Workday (WDAY) 10-K risk factor changes: FY2026 vs FY2025

- any slowdown or failure of our technical operations infrastructure, including [removed: our] data centers [removed: and computing infrastructure] operated by third parties, or the impact of service outages or delays in the deployment of our applications, or the failure of our applications to perform properly;

- our ability to compete effectively in the intensely competitive markets in which we [removed: participate;][added: participate, including against non-specialist AI-native solutions;]

- exposure to risks inherent to [added: international expansion and] sales to customers outside the [removed: United States] [added: U.S.] or with international operations;

- our ability to realize a return on our current development efforts or offer new features, [added: such as those involving AI,] enhancements, and modifications to our products and services, and our ability to realize a return on the investments we have made toward entering new markets and new lines of business;

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

If we do not accurately predict our infrastructure requirements or fail to adapt and scale, we may [removed: experience] [added: see an increase in] service outages or delays, or significant increases in operating costs, which may adversely affect our business and operating results.

We host our applications and serve our customers and users globally from data centers operated by third parties and rely upon third-party [removed: partners] [added: vendors] to operate certain aspects of our services.

For example, we have experienced disruptions at certain of our [added: co-location] data centers in the U.S. due to high temperatures and power outages that resulted in a brief temporary outage of our services for a subset of our customers.

Any changes in [removed: third-party] service levels [removed: at] [added: with] our [removed: hosted] infrastructure providers, or any errors, defects, disruptions, or other performance problems with our applications or the infrastructure on which they run, including internet infrastructure, could adversely affect our reputation and may damage our customers’ or other users’ [removed: stored files] [added: data] or result in lengthy interruptions in our services.

Global economic developments, including [added: new or] increased tariffs, geopolitical volatilities, downturns or recessions, political instability, and global health crises may negatively affect us or our ability to accurately forecast and plan our future business activity.

In addition, volatile [added: economic and] geopolitical situations have led and could lead to further economic disruption.

Our future revenues rely on continued demand by existing customers and the acquisition of new customers who may be subject to economic hardship due to recent macroeconomic events, including concerns about [added: the impact of potential or imposed tariffs,] inflation or the interest rate environment, and may delay or reduce their enterprise software spending to preserve capital and liquidity.

[removed: Effective] [added: In] February [removed: 1, 2024, the start of our fiscal 2025, in accordance with an established succession plan,] [added: 2026,] Aneel [removed: Bhusri stepped down from his role as Co-CEO and assumed the role of] [added: Bhusri, formerly] Executive Chair, [removed: and Carl Eschenbach, formerly Co-CEO alongside Mr. Bhusri,] assumed the role of [removed: sole] [added: CEO and Carl Eschenbach ceased to serve as] CEO.

Key employee [added: and executive leadership] changes have the potential to disrupt our business, impact our ability to preserve our culture, negatively affect our ability to attract and retain talent, or otherwise have a serious adverse effect on our business and operating results.

Our ability to compete and succeed in a highly competitive environment is directly correlated to our ability to recruit and retain highly skilled [added: and experienced] employees, especially in the areas of product development, cybersecurity, senior sales executives, and engineers with significant experience in designing and developing software and internet-related services, [removed: including] [added: especially] in [removed: AI.][added: AI and emerging technologies.]

As we continue to grow and change, we may find it difficult to maintain our corporate culture among a larger number of employees who are dispersed throughout various geographic regions, including [added: difficulties due to] managing the complexities of communicating with all employees.

Efforts to restructure our [removed: workforce, such as the Fiscal 2026 Restructuring Plan,] [added: workforce] may be disruptive and adversely impact employee morale or our corporate culture.

Some of our competitors are larger and have greater name recognition, significantly longer operating histories, access to larger customer bases, larger marketing budgets, and significantly greater resources to devote to the [added: research,] development, promotion, and sale of their products and services than we do.

[removed: These vendors include, without limitation: Anaplan, Inc., ADP, Coupa Software Inc., Dayforce, Inc., Infor, Inc., Microsoft Corporation, and UKG Inc.] In order to take advantage of customer demand for cloud and AI-powered applications, legacy vendors are expanding their cloud or AI-powered applications through acquisitions, strategic alliances, and organic development.

As the market [removed: matures] [added: evolves] and as existing and new market participants introduce new types of technologies, such as generative and agentic AI, and different approaches that enable organizations to address their HCM and financial needs, [removed: we expect this competition] [added: our ability] to [removed: intensify in the future.][added: maintain market differentiation may affect our competitive position.]

Our competitors may also establish cooperative relationships among themselves or with third parties that may further enhance their [removed: offerings] [added: offerings, integrations,] or resources.

If our competitors’ products, services, or [removed: technologies] [added: technologies, including generative and agentic AI capabilities,] become more accepted than our products, if [added: their customer support efforts are preferred by customers, if] they are successful in bringing their products or services to market earlier than ours, [added: if they scale at a faster rate,] or if their products or services are more technologically capable [added: or resonate more with the market] than ours, [added: including having more or easier to use integrations for software solutions used and preferred by our customers,] then our revenues could be adversely affected.

Therefore, if we lose a current customer to a competitor or fail to secure a prospective customer for [removed: financials] [added: financial] management solutions, there is a long duration before we will be able to approach that customer again with our sales efforts for such solutions.

Identifying partners, [removed: and] negotiating and documenting relationships with them, [added: and marketing and promoting partnerships] requires significant time and resources, and we cannot ensure that these partnerships will result in increased customer adoption or usage of our applications or increased revenue.

New partners may require extensive training and/or may require significant time and resources to achieve [removed: productivity.][added: productivity, and such requirements may deter potential partners due to the significant time and financial investment required.]

Changes to our direct go-to-market models [added: and expanded product and service offerings] may cause friction with our [removed: partners] [added: partners, require increased time] and [added: financial investment, and] may increase the risk in our partner ecosystem.

The actions of our partners may subject us to lawsuits, potential liability, and reputational harm if, for example, any of our partners misrepresent the functionality of our products to [added: prospective or current] customers, fail to perform services to our customers’ expectations, or violate laws or our corporate [removed: policies.][added: policies, such as laws and policies around privacy, cybersecurity, and responsible AI.]

[removed: In addition, our] [added: Our] partners may utilize our platform to develop products and services that could potentially compete with products and services that we offer currently or in the future.

[removed: Sales] [added: Our international presence, continued expansion, and sales] to customers outside the [removed: United States] [added: U.S.] or with international operations expose us to risks inherent in global operations.

The growth of our business and future prospects depends on our ability to [added: further expand our operations and] increase our sales outside of the [removed: United States] [added: U.S.] as a percentage of our total revenues.

Operating globally requires significant resources and management attention and subjects us to regulatory, economic, and political risks that are different from those in the [removed: United States.][added: U.S. Our investments and efforts to further expand internationally may not be successful in creating additional demand for our applications outside of the U.S. or in effectively selling subscriptions to our applications in all of the markets we enter.]

- the need to adhere to local laws and regulations, including those related to data localization, privacy, and [removed: anti-corruption;][added: anti-corruption, which may make it more difficult to penetrate certain international market segments with highly specialized compliance, contracting, and data sovereignty requirements;]

- difficulties in appropriately staffing and managing foreign operations and providing appropriate compensation [added: and benefits] for local markets;

- difficulties in leveraging executive [removed: presence and] [added: presence,] maintaining company culture [removed: globally;][added: globally, and conforming with local cultural contexts and customs;]

- potentially weaker protection for intellectual property and other legal rights than in the [removed: United States] [added: U.S.] and practical difficulties in enforcing intellectual property and other rights;

- restrictive governmental actions focused on cross-border trade, such as import and export restrictions, duties, quotas, [added: potential or imposed] tariffs, trade disputes, and barriers or sanctions, [added: as well as any retaliatory actions,] that may prevent us from offering certain portions of our products or services to a particular market, may increase our operating [removed: costs] [added: costs,] or may subject us to monetary fines or penalties;

- compliance challenges related to the complexity of multiple, conflicting, and changing governmental laws and regulations, including employment, tax, privacy, intellectual property, financial services, AI, and data protection laws and [removed: regulations;][added: regulations, as well as challenges with differing legal, alternative dispute, and regulatory systems;]

- increased compliance costs related to government regulatory reviews or audits, including those related to international cybersecurity and [removed: environmental, social, and governance (“ESG”)] [added: sustainability] requirements;

Implementation of our applications may be technically complicated because they are designed to enable complex and varied business processes across large organizations, integrate data from a broad and complex range of workflows and systems, and [added: manage, develop, and build AI-powered solutions and agents, and] may involve deployment in a variety of environments.

Incorrect or improper implementation or use of our [removed: applications] [added: applications, including generative and agentic AI capabilities,] could result in customer and user dissatisfaction and harm our business and operating results.

The risks and uncertainties described below reflect our beliefs and opinions as to the factors and events that could materially and adversely affect our business or the market price of our securities in the future.

References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not any of the risks, events, or uncertainties described below have occurred in the past.

- the technical, legal, and regulatory environment in connection with our use of new and evolving technologies in our offerings, such as AI;

For example, in July 2025, we identified and subsequently remediated an issue impacting reporting from high-volume data sources in the tenants of certain customers that may have yielded incomplete queries without displaying an error message.

In addition, we may also encounter difficulties integrating acquired technologies, which may result in the failure of our applications to perform properly.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

These vendors include, without limitation: Anaplan, Inc., ADP, Coupa Software Inc., Dayforce, Inc., Microsoft, ServiceNow, Inc., and UKG Inc. We may also face greater competition from non-specialist solutions relying on generic large language models (“LLMs”), generative AI, and general-purpose agents to address a broad range of business needs.

As we attempt to sell our products and solutions to potential and current customers, we must demonstrate that our products and solutions are superior to other solutions available to their organizations, including generic LLMs, software created using natural language prompts and generative AI (referred to as vibe coding) and other emerging technologies.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

We have and may continue to execute our growth plan through strategic investments to attract and retain executive officers, senior management, or other key employees that may not be offset by increased performance or revenues.

The compensation and incentives we have available to attract, retain, and motivate employees may not meet the expectations of current and prospective employees as the competition for talent intensifies.

For example, our equity awards may become less effective if our stock price decreases or increases at a slower rate than our talent competitors.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

In addition, we resell certain products and services offered by our partners and could incur potential liability and reputational harm if our partners fail to provide such products and services as represented to customers.

We believe that we must continue to dedicate a significant amount of resources to our development efforts to maintain our competitive position.

For example, we have and continue to make significant targeted investments in entering the medium-enterprise and U.S. federal government markets and see our success in these markets as key contributors to our future growth.

Additionally, we have made and continue to make significant investments in platform offerings and AI, including generative AI and agentic capabilities.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

- increased travel, real estate, infrastructure, and legal and regulatory compliance costs associated with international operations;

- laws, contracting approaches, customs, and business practices favoring local vendors over U.S.-based companies, which may be increased by geopolitical tensions;

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

- the impact on stockholder dilution and our operating results from the additional stock-based compensation issued in connection with the acquisition;

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

Similarly, the rate at which our customers purchase new or enhanced services depends on a number of factors, including general economic conditions and customer receptiveness to any price changes related to these additional features and services.

The markets and monetization strategies for certain of our offerings, including our agentic AI solutions and Workday Data Cloud, remain relatively new and uncertain and as a result, our expansion into such offerings, and related investments, may present additional risks and challenges.

For example, we offer certain capabilities, including our AI agents, through Flex Credits, our new subscription-based flexible pricing model for certain AI solutions and platform capabilities, and may increase the number of products through which we do so.

We have limited experience with determining optimal pricing for Flex Credits-based contracts and may face customer resistance to new pricing models or have lower levels of customer adoption of our AI solutions than we expect, which could negatively impact our business and operating results.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

We are increasingly building and integrating AI into the Workday product suite, including generative and agentic AI, and we are increasingly using AI products and technologies in the course of running our business at Workday.

Successfully promoting and maintaining our brand will depend on our ability to provide reliable solutions that meet the needs of our customers, our ability to successfully differentiate our products and solutions from those of our competitors, and the effectiveness of our marketing efforts.

Additionally, the performance of our partners may affect our brand and reputation if customers do not have a positive experience with our partners’ solutions or services.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

Our corporate headquarters are located in Pleasanton, California, and we host our applications in data centers operated by third parties located in the U.S., Europe, Canada, and the Asia-Pacific region.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

These threats may be directed not only at us, but also at third parties in our supply chain, including cloud service providers, software vendors, open-source software maintainers, and other service providers or partners whose products or services are integrated with or support our platform and solutions.

Threat actors may also target our AI models in ways that we cannot yet anticipate.

For example, in August 2025, we were targeted as part of a social engineering campaign against many large organizations, resulting in unauthorized access to some of our internal systems including some commonly available business contact information in our third-party customer relationship management platform.

These risks may be further heightened by efforts by malicious actors to obtain or misuse authorized access credentials through deception or impersonation, including by posing as legitimate employees, contractors, or by infiltrating our workforce or service providers through fraudulent recruitment, onboarding, or credential-harvesting activities.

If successful, such attacks could enable threat actors to gain persistent access to our systems, move laterally within our environment, exfiltrate sensitive data, disrupt operations, or facilitate additional cyber-attacks, and may be more difficult to detect or prevent due to the use of seemingly legitimate accounts and remote access tools.

- new and evolving technologies such as AI;

In February 2025, we announced the Fiscal 2026 Restructuring Plan, which is intended to prioritize our investments and advance our growth and is currently expected to result in the reduction of approximately 8% of our workforce.

We expect this plan to be substantially complete by the second quarter of fiscal 2026, subject to local law and consultation requirements.

The Fiscal 2026 Restructuring Plan could negatively impact our ability to attract, retain, and motivate employees.

Our investments and efforts to further expand internationally may not be successful in creating additional demand for our applications outside of the United States or in effectively selling subscriptions to our applications in all of the markets we enter.

- laws, customs, and business practices favoring local competitors;

We are increasingly building AI into the Workday product suite and have recently made announcements about our plans to embrace agentic AI.

As Workday Mobile becomes increasingly important to Workday’s customer experience, we also need to continuously modify and enhance our applications to keep pace with changes in third-party internet-related hardware, iOS, Android, other mobile-related operating systems, platforms, and technologies, and other third-party software, communication, browser, and database technologies, as well as with customer expectations.

Moreover, we may experience additional or unexpected changes in how we are required to account for our acquisitions pursuant to U.S. generally accepted accounting principles (“GAAP”), including arrangements that we may assume in an acquisition.

Our corporate headquarters are located in Pleasanton, California, and we have data centers and partner with public cloud service providers located in the United States and Europe.

These commitments reflect our current plans and aspirations and are not guarantees that we will be able to achieve them.

Our ability to achieve any ESG objective is subject to numerous risks, many of which are outside of our control.

Examples of such risks include:

- the availability and cost of low- or non-carbon-based energy sources;

- the evolving regulatory requirements affecting ESG standards or disclosures;

- the ability of suppliers to meet our sustainability and other ESG standards;

- our ability to recruit, develop, and retain diverse talent in our global labor markets;

- the availability and cost of high-quality verified emissions reductions and renewable energy credits; and

- the ability to renew existing or execute on new virtual power purchase agreements.

It is likely that increasing regulatory requirements and regulatory scrutiny related to ESG matters will continue to expand globally and result in higher associated compliance costs.

Further, we may rely on data and calculations provided by third parties to measure and report our ESG metrics and if the data input or calculations are incorrect or incomplete, our brand, reputation, and financial performance may be adversely affected.

For example, an increasing number of stakeholders, regulators, and lawmakers have expressed or pursued contrary views towards ESG initiatives, including the proposal or enactment of “anti-ESG” policies, legislation, executive orders, or initiatives or the issuance of related legal opinions.

We may also face increasing scrutiny from our investors, customers, employees, and other stakeholders relating to the appropriate role of ESG practices and disclosure.

Further, our failure or perceived failure to pursue or fulfill our goals and objectives or to satisfy various reporting standards on a timely basis, or at all, could have similar negative impacts or expose us to government enforcement actions and private litigation.

However, it is expected to face legal challenges.

Numerous states have enacted, or are considering, privacy laws as well, creating a patchwork of state laws that may create compliance challenges.

In addition, the laws of some countries do not protect proprietary rights to the same extent as the laws of the United States.

In the event that portions of our proprietary software are determined to be impacted by an open source license, we could be required to publicly release portions of our source code, re-engineer all or a portion of our technologies, or otherwise be limited in the use or licensing of our technologies, which could reduce or eliminate the value of our technologies, products, and services.

In addition, some customers may rely on our authorization under FedRAMP to help satisfy their own legal and regulatory compliance requirements.

We have a history of cumulative losses, and we may not sustain profitability on a GAAP basis in the future.

Until recently, we had incurred significant net losses on a GAAP basis since our inception in 2005 and our quarterly operating results may fluctuate in the future.

We expect our operating expenses to increase in the future due to substantial investments we have made and continue to make to acquire new customers and develop our applications, anticipated increases in sales and marketing expenses, product development expenses, operations costs, and general and administrative costs.

If our revenue growth does not meet estimates, we may not be able to adjust our spending quickly enough to avoid an adverse impact on our financial results, and therefore we may incur losses on a GAAP basis in the future.

Furthermore, to the extent we are successful in increasing our customer base, we may incur net losses in the acquisition period because some costs associated with acquiring customers are incurred up front, while subscription services revenues are generally recognized ratably over the terms of the agreements, which are typically three years or longer.

You should not consider any prior period GAAP-profitability and growth in revenues as indicative of our future performance.

We cannot ensure that we will continue to achieve or sustain GAAP profitability in the future.

In the third quarter of fiscal 2025, we had completed the repurchase authorization under this program.

In August 2024, our Board of Directors authorized the repurchase of up to $1.0 billion of our outstanding shares of Class A common stock (“August 2024 Share Repurchase Program”).

*The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included [removed: included] in Part II, Item 8 of this report.

*The following discussion of our financial condition and results of operations covers fiscal [removed: 2025] [added: 2026] and [removed: 2024] [added: 2025] items and year-over-year comparisons between fiscal [removed: 2025] [added: 2026] and [removed: 2024.][added: 2025.]

Discussions of fiscal [removed: 2023] [added: 2024] items and year-over-year comparisons between fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, [removed: 2024,] [added: 2025,] that was filed with the SEC on March [removed: 8, 2024.*][added: 11, 2025.*]

We deliver [removed: cloud-based] [added: cloud-based, AI-powered] applications for [added: HCM,] financial management, [removed: HCM, planning,] spend management, and [removed: analytics.][added: planning.]

Our diverse customer base includes emerging, medium-sized, and large global organizations within numerous [removed: industry categories,] [added: industries,] including [added: financial services, government, higher education, healthcare, hospitality, manufacturing,] professional and business services, [removed: financial services, healthcare, education, government, technology, media,] retail, [added: technology] and [removed: hospitality.][added: media, and transportation.]

[removed: With Workday, our] [added: Workday helps] customers [removed: have an AI-powered platform that can help them] deliver better employee experiences, increase productivity, improve operational efficiencies, and provide insights for faster, data-driven decision-making.

As a result of our innovation and commitment to customer success, today we are a Fortune 500 company with more than [removed: 11,000] [added: 11,500] customers around the world.

Central to this effort is investing in strategic growth areas including [removed: leveraging the power of our platform to drive increased adoption of our full suite of applications, expanding internationally,] developing innovative AI solutions, [added: expanding internationally,] growing our partner ecosystem, deepening our [added: presence in] industry [removed: verticals,] [added: verticals] and [added: the emerging and medium enterprise market, and] exploring strategic acquisitions to complement our organic innovation.

[added: - Restructuring activities:] In February 2025, we announced [removed: the Fiscal] [added: a restructuring plan (“Fiscal] 2026 Restructuring [removed: Plan, which is] [added: Plan”),] intended to prioritize our investments and continue advancing our ongoing focus on durable growth.

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

[removed: We] [added: As a result, we] have experienced, and may continue to experience, a moderation of revenue growth rates due to deal scrutiny and the lengthening of certain sales cycles, particularly within net new opportunities, [removed: and] [added: as well as] reduced growth in [removed: headcount level] [added: headcount-level] commitments upon renewals of existing customers.

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | Change | | |

| Total revenues | | | $ | [removed: 8,446] [added: 9,552] | | | | | $ | [removed: 7,259] [added: 8,446] | | | | | [removed: 16] [added: $] | [added: 7,259] | [removed: %] |

| Subscription services revenues | | | $ | [removed: 7,718] [added: 8,833] | | | | | $ | [removed: 6,603] [added: 7,718] | | | | | [removed: 17] [added: 14] | | % |

| GAAP operating income | | | $ | [removed: 415] [added: 721] | | | | | $ | [removed: 183] [added: 415] | | | | | [removed: 127] [added: 74] | | % |

| Non-GAAP operating income [removed: (1)] | | | $ | [removed: 2,186] [added: 2,824] | | | | | $ | [removed: 1,741] [added: 2,186] | | | | | [removed: 26] [added: $] | [added: 1,741] | [removed: %] |

| GAAP operating margin | | | [removed: 4.9] [added: 7.5] | | % | | | | [removed: 2.5] [added: 4.9] | | % | | | | [removed: 239] [added: 263] bps | | |

| Non-GAAP operating margin [removed: (1)] | | | [removed: 25.9] [added: 29.6] | | % | | | | [removed: 24.0] [added: 25.9] | | % | | | | [removed: 190 bps] [added: 24.0] | | [added: %] |

| Operating cash flows | | | $ | [removed: 2,461] [added: 2,939] | | | | | $ | [removed: 2,149] [added: 2,461] | | | | | [removed: 15] [added: 19] | | % |

| Free cash flows [removed: (1)] | | | $ | [removed: 2,192] [added: 2,777] | | | | | $ | [removed: 1,917] [added: 2,192] | | | | | [removed: 14] [added: $] | [added: 1,917] | [removed: %] |

| Total subscription revenue backlog | | | $ | [removed: 25,056] [added: 28,101] | | | | | $ | [removed: 20,924] [added: 25,056] | | | | | [removed: 20] [added: 12] | | % |

| 12-month subscription revenue backlog | | | $ | [removed: 7,631] [added: 8,833] | | | | | $ | [removed: 6,623] [added: 7,631] | | | | | [removed: 15] [added: 16] | | % |

| Cash, cash equivalents, and marketable securities | | | $ | [removed: 8,017] [added: 5,443] | | | | | $ | [removed: 7,813] [added: 8,017] | | | | | [removed: 3] [added: (32)] | | % |

| Headcount | | | [removed: 20,482] [added: 21,070] | | | | | | [removed: 18,824] [added: 20,482] | | | | | | [removed: 9] [added: 3] | | % |

Subscription services revenues primarily consist of fees that [removed: give our] [added: provide] customers access to our cloud applications, [removed: which include related] [added: with standard and enhanced] customer support.

Subscription services revenues accounted for approximately [removed: 91%] [added: 92%] of our total revenues for the fiscal year ended January 31, [removed: 2025,] [added: 2026,] and represented 97% of our total unearned revenue as of January 31, [removed: 2025.][added: 2026.]

Costs of subscription services revenues consist primarily of expenses associated with hosting our applications and [removed: providing customer support, including employee-related expenses, expenses related to data center capacity and computing infrastructure operated by third parties,] [added: delivering standard] and [removed: depreciation of our data center equipment.][added: enhanced customer support services.]

Costs of professional services revenues consist primarily of employee-related expenses associated with these services, subcontractor expenses, [removed: and] travel [removed: expenses.][added: expenses, and allocated overhead.]

Product development expenses consist primarily of employee-related expenses associated with our efforts to add new features and applications, increase functionality, and enhance the ease of use of our cloud applications, as well as expenses related to [removed: data center capacity.][added: third-party hosted infrastructure, and allocated overhead.]

Sales and marketing expenses consist primarily of employee-related expenses, sales commissions, marketing programs, [removed: and] travel [removed: expenses.][added: expenses, amortization of certain acquisition-related intangible assets, and allocated overhead.]

General and administrative expenses consist [added: primarily] of employee-related expenses for [added: our] finance and accounting, legal, human resources, [added: and] information systems personnel, [added: as well as] professional [added: services] fees, [added: allocated overhead,] and other corporate expenses.

*Restructuring expenses.* Restructuring expenses are associated with a formal restructuring program and consist of charges related to [added: workforce reductions, including] employee transition, severance payments, [removed: employee benefits,] and share-based compensation, as well as [removed: exit] charges associated with the closure of [removed: facilities.][added: facilities and other exit and disposal activities.]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Subscription services | | | $ | [removed: 7,718] [added: 8,833] | | | | | $ | [removed: 6,603] [added: 7,718] | | | | | $ | [removed: 5,567] [added: 6,603] | |

| Professional services | | | [removed: 728] [added: 719] | | | | | | [removed: 656] [added: 728] | | | | | | [removed: 649] [added: 656] | | |

| Total revenues | | | $ | [removed: 8,446] [added: 9,552] | | | | | $ | [removed: 7,259] [added: 8,446] | | | | | [removed: $] [added: 13] | [removed: 6,216] | [added: %] |

Total revenues were [removed: $8.4] [added: $9.6] billion for fiscal [removed: 2025,] [added: 2026,] compared to [removed: $7.3] [added: $8.4] billion for fiscal [removed: 2024,] [added: 2025,] an increase of [removed: $1.2] [added: $1.1] billion, or [removed: 16%.][added: 13%.]

Subscription services revenues were [removed: $7.7] [added: $8.8] billion for fiscal [removed: 2025,] [added: 2026,] compared to [removed: $6.6] [added: $7.7] billion for fiscal [removed: 2024,] [added: 2025,] an increase of $1.1 billion, or [removed: 17%.][added: 14%.]

Approximately 60% of the increase in subscription services revenues was attributable to expansion [removed: of] [added: within] our customers that existed as of the beginning of the [added: comparable] prior [removed: fiscal year,] [added: year period,] and the remaining 40% was attributable to customers added after the beginning of the [added: comparable] prior [removed: fiscal year.][added: year period.]

Professional services revenues were [removed: $728] [added: $719] million for fiscal [removed: 2025,] [added: 2026,] compared to [removed: $656] [added: $728] million for fiscal [removed: 2024, an increase] [added: 2025, a decrease] of [removed: $72] [added: $10] million, or [removed: 11%.][added: 1%.]

*Amounts in this report may not recalculate due to rounding.

Year-over-year comparisons, operating margin, and net income per share are calculated using unrounded data.*

Workday is the enterprise AI platform for managing people, money, and agents.

Additional notable transactions from fiscal 2026 include:

- Business combinations: In September 2025, we acquired Paradox, a candidate experience agent that uses conversational AI to simplify every step of the job application journey, for purchase consideration of $1.1 billion, and in November 2025, we acquired Sana, a leading AI company building the next generation of enterprise knowledge tools, for purchase consideration of $1.1 billion.

- Share repurchases: During fiscal 2026, we repurchased approximately 12.8 million shares of our Class A common stock for $2.9 billion as part of our share repurchase programs.

The plan resulted in the reduction of approximately 7.5% of our workforce and the exit of certain owned office space.

In February 2026, we announced an additional restructuring plan (“Fiscal 2027 Restructuring Plan”) intended to better align our people and resources to our highest priorities in fiscal 2027.

The plan is expected to result in the reduction of approximately 2% of our workforce, and in the impairment of certain office space and long-lived assets.

For fiscal 2026, we incurred approximately $303 million in costs related to these restructuring activities.

The extended sales cycles are particularly evident in the government, higher education, and healthcare industries which are tied to federal funding.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

We generally invoice our customers as the work is performed for time and materials arrangements, and in advance for fixed price arrangements.

These costs include employee-related expenses, expenses related to data center capacity and third-party hosted infrastructure, depreciation of our data center equipment, amortization of certain acquisition-related intangible assets, and allocated overhead.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

We allocate shared costs, such as facilities, IT, benefits, and recruiting, primarily based on headcount.

As such, overhead expenses are reflected in each of the costs and expenses categories.

The decrease in professional services revenues was driven by variation in project size and mix of deployment and integration services provided as we continue to expand and leverage our service partners.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

The increase in total costs and expenses included increases of $219 million in restructuring-related expenses, $159 million in third-party hosted infrastructure expenses, $212 million in employee-related expenses, net of restructuring-related cost savings, $81 million in facilities and IT-related expenses, $52 million related to professional services, $41 million in amortization of deferred sales commissions, $27 million in amortization of acquisition-related intangible assets, and $16 million related to marketing programs, offset by a reduction of $19 million in subcontractor expenses.

The increase in costs of subscription services included increases of $139 million in third-party hosted infrastructure expenses, $74 million in employee-related expenses primarily due to delivering our enhanced customer support services, net of restructuring-related cost savings, $29 million in facilities and IT-related expenses, and $19 million in amortization of acquisition-related intangible assets.

Employee-related expenses remained relatively flat as a result of restructuring-related cost savings.

The increase in product development expenses included increases of $41 million in employee-related expenses, net of restructuring-related cost savings, $18 million in third-party hosted infrastructure expenses, and $14 million in facilities and IT-related expenses, offset by a reduction of $11 million related to professional services.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

For further information, see [Note 21, Restructuring](#i70116841312947aabadde4ee8faa61a2_493), of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this report.

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

These expenses are included in Restructuring costs.

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

Other income, net increased by $65 million for fiscal 2026, primarily due to $77 million in higher net gains on equity investments and $26 million in higher realized net gains from the sale of debt securities to fund acquisition activities and share repurchases.

These increases were offset by a $32 million reduction in interest income resulting from both decreased investment balances and lower interest rates.

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

On July 4, 2025, the One Big Beautiful Bill Act (“The 2025 Tax Act”) was signed into law.

The 2025 Tax Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and modifications to the international tax framework.

The 2025 Tax Act did not have a material impact on our annual effective tax rate and reduced our domestic cash tax outflows for fiscal 2026.

The 2025 Tax Act includes multiple effective dates, with certain provisions effective in fiscal 2026 and others phased in through fiscal 2028.

We continue to evaluate the impact of the 2025 Tax Act’s provisions that take effect in future periods.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

Workday is the AI platform that helps organizations manage their most important assets – their people and money.

The plan is currently expected to result in the reduction of approximately 8% of our workforce.

In connection with this plan, we expect to exit certain owned office space.

Despite this, we are confident in the long-term overall health of our business, the strength of our product offerings, and our ability to continue to execute on our strategy and help our customers on their human capital and finance digital transformation journeys.

Demand for our products remains strong, we continue to achieve solid new subscription bookings, and our near-term revenues are relatively predictable as a result of our subscription-based business model.

If the economic uncertainty continues, we may also experience additional negative impacts on customer renewals, customer collections, sales and marketing efforts, customer deployments, product development, or other financial metrics.

Any of these factors could harm our business, financial condition, and operating results.

We generally invoice our customers in arrears for our professional services.

The increase in professional services revenues was driven by higher demand for our deployment and integration services.

ARR is a non-GAAP financial measure and should be viewed independently of, and not as a substitute for or combined with, revenue and unearned revenue.

The increase in operating expenses included increases of $555 million in employee-related expenses, including share-based compensation, primarily due to higher average headcount, $84 million in restructuring expenses primarily related to the Fiscal 2026 Restructuring Plan, $57 million in facilities and IT-related expenses, $56 million in data center capacity expenses, $46 million in subcontractor expenses, $44 million in professional services expenses, $38 million in depreciation, $37 million in amortization of deferred sales commissions due to increased sales, and $31 million related to marketing programs.

The increase in costs of subscription services included increases of $132 million in employee-related expenses, including share-based compensation, primarily due to higher average headcount, $44 million in data center capacity expenses, and $39 million in depreciation.

The increase in product development expenses included an increase of $158 million in employee-related expenses, including share-based compensation, primarily due to higher average headcount.

Restructuring expenses were $84 million for fiscal 2025, with no comparable expense in the prior year.

The activities associated with this plan are expected to be substantially complete by the second quarter of fiscal 2026, subject to local law and consultation requirements.

This expense is included in the Restructuring costs lines.

Other income, net increased by $50 million for fiscal 2025, primarily due to increases in interest income earned from higher investment balances and increased average interest rates.

The income tax benefit for fiscal 2024 was primarily attributable to the $1.1 billion release of our valuation allowance related to all U.S. federal and state deferred tax assets, excluding certain state tax credits.

We have financed our operations primarily through customer payments, issuance of debt, and sales of our common stock.

Cash used in investing activities for fiscal 2024 was $1.8 billion, which primarily resulted from a net cash outflow of $1.6 billion from the timing of purchases and maturities of marketable securities and capital expenditures of $232 million for data center and office space projects, offset by proceeds of $144 million from sales of marketable securities.

In August 2024, our Board of Directors authorized the August 2024 Share Repurchase Program, under which we may repurchase up to $1.0 billion of our outstanding shares of our Class A common stock.

Prior to the August 2024 Share Repurchase Program, our Board of Directors authorized a $500 million share repurchase program in February 2024, which we completed in the third quarter of fiscal 2025, and a $500 million share repurchase program in November 2022, which we completed in the first quarter of fiscal 2025.

| Operating leases | | | 433 | | | | | | 115 | | | | | | 318 | | | | | | [Note 12](#i18b50fb4c27e47d0a9d505fd7fce289a_439) | | |

| Other purchase obligations | | | 550 | | | | | | 161 | | | | | | 389 | | | | | | [Note 13](#i18b50fb4c27e47d0a9d505fd7fce289a_442) | | |

| Total | | | $ | 6,144 | | | | | $ | 692 | | | | | $ | 5,452 | | | | | | | |

Change in Non-GAAP Financial Measures

Effective beginning fiscal 2025, we exclude certain acquisition-related costs and restructuring costs from our non-GAAP results as they may vary from period-to-period independent of the operating performance of our business.

Prior period amounts have been recast to conform to this presentation.

As of January 31, [removed: 2025,] [added: 2026,] our most significant currency exposures were the euro, British pound, Canadian dollar, and Australian dollar.

For further information, see [Note 10, Derivative [removed: Instruments](#i18b50fb4c27e47d0a9d505fd7fce289a_433),] [added: Instruments](#i70116841312947aabadde4ee8faa61a2_442),] of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this report.

We had cash, cash equivalents, and marketable securities totaling [removed: $8.0] [added: $5.4] billion and [removed: $7.8] [added: $8.0] billion as of January 31, [removed: 2025,] [added: 2026,] and [removed: 2024,] [added: 2025,] respectively.

Cash equivalents and marketable securities were invested primarily in U.S. treasury securities, U.S. agency obligations, corporate bonds, commercial paper, money market funds, [removed: and] asset-backed [added: securities, and supranational] securities.

Further, since our debt securities are classified as “available-for-sale,” if the fair value of the security declines below its amortized cost basis, then any portion of that decline attributable to credit [removed: losses, to the extent expected to be nonrecoverable before the sale of the impaired security,] [added: losses] is recognized on the Consolidated Statements of Operations.

A hypothetical increase or decrease of 100 basis points in interest rates would have resulted in an approximately [removed: $57] [added: $59] million market value reduction or increase in our investment portfolio as of January 31, [removed: 2024.][added: 2026.]

For further information, see [Note 11, [removed: Debt](#i18b50fb4c27e47d0a9d505fd7fce289a_436),] [added: Debt](#i70116841312947aabadde4ee8faa61a2_445),] of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this report.

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

Workday provides more than [removed: 11,000] [added: 11,500] organizations with cloud solutions powered by artificial intelligence (“AI”) to help solve some of today’s most complex business challenges, including supporting and empowering their workforce, managing their finances and spend in an ever-changing environment, and planning for the unexpected.

We strive to [removed: make the world of] [added: reimagine how] work [removed: and business better,] [added: gets done] and hope to empower customers to do the same through an innovative suite of solutions with more than [removed: 70] [added: 75] million users under contract around the world and across industries – from emerging and medium-sized businesses to more than [removed: 60%] [added: 65%] of the Fortune 500.

Central to our purpose is a set of core values – with our employees as number one – along with customer service, innovation, integrity, [removed: profitability,] [added: fun,] and [removed: fun.][added: profitability.]

As organizations face changing conditions, we believe the need for an intuitive, [added: open,] scalable, and secure platform that provides unified management of [added: human resources (“HR”),] finances, [removed: people,] [added: AI agents,] suppliers, and planning is more important than ever.

Workday [removed: Illuminate] [added: AI] is built into our platform, allowing us to rapidly deliver and sustain models that can [added: transform business processes and] solve countless business problems.

As a result, Workday [removed: Illuminate] helps deliver better employee experiences, increase productivity, improve operational efficiencies, and provide insights for faster, data-driven decision-making.

To support our customers and help them continuously adapt how they manage their business and operations, Workday delivers weekly product updates in addition to [removed: major feature releases twice a year.]

Through this model, Workday customers are able to [removed: deliver and] adopt [added: and implement] innovations quickly and adapt at a time that fits their business needs.

We sell our solutions worldwide [removed: primarily] through direct sales by our field sales [removed: teams.][added: teams; through referrals and our co-selling partners; by reselling through partners; and over Workday Marketplace.]

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

[removed: Workday’s] [added: Workday offers a] suite of [added: cloud-based] enterprise [removed: cloud applications addresses] [added: solutions that address] the evolving needs of the C-suite [removed: across various industries and is] [added: on a platform] designed to be open, extensible, and configurable, allowing integration with other applications and the ability for [removed: users] [added: customers] and our partners to build custom applications.

Financial Management: Solutions for the Office of the [removed: Chief Financial Officer (“CFO”)][added: CFO]

Workday helps organizations accelerate their journeys towards becoming truly digital finance organizations by giving them [removed: the] [added: solutions and] tools [removed: they need] [added: designed] to [removed: manage the strategic direction of their organizations] [added: optimize essential processes] while also supporting growth, profitability, and compliance [removed: and] [added: with] regulatory requirements.

Workday’s suite of financial management applications, built on the Workday platform with [removed: Workday Illuminate] [added: AI] at the core, helps enable CFOs to [removed: maintain accounting information;] manage core financial processes such as payables and receivables; identify real-time financial, operational, and management insights; perform financial consolidation; reduce time-to-close; promote internal [removed: control] [added: controls] and auditability; and achieve consistency across global finance operations.

Workday [removed: offers] [added: helps enable procurement professionals to support their businesses throughout the source-to-contract process with] a set of spend management solutions that help organizations streamline supplier selection and contract management, build and execute sourcing events, such as requests for proposals, and manage indirect spend.

Human Capital Management: Solutions for the Office of the [removed: Chief Human Resources Officer (“CHRO”)][added: CHRO]

Workday’s suite of HCM [removed: applications] [added: solutions] allows organizations to manage the entire employee lifecycle – from recruitment to retirement – enabling HR teams to hire, onboard, pay, [removed: develop] [added: develop, retain,] and reskill, and provide meaningful employee experiences that are personalized and helpful, based on listening to the diverse needs of today’s [added: evolving] workforce.

[removed: For example, we] [added: We] are helping organizations manage their total workforce in one seamless experience on Workday through our solutions, including Workday Adaptive Planning, Workday [removed: Illuminate-powered recruiting agent,] [added: Wellness,] Workday [added: Peakon Employee Voice, Workday] VNDLY, and Workday HCM.

Workday [removed: Illuminate] [added: AI] assists in creating forecasts that incorporate historical and third-party data, such as economic data and labor statistics.

When combined with Workday’s [added: HCM and] Financial Management [removed: and HCM] solutions, organizations are able to leverage real-time transactional data to dynamically adjust and recalibrate their plans.

[removed: Analytics and Reporting and Workday] [added: Workday] Platform: Solutions for the Offices of the Chief Information Officer (“CIO”), [removed: CFO,] [added: Chief Financial Officer (“CFO”),] and [removed: CHRO][added: Chief Human Resources Officer (“CHRO”)]

Workday [removed: helps] [added: unifies HR and finance on one platform, helping] leaders [added: to empower their organizations with the insights and tools needed to adapt quickly and to] make sense of the vast amount of data they collect enterprise-wide.

For example, information technology (“IT”) leaders are navigating the complexities of supporting employees in [removed: new] [added: evolving] environments, which requires them to [added: build and] deploy an adaptable, secure architecture to help ensure global continuity and productivity while remaining agile.

The Workday [removed: Platform] [added: platform] combines both the innovation built by Workday [added: with solutions] and [added: agents built] on [added: the] Workday [added: platform] by our customers and partners, providing organizations with the flexibility to integrate [removed: third-party applications] [added: Built on Workday applications, agents,] and services directly into Workday.

By managing their [removed: people] [added: people, money,] and [removed: money] [added: agents] together on the Workday platform, our customers can gain new possibilities for increased agility, transformation, and performance.

Workday offers [removed: businesses] flexible solutions to help [removed: them] [added: customers] adapt to their industry-specific needs and respond to change.

Workday’s [removed: applications] [added: solutions] serve industries such as financial services, [added: government,] healthcare, higher education, [removed: state] [added: hospitality, manufacturing, professional] and [removed: local government,] [added: business services, retail, technology] and [removed: professional services.][added: media, and transportation.]

In addition, higher education institutions can deploy [removed: Workday’s solution] [added: Workday] to manage the end-to-end student and faculty lifecycle.

Workday also enables its partner ecosystem to build industry-specific [removed: solutions.][added: integrations and applications, which customers can find on Workday Marketplace.]

With Workday Extend, customers [removed: and their developers] can build custom applications that can accommodate their unique industry business needs, complete with the same experience, security model, and reliability of the native applications offered by Workday.

At Workday, innovation is a core value, which encourages out-of-the-box thinking and creativity, enabling us to create applications [added: and agents] designed to change the way people work.

We [added: invest significant resources and] focus our efforts on developing new applications and core technologies, as well as further enhancing the usability, functionality, reliability, security, performance, and flexibility of existing applications.

[removed: To grow our suite of Workday applications, we primarily invest in research and development, but we] [added: We] also selectively acquire companies that are consistent with our design principles, existing product set, corporate strategy, and company [removed: culture.][added: culture, such as our acquisitions of Flowise, Paradox, Sana, and Pipedream in fiscal 2026.]

We also manage a portfolio of [removed: strategic] investments through Workday Ventures, our strategic investment arm.

We invest primarily in [added: early-stage] enterprise [removed: cloud technology] [added: software] companies that [removed: we believe] are [removed: digitally] transforming their industries, developing innovative AI-powered technology, improving customer experiences, helping us expand our solution [removed: ecosystem] [added: ecosystem,] or supporting other corporate initiatives.

We sell our subscription contracts and related services [removed: globally, primarily] [added: and solutions globally] through [removed: our] direct [removed: sales organization, which consists of field] [added: sales, through our] sales [added: partners,] and [removed: field sales support personnel.][added: over Workday Marketplace.]

[removed: The] [added: Our direct sales organization consists of field sales and field sales support personnel, and the] Workday Field Sales team is aligned by geography, industry, and/or customer size.

[removed: Additionally, by] [added: By] extending our go-to-market capabilities globally, we aim to grow our business by selling to new customers in new regions.

As a core part of our strategy, we [removed: have developed and] continue to grow [removed: a] [added: our] global ecosystem of partners that build [removed: and sell] new applications [added: and solutions] on the Workday platform, source new business with Workday, and deliver quality services and customer outcomes with Workday.

These relationships include [removed: innovation partners, sales partners,] [added: innovation, sales, services,] and [removed: services] [added: strategic] partners.

Workday is the enterprise AI platform for managing people, money, and agents.

Workday’s insight into how people, money, and agents move through organizations provides a depth of context in HR and finance, allowing us to understand how and where work gets done and to strategically design solutions to have the greatest impact.

In fiscal 2026, we introduced new Workday AI agents to accelerate hiring, enhance frontline worker experiences, simplify financial processes, and improve employee information access.

In fiscal 2026, we also announced new Workday AI agents that are expected to be available in fiscal 2027, purpose-built to assist with complex human capital management (“HCM”) and finance processes, such as performance reviews, workforce planning, and financial close.

major feature releases throughout the year.

Workday’s open platform enables our customers and partners to innovate by building AI-powered solutions and agents that can work across their organization.

In fiscal 2026, we announced Workday Build, a new open developer platform that will give customers and our partners the ability to create and share AI-powered solutions directly on the Workday platform.

Workday Build will feature Workday Flowise Agent Builder, a low-code tool designed to simplify building, deploying, and managing custom AI agents within Workday that is expected to be available to early adopter customers in fiscal 2027.

In fiscal 2026, we also announced Workday Data Cloud, a new data service based on an open architecture and industry standards, such as Apache Iceberg, designed to enable organizations to gain greater strategic value from their HCM and finance data by connecting to their existing analytics platforms and operational systems with bidirectional, zero-copy access.

The Workday Data Cloud includes key partnerships that will allow organizations to share data to and from certain other platforms with Workday, helping organizations to securely connect and analyze HCM and finance data in context with customer, market, and operational data.

The Workday Data Cloud is expected to become available later in fiscal 2027.

Our innovation strategy includes the selective acquisition of technologies that complement our core offerings and align with our long-term growth objectives.

During fiscal 2026, we expanded our AI capabilities through the acquisitions of FlowiseAI, Inc. (“Flowise”), a low-code platform that makes it easy to build AI agents; Paradox, Inc. (“Paradox”), a candidate experience agent that uses conversational AI to simplify every step of the job application journey; Sana Labs AB (“Sana”), a leading AI company building the next generation of enterprise knowledge tools; and Pipedream, Inc. (“Pipedream”), a leading integration platform for AI agents.

Workday’s applications and solutions, including HCM, Financial Management, Spend Management, and Planning, address industry-specific needs and serve customers ranging in size from emerging and medium-sized enterprises to Fortune 500 and global companies.

Our purpose-built AI agents, along with customer- and partner-built agents, can help customers operate with intelligence and efficiency across the organization.

In fiscal 2026, Workday introduced Workday Sana, the AI experience platform for enterprise knowledge, agents, and automation across the Workday ecosystem and beyond.

Workday Sana enables organizations to leverage AI for knowledge management and search, take action with AI-powered productivity tools, and automate across enterprise systems from a single, intuitive, and unified experience.

Workday Sana connects the workforce with HCM, finance, and IT systems and data and is designed to enable use of AI in ways that align with how work gets done.

Workday delivers HCM solutions to help organizations build an agile, skills-based workforce, streamline operations, increase efficiency, and deliver better employee experiences, empowering CHROs to champion the potential of their workforce.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

Workday’s AI-powered talent acquisition solutions, including HiredScore AI for Recruiting, Candidate Experience Agent, and Paradox Conversational Applicant Tracking System, help streamline the recruiting and hiring process.

Our AI-powered capabilities for finance, including purpose-built AI agents, are designed to transform certain accounting, finance, and procurement processes, helping organizations to efficiently execute complex processes, forecast with predictive insights, reduce friction by connecting with existing systems, and quickly adapt to shifts in business, regulatory, and operational needs.

In fiscal 2026, Workday launched Workday Government, designed to serve the unique needs of the United States (“U.S.”) government.

Medium Enterprise: Solutions for HR, Finance, and IT Functional Leaders at Medium-Sized Organizations

Workday offers Workday GO, a simple and scalable HCM and finance solution designed and priced for the specific needs of medium-sized organizations.

In fiscal 2026, Workday launched the Workday GO Partner Network, a unified ecosystem of global Workday payroll, benefits, and deployment partners.

In fiscal 2026, Workday also introduced a new Deployment Agent for Workday GO to help customers get up and running quickly and Workday GO Global Payroll to help customers pay workers worldwide.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

To grow our suite of Workday solutions and capabilities, we primarily invest in research and development.

For example, in fiscal 2026, we introduced Flex Credits, a new subscription-based flexible pricing model for certain AI solutions and platform capabilities, designed to make AI use simple, flexible, and scalable for our customers.

Workday Build, announced in fiscal 2026, will enable our partners to create and scale AI-powered solutions directly on Workday, and the new AI developer toolset, introduced in fiscal 2026, will help further enable partner developers to customize and connect AI applications and agents on the Workday platform.

With our strategic partnerships, one aim is to extend the value of the Workday platform and deliver compelling health and financial wellbeing employee services.

In fiscal 2026, we also introduced the Workday Agent Partner Network, a global ecosystem of partners building AI agents that will connect with Workday.

For example, our partnership with Microsoft Corporation (“Microsoft”), announced in fiscal 2026, will enable customers to register and manage agents they build using Microsoft’s systems within the Workday Agent System of Record.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

- capacity to embed and leverage AI-based solutions responsibly;

- capacity to mobilize an ecosystem to serve customers with services and solutions.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

These community-led groups are open to all employees and focus on building connections, fostering ideation, and driving innovation.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

Workday is the AI platform that helps organizations manage their most important assets – their people and money.

In fiscal 2025, we announced Workday Illuminate, the next generation of Workday AI, designed to help our customers accelerate manual tasks, assist their employees, and transform their business processes.

In fiscal 2025, we announced several Workday Illuminate-powered capabilities that are expected to be generally available to customers in fiscal 2026, including a set of new role-based AI agents for recruiting, talent mobility, succession, and optimization, and a new Workday Assistant to help simplify common human resources (“HR”) and finance processes.

Workday Wellness, another new Workday Illuminate-powered solution, will help provide companies with a real-time view into which benefits and wellness offerings their employees want and use and give AI-driven recommendations on how to improve their benefits programs.

In February 2025, we announced additional role-based AI agents for contracts, payroll, financial auditing, and policy.

We also announced the Workday Agent System of Record, which is designed to help our customers embrace agentic AI by providing a centralized system for managing, tracking, integrating, and optimizing AI agents that are built by Workday, the customer, or third parties.

The Workday Agent System of Record and new role-based AI agents are currently in development and are expected to become available later in fiscal 2026.

Workday offers Financial Management, Spend Management, Human Capital Management (“HCM”), Planning, and Analytics applications.

Our AI-powered capabilities for finance are designed to transform certain accounting, finance, and procurement processes by anticipating and streamlining common actions and workflows to help increase productivity.

Workday helps enable procurement professionals to support their businesses throughout the source-to-contract process, including a user experience designed for ease of use and collaboration.

Workday delivers HR solutions to help organizations build a skilled workforce, drive productivity, and create an engaging workplace.

Workday provides applications for analytics and reporting, including augmented analytics to surface insights to the line of business in simple-to-understand stories.

We invest significant resources into product development and are committed to rapidly building and/or acquiring new applications and solutions.

For example, in fiscal 2025, we acquired HiredScore, Inc. (“HiredScore”), a leading provider of AI-powered talent orchestration solutions, and Evisort Inc. (“Evisort”), a provider of an AI-native document intelligence platform.

These numbers do not reflect the impacts of our restructuring plan announced in February 2025 (“Fiscal 2026 Restructuring Plan”), which is currently expected to result in the reduction of approximately 8% of our workforce.

Our EBCs, including Families @ Workday, Black @ Workday, Military and Veterans at Workday, and Workday for People with Disabilities, among others, cultivate a culture of VIBE by providing spaces open to all employees to foster ideation, advance inclusion, and drive innovation.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

For the fiscal year ended January 31, [removed: 2025][added: 2026]

The aggregate market value of the voting and non-voting stock of the registrant as of July 31, [removed: 2024] [added: 2025] (based on a closing price of [removed: $227.12] [added: $229.38] per share) held by non-affiliates was approximately [removed: $48.1] [added: $49.5] billion.

As of March [removed: 7, 2025,] [added: 4, 2026,] there were approximately [removed: 215] [added: 210] million shares of the registrant’s Class A common [removed: stock, net of treasury stock,] [added: stock] and [removed: 51] [added: 47] million shares of the registrant’s Class B common stock outstanding.

Portions of the registrant’s definitive proxy statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders (“Proxy Statement”), to be filed within 120 days of the registrant’s fiscal year ended January 31, [removed: 2025,] [added: 2026,] are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

| Item 1. | | | [removed: [Business](#i18b50fb4c27e47d0a9d505fd7fce289a_13)] [added: [Business](#i70116841312947aabadde4ee8faa61a2_13)] | | | [removed: [1](#i18b50fb4c27e47d0a9d505fd7fce289a_13)] [added: [1](#i70116841312947aabadde4ee8faa61a2_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i18b50fb4c27e47d0a9d505fd7fce289a_49)] [added: Factors](#i70116841312947aabadde4ee8faa61a2_49)] | | | [removed: [8](#i18b50fb4c27e47d0a9d505fd7fce289a_49)] [added: [9](#i70116841312947aabadde4ee8faa61a2_49)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i18b50fb4c27e47d0a9d505fd7fce289a_172)] [added: Comments](#i70116841312947aabadde4ee8faa61a2_181)] | | | [removed: [29](#i18b50fb4c27e47d0a9d505fd7fce289a_172)] [added: [31](#i70116841312947aabadde4ee8faa61a2_181)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i18b50fb4c27e47d0a9d505fd7fce289a_175)] [added: [Cybersecurity](#i70116841312947aabadde4ee8faa61a2_184)] | | | [removed: [29](#i18b50fb4c27e47d0a9d505fd7fce289a_175)] [added: [31](#i70116841312947aabadde4ee8faa61a2_184)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i18b50fb4c27e47d0a9d505fd7fce289a_181)] [added: Proceedings](#i70116841312947aabadde4ee8faa61a2_190)] | | | [removed: [31](#i18b50fb4c27e47d0a9d505fd7fce289a_181)] [added: [32](#i70116841312947aabadde4ee8faa61a2_190)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i18b50fb4c27e47d0a9d505fd7fce289a_184)] [added: Disclosures](#i70116841312947aabadde4ee8faa61a2_193)] | | | [removed: [31](#i18b50fb4c27e47d0a9d505fd7fce289a_184)] [added: [33](#i70116841312947aabadde4ee8faa61a2_193)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i18b50fb4c27e47d0a9d505fd7fce289a_190)] [added: Securities](#i70116841312947aabadde4ee8faa61a2_199)] | | | [removed: [32](#i18b50fb4c27e47d0a9d505fd7fce289a_190)] [added: [34](#i70116841312947aabadde4ee8faa61a2_199)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i18b50fb4c27e47d0a9d505fd7fce289a_214)] [added: Operations](#i70116841312947aabadde4ee8faa61a2_223)] | | | [removed: [34](#i18b50fb4c27e47d0a9d505fd7fce289a_214)] [added: [37](#i70116841312947aabadde4ee8faa61a2_223)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i18b50fb4c27e47d0a9d505fd7fce289a_286)] [added: Risk](#i70116841312947aabadde4ee8faa61a2_295)] | | | [removed: [47](#i18b50fb4c27e47d0a9d505fd7fce289a_286)] [added: [50](#i70116841312947aabadde4ee8faa61a2_295)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i18b50fb4c27e47d0a9d505fd7fce289a_289)] [added: Data](#i70116841312947aabadde4ee8faa61a2_298)] | | | [removed: [48](#i18b50fb4c27e47d0a9d505fd7fce289a_289)] [added: [51](#i70116841312947aabadde4ee8faa61a2_298)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i18b50fb4c27e47d0a9d505fd7fce289a_487)] [added: Disclosure](#i70116841312947aabadde4ee8faa61a2_499)] | | | [removed: [85](#i18b50fb4c27e47d0a9d505fd7fce289a_487)] [added: [91](#i70116841312947aabadde4ee8faa61a2_499)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i18b50fb4c27e47d0a9d505fd7fce289a_490)] [added: Procedures](#i70116841312947aabadde4ee8faa61a2_502)] | | | [removed: [85](#i18b50fb4c27e47d0a9d505fd7fce289a_490)] [added: [91](#i70116841312947aabadde4ee8faa61a2_502)] | | |

| Item 9B. | | | [Other [removed: Information](#i18b50fb4c27e47d0a9d505fd7fce289a_493)] [added: Information](#i70116841312947aabadde4ee8faa61a2_505)] | | | [removed: [86](#i18b50fb4c27e47d0a9d505fd7fce289a_493)] [added: [92](#i70116841312947aabadde4ee8faa61a2_505)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i18b50fb4c27e47d0a9d505fd7fce289a_496)] [added: Inspections](#i70116841312947aabadde4ee8faa61a2_508)] | | | [removed: [86](#i18b50fb4c27e47d0a9d505fd7fce289a_496)] [added: [92](#i70116841312947aabadde4ee8faa61a2_508)] | | |

| Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i18b50fb4c27e47d0a9d505fd7fce289a_502)] [added: Governance](#i70116841312947aabadde4ee8faa61a2_514)] | | | [removed: [87](#i18b50fb4c27e47d0a9d505fd7fce289a_502)] [added: [93](#i70116841312947aabadde4ee8faa61a2_514)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i18b50fb4c27e47d0a9d505fd7fce289a_505)] [added: Compensation](#i70116841312947aabadde4ee8faa61a2_517)] | | | [removed: [87](#i18b50fb4c27e47d0a9d505fd7fce289a_505)] [added: [93](#i70116841312947aabadde4ee8faa61a2_517)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i18b50fb4c27e47d0a9d505fd7fce289a_508)] [added: Matters](#i70116841312947aabadde4ee8faa61a2_520)] | | | [removed: [87](#i18b50fb4c27e47d0a9d505fd7fce289a_508)] [added: [93](#i70116841312947aabadde4ee8faa61a2_520)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i18b50fb4c27e47d0a9d505fd7fce289a_511)] [added: Independence](#i70116841312947aabadde4ee8faa61a2_523)] | | | [removed: [87](#i18b50fb4c27e47d0a9d505fd7fce289a_511)] [added: [93](#i70116841312947aabadde4ee8faa61a2_523)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i18b50fb4c27e47d0a9d505fd7fce289a_514)] [added: Services](#i70116841312947aabadde4ee8faa61a2_526)] | | | [removed: [87](#i18b50fb4c27e47d0a9d505fd7fce289a_514)] [added: [93](#i70116841312947aabadde4ee8faa61a2_526)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i18b50fb4c27e47d0a9d505fd7fce289a_520)] [added: Schedules](#i70116841312947aabadde4ee8faa61a2_532)] | | | [removed: [88](#i18b50fb4c27e47d0a9d505fd7fce289a_520)] [added: [94](#i70116841312947aabadde4ee8faa61a2_532)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i18b50fb4c27e47d0a9d505fd7fce289a_523)] [added: Summary](#i70116841312947aabadde4ee8faa61a2_535)] | | | [removed: [91](#i18b50fb4c27e47d0a9d505fd7fce289a_523)] [added: [97](#i70116841312947aabadde4ee8faa61a2_535)] | | |

References to fiscal [removed: 2025,] [added: 2026,] for example, refer to the year ended January 31, [removed: 2025*.][added: 2026*.]

These forward-looking statements are subject to a number of risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control, such as those arising from the impact of recent macroeconomic events, including [added: geopolitical instability,] increased tariffs, elevated inflation, and fluctuating interest rates and foreign currency exchange rates, as well as [removed: geopolitical instability and] those described in the* “*Risk Factors*” *section, which we encourage you to read carefully.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| Item 2. | | | [Properties](#i70116841312947aabadde4ee8faa61a2_187) | | | [32](#i70116841312947aabadde4ee8faa61a2_187) | | |

| Item 6. | | | [\[Reserved\]](#i70116841312947aabadde4ee8faa61a2_220) | | | [37](#i70116841312947aabadde4ee8faa61a2_220) | | |

| | | | [Signatures](#i70116841312947aabadde4ee8faa61a2_538) | | | [98](#i70116841312947aabadde4ee8faa61a2_538) | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| Item 2. | | | [Properties](#i18b50fb4c27e47d0a9d505fd7fce289a_178) | | | [31](#i18b50fb4c27e47d0a9d505fd7fce289a_178) | | |

| Item 6. | | | [\[Reserved\]](#i18b50fb4c27e47d0a9d505fd7fce289a_4127) | | | [34](#i18b50fb4c27e47d0a9d505fd7fce289a_4127) | | |

| | | | [Signatures](#i18b50fb4c27e47d0a9d505fd7fce289a_526) | | | [92](#i18b50fb4c27e47d0a9d505fd7fce289a_526) | | |

These risks include, among other things, operational risks; intellectual property theft; fraud; extortion; harm to employees or customers; violation of privacy or security laws and other litigation and legal risk; [added: financial risks;] and reputational risks.

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

Our risk management approach is supplemented by external and internal [removed: enterprise risk management] audits, which are designed to test the effectiveness of our security controls.

Additionally, the Board [added: of Directors] has delegated to its Audit Committee oversight of cybersecurity risks and processes to manage them.

The materials presented to our Board [added: of Directors] and Audit Committee include updates on our data security posture, results from third-party assessments, progress towards predetermined risk-mitigation-related goals, our incident response plan, and certain cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks.

The Board [added: of Directors] and Audit Committee generally receive materials, including a cybersecurity scorecard and other materials indicating current and emerging cybersecurity threat risks and describing our ability to mitigate those risks, and discuss such matters with our Chief Information Security Officer (“CISO”).

Material cybersecurity threat risks are also considered during separate Board [added: of Directors] and committee meeting discussions of important matters like enterprise risk management, operational budgeting, business continuity planning, and other relevant matters.

He also has a degree in [added: computer] information systems [removed: management.][added: and a master's degree in telecommunications.]

This team includes our CIO and our Chief Legal [removed: Counsel.][added: Officer.]

Our CISO joined Workday in September 2025.

Our CISO has more than 25 years of experience in cybersecurity defense, engineering, and governance, including leading security teams at several public companies.

Our CISO joined Workday in 2010 and has served as our CISO since April 2018.

Our CISO has more than 20 years of experience in cybersecurity and information technology risk management, including at a large public company and a recognized consulting firm.

It consists of approximately [removed: 1.2] [added: 1.0] million square feet of owned facilities and a 6.9 acre parcel of leased land.

We also lease office space in various locations, including North America, [added: Central America,] Europe, and Asia Pacific, and data center capacity throughout the [removed: United States] [added: U.S.] and Europe.

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

As of March [removed: 7, 2025,] [added: 4, 2026,] there were [removed: 16] [added: 20] stockholders of record of our Class A common stock (not including an indeterminate number of beneficial holders of stock held in street name through brokers and other intermediaries) and 60 stockholders of record of our Class B common stock.

The chart assumes $100 was invested at the close of market on January 31, [removed: 2020,] [added: 2021,] in our Class A common stock, the S&P 500 Index, and the S&P 1500 Application Software Index, and assumes the reinvestment of any dividends.

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

[removed: ][added: ]

| Company/Index | | | | | | [removed: 1/31/2020] [added: 1/31/2021] | | | | | | [removed: 1/31/2021] [added: 1/31/2022] | | | | | | [removed: 1/31/2022] [added: 1/31/2023] | | | | | | [removed: 1/31/2023] [added: 1/31/2024] | | | | | | [removed: 1/31/2024] [added: 1/31/2025] | | | | | | [removed: 1/31/2025] [added: 1/31/2026] | | |

The table below sets forth information regarding our purchases of our Class A common stock during the three months ended January 31, [removed: 2025] [added: 2026] (in millions, except number of shares which are reflected in [removed: thousands] [added: thousands,] and per share data):

| Period | | | [added: | | |] Total Number of Shares Purchased [removed: (1)] [added: (2)] | | | | | | Average Price Paid per Share [added: (1)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Program [removed: (1)] [added: (2)] | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program [removed: (1)] [added: (1)(2)] | | |

[removed: (1)In August 2024,] [added: (2)In May 2025,] our Board of Directors authorized the [removed: August 2024 Share Repurchase Program, under which we may] repurchase [added: of] up to $1.0 billion of our outstanding shares of Class A common [added: stock, and in September 2025, our Board of Directors authorized the repurchase of up to an additional $4.0 billion of our outstanding shares of Class A common] stock.

For further information, see [Note 14, Stockholders’ [removed: Equity](#i18b50fb4c27e47d0a9d505fd7fce289a_451),] [added: Equity](#i70116841312947aabadde4ee8faa61a2_460),] of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this report.

| Workday, Inc. | | | | | | $ | 100.00 | | | | | $ | 111.20 | | | | | $ | 79.74 | | | | | $ | 127.93 | | | | | $ | 115.18 | | | | | $ | 77.19 | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 123.28 | | | | | | 113.13 | | | | | | 136.65 | | | | | | 172.66 | | | | | | 200.84 | | |

| S&P 1500 Application Software Index | | | | | | 100.00 | | | | | | 110.90 | | | | | | 89.84 | | | | | | 135.58 | | | | | | 147.25 | | | | | | 125.07 | | |

In connection with acquisitions made during the three months ended January 31, 2026, we issued approximately 337 thousand shares of our Class A common stock and agreed to issue approximately 103 thousand shares of our Class A common stock, with such shares vesting in equal annual installments over three years, subject to service conditions.

These issuances and agreements to issue were made in reliance on one or more of the following exemptions or exclusions from the registration requirements of the Securities Act: Section 4(a)(2) of the Securities Act, Regulation D promulgated under the Securities Act and Regulation S promulgated under the Securities Act.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| November 1, 2025 - November 30, 2025 | | | | | | 2,157 | | | | | | $ | 223.05 | | | | | 2,157 | | | | | | $ | 3,927 | |

| December 1, 2025 - December 31, 2025 | | | | | | 3,410 | | | | | | 217.92 | | | | | | 3,410 | | | | | | 3,184 | | |

| January 1, 2026 - January 31, 2026 | | | | | | 1,332 | | | | | | 207.01 | | | | | | 1,332 | | | | | | 2,908 | | |

| Total | | | | | | 6,899 | | | | | | | | | | | | 6,899 | | | | | | | | |

(1)Amounts exclude excise tax and commissions.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| Workday, Inc. | | | | | | $ | 100.00 | | | | | $ | 123.24 | | | | | $ | 137.04 | | | | | $ | 98.27 | | | | | $ | 157.65 | | | | | $ | 141.94 | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 117.23 | | | | | | 144.52 | | | | | | 132.62 | | | | | | 160.20 | | | | | | 202.41 | | |

| S&P 1500 Application Software Index | | | | | | 100.00 | | | | | | 131.94 | | | | | | 146.32 | | | | | | 118.53 | | | | | | 178.89 | | | | | | 194.28 | | |

None.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| November 1, 2024 - November 30, 2024 | | | 201 | | | | | | $ | 258.35 | | | | | 201 | | | | | | $ | 850 | |

| December 1, 2024 - December 31, 2024 | | | 176 | | | | | | 269.46 | | | | | | 176 | | | | | | 802 | | |

| January 1, 2025 - January 31, 2025 | | | 0 | | | | | | 0.00 | | | | | | 0 | | | | | | 802 | | |

| Total | | | 377 | | | | | | | | | | | | 377 | | | | | | | | |

Prior to the August 2024 Share Repurchase Program, our Board of Directors authorized a $500 million share repurchase program in February 2024, which we completed in the third quarter of fiscal 2025, and a $500 million share repurchase program in November 2022, which we completed in the first quarter of fiscal 2025.

| [Reports of Independent Registered Public Accounting [removed: Firm](#i18b50fb4c27e47d0a9d505fd7fce289a_292)] [added: Firm](#i70116841312947aabadde4ee8faa61a2_301)] | | | (PCAOB ID: 42) | | | | | | [removed: [49](#i18b50fb4c27e47d0a9d505fd7fce289a_292)] [added: [52](#i70116841312947aabadde4ee8faa61a2_301)] | | |

| [Consolidated Balance [removed: Sheets](#i18b50fb4c27e47d0a9d505fd7fce289a_298)] [added: Sheets](#i70116841312947aabadde4ee8faa61a2_307)] | | | | | | | | | [removed: [52](#i18b50fb4c27e47d0a9d505fd7fce289a_298)] [added: [56](#i70116841312947aabadde4ee8faa61a2_307)] | | |

| [Consolidated Statements of [removed: Operations](#i18b50fb4c27e47d0a9d505fd7fce289a_301)] [added: Operations](#i70116841312947aabadde4ee8faa61a2_310)] | | | | | | | | | [removed: [53](#i18b50fb4c27e47d0a9d505fd7fce289a_301)] [added: [57](#i70116841312947aabadde4ee8faa61a2_310)] | | |

[removed: | [Consolidated Statements of Comprehensive Income (Loss)](#i18b50fb4c27e47d0a9d505fd7fce289a_307) | | | | | | | | | [54](#i18b50fb4c27e47d0a9d505fd7fce289a_307) | | |][added: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME]

| [Consolidated Statements of Stockholders’ [removed: Equity](#i18b50fb4c27e47d0a9d505fd7fce289a_310)] [added: Equity](#i70116841312947aabadde4ee8faa61a2_319)] | | | | | | | | | [removed: [55](#i18b50fb4c27e47d0a9d505fd7fce289a_310)] [added: [59](#i70116841312947aabadde4ee8faa61a2_319)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i18b50fb4c27e47d0a9d505fd7fce289a_313)] [added: Flows](#i70116841312947aabadde4ee8faa61a2_322)] | | | | | | | | | [removed: [56](#i18b50fb4c27e47d0a9d505fd7fce289a_313)] [added: [60](#i70116841312947aabadde4ee8faa61a2_322)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i18b50fb4c27e47d0a9d505fd7fce289a_316)] [added: Statements](#i70116841312947aabadde4ee8faa61a2_325)] | | | | | | | | | [removed: [58](#i18b50fb4c27e47d0a9d505fd7fce289a_316)] [added: [62](#i70116841312947aabadde4ee8faa61a2_325)] | | |

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

We have audited the accompanying consolidated balance sheets of Workday, Inc. (the Company) as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of operations, comprehensive [removed: income (loss),] [added: income,] stockholders’ equity and cash flows for each of the three years in the period ended January 31, [removed: 2025,] [added: 2026,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the three years in the period ended January 31, [removed: 2025,] [added: 2026,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of January 31, [removed: 2025,] [added: 2026,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March [removed: 11, 2025] [added: 6, 2026] expressed an unqualified opinion thereon.

We have audited Workday, Inc.’s internal control over financial reporting as of January 31, [removed: 2025,] [added: 2026,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Workday, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of January 31, [removed: 2025,] [added: 2026,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of operations, comprehensive [removed: income (loss),] [added: income,] stockholders’ equity and cash flows for each of the three years in the period ended January 31, [removed: 2025,] [added: 2026,] and the related notes and our report dated March [removed: 11, 2025] [added: 6, 2026] expressed an unqualified opinion thereon.

| | | | [added: | | | | | |] 2025 | | | | | | 2024 | | |

| Cash and cash equivalents | | | $ | [added: 1,501 | | | | | $ |] 1,543 | | | | | $ | 2,012 | |

| Marketable securities | | | [removed: 6,474] [added: 3,942] | | | | | | [removed: 5,801] [added: 6,474] | | |

| Trade and other receivables, net of allowance for credit losses of [removed: $10] [added: $16] and [removed: $11,] [added: $10,] respectively | | | [removed: 1,950] [added: 2,332] | | | | | | [removed: 1,639] [added: 1,950] | | |

| Deferred costs | | | [removed: 267] [added: 306] | | | | | | [removed: 232] [added: 267] | | |

| Prepaid expenses and other current assets | | | [removed: 311] [added: 348] | | | | | | [removed: 255] [added: 311] | | |

| Total current assets | | | [removed: 10,545] [added: 8,429] | | | | | | [removed: 9,939] [added: 10,545] | | |

| Property and equipment, net | | | [removed: 1,239] [added: 1,093] | | | | | | [removed: 1,234] [added: 1,239] | | |

| Operating lease right-of-use assets | | | [removed: 336] [added: 719] | | | | | | [removed: 289] [added: 336] | | |

| Deferred costs, noncurrent | | | [removed: 561] [added: 634] | | | | | | [removed: 509] [added: 561] | | |

| Acquisition-related intangible assets, net | | | [removed: 361] [added: 681] | | | | | | [removed: 233] [added: 361] | | |

| Deferred tax assets | | | [removed: 1,039] [added: 829] | | | | | | [removed: 1,065] [added: 1,039] | | |

| Goodwill | | | [removed: 3,478] [added: 5,229] | | | | | | [removed: 2,846] [added: 3,478] | | |

| Other assets | | | [removed: 418] [added: 460] | | | | | | [removed: 337] [added: 418] | | |

| Total assets | | | $ | [removed: 17,977] [added: 18,074] | | | | | $ | [removed: 16,452] [added: 17,977] | |

| Accounts payable | | | $ | [removed: 108] [added: 142] | | | | | $ | [removed: 78] [added: 108] | |

| Accrued expenses and other current liabilities | | | [removed: 296] [added: 454] | | | | | | [removed: 287] [added: 296] | | |

| Accrued compensation | | | [removed: 578] [added: 642] | | | | | | [removed: 544] [added: 578] | | |

| Unearned revenue | | | [removed: 4,467] [added: 5,010] | | | | | | [removed: 4,057] [added: 4,467] | | |

| Operating lease liabilities | | | [removed: 99] [added: 130] | | | | | | [removed: 89] [added: 99] | | |

| Total current liabilities | | | [removed: 5,548] [added: 6,378] | | | | | | [removed: 5,055] [added: 5,548] | | |

| Debt, noncurrent | | | [removed: 2,984] [added: 2,987] | | | | | | [removed: 2,980] [added: 2,984] | | |

| Unearned revenue, noncurrent | | | [removed: 80] [added: 71] | | | | | | [removed: 70] [added: 80] | | |

| Operating lease liabilities, noncurrent | | | [removed: 279] [added: 704] | | | | | | [removed: 227] [added: 279] | | |

| Other liabilities | | | [removed: 52 | | | | | | 38] [added: (34)] | | |

| Total liabilities | | | [removed: 8,943] [added: 10,269] | | | | | | [removed: 8,370] [added: 8,943] | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

As indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Paradox and Sana, which are included in the fiscal 2026 consolidated financial statements of the Company and constituted less than 1% of total and net assets (excluding goodwill and intangible assets, which were integrated into the Company’s control environment) as of January 31, 2026 and less than 1% and 1.2% of revenues and net income, respectively, for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Paradox and Sana.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| Other liabilities | | | 129 | | | | | | 52 | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| Other share issuances | | | 382 | | | | | | 24 | | | | | | 76 | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| Net income | | | $ | 693 | | | | | $ | 526 | | | | | $ | 1,381 | |

| Asset impairments | | | 117 | | | | | | 19 | | | | | | 0 | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

*Amounts in this report may not recalculate due to rounding.

Year-over-year comparisons, operating margin, and net income per share are calculated using unrounded data.*

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

For our professional services, we generally invoice customers as the work is performed for time and materials arrangements, and in advance for fixed price arrangements.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

For current trade receivables and contract assets, we assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

Any residual purchase price is recorded as goodwill.

*Impairment of Long-Lived Assets*

Recoverability is measured by comparing the carrying value to the future undiscounted cash flows we expect the asset or asset group to generate.

Any excess of the carrying value of the asset or asset group above its fair value is recognized as an impairment loss.

Compensation expense for PSUs is recognized using the accelerated attribution method over the requisite service period when it is probable that the performance conditions will be satisfied.

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

In order to reduce the risk of disruption of our cloud applications, we host our applications in data centers operated by third parties located in the U.S., Europe, Canada, and the Asia-Pacific region.

These data centers include third-party hosted infrastructure, including Amazon Web Services and Google Cloud, and co-location data centers.

For further information, see [Note 17, Income Taxes](#i70116841312947aabadde4ee8faa61a2_475).

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets.

We early adopted this ASU on a prospective basis effective November 1, 2025.

In accordance with this practical expedient, for current trade receivables and contract assets, we assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

The adoption had no material impact on our consolidated financial statements during fiscal 2026.

March 11, 2025

| Exercise of convertible senior notes hedges | | | 0 | | | | | | 0 | | | | | | 98 | | |

| Exercise of convertible senior notes hedges | | | 0 | | | | | | 0 | | | | | | (98) | | |

| Purchase of treasury stock from the exercise of convertible senior notes hedges | | | 0 | | | | | | 0 | | | | | | (635) | | |

| Settlement of convertible senior notes | | | 0 | | | | | | 0 | | | | | | 635 | | |

| Issuance of common stock in business combination | | | 24 | | | | | | 76 | | | | | | 76 | | |

| Proceeds from issuance of debt, net of debt discount | | | 0 | | | | | | 0 | | | | | | 2,978 | | |

| Repayments and extinguishment of debt | | | 0 | | | | | | 0 | | | | | | (1,844) | | |

| Payments for debt issuance costs | | | 0 | | | | | | 0 | | | | | | (7) | | |

As our go-to-market strategies evolve, we may modify our pricing practices in the future, which could result in changes to SSP and may therefore impact revenue recognized in our consolidated financial statements.

Goodwill amounts are not amortized.

To determine the cost of treasury stock that is either sold or re-issued, we use the first in, first out method.

When treasury stock is re-issued at a price higher than its cost, the increase is recorded in Additional paid-in capital on the Consolidated Balance Sheets.

When treasury stock is re-issued at a price lower than its cost, the decrease is recorded in Additional paid-in capital to the extent that there are previously recorded increases to offset the decrease.

Any decreases in excess of that amount are recorded in Accumulated deficit on the Consolidated Balance Sheets.

The requisite service period of the awards is generally the same as the vesting period.

In order to reduce the risk of disruption of our cloud applications, we have established data centers in various geographic regions.

We serve our customers and users from data center facilities operated by third parties, located in the United States and Europe.

In addition, we rely upon third-party hosted infrastructure partners, including Amazon Web Services (“AWS”) and Google Cloud, to serve customers globally and operate certain aspects of our services.

Given this, any disruption of or interference at our hosted infrastructure partners may impact our operations and our business could be adversely impacted.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which requires enhanced segment disclosures primarily focusing on significant segment expenses.

This ASU also requires public entities with a single reportable segment to provide all the disclosures required by the updated standard and all existing segment disclosures in Topic 280 on an interim and annual basis.

These amendments do not change how a public entity identifies its operating and reportable segments.

The updated standard allows for adoption on a prospective basis, with a retrospective option.

We do not intend to early adopt, and are currently evaluating the impacts of the updated standard.

We are currently evaluating the impacts of the updated standard.

| | | | January 31, 2025 | | |

| Total debt securities | | | $ | 6,651 | |

The unrealized losses on our debt securities primarily resulted from changes in market interest rates.

We do not intend to sell these debt securities and it is not more likely than not that we will be required to sell the debt securities before recovery of their amortized cost bases, which may be at maturity.

The following tables summarize the aggregate fair value and gross unrealized losses for all debt securities in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | As of January 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | Less than 12 Months | | | | | | | | | | | | 12 Months or Greater | | | | | | | | | | | | Total | | | | | | | | |

| | | | Fair Value | | | | | | Unrealized Loss | | | | | | Fair Value | | | | | | Unrealized Loss | | | | | | Fair Value | | | | | | Unrealized Loss | | |

| Corporate bonds | | | 966 | | | | | | (3) | | | | | | 74 | | | | | | 0 | | | | | | 1,040 | | | | | | (3) | | |

| Total | | | $ | 1,521 | | | | | $ | (4) | | | | | $ | 74 | | | | | $ | 0 | | | | | $ | 1,595 | | | | | $ | (4) | |

| U.S. treasury securities | | | $ | 921 | | | | | $ | (2) | | | | | $ | 78 | | | | | $ | (1) | | | | | $ | 999 | | | | | $ | (3) | |

| U.S. agency obligations | | | 234 | | | | | | 0 | | | | | | 100 | | | | | | (1) | | | | | | 334 | | | | | | (1) | | |

Based on the assessment, management has concluded that its internal control over financial reporting was effective as of January 31, [removed: 2025,] [added: 2026,] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

Based on that evaluation, our principal executive officer and principal financial officer concluded that there has not been any material change in our internal control over financial reporting during the fourth quarter of fiscal [removed: 2025] [added: 2026] that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

Under guidelines established by the SEC, companies are permitted to exclude acquisitions from their assessment of internal control over financial reporting for the first fiscal year in which the acquisition occurred.

Our management's evaluation of internal control over financial reporting excluded the internal control activities of Paradox and Sana, which are included in our fiscal 2026 consolidated financial statements and constituted less than 1% of total and net assets (excluding goodwill and intangible assets, which were integrated into our control environment) as of January 31, 2026, and less than 1% and 1.2% of revenues and net income, respectively, for the year then ended.

During the three months ended January 31, [removed: 2025, no] [added: 2026, the following] directors and/or officers of Workday adopted or terminated a “Rule 10b5-1 trading arrangement,” as defined in item 408(a) of Regulation S-K intending to satisfy the affirmative defense conditions of Rule [removed: 10b5-1(c).][added: 10b5-1(c):]

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name and Title | | | | | | Action | | | | | | Total Shares of Class A Common Stock to be Sold | | | | | | Adoption Date | | | | | | Expiration Date | | |

| Wayne A.I. Frederick, Director | | | | | | Adopt | | | | | | 2,539 | | | | | | December 23, 2025 | | | | | | December 31, 2026 | | |

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

The information concerning our directors, our Audit Committee, and any changes to the process by which stockholders may recommend nominees to the Board of Directors required by this Item are incorporated herein by reference to information contained in the Proxy Statement, which is expected to be filed with the SEC within 120 days after the end of the fiscal year ended January 31, [removed: 2025,] [added: 2026,] including under the captions “Proposal No. 1: Election of Directors” and “Directors and Corporate Governance.”

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

| 10.5† | | | | | | [2022 Equity Incentive Plan forms of Award Agreements](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-01312025xex105.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-35680] | | | | | | [added: March, 11, 2025] | | | | | | [added: 10.5] | | | | | | [removed: X] | | |

| 10.7† | | | | | | [Amended and Restated 2012 Employee Stock Purchase Plan forms of Award Agreements, as amended](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-01312025xex107.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-35680] | | | | | | [added: March, 11, 2025] | | | | | | [added: 10.5] | | | | | | [removed: X] | | |

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

| [removed: 10.15†] [added: 10.16†] | | | | | | [Workday, Inc. Omnibus Bonus Plan](https://www.sec.gov/Archives/edgar/data/1327811/000132781123000030/wday-03032023xex101.htm) | | | | | | 8-K | | | | | | 001-35680 | | | | | | March 3, 2023 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.16†] [added: 10.17†] | | | | | | [2022 Equity Incentive Plan Global Notice of Performance Restricted Stock Unit Award for Carl Eschenbach](https://www.sec.gov/Archives/edgar/data/1327811/000132781123000024/wday-01312023xex1017.htm) | | | | | | 10-K | | | | | | 001-35680 | | | | | | February 27, 2023 | | | | | | 10.17 | | | | | | | | |

| [removed: 10.17] [added: 10.19] | | | | | | [Restated and Amended Pleasanton Ground Lease by and between San Francisco Bay Area Rapid Transit District and CREA/Windstar Pleasanton, LLC and related assignment agreement dated January 30, 2014](https://www.sec.gov/Archives/edgar/data/1327811/000119312514124249/d667142dex1011.htm) | | | | | | 10-K | | | | | | 001-35680 | | | | | | March 31, 2014 | | | | | | 10.11 | | | | | | | | |

| [removed: 10.18] [added: 10.20] | | | | | | [Stock Restriction Agreement, by and among the Registrant, David A. Duffield and Aneel Bhusri](https://www.sec.gov/Archives/edgar/data/1327811/000119312512409980/d385110dex1011.htm) | | | | | | S-1/A | | | | | | 333-183640 | | | | | | October 1, 2012 | | | | | | 10.11 | | | | | | | | |

| [removed: 10.19] [added: 10.21] | | | | | | [Credit Agreement, dated as of April 6, 2022, among Workday, certain subsidiaries of Workday, Bank of America, N.A., Wells Fargo Bank, National Association, and the other L/C Issuers and Lenders party thereto](https://www.sec.gov/Archives/edgar/data/1327811/000110465922043661/tm2212084d1_ex10-1.htm) | | | | | | 8-K | | | | | | 001-35680 | | | | | | April 7, 2022 | | | | | | 10.1 | | | | | | | | |

| 19.1 | | | | | | [Insider Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-01312025xex191.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex191.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 21.1 | | | | | | [List of Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-01312025xex211.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex211.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-01312025xex231.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex231.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form [removed: 10-K)](#i18b50fb4c27e47d0a9d505fd7fce289a_526)] [added: 10-K)](#i70116841312947aabadde4ee8faa61a2_538)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification of Periodic Report by Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-1312025xex311.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Periodic Report by Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-1312025xex312.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1* | | | | | | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-1312025xex321.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex321.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2* | | | | | | [Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781125000056/wday-1312025xex322.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 97 | | | | | | [Compensation Recovery [removed: Policy](https://www.sec.gov/Archives/edgar/data/1327811/000132781124000044/wday-01312024xex97.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex97.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 001-35680] | | | | | | [removed: March 8, 2024] | | | | | | [removed: 97] | | | | | | [added: X] | | |

| 10.15† | | | | | | [Executive Separation Agreement and General Release of Claims between Carl Eschenbach and Workday, Inc. dated February](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000007/wday-020626xex101.htm) [6](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000007/wday-020626xex101.htm)[, 2026](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000007/wday-020626xex101.htm) | | | | | | 8-K | | | | | | 001-35680 | | | | | | February 9, 2026 | | | | | | 10.1 | | | | | | | | |

| 10.18† | | | | | | [2022 Equity Incentive Plan Global Notice of Performance Restricted Stock Unit Award for Aneel Bhusri](https://www.sec.gov/Archives/edgar/data/1327811/000132781126000014/wday-01312026xex1018.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

[Table [removed: of](#i18b50fb4c27e47d0a9d505fd7fce289a_7) [Contents](#i18b50fb4c27e47d0a9d505fd7fce289a_7)][added: of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)]

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pleasanton, State of California, on this [removed: 11th] [added: 6th] day of March, [removed: 2025.][added: 2026.]

| /s/ [removed: Carl M. Eschenbach] [added: Aneel Bhusri] | | | | | | Chief Executive Officer and Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| [removed: Carl M. Eschenbach] [added: Aneel Bhusri] | | | | | | *(Principal Executive Officer)* | | | | | | | | |

| /s/ Zane Rowe | | | | | | Chief Financial Officer | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Mark Garfield | | | | | | Chief Accounting Officer | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Thomas F. Bogan | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Elizabeth Centoni | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Lynne M. Doughtie | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Wayne A.I. Frederick, M.D | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Mark J. Hawkins | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Michael M. McNamara | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Rhonda J. Morris | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Michael L. Speiser | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ George J. Still, Jr. | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| /s/ Jerry Yang | | | | | | Director | | | | | | March [removed: 11, 2025] [added: 6, 2026] | | |

| | | | | | |

[Table of](#i70116841312947aabadde4ee8faa61a2_7) [Contents](#i70116841312947aabadde4ee8faa61a2_7)

| | | | | | | | | | | | | | | |

| /s/ Aneel Bhusri | | | | | | Director | | | | | | March 11, 2025 | | |

| Aneel Bhusri | | | | | | | | | | | | | | |