Stock Analysis on Net
Stock Analysis on Net

Workday Inc. (NASDAQ:WDAY)

Common-Size Balance Sheet: Assets

Workday Inc., common-size consolidated balance sheet: assets

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Jan 31, 2026 Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021
Cash and cash equivalents 8.30 8.58 12.23 13.99 14.61 15.88
Marketable securities 21.81 36.01 35.26 31.40 20.10 24.68
Trade and other receivables, net of allowance for credit losses 12.90 10.85 9.96 11.64 11.84 11.84
Deferred costs, current 1.69 1.49 1.41 1.42 1.46 1.41
Prepaid expenses and other current assets 1.93 1.73 1.55 1.67 1.66 1.28
Current assets 46.64% 58.66% 60.41% 60.12% 49.66% 55.08%
Property and equipment, net 6.05 6.89 7.50 8.91 10.70 11.15
Operating lease right-of-use assets 3.98 1.87 1.76 1.85 2.36 4.75
Deferred costs, noncurrent 3.51 3.12 3.09 3.12 3.25 3.12
Acquisition-related intangible assets, net 3.77 2.01 1.42 2.27 3.72 2.85
Deferred tax assets 4.59 5.78 6.47 0.09 0.11 0.11
Goodwill 28.93 19.35 17.30 21.06 27.05 20.87
Non-marketable equity and other investments 1.29 1.37 1.51 1.95 2.45 0.98
Prepayments for goods and services 0.35 0.09 0.09 0.17 0.25 0.23
Contract assets 0.33 0.24 0.13 0.00 0.00 0.00
Technology patents and other intangible assets, net 0.12 0.14 0.16 0.15 0.22 0.20
Deposits 0.08 0.06 0.05 0.04 0.06 0.07
Derivative assets 0.01 0.29 0.09 0.16 0.16 0.00
Equity investments accounted for under the equity method 0.00 0.00 0.00 0.00 0.00 0.55
Other 0.37 0.13 0.04 0.10 0.01 0.02
Other assets 2.55% 2.33% 2.05% 2.58% 3.14% 2.06%
Noncurrent assets 53.36% 41.34% 39.59% 39.88% 50.34% 44.92%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The composition of assets exhibited notable shifts between January 31, 2021, and January 31, 2026. A general trend indicates a decreasing reliance on cash and cash equivalents, coupled with dynamic changes in the allocation to marketable securities and goodwill. Current assets as a percentage of total assets fluctuated, while the proportion of noncurrent assets increased over the period.

Liquidity and Current Assets
Cash and cash equivalents decreased steadily from 15.88% of total assets in 2021 to 8.30% in 2026. Simultaneously, marketable securities experienced an initial decline from 24.68% to 20.10% in 2022, followed by a substantial increase to 36.01% in 2025 before decreasing to 21.81% in 2026. Current assets, overall, decreased from 55.08% in 2021 to a low of 46.64% in 2026, with a peak of 60.12% in 2023. Trade and other receivables remained relatively stable, fluctuating between 9.96% and 11.84% of total assets. Prepaid expenses and other current assets showed a modest increase over the period.
Long-Term Investments and Intangibles
Property and equipment, net, consistently decreased as a percentage of total assets, falling from 11.15% in 2021 to 6.05% in 2026. Goodwill demonstrated a more volatile pattern, increasing from 20.87% in 2021 to 27.05% in 2022, then decreasing to 19.35% in 2025, and rising again to 28.93% in 2026. Acquisition-related intangible assets, net, decreased significantly from 2.85% to 1.42% before increasing to 3.77% in 2026. Non-marketable equity and other investments showed a decrease from 0.98% to 1.29% over the period.
Other Asset Trends
Deferred tax assets experienced a significant increase in 2024, rising to 6.47% of total assets, before decreasing to 4.59% in 2026. Operating lease right-of-use assets decreased initially, then increased to 3.98% in 2026. Contract assets and derivative assets, while initially small percentages, showed growth towards the end of the period. Other assets increased from 2.06% to 2.55% over the six-year period.

The shift in asset allocation suggests a potential strategic change, possibly involving increased investment in marketable securities and a greater reliance on intangible assets and goodwill. The decrease in cash holdings could indicate active deployment of capital, while the fluctuating levels of current assets require further investigation to understand the underlying drivers of these changes.

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