Workday, Inc. (WDAY) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$2.61

$2.41$2.85

vs $2.21+18.0%

37 analysts

Next Qtr

$2.63

$2.34$2.98

vs $2.32+13.5%

36 analysts

Current Yr

$10.73

$9.80$11.81

vs $9.23+16.3%

41 analysts

Next Yr

$12.64

$11.42$14.02

vs $10.73+17.8%

41 analysts

Revenue Estimates

Current Qtr

$2.64B

$2.63B$2.66B

vs $2.35B+12.2%

35 analysts

Next Qtr

$2.70B

$2.67B$2.75B

vs $2.43B+10.9%

35 analysts

Current Yr

$10.67B

$10.64B$10.83B

vs $9.55B+11.7%

39 analysts

Next Yr

$11.84B

$11.55B$12.31B

vs $10.67B+11.0%

40 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for WDAY on EDGAR.

WDAY filing events and research context
Filed	Item	Context
May 22, 2026	mda_quarterly	Workday reported total revenue of $2.54 billion for the quarter ended April 30, 2026, a 13% year-over-year increase. Subscription services revenue, comprising 93% of total revenue, grew 14% to $2.35 billion, with 60% of that growth driven by expansion within the existing customer base. The total subscription revenue backlog reached $27.3 billion. GAAP operating income rose sharply to $338 million from $39 million in the prior year, primarily due to the absence of $166 million in restructuring expenses recorded in the comparable period. Non-GAAP operating margin improved to 31.8%. While the company is investing heavily in AI-powered HCM, finance, and spend management solutions, management identified macroeconomic risks—including inflation and interest rate volatility—that have lengthened sales cycles and moderated growth, specifically in the government, healthcare, and higher education verticals. Free cash flow increased 46% to $616 million, bolstered by higher cash collections. Liquidity remains strong with $4.4 billion in cash and marketable securities, and the company continues aggressive capital return through $1.6 billion in share repurchases during the quarter.
Mar 6, 2026	business	Workday operates an enterprise AI platform specializing in Human Capital Management (HCM), Financial Management, Spend Management, and Planning. Serving over 11,500 organizations, including more than 65% of the Fortune 500, the company integrates people and finance data to drive operational efficiency. Workday is aggressively expanding its AI capabilities through the introduction of purpose-built AI agents, the Workday Sana experience platform, and the Workday Build developer platform. Strategic acquisitions of Flowise, Paradox, Sana, and Pipedream further bolster its AI and integration ecosystem. To enhance data utility, the company is launching Workday Data Cloud using an open architecture based on Apache Iceberg. Workday targets diverse sectors, including a new dedicated offering for the U.S. government and Workday GO for medium-sized enterprises. Revenue is generated via subscription contracts, recently introducing "Flex Credits" to scale AI adoption. The company faces intense competition from legacy vendors like Oracle and SAP, as well as specialized players such as ServiceNow, Coupa, and Dayforce. Financial analysts should note the company's significant sales seasonality, with a higher concentration of new and renewal agreements typically occurring in the fourth fiscal quarter.
Mar 6, 2026	risk_factors	Workday faces significant macroeconomic headwinds, including elevated inflation, increased tariffs, and geopolitical instability, which have moderated revenue growth and lengthened sales cycles. These delays are most acute in the government, healthcare, and higher education sectors due to their dependence on federal funding. The company is also experiencing reduced headcount-level commitments during customer renewals and has had to offer more flexible payment terms to maintain momentum. To optimize costs, Workday implemented restructuring plans in fiscal 2026 and 2027, resulting in workforce reductions of 7.5% and 2%, respectively, alongside impairments of office space and long-lived assets. Strategic risks center on the successful integration of AI-focused acquisitions, such as Paradox and Sana, to drive long-term subscription growth. Financial volatility is driven by foreign currency exposure in the Euro, British pound, Canadian dollar, and Australian dollar markets, as well as interest rate fluctuations affecting its $5.4 billion investment portfolio. Additionally, the adoption of the OECD Pillar Two 15% global minimum tax framework may impact future effective tax rates and global tax obligations.

Filed

Item

Context

May 22, 2026

mda_quarterly

Workday reported total revenue of $2.54 billion for the quarter ended April 30, 2026, a 13% year-over-year increase. Subscription services revenue, comprising 93% of total revenue, grew 14% to $2.35 billion, with 60% of that growth driven by expansion within the existing customer base. The total subscription revenue backlog reached $27.3 billion. GAAP operating income rose sharply to $338 million from $39 million in the prior year, primarily due to the absence of $166 million in restructuring expenses recorded in the comparable period. Non-GAAP operating margin improved to 31.8%. While the company is investing heavily in AI-powered HCM, finance, and spend management solutions, management identified macroeconomic risks—including inflation and interest rate volatility—that have lengthened sales cycles and moderated growth, specifically in the government, healthcare, and higher education verticals. Free cash flow increased 46% to $616 million, bolstered by higher cash collections. Liquidity remains strong with $4.4 billion in cash and marketable securities, and the company continues aggressive capital return through $1.6 billion in share repurchases during the quarter.

Mar 6, 2026

business

Workday operates an enterprise AI platform specializing in Human Capital Management (HCM), Financial Management, Spend Management, and Planning. Serving over 11,500 organizations, including more than 65% of the Fortune 500, the company integrates people and finance data to drive operational efficiency. Workday is aggressively expanding its AI capabilities through the introduction of purpose-built AI agents, the Workday Sana experience platform, and the Workday Build developer platform. Strategic acquisitions of Flowise, Paradox, Sana, and Pipedream further bolster its AI and integration ecosystem. To enhance data utility, the company is launching Workday Data Cloud using an open architecture based on Apache Iceberg. Workday targets diverse sectors, including a new dedicated offering for the U.S. government and Workday GO for medium-sized enterprises. Revenue is generated via subscription contracts, recently introducing "Flex Credits" to scale AI adoption. The company faces intense competition from legacy vendors like Oracle and SAP, as well as specialized players such as ServiceNow, Coupa, and Dayforce. Financial analysts should note the company's significant sales seasonality, with a higher concentration of new and renewal agreements typically occurring in the fourth fiscal quarter.

Mar 6, 2026

risk_factors

Workday faces significant macroeconomic headwinds, including elevated inflation, increased tariffs, and geopolitical instability, which have moderated revenue growth and lengthened sales cycles. These delays are most acute in the government, healthcare, and higher education sectors due to their dependence on federal funding. The company is also experiencing reduced headcount-level commitments during customer renewals and has had to offer more flexible payment terms to maintain momentum. To optimize costs, Workday implemented restructuring plans in fiscal 2026 and 2027, resulting in workforce reductions of 7.5% and 2%, respectively, alongside impairments of office space and long-lived assets. Strategic risks center on the successful integration of AI-focused acquisitions, such as Paradox and Sana, to drive long-term subscription growth. Financial volatility is driven by foreign currency exposure in the Euro, British pound, Canadian dollar, and Australian dollar markets, as well as interest rate fluctuations affecting its $5.4 billion investment portfolio. Additionally, the adoption of the OECD Pillar Two 15% global minimum tax framework may impact future effective tax rates and global tax obligations.

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WDAY filing events and research context

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