Analysis of Revenues
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- Common-Size Income Statement
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Revenues as Reported
Workday Inc., income statement, revenues
US$ in millions
| 12 months ended: | Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. | |||||||||||||
| Other countries | |||||||||||||
| Revenues |
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).
Revenues demonstrate a consistent upward trajectory over the observed period. Growth is evident in both the U.S. and other countries, contributing to the overall revenue increase. The rate of growth appears relatively stable, though a closer examination of percentage changes reveals some nuanced shifts.
- Overall Revenue Trend
- Total revenues increased from US$4,318 million in 2021 to US$9,552 million in 2026. This represents a substantial cumulative growth. Annual increases ranged from approximately 19% (2021-2022) to approximately 17% (2025-2026), indicating a consistent, though not accelerating, growth rate.
- U.S. Revenue Performance
- U.S. revenue consistently represents the larger portion of total revenue. It grew from US$3,249 million in 2021 to US$7,176 million in 2026. The annual growth rate in the U.S. mirrors the overall revenue growth, fluctuating between approximately 18% and 20% annually.
- International Revenue Performance
- Revenue from other countries also exhibited consistent growth, increasing from US$1,069 million in 2021 to US$2,376 million in 2026. While smaller in absolute terms than U.S. revenue, the international segment demonstrates a similar pattern of expansion. The growth rate in this segment ranged from approximately 21% to 17% annually, suggesting a slight deceleration in growth towards the later years of the period.
- Revenue Composition
- The proportion of revenue derived from the U.S. decreased slightly over the period. In 2021, U.S. revenue accounted for approximately 75% of total revenue, while in 2026, it accounted for approximately 75%. This indicates that while both segments are growing, international revenue is gaining a slightly larger share of the overall revenue mix.
In summary, the revenue figures indicate a period of sustained and robust growth. Both the U.S. and international segments contribute to this growth, with the international segment exhibiting a slightly higher initial growth rate that converges with the U.S. segment’s rate over time. The overall revenue composition remains relatively stable, with the U.S. continuing to be the dominant revenue source.