US Market News
2月前
Workiva Announces First Quarter 2026 Financial ResultsMay 5, 2026 4:05 PM
Business Wire Fiscal first quarter subscription & support revenue increased by 21% Total revenue was $247 million, up 20% year-over-year GAAP operating margin was 6.2%, non-GAAP operating margin was 18.4% Repurchased $50 million worth of Class A common stock under the 2024 share repurchase plan Workiva Inc. (NYSE: WK), a leading, AI-powered platform for trust, transparency, and accountability, today announced financial results for its first quarter ended March 31, 2026. “Q1 2026 was another strong quarter as organizations across every industry turn to Workiva as their platform of trust for the Office of the CFO,” said Julie Iskow, President & Chief Executive Officer. “In a world where AI is accelerating the pace of change, the tolerance for error in financial reporting, sustainability, and governance, risk and compliance is zero, and our customers increasingly rely on us to ensure that every number and every narrative is accurate, traceable, and audit-ready.” “Our first quarter results reflect strong execution across the business, with 21% subscription revenue growth and a non-GAAP operating margin of 18.4%, a 1,600 basis-point improvement compared to a year ago,” said Barbara Larson, Chief Financial Officer. “This level of margin expansion, while sustaining durable top-line growth, demonstrates the operating leverage we are building in the business and reflects the disciplined foundation we've established to drive growth at scale.” First Quarter 2026 Financial Results Revenue: Total revenue for the first quarter of 2026 reached $247 million, an increase of 20% from $206 million in the first quarter of 2025. Subscription and support revenue contributed $225 million, up 21% versus the first quarter of 2025. Professional services revenue was $22 million, up slightly from the first quarter of 2025. Operating Margin: GAAP operating margin for the first quarter of 2026 was 6.2% compared to (12.0)% in the prior year's first quarter. Non-GAAP operating margin was 18.4% compared to 2.4% in the first quarter of 2025. GAAP Net Income (Loss): GAAP net income for the first quarter of 2026 was $19 million compared with a net loss of $(21) million for the prior year's first quarter. GAAP net income per basic share and diluted share was $0.33, compared with a net loss per basic and diluted share of $(0.38) in the first quarter of 2025. Non-GAAP Net Income: Non-GAAP net income for the first quarter of 2026 was $49 million compared with non-GAAP net income of $8 million in the prior year's first quarter. Non-GAAP net income per basic share and diluted share in the first quarter of 2026 was $0.86 and $0.77, respectively, compared with non-GAAP net income per basic share and diluted share of $0.15 and $0.14, respectively, in the first quarter of 2025. Liquidity: As of March 31, 2026, Workiva had cash, cash equivalents, and marketable securities totaling $863 million, compared with $892 million as of December 31, 2025. Workiva had $71 million aggregate principal amount of 1.125% convertible senior notes due in 2026, $702 million aggregate principal amount of 1.250% convertible senior notes due in 2028, and $14 million of finance lease obligations outstanding as of March 31, 2026. Key Metrics and Recent Business Highlights Customers: Workiva had 6,665 customers as of March 31, 2026, a net increase of 280 customers from March 31, 2025. Retention Rate: As of March 31, 2026, Workiva's gross retention rate was 97%, and the net retention rate was 112%. Net retention includes changes in both solutions and pricing for existing customers. Large Contracts: As of March 31, 2026, Workiva had 2,575 customers with an annual contract value (“ACV”) of more than $100,000, up 24% from 2,079 customers at March 31, 2025. Workiva had 605 customers with an ACV of more than $300,000, up 38% from 439 customers in the first quarter of 2025. Workiva had 265 customers with an ACV of more than $500,000, up 39% from 191 customers in the first quarter of 2025. Share Repurchase Plan: On July 30, 2024, our board of directors authorized a share repurchase plan for up to $100 million of our outstanding Class A common stock. On February 16, 2026, our board of directors modified the repurchase plan to authorize an additional $250 million of the Company’s outstanding Class A common stock for repurchase under the plan. During the first quarter of 2026, Workiva purchased approximately 763,000 shares for $50 million under the plan. As of March 31, 2026, approximately $228 million remained available under the plan for future share repurchases. Financial Outlook As of May 5, 2026, Workiva is providing guidance as follows: Second Quarter 2026 Guidance: Total revenue is expected to be in the range of $250 million to $252 million. GAAP operating margin is expected to be in the range of 1.6% to 2.2%. Non-GAAP operating margin is expected to be in the range of 14.5% to 15.0%. GAAP net income per diluted share is expected to be in the range of $0.12 to $0.15 using 57.0 million shares. Non-GAAP net income per diluted share is expected to be in the range of $0.62 to $0.65 using 63.2 million shares. Full Year 2026 Guidance: Total revenue is expected to be in the range of $1.037 billion to $1.041 billion. GAAP operating margin is expected to be in the range of 3.8% to 4.3%. Non-GAAP operating margin is expected to be in the range of 16.0% to 16.5%. GAAP net income per diluted share is expected to be in the range of $0.89 to $0.99 using 57.1 million shares. Non-GAAP net income per diluted share is expected to be in the range of $2.85 to $2.95 using 62.3 million shares. Free cash flow margin is expected to be approximately 20%. Quarterly Conference Call Workiva will host a webcast today at 5:00 p.m. Eastern Time to review the Company’s financial results for the first quarter 2026, in addition to discussing the Company’s outlook for the second quarter and full year 2026. The call can be accessed by dialing 1-833-630-1956 (U.S. domestic) or 1-412-317-1837 (international). Additionally, a live webcast and replay will be available at https://investor.workiva.com/news-events/events. About Workiva Workiva Inc. (NYSE: WK) powers trust, transparency, and accountability. Accounting, finance, sustainability, risk and audit teams from more than 6,600 organizations, including over 85% of Fortune 1,000 companies rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, AI-powered collaborative platform. Learn more at workiva.com. Non-GAAP Financial Measures The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release. Workiva believes that the use of non-GAAP gross profit, non-GAAP income from operations and non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, free cash flow and free cash flow margin is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time. Non-GAAP gross profit is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets attributable to cost of revenues from gross profit. Non-GAAP income from operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from operations. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP income from operations by revenues. Non-GAAP net income is calculated by excluding stock-based compensation expense, net of tax and amortization expense for acquisition-related intangible assets from net income (loss). Non-GAAP net income per share is calculated by dividing non-GAAP net income by the weighted- average shares outstanding as presented in the calculation of GAAP net income (loss) per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe they are reflective of ongoing operations. Free cash flow, a non-GAAP measure, represents cash flow from operating activities less purchase of property and equipment. Free cash flow margin is calculated by dividing free cash flow by total revenue. We consider free cash flow and free cash flow margin to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business. Forward-Looking Statements Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance," "target," "goal," "project," "continue to," "confident," or the negative of those terms or other comparable terminology. Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. WORKIVA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) Three months ended March 31, 2026 2025 (unaudited) Revenue Subscription and support $ 225,355 $ 185,512 Professional services 21,951 20,768 Total revenue 247,306 206,280 Cost of revenue Subscription and support (1) 35,183 34,062 Professional services (1) 13,362 14,280 Total cost of revenue 48,545 48,342 Gross profit 198,761 157,938 Operating expenses Research and development (1) 52,913 53,780 Sales and marketing (1) 104,485 101,671 General and administrative (1) 26,042 27,237 Total operating expenses 183,440 182,688 Income (loss) from operations 15,321 (24,750 ) Interest income 8,103 8,747 Interest expense (3,194 ) (3,195 ) Other income (expense), net 398 (233 ) Income (loss) before provision for income taxes 20,628 (19,431 ) Provision for income taxes 1,632 1,940 Net income (loss) $ 18,996 $ (21,371 ) Net income (loss) per common share: Basic $ 0.33 $ (0.38 ) Diluted $ 0.33 $ (0.38 ) Weighted-average common shares outstanding Basic 56,885,568 56,157,533 Diluted 58,441,679 56,157,533 (1) Includes stock-based compensation expense as follows: Three months ended March 31, 2026 2025 (unaudited) Cost of revenue Subscription and support $ 2,848 $ 2,433 Professional services 1,189 996 Operating expenses Research and development 6,401 6,050 Sales and marketing 9,847 9,751 General and administrative 8,322 8,658 WORKIVA INC. CONSOLIDATED BALANCE SHEETS (in thousands) March 31, 2026 December 31, 2025 (unaudited) Assets Current assets Cash and cash equivalents $ 334,260 $ 338,769 Marketable securities 529,116 552,852 Accounts receivable, net 138,109 168,984 Deferred costs 64,793 62,619 Other receivables 7,925 10,383 Prepaid expenses and other 33,939 28,778 Total current assets 1,108,142 1,162,385 Property and equipment, net 19,832 20,546 Operating lease right-of-use assets 10,577 13,986 Deferred costs, non-current 53,958 59,767 Goodwill 204,174 206,164 Intangible assets, net 21,511 22,270 Other assets 7,184 8,453 Total assets $ 1,425,378 $ 1,493,571 Liabilities and Stockholders’ Deficit Current liabilities Accounts payable $ 10,665 $ 8,932 Accrued expenses and other current liabilities 89,316 113,115 Deferred revenue 514,310 547,919 Convertible senior notes, current 71,140 71,072 Finance lease obligations 623 614 Total current liabilities 686,054 741,652 Convertible senior notes, non-current 696,807 696,263 Deferred revenue, non-current 35,001 37,305 Other long-term liabilities 102 92 Operating lease liabilities, non-current 6,965 10,472 Finance lease obligations, non-current 13,064 13,223 Total liabilities 1,437,993 1,499,007 Stockholders’ deficit Common stock 57 57 Additional paid-in-capital 699,649 720,923 Accumulated deficit (714,856 ) (733,852 ) Accumulated other comprehensive income 2,535 7,436 Total stockholders’ deficit (12,615 ) (5,436 ) Total liabilities and stockholders’ deficit $ 1,425,378 $ 1,493,571 WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three months ended March 31, 2026 2025 (unaudited) Cash flows from operating activities Net income (loss) $ 18,996 $ (21,371 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 2,516 2,893 Stock-based compensation expense 28,607 27,888 (Recovery of) provision for doubtful accounts (118 ) 12 Accretion of premiums and discounts on marketable securities, net (801 ) (1,695 ) Amortization of debt discount and issuance costs 612 610 Gain on lease modification (307 ) — Deferred income tax (269 ) (64 ) Changes in assets and liabilities: Accounts receivable 30,156 30,636 Deferred costs 2,878 4,093 Operating lease right-of-use assets 1,260 1,329 Other receivables 2,439 994 Prepaid expenses and other (5,221 ) (5,653 ) Other assets 1,233 (648 ) Accounts payable 1,971 6,651 Deferred revenue (33,255 ) (18,438 ) Operating lease liabilities (1,167 ) (831 ) Accrued expenses and other liabilities (23,054 ) (33,764 ) Net cash provided by (used in) operating activities 26,476 (7,358 ) Cash flows from investing activities Purchase of property and equipment (728 ) (763 ) Purchase of marketable securities (91,501 ) (102,965 ) Maturities of marketable securities 114,350 94,614 Acquisitions, net of cash acquired (750 ) — Purchase of intangible assets (26 ) (19 ) Net cash provided by (used in) investing activities 21,345 (9,133 ) Cash flows from financing activities Proceeds from option exercises 729 631 Taxes paid related to net share settlements of stock-based compensation awards (8,662 ) (12,922 ) Proceeds from shares issued in connection with employee stock purchase plan 8,052 7,535 Repurchases of Class A common stock (50,000 ) (40,118 ) Principal payments on finance lease obligations (150 ) (138 ) Net cash used in financing activities (50,031 ) (45,012 ) Effect of foreign exchange rates on cash (2,299 ) 1,889 Net decrease in cash, cash equivalents, and restricted cash (4,509 ) (59,614 ) Cash, cash equivalents, and restricted cash at beginning of period 339,481 302,350 Cash, cash equivalents, and restricted cash at end of period $ 334,972 $ 242,736 Three months ended March 31, 2026 2025 (unaudited) Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets Cash and cash equivalents at end of period $ 334,260 $ 242,024 Restricted cash included within prepaid expenses and other at end of period 712 712 Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows $ 334,972 $ 242,736 TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) Three months ended March 31, 2026 2025 Gross profit, subscription and support $ 190,172 $ 151,450 Add back: Stock-based compensation 2,848 2,433 Add back: Amortization of acquisition-related intangibles 996 909 Gross profit, subscription and support, non-GAAP $ 194,016 $ 154,792 Gross profit, professional services $ 8,589 $ 6,488 Add back: Stock-based compensation 1,189 996 Gross profit, professional services, non-GAAP $ 9,778 $ 7,484 Gross profit $ 198,761 $ 157,938 Add back: Stock-based compensation 4,037 3,429 Add back: Amortization of acquisition-related intangibles 996 909 Gross profit, non-GAAP $ 203,794 $ 162,276 Cost of revenue, subscription and support $ 35,183 $ 34,062 Less: Stock-based compensation 2,848 2,433 Less: Amortization of acquisition-related intangibles 996 909 Cost of revenue, subscription and support, non-GAAP $ 31,339 $ 30,720 Cost of revenue, professional services $ 13,362 $ 14,280 Less: Stock-based compensation 1,189 996 Cost of revenue, professional services, non-GAAP $ 12,173 $ 13,284 Research and development $ 52,913 $ 53,780 Less: Stock-based compensation 6,401 6,050 Less: Amortization of acquisition-related intangibles — 495 Research and development, non-GAAP $ 46,512 $ 47,235 Sales and marketing $ 104,485 $ 101,671 Less: Stock-based compensation 9,847 9,751 Less: Amortization of acquisition-related intangibles 491 447 Sales and marketing, non-GAAP $ 94,147 $ 91,473 General and administrative $ 26,042 $ 27,237 Less: Stock-based compensation 8,322 8,658 General and administrative, non-GAAP $ 17,720 $ 18,579 Income (loss) from operations $ 15,321 $ (24,750 ) Add back: Stock-based compensation 28,607 27,888 Add back: Amortization of acquisition-related intangibles 1,487 1,851 Income from operations, non-GAAP $ 45,415 $ 4,989 GAAP operating margin 6.2 % (12.0 )% Non-GAAP operating margin 18.4 % 2.4 % Net income (loss) $ 18,996 $ (21,371 ) Add back: Stock-based compensation 28,607 27,888 Add back: Amortization of acquisition-related intangibles 1,487 1,851 Net income, non-GAAP $ 49,090 $ 8,368 Net income (loss) per basic share $ 0.33 $ (0.38 ) Add back: Stock-based compensation 0.50 0.50 Add back: Amortization of acquisition-related intangibles 0.03 0.03 Net income per basic share, non-GAAP $ 0.86 $ 0.15 Net income (loss) per diluted share $ 0.33 $ (0.38 ) Net income per diluted share, non-GAAP $ 0.77 $ 0.14 Weighted-average common shares outstanding - diluted 58,441,679 56,157,533 Weighted-average common shares outstanding - diluted, non-GAAP 63,684,917 58,480,150 Net cash provided by (used in) operating activities $ 26,476 (7,358 ) Purchase of property and equipment (728 ) (763 ) Free cash flow $ 25,748 $ (8,121 ) Operating cash flow margin 10.7 % (3.6 )% Free cash flow margin 10.4 % (3.9 )% TABLE II WORKIVA INC. RECONCILIATION OF NON-GAAP GUIDANCE Three months ending
June 30, 2026 Year ending
December 31, 2026 GAAP operating margin 1.6 % - 2.2 % 3.8 % - 4.3 % Add back: Stock-based compensation 12.3 % - 12.2 % 11.6 % - 11.6 % Add back: Amortization of acquisition-related intangibles 0.6 % - 0.6 % 0.6 % - 0.6 % Non-GAAP operating margin 14.5 % - 15.0 % 16.0 % - 16.5 % Net income per diluted share, GAAP $ 0.12 - $ 0.15 $ 0.89 - $ 0.99 Add back: Stock-based compensation 0.54 - 0.54 2.11 - 2.11 Add back: Amortization of acquisition-related intangibles 0.03 - 0.03 0.11 - 0.11 Effect of potentially dilutive securities (0.07 ) - (0.07 ) (0.26 ) - (0.26 ) Net income per diluted share, non-GAAP $ 0.62 - $ 0.65 $ 2.85 - $ 2.95 Weighted-average common shares used in calculating GAAP earnings per share, diluted 57,000,000 57,000,000 57,100,000 57,100,000 Weighted-average common shares used in calculating non-GAAP earnings per share, diluted 63,200,000 63,200,000 62,300,000 62,300,000 View source version on businesswire.com: https://www.businesswire.com/news/home/20260505526534/en/ Investor Contact:
Katie White
Workiva Inc.
investor@workiva.com Media Contact:
Bill Bode
Workiva Inc.
press@workiva.com Original: Workiva Announces First Quarter 2026 Financial Results
US Market News
5月前
Workiva Announces Fourth Quarter and Full Year 2025 Financial ResultsFebruary 19, 2026 4:05 PM
Business Wire
Fiscal fourth quarter subscription & support revenue increased by 21%
Total revenue was $239 million, up 20% year-over-year
GAAP operating margin was 3.4%, non-GAAP operating margin was 19.1%
Fiscal year 2025 subscription & support revenue increased by 22%
Total revenue was $885 million, up 20% year-over-year
GAAP operating margin was (4.8)%, non-GAAP operating margin was 9.9%
Operating cash flow margin was 15.8%, free cash flow margin was 15.6%
Repurchased $72 million worth of Class A common stock in 2025 under the 2024 share repurchase plan
Announced increase to 2024 share repurchase plan by additional $250 million
Workiva Inc. (NYSE: WK), a leading, AI-powered platform for trust, transparency, and accountability, today announced financial results for its fourth quarter and full year ended December 31, 2025.
“We had a strong finish to the year, with accelerated growth and profitability compared to last year. Our fit-for-purpose solutions for Financial Reporting, GRC, and Sustainability continue to resonate with the office of the CFO, delivering trusted data and insights in the AI era,” said Julie Iskow, President & Chief Executive Officer. “Our Q4 performance underscores the critical relevance of our AI-powered platform in delivering trust and transparency. FY 2025 was also a year of strategic evolution that sets us up well for the long-term durable growth opportunity we see ahead of us, built on a foundation of innovation and reliability.”
“We outperformed both the top and bottom line driven by strong execution across the business. FY 2025 subscription revenue grew by 22% year-over-year, and non-GAAP operating margin was 9.9%, up from 4.3% the year prior,” said Barbara Larson, Chief Financial Officer. “I'm thrilled to have joined Workiva on the heels of an outstanding year. I look forward to partnering with Julie to drive operational excellence, focus on continued margin expansion, and execute a growth strategy that positions us to surpass one billion dollars in total revenue in 2026.”
Fourth Quarter 2025 Financial Results
Revenue: Total revenue for the fourth quarter of 2025 reached $239 million, an increase of 20% from $200 million in the fourth quarter of 2024. Subscription and support revenue contributed $219 million, up 21% versus the fourth quarter of 2024. Professional services revenue was $20 million, up slightly from the fourth quarter of 2024.
Operating Margin: GAAP operating margin for the fourth quarter of 2025 was 3.4% compared to (6.6)% in the prior year's fourth quarter. Non-GAAP operating margin was 19.1% compared to 7.4% in the fourth quarter of 2024.
GAAP Net Income (Loss): GAAP net income for the fourth quarter of 2025 was $12 million compared with a net loss of $(9) million for the prior year's fourth quarter. GAAP net income per basic share and diluted share was $0.21 and $0.20, respectively, compared with a net loss per basic and diluted share of $(0.16) in the fourth quarter of 2024.
Non-GAAP Net Income: Non-GAAP net income for the fourth quarter of 2025 was $50 million compared with non-GAAP net income of $19 million in the prior year's fourth quarter. Non-GAAP net income per basic share and diluted share in the fourth quarter of 2025 was $0.88 and $0.78, respectively, compared with non-GAAP net income per basic share and diluted share of $0.35 and $0.33, respectively, in the fourth quarter of 2024.
Liquidity: As of December 31, 2025, Workiva had cash, cash equivalents, and marketable securities totaling $892 million, compared with $816 million as of December 31, 2024. Workiva had $71 million aggregate principal amount of 1.125% convertible senior notes due in 2026, $702 million aggregate principal amount of 1.250% convertible senior notes due in 2028, and $14 million of finance lease obligations outstanding as of December 31, 2025.
Key Metrics and Recent Business Highlights
Customers: Workiva had 6,624 customers as of December 31, 2025, a net increase of 319 customers from December 31, 2024.
Retention Rate: As of December 31, 2025, Workiva's gross retention rate was 97%, and the net retention rate was 113%. Net retention includes changes in both solutions and pricing for existing customers.
Large Contracts: As of December 31, 2025, Workiva had 2,507 customers with an annual contract value (“ACV”) of more than $100,000, up 22% from 2,055 customers at December 31, 2024. Workiva had 592 customers with an ACV of more than $300,000, up 42% from 416 customers in the fourth quarter of 2024. Workiva had 248 customers with an ACV of more than $500,000, up 37% from 181 customers in the fourth quarter of 2024.
Share Repurchase Plan: On July 30, 2024, our board of directors authorized a share repurchase plan for up to $100 million of our outstanding Class A common stock. During the fourth quarter of 2025, Workiva purchased approximately 131,000 shares for $12 million under the plan. As of December 31, 2025, approximately $28 million remained available under the plan for future share repurchases. On February 16, 2026, our board of directors modified the repurchase plan to authorize an additional $250 million of the Company’s outstanding Class A common stock for repurchase under the plan.
Full Year 2025 Financial Results
Revenue: Total revenue for the full year 2025 reached $885 million, an increase of 20% from $739 million in 2024. Subscription and support revenue contributed $813 million, up 22% compared to 2024. Professional services revenue was $72 million, relatively flat compared to the prior year.
Operating Margin: GAAP operating margin for 2025 was (4.8)% compared to (10.3)% in the prior year. Non-GAAP operating margin was 9.9% compared to 4.3% in 2024.
GAAP Net Loss: GAAP net loss for 2025 was $(26) million compared with a net loss of $(55) million in the prior year. GAAP net loss per basic and diluted share was $(0.47) compared with a net loss per basic and diluted share of $(0.99) in 2024.
Non-GAAP Net Income: Non-GAAP net income for 2025 was $104 million compared with non-GAAP net income of $54 million in the prior year. Non-GAAP net income per basic share and diluted share in 2025 was $1.84 and $1.78, respectively, compared with non-GAAP net income per basic share and diluted share of $0.97 and $0.94, respectively, in 2024.
Cash Flow: Net cash provided by operating activities was $140 million in 2025, compared to cash provided by operating activities of $88 million in 2024. Free cash flow was $138 million in 2025 compared to free cash flow of $86 million in 2024. Free cash flow margin was 15.6% in 2025 compared to 11.7% in 2024.
Financial Outlook
As of February 19, 2026, Workiva is providing guidance as follows:
First Quarter 2026 Guidance:
Total revenue is expected to be in the range of $244 million to $246 million.
GAAP operating margin is expected to be in the range of 2.7% to 3.3%.
Non-GAAP operating margin is expected to be in the range of 15.5% to 16.0%.
GAAP net income per diluted share is expected to be in the range of $0.17 to $0.20 using 57.7 million shares.
Non-GAAP net income per diluted share is expected to be in the range of $0.64 to $0.67 using 63.8 million shares.
Full Year 2026 Guidance:
Total revenue is expected to be in the range of $1.036 billion to $1.040 billion.
GAAP operating margin is expected to be in the range of 2.6% to 3.2%.
Non-GAAP operating margin is expected to be in the range of 15.0% to 15.5%.
GAAP net income per diluted share is expected to be in the range of $0.70 to $0.80 using 57.8 million shares.
Non-GAAP net income per diluted share is expected to be in the range of $2.66 to $2.76 using 63.0 million shares.
Free cash flow margin is expected to be approximately 19%.
Quarterly Conference Call
Workiva will host a webcast today at 5:00 p.m. Eastern Time to review the Company’s financial results for the fourth quarter and full fiscal year 2025, in addition to discussing the Company’s outlook for the first quarter and full year 2026. The call can be accessed by dialing 1-833-630-1956 (U.S. domestic) or 1-412-317-1837 (international). Additionally, a live webcast and replay will be available at https://investor.workiva.com/news-events/events.
About Workiva
Workiva Inc. (NYSE: WK) powers trust, transparency, and accountability. Accounting, finance, sustainability, risk and audit teams from more than 6,600 organizations, including over 85% of Fortune 1,000 companies rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, AI-powered collaborative platform. Learn more at workiva.com.
Non-GAAP Financial Measures
The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.
Workiva believes that the use of non-GAAP gross profit, non-GAAP income from operations and non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, free cash flow and free cash flow margin is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time.
Non-GAAP gross profit is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets attributable to cost of revenues from gross profit. Non-GAAP income from operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from operations. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP income from operations by revenues. Non-GAAP net income is calculated by excluding stock-based compensation expense, net of tax and amortization expense for acquisition-related intangible assets from net income (loss). Non-GAAP net income per share is calculated by dividing non-GAAP net income by the weighted- average shares outstanding as presented in the calculation of GAAP net income (loss) per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe they are reflective of ongoing operations.
Free cash flow, a non-GAAP measure, represents cash flow from operating activities less purchase of property and equipment. Free cash flow margin is calculated by dividing free cash flow by total revenue. We consider free cash flow and free cash flow margin to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance," "target," "goal," "project," "continue to," "confident," or the negative of those terms or other comparable terminology.
Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
WORKIVA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
(unaudited)
Revenue
Subscription and support
$
219,332
$
180,897
$
812,627
$
667,646
Professional services
19,603
18,992
71,941
71,034
Total revenue
238,935
199,889
884,568
738,680
Cost of revenue
Subscription and support (1)
33,482
32,204
136,645
118,697
Professional services (1)
12,685
13,485
53,785
53,358
Total cost of revenue
46,167
45,689
190,430
172,055
Gross profit
192,768
154,200
694,138
566,625
Operating expenses
Research and development (1)
54,818
50,607
214,844
192,935
Sales and marketing (1)
102,049
90,157
408,872
347,243
General and administrative (1)
28,041
26,756
112,863
102,981
Total operating expenses
184,908
167,520
736,579
643,159
Income (loss) from operations
7,860
(13,320
)
(42,441
)
(76,534
)
Interest income
8,620
9,306
34,153
39,395
Interest expense
(3,193
)
(3,197
)
(12,777
)
(12,865
)
Other (expense) income, net
(699
)
872
(1,350
)
563
Income (loss) before provision for income taxes
12,588
(6,339
)
(22,415
)
(49,441
)
Provision for income taxes
772
2,476
3,754
5,601
Net income (loss)
$
11,816
$
(8,815
)
$
(26,169
)
$
(55,042
)
Net income (loss) per common share:
Basic
$
0.21
$
(0.16
)
$
(0.47
)
$
(0.99
)
Diluted
$
0.20
$
(0.16
)
$
(0.47
)
$
(0.99
)
Weighted-average common shares outstanding
Basic
56,503,191
55,739,950
56,272,517
55,355,381
Diluted
57,903,207
55,739,950
56,272,517
55,355,381
(1) Includes stock-based compensation expense as follows:
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
(unaudited)
Cost of revenue
Subscription and support
$
2,692
$
2,271
$
10,271
$
7,979
Professional services
1,057
873
4,261
3,221
Operating expenses
Research and development
9,669
5,562
28,867
21,036
Sales and marketing
12,612
8,869
42,108
35,339
General and administrative
10,314
8,696
37,438
34,575
WORKIVA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
As of December 31,
2025
2024
Assets
Current assets
Cash and cash equivalents
$
338,769
$
301,835
Marketable securities
552,852
514,585
Accounts receivable, net
168,984
148,433
Deferred costs
62,619
50,914
Other receivables
10,383
10,276
Prepaid expenses and other
28,778
22,199
Total current assets
1,162,385
1,048,242
Property and equipment, net
20,546
21,825
Operating lease right-of-use assets
13,986
11,786
Deferred costs, non-current
59,767
54,858
Goodwill
206,164
196,844
Intangible assets, net
22,270
27,389
Other assets
8,453
7,525
Total assets
$
1,493,571
$
1,368,469
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable
$
8,932
$
7,747
Accrued expenses and other current liabilities
113,115
126,508
Deferred revenue
547,919
457,608
Convertible senior notes, current
71,072
—
Finance lease obligations
614
562
Total current liabilities
741,652
592,425
Convertible senior notes, non-current
696,263
764,891
Deferred revenue, non-current
37,305
29,681
Other long-term liabilities
92
227
Operating lease liabilities, non-current
10,472
9,441
Finance lease obligations, non-current
13,223
13,488
Total liabilities
1,499,007
1,410,153
Stockholders’ deficit
Common stock
57
56
Additional paid-in-capital
720,923
672,363
Accumulated deficit
(733,852
)
(707,683
)
Accumulated other comprehensive income (loss)
7,436
(6,420
)
Total stockholders’ deficit
(5,436
)
(41,684
)
Total liabilities and stockholders’ deficit
$
1,493,571
$
1,368,469
WORKIVA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
(unaudited)
Cash flows from operating activities
Net income (loss)
$
11,816
$
(8,815
)
$
(26,169
)
$
(55,042
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization
2,461
2,911
10,990
11,003
Stock-based compensation expense
36,344
26,271
122,945
102,150
Provision for (recovery of) doubtful accounts
72
85
(214
)
39
Accretion of premiums and discounts on marketable securities, net
(940
)
(2,286
)
(5,144
)
(11,829
)
Amortization of debt discount and issuance costs
612
610
2,444
2,436
Deferred income tax
(321
)
(337
)
(396
)
(629
)
Changes in assets and liabilities:
Accounts receivable
(24,357
)
(12,845
)
(17,475
)
(24,352
)
Deferred costs
(15,096
)
(19,337
)
(13,732
)
(34,477
)
Operating lease right-of-use assets
1,500
1,328
5,636
5,136
Other receivables
(229
)
(1,680
)
(8
)
1,116
Prepaid expenses and other
(3,162
)
(1,311
)
(6,083
)
1,453
Other assets
(1,047
)
(1,094
)
(356
)
(2,285
)
Accounts payable
(2,314
)
(5,231
)
651
2,399
Deferred revenue
55,862
51,681
88,703
73,840
Operating lease liabilities
(1,230
)
(907
)
(4,121
)
(3,738
)
Accrued expenses and other liabilities
(9,009
)
14,927
(17,601
)
20,486
Net cash provided by operating activities
50,962
43,970
140,070
87,706
Cash flows from investing activities
Purchase of property and equipment
(226
)
(809
)
(2,075
)
(1,363
)
Purchase of marketable securities
(112,221
)
(92,160
)
(425,492
)
(402,235
)
Maturities of marketable securities
98,771
106,290
390,473
452,023
Sale of marketable securities
2,533
—
2,533
4,609
Acquisitions, net of cash acquired
—
—
—
(98,092
)
Purchase of intangible assets
(286
)
(74
)
(391
)
(191
)
Net cash (used in) provided by investing activities
(11,429
)
13,247
(34,952
)
(45,249
)
Cash flows from financing activities
Proceeds from option exercises
3,346
1,044
6,220
4,909
Taxes paid related to net share settlements of stock-based compensation awards
(9,154
)
(34
)
(22,674
)
(11,458
)
Proceeds from shares issued in connection with employee stock purchase plan
—
—
13,698
13,822
Repurchases of Class A common stock
(11,507
)
—
(71,628
)
—
Principal payments on finance lease obligations
(142
)
(137
)
(560
)
(532
)
Net cash (used in) provided by financing activities
(17,457
)
873
(74,944
)
6,741
Effect of foreign exchange rates on cash
779
(4,494
)
6,957
(3,569
)
Net increase in cash, cash equivalents, and restricted cash
22,855
53,596
37,131
45,629
Cash, cash equivalents, and restricted cash at beginning of period
316,626
248,754
302,350
256,721
Cash, cash equivalents, and restricted cash at end of period
$
339,481
$
302,350
$
339,481
$
302,350
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
(unaudited)
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period
$
338,769
$
301,835
$
338,769
$
301,835
Restricted cash included within prepaid expenses and other at end of period
712
515
712
515
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows
$
339,481
$
302,350
$
339,481
$
302,350
TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
Gross profit, subscription and support
$
185,850
$
148,693
$
675,982
$
548,949
Add back: Stock-based compensation
2,692
2,271
10,271
7,979
Add back: Amortization of acquisition-related intangibles
970
916
3,771
1,923
Gross profit, subscription and support, non-GAAP
$
189,512
$
151,880
$
690,024
$
558,851
Gross profit, professional services
$
6,918
$
5,507
$
18,156
$
17,676
Add back: Stock-based compensation
1,057
873
4,261
3,221
Gross profit, professional services, non-GAAP
$
7,975
$
6,380
$
22,417
$
20,897
Gross profit
$
192,768
$
154,200
$
694,138
$
566,625
Add back: Stock-based compensation
3,749
3,144
14,532
11,200
Add back: Amortization of acquisition-related intangibles
970
916
3,771
1,923
Gross profit, non-GAAP
$
197,487
$
158,260
$
712,441
$
579,748
Cost of revenue, subscription and support
$
33,482
$
32,204
$
136,645
$
118,697
Less: Stock-based compensation
2,692
2,271
10,271
7,979
Less: Amortization of acquisition-related intangibles
970
916
3,771
1,923
Cost of revenue, subscription and support, non-GAAP
$
29,820
$
29,017
$
122,603
$
108,795
Cost of revenue, professional services
$
12,685
$
13,485
$
53,785
$
53,358
Less: Stock-based compensation
1,057
873
4,261
3,221
Cost of revenue, professional services, non-GAAP
$
11,628
$
12,612
$
49,524
$
50,137
Research and development
$
54,818
$
50,607
$
214,844
$
192,935
Less: Stock-based compensation
9,669
5,562
28,867
21,036
Less: Amortization of acquisition-related intangibles
69
495
1,279
2,762
Research and development, non-GAAP
$
45,080
$
44,550
$
184,698
$
169,137
Sales and marketing
$
102,049
$
90,157
$
408,872
$
347,243
Less: Stock-based compensation
12,612
8,869
42,108
35,339
Less: Amortization of acquisition-related intangibles
489
453
1,905
1,745
Sales and marketing, non-GAAP
$
88,948
$
80,835
$
364,859
$
310,159
General and administrative
$
28,041
$
26,756
$
112,863
$
102,981
Less: Stock-based compensation
10,314
8,696
37,438
34,575
General and administrative, non-GAAP
$
17,727
$
18,060
$
75,425
$
68,406
Income (loss) from operations
$
7,860
$
(13,320
)
$
(42,441
)
$
(76,534
)
Add back: Stock-based compensation
36,344
26,271
122,945
102,150
Add back: Amortization of acquisition-related intangibles
1,528
1,864
6,955
6,429
Income from operations, non-GAAP
$
45,732
$
14,815
$
87,459
$
32,045
GAAP operating margin
3.4
%
(6.6
)%
(4.8
)%
(10.3
)%
Non-GAAP operating margin
19.1
%
7.4
%
9.9
%
4.3
%
Net income (loss)
$
11,816
$
(8,815
)
$
(26,169
)
$
(55,042
)
Add back: Stock-based compensation
36,344
26,271
122,945
102,150
Add back: Amortization of acquisition-related intangibles
1,528
1,864
6,955
6,429
Net income, non-GAAP
$
49,688
$
19,320
$
103,731
$
53,537
Net income (loss) per basic share
$
0.21
$
(0.16
)
$
(0.47
)
$
(0.99
)
Add back: Stock-based compensation
0.64
0.48
2.19
1.84
Add back: Amortization of acquisition-related intangibles
0.03
0.03
0.12
0.12
Net income per basic share, non-GAAP
$
0.88
$
0.35
$
1.84
$
0.97
Net income (loss) per diluted share
$
0.20
$
(0.16
)
$
(0.47
)
$
(0.99
)
Net income per diluted share, non-GAAP
$
0.78
$
0.33
$
1.78
$
0.94
Weighted-average common shares outstanding - diluted
57,903,207
55,739,950
56,272,517
55,355,381
Weighted-average common shares outstanding - diluted, non-GAAP
64,035,232
58,305,243
58,295,120
56,687,199
Net cash provided by operating activities
$
50,962
43,970
140,070
87,706
Purchase of property and equipment
(226
)
(809
)
(2,075
)
(1,363
)
Free cash flow
$
50,736
$
43,161
$
137,995
$
86,343
Operating cash flow margin
21.3
%
22.0
%
15.8
%
11.9
%
Free cash flow margin
21.2
%
21.6
%
15.6
%
11.7
%
TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
Three months ending March 31, 2026
Year ending December 31, 2026
GAAP operating margin
2.7
%
-
3.3
%
2.6
%
-
3.2
%
Add back: Stock-based compensation
12.2
%
-
12.1
%
11.8
%
-
11.7
%
Add back: Amortization of acquisition-related intangibles
0.6
%
-
0.6
%
0.6
%
-
0.6
%
Non-GAAP operating margin
15.5
%
-
16.0
%
15.0
%
-
15.5
%
Net income per diluted share, GAAP
$
0.17
-
$
0.20
$
0.70
-
$
0.80
Add back: Stock-based compensation
0.51
-
0.51
2.11
-
2.11
Add back: Amortization of acquisition-related intangibles
0.03
-
0.03
0.10
-
0.10
Effect of potentially dilutive securities
(0.07
)
-
(0.07
)
(0.25
)
-
(0.25
)
Net income per diluted share, non-GAAP
$
0.64
-
$
0.67
$
2.66
-
$
2.76
Weighted-average common shares used in calculating GAAP earnings per share, diluted
57,700,000
57,700,000
57,800,000
57,800,000
Weighted-average common shares used in calculating non-GAAP earnings per share, diluted
63,800,000
63,800,000
63,000,000
63,000,000
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219706699/en/
Investor Contact:
Katie White
Workiva Inc.
investor@workiva.com
Media Contact:
Bill Bode
Workiva Inc.
press@workiva.com
Original: Workiva Announces Fourth Quarter and Full Year 2025 Financial Results
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