# Workday, Inc. (WDAY)

> Source: Nexqual · https://nexqual.com/WDAY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Workday, Inc. (WDAY), nexqual.com/WDAY" · informational, not investment advice.

**Price:** USD 209.99 (+3.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 202.96 · day 203.99–210.07 · 52w 110.36–247.1 · market cap $50.6B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $10.2B, net income $1.25B (12.3% margin), free cash flow $2.84B (SEC filings).
- Valuation: P/E 40.5x (avg 86.0x at the last 3 fiscal year-ends), EV/EBITDA 38.3x, net cash $414M.
- 4 of 80 tracked superinvestors hold WDAY (13F, Q2 2026): 1 new, 3 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -13.7% vs S&P 500 +14.9%; 5Y -25.2% vs S&P 500 +80.3%.
- Next earnings: 2026-08-27, EPS estimate USD 2.74, revenue estimate $2.69B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.14B | $6.22B | $7.26B | $8.45B | $9.55B | $10.2B |
| Operating income | -$116M | -$222M | $183M | $415M | $721M | $1.08B |
| Net income | $29.0M | -$367M | $1.38B | $526M | $693M | $1.25B |
| EPS (diluted) | $0.12 | -$1.44 | $5.21 | $1.95 | $2.59 | — |
| Free cash flow | — | $1.29B | $1.92B | $2.19B | $2.78B | $2.84B |
| Operating margin | -2.3% | -3.6% | 2.5% | 4.9% | 7.5% | 10.7% |
| Net margin | 0.6% | -5.9% | 19.0% | 6.2% | 7.3% | 12.3% |
| Revenue growth | +19.0% | +21.0% | +16.8% | +16.4% | +13.1% | — |
| Cash + short-term investments | $3.64B | $6.12B | $7.81B | $8.02B | $5.44B | — |
| Total debt | $1.84B | $2.98B | $2.98B | $2.98B | $2.99B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 40.5x · P/S 5.0x · EV/EBITDA 38.3x · EV/Sales 4.9x · P/FCF 17.8x · P/B 7.8x · FCF yield 5.62% · Earnings yield 2.47% · Buyback yield (TTM) 10.33% · Net cash $414M · EV $50.2B
P/E at fiscal year-ends: Jan 2026 68.0x, Jan 2025 134.1x, Jan 2024 55.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold WDAY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 1.80% | $1.08B | Added +16.0% |
| Van Den Berg Management I |  | 1.26% | $6.0M | Added +28.9% |
| Richard Pzena | Pzena Investment Management | 0.71% | $241M | New position |
| Bill Nygren | Oakmark Funds | 0.03% | $23.6M | Added +1552.2% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Keybanc | Downgrade | Overweight → Sector Perform |  |
| 2026-10-15 | Stifel | Target raised | Hold | $160 → $175 |
| 2026-10-14 | UBS | Target lowered | Neutral | $220 → $210 |
| 2026-10-08 | Jefferies | Target lowered | Hold | $220 → $210 |
| 2026-10-05 | Needham | Reiterated | Buy | $230 |
| 2026-08-31 | Goldman Sachs | Target raised | Neutral | $151 → $164 |
| 2026-08-28 | Freedom Broker | Downgrade | Buy → Hold | $180 → $200 |
| 2026-08-28 | Wells Fargo | Target raised | Overweight | $215 → $225 |
| 2026-08-28 | Stifel | Target raised | Hold | $115 → $160 |
| 2026-08-28 | Citigroup | Target raised | Neutral | $139 → $201 |
| 2026-08-28 | Barclays | Target raised | Overweight | $200 → $224 |
| 2026-08-28 | TD Cowen | Target lowered | Hold | $220 → $210 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -13.7% | -25.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -13.7% | -5.6% |
| Volatility (annualized) | 53.7% | 39.8% |
| Max drawdown | -53.8% (Oct 2025→Apr 2026) | -63.2% (Feb 2024→Apr 2026) |

## Peers (Software - Application)
ADSK (Autodesk, Inc.) USD 254.95 +4.13% · TEAM (Atlassian Corporation) USD 223.16 -1.04% · ROP (Roper Technologies, Inc.) USD 436.23 +9.73% · PAYX (Paychex, Inc.) USD 118.81 +5.61% · MSTR (Strategy Inc) USD 145.8 -5.00% · CDNS (Cadence Design Systems, Inc.) USD 309.65 -5.04%

## More
Full page: https://nexqual.com/WDAY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name WDAY in their own reports (relationship from WDAY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | BLACKLINE, INC. (BL) | 10-K 2026-02-26 | "Our direct sales force leverages relationships with technology vendors, such as Workday, SAP, and Microsoft, professional services firms, such as Accenture, Deloitte, and Ernst & Young, and business p…" |
| partner | INSPERITY, INC. (NSP) | 10-K 2026-02-11 | "Insperity's HRScale solution is our newest service offering that we jointly developed through our strategic partnership with Workday, Inc. ("Workday")." |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription services | $2.47B | 93.3% | +13.9% |
| Costs of professional services | $178.0M | 6.7% | -0.6% |
| Total revenue | $2.65B | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $1.97B | 74.3% | +11.5% |
| Other countries | $682.0M | 25.7% | +16.8% |
| Total revenue | $2.65B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $2.74 | $2.63 | +4.3% | $2.69B | 36 |
| Next quarter (ends 2027-01-31) | $2.95 | $2.85 | +3.6% | $2.78B | 35 |
| Current fiscal year (ends 2027-01-31) | $11.09 | $10.75 | +3.1% | $10.67B | 41 |
| Next fiscal year (ends 2028-01-31) | $13.24 | $12.65 | +4.7% | $11.78B | 41 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 52.5% | ±6.0% |
| 2026-11-06 | 14 | 46.4% | ±7.5% |
| 2026-11-13 | 21 | 45.1% | ±8.9% |
| 2026-11-20 | 28 | 44.4% | ±10.0% |
| 2026-11-27 | 35 | 46.6% | ±11.7% |
| 2026-12-04 | 42 | 47.5% | ±13.0% |
| 2026-12-18 | 56 | 45.8% | ±14.5% |
| 2027-01-15 | 84 | 42.1% | ±16.2% |