Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2013
- Return on Equity (ROE) since 2013
- Aggregate Accruals
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Workday Inc., consolidated cash flow 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).
- Net Income (Loss)
- The net income exhibits significant fluctuations over the periods analyzed. Starting with a substantial loss of $481 million in early 2020, the company’s net loss reduced in 2021, turning positive in 2022 with a net income of $29 million. However, it returned to a loss of $367 million in 2023 before markedly increasing to $1,381 million in 2024 and then declining to $526 million in 2025. This pattern indicates volatile profitability with evidence of major recovery and gains in later years.
- Depreciation and Amortization
- Depreciation and amortization expenses have generally increased from $276 million in 2020 to $364 million in 2023, with a small dip to $282 million in 2024 before rising again to $326 million by 2025. This upward trend reflects ongoing investments in fixed assets and intangible assets, possibly aligned with business expansion or asset acquisitions.
- Share-based Compensation and Amortization of Deferred Costs
- Share-based compensation expenses steadily grew throughout the years, starting at $860 million in 2020 and reaching $1,519 million by 2025, which suggests increasing employee incentives or an expansion of equity compensation plans. Similarly, amortization of deferred costs increased consistently from $91 million to $251 million in the same timeframe, implying a growing amount of deferred expenses being amortized annually.
- Operating Assets and Liabilities
- Changes in operating assets and liabilities show varied dynamics. Trade and other receivables generally increased in terms of net outflow, while deferred costs steadily increased in use of cash. Accounts payable and accrued expenses saw large swings, especially in 2023 with a spike in accrued expenses, followed by reductions in later years. Unearned revenue remained robust, peaking in 2022, indicating strong revenue deferral. Collectively, these movements suggest complex working capital management adjustments over the periods.
- Net Cash Provided by Operating Activities
- Operating cash flow demonstrated a consistent upward trend, increasing from $865 million in 2020 to $2,461 million in 2025, with notable acceleration between 2023 and 2025. The company appears to be generating increasing cash flows from its core operations despite net income volatility, supported by significant operating adjustments.
- Investing Activities
- Investing activities reflect considerable cash outflows, driven primarily by purchases of marketable securities, peaking at $7,183 million in 2023 but declining thereafter. Capital expenditures show fluctuations, reaching the highest level in 2022 at $436 million before tapering off. Business combinations indicate substantial cash usage in 2020, 2022, and 2025, suggesting strategic acquisitions. Overall, cash used in investing activities remains substantial, highlighting ongoing investment in securities and business expansion.
- Financing Activities
- Financing cash flows are inconsistent, showing positive inflows in the earlier years with $625 million in 2021 and $1,204 million in 2023, largely due to debt issuance and proceeds from employee equity plans. In later years, there is a notable shift to cash outflows, with significant stock repurchases in 2023 and 2024, and substantial taxes paid related to equity awards in 2024 and 2025. This indicates active capital structure management, including debt refinancing and shareholder return strategies.
- Cash Position
- Cash and equivalents have generally increased from $735 million at the start of 2020 to $2,024 million in 2024, before decreasing to $1,554 million in 2025. Despite negative cash flows from financing and investing in later years, the company maintains a strong liquidity position, supported by robust operating cash generation.
- Summary of Financial Trends
- Overall, the financial data reveal a company experiencing fluctuations in profitability but strengthening its operating cash flow substantially. The increase in share-based compensation and deferred costs suggests ongoing investment in workforce and long-term expenses. Substantial cash outflows in investing and shifts in financing activities reflect strategic business growth and capital management. The maintained cash reserves point to prudent liquidity management despite operational and investment variability.