Common-Size Income Statement
Quarterly Data
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- Analysis of Liquidity Ratios
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Workday Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).
The financial trajectory reveals a transition from operational losses toward sustained profitability, characterized by an increasing reliance on high-margin recurring revenue and significant improvements in operational efficiency. A consistent expansion in gross and operating margins indicates a successful scaling of the business model over the analyzed period.
- Revenue Composition and Mix
- A steady shift in the revenue mix is observed, with subscription services increasing from 86.60% to 92.60% of total revenues. Conversely, professional services have declined from 13.40% to 7.40%. This trend signifies a strategic pivot toward a more scalable, subscription-based model, reducing the company's dependence on lower-margin service delivery.
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- Gross Profitability and Cost Management
- Gross profit margins have expanded from 69.99% to 76.24%. This improvement is driven by a reduction in the total cost of revenues, which fell from 30.01% to 23.76%. Specifically, the costs associated with professional services saw a marked decrease from 15.75% to 7.55%, reflecting both the shrinking proportion of professional services revenue and improved delivery efficiency.
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- Operating Expense Optimization
- Significant reductions in operating expenses as a percentage of revenue demonstrate strong operating leverage. Product development costs declined substantially from a peak of 43.55% to 27.73%. Sales and marketing expenses also trended downward, moving from 31.28% to 26.71%. General and administrative expenses remained relatively stable, fluctuating between 8.50% and 10.71%.
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- Operating and Net Income Trends
- Operating income transitioned from a deficit of 14.18% to a positive 13.30% by the end of the period. This progression was periodically interrupted by restructuring charges, most notably in April 2025 and January 2026, which created temporary volatility in operating margins. Net income generally mirrored this upward trend, though a significant anomaly occurred in January 2024, where net income spiked to 61.83% due to a one-time tax benefit of 54.65%.