Workday Inc., balance sheet: debt

US$ in millions

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Debt, current	—)	—)	—)	—)	1,222)	1,103)
Debt, noncurrent	2,987)	2,984)	2,980)	2,976)	617)	692)
Total debt (carrying amount)	2,987)	2,984)	2,980)	2,976)	1,840)	1,795)

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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	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 effective interest rate on debt: 3.80%

Interest rate	Debt amount¹	Interest rate × Debt amount
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%

Workday Inc. (NASDAQ:WDAY)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt