Cash Flow Firm Growth	123.06%	132.62%	160.22%	151.46%	-403.37%	-439.47%	-212.40%	-304.59%	151.53%	170.06%	178.55%
Invested Capital Growth	-66.30%	-43.20%	-80.95%	-72.35%	62.88%	58.98%	37.03%	55.78%	-145.24%	-131.36%	-46.13%
Revenue Q/Q Growth	3.22%	2.03%	5.36%	5.41%	1.05%	4.57%	7.69%	3.20%	4.32%	4.17%	6.59%
EBITDA Q/Q Growth	52.92%	33.19%	32.99%	-95.43%	-23.18%	8.72%	47.00%	-106.68%	10.63%	95.62%	1,123.57%
EBIT Q/Q Growth	51.60%	32.56%	36.93%	-84.99%	-27.46%	4.58%	43.76%	-100.70%	8.41%	86.51%	331.97%
NOPAT Q/Q Growth	51.56%	31.57%	38.98%	-93.00%	-26.61%	5.91%	38.85%	-85.81%	10.52%	71.67%	267.99%
Net Income Q/Q Growth	54.69%	-169.10%	92.54%	-178.53%	-50.15%	3.17%	48.12%	-142.44%	9.22%	114.36%	324.12%
EPS Q/Q Growth	54.65%	-166.67%	93.27%	-200.00%	-52.38%	3.13%	51.61%	-153.33%	7.89%	114.29%	320.00%
Operating Cash Flow Q/Q Growth	367.00%	-42.30%	62.38%	2.06%	-100.06%	135,142.86%	132.57%	-116.73%	783.76%	-8.26%	10.41%
Free Cash Flow Firm Q/Q Growth	130.44%	-10.47%	97.22%	-4.27%	-279.48%	-0.18%	34.70%	-74.24%	145.21%	36.22%	-26.79%
Invested Capital Q/Q Growth	-32.21%	-8.31%	-5.44%	-14.15%	71.52%	-19.67%	-61.87%	19.83%	-57.91%	-12.90%	-2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.52%	75.75%	77.29%	76.36%	76.80%	76.47%	77.14%	76.56%	76.98%	79.31%	80.68%
EBITDA Margin	-13.87%	-9.08%	-5.78%	-10.71%	-13.06%	-11.40%	-5.61%	-11.23%	-9.63%	-0.41%	3.89%
Operating Margin	-14.64%	-9.82%	-5.68%	-10.41%	-13.04%	-11.73%	-6.66%	-12.00%	-10.29%	-1.52%	3.29%
EBIT Margin	-14.92%	-9.86%	-5.90%	-10.36%	-13.07%	-11.92%	-6.23%	-12.11%	-10.63%	-1.38%	3.00%
Profit (Net Income) Margin	-13.49%	-35.57%	-2.52%	-6.65%	-9.89%	-9.15%	-4.41%	-10.36%	-9.02%	1.24%	4.95%
Tax Burden Percent	104.08%	100.95%	155.23%	106.50%	109.03%	105.98%	139.06%	109.98%	109.41%	128.98%	93.87%
Interest Burden Percent	86.87%	357.39%	27.48%	60.31%	69.39%	72.44%	50.92%	77.78%	77.49%	-69.97%	175.79%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-28.98%	6.13%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-2,762.53%	230.29%	305.79%	226.36%	231.22%	61.30%	83.99%	81.47%	92.29%	106.68%	111.07%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-10.80%	-6.22%	-3.65%	-6.78%	-8.55%	-6.86%	-3.56%	-7.47%	-6.63%	-0.86%	1.85%
Return on Assets (ROA)	-9.76%	-22.43%	-1.56%	-4.36%	-6.47%	-5.27%	-2.52%	-6.39%	-5.62%	0.77%	3.06%
Return on Common Equity (ROCE)	-2,762.53%	230.29%	305.79%	226.36%	231.22%	61.30%	83.99%	81.47%	92.29%	106.68%	111.07%
Return on Equity Simple (ROE_SIMPLE)	0.00%	120.70%	0.00%	111.91%	115.37%	99.24%	0.00%	85.46%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-11	-6.63	-13	-16	-15	-9.32	-17	-16	-4.39	7.38
NOPAT Margin	-10.24%	-6.87%	-3.98%	-7.29%	-9.13%	-8.21%	-4.66%	-8.40%	-7.20%	-1.96%	3.09%
Net Nonoperating Expense Percent (NNEP)	-5.42%	-107.14%	4.30%	1.52%	-3.61%	-72.29%	1.35%	-16.33%	355.96%	19.02%	5.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.97%	-	-	-	-1.27%	-2.46%	-2.17%	-0.59%	0.95%
Cost of Revenue to Revenue	25.48%	24.25%	22.71%	23.64%	23.20%	23.53%	22.86%	23.44%	23.02%	20.69%	19.32%
SG&A Expenses to Revenue	15.24%	13.29%	14.32%	13.83%	14.86%	13.77%	13.39%	13.20%	13.44%	12.79%	11.74%
R&D to Revenue	27.54%	26.39%	25.54%	25.90%	27.27%	26.09%	25.32%	26.07%	25.49%	22.93%	22.94%
Operating Expenses to Revenue	89.15%	85.57%	82.98%	86.77%	89.85%	88.21%	83.81%	88.56%	87.27%	80.83%	77.39%
Earnings before Interest and Taxes (EBIT)	-23	-16	-9.84	-18	-23	-22	-12	-25	-23	-3.09	7.16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-22	-14	-9.63	-19	-23	-21	-11	-23	-21	-0.91	9.29
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	34,571.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	9.33	8.96	8.71	6.99	5.90	6.20	8.21	5.54	4.73	5.70	5.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	9.14	8.95	8.65	6.90	5.96	6.20	8.16	5.55	4.68	5.61	5.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	151.35	120.00	76.90	50.16	62.94	64.22	68.72	76.97	35.72	35.65	33.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	312.08	0.00	0.00	0.00	0.00	1,590.88	235.32	669.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2,262.59	-6.83	-8.69	-9.34	-10.00	-15.31	-18.67	-10.28	-11.71	-21.12	-143.59
Long-Term Debt to Equity	2,262.59	-6.83	-8.69	-9.34	-10.00	-15.31	-18.67	-10.28	-10.65	-19.19	-130.52
Financial Leverage	-23.16	0.71	1.36	1.78	0.96	0.03	0.57	0.31	-0.02	0.86	3.16
Leverage Ratio	200.67	-16.16	-24.44	-24.35	-26.72	-14.90	-19.74	-15.71	-17.94	-30.93	-60.74
Compound Leverage Factor	174.33	-57.75	-6.72	-14.68	-18.54	-10.79	-10.05	-12.22	-13.90	21.64	-106.77
Debt to Total Capital	99.96%	117.17%	113.01%	111.99%	111.11%	106.99%	105.66%	110.77%	109.33%	104.97%	100.70%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.95%	9.56%	9.17%
Long-Term Debt to Total Capital	99.96%	117.17%	113.01%	111.99%	111.11%	106.99%	105.66%	110.77%	99.38%	95.41%	91.53%
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	0.04%	-17.17%	-13.01%	-11.99%	-11.11%	-6.99%	-5.66%	-10.77%	-9.33%	-4.97%	-0.70%
Debt to EBITDA	-3.42	-8.40	-8.52	-12.08	-11.78	-10.69	-10.47	-9.89	-10.22	-13.92	-21.99
Net Debt to EBITDA	1.07	0.07	0.41	0.95	-0.55	-0.02	0.51	-0.15	0.45	1.38	3.13
Long-Term Debt to EBITDA	-3.42	-8.40	-8.52	-12.08	-11.78	-10.69	-10.47	-9.89	-9.29	-12.65	-19.99
Debt to NOPAT	-4.49	-11.27	-11.74	-16.83	-16.72	-15.29	-14.53	-13.41	-13.58	-17.51	-26.27
Net Debt to NOPAT	1.40	0.09	0.56	1.33	-0.79	-0.03	0.71	-0.20	0.60	1.73	3.74
Long-Term Debt to NOPAT	-4.49	-11.27	-11.74	-16.83	-16.72	-15.29	-14.53	-13.41	-12.34	-15.91	-23.88
Altman Z-Score	3.81	2.81	2.77	2.39	1.95	2.09	2.77	2.00	1.71	2.19	2.20
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	2.16	2.08	2.14	1.84	1.83	1.77	1.78	1.54	1.58	1.57
Quick Ratio	1.31	2.03	1.95	2.00	1.72	1.71	1.65	1.64	1.43	1.46	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	28	25	50	48	-86	-86	-56	-98	44	60	44
Operating Cash Flow to CapEx	4,065.57%	1,674.97%	6,209.69%	12,238.42%	-12.96%	7,780.25%	5,435.11%	-964.35%	5,056.38%	50,719.78%	22,549.56%
Free Cash Flow to Firm to Interest Expense	18.89	0.53	15.62	14.81	-26.54	-26.91	-17.58	-30.65	13.86	18.88	13.83
Operating Cash Flow to Interest Expense	17.33	0.32	7.60	7.69	0.00	5.91	13.75	-2.30	15.75	14.45	15.96
Operating Cash Flow Less CapEx to Interest Expense	16.90	0.30	7.48	7.62	-0.04	5.83	13.50	-2.54	15.44	14.42	15.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.63	0.62	0.65	0.65	0.58	0.57	0.62	0.62	0.62	0.62
Accounts Receivable Turnover	6.91	6.34	5.13	7.39	6.22	5.59	5.07	6.90	6.23	5.62	5.23
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	22.08	23.25	24.53	26.57	28.46	30.11	32.04	34.36	37.14	40.17	41.75
Accounts Payable Turnover	26.07	20.67	27.11	19.29	23.47	17.99	26.57	14.50	19.57	15.60	22.83
Days Sales Outstanding (DSO)	52.79	57.59	71.13	49.36	58.67	65.31	71.96	52.90	58.63	65.00	69.75
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)	14.00	17.66	13.46	18.93	15.55	20.29	13.74	25.17	18.65	23.40	15.98
Cash Conversion Cycle (CCC)	38.79	39.93	57.66	30.43	43.12	45.02	58.22	27.73	39.98	41.60	53.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-111	-120	-127	-145	-41	-49	-80	-64	-101	-114	-116
Invested Capital Turnover	-6.56	-5.95	-6.41	-5.74	-8.92	-8.33	-7.16	-7.38	-11.36	-10.36	-9.02
Increase / (Decrease) in Invested Capital	-44	-36	-57	-61	70	71	47	81	-60	-65	-37
Enterprise Value (EV)	5,317	5,432	5,450	4,522	4,038	4,372	6,027	4,272	3,781	4,745	4,730
Market Capitalization	5,428	5,438	5,487	4,583	4,002	4,371	6,065	4,261	3,815	4,822	4,841
Book Value per Share	$0.00	($2.12)	($1.65)	($1.51)	($1.42)	($0.92)	($0.75)	($1.35)	($1.19)	($0.66)	($0.10)
Tangible Book Value per Share	($2.56)	($4.59)	($4.15)	($3.91)	($5.63)	($5.13)	($4.80)	($5.37)	($5.34)	($4.76)	($4.17)
Total Capital	355	662	687	694	700	727	737	703	713	743	775
Total Debt	355	776	777	777	777	778	778	779	779	780	781
Total Long-Term Debt	355	776	777	777	777	778	778	779	708	709	709
Net Debt	-111	-6.39	-37	-61	37	1.56	-38	12	-34	-77	-111
Capital Expenditures (CapEx)	0.64	0.90	0.39	0.20	0.11	0.24	0.81	0.76	1.00	0.09	0.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-271	-273	-289	-308	-315	-327	-361	-340	-382	-386	-400
Debt-free Net Working Capital (DFNWC)	196	509	524	530	426	450	456	427	432	471	492
Net Working Capital (NWC)	196	509	524	530	426	450	456	427	361	400	421
Net Nonoperating Expense (NNE)	5.03	45	-2.44	-1.11	1.34	1.74	-0.51	4.05	3.90	-7.18	-4.44
Net Nonoperating Obligations (NNO)	-111	-6.39	-37	-61	37	1.56	-38	12	-34	-77	-111
Total Depreciation and Amortization (D&A)	1.62	1.23	0.21	-0.62	0.02	0.98	1.24	1.81	2.17	2.18	2.13
Debt-free, Cash-free Net Working Capital to Revenue	-46.52%	-45.01%	-45.92%	-47.03%	-46.41%	-46.33%	-48.82%	-44.21%	-47.32%	-45.65%	-45.20%
Debt-free Net Working Capital to Revenue	33.61%	83.85%	83.24%	80.86%	62.86%	63.72%	61.71%	55.50%	53.51%	55.68%	55.60%
Net Working Capital to Revenue	33.61%	83.85%	83.24%	80.86%	62.86%	63.72%	61.71%	55.50%	44.72%	47.29%	47.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.39)	($1.04)	($0.07)	($0.21)	($0.32)	($0.31)	($0.15)	($0.38)	($0.35)	$0.05	$0.21
Adjusted Weighted Average Basic Shares Outstanding	54.01M	54.26M	54.10M	54.92M	55.18M	55.58M	55.36M	56.16M	56.08M	56.35M	56.27M
Adjusted Diluted Earnings per Share	($0.39)	($1.04)	($0.07)	($0.21)	($0.32)	($0.31)	($0.15)	($0.38)	($0.35)	$0.05	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	54.01M	54.26M	54.10M	54.92M	55.18M	55.58M	55.36M	56.16M	56.08M	58.18M	56.27M
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	53.66M	54.05M	54.73M	54.82M	55.24M	55.39M	56.13M	55.73M	56.02M	56.13M	56.83M
Normalized Net Operating Profit after Tax (NOPAT)	-16	-11	-6.63	-13	-16	-15	-9.32	-17	-16	-2.38	7.38
Normalized NOPAT Margin	-10.24%	-6.87%	-3.98%	-7.29%	-9.13%	-8.21%	-4.66%	-8.40%	-7.20%	-1.06%	3.09%
Pre Tax Income Margin	-12.96%	-35.24%	-1.62%	-6.25%	-9.07%	-8.64%	-3.17%	-9.42%	-8.24%	0.96%	5.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-15.43	-0.33	-3.07	-5.63	-7.17	-6.92	-3.89	-7.82	-7.16	-0.97	2.24
NOPAT to Interest Expense	-10.59	-0.23	-2.07	-3.96	-5.01	-4.77	-2.92	-5.42	-4.85	-1.37	2.31
EBIT Less CapEx to Interest Expense	-15.85	-0.35	-3.19	-5.69	-7.20	-6.99	-4.15	-8.06	-7.48	-0.99	2.17
NOPAT Less CapEx to Interest Expense	-11.02	-0.25	-2.19	-4.02	-5.04	-4.84	-3.17	-5.66	-5.17	-1.40	2.24
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%	0.00%	0.00%	-273.71%

Financials Breakdown Chart

Key Financial Trends

Workiva (NYSE: WK) has delivered a mix of top-line growth and improving cash generation in late 2025, accompanied by continued profitability swings and a leveraged balance sheet. Below are the four most recent quarters (Q1–Q4 2025) summarized for retail investors, with notable trends drawn from the income statements, cash flow statements, and balance sheets you provided.

Revenue growth: Q4 2025 revenue reached 238.935 million, up from 199.889 million in Q4 2024, representing roughly 19% year-over-year growth.
Strong gross margin: Q4 2025 gross profit was 192.768 million on 238.935 million revenue, about an 80.6% gross margin, indicating ongoing pricing leverage or cost discipline relative to revenue growth.
Net income recovery in late 2025: Net income (continuing operations) turned positive in Q3 2025 (about 2.79 million) and rose further in Q4 2025 to about 11.82 million, signaling a shift toward profitability.
Solid operating cash flow in Q4 2025: Net cash from continuing operating activities was about 50.96 million, reinforcing cash generation strength as profitability improves.
Liquidity cushion: As of the latest period, cash and equivalents were about 315.9 million and short-term investments around 540.9 million, providing a meaningful liquidity buffer to fund growth and working capital needs.
Earnings per share (EPS) turned positive in Q4 2025: Basic and diluted EPS were both 0.21, supported by the concentration of earnings across a smaller share base (weighted average basic/diluted shares around 56.3–56.8 million).
Operating expenses remain a meaningful portion of revenue: In Q4 2025, total operating expenses were about 184.9 million on 238.9 million revenue (roughly 77% of revenue), indicating ongoing investment in SG&A, marketing, and R&D.
Current/deferred revenue backdrop: Current deferred revenue sits at a high level (nearly 490 million in Q4 2025), suggesting a robust revenue recognition base and potential future cash inflows but also signaling ongoing obligations.
Profitability volatility in early 2025: Q1 2025 and Q2 2025 reported net losses (approximately -21.9 million and -19.4 million, respectively), highlighting quarterly sensitivity to mix and costs despite rising revenue.
Ongoing equity concerns: Total Common Equity remained negative in the latest quarter (illustrative of a substantial accumulated deficit), reflecting a continuing negative book value despite asset growth and improving cash flow.

Bottom line: WK has shown meaningful top-line growth and improving cash generation in late 2025, with profitability turning positive in the last two quarters and strong liquidity. However, the company continues to carry a sizable accumulated deficit and negative equity, and profitability remains uneven across quarters. Investors should monitor whether the positive momentum in late 2025 can be sustained into 2026, and how the company manages investment spending, working capital, and debt-related costs going forward.

05/05/26 08:54 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Workiva's Financials

When does Workiva's fiscal year end?

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

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

Workiva's net income appears to be on an upward trend, with a most recent value of -$26.17 million in 2025, falling from -$43.40 million in 2015. The previous period was -$55.04 million in 2024. View Workiva's forecast to see where analysts expect Workiva to go next.

What is Workiva's operating income?

Workiva's total operating income in 2025 was -$42.44 million, based on the following breakdown:

Total Gross Profit: $694.14 million
Total Operating Expenses: $736.58 million

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

Over the last 10 years, Workiva's total revenue changed from $145.27 million in 2015 to $884.57 million in 2025, a change of 508.9%.

How much debt does Workiva have?

Workiva's total liabilities were at $1.50 billion at the end of 2025, a 6.3% increase from 2024, and a 1,168.5% increase since 2015.

How much cash does Workiva have?

In the past 10 years, Workiva's cash and equivalents has ranged from $51.28 million in 2016 to $381.74 million in 2019, and is currently $338.77 million as of their latest financial filing in 2025.

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

Over the last 10 years, Workiva's book value per share changed from 0.63 in 2015 to -0.10 in 2025, a change of -115.4%.

Related Companies

Financial statements for NYSE:WK last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Workiva (WK) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Workiva's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Workiva (WK) Financials

Annual Income Statements for Workiva

Quarterly Income Statements for Workiva

Annual Cash Flow Statements for Workiva

Quarterly Cash Flow Statements for Workiva

Annual Balance Sheets for Workiva

Quarterly Balance Sheets for Workiva

Annual Metrics And Ratios for Workiva

Quarterly Metrics And Ratios for Workiva

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Workiva's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools