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WK

Workiva Inc.

WK

Workiva Inc. • NYSE
$92.56 ▲ 0.33% (+0.30)
Market Cap $5.19 B
52w High $116.83
52w Low $60.50
Dividend Yield 0%
P/E -111.52
Volume 200.99K
Outstanding Shares 56.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $224.166M ▲ $181.193M ▼ $2.786M ▲ 1.243% ▲ $0.05 ▲ $8.042M ▲
Q2-2025 $215.187M ▲ $187.79M ▲ $-19.4M ▲ -9.015% ▲ $-0.35 ▲ $-11.589M ▲
Q1-2025 $206.28M ▲ $182.688M ▲ $-21.371M ▼ -10.36% ▼ $-0.38 ▼ $-24.75M ▼
Q4-2024 $199.889M ▲ $167.52M ▲ $-8.815M ▲ -4.41% ▲ $-0.16 ▲ $-231K ▲
Q3-2024 $185.621M $163.732M $-16.992M -9.154% $-0.31 $-9.828M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $856.791M ▲ $1.411B ▲ $1.448B ▲ $-36.927M ▲
Q2-2025 $813.709M ▲ $1.346B ▲ $1.412B ▲ $-66.528M ▲
Q1-2025 $767.024M ▼ $1.294B ▼ $1.369B ▼ $-75.735M ▼
Q4-2024 $816.42M ▲ $1.368B ▲ $1.41B ▲ $-41.684M ▲
Q3-2024 $776.354M $1.302B $1.353B $-50.81M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.786M ▲ $46.155M ▼ $-10.107M ▼ $-3.568M ▲ $31.661M ▼ $46.019M ▼
Q2-2025 $-19.4M ▲ $50.311M ▲ $-4.283M ▲ $-8.907M ▲ $42.229M ▲ $49.316M ▲
Q1-2025 $-21.371M ▼ $-7.358M ▼ $-9.133M ▼ $-45.012M ▼ $-59.614M ▼ $-8.14M ▼
Q4-2024 $-8.815M ▲ $43.97M ▲ $13.247M ▲ $873K ▼ $53.596M ▲ $43.086M ▲
Q3-2024 $-16.992M $18.906M $-49.629M $8.675M $-19.658M $18.619M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License and Service
License and Service
 $180.00M ▲$190.00M ▲$200.00M ▲$210.00M ▲
Other Services
Other Services
 $0 ▲$0 ▲$0 ▲$0 ▲
XBRL Professional Services
XBRL Professional Services
 $20.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Professional Services
Professional Services
 $0 ▲$20.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Workiva’s revenue has grown steadily each year over the last five years, showing a clear pattern of strong top-line momentum. Gross profit has increased along with it, which suggests the core business and pricing model are working. However, the company continues to report operating losses and net losses, meaning it is still spending more on operating costs (like sales, marketing, and development) than it brings in after direct costs. Losses widened notably at one point before easing more recently, but the business is still not profitable on a net basis. Overall, this is a classic growth software profile: strong and consistent revenue expansion, improving efficiency in some areas, but not yet translating into accounting profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been growing its asset base over time, including a meaningful and fairly stable cash position. At the same time, debt has increased significantly compared with earlier years, and accumulated losses have pushed shareholder equity from slightly positive into slightly negative territory. This combination means Workiva is more leveraged than before and now relies more heavily on debt and its ability to generate cash from operations. While the cash balance provides some cushion, the negative equity and higher debt load add financial risk that investors should watch, particularly if growth slows or capital markets become less friendly.

Cash Flow

Cash Flow Despite reporting accounting losses, Workiva has generated positive operating cash flow every year in this period, and that cash generation has generally improved over time. Because capital spending needs have been very light, almost all operating cash flow has translated into free cash flow. This is a key strength: the subscription-based model and upfront billings support a cash profile that is healthier than the income statement alone might suggest. Still, continued investment in growth and the existing debt obligations mean the company needs to maintain or improve this cash flow trend to comfortably support its strategy.

Competitive Edge

Competitive Edge Workiva occupies a specialized niche at the intersection of financial reporting, ESG reporting, and governance, risk, and compliance. Its main strength is a unified cloud platform that becomes deeply embedded in clients’ critical reporting workflows, creating high switching costs. Once multiple departments rely on the platform and historical data lives inside it, changing providers can be complex and disruptive, which reinforces customer stickiness. Its long-standing expertise in regulatory reporting and XBRL is another differentiator, and the company appears well aligned with tightening global reporting rules. On the risk side, Workiva faces competition from both focused specialists and larger enterprise software suites trying to expand into the same problem areas. Maintaining product leadership, integrations, and customer trust will be essential to defending its position.

Innovation and R&D

Innovation and R&D Workiva has leaned heavily into innovation, especially around a unified platform for integrated reporting and domain-specific generative AI. The AI capabilities are tailored to finance, audit, risk, and sustainability users, aiming to shift them from manual content creation toward reviewing and refining system-generated drafts. Its Workiva Carbon offering, enhanced by the acquisition of a sustainability software firm, positions the company to benefit from expanding climate and ESG disclosure rules. Continued expansion in ESG, risk management, and global regulatory coverage, plus an ecosystem of partners, are central to its growth story. The main uncertainties are execution risk—integrating new technologies smoothly, proving clear productivity benefits to customers, and staying ahead of fast-moving AI and ESG competitors.

Summary

Overall, Workiva looks like a growth-focused software company that has built a defensible position in a specialized and increasingly important part of the enterprise software landscape. The business is scaling revenue and gross profit well, and it generates solid free cash flow despite ongoing accounting losses. However, increased leverage and negative equity introduce balance sheet risk that deserves attention, especially if growth decelerates. Strategically, the company appears well placed to benefit from rising regulatory and stakeholder demands for transparent, integrated financial and ESG reporting. Its success from here will likely hinge on sustaining product differentiation, demonstrating real-world value from its AI and ESG innovations, and carefully managing its financial profile while pursuing further expansion.

NEWS

November 5, 2025 · 4:06 PM UTC

Workiva Appoints Michael Pinto as Chief Revenue Officer

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November 5, 2025 · 4:05 PM UTC

Workiva Inc. Announces Third Quarter 2025 Financial Results

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October 8, 2025 · 9:15 AM UTC

Workiva Inc. Sets Date for Third Quarter 2025 Financial Release and Conference Call

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September 29, 2025 · 3:03 PM UTC

Irenic Issues Presentation Detailing Multiple Pathways to Reverse Underperformance and Accelerate Value Creation at Workiva

Read more