Analysis of Debt
Total Debt (Carrying Amount)
Workday Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Total debt exhibited a notable shift in composition and overall level between January 31, 2021, and January 31, 2026. Initially, current debt constituted a significant portion of the total, but over the analyzed period, noncurrent debt became the dominant component.
- Overall Debt Trend
- Total debt increased from US$1,795 million in 2021 to US$1,840 million in 2022. A substantial increase then occurred, reaching US$2,976 million in 2023, and remaining relatively stable at US$2,980 million, US$2,984 million, and US$2,987 million through 2024, 2025, and 2026 respectively. This suggests a significant debt issuance or acquisition occurred between 2022 and 2023, followed by a period of consistent debt levels.
- Current Debt
- Current debt was reported as US$1,103 million in 2021 and increased to US$1,222 million in 2022. Values are not available for 2023 through 2026, indicating a potential shift in reporting or debt structure where a smaller proportion is classified as current.
- Noncurrent Debt
- Noncurrent debt decreased from US$692 million in 2021 to US$617 million in 2022. However, it experienced a considerable rise to US$2,976 million in 2023, and remained consistently near this level at US$2,980 million, US$2,984 million, and US$2,987 million through 2024, 2025, and 2026. This increase coincides with the overall increase in total debt and suggests a strategic move towards longer-term financing.
The stabilization of total debt from 2023 to 2026, coupled with the consistent level of noncurrent debt, implies a mature debt profile. The absence of current debt figures from 2023 onwards warrants further investigation to understand the underlying reasons for this reporting change.
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Total Debt (Fair Value)
| Jan 31, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior Notes | 2,900) |
| Term Loan | —) |
| 0.25% Convertible senior notes | —) |
| Total debt (fair value) | 2,900) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.97 |
Based on: 10-K (reporting date: 2026-01-31).
Weighted-average Interest Rate on Debt
Weighted average effective interest rate on debt: 3.80%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.67% | 1,000) | 37) | |
| 3.82% | 750) | 29) | |
| 3.90% | 1,250) | 49) | |
| Total | 3,000) | 114) | |
| 3.80% | |||
Based on: 10-K (reporting date: 2026-01-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 114 ÷ 3,000 = 3.80%