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WDAY · Workday, Inc.

42 filings

10-Q

WDAY 10-Q Quarterly Reports

Workday, Inc. - 42 quarterly reports

Filing record · 2016–202610-K1110-Q328-K112

2027-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2026
Workday, Inc. (WDAY) reported solid financial results for the six months ended July 31, 2026, demonstrating continued revenue growth and improved profitability. Total revenues increased by 13% year-over-year to $5.2 billion, driven primarily by a 14% increase in subscription services revenue, which now constitutes approximately 93% of total revenue. The company's operating income significantly improved, with GAAP operating income increasing to $651 million from $287 million in the prior year period, leading to a GAAP operating margin of 12.5%. Non-GAAP operating income also showed strong growth, reaching $1.6 billion with a margin of 31.5%. Cash flow generation remains robust, with operating activities providing $1.2 billion. The company maintained a strong liquidity position with $3.4 billion in cash, cash equivalents, and marketable securities as of July 31, 2026. Significant share repurchases were undertaken, with $2.9 billion used in financing activities during the six-month period, reflecting a commitment to returning capital to shareholders. The company also authorized a new $4.0 billion share repurchase program in August 2026.
Aug 27, 2026
2027-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2026
Workday, Inc. reported strong financial results for the first quarter of fiscal year 2027 (ended April 30, 2026). Total revenues increased by 13% year-over-year to $2.54 billion, driven by a 14% increase in subscription services revenue. The company demonstrated significant operational leverage, with GAAP operating income soaring to $338 million, up from $39 million in the prior year period. This improvement was fueled by revenue growth outpacing expense growth and a substantial reduction in restructuring costs. Key financial strengths include robust operating cash flow of $696 million and free cash flow of $616 million, both showing significant year-over-year improvements. The company's subscription revenue backlog stands at a healthy $27.3 billion, indicating strong future revenue potential. Workday continues to actively manage its capital, evidenced by substantial share repurchases totaling $1.6 billion during the quarter, while maintaining a strong liquidity position with $4.4 billion in cash, cash equivalents, and marketable securities.
May 22, 2026
2026-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2025
Workday, Inc. (WDAY) reported solid financial results for the quarter ended October 31, 2025, demonstrating continued revenue growth driven primarily by its subscription services. Total revenues increased by 13% year-over-year for both the three and nine-month periods, with subscription services growing at a robust 15% and 14% respectively. This growth was supported by strong expansion within existing customers and the addition of new clients. The company also highlighted a healthy gross revenue retention rate of 97%, indicating strong customer satisfaction and loyalty. Operationally, Workday saw significant improvements in profitability. GAAP operating income increased substantially, with operating margin expanding from 7.6% to 10.7% for the quarter and from 5.5% to 7.8% for the nine-month period, year-over-year. This improvement was attributed to revenue growth outpacing headcount growth and cost management initiatives, including those from a recent restructuring. The company also reported a strong increase in operating cash flow and free cash flow, underscoring its financial health and operational efficiency. Strategic investments in AI and recent acquisitions are positioning Workday for future growth, although the company continues to navigate macroeconomic uncertainties and potential impacts on sales cycles and customer spending.
Nov 26, 2025
2026-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2025
Workday, Inc. reported solid financial results for the second quarter and first half of fiscal year 2026. Total revenues increased by 13% year-over-year, driven by a 14% increase in subscription services revenue, which now constitutes 92% of total revenue. This growth was supported by strong customer expansion and new customer acquisition. The company also demonstrated improved profitability, with GAAP operating income more than doubling year-over-year for the quarter and increasing significantly for the half. Non-GAAP operating margins remained robust at 29.0% for the quarter and 29.6% for the half, indicating effective cost management despite increased investments in product development and sales and marketing. The company's financial position remains strong with substantial cash, cash equivalents, and marketable securities. Notably, Workday announced a significant restructuring plan earlier in the fiscal year, which resulted in a workforce reduction and associated charges. While this plan impacted costs in the short term, the company expects it to contribute to long-term durable growth and margin expansion. Looking ahead, Workday has also announced the pending acquisition of Paradox, Inc. for approximately $1.0 billion, signaling continued strategic investment in AI capabilities and market expansion. The company's strong backlog of future subscription revenue provides visibility into continued growth.
Aug 22, 2025
2026-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2025
Workday, Inc. reported its first-quarter fiscal year 2026 results, demonstrating continued revenue growth driven primarily by its subscription services. Total revenues increased by 13% year-over-year to $2.24 billion, with subscription revenue alone reaching $2.06 billion, also up 13%. This growth was supported by a strong gross revenue retention rate of approximately 98%, indicating customer loyalty and satisfaction. Despite revenue growth, GAAP operating income saw a decrease of 38% to $39 million, largely due to significant restructuring charges of $166 million related to a workforce reduction of approximately 7.5% announced in February 2025. However, on a non-GAAP basis, operating income surged 32% to $677 million, with non-GAAP operating margin improving to 30.2% from 25.9% in the prior year, highlighting the company's focus on operational efficiency and scalability. Financially, Workday maintains a strong liquidity position with $8.0 billion in cash, cash equivalents, and marketable securities. Operating cash flow increased by 23% to $457 million, and free cash flow saw a substantial 45% increase to $421 million, reflecting effective cash management and operational improvements. The company's subscription revenue backlog remains robust at $24.6 billion, signaling future revenue streams. While the company is navigating macroeconomic uncertainties, including deal scrutiny and extended sales cycles, its subscription-based model and continued investment in AI and strategic growth areas position it for sustained long-term growth.
May 23, 2025
2025-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2024
Workday, Inc. (WDAY) reported solid financial results for the third quarter of fiscal year 2025, ending October 31, 2024. Total revenues increased by 16% year-over-year to $2.2 billion, driven by a 16% rise in subscription services revenue to $2.0 billion. This growth was supported by strong expansion within existing customers (60% of the increase) and new customer acquisition (40%). The company demonstrated improved profitability, with GAAP operating income more than doubling to $165 million, resulting in a GAAP operating margin of 7.6%, up from 4.7% in the prior year period. This expansion in profitability reflects revenue growth outpacing headcount growth and efforts to build efficiencies across the business. Financially, Workday maintains a strong liquidity position with $7.2 billion in cash, cash equivalents, and marketable securities as of October 31, 2024. The company also reported a healthy subscription revenue backlog of $22.2 billion, indicating strong future revenue potential. Acquisitions in Evisort and HiredScore are expected to bolster Workday's AI capabilities, aligning with the company's strategic focus on innovation and expanding its cloud-based offerings in financial management and HCM. Despite macroeconomic uncertainties, Workday's subscription-based model and high gross revenue retention rate of 98% provide a degree of revenue predictability.
Dec 5, 2024
2025-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2024
Workday, Inc. reported solid financial performance for the quarter ending July 31, 2024, demonstrating continued growth in its core subscription services business. Total revenues increased by 17% year-over-year to $2.1 billion, driven by strong subscription services revenue growth of 17% to $1.9 billion. This growth was attributed to expansion within the existing customer base and new customer acquisitions, supported by gross and net revenue retention rates exceeding 95% and 100%, respectively. The company also achieved significant improvements in profitability, with GAAP operating income rising to $111 million from $36 million in the prior year period, reflecting revenue growth outpacing operating expense increases. Non-GAAP operating income also saw a healthy increase to $518 million. Furthermore, Workday continued to generate strong cash flow from operations, amounting to $571 million for the quarter, and its free cash flow increased by 43% to $516 million, highlighting efficient cash management and operational effectiveness. The company ended the quarter with a robust cash position of $7.4 billion in cash, cash equivalents, and marketable securities.
Aug 28, 2024
2025-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2024
Workday, Inc. (WDAY) reported strong financial results for the quarter ended April 30, 2024, showcasing continued revenue growth and a significant improvement in profitability. Total revenues increased by 18% year-over-year to $1.99 billion, driven primarily by a 19% surge in subscription services revenue, which now constitutes 91% of total revenue. The company has successfully transitioned from a GAAP operating loss to a GAAP operating income of $64 million, with a GAAP operating margin of 3.2%, a substantial improvement from a loss in the prior year period. Key to this turnaround is the company's ability to grow revenue faster than expenses. While total costs and expenses increased by 13%, this was outpaced by revenue growth, leading to improved profitability metrics. Non-GAAP operating income also saw a healthy increase of 30% to $515 million, with a non-GAAP operating margin of 25.9%, up from 23.5% in the prior year. The company also demonstrated robust cash flow generation, with operating cash flow increasing by 34% to $372 million and free cash flow up 33% to $291 million.
May 29, 2024
2024-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2023
Workday, Inc. reported strong revenue growth in the third quarter of fiscal year 2024, with total revenues increasing by 17% year-over-year to $1.87 billion. Subscription services, the company's primary revenue driver, saw an 18% increase, reaching $1.69 billion. This growth was attributed to new customer acquisition, expansion of product offerings to existing customers, and high customer retention rates, with gross and net retention rates exceeding 95% and 100%, respectively. The company also demonstrated significant improvement in profitability, with GAAP operating income turning positive at $87.9 million, a substantial increase from a loss of $26.3 million in the prior year period. Non-GAAP operating income also saw robust growth of 47% to $462.1 million, with a non-GAAP operating margin of 24.8%, up from 19.7% in the prior year. This improvement was driven by revenue growth, expense management, and a favorable change in depreciation expense due to updated useful lives for data center equipment. Financially, Workday maintains a strong liquidity position with $6.9 billion in cash, cash equivalents, and marketable securities as of October 31, 2023. Operating cash flow increased by 10% to $450.8 million for the quarter, and free cash flow grew by 12% to $390.8 million, indicating healthy cash generation from operations. The company also reported a substantial subscription revenue backlog of $18.4 billion, providing good visibility into future revenue. Significant investments continue in product development and sales, signaling a focus on long-term growth.
Nov 28, 2023
2024-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2023
Workday, Inc. reported solid revenue growth for the second quarter and first half of fiscal year 2024, driven by its core subscription services. Total revenues increased by 16% year-over-year for the quarter to $1.8 billion and by 17% for the first half to $3.5 billion. Subscription services revenue, which constitutes the vast majority of the company's income, saw a robust 19% increase in both periods. The company also demonstrated a significant improvement in profitability, with GAAP operating income turning positive to $36.3 million for the quarter, compared to a loss in the prior year, and Non-GAAP operating margin improving to 23.6% for the quarter. The company maintained strong customer retention rates, with gross and net retention above 95% and 100%, respectively. Despite macroeconomic uncertainties, Workday continues to invest in product development and sales and marketing, reflecting confidence in sustained growth. The company ended the period with a healthy cash position of $6.7 billion in cash, cash equivalents, and marketable securities, indicating strong liquidity.
Aug 24, 2023
2024-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2023
Workday, Inc. reported its first-quarter fiscal year 2024 results, demonstrating continued revenue growth driven primarily by its subscription services. Total revenues increased by 17% year-over-year to $1.7 billion, with subscription services revenue up 20% to $1.5 billion. The company reported a GAAP operating loss of $19.8 million, a significant improvement from the prior year's loss of $72.8 million, reflecting better operating leverage. Non-GAAP operating income, however, showed strong growth, increasing by 37% to $395.9 million, with a corresponding margin expansion to 23.5% from 20.1%. The company ended the quarter with a strong liquidity position, holding $6.3 billion in cash, cash equivalents, and marketable securities. Key financial highlights include a substantial increase in total subscription revenue backlog, reaching $16.7 billion, up 32% year-over-year, indicating robust future revenue potential. The company also saw a 12% increase in headcount, suggesting continued investment in growth. Despite macroeconomic uncertainties, Workday maintained strong customer retention rates, with gross and net retention rates above 95% and over 100%, respectively. The company's strategic shift in depreciation for data center equipment, extending its useful life from 3 to 5 years, positively impacted profitability by reducing depreciation expense. Investors should monitor the company's ability to translate revenue growth into sustained GAAP profitability while managing its significant investments in product development and sales and marketing.
May 25, 2023
2023-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2022
Workday, Inc. reported its third-quarter fiscal year 2023 results, showcasing continued revenue growth driven by its subscription services, which now represent 90% of total revenue. While total revenues increased by 20% year-over-year to $1.6 billion for the quarter, the company experienced a GAAP operating loss of $26.3 million, a significant decrease from the prior year's operating income, primarily due to increased operating expenses related to headcount growth, a new performance-based cash bonus program, and a return to travel and in-person events. Despite these increased expenses impacting short-term profitability, Workday's subscription revenue backlog remains strong, growing 28% year-over-year to $14.1 billion, indicating robust future revenue potential. Financially, Workday ended the quarter with a strong liquidity position, holding $5.5 billion in cash, cash equivalents, and marketable securities. The company also successfully managed its debt, including the conversion of its 2022 Notes. While investing in future growth, including product development and sales expansion, the company is navigating a challenging macroeconomic environment which has led to longer sales cycles. Investors should monitor the company's ability to translate its strong revenue growth and backlog into improved GAAP profitability while managing its operating expenses effectively.
Nov 29, 2022
2023-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2022
Workday, Inc. (WDAY) reported its second-quarter results for fiscal year 2023, showcasing continued revenue growth driven by its subscription services segment. Total revenues increased by 22% year-over-year to $1.5 billion, with subscription services contributing $1.37 billion, up 23%. Despite revenue growth, the company reported a GAAP operating loss of $34.1 million, a significant widening from the prior year's loss of $1.1 million. This was driven by increased operating expenses, particularly in employee-related costs due to higher headcount and performance-based bonuses, as well as a return to travel and in-person events. However, on a non-GAAP basis, Workday reported an operating income of $301.6 million, with a non-GAAP operating margin of 19.6%. The company ended the quarter with a strong liquidity position, with $6.3 billion in cash, cash equivalents, and marketable securities. The subscription revenue backlog also showed robust growth, increasing by 27% year-over-year to $13.5 billion, indicating strong future revenue potential.
Aug 25, 2022
2023-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2022
Workday, Inc. reported its first-quarter fiscal year 2023 results, showing robust top-line growth with total revenues increasing by 22% year-over-year to $1.43 billion, driven primarily by a 23% rise in subscription services revenue. Despite revenue growth, the company reported a GAAP operating loss of $72.8 million, a widening from the prior year's loss of $38.3 million, leading to a GAAP net loss of $102.2 million. This widening loss reflects increased investments in product development, sales, and marketing, as well as higher employee-related expenses and a new performance-based cash bonus program. However, on a non-GAAP basis, Workday maintained a strong operating margin of 20.1% and generated $439.7 million in operating cash flow, indicating the underlying health of its subscription-based business model. The company ended the quarter with a strong liquidity position, reporting $6.3 billion in cash, cash equivalents, and marketable securities. A significant financing activity during the quarter was the issuance of $3.0 billion in senior notes. Workday's substantial remaining performance obligations, totaling $12.7 billion, provide good visibility into future subscription revenue. While the company continues to invest heavily for growth, investors should monitor the increasing operating expenses and the path to GAAP profitability.
May 26, 2022
2022-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2021
Workday, Inc. reported strong performance for the third quarter of fiscal year 2022, with total revenues increasing by 20% year-over-year to $1.33 billion. Subscription services, the company's primary revenue driver, grew by 21% to $1.17 billion, indicating sustained demand for Workday's cloud-based solutions. While operating expenses also increased, the company demonstrated improved profitability with a GAAP operating margin of 1.8%, a significant improvement from the prior year's negative margin. This growth was supported by strategic acquisitions, notably Zimit, which is expected to enhance Workday's quote-to-cash automation capabilities. Financially, Workday maintained a healthy liquidity position with $3.6 billion in cash, cash equivalents, and marketable securities as of October 31, 2021. The company's investing activities included strategic acquisitions and capital expenditures, while financing activities focused on debt management and equity issuances. Workday's strong revenue growth, coupled with an expanding subscription base and solid financial health, positions it well for continued expansion in the enterprise cloud application market.
Nov 18, 2021
2022-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2021
Workday, Inc. reported solid revenue growth for the second quarter and first half of fiscal year 2022, with total revenues increasing by 19% and 17% respectively, driven primarily by subscription services. The company demonstrated a significant improvement in profitability, moving from a net loss in the prior year to a net income of $105.7 million for the quarter and $59.2 million for the first half. This turnaround is supported by increased revenue and a favorable impact from expense moderation related to the COVID-19 pandemic, though the company emphasizes that the extent of this favorable impact is not expected to continue long-term. Key financial highlights include continued strong subscription revenue growth, which constitutes the majority of the company's revenue. While operating expenses increased in absolute terms, they grew at a slower pace than revenue in the first half of the year, contributing to improved operating margins on a non-GAAP basis. The company's liquidity remains strong, with a significant balance of cash, cash equivalents, and marketable securities. Despite the positive financial performance, Workday continues to invest heavily in product development and sales and marketing to fuel future growth, acknowledging that these investments will increase absolute costs in the near term.
Aug 26, 2021
2022-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2021
Workday, Inc. reported total revenues of $1.175 billion for the three months ended April 30, 2021, a 15% increase year-over-year, primarily driven by a 17% increase in subscription services revenue to $1.032 billion. While total costs and expenses also increased, Workday significantly improved its operating loss from a loss of $144.5 million in Q1 FY2020 to a loss of $38.3 million in Q1 FY2021. This improvement is also reflected in the non-GAAP operating margin, which expanded from 12.8% to 24.6%, indicating enhanced operational efficiency. The company's balance sheet shows solid liquidity, with cash, cash equivalents, and marketable securities totaling $3.0 billion. A notable event during the quarter was the acquisition of Peakon for $702 million, aimed at enhancing Workday's employee success platform capabilities and contributing to the growth in goodwill. Despite incurring a net loss on a GAAP basis, the company demonstrates strong revenue growth and improving operational leverage, positioning it for continued expansion in the enterprise cloud applications market.
May 26, 2021
2021-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2020
Workday, Inc.'s third-quarter fiscal year 2021 filing (period ending October 31, 2020) reveals continued strong revenue growth driven by its subscription services, which now constitute the vast majority of its top line. Total revenues increased by 18% year-over-year for the quarter. While the company reported a net loss, a significant improvement was observed compared to the prior year's period, indicating progress towards profitability. The company maintained a robust liquidity position with substantial cash, cash equivalents, and marketable securities. Key operational highlights include consistent growth in subscription services revenue, which benefited from an increased number of customer contracts. Despite some headwinds from the COVID-19 pandemic, such as a slight decrease in professional services revenue, the company demonstrated resilience. Management's focus remains on disciplined investment for long-term growth, particularly in product development and global expansion, while navigating the economic uncertainties posed by the pandemic. The company also proactively managed its debt obligations, including the reclassification of its 2022 Notes to current liabilities due to meeting early conversion criteria.
Nov 20, 2020
2021-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2020
Workday, Inc. reported strong revenue growth for the second quarter and first half of fiscal year 2021, driven by its core subscription services. Total revenues increased by 20% and 21% year-over-year for the respective periods, with subscription services showing a 23% and 24% increase. Despite this top-line growth, the company reported a net loss for both periods, consistent with its strategy of investing heavily in product development and sales and marketing for long-term expansion. The company highlighted a favorable impact on operating margins due to revenue growth outpacing headcount growth and reduced operating expenses stemming from the COVID-19 pandemic, particularly in travel and event spending. Financially, Workday ended the quarter with a robust cash and cash equivalents balance of over $1.2 billion, bolstered by significant cash generated from operations. The company also successfully refinanced its debt obligations, with the conversion of its 2020 Notes and the addition of a new $750 million term loan facility. Looking ahead, Workday continues to focus on expanding its customer base and investing in innovation, anticipating further revenue growth while managing expenses for long-term profitability.
Aug 28, 2020
2021-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2020
Workday, Inc. (WDAY) reported its first quarter fiscal year 2021 results, with total revenues reaching $1.02 billion, a 23% increase year-over-year. Subscription services revenue, the primary driver of growth, increased by 26% to $882 million. Despite revenue growth, the company reported a net loss of $158.4 million for the quarter, a widening from the prior year's loss of $116.3 million. This loss was partly attributed to a one-time $79 million employee bonus related to the COVID-19 pandemic and increased employee-related costs due to higher headcount. Cash flow from operations remained strong, providing $263.7 million, demonstrating the recurring revenue model's resilience. The company also secured a new $750 million senior unsecured term loan facility and a $750 million revolving credit facility in April 2020, bolstering its liquidity. While revenue growth is positive, investors should monitor the company's path to profitability and its ability to manage operating expenses, especially in light of the ongoing economic uncertainties stemming from the COVID-19 pandemic.
May 28, 2020
2020-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2019
Workday, Inc.'s (WDAY) Form 10-Q for the period ending October 31, 2019, reveals a period of continued revenue growth, albeit with ongoing net losses. Total revenues increased by 26% year-over-year for the quarter and 30% for the first nine months, driven primarily by subscription services, which now represent 85% of total revenues. Despite revenue growth, the company reported net losses for both the quarter and the year-to-date period, consistent with its strategy of reinvesting in product development and global expansion. The adoption of ASC 842 (Leases) had a notable impact on the balance sheet, introducing significant operating lease right-of-use assets and liabilities. Financially, the company's liquidity remains robust with substantial cash and marketable securities. Operating cash flow improved year-over-year. However, investors should note the significant share-based compensation expenses, which impact GAAP profitability, though the company also presents non-GAAP metrics to offer a view of operational performance excluding these and other non-cash items. The company continues to manage a significant amount of remaining performance obligations for subscription contracts, indicating future revenue potential.
Dec 4, 2019
2020-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2019
Workday, Inc. reported total revenues of $887.8 million for the third quarter of fiscal year 2020, representing a 32% increase year-over-year. Subscription services revenue, the primary revenue driver, grew 34% to $757.2 million, indicating strong demand for Workday's cloud-based applications. Despite revenue growth, the company reported a net loss of $120.7 million for the quarter, reflecting ongoing investments in product development and sales and marketing. However, non-GAAP operating margins showed improvement, increasing from 10.1% to 13.2% year-over-year, suggesting enhanced operational efficiency excluding certain non-cash expenses. Key financial developments include a robust increase in cash provided by operating activities, reaching $100.3 million, up from $57.6 million in the prior year period. This indicates improved cash generation from core operations. The company ended the quarter with a strong liquidity position, holding $1.9 billion in cash, cash equivalents, and marketable securities. Significant investments were noted in property and equipment, including data center and office space expansions, alongside continued R&D spending to fuel future innovation and growth.
Aug 30, 2019
2020-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2019
Workday, Inc.'s Form 10-Q for the period ending April 30, 2019, reveals a company experiencing significant revenue growth, driven primarily by its subscription services, which saw a 34% increase year-over-year. Despite this top-line growth, the company reported a net loss of $116.3 million for the quarter, an increase from the $74.4 million net loss in the prior year period. This widening net loss is largely attributable to increased operating expenses, particularly in product development and sales and marketing, as Workday continues to invest heavily in innovation and global expansion. Key financial metrics indicate continued investment in growth. Total revenues grew by 33% to $825.1 million. The company maintained a strong cash position with $1.9 billion in cash, cash equivalents, and marketable securities. A notable accounting change this quarter was the adoption of the new lease accounting standard (ASC 842), which resulted in the recognition of significant operating lease right-of-use assets and liabilities on the balance sheet. Investors should note Workday's ongoing strategy of reinvesting heavily in its platform and sales efforts, which contributes to reported losses but is intended to fuel long-term market leadership and revenue expansion.
May 30, 2019
2019-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2018
Workday, Inc. reported a solid increase in total revenues for both the three and nine months ending October 31, 2018, driven primarily by strong growth in subscription services. The company's focus remains on expanding its customer base and investing in product development to sustain long-term growth, despite incurring net losses. Significant investments in headcount and infrastructure, coupled with the acquisition of Adaptive Insights, led to higher operating expenses. While GAAP operating margins declined, the company continues to leverage non-GAAP measures to present operational performance. The balance sheet reflects a substantial increase in goodwill and acquisition-related intangible assets due to the Adaptive Insights acquisition, alongside a decrease in cash and marketable securities due to investing activities, including the acquisition. Financially, Workday continues to invest heavily for growth, leading to ongoing operating losses. The acquisition of Adaptive Insights in August 2018 for $1.5 billion significantly impacted the balance sheet, increasing goodwill and intangible assets. Cash flow from operations remained positive but saw a decrease compared to the prior year's comparable period, largely due to increased operating expenses and the Adaptive Insights acquisition costs. Investing activities used substantial cash, primarily for the acquisition and capital expenditures. The company's liquidity remains strong with significant cash, cash equivalents, and marketable securities available.
Dec 3, 2018
2019-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2018
Workday, Inc.'s (WDAY) 10-Q filing for the period ending July 31, 2018, reveals continued strong revenue growth, driven primarily by its subscription services. Total revenues increased by 28% year-over-year for both the three and six-month periods. While the company continues to invest heavily in product development and sales and marketing to fuel future growth, resulting in a GAAP operating loss, its non-GAAP operating margins showed improvement. The company also maintained a robust liquidity position with substantial cash, cash equivalents, and marketable securities. A significant event during the quarter was the conversion of the 0.75% convertible senior notes due July 15, 2018, and the company is preparing for the acquisition of Adaptive Insights, Inc., which closed shortly after the reporting period. Investors should note Workday's ongoing commitment to long-term growth through strategic investments, balanced by a focus on expanding its customer base and market reach.
Sep 5, 2018
2019-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2018
Workday, Inc. reported total revenues of $618.6 million for the three months ended April 30, 2018, a 29% increase year-over-year, driven by a 31% increase in subscription services revenue. Despite revenue growth, the company continued to incur an operating loss of $71.3 million and a net loss of $74.4 million. This loss was primarily due to significant investments in product development and sales & marketing to support future growth. The company maintained a strong liquidity position with $3.4 billion in cash, cash equivalents, and marketable securities.
Jun 1, 2018
2018-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2017
Workday, Inc. (WDAY) reported its third-quarter fiscal year 2018 results for the period ending October 31, 2017. The company demonstrated robust revenue growth, with total revenues increasing by 34% year-over-year to $555.4 million. This growth was primarily driven by a strong performance in subscription services, which saw a 37% increase to $463.6 million, indicating continued demand for Workday's core cloud applications. While the company is still operating at a net loss of $85.5 million for the quarter, the results show improvements in operating leverage, with GAAP operating margin improving from -25.6% to -14.4%. Non-GAAP operating margin also saw significant improvement, rising to 9.0% from 1.9% in the prior year period. The company ended the quarter with a strong liquidity position, holding $3.2 billion in cash, cash equivalents, and marketable securities, and generated positive free cash flow of $107.7 million for the quarter. The company also successfully issued $1.15 billion in convertible senior notes in September 2017, strengthening its financial flexibility.
Nov 30, 2017
2018-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2017
Workday, Inc. reported solid revenue growth for the third quarter and first half of fiscal year 2018, with total revenues increasing by 41% and 39% year-over-year, respectively. Subscription services, the company's primary revenue driver, saw a significant 42% increase in both periods, indicating continued strong demand for its cloud-based financial and human capital management applications. While the company continues to invest heavily in product development and sales/marketing to fuel future growth, leading to operating losses on a GAAP basis, non-GAAP operating margins showed improvement, increasing from 1.6% to 9.3% for the quarter and from 2.7% to 10.9% for the first half. The company also reported healthy cash flow from operations and an increase in cash and cash equivalents, demonstrating effective management of its financial resources amidst aggressive growth initiatives.
Aug 31, 2017
2018-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2017
Workday, Inc. (WDAY) reported its first-quarter fiscal year 2018 results (ending April 30, 2017), demonstrating robust revenue growth driven primarily by its subscription services. Total revenues increased by 38% year-over-year to $479.9 million, with subscription services revenue alone growing by 43% to $399.7 million. Despite this strong top-line performance, the company continued to operate at a net loss of $64.0 million, a slight improvement from the $78.5 million net loss in the same period last year. This loss is attributed to significant investments in product development and sales & marketing to fuel future growth. The company also highlighted an improvement in its non-GAAP operating margin, which expanded to 12.7% from 3.8% in the prior year period, indicating increasing operational efficiency as revenue scales. Workday maintained a strong liquidity position with $2.1 billion in cash, cash equivalents, and marketable securities. Cash flow from operations remained positive at $180.0 million, and the company also generated a healthy free cash flow of $149.4 million, demonstrating its ability to fund operations and growth initiatives internally. Investors should note the ongoing strategic investments in R&D and sales, which are expected to continue to weigh on GAAP profitability in the near term but are crucial for maintaining market leadership in the cloud enterprise software space.
Jun 2, 2017
2017-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2016
Workday, Inc. (WDAY) reported its third-quarter fiscal year 2017 results for the period ending October 31, 2016. The company demonstrated robust revenue growth, with total revenues increasing by 34% year-over-year to $409.6 million, driven primarily by a 38% surge in subscription services revenue to $335.7 million. This strong top-line performance was achieved while the company continued to invest heavily in product development and sales & marketing, resulting in an operating loss. Despite the net loss reported, the company's cash position remained strong, with cash and cash equivalents, along with marketable securities, totaling $1.9 billion, and positive cash flow from operations. Financially, Workday continues to focus on growth, reflected in significant increases in operating expenses, particularly employee-related costs due to headcount expansion. The company made a strategic acquisition during the quarter for $144 million to enhance its analytics capabilities. While profitability on a GAAP basis remains a longer-term goal, the company's non-GAAP operating margins showed improvement, indicating underlying operational efficiencies. Investors should note the ongoing investments in infrastructure and personnel to support future expansion, which will likely continue to impact short-term profitability.
Dec 2, 2016
2017-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2016
Workday, Inc. (WDAY) reported its financial results for the quarter and six months ended July 31, 2016. The company demonstrated strong revenue growth, particularly in its subscription services, which increased by 37% and 38% year-over-year for the three and six-month periods, respectively. This growth was driven by an expanding customer base. Despite the revenue acceleration, Workday continued to operate at a net loss, which widened slightly in dollar terms but improved as a percentage of revenue on a non-GAAP basis. Key financial metrics show continued investment in growth, with operating expenses increasing across all major categories, primarily due to higher employee-related costs resulting from increased headcount. The company's cash position remains robust, supported by a significant amount of cash and marketable securities. Management remains focused on long-term growth initiatives, indicating continued investment in product development, sales, and marketing, which is expected to drive future revenue expansion.
Sep 2, 2016
2017-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2016
Workday, Inc. reported strong revenue growth of 38% year-over-year for the first quarter of fiscal year 2017, reaching $345.4 million. This growth was primarily driven by a 39% increase in subscription services revenue, which now constitutes 81% of total revenue, highlighting the company's successful transition to a subscription-based cloud model. Despite this revenue expansion, the company continued to operate at a net loss of $80.6 million, reflecting significant ongoing investments in product development, sales, and marketing to support long-term growth and market expansion. The company's balance sheet shows a healthy cash and marketable securities position of $2.1 billion, providing ample liquidity.
Jun 1, 2016
2016-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2015
Workday, Inc.'s 10-Q filing for the period ending October 31, 2015, demonstrates strong top-line growth, with total revenues increasing by 42% year-over-year to $305.3 million. This growth was primarily driven by subscription services, which saw a 48% increase, highlighting the company's core business strength. Despite revenue growth, the company continues to operate at a net loss, with a loss of $77.8 million for the quarter. This is largely attributable to significant investments in product development and sales & marketing, reflecting a strategy focused on long-term expansion and market penetration. The balance sheet shows healthy liquidity, with cash and cash equivalents, and marketable securities totaling $1.9 billion. The company also made a strategic acquisition during the quarter, investing in a cloud-based educational video platform to enhance its application suite. While investing in growth, Workday continues to manage its expenses, with core operating expenses growing at a slightly slower pace than revenue in some areas. Investors should note the ongoing investment in growth initiatives, which is expected to continue to impact profitability in the near term, but positions the company for future market leadership.
Dec 4, 2015
2016-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2015
Workday, Inc. reported strong revenue growth for the three and six months ended July 31, 2015. Total revenues increased by 51% and 54% year-over-year, respectively, primarily driven by a robust 56% and 59% increase in subscription services revenue. This indicates continued market acceptance and demand for Workday's cloud-based HCM and financial management applications. Despite significant revenue growth, the company continues to operate at a net loss, with a loss of $69.4 million for the three-month period and $131.0 million for the six-month period. This is largely due to substantial investments in product development, sales, and marketing, reflecting the company's strategy to fuel long-term growth. The company's cash position remains strong, with over $1.9 billion in cash and marketable securities, providing ample liquidity for ongoing operations and strategic investments.
Sep 4, 2015
2016-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2015
Workday, Inc. reported strong revenue growth for the first quarter of fiscal year 2016, with total revenues increasing by 57% to $251 million. This growth was primarily driven by a 63% surge in subscription services revenue, reaching $201 million, indicating continued demand for their core cloud-based HCM and financial management solutions. Despite the impressive top-line performance, the company continues to operate at a loss, with a net loss of $61.6 million for the quarter. This loss is attributed to significant investments in product development, sales, and marketing to fuel future expansion and maintain a competitive edge in the fast-evolving enterprise cloud market. The company's cash position remains robust, with $1.9 billion in cash, cash equivalents, and marketable securities, and it generated positive operating cash flow of $94 million, demonstrating a healthy ability to fund its growth initiatives.
Jun 5, 2015
2015-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2014
Workday, Inc. (WDAY) reported its third-quarter fiscal year 2015 results for the period ending October 31, 2014. The company demonstrated significant revenue growth, with total revenues increasing by 68% year-over-year to $215.1 million, driven primarily by a 75% surge in subscription services revenue. Despite this top-line growth, Workday continued to operate at a net loss, reporting a net loss of $59.9 million for the quarter, compared to $47.5 million in the prior year period. This widening loss reflects substantial investments in product development and sales and marketing to fuel future growth. Key financial metrics show continued investment in growth initiatives, with operating expenses rising significantly. The company's balance sheet remains strong, with cash and cash equivalents and marketable securities totaling $1.8 billion. Management is focused on expanding the customer base and investing in application development and sales infrastructure, anticipating continued revenue growth while managing expenses for long-term profitability. Investors should note the significant share-based compensation expenses and the ongoing investments in growth, which contribute to the current net losses.
Dec 5, 2014
2015-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2014
Workday, Inc. (WDAY) reported its second-quarter fiscal year 2015 results for the period ending July 31, 2014. The company demonstrated strong revenue growth, with total revenues increasing by 74% year-over-year to $186.8 million. This growth was primarily driven by subscription services, which rose 77% to $143.7 million, indicating continued strong demand for Workday's core cloud-based HCM and financial management applications. Despite the robust top-line growth, Workday continued to operate at a net loss, reporting a net loss of $69.2 million for the quarter, compared to a net loss of $36.0 million in the prior year period. This widened loss is largely attributable to significant investments in product development and sales and marketing to fuel future growth. The company's cash position remains strong, with cash and cash equivalents and marketable securities totaling $1.8 billion, providing ample liquidity for ongoing operations and strategic initiatives.
Sep 2, 2014
2015-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2014
Workday, Inc. reported its first quarter results for fiscal year 2015, ending April 30, 2014. The company demonstrated robust revenue growth of 74% year-over-year, reaching $159.7 million, driven by a significant 80% increase in subscription services revenue. Despite this strong top-line performance, Workday continued to operate at a net loss, reporting a net loss of $59.4 million for the quarter, an increase from the $33.0 million net loss in the same period last year. This widening loss is largely attributable to substantial investments in product development, sales, and marketing to support its growth strategy, with total operating expenses increasing by 70% year-over-year. Financially, Workday maintained a strong liquidity position with approximately $1.9 billion in cash, cash equivalents, and marketable securities. The company also completed a strategic acquisition of Identified, Inc. to enhance its analytics capabilities. While the company is prioritizing revenue growth and market expansion, investors should note the continued unprofitability and the significant investment in growth initiatives, which are expected to weigh on near-term profitability. The company also disclosed ongoing efforts to manage its substantial share-based compensation expenses and presented its financial results with a focus on 'core operating expenses' as a non-GAAP measure to highlight ongoing operational performance.
Jun 6, 2014
2014-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2013
Workday's Form 10-Q for the quarter ended October 31, 2013 shows a company growing revenue rapidly while remaining deeply unprofitable. Total revenues were $127.9 million for the three months, up 76% year over year, and $327.1 million for the nine months, up 70%. Subscription revenue grew 82% in the quarter to $93.9 million and now makes up 74% of total revenue. Operating loss was $40.4 million for the quarter, a 32% operating margin deficit, roughly flat in dollar terms versus the prior year despite much higher revenue. Net loss for the quarter was $47.5 million, or $(0.27) per share, compared with $(0.67) a year earlier. The net loss per share improved mainly because the share count rose sharply after the October 2012 IPO. Management stated it does not expect the company to be profitable in the near future. The balance sheet changed meaningfully in June 2013, when Workday issued $600 million of convertible senior notes: $350 million due 2018 at a 0.75% coupon and $250 million due 2020 at 1.50%. Together with the IPO proceeds, these notes left the company with about $1.3 billion in cash, cash equivalents and marketable securities at October 31, 2013. Net of the notes hedges and warrants, the company's net cash position still looks strong. Unearned revenue of $279.3 million current and $72.5 million noncurrent, plus the 2013 notes, is the main long-term funding source. Operating cash flow was barely positive for the nine months at $11.5 million, and capital expenditures rose to $48.4 million year to date, with guidance of about $75 million for the full fiscal year. Key risks flagged in the filing include continued losses, competition from Oracle and SAP, a dual-class share structure that gives the co-founders majority voting control, dilution and hedge-related effects from the convertible notes, and the emerging growth company exemptions that end January 31, 2014. Investors should weigh the strong top-line growth and cash reserves against the company's sustained losses and dependence on continued customer acquisition.
Dec 2, 2013
2014-Q2
Workday, Inc. Quarterly Report for Q2 Ended Jul 31, 2013
Workday's Q2 FY2014 10-Q (quarter ended July 31, 2013) shows rapid top-line growth alongside widening losses. Total revenues were $107.6 million for the quarter, up 72% year over year, led by subscription services revenue, which rose 92% to $81.1 million. Six-month revenues reached $199.2 million, up 67%. Subscription revenue made up 75% of the quarter's total and 92% of unearned revenue, which supports visibility into future periods. However, costs grew faster than revenue. Operating loss widened to $32.3 million (30.0% of revenue) from $26.4 million a year earlier, and the net loss for the quarter was $36.0 million, or $(0.21) per share, compared with $(0.78) per share in the prior year. The per-share comparison is distorted by the October 2012 IPO and the conversion of preferred stock, so the year-over-year change in per-share loss is not a clean measure of performance. Management states it does not expect profitability in the near future and is investing heavily in R&D, sales and marketing, and data center capacity. The balance sheet and cash flow changed materially in June 2013, when Workday issued $600 million of convertible senior notes: $350 million due 2018 at 0.75% and $250 million due 2020 at 1.50%. The company paid $143.7 million for note hedges and received $92.7 million from warrant sales, leaving a net cash benefit of about $533 million from financing. Cash, cash equivalents and marketable securities totaled $1.3 billion at July 31, 2013, up from $790 million at January 31, 2013. Operating cash flow was negative $12.9 million in the quarter, though it was positive $4.4 million for the six months, helped by a $40.4 million increase in unearned revenue. Management also flagged a $16.5 million payroll-tax payment on employee stock transactions in the quarter, which weighed on operating cash flow. Investors should weigh the strong growth and large cash position against the company's continued losses, rising cost base, dilution risk from the convertible notes and warrants (about 7.3 million shares at a $107.96 strike), and the dual-class structure that gives co-founders control of voting power. Capital expenditures are expected to reach about $80 million in fiscal 2014, which will pressure free cash flow in the near term.
Sep 6, 2013
2014-Q1
Workday, Inc. Quarterly Report for Q1 Ended Apr 30, 2013
Workday's first quarterly report as a newly public company (Form 10-Q for the quarter ended April 30, 2013) shows revenue growing strongly while losses widened. Total revenue rose 61% year over year to $91.6 million, led by subscription services, which grew 85% to $68.4 million and now make up 75% of revenue. Operating loss widened to $32.6 million from $20.0 million, and net loss rose to $33.0 million, or $(0.20) per share, compared with $(0.61) in the prior-year period, which was distorted by the pre-IPO share count. Operating expenses grew faster than revenue, with R&D up 75%, sales and marketing up 55%, and G&A up 113%, driven by headcount growth to more than 1,950 employees and higher share-based compensation of $7.4 million versus $1.4 million a year earlier. Liquidity remains strong. Cash, cash equivalents and marketable securities totaled $805.8 million at April 30, 2013, up from $790.3 million at January 31, 2013, supported by the October 2012 IPO, which raised approximately $684.6 million in net proceeds. Operating cash flow was positive at $17.3 million, but this was flattered by a $16.5 million temporary benefit from payroll taxes withheld on employee stock transactions, which will reverse as a cash outflow in the next quarter. Management guided to roughly $80 million in capital expenditures for fiscal 2014 and stated it does not expect to be profitable in the near future. Investors should weigh the strong growth and deferred revenue base against the company's ongoing losses, its dual-class share structure that gives the co-CEOs over 94% of voting power, its reliance on a majority of subscription revenue from one application (HCM), and the risks of competition from Oracle and SAP.
Jun 5, 2013
2013-Q3
Workday, Inc. Quarterly Report for Q3 Ended Oct 31, 2012
Workday's first 10-Q as a newly public company covers the quarter ended October 31, 2012, following its IPO in October 2012, which sold 26.2 million Class A shares at $28.00 and raised net proceeds of about $684.6 million. The IPO transformed the balance sheet: cash, equivalents and marketable securities rose to $797.4 million at quarter-end, up from $111.2 million at January 31, 2012, and total stockholders' equity moved from a deficit of $(175.6) million to $615.5 million. Revenue growth remained very strong, with third-quarter revenue of $72.6 million, up 99% year over year, and nine-month revenue of $192.1 million, up 111%. Subscription revenue grew 116% in the quarter and represented 71% of total revenue. Profitability did not improve. Third-quarter operating loss widened to $(40.9) million from $(19.4) million, and the net loss was $(41.3) million, or $(0.67) per share. About $11.3 million of the G&A expense was a one-time non-cash charge from donating 500,000 Class B shares to the Workday Foundation. Excluding that charge, the loss was still substantially larger than a year earlier, driven by headcount growth (1,620 employees versus 941) and expanded sales, R&D and professional services spending. Management stated it does not expect to be profitable in the near future and intends to keep investing heavily in growth. Operating cash flow was positive for the nine months at $5.3 million, helped by a $64.1 million increase in unearned revenue, but it was negative in the third quarter at $(9.4) million. Investors should also weigh governance and structural considerations. Workday uses a dual-class structure in which Class B shares carry ten votes each, and insiders, employees and directors together hold above 95% of voting power, with co-CEOs David Duffield and Aneel Bhusri controlling most of it. Lock-up restrictions on Class B shares expire April 10, 2013, which could create future selling pressure. The company is an emerging growth company, and its roughly $1.7 million one-year interest rate sensitivity is modest given the portfolio size.
Dec 7, 2012