Workday, Inc. (WDAY) financials
NASDAQ · Technology · Software - Application · 20,896 employees · CEO Aneel Bhusri
- Price
- $197.82 +1.21%
- Market cap
- $47.7B
- Enterprise value
- $50.8B
- Last report
- Q2 '27 filed 2026-08-27
- Next report
- 2026-12-01 EPS est. $2.75
Revenue (TTM)$10.2B+13.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)12.0%+6.1 pp vs a year agoOperating income $1.22B
Net income (TTM)$1.25B+114.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.84B+18.9% vs a year agoCapex $238M
Diluted EPS (TTM)$4.93+128.2% vs a year agoSum of the last 4 quarters
Net cash-$369M-108.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $47.7B EV $50.8B
- Revenue
- $10.2B Trailing 12 months
- Revenue growth
- +12% FY2027 consensus
- Profit margin
- 12.3% Net income / revenue, TTM
- P/E
- 40.0× Forward 17.8× (FY2027)
- P/S
- 4.7× Price / sales, TTM
- EV / EBITDA
- 30.4× TTM
- Free cash flow
- $2.84B Trailing 12 months
- Net income
- $1.25B Trailing 12 months
- Revenue estimate
- $10.7B FY2027 consensus
- Earnings
- 2026-12-01 Revenue est. $2.69B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-27): revenue in line, EPS beat by 5.4%Revenue $2.65B vs $2.64B expected (+0.5%); EPS $2.75 vs $2.61 (+5.4%).
- Revenue growth steady: 12.9% year on yearQ2 '27 revenue $2.65B, against an average of 13.3% over the four quarters before.
- Operating margin 12.0% (TTM), +6.1 pp on a year agoOperating income grew 131.1% while revenue grew 13.4%.
- Capex 2.3% of revenue (a year ago 2.2%)$238M invested in the last 4 quarters (+19.6% on a year earlier). Free cash flow $2.84B = 227.3% of net income.
- Returned $5.23B to shareholders = 183.9% of free cash flowBuybacks $5.23B (a year earlier $850M), dividends $0, stock-based pay $1.65B (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 7.4% in a year250M diluted shares in Q2 '27, 270M a year earlier.
- Net debt $369MCash + short-term investments $3.4B, debt incl. leases $3.77B; a year ago net cash $4.41B.
Last quarter: Q2 '27
Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.65B | $2.35B | +12.9% |
| Gross margin | 75.4% | 75.2% | +0.2 pp |
| Operating income | $317M | $248M | +27.8% |
| Operating margin | 12.0% | 10.6% | +1.4 pp |
| Net income | $632M | $228M | +177.2% |
| Diluted EPS | $2.57 | $0.84 | +206.0% |
| Operating cash flow | $520M | $616M | -15.6% |
| Capex | $60M | $28M | +114.3% |
| Free cash flow | $460M | $588M | -21.8% |
| R&D | $747M | $660M | +13.2% |
| Stock-based compensation | $462M | $392M | +17.9% |
Reported vs consensus
2026-08-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.65B | $2.64B | +0.5% |
| EPS (as estimated) | $2.75 | $2.61 | +5.4% |
From the report of 2026-08-27 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Subscription Services | $2.47B | +13.9% | 93.3% | $9.43B | +14.6% | |
| Professional Services | $178M | -0.6% | 6.7% | $725M | -0.8% |
Revenue by region
share of total| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $1.97B | +11.5% | 74.3% | $7.59B | +12.9% | |
| Non-US | $682M | +16.8% | 25.7% | $2.56B | +14.7% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.08B
- Capex
- -$238M
- Buybacks
- -$5.23B
- Dividends
- $0
- Acquisitions
- -$2.08B
- Net debt issued
- $0
- Stock-based compensation
- $1.65B
- Free cash flow
- $2.84B
- Returned to shareholders / FCF
- 183.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 40.0× | 590.9× 4 of 5 years | 55.1× – 2,108.4× |
| EV / EBITDA | 30.4× | 120.6× | 35.6× – 230.9× |
| EV / Sales | 5.0× | 8.8× | 5.0× – 12.3× |
| Price / FCF | 16.8× | 33.8× | 16.5× – 45.4× |
| Price / Book | 7.6× | 9.0× | 5.9× – 13.8× |
| FCF yield | 6.0% | 3.3% | 2.2% – 6.1% |
| Return on invested capital | 11.4% | 1.2% | -2.5% – 5.9% |
| Return on equity | 16.8% | 5.2% | -6.6% – 17.1% |
Analysts
Consensus target $201.85 (+2.0%)
range $140.00 – $275.00 · rating Buy
Strong buy0
Buy40
Hold38
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $10.7B | +11.7% | $11.09 | +329.8% | 17.8× | 24 |
| FY2028 | $11.8B | +10.4% | $13.25 | +19.5% | 14.9× | 24 |
| FY2029 | $13B | +10.5% | $15.53 | +17.2% | 12.7× | 12 |
| FY2030 | $14.5B | +11.6% | $17.20 | +10.7% | 11.5× | 5 |
| FY2031 | $16B | +10.1% | $14.47 | -15.9% | 13.7× | 10 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 240 figures Workday, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $102M | $100M | +2.0% | $142M | $108M | +31.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.9B | $1.61B | +17.8% | $2.33B | $1.95B | +19.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $16M2026-01-31 | $10M | +60.0% | $16M | $10M | +60.0% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $6M | $18M | -66.7% | $61M | $113M | -46.0% |
| Accrued Liabilities, Current | $462M | $346M | +33.5% | $454M | $296M | +53.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.47B | $1.31B | +12.7% | $1.4B | $1.32B | +5.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$96M | -$74M | -29.7% | -$136M | $84M | -261.9% |
| Additional Paid in Capital | $13.4B | $12.1B | +10.9% | $12.7B | $11.5B | +10.6% |
| Advertising Expense | – | – | – | $181M | $204M | -11.3% |
| Amortization of Debt Issuance Costs and Discounts | $1M | $1M | 0.0% | $4M | $4M | 0.0% |
| Amortization of Intangible Assets | $34M | $21M | +61.9% | – | – | – |
| Asset Impairment Charges | $0 | $0 | – | $117M | $19M | +515.8% |
| Assets | $15.9B | $18B | -11.7% | $18.1B | $18B | +0.5% |
| Assets, Current | $5.97B | $10.4B | -42.6% | $8.43B | $10.5B | -20.1% |
| Capital Expenditures Incurred but Not yet Paid | -$17M | $10M | -270.0% | $64M | $27M | +137.0% |
| Capitalized Contract Cost, Amortization | $83M | $72M | +15.3% | $292M | $251M | +16.3% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $974M | $840M | +16.0% | $940M | $828M | +13.5% |
| Cash and Cash Equivalents, at Carrying Value | $661M | $1.26B | -47.7% | $1.5B | $1.54B | -2.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $668M | $1.27B | -47.4% | $1.51B | $1.55B | -2.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $100M | $281M | -64.4% | -$45M | -$470M | +90.4% |
| Common Stock, Value, Outstanding | $0 | $0 | – | $33K2012-01-31 | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $661M | $198M | +233.8% | $473M | $589M | -19.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $584M | $505M | +15.6% | $502M | $417M | +20.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $525M | $460M | +14.1% | $443M | $373M | +18.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $59M | $45M | +31.1% | $59M | $44M | +34.1% |
| Contract with Customer, Liability | $4.46B | $3.92B | +13.8% | $5.08B | $4.55B | +11.7% |
| Contract with Customer, Liability, Current | $4.39B | $3.85B | +13.9% | $5.01B | $4.47B | +12.2% |
| Contract with Customer, Liability, Noncurrent | $72M | $65M | +10.8% | $71M | $80M | -11.3% |
| Contract with Customer, Liability, Revenue Recognized | $1.9B | $1.7B | +11.8% | $4.4B | $4B | +10.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $34M | $12M | +183.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $28M | $23M | +21.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $108M | $80M | +35.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $46M | $45M | +2.2% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $11M | $15M | -26.7% | $13M | $16M | -18.8% |
| Debt Securities, Available-for-sale | $4.26B2025-10-31 | $5.99B | -29.0% | $6.65B2025-01-31 | $6.56B | +1.4% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $24M | $62M | -61.3% | $33M | $53M | -37.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $3M | $33M | -90.9% | $36M | $17M | +111.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $10M | $1M | +900.0% | $0 | $4M | -100.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $15M | $70M | -78.6% | $29M | $25M | +16.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $19M | $91M | -79.1% | $73M | $139M | -47.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.01B | $4.65B | -56.8% | $2.55B | $3.81B | -33.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $698M | $2.31B | -69.8% | $1.69B | $2.68B | -36.8% |
| Debt Securities, Available-for-sale, Realized Loss | $0 | – | – | $0 | $0 | – |
| Debt Securities, Realized Gain (Loss) | $0 | $0 | – | $27M | $0 | – |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $2.75B | $7.09B | -61.2% | $4.3B | $6.64B | -35.2% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $2.74B | $7.12B | -61.5% | $4.34B | $6.65B | -34.7% |
| Deferred Costs, Current | $320M | $278M | +15.1% | $306M | $267M | +14.6% |
| Deferred Costs, Noncurrent | $654M | $562M | +16.4% | $634M | $561M | +13.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $198M | $52M | +280.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2M | $0 | – |
| Deferred Income Tax Assets, Net | $1.13B | $959M | +17.7% | $829M | $1.04B | -20.2% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $208M | $32M | +550.0% |
| Deferred Income Taxes and Tax Credits | -$386M | $66M | -684.8% | $218M | $33M | +560.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $12M | -$20M | +160.0% |
| Deferred Tax Asset, Intra-entity Transfer, Asset Other than Inventory | $374M | – | – | – | – | – |
| Deferred Tax Assets, Goodwill and Intangible Assets | $424M2026-01-31 | $429M | -1.2% | $424M | $429M | -1.2% |
| Deferred Tax Assets, Gross | $2.62B2026-01-31 | $2.6B | +0.7% | $2.62B | $2.6B | +0.7% |
| Deferred Tax Assets, in Process Research and Development | $497M2026-01-31 | $621M | -20.0% | $497M | $621M | -20.0% |
| Deferred Tax Assets, Net | $829M2026-01-31 | $1.03B | -19.7% | $829M | $1.03B | -19.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-K 2026-01-31, 10-Q 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-K 2025-01-31, 10-Q 2024-10-31, 10-Q 2024-07-31
Data as of 2026-11-02