Workday Inc. (NASDAQ:WDAY)

The data indicates a consistent upward trend in both current assets and adjusted current assets over the six-year period. Current assets increased from US$ 3,095 million in January 2020 to US$ 10,545 million in January 2025, reflecting a more than threefold growth. Similarly, adjusted current assets followed a nearly identical pattern, rising from US$ 3,101 million to US$ 10,555 million during the same timeframe.

The year-over-year increases suggest that the company has been steadily expanding its asset base, which could imply improved liquidity or increased investment in short-term resources. The close alignment between current assets and adjusted current assets indicates minimal adjustments, suggesting stability in asset classification or valuation methods.

This sustained growth trend, particularly the significant acceleration between January 2022 and January 2023, points to potentially enhanced operational capacity or successful risk management practices that preserve asset quality. Overall, the financial data reflects a positive trajectory in the company's short-term financial position.

Total Assets

The total assets of the company exhibited a consistent and substantial growth over the six-year period. Starting at approximately 6.8 billion US dollars in early 2020, the total assets increased steadily each year, reaching nearly 18.0 billion US dollars by early 2025. This represents a growth of over 160% from the initial value, indicating a significant expansion in asset base.

Adjusted Total Assets

The adjusted total assets follow a trend very similar to total assets, beginning at the same figure of 6.8 billion US dollars in early 2020 and increasing to about 17.0 billion US dollars by early 2025. Although the adjusted total assets slightly diverge from the unadjusted total assets starting in 2023, with a lower value recorded in 2024 and 2025, the growth trajectory remains upward with a substantial increase over the period.

Comparative Analysis

Both total assets and adjusted total assets demonstrate a strong upward trend, reflecting possible investments, acquisitions, or organic growth in the company's asset portfolio. The minor differences between total and adjusted assets in the later years suggest adjustments that could be due to revaluations, asset write-downs, or accounting policy changes. Overall, the data implies a robust asset growth strategy with increasing resource base over the analyzed years.

Current liabilities

Current liabilities demonstrated an overall upward trend from January 31, 2020, to January 31, 2025. The value increased significantly from 2,969 million US dollars in 2020 to 4,283 million US dollars in 2021, representing a substantial growth. This was followed by a continued rise to 5,068 million US dollars in 2022. However, in 2023 there was a decline to 4,628 million US dollars. The liabilities then rose again in the next two years to 5,055 million in 2024 and 5,548 million in 2025, reaching the highest point in the period analyzed.

Adjusted current liabilities

Adjusted current liabilities showed considerable volatility over the same period. Starting at 746 million US dollars in 2020, there was a sharp increase to 1,726 million in 2021, followed by a further increase to 1,957 million in 2022. A notable decrease occurred in 2023, with adjusted current liabilities dropping to 1,069 million. This level slightly decreased further to 998 million in 2024 before a moderate increase to 1,081 million in 2025. Despite fluctuations, the adjusted current liabilities in 2025 remained above the 2020 level but well below the peak seen in 2022.

Overall analysis

The current liabilities exhibited consistent growth with a minor dip in 2023, suggesting variability in short-term obligations possibly influenced by changes in operational or financial conditions. Adjusted current liabilities revealed more pronounced fluctuations, indicating adjustments or reclassifications impacting the reported short-term financial obligations. The divergence between current liabilities and adjusted current liabilities trends is noteworthy and may reflect differing treatments of certain liabilities or timing differences in obligations recognition. The data suggests a careful review of liability management and adjustment policies is warranted to understand the underlying causes of volatility.

Total liabilities

The total liabilities show a consistent upward trend over the six-year period from January 31, 2020, to January 31, 2025. Starting at $4,330 million in 2020, liabilities increased to $8,943 million by 2025. The growth accelerates particularly starting from 2022, with a notable jump from $5,963 million in 2022 to $7,901 million in 2023, and continues to rise steadily thereafter.

Adjusted total liabilities

Adjusted total liabilities also rise over the period but with a somewhat different pattern than total liabilities. Beginning at $2,020 million in 2020, they increased to $4,332 million in 2025. There is a marked increase between 2021 and 2023, where liabilities almost double from $2,803 million to $4,265 million. However, after 2023, adjusted liabilities stabilize, showing only marginal changes between 2023 and 2025.

Comparison and insights

Both total and adjusted total liabilities exhibit growth, but total liabilities are increasing at a faster and more consistent rate, particularly after 2021. The divergence between total and adjusted liabilities widens over time, suggesting either an increase in liabilities not captured in the adjusted figure or changes in the criteria used for adjustment. The stabilization of adjusted liabilities after 2023 may indicate improved management of certain obligations or reclassification of liabilities, while total liabilities continue to climb, reflecting possibly greater borrowing or other long-term obligations.

The data reveals a consistent upward trend in both stockholders’ equity and adjusted stockholders’ equity over the period from January 31, 2020, to January 31, 2025. This indicates a strengthening financial position and potentially increased retained earnings or capital infusions over the years.

Stockholders’ equity

The stockholders’ equity grew steadily from US$2,487 million in early 2020 to US$9,034 million in early 2025. The growth accelerated particularly after January 31, 2021, with a notable increase between 2023 and 2024. This suggests sustained profitability or additional equity financing events contributing to enhanced net asset value available to shareholders.

Adjusted stockholders’ equity

Adjusted stockholders’ equity also displayed a consistent increase, rising from US$4,797 million in 2020 to US$12,616 million projected for 2025. This measure, typically reflecting adjustments for items such as unrealized gains/losses or certain accounting policy differences, has expanded at a robust pace, mirroring the trend seen in the unadjusted equity metric. The adjusted equity shows a higher value than the conventional stockholders’ equity across all periods, indicating positive adjustments that enhance the reported equity base.

Overall, both equity measures demonstrate a positive and accelerating growth trajectory, suggestive of improving financial strength. The increasing gap between adjusted and unadjusted equity may imply growing accumulation of comprehensive income components or other adjustments favorably impacting equity. This pattern underscores a healthy evolution of the company's net worth over the analyzed time frame.

Total Reported Debt

The total reported debt demonstrates a consistent upward trend over the analyzed periods. Starting at $1,262 million in 2020, it increased steadily to $2,984 million by 2025. Notably, a significant jump is observed between 2021 and 2023, where debt levels rose from $1,795 million to nearly $3,000 million, indicating increased leverage during this timeframe.

Stockholders’ Equity

Stockholders’ equity displayed substantial growth across the periods, advancing from $2,487 million in 2020 to $9,034 million in 2025. This represents a robust increase, suggesting enhanced retained earnings or capital inflows which strengthen the company’s net asset position. The most pronounced increases occurred post-2022, reflecting a strong capitalization phase.

Total Reported Capital

Total reported capital, combining debt and equity, rose from $3,749 million in 2020 to $12,018 million in 2025. This upward trajectory aligns with the growth in both debt and equity, highlighting an overall expansion of the company’s capital base. The increase is particularly marked between 2022 and 2025, indicating accelerated growth or investment activity during this period.

Adjusted Total Debt

The adjusted debt figures follow a similar increasing pattern as the reported debt, beginning at $1,570 million in 2020 and reaching $3,362 million by 2025. This rise reflects a sustained increase in the company’s obligations when adjustments are taken into account, with a clear spike evident around 2023, consistent with the reported debt trend.

Adjusted Stockholders’ Equity

Adjusted equity also increased substantially, from $4,797 million in 2020 to $12,616 million in 2025. The growth trend is steady and emphasizes the strengthening of the company’s financial position when considering adjusted measures. The acceleration in equity growth after 2022 indicates improving asset quality or valuation adjustments contributing positively to equity.

Adjusted Total Capital

Adjusted total capital increased consistently from $6,366 million in 2020 to $15,978 million in 2025. This figure underscores the company’s expanding capital structure accounting for adjustments, growing at a compound rate reflecting simultaneous increases in both debt and equity components. The growth is steady but shows acceleration post-2022, mirroring observed trends in other capital components.

The financial data shows a consistent upward trend in both reported revenues and adjusted revenues over the six-year period ending January 31, 2025.

Revenues

Revenues increase each year, starting from $3,627 million in 2020 and rising steadily to $8,446 million by 2025. This represents a strong compound annual growth pattern, reflecting continuous expansion and possibly successful business development strategies or market demand growth. The annual increments appear to accelerate slightly in the later years.

Adjusted Revenues

Adjusted revenues, which likely exclude certain non-recurring or exceptional items, follow a similar upward trajectory. Beginning at $3,987 million in 2020, adjusted revenues increase to $8,866 million by 2025. The adjustment consistently shows figures higher than reported revenues by a moderate margin, implying the adjustments add value by normalizing revenue recognition or excluding volatile elements.

The overall data indicate robust revenue growth capacity with consistent improvement in financial scale. The proportional increases in both reported and adjusted revenues suggest stable business operations with minimal irregular fluctuations impacting the core revenue streams.

Net Income (Loss)

The net income shows considerable volatility over the years. Initially, there was a significant loss of $481 million in 2020, which improved to a smaller loss of $282 million in 2021. In 2022, the company achieved a positive net income of $29 million, indicating a temporary turnaround. However, this was followed by a deterioration in 2023 with a loss of $367 million. The year 2024 marked a substantial positive shift with a profit of $1,381 million, the highest in the series. This was followed by a decline in 2025, yet the company still reported a positive net income of $526 million. Overall, the net income trend reflects high variability and significant fluctuations, with a notable recovery phase beginning in 2024.

Adjusted Net Income (Loss)

The adjusted net income shows a more consistent and positive trend compared to the reported net income. Although it began with losses in 2020 and 2021 of $106 million and $29 million respectively, the losses were less severe than the reported figures. From 2022 onward, adjusted net income turned positive and showed a steady upward trajectory: $613 million in 2022, rising to $123 million in 2023 (noting this as a dip relative to 2022), then significantly increased to $784 million in 2024, and peaked at $1,097 million in 2025. This suggests that after adjustment, the company displays a clearer progression towards profitability with lower volatility.