Workday, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Subscription services was 92% and Professional services was 8% of revenue.

In the fiscal year to Jan 2026, United States was 75% and Outside the United States was 25% of revenue.

Quarters: Workday, Inc.'s SEC filings, named by the month they end. Fiscal years: Workday, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $7.3 ends up as net income. Net margin rose from −5.9% to 7.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Workday, Inc.'s annual reports to the SEC.

Growth and margins together

Rule of 40 score 40.8 (growth 12.8% + FCF margin 28.0%): strong, clears the 40 line. Stock pay is 16.2% of revenue; counted as a cost, it brings the FCF margin down to 11.8%.

Workday trades at 4.6× revenue on 12.8% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.

Growth: revenue in the quarter ended Jul 2026 against the quarter ended Jul 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Jul 2026. From SEC filings.

Customers and suppliers

In its latest annual report Workday buys from Amazon, Alphabet.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

Show 6

Suppliers

Alphabet GOOGL

Amazon AMZN

 

WDAYWorkday

Partners

Amazon AMZNCloud infrastructure partnershipAlphabet GOOGLCloud infrastructure partnership

ADP ADPIntegrated global payroll solutions

RRemote TechnologyIntegrated global payroll solutions

SStradaIntegrated global payroll solutions

Microsoft MSFTIntegrating AI agent registration and management

Named in other companies’ filings

Cognizant Technology Solutions CTSHcalls it a partner · Enterprise platform services

Only the companies Workday names in its 10-K filed Mar 6, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Workday. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 4.6x, below the peer median of 7.0x.

EV/revenue below the peer median of 7.0x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $209, 10% above the current price; 45% of 42 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 19 analysts (45%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $280.08 to $202.88 (−28%), while WDAY went from $223.49 to $190.64 (−15%). In the past three months targets were raised 22 times and cut 4 times. 1 upgrade and 8 downgrades over the year; the latest: Keybanc moved it to Sector Perform from Overweight on Oct 16, 2026.

The day after each of these reports the stock moved −5.0% (Oct 2025, beat); +3.0% (Jan 2026, beat); +1.2% (Apr 2026, beat); +7.3% (Jul 2026, beat).

For the quarter ending Oct 2026 (Workday reports on Nov 24, 2026), analysts expect adjusted earnings of $2.74 a share, 18% more than the $2.32 of a year earlier, and revenue of $2.7B, up 11% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $11.09 a share, and revenue of $10.7B, up 12% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $2.8B in free cash flow over the year and returned more than it generated: $5.2B went back to shareholders (dividends plus buybacks), so $2.4B came from cash on hand or borrowing.

Workday had 246M diluted shares in the quarter ended Jul 2026, 8.8% fewer than a year earlier, and 0.9% more each year on average since Apr 2020. It spent $5.2B on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 7 funds whose copy leaves WDAY out (on the exchange, not in the app yet): Baillie Gifford &, Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Norges Bank, Rob Bresnahan and 2 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held WDAY at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 7 cut, 2 bought new and 2 sold all. The largest of them is First Eagle Investment Management, 8.82M shares worth $1.7B at Sep 30, 2026, 50.0% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of WDAY at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.