WORKIVA INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WORKIVA 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	179	208	244	298	352	443	538	630	739	885
Cost of revenue	51.6	60.2	65.9	85	90.2	104	130	154	172	190
Gross profit	127	148	178	213	261	339	408	476	567	694
Research and development	57.4	68.2	81.6	89.9	94.8	116	152	173	193	215
Selling and marketing	80.5	84.2	90.3	120	145	179	245	287	347	409
General and administrative	32.7	39.6	56.3	48.1	59.7	74.3	99.8	111	103	113
Operating expenses	171	192	228	258	299	369	497	570	643	737
Operating income	-43.6	-44.3	-49.8	-45.4	-37.8	-29.4	-88.8	-94.5	-76.5	-42.4
Interest expense	1.88	1.85	1.83	6.03	14	14	6.04	53.6	12.9	12.8
Interest income		0.59	1.28	4.66	3.28	1.04	4.88	25.9	39.4	34.2
Other non-operating income	1.5	1.78	1.79	-0.56	-0.21	3.23	0.93	-1.81	0.56	-1.35
Pre-tax income	-44	-44.4	-49.8	-47.3	-48.7	-39.1	-89	-124	-49.4	-22.4
Income tax	0.02	0.06	0.25	0.14	-0.29	-1.37	1.95	3.43	5.6	3.75
Net income	-44	-44.4	-50.1	-47.5	-48.4	-37.7	-90.9	-128	-55	-26.2
EBITDA	-39.8	-40.8	-46	-41.6	-33.5	-24.1	-78.6	-83.4	-65.5	-31.5
EPS, basic	-1.08	-1.07	-1.15	-1.03	-1.00	-0.74	-1.72	-2.36	-0.99	-0.47
EPS, diluted	-1.08	-1.07	-1.15	-1.03	-1.00	-0.74	-1.72	-2.36	-0.99	-0.47
Shares, basic (weighted)	40.7	41.6	43.6	46.3	48.4	51.1	53	54.1	55.4	56.3
Shares, diluted (weighted)	40.7	41.6	43.6	46.3	48.4	51.1	53	54.1	55.4	56.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	51.3	60.3	77.6	382	323	300	240	256	302	339
Short-term investments	11.4	16.4	20.8	106	207	230	191	558	515	553
Receivables	22.5	28.8	65.1	60.2	68.9	76.8	106	125	148	169
Other current assets	9.38	6.44	4.42	6.51	9.05	15.1	18	23.6	22.2	28.8
Total current assets	98	115	177	571	633	657	600	1,009	1,048	1,162
Property, plant and equipment	42.6	40.4	41.5	32.3	29.4	28.8	27.1	24.3	21.8	20.5
Lease right-of-use assets			0	15.4	15.8	17.8	13.9	12.6	11.8	14
Goodwill					0	34.6	110	112	197	206
Intangible assets	1.01	1.12	1.27	1.65	1.58	10.4	28.2	22.9	27.4	22.3
Other non-current assets	1.5	0.86	0.58	3.44	3.71	5.01	6.85	4.67	7.53	8.45
Total assets	143	158	231	639	707	787	820	1,219	1,368	1,494
Accounts payable	0.85	3.06	5.46	7.06	2.84	4.11	6.17	5.2	7.75	8.93
Accrued liabilities	20.7	20.4	36.4	49.8	68.3	84.1	84	97.9	127	113
Deferred revenue	76	105	149	174	209	258	316	381	458	548
Short-term debt	0.02	0
Total current liabilities	99.9	129	192	232	282	646	407	485	592	742
Long-term debt	0.05	0
Lease liabilities			0	18.6	17.2	16.4	12.1	10.9	9.44	10.5
Other non-current liabilities	4.1	4.17	6.89	1.5	1.68	1.61	1.52	0.18	0.23	0.09
Total liabilities	146	175	241	585	643	714	814	1,308	1,410	1,499
Total debt	0.07	0
Paid-in capital	217	248	297	420	479	526	538	563	672	721
Retained earnings	-221	-265	-307	-366	-415	-452	-525	-653	-708	-734
Other comprehensive income	0.29	0.07	0.1	0.29	0.23	-0.29	-6.69	0.26	-6.42	7.44
Shareholders' equity	-3.13	-16.9	-9.74	54.2	64.3	73	5.98	-89.4	-41.7	-5.44
Total equity	-3.13	-16.9	-9.74	54.2	64.3	73	5.98	-89.4	-41.7	-5.44
Total liabilities and equity	143	158	231	639	707	787	820	1,219	1,368	1,494

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-44	-44.4	-50.1	-47.5	-48.4	-37.7	-90.9	-128	-55	-26.2
Depreciation and amortization	3.82	3.55	3.78	3.84	4.3	5.24	10.2	11.1	11	11
Stock-based compensation	14.2	19.5	30.8	35.8	45.8	48.6	70.7	98.8	102	123
Deferred income tax	-0.03	0	-0	-0.17	-0.26	-1.95	0.6	-0.05	-0.64	-0.36
Change in receivables	-7.1	-5.55	-20.2	5.17	-8.03	-7.68	-28.9	-18.3	-24.4	-17.5
Change in payables	-3.93	2.21	1.7	2.15	-4.11	0.97	2.44	-1	2.4	0.65
Cash from operations	-10.4	5.52	6.4	30.9	33.2	49.8	11.3	70.9	87.7	140
Capital expenditures	-1.9	-1.19	-1.12	-3.1	-1.87	-3.53	-3.46	-2.12	-1.36	-2.08
Acquisitions				0	0	-37.5	-99.2	0	-98.1	0
Purchases of investments	-1.3	-14.4	-24.7	-113	-176	-170	-131	-573	-402	-425
Sales and maturities of investments	0	9.28	20.4	26.8	62.9	143	151	153	452	390
Cash from investing	3.81	-6.47	-5.63	-90.1	-104	-68.6	-68	-357	-45.2	-35
Stock issued	1.6	12.5	16.7	24.2	19.2	16.6	3.27	4.47	4.91	6.22
Share buybacks								0	0	-71.6
Cash from financing	-0.9	9.82	16.9	363	11.1	-3.39	-1.59	301	6.74	-74.9
Exchange rate effect	-0.01	0.18	-0.39	0.29	0.48	-0.27	-1.92	1.64	-3.57
Net change in cash	-7.47	9.05	17.3	304	-58.9	-22.4	-60.2	16.5	45.6	37.1
Free cash flow	-12.3	4.33	5.28	27.8	31.4	46.3	7.88	68.8	86.3	138
Interest paid	1.84	1.63	1.73	1.34	5.07	4.84	4.74	4.71	10.3	10.3
Income taxes paid	0.05	0.04	0.07	0.37	0.68	-0.04	1.43	2.66	6.2	5.49

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $69.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	80.2%	Gross profit / revenue.
Operating margin	3.3%	Operating income / revenue.
EBITDA margin	4.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.4%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	20.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.9%	Cash from operations / revenue.
Effective tax rate	9.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.4%	Net income / average total assets.
R&D / revenue	22.4%	Research and development expense / revenue.
Stock-based pay / revenue	12.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	59.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	131.2%	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	33.3%	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	59.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	159.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	34.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.1%	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	16.1%	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	1.7%	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	2.0%	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	3.0%	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	1.47x	Current assets / current liabilities.
Quick ratio	1.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.13x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	107.1%	Total liabilities / total assets.
Interest coverage	2.46x	Operating income / interest expense.
Working capital	$341.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$320.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	50.9x	Revenue / average property, plant and equipment.
Receivables turnover	6.55x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
FCF conversion	426.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.84	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	$17.23	Revenue / diluted weighted shares.
FCF per share	$3.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.60	Cash from operations / diluted weighted shares.
Book value per share	-$1.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.72	Tangible book value / shares outstanding.
Cash per share	$14.54	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	96.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.79B	Share price x shares outstanding.
Enterprise value	$2.97B	Market cap + total debt - cash - short-term investments.
P/E	80.6x	Market cap / net income. Only when net income is positive.
P/S	3.92x	Market cap / revenue.
P/FCF	18.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.8x	Market cap / cash from operations, when positive.
EV/Sales	3.08x	Enterprise value / revenue.
EV/EBIT	94.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	70.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.

What was WORKIVA INC's revenue in fiscal 2025?

WORKIVA INC reported revenue of $884.6M for fiscal 2025, 19.7% higher than the year before.

Was WORKIVA INC profitable in fiscal 2025?

No. It reported a net loss of $26.2M.

How much free cash flow did WORKIVA INC generate in fiscal 2025?

Cash from operations of $140.1M minus capital expenditures of $2.1M left free cash flow of $138.0M.

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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