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Software - Application · Technology · Fiscal year ends Dec 31
Workiva reported revenue of $885M in the fiscal year ended Dec 2025, up 19.7% from the year before. Operating income was −$42M, an operating margin of −4.8%, and net income was −$26M. Operating cash flow of $140M less capital expenditure of $2M left free cash flow of $138M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 443 | 538 | 630 | 739 | 885 |
| Cost of revenue | 104 | 130 | 154 | 172 | 190 |
| Gross profit | 339 | 408 | 476 | 567 | 694 |
| Research & development | 116 | 152 | 173 | 193 | 215 |
| Selling, general & admin | 253 | 345 | 398 | 450 | 522 |
| Operating income | −29.4 | −88.8 | −94.5 | −76.5 | −42.4 |
| Interest expense | 14.0 | 6.0 | 53.6 | 12.9 | 12.8 |
| Pre-tax income | −39.1 | −89.0 | −124 | −49.4 | −22.4 |
| Income tax | −1.4 | 1.9 | 3.4 | 5.6 | 3.8 |
| Net income | −37.7 | −90.9 | −128 | −55.0 | −26.2 |
| Diluted EPS | −0.74 | −1.72 | −2.36 | −0.99 | −0.47 |
| Diluted shares | 51.1 | 53.0 | 54.1 | 55.4 | 56.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 300 | 240 | 256 | 302 | 339 |
| Receivables | 76.8 | 106 | 125 | 148 | 169 |
| Current assets | 657 | 600 | 1,009 | 1,048 | 1,162 |
| Net PP&E | 28.8 | 27.1 | 24.3 | 21.8 | 20.5 |
| Goodwill | 34.6 | 110 | 112 | 197 | 206 |
| Total assets | 787 | 820 | 1,219 | 1,368 | 1,494 |
| Payables | 4.1 | 6.2 | 5.2 | 7.7 | 8.9 |
| Deferred revenue | 258 | 316 | 381 | 458 | 548 |
| Current liabilities | 646 | 407 | 485 | 592 | 742 |
| Total liabilities | 714 | 814 | 1,308 | 1,410 | 1,499 |
| Shareholders' equity | 73.0 | 6.0 | −89.4 | −41.7 | −5.4 |
| Backlog (remaining obligations) | 576 | 762 | 937 | 1,200 | 1,438 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 49.8 | 11.3 | 70.9 | 87.7 | 140 |
| Capital expenditure | 3.5 | 3.5 | 2.1 | 1.4 | 2.1 |
| Free cash flow | 46.3 | 7.9 | 68.8 | 86.3 | 138 |
| Depreciation & amortisation | 5.2 | 10.2 | 11.1 | 11.0 | 11.0 |
| Stock-based compensation | 48.6 | 70.7 | 98.8 | 102 | 123 |
| Acquisitions | 37.5 | 99.2 | 0.0 | 98.1 | 0.0 |
| Share buybacks | – | – | 0.0 | 0.0 | 71.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.3% | 17.1% | 17.2% | 19.7% |
| Gross margin | 76.6% | 75.9% | 75.5% | 76.7% | 78.5% |
| Operating margin | −6.6% | −16.5% | −15.0% | −10.4% | −4.8% |
| Net margin | −8.5% | −16.9% | −20.2% | −7.5% | −3.0% |
| Return on equityBlank when equity is negative | −51.7% | −1520.1% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −20.9% | −21.5% | −12.9% | −9.9% | −5.6% |
| Free cash flow margin | 10.4% | 1.5% | 10.9% | 11.7% | 15.6% |
| Cash conversion (CFO ÷ net income) | −1.32x | −0.12x | −0.56x | −1.59x | −5.35x |
| Receivable days | 63 | 72 | 73 | 73 | 70 |
| Payable days | 14 | 17 | 12 | 16 | 17 |
| Interest cover | −2.09x | −14.7x | −1.76x | −5.95x | −3.32x |
| Current ratio | 1.02x | 1.47x | 2.08x | 1.77x | 1.57x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.