
Workday, Inc.
- What it sells
- Subscription services is 92% of revenue (fiscal year to Jan 2026), up from 91% two years earlier.
- Growing?
- Yes: revenue up 13% on a year earlier (quarter ended Jul 2026); earnings per share up 130% over the last four quarters.
- Expensive?
- EV / revenue 4.6×. EV/revenue below the peer median of 7.0x: cheaper than its peers.
- Analysts?
- 45% of 42 say buy; average 12-month target $209, 10% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 54% over the past year (the S&P 500's 14%), and it fell as much as 63% since Nov 2021.
Workday, Inc. provides cloud-based enterprise applications primarily for Human Capital Management (HCM) and Finance/ERP, generating the vast majority of revenue from subscription services (multi-year, generally non-cancelable contracts) and a smaller portion from professional services (deployment, optimization, training).
More about Workday
Market Position
Workday is a leading vendor in enterprise HCM and cloud financial management for mid-to-large organizations, differentiating through a unified SaaS platform and expanding AI-enabled capabilities across HR and finance workflows.
Key Segments
Workday reports two revenue streams: Subscription services and Professional services.
How has the stock done?
Over the past month WDAY rose 1.3%; the software ETF (IGV) fell 8.8% and the S&P 500 fell 2.7%.
Over the past six months WDAY rose 60.7%; the software ETF (IGV) rose 13.4% and the S&P 500 rose 2.6%.
Over the past year WDAY fell 15.6%; the software ETF (IGV) fell 7.6% and the S&P 500 rose 10.8%.
Over five years WDAY fell 35.7%; the software ETF (IGV) rose 14.5% and the S&P 500 rose 62.0%.
From Feb 26, 2024 to Apr 10, 2026, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.2% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Aug 27, 2026 | ended Jul 2026 | $2.6B (+13% vs a year earlier) | $2.75 vs $2.61 (beat) | +7.3% | +8.5% |
| May 21, 2026 | ended Apr 2026 | $2.5B (+13% vs a year earlier) | $2.66 vs $2.52 (beat) | +1.2% | +15.5% |
| Feb 24, 2026 | ended Jan 2026 | $2.5B (+15% vs a year earlier) | $2.47 vs $2.32 (beat) | +3.0% | +11.1% |
| Nov 25, 2025 | ended Oct 2025 | $2.4B (+13% vs a year earlier) | $2.32 vs $2.17 (beat) | −5.0% | −5.2% |
| Aug 21, 2025 | ended Jul 2025 | $2.3B (+13% vs a year earlier) | — | −2.7% | +0.4% |
| May 22, 2025 | ended Apr 2025 | $2.2B (+13% vs a year earlier) | — | −11.4% | −7.8% |
| Feb 25, 2025 | ended Jan 2025 | $2.2B (+15% vs a year earlier) | — | +3.5% | −3.1% |
| Nov 26, 2024 | ended Oct 2024 | $2.2B (+16% vs a year earlier) | — | −5.3% | +0.4% |
| Aug 22, 2024 | ended Jul 2024 | $2.1B (+17% vs a year earlier) | — | +11.3% | +12.4% |
| May 23, 2024 | ended Apr 2024 | $2.0B (+18% vs a year earlier) | — | −15.0% | −18.6% |
| Feb 26, 2024 | ended Jan 2024 | $1.9B (+17% vs a year earlier) | — | −3.5% | −10.7% |
| Nov 28, 2023 | ended Oct 2023 | $1.9B (+17% vs a year earlier) | — | +11.7% | +13.5% |
| Aug 24, 2023 | ended Jul 2023 | $1.8B (+16% vs a year earlier) | — | +2.9% | +6.2% |
| May 25, 2023 | ended Apr 2023 | $1.7B (+17% vs a year earlier) | — | +10.1% | +8.8% |
| Feb 27, 2023 | ended Jan 2023 | $1.6B (+20% vs a year earlier) | — | +1.3% | +3.1% |
| Nov 29, 2022 | ended Oct 2022 | $1.6B (+20% vs a year earlier) | — | +15.6% | +11.1% |
| Aug 25, 2022 | ended Jul 2022 | $1.5B (+22% vs a year earlier) | — | +3.8% | +0.4% |
| May 26, 2022 | ended Apr 2022 | $1.4B (+22% vs a year earlier) | — | −3.5% | −1.4% |
| Feb 28, 2022 | ended Jan 2022 | $1.4B (+22% vs a year earlier) | — | +6.7% | −0.4% |
| Nov 18, 2021 | ended Oct 2021 | $1.3B (+20% vs a year earlier) | — | −4.8% | −7.8% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $2.6B in the quarter ended Jul 2026, up 13% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Oct 2022 | $1.6B | +20% |
| Jan 2023 | $1.6B | +20% |
| Apr 2023 | $1.7B | +17% |
| Jul 2023 | $1.8B | +16% |
| Oct 2023 | $1.9B | +17% |
| Jan 2024 | $1.9B | +17% |
| Apr 2024 | $2.0B | +18% |
| Jul 2024 | $2.1B | +17% |
| Oct 2024 | $2.2B | +16% |
| Jan 2025 | $2.2B | +15% |
| Apr 2025 | $2.2B | +13% |
| Jul 2025 | $2.3B | +13% |
| Oct 2025 | $2.4B | +13% |
| Jan 2026 | $2.5B | +15% |
| Apr 2026 | $2.5B | +13% |
| Jul 2026 | $2.6B | +13% |
Revenue went from $6.2B in FY23 to $9.6B in FY26; net income from −$367M to $693M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY23 | $6.2B | −$367M |
| FY24 | $7.3B | $1.4B |
| FY25 | $8.4B | $526M |
| FY26 | $9.6B | $693M |
In the fiscal year to Jan 2026, Subscription services was 92% and Professional services was 8% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | Subscription services | $6.6B | 91% |
| FY2024 | Professional services | $656M | 9% |
| FY2025 | Subscription services | $7.7B | 91% |
| FY2025 | Professional services | $728M | 9% |
| FY2026 | Subscription services | $8.8B | 92% |
| FY2026 | Professional services | $719M | 8% |
In the fiscal year to Jan 2026, United States was 75% and Outside the United States was 25% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | United States | $5.5B | 75% |
| FY2024 | Outside the United States | $1.8B | 25% |
| FY2025 | United States | $6.3B | 75% |
| FY2025 | Outside the United States | $2.1B | 25% |
| FY2026 | United States | $7.2B | 75% |
| FY2026 | Outside the United States | $2.4B | 25% |
A year earlier $0.84
Diluted, from SEC filings
Quarters: Workday, Inc.'s SEC filings, named by the month they end. Fiscal years: Workday, Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $7.3 ends up as net income. Net margin rose from −5.9% to 7.3% over the past 3 years.
+3.2 pts over 3 years
+11.1 pts over 3 years
+13.2 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Workday, Inc.'s annual reports to the SEC.
Growth and margins together
Rule of 40 score 40.8 (growth 12.8% + FCF margin 28.0%): strong, clears the 40 line. Stock pay is 16.2% of revenue; counted as a cost, it brings the FCF margin down to 11.8%.
A rule of thumb for software: revenue growth plus free-cash-flow margin should reach 40. From 20 to 40 is middling, under 20 weak. The line is 40. Shopify for comparison.
Cash flow adds stock pay back because no cash leaves the company, but shareholders pay for it through new shares. Counting it as a cost shows the margin as if staff were paid in cash.
Workday trades at 4.6× revenue on 12.8% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.
Show the data
| Company | Revenue growth | EV / revenue |
|---|---|---|
| WDAY | 12.8% | 4.6× |
| SHOP | 31.6% | 13.0× |
| CRM | 10.8% | 4.8× |
| ADP | 6.1% | 5.6× |
| NOW | 20.5% | 7.0× |
| SNOW | 35.1% | 19.4× |
Growth: revenue in the quarter ended Jul 2026 against the quarter ended Jul 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Jul 2026. From SEC filings.
Customers and suppliers
In its latest annual report Workday buys from Amazon, Alphabet.
Their suppliers
Suppliers
Partners
Changes since the previous annual report (10-K filed Mar 11, 2025)
Named in other companies’ filings
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Amazon | partner | “Strategic partnerships with public cloud providers, including Amazon Web Services, Inc. (“AWS”) and Google Cloud, allow our customers to innovate with modern cloud infrastructure services while reducing their committed spend on cloud.” |
| Alphabet | partner | “Strategic partnerships with public cloud providers, including Amazon Web Services, Inc. (“AWS”) and Google Cloud, allow our customers to innovate with modern cloud infrastructure services while reducing their committed spend on cloud.” |
| ADP | partner | “Our global partnerships with payroll providers, including Automatic Data Processing, Inc. (“ADP”), Remote Technology, Inc., and Strada, enable integrated and streamlined payroll solutions across the world.” |
| Remote Technology | partner | “Our global partnerships with payroll providers, including Automatic Data Processing, Inc. (“ADP”), Remote Technology, Inc., and Strada, enable integrated and streamlined payroll solutions across the world.” |
| Strada | partner | “Our global partnerships with payroll providers, including Automatic Data Processing, Inc. (“ADP”), Remote Technology, Inc., and Strada, enable integrated and streamlined payroll solutions across the world.” |
| Microsoft | partner | “For example, our partnership with Microsoft Corporation (“Microsoft”), announced in fiscal 2026, will enable customers to register and manage agents they build using Microsoft’s systems within the Workday Agent System of Record.” |
| Amazon | supplier | “For example, we leverage software and services for development tools and to deliver applications from many third-party suppliers including AWS and Google Cloud.” |
| Alphabet | supplier | “For example, we leverage software and services for development tools and to deliver applications from many third-party suppliers including AWS and Google Cloud.” |
| Cognizant Technology Solutions (10-K filed Feb 12, 2026) | calls it a partner | “We work closely with partners including Amazon Web Services, Cisco, Google, Microsoft, Oracle, Pegasystems, Salesforce, SAP, ServiceNow, Workday and many others.” |
Only the companies Workday names in its 10-K filed Mar 6, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Workday. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
EV/revenue of 4.6x, below the peer median of 7.0x.
EV/revenue below the peer median of 7.0x: cheaper than its peers.
Show the data
| Company | EV / revenue |
|---|---|
| SNOW · Snowflake Inc. | 19.4× |
| SHOP · Shopify Inc. | 13.0× |
| NOW · ServiceNow, Inc. | 7.0× |
| ADP · Automatic Data Processing, Inc. | 5.6× |
| CRM · Salesforce, Inc. | 4.8× |
| WDAY · Workday, Inc. | 4.6× |
Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.
What analysts expect
The average analyst price target is $209, 10% above the current price; 45% of 42 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 19 analysts (45%). Sell or Strong Sell: 3.
Over the past year the average of the analysts' latest price targets went from $280.08 to $202.88 (−28%), while WDAY went from $223.49 to $190.64 (−15%). In the past three months targets were raised 22 times and cut 4 times. 1 upgrade and 8 downgrades over the year; the latest: Keybanc moved it to Sector Perform from Overweight on Oct 16, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 16, 2026 | Keybanc | Downgrade | Sector Perform, was Overweight | — |
| Oct 15, 2026 | Stifel | Target raised | Hold | $175.00, was $160.00 |
| Oct 14, 2026 | UBS | Target cut | Neutral | $210.00, was $220.00 |
| Oct 8, 2026 | Jefferies | Target cut | Hold | $210.00, was $220.00 |
| Oct 5, 2026 | Needham | Target kept | Buy | $230.00 |
| Aug 31, 2026 | Goldman Sachs | Target raised | Neutral | $164.00, was $151.00 |
| Aug 28, 2026 | Freedom Broker | Downgrade | Hold, was Buy | $200.00, was $180.00 |
| Aug 28, 2026 | Wells Fargo | Target raised | Overweight | $225.00, was $215.00 |
| Aug 28, 2026 | Stifel | Target raised | Hold | $160.00, was $115.00 |
| Aug 28, 2026 | Citigroup | Target raised | Neutral | $201.00, was $139.00 |
| Aug 28, 2026 | Barclays | Target raised | Overweight | $224.00, was $200.00 |
| Aug 28, 2026 | TD Cowen | Target cut | Hold | $210.00, was $220.00 |
| Aug 28, 2026 | RBC Capital | Target raised | Outperform | $240.00, was $220.00 |
| Aug 28, 2026 | DA Davidson | Target raised | Neutral | $190.00, was $135.00 |
| Aug 28, 2026 | Bernstein | Target raised | Outperform | $238.00, was $216.00 |
| Aug 28, 2026 | Keybanc | Target raised | Overweight | $215.00, was $158.00 |
| Aug 28, 2026 | BMO Capital | Target raised | Outperform | $230.00, was $182.00 |
| Aug 28, 2026 | Cantor Fitzgerald | Target cut | Overweight | $205.00, was $220.00 |
| Aug 28, 2026 | Morgan Stanley | Target raised | Underweight | $180.00, was $145.00 |
| Aug 28, 2026 | Needham | Target raised | Buy | $230.00, was $180.00 |
| Aug 28, 2026 | Piper Sandler | Target raised | Neutral | $190.00, was $145.00 |
| Aug 25, 2026 | Canaccord Genuity | Target raised | Buy | $225.00, was $200.00 |
| Aug 24, 2026 | Jefferies | Target raised | Hold | $225.00, was $205.00 |
| Aug 24, 2026 | Oppenheimer | Target raised | Outperform | $220.00, was $165.00 |
| Aug 19, 2026 | B of A Securities | Target raised | Neutral | $205.00, was $140.00 |
| Aug 17, 2026 | BTIG | Downgrade | Neutral, was Buy | — |
| Aug 14, 2026 | Jefferies | Target raised | Hold | $205.00, was $140.00 |
| Aug 14, 2026 | Baird | Target raised | Outperform | $215.00, was $190.00 |
| Aug 14, 2026 | UBS | Target raised | Neutral | $220.00, was $140.00 |
| Aug 14, 2026 | Piper Sandler | Target kept | Neutral | $145.00 |
| Aug 13, 2026 | RBC Capital | Target raised | Outperform | $220.00, was $180.00 |
| Aug 12, 2026 | Wells Fargo | Target raised | Overweight | $215.00, was $185.00 |
| Jul 21, 2026 | Morgan Stanley | Downgrade | Underweight, was Equal-Weight | $145.00, was $185.00 |
| Jul 20, 2026 | CLSA | Began coverage | Underperform | $92.00 |
| May 26, 2026 | Goldman Sachs | Target cut | Neutral | $151.00, was $206.00 |
| May 22, 2026 | UBS | Target raised | Neutral | $140.00, was $130.00 |
| May 22, 2026 | Jefferies | Target raised | Hold | $140.00, was $115.00 |
| May 22, 2026 | Wells Fargo | Target raised | Overweight | $185.00, was $180.00 |
| May 22, 2026 | Citigroup | Target cut | Neutral | $139.00, was $148.00 |
| May 22, 2026 | Keybanc | Target raised | Overweight | $158.00, was $155.00 |
| May 22, 2026 | Needham | Target cut | Buy | $180.00, was $300.00 |
| May 22, 2026 | BTIG | Target kept | Buy | $175.00 |
| May 22, 2026 | Piper Sandler | Target raised | Neutral | $145.00, was $135.00 |
| May 20, 2026 | Cantor Fitzgerald | Target cut | Overweight | $160.00, was $200.00 |
| May 18, 2026 | BTIG | Target kept | Buy | $175.00 |
| May 15, 2026 | BWG Global | Downgrade | Negative, was Mixed | — |
| Mar 12, 2026 | Freedom Broker | Target cut | Buy | $210.00, was $280.00 |
| Feb 26, 2026 | Citigroup | Target cut | Neutral | $148.00, was $247.00 |
| Feb 25, 2026 | DA Davidson | Target cut | Neutral | $125.00, was $250.00 |
| Feb 25, 2026 | Jefferies | Target cut | Hold | $115.00, was $150.00 |
| Feb 25, 2026 | UBS | Target cut | Neutral | $130.00, was $170.00 |
| Feb 25, 2026 | Oppenheimer | Target cut | Outperform | $165.00, was $200.00 |
| Feb 25, 2026 | Mizuho | Target cut | Outperform | $210.00, was $275.00 |
| Feb 25, 2026 | Goldman Sachs | Target cut | Neutral | $206.00, was $238.00 |
| Feb 25, 2026 | Bernstein | Target cut | Outperform | $214.00, was $298.00 |
| Feb 25, 2026 | Barclays | Target cut | Overweight | $200.00, was $230.00 |
| Feb 25, 2026 | RBC Capital | Target cut | Outperform | $180.00, was $220.00 |
| Feb 25, 2026 | Morgan Stanley | Target cut | Equal-Weight | $185.00, was $200.00 |
| Feb 25, 2026 | Wells Fargo | Target cut | Overweight | $180.00, was $255.00 |
| Feb 25, 2026 | Keybanc | Target cut | Overweight | $155.00, was $260.00 |
| Feb 25, 2026 | Guggenheim | Target cut | Buy | $275.00, was $285.00 |
| Feb 25, 2026 | Cantor Fitzgerald | Target kept | Overweight | $200.00 |
| Feb 25, 2026 | Rosenblatt | Target cut | Buy | $150.00, was $180.00 |
| Feb 25, 2026 | Needham | Target kept | Buy | $300.00 |
| Feb 25, 2026 | BTIG | Target cut | Buy | $175.00, was $230.00 |
| Feb 25, 2026 | Evercore ISI Group | Downgrade | In-Line, was Outperform | $160.00, was $200.00 |
| Feb 25, 2026 | Piper Sandler | Target cut | Neutral | $135.00, was $200.00 |
| Feb 24, 2026 | JP Morgan | Target cut | Overweight | $230.00, was $270.00 |
| Feb 23, 2026 | Morgan Stanley | Target cut | Equal-Weight | $200.00, was $280.00 |
| Feb 23, 2026 | Jefferies | Downgrade | Hold, was Buy | $150.00, was $325.00 |
| Feb 20, 2026 | TD Cowen | Target cut | Buy | $200.00, was $280.00 |
| Feb 18, 2026 | Deutsche Bank | Target cut | Buy | $190.00, was $265.00 |
| Feb 18, 2026 | Guggenheim | Target kept | Buy | $285.00 |
| Feb 18, 2026 | Citizens | Downgrade | Market Perform, was Market Outperform | — |
| Feb 18, 2026 | Wells Fargo | Target cut | Overweight | $255.00, was $290.00 |
| Feb 17, 2026 | BMO Capital | Target cut | Outperform | $204.00, was $285.00 |
| Feb 17, 2026 | Oppenheimer | Target cut | Outperform | $200.00, was $270.00 |
| Feb 17, 2026 | Rosenblatt | Upgrade | Buy, was Neutral | $180.00, was $235.00 |
| Feb 10, 2026 | UBS | Target cut | Neutral | $170.00, was $240.00 |
| Feb 10, 2026 | BTIG | Target cut | Buy | $230.00, was $285.00 |
| Feb 10, 2026 | Needham | Target kept | Buy | $300.00 |
| Feb 5, 2026 | Needham | Target kept | Buy | $300.00 |
| Feb 3, 2026 | Piper Sandler | Target cut | Neutral | $200.00, was $235.00 |
| Jan 12, 2026 | Barclays | Target cut | Overweight | $275.00, was $280.00 |
| Jan 5, 2026 | RBC Capital | Target cut | Outperform | $300.00, was $320.00 |
| Dec 10, 2025 | Freedom Broker | Target cut | Buy | $280.00, was $290.00 |
| Dec 2, 2025 | Rosenblatt | Began coverage | Neutral | $235.00 |
| Nov 26, 2025 | Citigroup | Target cut | Neutral | $247.00, was $261.00 |
| Nov 26, 2025 | DA Davidson | Target cut | Neutral | $250.00, was $260.00 |
| Nov 26, 2025 | JP Morgan | Target cut | Overweight | $270.00, was $290.00 |
| Nov 26, 2025 | TD Cowen | Target cut | Buy | $280.00, was $290.00 |
| Nov 26, 2025 | Barclays | Target cut | Overweight | $280.00, was $288.00 |
| Nov 26, 2025 | Wells Fargo | Target cut | Overweight | $290.00, was $300.00 |
| Nov 26, 2025 | UBS | Target cut | Neutral | $240.00, was $250.00 |
| Nov 26, 2025 | Morgan Stanley | Target raised | Equal-Weight | $280.00, was $255.00 |
| Nov 26, 2025 | RBC Capital | Target cut | Outperform | $320.00, was $340.00 |
| Nov 26, 2025 | Stifel | Target cut | Hold | $235.00, was $255.00 |
| Nov 26, 2025 | Citizens | Target kept | Market Outperform | $315.00 |
| Nov 26, 2025 | Guggenheim | Target kept | Buy | $285.00 |
| Nov 26, 2025 | Keybanc | Target cut | Overweight | $260.00, was $285.00 |
| Nov 26, 2025 | Bernstein | Target cut | Outperform | $298.00, was $304.00 |
| Nov 26, 2025 | Needham | Target kept | Buy | $300.00 |
| Nov 21, 2025 | Raymond James | Began coverage | Market Perform | — |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Oct ’25 | $2.17 | $2.32 | +6.9% |
| Jan ’26 | $2.32 | $2.47 | +6.5% |
| Apr ’26 | $2.52 | $2.66 | +5.6% |
| Jul ’26 | $2.61 | $2.75 | +5.4% |
The day after each of these reports the stock moved −5.0% (Oct 2025, beat); +3.0% (Jan 2026, beat); +1.2% (Apr 2026, beat); +7.3% (Jul 2026, beat).
For the quarter ending Oct 2026 (Workday reports on Nov 24, 2026), analysts expect adjusted earnings of $2.74 a share, 18% more than the $2.32 of a year earlier, and revenue of $2.7B, up 11% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $11.09 a share, and revenue of $10.7B, up 12% on the year before.
Adjusted. Oct 2025: $2.32; range $2.54 to $2.92; 36 analysts
Oct 2025: $2.4B; range $2.7B to $2.7B; 34 analysts
Adjusted. Range $10.69 to $11.71; 41 analysts
The year to Jan 2026: $9.6B; range $10.7B to $10.8B; 40 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Oct 2026, results Nov 24, 2026 | EPS (adjusted) | $2.74 | $2.54 to $2.92 | 36 | $2.32 (Oct 2025) | +18% |
| Quarter ending Oct 2026, results Nov 24, 2026 | Revenue | $2.7B | $2.7B to $2.7B | 34 | $2.4B (Oct 2025) | +11% |
| Quarter ending Jan 2027 | EPS (adjusted) | $2.95 | $2.74 to $3.29 | 35 | $2.47 (Jan 2026) | +19% |
| Quarter ending Jan 2027 | Revenue | $2.8B | $2.8B to $2.9B | 34 | $2.5B (Jan 2026) | +10% |
| Year ending Jan 2027 | EPS (adjusted) | $11.09 | $10.69 to $11.71 | 41 | — | — |
| Year ending Jan 2027 | Revenue | $10.7B | $10.7B to $10.8B | 40 | $9.6B (year to Jan 2026) | +12% |
| Year ending Jan 2028 | EPS (adjusted) | $13.24 | $11.97 to $15.30 | 41 | $11.09 (expected, year to Jan 2027) | +19% |
| Year ending Jan 2028 | Revenue | $11.8B | $11.6B to $12.1B | 40 | $10.7B (expected, year to Jan 2027) | +10% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $2.8B in free cash flow over the year and returned more than it generated: $5.2B went back to shareholders (dividends plus buybacks), so $2.4B came from cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $3.1B |
| Capex | −$240M |
| Free cash flow | $2.8B |
| Dividends | — |
| Buybacks | −$5.2B |
| Cash retained | −$2.4B |
For every $100 of market cap, the company generates about $6.2 in free cash flow a year.
No dividend today; cash goes to growth and share buybacks.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $11.4 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Oct 2023 | $391M | — | $145M |
| Jan 2024 | $947M | — | $140M |
| Apr 2024 | $291M | — | $128M |
| Jul 2024 | $516M | — | $312M |
| Oct 2024 | $359M | — | $158M |
| Jan 2025 | $1.0B | — | $103M |
| Apr 2025 | $421M | — | $290M |
| Jul 2025 | $588M | — | $299M |
| Oct 2025 | $550M | — | $802M |
| Jan 2026 | $1.2B | — | $1.5B |
| Apr 2026 | $616M | — | $1.6B |
| Jul 2026 | $460M | — | $1.3B |
Workday had 246M diluted shares in the quarter ended Jul 2026, 8.8% fewer than a year earlier, and 0.9% more each year on average since Apr 2020. It spent $5.2B on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Apr 2020 | 233M |
| Jul 2020 | 236M |
| Oct 2020 | 238M |
| Apr 2021 | 244M |
| Jul 2021 | 260M |
| Oct 2021 | 255M |
| Apr 2022 | 252M |
| Jul 2022 | 254M |
| Oct 2022 | 256M |
| Apr 2023 | 261M |
| Jul 2023 | 264M |
| Oct 2023 | 266M |
| Apr 2024 | 270M |
| Jul 2024 | 268M |
| Oct 2024 | 269M |
| Apr 2025 | 270M |
| Jul 2025 | 270M |
| Oct 2025 | 269M |
| Apr 2026 | 254M |
| Jul 2026 | 246M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.4, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.3x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.4 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $5.4B against debt of $3.0B. Lease obligations of $834M are not counted: they are rent owed, not money borrowed. It also holds $233M of long-term investments, which can be stakes in other companies rather than cash.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 member of Congress and 7 funds whose copy leaves WDAY out (on the exchange, not in the app yet): Baillie Gifford &, Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Norges Bank, Rob Bresnahan and 2 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 13 held WDAY at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 7 cut, 2 bought new and 2 sold all. The largest of them is First Eagle Investment Management, 8.82M shares worth $1.7B at Sep 30, 2026, 50.0% fewer than a quarter earlier.
2 of them new holders
2 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| First Eagle Investment Management | Q3 2026 | 8.82M | $1.7B | −8.83M | −50% | Nov 10, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 2.20M | $269M | +107,401 | +5.1% | Aug 12, 2026 |
| Baillie Gifford & | Q3 2026 | 714,905 | $136M | −483,786 | −40% | Nov 9, 2026 |
| Swiss National Bank | Q3 2026 | 549,800 | $105M | −44,000 | −7.4% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 460,998 | $87.8M | +486 | +0.1% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 682,191 | $83.5M | −11,233 | −1.6% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 162,354 | $30.9M | +10,961 | +7.2% | Nov 3, 2026 |
| Renaissance Technologies | Q3 2026 | 0 | — | −206,300 | Sold all | Nov 12, 2026 |
| Harris Associates L P | Q2 2026 | 192,764 | $23.6M | +181,097 | +1552% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 127,815 | $15.6M | −6,505 | −4.8% | Aug 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 60,933 | $7.5M | +60,933 | New | Aug 14, 2026 |
| Skye Global Management | Q2 2026 | 0 | — | −52,600 | Sold all | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 32,260 | $3.9M | −12,019 | −27% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 14,307 | $2.7M | −213 | −1.5% | Nov 6, 2026 |
| Bridgewater Associates | Q2 2026 | 21,774 | $2.7M | +21,774 | New | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of WDAY at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.