Workday, Inc. Revenue in 2026

Workday, Inc. reported $9.6B in revenue for fiscal year 2026. This represents a growth of 13.1% compared to the 2025 figure of $8.4B.

Revenue grew from $7.26 billion in fiscal 2024 to $8.45 billion in fiscal 2025 and $9.55 billion in fiscal 2026, a 13.1 percent year-over-year increase in the most recent year. Subscription revenue of $8.83 billion, growing at consistent double-digit rates, drives the long-term cash flow visibility embedded in the backlog. Net income of $693 million in fiscal 2026 on $9.55 billion in revenue implies a net margin of approximately 7.3 percent, significantly compressed by $1.57 billion in stock-based compensation. On a cash earnings basis, the business is substantially more profitable than GAAP net income reflects. The $35.6 billion market capitalization against $9.55 billion in revenue implies a price-to-sales multiple of roughly 3.7, compressed relative to fiscal 2021 levels when cloud software multiples were materially higher. The current valuation reflects growth deceleration from the high-teens toward the low-teens percent range as Workday's addressable market becomes more fully penetrated among large enterprises. The $2.9 billion share repurchase in fiscal 2026 is a capital return signal from a company that historically prioritized investment over buybacks. Combined with the 8 percent workforce reduction in 2025, the pattern suggests a deliberate shift toward margin expansion and shareholder returns rather than headcount-driven growth. That transition is one most mature SaaS businesses eventually make, and Workday appears to be executing it with deliberate timing.