At a glance
Workday Inc is worth $47.75B, about 77 times its fiscal 2026 earnings. Revenue grew 13.1% to $9.55B in fiscal 2026, with 7.3% kept as profit; over 5 years it has grown 17.2% a year. It pays no dividend; it spent $4.09B buying back its shares over FY2022–FY2026. The stock returned −17.4% over the past year with dividends reinvested and −7.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.4% in the 2020 crash (S&P 500: 33.7%) and 48.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows.
The business in plain English
Workday makes cloud software, delivered over the internet, that organizations use to manage their people and money. Its human capital management (HCM) products cover hiring, onboarding, pay and training. Its financial management products handle bills, payments and closing the books each period. It also offers spend management for purchasing and expenses, planning tools for budgets and forecasts, and Workday GO, a simpler package priced for medium-sized organizations.
More than 11,500 organizations use Workday, including more than 65% of Fortune 500 companies, with over 75 million users under contract, according to its 10-K filed March 6, 2026. Customers pay subscription fees, which Workday records as revenue over each contract's term, plus fees for professional services that help them set up the software. Sales come through its own field teams, partners that refer customers or resell its products, and the Workday Marketplace.
Revenue was $9.55 billion in the fiscal year ended January 31, 2026, up 13.1% from the year before. The U.S. supplied 75.1% of that and other countries 24.9%. Workday is betting heavily on artificial intelligence (AI): in that fiscal year it acquired four AI companies, Flowise, Paradox, Sana Labs and Pipedream, and introduced AI agents, software that can complete tasks on its own, to speed up hiring and simplify finance work.
Price history
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WDAY -17.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| U.S. | $7.18B | 75.1% |
| Other countries | $2.38B | 24.9% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $2.65B, up 12.8% from a year earlier, and net income was $632.0M (+177.2%).
- For fiscal 2026, revenue was $9.55B (+13.1% year over year; +17.2% a year from FY2021 to FY2026) with a 7.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +17.2% good |
|---|---|
| Operating margin | 7.5% watch |
| Free cash flow margin | 29.1% good |
| Return on equity (FY2026) | 8.9% watch |
| Return on assets (FY2026) | 3.8% watch |
| Net cash (cash minus debt) | $414.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.32B | $-282.4M | — |
| FY2022 | $5.14B | $29.0M | — |
| FY2023 | $6.22B | $-367.0M | $1.29B |
| FY2024 | $7.26B | $1.38B | $1.92B |
| FY2025 | $8.45B | $526.0M | $2.19B |
| FY2026 | $9.55B | $693.0M | $2.78B |
Valuation snapshot
| Market value | $47.75B |
|---|---|
| P/E ratio | 76.5 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WDAY price data to Nov 2, 2026 | -7.8% | -17.4% | -2.4% | -7.4% | +9.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.8% |
| 2025 | -16.8% |
| 2024 | -6.5% |
| 2023 | +65.0% |
| 2022 | -38.8% |
| 2021 | +14.0% |
| 2020 | +45.7% |
| 2019 | +3.0% |
| 2018 | +57.0% |
| 2017 | +53.9% |
| 2016 | -17.1% |
| 2015 | -2.4% |
| 2014 | -1.9% |
| 2013 | +52.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.6% over that stretch · deepest drop along the way 42.4%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.4% over that stretch · deepest drop along the way 48.2%, back to its old high 17.3 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 100 sales ($204.9M), 100 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 23, 2026 | David A Duffield 10% owner | sell (plan) | $12.3M |
| Sep 18, 2026 | David A Duffield 10% owner | sell (plan) | $9.2M |
| Oct 1, 2026 | David A Duffield 10% owner | sell (plan) | $9.1M |
| Oct 9, 2026 | David A Duffield 10% owner | sell (plan) | $8.7M |
| Oct 6, 2026 | David A Duffield 10% owner | sell (plan) | $8.6M |
Who owns it
Large shareholders (13G filings)
| David A. Duffield | 19.01% | Dec 31, 2025 |
| BlackRock, Inc. | 10% | Aug 31, 2026 |
| Vanguard Capital Management | 7.59% | Mar 31, 2026 |
| Hotchkis and Wiley Capital Management, LLC | 6.31% | Jun 30, 2026 |
| Eagle Capital Management, LLC | 5.63% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.57% | Mar 31, 2026 |
ETFs with the most weight in WDAY
| EAGL Eagle Capital Select Equity ETF | 4.05% |
| CLOU Global X Cloud Computing ETF | 4.02% |
| FCLD Fidelity Cloud Computing ETF | 3.45% |
| JHAC John Hancock Fundamental All Cap Core ETF | 2.55% |
| FDN First Trust Dow Jones Internet Index Fund | 2.54% |
| FDTX Fidelity Disruptive Technology ETF | 2.51% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 2.51% |
| QTEC First Trust NASDAQ-100 Technology Sector Index Fund | 2.34% |
What could go wrong
- AI-native rivals could take customers. Workday's 10-K names competition from general-purpose, AI-native tools, not only traditional software rivals. If newer AI products handle HR or finance work well enough, Workday could win fewer new customers and renewals.
- Heavy AI spending may not pay off. Workday is investing heavily in AI agents and acquired four AI companies in fiscal 2026. These bets may not earn back their cost, and AI features that make mistakes could bring lawsuits and reputational damage.
- A data breach could drive customers away. Workday holds payroll, personnel and financial data for more than 11,500 organizations. A hack of its systems, or of key suppliers, could disrupt service, make customers doubt its security and bring large liabilities.
- Growth depends on subscription renewals. Workday's future depends on customers renewing. Because subscription revenue is recorded over each contract's life and large deals take long to close, a slowdown in sales may show up in results only gradually.
- Co-founders hold voting control. Workday has two classes of common stock, and its co-founders control a majority of the votes. Other shareholders have little say over major corporate decisions, and a takeover would be harder to achieve.
- Outages and outside data centers. Customers rely on Workday to run payroll and finance. Workday has had outages and defects before, and it depends on third-party data centers and internet access. Disruptions could bring liabilities and damage its reputation.
Recent events
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Restructuring or exit costs
- Quarterly results released; Other company announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Workday pays no dividend, and its 10-K says it does not intend to pay one for the foreseeable future. That means no dividend record to judge and no cash income for retirees who draw on their savings; any return has to come from the share price. Workday does return cash through share repurchases (buybacks): about $4.1 billion from fiscal 2022 to fiscal 2026, including about $2.9 billion in the year ended January 31, 2026.
The share price has fallen sharply in past downturns. In the 2020 COVID crash it dropped 42.4% from February 19 to March 18, 2020, and recovered by July 8, 2020. In the 2022 bear market it fell 48.2% by June 22, 2022, and did not get back to its January 2022 level until November 30, 2023. Its deepest drop in the three years to October 28, 2026, was 63.4%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Workday make money?
Workday charges organizations subscription fees for cloud software that runs HR and finance, and earns fees for professional services that help customers set it up. Its products cover human capital management (hiring, paying and developing workers), financial management, spend management and planning. More than 11,500 organizations use it, including more than 65% of the Fortune 500. Revenue was $9.55 billion in the fiscal year ended January 31, 2026, up 13.1%, with 75.1% from the U.S.
Does Workday pay a dividend?
No. Workday paid no dividends from fiscal 2022 through fiscal 2026, and its 10-K, filed March 6, 2026, says it does not intend to pay dividends for the foreseeable future. Instead, it repurchases its own shares, spending about $2.9 billion in the fiscal year ended January 31, 2026, and about $4.1 billion over five fiscal years. Investors who need regular income from their holdings would get none from this stock.
Is Workday profitable?
Yes. Workday earned net income of $693 million on $9.55 billion of revenue in the fiscal year ended January 31, 2026, a 7.3% net margin, or $2.59 per diluted share. Free cash flow, the cash left after running the business and investing in equipment, was much larger at $2.78 billion. Profits have been uneven: it lost money in fiscal 2021 and fiscal 2023. As of October 28, 2026, the share price was 78.9 times fiscal 2026 earnings per share (its P/E ratio).
How has Workday stock performed over the long run?
It has lost money over one and five years but gained over ten. As of October 28, 2026, the share price was down 13.7% over one year and 29% in total over five years, but up 137% over ten years, about 9% a year. With no dividend, price return is the whole return. Swings are large: the stock rose 65% in 2023, fell 16.8% in 2025, and gained 68.6% in the six months to October 28, 2026.
Who owns and controls Workday?
Workday's co-founders control a majority of the voting stock through its two share classes, which limits outside shareholders' influence. David A. Duffield reported the largest stake, 19.01% as of December 31, 2025. BlackRock reported 10% as of August 31, 2026, and Vanguard Capital Management 7.59% as of March 31, 2026. Insider filings in the year to October 28, 2026, show sales rather than purchases, made under trading plans set up in advance, including several by Duffield of $8.6 million to $12.3 million each.