Common-Size Income Statement
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Total Asset Turnover since 2013
- Price to Operating Profit (P/OP) since 2013
- Price to Sales (P/S) since 2013
- Analysis of Debt
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Workday Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-01-31).
- Revenue Composition
- Subscription services have steadily increased as a percentage of revenues, rising from 85.37% in 2020 to 91.38% in 2025. Conversely, professional services have declined in relative contribution to total revenues, decreasing from 14.63% to 8.62% over the same period. Overall revenues remained constant at 100% for all years, serving as the baseline for the analysis.
- Cost Structure
- The costs associated with subscription services showed a generally increasing trend from 13.47% of revenues in 2020 to a peak of 16.27% in 2023, before declining slightly to 14.99% by 2025. Costs of professional services consistently decreased from 15.90% in 2020 to 9.51% in 2025, paralleling the decline in professional services revenue share. Total costs of revenues decreased from 29.37% in 2020 to 24.50% in 2025, indicating improved cost efficiency.
- Profitability Metrics
- Gross profit margins improved from 70.63% in 2020 to a peak of 75.60% in 2024, before a minor reduction to 75.50% in 2025. Operating income experienced a significant turnaround, moving from a loss of 13.85% in 2020 to a positive margin of 4.91% in 2025, indicating operational improvements despite some volatility in the interim periods.
- Operating Expenses
- Product development expenses steadily decreased as a percentage of revenues, from 42.73% in 2020 to 31.09% in 2025. Sales and marketing expenses fluctuated slightly but generally trended downward from 31.61% to 28.79%. General and administrative expenses remained relatively stable, around 9.5% to 10% of revenues across the years. A restructuring cost of 0.99% of revenues appears in 2025, suggesting organizational changes or cost optimization efforts.
- Financial Income and Expenses
- Interest income showed variability but increased notably from 1.14% in 2020 to around 4.14% by 2025. Interest expense remained relatively low and stable, decreasing slightly from 1.62% to 1.35% over the period. Other income and expenses showed fluctuations, with a generally positive net effect in the later years.
- Income Taxes and Net Income
- Income before taxes transitioned from a loss of 13.3% in 2020 to a positive income of 7.55% in 2025, reflecting overall profitability improvements. The tax provision was inconsistent, including a significant benefit of 14.12% in 2024 followed by a reversal in 2025. Net income followed a similarly volatile pattern, with losses early on, a notable peak of 19.02% in 2024, then settling to 6.23% in 2025. This volatility suggests non-operational influences affecting net profitability.