Workiva (WK) financial statements
Workiva reported revenue of $885M in fiscal 2025, up 19.5% a year over 9 years.
Net income was -$26M and the operating margin -4.8%, against -24.4% in 2016.
Free cash flow was $138M, and the company returned $72M in net buybacks.
The diluted share count rose 38% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Workiva's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $179M | $208M | $244M | $298M | $352M | $443M | $538M | $630M | $739M | $885M |
| Cost of revenue | $52M | $60M | $66M | $85M | $90M | $104M | $130M | $154M | $172M | $190M |
| Gross profit | $127M | $148M | $178M | $213M | $261M | $339M | $408M | $476M | $567M | $694M |
| Research and development | $57M | $68M | $82M | $90M | $95M | $116M | $152M | $173M | $193M | $215M |
| Selling, general and admin | $113M | $124M | $147M | $168M | $204M | $253M | $345M | $398M | $450M | $522M |
| Operating income | -$44M | -$44M | -$50M | -$45M | -$38M | -$29M | -$89M | -$95M | -$77M | -$42M |
| Interest expense | $2M | $2M | $2M | $6M | $14M | $14M | $6M | $54M | $13M | $13M |
| Pre-tax income | -$44M | -$44M | -$50M | -$47M | -$49M | -$39M | -$89M | -$124M | -$49M | -$22M |
| Income tax | $24,000 | $61,000 | $247,000 | $139,000 | -$291,000 | -$1M | $2M | $3M | $6M | $4M |
| Net income | -$44M | -$44M | -$50M | -$47M | -$48M | -$38M | -$91M | -$128M | -$55M | -$26M |
| EPS (diluted) | -$1.08 | -$1.07 | -$1.15 | -$1.03 | -$1.00 | -$0.74 | -$1.72 | -$2.36 | -$0.99 | -$0.47 |
| Diluted shares | 41M | 42M | 44M | 46M | 48M | 51M | 53M | 54M | 55M | 56M |
| Gross margin | 71.1% | 71.0% | 73.0% | 71.5% | 74.4% | 76.6% | 75.9% | 75.5% | 76.7% | 78.5% |
| Operating margin | -24.4% | -21.3% | -20.4% | -15.2% | -10.8% | -6.6% | -16.5% | -15.0% | -10.4% | -4.8% |
| Net margin | -24.6% | -21.4% | -20.5% | -15.9% | -13.8% | -8.5% | -16.9% | -20.2% | -7.5% | -3.0% |
Balance sheet
Fiscal years, from Workiva's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $63M | $77M | $98M | $488M | $530M | $530M | $431M | $814M | $816M | $892M |
| Receivables | $23M | $29M | $65M | $60M | $69M | $77M | $106M | $125M | $148M | $169M |
| Total current assets | $98M | $115M | $177M | $571M | $633M | $657M | $600M | $1.0B | $1.0B | $1.2B |
| Property, plant and equipment | $43M | $40M | $41M | $32M | $29M | $29M | $27M | $24M | $22M | $21M |
| Goodwill | — | — | — | — | $0 | $35M | $110M | $112M | $197M | $206M |
| Total assets | $143M | $158M | $231M | $639M | $707M | $787M | $820M | $1.2B | $1.4B | $1.5B |
| Total current liabilities | $100M | $129M | $192M | $232M | $282M | $646M | $407M | $484M | $592M | $742M |
| Long-term debt | $53,000 | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $146M | $175M | $241M | $585M | $643M | $714M | $814M | $1.3B | $1.4B | $1.5B |
| Shareholders' equity | -$3M | -$17M | -$10M | $54M | $64M | $73M | $6M | -$89M | -$42M | -$5M |
| Net debt | -$51M | -$60M | -$78M | -$382M | -$323M | -$300M | -$240M | -$256M | -$302M | -$339M |
Cash flow
Fiscal years, from Workiva's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10M | $6M | $6M | $31M | $33M | $50M | $11M | $71M | $88M | $140M |
| Capital spending | $2M | $1M | $1M | $3M | $2M | $4M | $3M | $2M | $1M | $2M |
| Free cash flow | -$12M | $4M | $5M | $28M | $31M | $46M | $8M | $69M | $86M | $138M |
| Stock-based compensation | $14M | $19M | $31M | $36M | $46M | $49M | $71M | $99M | $102M | $123M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$72M |
| Free cash flow margin | -6.9% | 2.1% | 2.2% | 9.3% | 8.9% | 10.4% | 1.5% | 10.9% | 11.7% | 15.6% |
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What was Workiva's revenue in 2025?
$885M in fiscal 2025, from its 10-K filing.
How much free cash flow does Workiva generate?
$138M in fiscal 2025 (operating cash flow minus capital spending).
From Workiva's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.