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Workday

WDAY Nasdaq Application Software Financials FY2017–FY2026

Workday's revenue rose 13.1% to $9.6 billion in fiscal 2026. Its operating margin was 7.5%, up from 4.9% a year earlier. Free cash flow was $2.8 billion, up 26.7%. It paid out $2.9 billion in dividends and buybacks, 104% of free cash flow. The diluted share count fell 0.4%.

Last close · Oct 23, 2026

$209.99

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$9.6B
13.1% vs prior year
Operating margin Operating income as a share of revenue.
7.6%
2.6 pts
Net income Profit after all expenses, interest and tax.
$693M
31.7%
Free cash flow Cash from operations minus capital spending.
$2.8B
26.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.6%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$51.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
42.5x
On $4.94 EPS (TTM)

What Workday does

Workday sells cloud software that companies use to manage their people and their money: human resources, payroll, finance, spending, suppliers and planning. It says more than 11,500 organizations use it, with more than 75 million users under contract, including more than 65% of the Fortune 500. Workday has been adding artificial intelligence features, including AI agents that carry out tasks such as hiring and financial processes.

Customers pay for access to the software over the internet, and Workday delivers product updates weekly. It sells through its own field sales teams, referrals and co-selling partners, resale partners, and an online marketplace. It also offers professional services, as do partners, to help customers set up and adopt its products.

During fiscal 2026 it bought four companies to add AI abilities: FlowiseAI, Paradox, Sana Labs and Pipedream. It also announced a developer platform, Workday Build, and a data service, Workday Data Cloud, both expected later in fiscal 2027. Workday says the markets it competes in are intensely competitive.

Legal name
Workday, Inc.
Fiscal year ends
January 31, 2026
Latest annual report
10-K · Mar 6, 2026
Accession · CIK
0001327811-26-000014
0001327811

Revenue and margins

Workday had $9.6B of revenue in fiscal 2026, up 13.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.8B in fiscal 2026, 29.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Workday returned $2.9B to shareholders in fiscal 2026, 104% of free cash flow. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Workday yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.5B and divides by 268.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 42.5x · peers 73.8x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Workday can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $3.6B$6.1B$7.8B$8.0B$5.4B
Debt incl. finance leases $1.8B$3.0B$3.0B$3.0B$3.0B
Net debt / EBITDA −12.3x−59.3x−12.5x−7.7x−2.6x
Debt / equity 0.4x0.5x0.4x0.3x0.4x
Interest coverage −6.8x−2.2x1.6x3.6x6.3x
Current ratio 1.0x1.8x2.0x1.9x1.3x
Quick ratio 1.0x1.8x2.0x1.9x1.3x
Total assets $10.5B$13.5B$16.5B$18.0B$18.1B
Total liabilities $6.0B$7.9B$8.4B$8.9B$10.3B
Shareholders' equity $4.5B$5.6B$8.1B$9.0B$7.8B
Net debt (− = net cash) −$1.8B−$3.1B−$4.8B−$5.0B−$2.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$152M

5 insiders

Of sales under plans

100%

$152M

DateInsiderTradeSharesPriceValueFiling
Oct 12, 2026 Mark S. GarfieldChief Accounting Officer Sold plan 918 $189.45 $0.2M Form 4
Oct 9, 2026 David A Duffield10% owner Sold plan 99,835 $187.55 $18.7M Form 4
Oct 6, 2026 David A Duffield10% owner Sold plan 99,228 $187.32 $18.6M Form 4
Oct 6, 2026 Gerrit S KazmaierPresident, Prod. and Tech. Sold plan 2,729 $187.28 $0.5M Form 4
Oct 6, 2026 Zane RoweChief Financial Officer Sold plan 6,000 $187.23 $1.1M Form 4
Oct 5, 2026 Robert EnslinPresident, CCO Sold plan 5,374 $187.00 $1.0M Form 4
Oct 1, 2026 David A Duffield10% owner Sold plan 98,446 $187.07 $18.4M Form 4
Sep 28, 2026 David A Duffield10% owner Sold plan 98,971 $188.56 $18.7M Form 4
Sep 23, 2026 David A Duffield10% owner Sold plan 99,613 $192.14 $19.1M Form 4
Sep 18, 2026 David A Duffield10% owner Sold plan 94,089 $194.69 $18.3M Form 4
Sep 15, 2026 David A Duffield10% owner Sold plan 96,545 $192.28 $18.6M Form 4
Sep 10, 2026 David A Duffield10% owner Sold plan 100,780 $185.64 $18.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 84 / 87 / 8
Accruals ratio −5.1%−11.2%−12.5%
Altman Z'' 2.692.821.72

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Workday WDAY $51.7B 13.1% 7.6% 29.1% 10.6% 42.5x 7
Autodesk ADSK $53.2B 17.5% 21.9% 33.4% 37.0% 32.7x 8 Compare →
Synopsys SNPS $82.7B 15.1% 13.0% 19.1% 4.0% 75.2x 3 Compare →
Atlassian TEAM $59.2B 26.0% 0.2% 20.1% — — 7 Compare →
Cadence Design Systems CDNS $86.6B 14.1% 28.2% 30.0% 23.7% 73.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $1.6B $2.1B $2.8B $3.6B $4.3B $5.1B $6.2B $7.3B $8.4B $9.6B
Research and development $681M $911M $1.2B $1.5B $1.7B $1.9B $2.2B $2.5B $2.6B $2.7B
Operating income −$353M −$303M −$463M −$502M −$249M −$116M −$222M $183M $415M $721M
Interest expense $30.1M $44.5M $60.2M $58.7M $68.8M $17.0M $102M $114M $114M $114M
Pretax income −$386M −$315M −$424M −$482M −$275M $16.0M −$260M $356M $638M $1.0B
Income tax −$0.8M $6.4M −$5.5M −$1.8M $7.3M −$13.0M $107M −$1.0B $112M $316M
Net income −$385M −$321M −$418M −$481M −$282M $29.0M −$367M $1.4B $526M $693M
Diluted EPS −$1.94 −$1.55 −$1.93 −$2.12 −$1.19 $0.12 −$1.44 $5.21 $1.95 $2.59
Diluted shares 0.20B 0.21B 0.22B 0.23B 0.24B 0.25B 0.25B 0.27B 0.27B 0.27B
Cash flow
Cash from operations $351M $466M $607M $865M $1.3B $1.7B $1.7B $2.1B $2.5B $2.9B
Capital expenditure $121M $142M $203M $244M $253M $264M $364M $232M $269M $162M
Free cash flow $230M $324M $404M $621M $1.0B $1.4B $1.3B $1.9B $2.2B $2.8B
Depreciation and amortization $106M $136M $198M $201M $231M $263M $275M $203M $243M $237M
Stock-based compensation $372M $478M $653M $860M $1.0B $1.1B $1.3B $1.4B $1.5B $1.6B
Acquisitions $148M $5.7M $1.5B $474M $0.0M $1.2B $0.0M $8.0M $825M $2.1B
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $75.0M $423M $700M $2.9B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $75.0M $423M $700M $2.9B
Balance sheet
Cash and short-term investments $540M $1.1B $639M $1.9B $3.5B $3.6B $6.1B $7.8B $8.0B $5.4B
Total debt — $1.5B $1.2B $1.3B $1.8B $1.8B $3.0B $3.0B $3.0B $3.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.5B $4.0B $2.7B $3.1B $4.8B $5.2B $8.1B $9.9B $10.5B $8.4B
Current liabilities $1.3B $2.1B $2.4B $3.0B $4.3B $5.1B $4.6B $5.1B $5.5B $6.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $366M $547M $797M $936M $972M $1.1B $1.2B $1.2B $1.2B $1.1B
Total assets $3.3B $4.9B $5.5B $6.8B $8.7B $10.5B $13.5B $16.5B $18.0B $18.1B
Total liabilities $2.0B $3.4B $3.6B $4.3B $5.4B $6.0B $7.9B $8.4B $8.9B $10.3B
Shareholders' equity $1.3B $1.6B $2.0B $2.5B $3.3B $4.5B $5.6B $8.1B $9.0B $7.8B
Margins
Operating margin −22.4% −14.2% −16.4% −13.9% −5.8% −2.3% −3.6% 2.5% 4.9% 7.6%
EBITDA margin −15.7% −7.8% −9.4% −8.3% −0.4% 2.9% 0.9% 5.3% 7.8% 10.0%
Net margin −24.4% −15.0% −14.8% −13.3% −6.5% 0.6% −5.9% 19.0% 6.2% 7.3%
FCF margin 14.6% 15.1% 14.3% 17.1% 23.5% 27.0% 20.8% 26.4% 26.0% 29.1%
Returns
Return on capital — — −16.4% −18.3% −11.8% −5.4% −6.8% 6.4% 9.4% 10.6%
Return on capital employed −18.6% −12.5% −15.5% −14.5% −6.0% −2.4% −3.1% 1.8% 3.5% 6.0%
Return on equity −30.7% −22.5% −23.6% −21.6% −9.8% 0.7% −7.3% 20.2% 6.2% 8.2%
Return on assets −12.8% −7.8% −8.0% −7.8% −3.6% 0.3% −3.1% 9.2% 3.1% 3.8%
Growth
Revenue growth 36.1% 36.1% 31.7% 28.5% 19.0% 19.0% 21.0% 16.8% 16.4% 13.1%
Net income growth — — — — — — −1,365.5% — −61.9% 31.8%
EPS growth — — — — — — −1,300.0% — −62.6% 32.8%
FCF growth 83.9% 41.1% 24.7% 53.6% 63.5% 36.6% −6.8% 48.3% 14.4% 26.7%
Share count change 4.3% 4.8% 4.3% 4.8% 4.3% 7.2% 0.3% 4.1% 1.5% −0.4%
Financial health
Net debt / EBITDA — — — — — −12.3x −59.3x −12.5x −7.7x −2.6x
Debt / equity — 0.9x 0.6x 0.5x 0.6x 0.4x 0.5x 0.4x 0.3x 0.4x
Interest coverage −11.7x −6.8x −7.7x −8.6x −3.6x −6.8x −2.2x 1.6x 3.6x 6.3x
Current ratio 2.0x 1.9x 1.1x 1.0x 1.1x 1.0x 1.8x 2.0x 1.9x 1.3x
Quick ratio 2.0x 1.9x 1.1x 1.0x 1.1x 1.0x 1.8x 2.0x 1.9x 1.3x
Capital allocation
Capex / revenue 7.7% 6.6% 7.2% 6.7% 5.9% 5.1% 5.9% 3.2% 3.2% 1.7%
Stock comp / revenue 23.6% 22.3% 23.1% 23.7% 23.3% 21.4% 20.8% 19.5% 18.0% 17.0%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.8% 22.1% 31.9% 104.3%
Quality scores
Piotroski F-score — — 4.0 4.0 4.0 5.0 4.0 6.0 4.0 7.0
Altman Z'' 1.0 1.5 −0.9 −1.0 −0.3 −0.0 1.6 2.7 2.8 1.7
Accruals ratio −24.5% −19.2% −19.6% −21.8% −20.0% −16.9% −16.9% −5.1% −11.2% −12.5%

Source: SEC EDGAR XBRL filings (CIK 0001327811). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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