Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement
US$ in millions
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).
The financial data reveals a consistent upward trend in subscription services revenue, which more than doubled from 3,096 million US dollars in 2020 to 7,718 million US dollars projected in 2025. Professional services revenue also grew, albeit at a slower pace, increasing from 531 million US dollars in 2020 to 728 million US dollars in 2025. Overall revenues followed a similar trajectory, rising steadily from 3,627 million US dollars in 2020 to an expected 8,446 million US dollars in 2025.
The costs associated with subscription services increased steadily as well, from 489 million US dollars in 2020 to 1,266 million US dollars in 2025, reflecting higher expenditure aligned with revenue growth. Similarly, the costs of professional services rose from 577 million US dollars in 2020 to 803 million US dollars in 2025. Total costs of revenues consequently expanded, growing from 1,065 million US dollars in 2020 to 2,069 million US dollars in 2025.
Gross profit exhibited robust growth over the period, nearly doubling from 2,562 million US dollars in 2020 to a forecasted 6,377 million US dollars in 2025. This positive trajectory indicates improving profitability at the gross margin level.
Operating expenses showed a marked increase across all major categories. Product development expenses rose from 1,550 million US dollars in 2020 to 2,626 million US dollars in 2025, indicating sustained investment in product innovation. Sales and marketing expenses demonstrated significant growth from 1,147 million US dollars in 2020 to 2,432 million US dollars in 2025, which may reflect intensifying efforts to expand market share. General and administrative expenses also grew from 368 million US dollars in 2020 to 820 million US dollars in 2025, suggesting scaling of corporate functions. Notably, a restructuring expense of 84 million US dollars is recorded in 2025.
Operating income displayed volatility with an initial loss of 502 million US dollars in 2020, narrowing to a loss of 116 million US dollars in 2022, then fluctuating to a loss of 222 million US dollars in 2023, before turning positive at 183 million US dollars in 2024 and further increasing to 415 million US dollars in 2025. This indicates an improving operational performance over time with a possible turnaround phase being evident in the latter years.
Interest income experienced fluctuation, declining from 41 million US dollars in 2020 to a low of 6 million US dollars in 2022, before increasing substantially to 350 million US dollars projected for 2025. Interest expenses showed variability but remained relatively modest, fluctuating between 17 million and 114 million US dollars. Other income and expense exhibited volatility, with a notable negative net expense in 2023 but turning to a positive net income in 2024 and 2025.
Income before income taxes showed improvement from a loss of 482 million US dollars in 2020 to a positive figure of 638 million US dollars projected in 2025. The provision for income taxes fluctuated significantly, showing a benefit in some years and a provision in others, with a large benefit of 1,025 million US dollars in 2024, which notably boosted the net income for that year.
Net income experienced considerable variability and improvement, starting with losses of 481 million US dollars in 2020 and 282 million US dollars in 2021, moving to a small profit of 29 million US dollars in 2022, before declining sharply to a loss of 367 million US dollars in 2023. It then surged to a significant profit of 1,381 million US dollars in 2024 before moderating to 526 million US dollars in 2025. This pattern suggests periods of operational challenges followed by a strong recovery and profitability enhancement.