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Workday, Inc. (WDAY) stock

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NASDAQ: WDAY Nasdaq Application Software Next results ~December 24, 2026

C+ Fundamentals grade

Workday, Inc. is a US-listed company in the application software industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$210

Cash-flow model

Base case. Range ~$160–$280 across our lower- and higher-growth cases (9.1%–19.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 5% below our base value.

Price used: $198.84, November 3, 2026

Workday, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Workday files

Where Workday stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $10.2bn, up 13.3% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 28.0% from 26.7% a year earlier. Operating margin widened to 10.7% from 5.9%. The diluted share count is down 4.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $129 a share, against a share price of $202. At that price, our model says the market is pricing in about 22.3% a year of cash-flow growth for five years, faster than the 14.6% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 24, 2026 (estimated)

Workday, Inc.'s trailing-twelve-month revenue grew 13.3% year on year, with a free-cash-flow margin of 28.0%. Where it stands out: change in share count of -4.3% ranks 18 of 163 application software companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$160–$280 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.8% while net income grew 114.6%: a 96pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.8 points on a year ago.
  • Strong cash generation. 28.0% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Heavy stock-based pay. Stock pay equals 16.2% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 0.3 against the S&P 500.
  • Insiders selling. 7 insiders sold $574M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2027 Q2

Filed August 27, 2026
Earnings per share
$2.75 against an average estimate of $2.61: beat by 5.3%
Revenue
$2.65bn, up 12.8% on a year earlier
Share reaction
+1.0% in the first session after the results on September 29, 2026, against -0.4% for the S&P 500
Guidance given
subscription revenues $2.52bn (fiscal 2027 third quarter ending October 31, 2026); subscription revenue growth (YoY) growth 12% (fiscal 2027 third quarter ending October 31, 2026)
Next report
August 27, 2026; average EPS estimate $2.74

Workday's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week-3.2%
  • 1 month+6.8%
  • This year-7.8%
  • 1 year-16.3%
  • 5 years-31.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.2B
Operating margin
10.7%
Net margin
12.3%
EPS (TTM, diluted)
$4.85

Growth

Revenue growth
+13.3%
Change in growth rate
+0.0 pts
Share count change
−4.3%

Cash

Free cash flow (TTM)
$2.8B
FCF margin
28.0%
Stock pay % of revenue
16.2%

Earnings

Last results
September 29, 2026
Next results (est.)
December 24, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Financing
  4. Announcement
  5. Product
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Partnership
  12. Announcement
  13. Announcement
  14. Insider trade
  15. Insider trade
  16. Agreement
  17. Results
  18. Results
  19. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Workday, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 19.4% a year of cash-flow growth for five years.That is close to the 14.6% a year revenue growth Workday has delivered.

  • Priced in19.4%
  • Last 12 months13.3%
  • 3 years a year14.8%
  • 5 years a year14.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($198.55, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$210
Price used
$198.55close November 3, 2026
Implied change
▲ +6%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Workday, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2027 Q2 TTM), growing 11.6% and 12.7% in the next two years (forecasts, guidance and its record), then back to 14.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$160–~$280 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Workday, Inc.'s free cash flow after stock-based pay ( $1.1B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Workday, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$160–$280 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$180 ~$150–$310 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$13–$30 Left out: out of range vs price (0.10x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$18 ~$15–$21 Left out: out of range vs price (0.09x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$180–$210 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Workday, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $67$90$120$161$214$282
8.5% $51$68$90$119$157$205
10% $42$55$72$94$123$160

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$63.01$83.09$119.89$181.53$184.63$227.53$253.01$181.43$291.07$262.06$175.63$198.13
Market value$12.0bn$16.5bn$24.9bn$39.4bn$41.9bn$53.9bn$64.3bn$46.2bn$77.2bn$70.5bn$47.1bn$51.1bn
+ Net debt (− = net cash)−$300m−$540m−$1.1bn−$639m−$731m−$1.4bn−$1.5bn−$1.9bn−$2.0bn−$1.5bn−$1.5bn$2.3bn
Enterprise value$11.7bn$15.9bn$23.8bn$38.7bn$41.2bn$52.5bn$62.7bn$44.3bn$75.2bn$69.0bn$45.6bn$53.5bn
Multiples
Price / sales 10.4x10.5x11.6x13.9x11.6x12.5x12.5x7.4x10.6x8.4x4.9x5.0x
Price / earnings ——————n/m—55.9x134.1x68.0x40.9x
Price / free cash flow 95.8x71.7x76.8x97.4x———35.8x40.3x32.2x17.0x18.0x
EV / EBITDA ——————n/mn/m194.8x104.9x47.6x40.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

22 /100

Weak moat

How hard Workday's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.2% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -3.0%; its worst year was -18.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 8 of 10 years, at a median 13.3% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 5.1% over five years; stock-based pay has been a median 21.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (37 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.09 +20% $10.7bn +12%
Next $13.24 +20% $11.8bn +10%

Next year's EPS estimate has moved +4.7% in 90 days, across 41 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.0% on 90 days ago. In the last 30 days, 3 analysts raised Workday, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Workday, Inc., last 90 days
$10.00 $11.00 $12.00 $13.00 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.76 Current fiscal year, 60 days ago: $10.94 Current fiscal year, 30 days ago: $11.08 Current fiscal year, 7 days ago: $11.08 Current fiscal year, Now: $11.09 $11.09 Next fiscal year, 90 days ago: $12.64 Next fiscal year, 60 days ago: $12.85 Next fiscal year, 30 days ago: $13.23 Next fiscal year, 7 days ago: $13.23 Next fiscal year, Now: $13.24 $13.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.76$12.64
60 days ago $10.94$12.85
30 days ago $11.08$13.23
7 days ago $11.08$13.23
Now $11.09$13.24

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.61 $2.75 +5.3%
Apr 2026 $2.52 $2.66 +5.7%
Jan 2026 $2.32 $2.47 +6.4%
Oct 2025 $2.17 $2.32 +6.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 27, 2026
  • Non-GAAP operating margin fiscal 2027 full year ending January 31, 2027 about 31% Non-GAAP Raised
    “We now expect fiscal 2027 subscription revenue of $9.940 billion to $9.950 billion, growth of 13%, while increasing our fiscal 2027 non-GAAP operating margin guidance to 31.0%.” source
  • Non-GAAP operating margin fiscal 2027 third quarter ending October 31, 2026 about 30% Non-GAAP
    “Non-GAAP operating margin of 30.0%” source
  • Subscription revenues · Subscription services fiscal 2027 full year ending January 31, 2027 $9.94bn to $9.95bn
    “Subscription revenues of $9.940 billion to $9.950 billion, representing growth of 13%” source
  • Subscription revenue growth (YoY) · Subscription services fiscal 2027 full year ending January 31, 2027 about 13% growth
    “Subscription revenues of $9.940 billion to $9.950 billion, representing growth of 13%” source
  • Subscription revenues · Subscription services fiscal 2027 third quarter ending October 31, 2026 about $2.515bn
    “Subscription revenues of $2.515 billion, representing growth of 12%” source
  • Subscription revenue growth (YoY) · Subscription services fiscal 2027 third quarter ending October 31, 2026 about 12% growth
    “Subscription revenues of $2.515 billion, representing growth of 12%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Workday, Inc.'s revenue by +11.6% next year and +12.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.6%, weight 70%) and the company's own record (+14.1%, weight 30%) . How the weights are set.

Analyst recommendations

42 analysts, Oct 2026
Buy1945%
Hold2048%
Sell37%

Monthly trend

  1. Oct 20265142042
  2. Sep 20265151942
  3. Aug 20265151942
  4. Jul 20265191642

Counts of recommendations published by analysts covering Workday, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.5%
of tradable shares
Days to cover
5.39
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.1%
of shares
Employees
20,896
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −17.4%

$239.92 on October 31, 2025 to $198.13

ThenNowEffect
Revenue (last 12 months) $9.0bn $10.2bn +13.3%
Net margin 6.5% 12.3% +89.3%
P/E multiple 111.0x 40.9x −63.2%
Share count 270m 258m +4.5%

Biggest factor: p/e multiple.

Last 3 years −9.3%

$218.41 on November 3, 2023 to $198.13

ThenNowEffect
Revenue (last 12 months) $6.7bn $10.2bn +51.2%
P/S multiple 8.4x 5.0x −40.4%
Share count 260m 258m +0.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WDAY+14%−39%+65%−7%−17%−8%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WDAY42%42%75%58%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WDAY−21%−51%−19%−33%−24%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 63% from February 26, 2024 to April 10, 2026. Getting back needed a 173% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$112.50 – $237.68
From 52-week high
−16.6%
vs 50-day average
+2.1%
vs 200-day average
+27.3%
Volatility (1 year)
54%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.0%
After a week
6 up, 6 down
typical move ±6.4%
After a month
3 up, 9 down
typical move ±4.9%
Results releasedNext dayS&P 500 next day5 days21 days
September 29, 2026 +1.0% −0.4% −1.1% +8.4%
August 27, 2026 +7.3% +0.4% +8.5% −1.1%
May 21, 2026 +1.2% +0.6% +15.5% −9.1%
February 24, 2026 +3.0% +1.6% +11.1% −1.7%
February 4, 2026 −1.5% −1.7% −10.3% −6.3%
November 25, 2025 −5.0% +1.6% −5.2% −2.6%
August 21, 2025 −2.7% +1.1% +0.4% +6.7%
May 22, 2025 −11.4% −0.6% −7.8% −10.9%
February 25, 2025 +3.5% −0.4% −3.1% −4.2%
February 5, 2025 +7.0% +0.8% −0.7% −2.8%
November 26, 2024 −5.3% +0.2% +0.4% −0.5%
August 22, 2024 +11.3% +0.3% +12.4% +4.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Workday, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.00× the last 60 days’ realised volatility , richer than 21% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Workday, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Workday, Inc.
$6B $7B $8B $9B $10B $11B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $7B Revenue (TTM), FY24 Q4: $7.3B Revenue (TTM), FY25 Q1: $7.6B Revenue (TTM), FY25 Q2: $7.9B Revenue (TTM), FY25 Q3: $8.2B Revenue (TTM), FY25 Q4: $8.4B Revenue (TTM), FY26 Q1: $8.7B Revenue (TTM), FY26 Q2: $9B Revenue (TTM), FY26 Q3: $9.2B Revenue (TTM), FY26 Q4: $9.6B Revenue (TTM), FY27 Q1: $9.9B Revenue (TTM), FY27 Q2: $10.2B $10.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $7B
FY24 Q4 $7.3B
FY25 Q1 $7.6B
FY25 Q2 $7.9B
FY25 Q3 $8.2B
FY25 Q4 $8.4B
FY26 Q1 $8.7B
FY26 Q2 $9B
FY26 Q3 $9.2B
FY26 Q4 $9.6B
FY27 Q1 $9.9B
FY27 Q2 $10.2B
Revenue growth, TTM YoY Workday, Inc.
12% 14% 16% 18% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 17.4% Revenue growth, TTM YoY, FY24 Q4: 16.8% Revenue growth, TTM YoY, FY25 Q1: 17.0% Revenue growth, TTM YoY, FY25 Q2: 17.1% Revenue growth, TTM YoY, FY25 Q3: 16.8% Revenue growth, TTM YoY, FY25 Q4: 16.4% Revenue growth, TTM YoY, FY26 Q1: 15.0% Revenue growth, TTM YoY, FY26 Q2: 13.9% Revenue growth, TTM YoY, FY26 Q3: 13.2% Revenue growth, TTM YoY, FY26 Q4: 13.1% Revenue growth, TTM YoY, FY27 Q1: 13.3% Revenue growth, TTM YoY, FY27 Q2: 13.3% 13.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 17.4%
FY24 Q4 16.8%
FY25 Q1 17.0%
FY25 Q2 17.1%
FY25 Q3 16.8%
FY25 Q4 16.4%
FY26 Q1 15.0%
FY26 Q2 13.9%
FY26 Q3 13.2%
FY26 Q4 13.1%
FY27 Q1 13.3%
FY27 Q2 13.3%
Operating margin (TTM) Workday, Inc.
0% 5% 10% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 0.2% Operating margin (TTM), FY24 Q4: 2.5% Operating margin (TTM), FY25 Q1: 3.5% Operating margin (TTM), FY25 Q2: 4.3% Operating margin (TTM), FY25 Q3: 5.1% Operating margin (TTM), FY25 Q4: 4.9% Operating margin (TTM), FY26 Q1: 4.5% Operating margin (TTM), FY26 Q2: 5.9% Operating margin (TTM), FY26 Q3: 6.7% Operating margin (TTM), FY26 Q4: 7.5% Operating margin (TTM), FY27 Q1: 10.3% Operating margin (TTM), FY27 Q2: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 0.2%
FY24 Q4 2.5%
FY25 Q1 3.5%
FY25 Q2 4.3%
FY25 Q3 5.1%
FY25 Q4 4.9%
FY26 Q1 4.5%
FY26 Q2 5.9%
FY26 Q3 6.7%
FY26 Q4 7.5%
FY27 Q1 10.3%
FY27 Q2 10.7%
FCF margin (TTM) Workday, Inc.
15% 20% 25% 30% 35% FY20 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY20 Q3: 16.8% FCF margin (TTM), FY24 Q4: 26.4% FCF margin (TTM), FY25 Q1: 26.3% FCF margin (TTM), FY25 Q2: 27.3% FCF margin (TTM), FY25 Q3: 25.9% FCF margin (TTM), FY25 Q4: 26.0% FCF margin (TTM), FY26 Q1: 26.7% FCF margin (TTM), FY26 Q2: 26.7% FCF margin (TTM), FY26 Q3: 28.0% FCF margin (TTM), FY26 Q4: 29.1% FCF margin (TTM), FY27 Q1: 30.2% FCF margin (TTM), FY27 Q2: 28.0% 28.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q3 16.8%
FY24 Q4 26.4%
FY25 Q1 26.3%
FY25 Q2 27.3%
FY25 Q3 25.9%
FY25 Q4 26.0%
FY26 Q1 26.7%
FY26 Q2 26.7%
FY26 Q3 28.0%
FY26 Q4 29.1%
FY27 Q1 30.2%
FY27 Q2 28.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Workday took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $9.6B
  2. Other income $288M · 3.0%
  3. Research and development $2.7B · 28.0%
  4. Selling, general and admin $3.5B · 36.9%
  5. Other operating costs $2.6B · 27.5%
  6. Operating income $721M · 7.5%
  7. Income tax $316M · 3.3%
  8. Net income $693M · 7.3%

Shares of revenue. Source: Workday's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2010 2012 Jan 2012 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 0.1 0.1 0.3 0.5 0.8 1.2 1.6 2.1 2.8 3.6 4.3 5.1 6.2 7.3 8.4 9.6 10.2
Gross profit 0.0 0.1 0.2 — — — — — — — — — — — — — —
EBITDA −0.1 −0.1 −0.1 −0.1 −0.2 −0.2 −0.2 −0.2 −0.3 −0.3 −0.0 0.1 0.1 0.4 0.7 1.0 1.3
Operating income −0.1 −0.1 −0.1 −0.2 −0.2 −0.2 −0.4 −0.3 −0.5 −0.5 −0.2 −0.1 −0.2 0.2 0.4 0.7 1.1
Net income −0.1 −0.1 −0.1 −0.2 −0.2 −0.3 −0.4 −0.3 −0.4 −0.5 −0.3 0.0 −0.4 1.4 0.5 0.7 1.3
Diluted EPS −$2.22 −$2.71 −$1.62 −$1.01 −$1.35 −$1.45 −$1.94 −$1.55 −$1.93 −$2.12 −$1.19 $0.12 −$1.44 $5.21 $1.95 $2.59 $4.85
Growth (year on year)
Revenue — +97.5% +103.6% +71.4% +68.0% +46.8% +36.1% +36.1% +31.7% +28.5% +19.0% +19.0% +21.0% +16.8% +16.4% +13.1% +13.3%
EBITDA — — — — — — — — — — — — −63.9% — +70.5% +45.6% +68.7%
Operating income — — — — — — — — — — — — — — +126.8% +73.7% +105.7%
Net income — — — — — — — — — — — — — — −61.9% +31.7% +114.6%
Diluted EPS — — — — — — — — — — — — — — −62.6% +32.8% +124.2%
Margins
Gross margin 41.4% 51.4% 57.4% — — — — — — — — — — — — — —
EBITDA margin −74.6% −51.4% −36.6% −25.3% −19.9% −14.2% −15.7% −7.8% −9.4% −8.3% −0.4% 2.9% 0.9% 5.3% 7.8% 10.0% 12.9%
Operating margin −82.4% −58.4% −43.1% −32.7% −27.4% −21.6% −22.4% −14.1% −16.4% −13.8% −5.8% −2.3% −3.6% 2.5% 4.9% 7.5% 10.7%
Net margin −82.6% −59.5% −43.8% −36.8% −31.5% −23.8% −24.4% −15.0% −14.8% −13.3% −6.5% 0.6% −5.9% 19.0% 6.2% 7.3% 12.3%
Free-cash-flow margin −27.9% −14.0% −1.7% −3.1% −0.2% 10.8% 14.6% 15.1% 14.3% — — — 20.8% 26.4% 26.0% 29.1% 28.0%
Cash flow
Cash from operations −0.0 −0.0 0.0 0.0 0.1 0.3 0.4 0.5 0.6 0.9 1.3 1.7 1.7 2.1 2.5 2.9 3.1
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 — — — 0.4 0.2 0.3 0.2 0.2
Free cash flow −0.0 −0.0 −0.0 −0.0 −0.0 0.1 0.2 0.3 0.4 — — — 1.3 1.9 2.2 2.8 2.8
Stock-based pay 0.0 0.0 0.0 0.1 0.2 0.2 0.4 0.5 0.7 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.6
Free cash flow after stock pay −0.0 −0.0 −0.0 −0.1 −0.2 −0.1 −0.1 −0.2 −0.2 — — — −0.0 0.5 0.7 1.2 1.2
Balance sheet
Cash — 0.1 0.1 0.6 0.3 0.3 0.5 1.1 0.6 0.7 1.4 1.5 1.9 2.0 1.5 1.5 0.7
Total debt 0.0 — — — — — — — — — — — — — — — 3.0
Net debt (negative = net cash) — −0.1 −0.1 −0.6 −0.3 −0.3 −0.5 −1.1 −0.6 −0.7 −1.4 −1.5 −1.9 −2.0 −1.5 −1.5 2.3
Diluted shares 25m 29m 74m 171m 184m 190m 198m 208m 217m 227m 237m 254m 255m 265m 269m 268m 258m
Returned to shareholders
Buybacks — — — — — — — — — — 0.0 0.0 0.1 0.4 0.7 2.9 5.2
Total returned — — — — — — — — — — 0.0 0.0 0.1 0.4 0.7 2.9 5.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · July 31, 2026
What it owns · $15.9bn
Short-term assets $6.0bnLonger-term assets $9.9bn
What it owes, and who funded it · $15.9bn
Short-term liabilities $6.6bnLonger-term liabilities $2.8bnShareholders' equity $6.5bn
  • Short-term assets cover short-term liabilities $6.0bn of assets due within a year against $6.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.0bn short-term assets against $2.8bn of longer-dated liabilities.
  • More cash than debt $661m of cash against $3.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 46% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 14% to 46% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.1bn of operating cash flow against $3.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.1bn against $111m of interest.

From Workday, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$5.2B
Returned to shareholders
184%
of free cash flow
Buybacks, last 3 fiscal years
$4B
Diluted share count
−4.3%
year over year
Total shareholder yield
10.7%
dividends 0.0% + buybacks 10.7% of market value
R&D spending
27.7%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated WDAY SNPS ADSK PLTR TOST TEAM Median
Revenue, last 12 months $10.2bn $9.4bn $7.8bn $7.3bn $6.8bn $6.6bn $482m
Revenue growth, last 12 months 13.3% 46.3% 17.9% 87.1% 23.0% 26.0% 12.0%
Revenue growth, 3-year average 14.8% 21.4% 14.3% 50.8% 27.1% 23.0% 11.1%
Revenue growth, latest quarter 12.8% 42.4% 16.1% 95.9% 23.1% 27.6% 11.9%
Gross margin 61.1% 72.4% 91.2% 84.7% 26.7% 84.8% 69.2%
Operating margin 10.7% 8.5% 26.2% 45.6% 6.3% 0.2% 1.1%
Operating margin, 3-year average 7.0% 16.8% 23.2% 27.1% 2.0% −1.7% −0.8%
Net margin 12.3% 11.4% 21.1% 50.3% 7.1% −0.8% 2.1%
Cash from operations / revenue 30.3% 31.2% 37.2% 56.2% 9.3% 20.6% 18.2%
Free-cash-flow margin 28.0% 29.2% 36.4% 55.6% 8.5% 20.1% 15.0%
Free-cash-flow margin, 3-year average 27.3% 22.0% 28.1% 46.2% 7.2% 26.6% 16.2%
Stock pay / revenue 16.2% 10.1% 9.1% 13.5% 3.4% 24.4% 9.3%
Change in share count −4.3% 21.2% −1.5% 0.7% −1.1% −0.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 13.3% 12.0% 84 of 184
Change in growth rate Growth +0.0pp +0.2pp 98 of 184
Operating margin Profitability 10.7% 1.1% 53 of 181
Net margin Profitability 12.3% 2.1% 55 of 185
Free-cash-flow margin Cash generation 28.0% 15.2% 38 of 180
Stock pay as % of revenue Cash generation 16.2% 9.3% 135 of 177
Long-term debt as % of assets Balance sheet 12.5% 16.9% 41 of 98
Change in share count Balance sheet -4.3% 1.7% 18 of 163
Days sales outstanding Balance sheet 68 days 57 days 103 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Subscription Services $8.8B 92.5% ▲ 14.4%
Professional Services $719M 7.5% ▼ 1.2%
Geography
Region Revenue Share YoY
United States $7.2B 75.1% ▲ 13.3%
Outside the US $2.4B 24.9% ▲ 12.4%

From Workday, Inc.'s 10-K filed March 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$26.6B
Institutions reporting
903
Shares held vs prior quarter
▲ 7.8%
Positions opened / closed
119 / 147

Top buyers and sellers, Q2 2026: 470 institutions bought and 473 sold ; the biggest buyer was First Eagle Investment Management, LLC (+10.0M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 21.1M 9.7% ▲ 5.2%
First Eagle Investment Management, LLC $2.2B 17.6M 8.1% ▲ 132.0%
Vanguard Capital Management LLC $1.6B 13.2M 6.1% ▼ 4.4%
Hotchkis & Wiley Capital Management LLC $1.6B 12.7M 5.8% ▲ 19.0%
Eagle Capital Management LLC $1.4B 11.3M 5.2% ▲ 30.1%
Vanguard Portfolio Management LLC $1.4B 11.2M 5.1% ▼ 4.0%
State Street Corp $1.2B 9.6M 4.4% ▲ 0.4%
Invesco Ltd. $997M 8.1M 3.8% ▲ 5.1%
Geode Capital Management, LLC $722M 5.9M 2.7% ▲ 14.4%
Goldman Sachs Group Inc $566M 4.6M 2.1% ▲ 17.2%
Morgan Stanley $442M 3.6M 1.7% ▲ 31.9%
Fil Ltd $397M 3.2M 1.5% ▲ 15.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Workday, Inc.'s complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $574M 276 trades by 7 insiders · 100% under pre-set plans
Net ▼ $574M net selling
Insider Date Trade Shares Price Value
Garfield Mark S. Chief Accounting Officer October 12, 2026 Sell pre-set plan 918 $189.45 $173,915
Duffield David A 10% owner October 9, 2026 Sell pre-set plan 1,502 $190.96 $286,825
Duffield David A 10% owner October 9, 2026 Sell pre-set plan 10,472 $190.13 $2M
Duffield David A 10% owner October 9, 2026 Sell pre-set plan 12,732 $189.36 $2.4M
Duffield David A 10% owner October 9, 2026 Sell pre-set plan 14,228 $188.19 $2.7M
Duffield David A 10% owner October 9, 2026 Sell pre-set plan 14,294 $186.92 $2.7M
Duffield David A 10% owner October 9, 2026 Sell pre-set plan 46,607 $186.36 $8.7M
Duffield David A 10% owner October 6, 2026 Sell pre-set plan 10,572 $189.39 $2M
Duffield David A 10% owner October 6, 2026 Sell pre-set plan 19,534 $188.64 $3.7M
Duffield David A 10% owner October 6, 2026 Sell pre-set plan 10,054 $187.77 $1.9M
Duffield David A 10% owner October 6, 2026 Sell pre-set plan 45,984 $186.66 $8.6M
Duffield David A 10% owner October 6, 2026 Sell pre-set plan 10,284 $185.86 $1.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 33 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 3 sales of Workday, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $15,001 - $50,000, traded June 5, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $15,001 - $50,000, traded May 29, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 24, 2026 estimated from the company's past filing pattern, not announced

  • September 29, 2026
  • August 27, 2026
  • May 21, 2026
  • February 24, 2026
  • February 4, 2026
  • November 25, 2025

Recent SEC filings

Data status

When each part of this page on Workday, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Workday, Inc. in brief

What does Workday, Inc. do?
Workday, Inc. is a US-listed company in the application software industry. Its financial year ends in January.
What is Workday, Inc.'s stock ticker?
Workday, Inc. trades under the ticker WDAY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Workday, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Workday, Inc. reported revenue of $10.2B, 13.3% higher than a year earlier, according to its SEC filings.
What is Workday, Inc.'s free cash flow?
Workday, Inc.'s free-cash-flow margin is 28.0% of revenue over the trailing twelve months, ranking 38 of the 180 application software companies we cover.
What is Workday, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Workday, Inc.'s free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$160–$280 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Workday, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., First Eagle Investment Management, LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Workday, Inc. buying back stock, and does it pay a dividend?
Workday, Inc. spent $5.2B on share repurchases over the trailing twelve months, and its diluted share count fell 4.3% over the year.
What is Workday, Inc.'s market cap?
On November 2, 2026, Workday, Inc.'s market capitalisation was about $51.1B, with a price-to-earnings ratio of 40.9 and net debt of $2.3B. Market figures come from third-party market data and may be delayed.
How much debt does Workday, Inc. have?
Workday, Inc.'s debt-to-equity ratio is 46.3%, from its latest balance sheet (13.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Workday, Inc.'s competitors?
In our Application Software peer group, the companies closest to Workday, Inc. are Synopsys Inc, Autodesk, Inc., Palantir Technologies Inc., Toast, Inc. and Atlassian Corp. The side-by-side comparison below sets their revenue, margins and growth against Workday, Inc.'s.
Are insiders buying or selling Workday, Inc. stock?
Over the last 12 months, Workday, Inc.'s directors and officers reported 0 open-market purchases and 276 sales on Form 4. The insider trading page charts every trade.
When is Workday, Inc.'s next earnings date?
Around December 24, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Workday, Inc. announces its own schedule.