Workiva Announces First Quarter 2026 Financial Results

Published: 2026-05-05 16:09:08 ET WK

Fiscal first quarter subscription & support revenue increased by 21% Total revenue was $247 million, up 20% year-over-year GAAP operating margin was 6.2%, non-GAAP operating margin was 18.4% Repurchased $50 million worth of Class A common stock under the 2024 share repurchase plan

Published on 05/05/2026 at 04:09 pm EDT

Workiva Inc. (NYSE: WK), a leading, AI-powered platform for trust, transparency, and accountability, today announced financial results for its first quarter ended March 31, 2026.

“Q1 2026 was another strong quarter as organizations across every industry turn to Workiva as their platform of trust for the Office of the CFO,” said Julie Iskow, President & Chief Executive Officer. “In a world where AI is accelerating the pace of change, the tolerance for error in financial reporting, sustainability, and governance, risk and compliance is zero, and our customers increasingly rely on us to ensure that every number and every narrative is accurate, traceable, and audit-ready.”

“Our first quarter results reflect strong execution across the business, with 21% subscription revenue growth and a non-GAAP operating margin of 18.4%, a 1,600 basis-point improvement compared to a year ago,” said Barbara Larson, Chief Financial Officer. “This level of margin expansion, while sustaining durable top-line growth, demonstrates the operating leverage we are building in the business and reflects the disciplined foundation we've established to drive growth at scale.”

First Quarter 2026 Financial Results

Key Metrics and Recent Business Highlights

Financial Outlook

As of May 5, 2026, Workiva is providing guidance as follows:

Second Quarter 2026 Guidance:

Full Year 2026 Guidance:

Quarterly Conference Call

Workiva will host a webcast today at 5:00 p.m. Eastern Time to review the Company’s financial results for the first quarter 2026, in addition to discussing the Company’s outlook for the second quarter and full year 2026. The call can be accessed by dialing 1-833-630-1956 (U.S. domestic) or 1-412-317-1837 (international). Additionally, a live webcast and replay will be available at https://investor.workiva.com/news-events/events.

About Workiva

Workiva Inc. (NYSE: WK) powers trust, transparency, and accountability. Accounting, finance, sustainability, risk and audit teams from more than 6,600 organizations, including over 85% of Fortune 1,000 companies rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, AI-powered collaborative platform. Learn more at workiva.com.

Non-GAAP Financial Measures

The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.

Workiva believes that the use of non-GAAP gross profit, non-GAAP income from operations and non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, free cash flow and free cash flow margin is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time.

Non-GAAP gross profit is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets attributable to cost of revenues from gross profit. Non-GAAP income from operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from operations. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP income from operations by revenues. Non-GAAP net income is calculated by excluding stock-based compensation expense, net of tax and amortization expense for acquisition-related intangible assets from net income (loss). Non-GAAP net income per share is calculated by dividing non-GAAP net income by the weighted- average shares outstanding as presented in the calculation of GAAP net income (loss) per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe they are reflective of ongoing operations.

Free cash flow, a non-GAAP measure, represents cash flow from operating activities less purchase of property and equipment. Free cash flow margin is calculated by dividing free cash flow by total revenue. We consider free cash flow and free cash flow margin to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business.

Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance," "target," "goal," "project," "continue to," "confident," or the negative of those terms or other comparable terminology.

Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

WORKIVA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

Three months ended March 31,

2026

2025

(unaudited)

Revenue

Subscription and support

225,355

185,512

Professional services

21,951

20,768

Total revenue

247,306

206,280

Cost of revenue

Subscription and support (1)

35,183

34,062

Professional services (1)

13,362

14,280

Total cost of revenue

48,545

48,342

Gross profit

198,761

157,938

Operating expenses

Research and development (1)

52,913

53,780

Sales and marketing (1)

104,485

101,671

General and administrative (1)

26,042

27,237

Total operating expenses

183,440

182,688

Income (loss) from operations

15,321

(24,750

)

Interest income

8,103

8,747

Interest expense

(3,194

)

(3,195

)

Other income (expense), net

398

(233

)

Income (loss) before provision for income taxes

20,628

(19,431

)

Provision for income taxes

1,632

1,940

Net income (loss)

18,996

(21,371

)

Net income (loss) per common share:

Basic

0.33

(0.38

)

Diluted

0.33

(0.38

)

Weighted-average common shares outstanding

Basic

56,885,568

56,157,533

Diluted

58,441,679

56,157,533

(1) Includes stock-based compensation expense as follows:

Three months ended March 31,

2026

2025

(unaudited)

Cost of revenue

Subscription and support

2,848

2,433

Professional services

1,189

996

Operating expenses

Research and development

6,401

6,050

Sales and marketing

9,847

9,751

General and administrative

8,322

8,658

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31, 2026

December 31, 2025

(unaudited)

Assets

Current assets

Cash and cash equivalents

334,260

338,769

Marketable securities

529,116

552,852

Accounts receivable, net

138,109

168,984

Deferred costs

64,793

62,619

Other receivables

7,925

10,383

Prepaid expenses and other

33,939

28,778

Total current assets

1,108,142

1,162,385

Property and equipment, net

19,832

20,546

Operating lease right-of-use assets

10,577

13,986

Deferred costs, non-current

53,958

59,767

Goodwill

204,174

206,164

Intangible assets, net

21,511

22,270

Other assets

7,184

8,453

Total assets

1,425,378

1,493,571

Liabilities and Stockholders’ Deficit

Current liabilities

Accounts payable

10,665

8,932

Accrued expenses and other current liabilities

89,316

113,115

Deferred revenue

514,310

547,919

Convertible senior notes, current

71,140

71,072

Finance lease obligations

623

614

Total current liabilities

686,054

741,652

Convertible senior notes, non-current

696,807

696,263

Deferred revenue, non-current

35,001

37,305

Other long-term liabilities

102

Operating lease liabilities, non-current

6,965

10,472

Finance lease obligations, non-current

13,064

13,223

Total liabilities

1,437,993

1,499,007

Stockholders’ deficit

Common stock

Additional paid-in-capital

699,649

720,923

Accumulated deficit

(714,856

)

(733,852

)

Accumulated other comprehensive income

2,535

7,436

Total stockholders’ deficit

(12,615

)

(5,436

)

Total liabilities and stockholders’ deficit

1,425,378

1,493,571

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three months ended March 31,

2026

2025

(unaudited)

Cash flows from operating activities

Net income (loss)

18,996

(21,371

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Depreciation and amortization

2,516

2,893

Stock-based compensation expense

28,607

27,888

(Recovery of) provision for doubtful accounts

(118

)

Accretion of premiums and discounts on marketable securities, net

(801

)

(1,695

)

Amortization of debt discount and issuance costs

612

610

Gain on lease modification

(307

)

—

Deferred income tax

(269

)

(64

)

Changes in assets and liabilities:

Accounts receivable

30,156

30,636

Deferred costs

2,878

4,093

Operating lease right-of-use assets

1,260

1,329

Other receivables

2,439

994

Prepaid expenses and other

(5,221

)

(5,653

)

Other assets

1,233

(648

)

Accounts payable

1,971

6,651

Deferred revenue

(33,255

)

(18,438

)

Operating lease liabilities

(1,167

)

(831

)

Accrued expenses and other liabilities

(23,054

)

(33,764

)

Net cash provided by (used in) operating activities

26,476

(7,358

)

Cash flows from investing activities

Purchase of property and equipment

(728

)

(763

)

Purchase of marketable securities

(91,501

)

(102,965

)

Maturities of marketable securities

114,350

94,614

Acquisitions, net of cash acquired

(750

)

—

Purchase of intangible assets

(26

)

(19

)

Net cash provided by (used in) investing activities

21,345

(9,133

)

Cash flows from financing activities

Proceeds from option exercises

729

631

Taxes paid related to net share settlements of stock-based compensation awards

(8,662

)

(12,922

)

Proceeds from shares issued in connection with employee stock purchase plan

8,052

7,535

Repurchases of Class A common stock

(50,000

)

(40,118

)

Principal payments on finance lease obligations

(150

)

(138

)

Net cash used in financing activities

(50,031

)

(45,012

)

Effect of foreign exchange rates on cash

(2,299

)

1,889

Net decrease in cash, cash equivalents, and restricted cash

(4,509

)

(59,614

)

Cash, cash equivalents, and restricted cash at beginning of period

339,481

302,350

Cash, cash equivalents, and restricted cash at end of period

334,972

242,736

Three months ended March 31,

2026

2025

(unaudited)

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

Cash and cash equivalents at end of period

334,260

242,024

Restricted cash included within prepaid expenses and other at end of period

712

Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows

334,972

242,736

TABLE I

WORKIVA INC.

RECONCILIATION OF NON-GAAP INFORMATION

(in thousands, except share and per share)

Three months ended March 31,

2026

2025

Gross profit, subscription and support

190,172

151,450

Add back: Stock-based compensation

2,848

2,433

Add back: Amortization of acquisition-related intangibles

996

909

Gross profit, subscription and support, non-GAAP

194,016

154,792

Gross profit, professional services

8,589

6,488

Add back: Stock-based compensation

1,189

996

Gross profit, professional services, non-GAAP

9,778

7,484

Gross profit

198,761

157,938

Add back: Stock-based compensation

4,037

3,429

Add back: Amortization of acquisition-related intangibles

996

909

Gross profit, non-GAAP

203,794

162,276

Cost of revenue, subscription and support

35,183

34,062

Less: Stock-based compensation

2,848

2,433

Less: Amortization of acquisition-related intangibles

996

909

Cost of revenue, subscription and support, non-GAAP

31,339

30,720

Cost of revenue, professional services

13,362

14,280

Less: Stock-based compensation

1,189

996

Cost of revenue, professional services, non-GAAP

12,173

13,284

Research and development

52,913

53,780

Less: Stock-based compensation

6,401

6,050

Less: Amortization of acquisition-related intangibles

—

495

Research and development, non-GAAP

46,512

47,235

Sales and marketing

104,485

101,671

Less: Stock-based compensation

9,847

9,751

Less: Amortization of acquisition-related intangibles

491

447

Sales and marketing, non-GAAP

94,147

91,473

General and administrative

26,042

27,237

Less: Stock-based compensation

8,322

8,658

General and administrative, non-GAAP

17,720

18,579

Income (loss) from operations

15,321

(24,750

)

Add back: Stock-based compensation

28,607

27,888

Add back: Amortization of acquisition-related intangibles

1,487

1,851

Income from operations, non-GAAP

45,415

4,989

GAAP operating margin

6.2

(12.0

Non-GAAP operating margin

18.4

2.4

Net income (loss)

18,996

(21,371

)

Add back: Stock-based compensation

28,607

27,888

Add back: Amortization of acquisition-related intangibles

1,487

1,851

Net income, non-GAAP

49,090

8,368

Net income (loss) per basic share

0.33

(0.38

)

Add back: Stock-based compensation

0.50

Add back: Amortization of acquisition-related intangibles

0.03

Net income per basic share, non-GAAP

0.86

0.15

Net income (loss) per diluted share

0.33

(0.38

)

Net income per diluted share, non-GAAP

0.77

0.14

Weighted-average common shares outstanding - diluted

58,441,679

56,157,533

Weighted-average common shares outstanding - diluted, non-GAAP

63,684,917

58,480,150

Net cash provided by (used in) operating activities

26,476

(7,358

)

Purchase of property and equipment

(728

)

(763

)

Free cash flow

25,748

(8,121

)

Operating cash flow margin

10.7

(3.6

Free cash flow margin

10.4

(3.9

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

Three months ending June 30, 2026

Year ending December 31, 2026

GAAP operating margin

1.6

2.2

3.8

4.3

Add back: Stock-based compensation

12.3

12.2

11.6

Add back: Amortization of acquisition-related intangibles

0.6

Non-GAAP operating margin

14.5

15.0

16.0

16.5

Net income per diluted share, GAAP

0.12

0.15

0.89

0.99

Add back: Stock-based compensation

0.54

2.11

Add back: Amortization of acquisition-related intangibles

0.03

0.11

Effect of potentially dilutive securities

(0.07

)

(0.07

)

(0.26

)

(0.26

)

Net income per diluted share, non-GAAP

0.62

0.65

2.85

2.95

Weighted-average common shares used in calculating GAAP earnings per share, diluted

57,000,000

57,100,000

Weighted-average common shares used in calculating non-GAAP earnings per share, diluted

63,200,000

62,300,000

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505526534/en/