Workday, Inc.
WDAY· Nasdaq· Services-Computer Processing & Data Preparation
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 29.1%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +17.2%
We record prices for the companies we cover; WDAY is not one of them yet.
Company statistics
Profile · FY2026
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 268.1M
- Revenue
- $9.6B
- Free cash flow
- $2.8B
- Owner earnings
- $1.2B
Valuation · FY2026
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2026
- Gross
- –
- Operating
- 7.5%
- Net
- 7.3%
- Free cash flow
- 29.1%
- Owner earnings
- 12.0%
- Stock pay
- 17.0%
Returns
- ROIC, FY2026
- 9.3%
- ROIC, 5 yr avg
- –
- ROE, FY2026
- 8.9%
- ROE, 5 yr avg
- 5.2%
Growth (CAGR)
- Revenue, 3 yr
- 15.4%
- Revenue, 5 yr
- 17.2%
- Revenue, 9 yr
- 22.2%
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- 29.0%
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- 31.9%
Financial health · FY2026
- Cash and investments
- $5.4B
- Total debt
- $3.0B
- Net cash
- $2.5B
- Debt/Equity
- 0.4x
- Debt/FCF
- 1.1x
Shareholder returns · FY2026
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 2.5%
Financials: ten years from the 10-Ks
Revenue
$9.6B
+22.2% a year over 9 years
FY2017FY2026
Margins
Operating7.5%Net7.3%
FY2026
FY2017FY2026
Free cash flow and owner earnings
Free cash flow$2.8BOwner earnings$1.2B
Free cash flow +31.9% a year
FY2017FY2026
Diluted shares
268.1M
+18.0% over 9 years, net dilution
FY2017FY2026
Return on invested capital
9.3%
FY2026
FY2017FY2026
Net cash
$2.5B
$2.5B more cash than debt
FY2017FY2026
Every figure, year by year
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $1.6B | $2.1B | $2.8B | $3.6B | $4.3B | $5.1B | $6.2B | $7.3B | $8.4B | $9.6B |
| Revenue growth | 36.1% | 36.1% | 31.7% | 28.5% | 19.0% | 19.0% | 21.0% | 16.8% | 16.4% | 13.1% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | -22.4% | -14.1% | -16.4% | -13.8% | -5.8% | -2.3% | -3.6% | 2.5% | 4.9% | 7.5% |
| Net income | -$384.7M | -$321.2M | -$418.3M | -$480.7M | -$282.4M | $29.0M | -$367.0M | $1.4B | $526.0M | $693.0M |
| Net margin | -24.4% | -15.0% | -14.8% | -13.3% | -6.5% | 0.6% | -5.9% | 19.0% | 6.2% | 7.3% |
| Diluted EPS | – | – | – | $-2.12 | $-1.19 | $0.12 | $-1.44 | $5.21 | $1.95 | $2.59 |
| Return on invested capital? | – | – | – | – | – | – | – | – | 8.6% | 9.3% |
| Cash | ||||||||||
| Operating cash flow | $350.6M | $465.7M | $606.7M | $864.6M | $1.3B | $1.7B | $1.7B | $2.1B | $2.5B | $2.9B |
| Capital expenditure | $120.8M | $141.5M | $202.5M | – | – | – | $364.0M | $232.0M | $269.0M | $162.0M |
| Free cash flow | $229.8M | $324.2M | $404.2M | – | – | – | $1.3B | $1.9B | $2.2B | $2.8B |
| Stock-based compensation | $372.3M | $478.4M | $652.5M | $859.6M | $1.0B | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B |
| Owner earnings? | -$142.5M | -$154.2M | -$248.3M | – | – | – | -$2.0M | $501.0M | $673.0M | $1.2B |
| Free cash flow per share | – | – | – | – | – | – | $5.07 | $7.23 | $8.14 | $10.36 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | $0 | $0 | $75.0M | $423.0M | $700.0M | $2.9B |
| Diluted shares | – | – | – | 227.2M | 237.0M | 254.0M | 254.8M | 265.3M | 269.2M | 268.1M |
| Share count change? | – | – | – | – | 4.3% | 7.2% | 0.3% | 4.1% | 1.5% | -0.4% |
| Balance sheet | ||||||||||
| Cash and equivalents | $539.9M | $1.1B | $638.6M | $731.1M | $1.4B | $1.5B | $1.9B | $2.0B | $1.5B | $1.5B |
| Short-term investments | – | – | – | $1.2B | $2.2B | $2.1B | $4.2B | $5.8B | $6.5B | $3.9B |
| Total debt | $0 | $1.5B | $1.2B | $1.3B | $1.8B | $1.8B | $3.0B | $3.0B | $3.0B | $3.0B |
| Net debt | -$539.9M | $357.0M | $566.2M | -$682.3M | -$1.7B | -$1.8B | -$3.1B | -$4.8B | -$5.0B | -$2.5B |
| Shareholders' equity | $1.3B | $1.6B | $2.0B | $2.5B | $3.3B | $4.5B | $5.6B | $8.1B | $9.0B | $7.8B |
Latest filings
| 2026-09-29 | 8-K | Earnings release |
| 2026-08-27 | 10-Q | Quarterly report |
| 2026-08-27 | 8-K | Earnings release |
| 2026-05-22 | 10-Q | Quarterly report |
| 2026-05-21 | 8-K | Earnings release |
| 2026-05-05 | DEF 14A | Proxy statement |
| 2026-03-06 | 10-K | Annual report |
| 2026-02-24 | 8-K | Earnings release |
| 2026-02-04 | 8-K | Earnings release |
| 2025-11-26 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
