Workday, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Workday, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,574	2,143	2,822	3,627	4,318	5,139	6,216	7,259	8,446	9,552
Research and development	681	911	1,212	1,550	1,721	1,879	2,247	2,464	2,626	2,679
Selling and marketing	565	683	891	1,147	1,233	1,462	1,842	2,139	2,432	2,616
General and administrative	198	223	347	368	414	486	599	702	820	912
Operating expenses	1,928	2,446	3,285	4,129	4,567	5,255	6,438	7,076	8,031	8,831
Operating income	-353	-303	-463	-502	-249	-116	-222	183	415	721
Interest expense	30.1	44.5	60.2	58.7	68.8	17	102	114	114	114
Interest income	11.3	25.3	42.5	41.3	18.8	5	97	301	350	318
Other non-operating income	-32.4	-11.6	39.5	19.8	-26.5	132	-38	173	223	288
Pre-tax income	-386	-315	-424	-482	-275	16	-260	356	638	1,009
Income tax	-0.81	6.44	-5.49	-1.77	7.3	-13	107	-1,025	112	316
Net income	-385	-321	-418	-481	-282	29	-367	1,381	526	693
EBITDA	-247	-168	-265	-301	-17.6	147	53	386	658	958
EPS, basic	-1.94	-1.55	-1.93	-2.12	-1.19	0.12	-1.44	5.28	1.98	2.61
EPS, diluted	-1.94	-1.55	-1.93	-2.12	-1.19	0.12	-1.44	5.21	1.95	2.59
Shares, basic (weighted)	198	208	217	227	237	247	255	261	265	265
Shares, diluted (weighted)	198	208	217	227	237	254	255	265	269	268

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	540	1,134	639	731	1,384	1,534	1,886	2,012	1,543	1,501
Short-term investments				1,213	2,151	2,110	4,235	5,801	6,474	3,942
Receivables	410	528	705	878	1,032	1,243	1,570	1,639	1,950	2,332
Other current assets	66.6	97.9	137	172	111	174	226	255	311	348
Total current assets	2,524	3,957	2,701	3,095	4,802	5,214	8,108	9,939	10,545	8,429
Property, plant and equipment	366	547	797	936	972	1,123	1,201	1,234	1,239	1,093
Lease right-of-use assets				291	414	248	249	289	336	719
Goodwill	108	159	1,379	1,819	1,820	2,840	2,840	2,846	3,478	5,229
Intangible assets	48.8	34.2	313	308				233
Other non-current assets	53.6	110	147	145	190	341	348	337	418	460
Total assets	3,268	4,947	5,521	6,816	8,718	10,499	13,486	16,452	17,977	18,074
Accounts payable	26.8	21	29.1	57.6	75.6	55.5	154	78	108	142
Accrued liabilities	111	148	208	130	169	196	260	287	296	454
Deferred revenue	1,086	1,426	1,838	2,223	2,557	3,111	3,559	4,057	4,467	5,010
Short-term debt				244	1,103	1,222	0			0
Total current liabilities	1,285	2,059	2,431	2,969	4,283	5,068	4,628	5,055	5,548	6,378
Long-term debt				1,018	692	617	2,976	2,980	2,984	2,987
Lease liabilities				241	350	182	182	227	279	704
Other non-current liabilities	36.7	47.4	47.7	15	35.9	24.2	40	38	52	129
Total liabilities	1,992	3,367	3,562	4,330	5,441	5,963	7,901	8,370	8,943	10,269
Total debt				1,262	1,795	1,840	2,976	2,980	2,984	2,987
Paid-in capital	2,681	3,354	4,105	5,090	6,255	7,284	8,829	10,400	11,463	12,673
Retained earnings	-1,407	-1,728	-2,146	-2,627	-2,910	-2,745	-3,112	-1,731	-1,205	-512
Treasury stock		0		0	-12.4	-12.5	-185	-608	-1,308	-4,220
Other comprehensive income	2.07	-46.4	-0.81	23.5	-55	7.71	53	21	84	-136
Shareholders' equity	1,277	1,580	1,958	2,487	3,278	4,535	5,585	8,082	9,034	7,805
Total equity	1,277	1,580	1,958	2,487	3,278	4,535	5,585	8,082	9,034	7,805
Total liabilities and equity	3,268	4,947	5,521	6,816	8,718	10,499	13,486	16,452	17,977	18,074

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-385	-321	-418	-481	-282	29	-367	1,381	526	693
Depreciation and amortization	106	136	198	201	231	263	275	203	243	237
Stock-based compensation	372	478	652	860	1,005	1,101	1,295	1,416	1,519	1,626
Deferred income tax	-4.62	2.01	-12.4	-9.92	-3.48	-21	-4	-1,060	32	208
Change in receivables	-91.8	-115	-161	-176	-159	-208	-319	-87	-313	-360
Cash from operations	351	466	607	865	1,268	1,651	1,657	2,149	2,461	2,939
Capital expenditures	-121	-142	-203				-364	-232	-269	-162
Acquisitions	-148	-5.74	-1,474	-474	0	-1,190	0	-8	-825	-2,079
Purchases of investments	-1,917	-2,516	-1,990	-1,797	-2,732	-2,859	-7,183	-6,150	-4,786	-2,721
Sales and maturities of investments	133	244	950	6	11	162	98	59	273	2,900
Cash from investing	-169	-979	-843	-897	-1,242	-1,607	-2,506	-1,751	-1,781	333
Debt issued						0	2,978	0	0
Debt repaid						-38	-1,844	0	0
Share buybacks					0	0	-75	-423	-700	-2,895
Cash from financing	59.7	1,106	-257	125	625	110	1,204	-268	-1,150	-3,319
Exchange rate effect	0.39	0.75	-0.61	-0.28	1.33	-1	-1	-1	0	2
Net change in cash	242	594	-493	92.5	653	153	354	129	-470	-45
Free cash flow	230	324	404				1,293	1,917	2,192	2,777
Interest paid	3.16	0.08	0.04	3.31	14.4	13	60	110	110	110
Income taxes paid	5.32	3.42	6.01	9.01	9.94	13	89	39	65	96

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $189.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.7%	Operating income / revenue.
EBITDA margin	12.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	12.3%	Net income / revenue.
FCF margin	28.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.3%	Cash from operations / revenue.
Effective tax rate	2.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.9%	Net income / average total assets.
Return on invested capital (ROIC)	12.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	27.7%	Research and development expense / revenue.
Stock-based pay / revenue	16.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	73.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	45.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	162.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	31.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	32.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	19.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.8%	Total debt / total assets.
Liabilities / assets	59.3%	Total liabilities / total assets.
Net debt	-$414.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.77x	Operating income / interest expense.
Working capital	-$604.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	9.02x	Revenue / average property, plant and equipment.
Receivables turnover	5.36x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
FCF conversion	227.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$41.23	Revenue / diluted weighted shares.
FCF per share	$11.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.51	Cash from operations / diluted weighted shares.
Book value per share	$26.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.01	Tangible book value / shares outstanding.
Cash per share	$13.82	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	183.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$46.79B	Share price x shares outstanding.
Enterprise value	$46.38B	Market cap + total debt - cash - short-term investments.
P/E	37.4x	Market cap / net income. Only when net income is positive.
P/S	4.61x	Market cap / revenue.
P/B	7.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	38.0x	Market cap / tangible book value, when positive.
P/FCF	16.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.2x	Market cap / cash from operations, when positive.
EV/Sales	4.57x	Enterprise value / revenue.
EV/EBIT	42.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	35.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	11.2%	(Dividends paid + share buybacks) / market cap.

What was Workday, Inc.'s revenue in fiscal 2026?

Workday, Inc. reported revenue of $9.55B for fiscal 2026, 13.1% higher than the year before.

Was Workday, Inc. profitable in fiscal 2026?

Yes. Net income was $693.0M, a net margin of 7.3%.

How much free cash flow did Workday, Inc. generate in fiscal 2026?

Cash from operations of $2.94B minus capital expenditures of $162.0M left free cash flow of $2.78B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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