Workday
ConvictionModerate
Subscription SaaS; multi-tenant single-codebase cloud delivered on a seat/employee-based model, sold to large enterprises via direct sales + SI partners, recognized ratably with high net revenue retention.
Revenue
$9.552B total revenue FY2026yr ended 2026-01-31); $8.833B subscriptionRev growth
+13.1% total / +14.5% subscriptionFY2026); Q1 FY2027 +13.5% total, +14.3% subscriptionGross margin
~76% overall GAAPsubscription gross margin ~85-86% (asset-light SaaSOp margin
GAAP 13.3%in Q1 FY2027 (up from 1.8% yr-ago; FY2026 full-year 7.5%); non-GAAP 31.8% Q1 FY2027 (FY2026 full-year 29.6%). GAAP margin depressed by heavy stock-based compensation.Capex intensity
Low~2% of revenue (~$150-190M annual capex); cloud infra is largely leased from hyperscalers, not owned datacentersMarket cap
~$34BNasdaq: WDAY, ~$135/share, early July 2026; ~250-265M diluted shares). Note: stock is down ~45% over the trailing 12 months off a ~$250 52-week high - a major de-rating from prior high-multiple levels.The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence