Workiva Inc.

workiva.com

What Do They Do?

Sells cloud software that helps organizations connect data and prepare financial, sustainability, and governance, risk, and compliance reports.

How Do They Make Money?

Organizations pay annual or multi-year fees for software access and support, billed annually or in advance. They also pay for document setup when it is completed and for XBRL tagging and consulting as the work is performed.

revenue

Segment	Share	How money arrives
Subscription and support Recurring	92% FY2022: 86%	Recurring
XBRL professional services Sold outright	6.9% FY2022: 10%	Sold outright
Other services	1.3% FY2022: 3.4%

Who Are Their Customers?

Organizations use Workiva for financial reporting, sustainability management, audit, and compliance work; they buy primarily through Workiva’s direct sales team, with partners supporting sales and service delivery.

Do Revenues Turn Into Profits?

Not on paper. It lost $26.2M in FY2025, but brought in more cash than it spent: $138M of free cash flow.

Operating income, FY2025

−5% of revenue

▼ −45% (Loss) vs FY2024 (−$76.5M, −10%)

Net income, FY2025

−3% of revenue

▼ −52% (Loss) vs FY2024 (−$55M, −7%)

Free cash flow, FY2025

16% of revenue

▲ +60% vs FY2024 ($86.3M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +19%; vs $215.2M in Q2 FY2025
Net income: ▲ Now profitable; vs −$19.4M in Q2 FY2025

Subscription and support share of revenue vs 92.1% in Q2 FY2025

May 5, 2026 Workiva appointed Grant Thornton as its new auditor, replacing Ernst & Young Grant Thornton was engaged for the company’s fiscal year ending December 31, 2026 and related interim periods.

Growing. Revenue grew 100% in 4 years, from $443.3M in FY2021 to $884.6M in FY2025, about 19% a year.

Revenue over time

Subscription and support XBRL professional services Other services

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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