Stock Analysis on Net
Stock Analysis on Net

Workday Inc. (NASDAQ:WDAY)

$24.99

Cash Flow Statement
Quarterly Data

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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Workday Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Apr 30, 2026 Jan 31, 2026 Oct 31, 2025 Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020
Net income (loss)
Depreciation and amortization
Share-based compensation expense
Amortization of deferred costs
Non-cash lease expense
Net (gains) losses on investments
Accretion of discounts on marketable debt securities, net
Deferred income taxes
Asset impairments
Other
Trade and other receivables, net
Deferred costs
Prepaid expenses and other assets
Accounts payable
Accrued expenses and other liabilities
Unearned revenue
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of marketable securities
Maturities of marketable securities
Sales of marketable securities
Capital expenditures
Business combinations, net of cash acquired
Purchase of other intangible assets
Purchases of non-marketable equity and other investments
Sales of non-marketable equity and other investments
Other
Net cash (used in) provided by investing activities
Proceeds from issuance of debt, net of debt discount
Repayments and extinguishment of debt
Payments for debt issuance costs
Repurchases of common stock
Proceeds from issuance of common stock from employee equity plans
Taxes paid related to net share settlement of equity awards
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes
Net increase (decrease) in cash, cash equivalents, and restricted cash

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 exhibits a transition from consistent operational losses toward sustained profitability and enhanced cash generation. While net income was frequently negative between 2020 and 2023, a structural shift is observed starting in 2024, with the company maintaining positive net income across subsequent quarters, despite a significant one-time spike in January 2024.

Operating Cash Flow and Profitability
Net cash provided by operating activities shows a general upward trend, evolving from quarterly values typically between 150 million and 600 million USD in the 2020-2022 period to peaks exceeding 1.2 billion USD by January 2026. A persistent gap exists between net income and operating cash flow, primarily driven by share-based compensation expenses, which have scaled from 237 million USD in April 2020 to 409 million USD by April 2026. This indicates that non-cash compensation remains a primary driver of liquidity.
Working Capital Volatility
Significant fluctuations are observed in changes to operating assets and liabilities, particularly within unearned revenue and trade receivables. The unearned revenue line shows a cyclical pattern of large inflows and outflows, which is characteristic of a subscription-based revenue model with periodic large contract renewals. These fluctuations frequently offset or augment the cash generated from net income.
Investment and Liquidity Management
Investing activities are dominated by the management of marketable securities. A high volume of purchases and maturities occurs throughout the period, suggesting an active liquidity management strategy. A notable shift occurred in October 2025, marked by a substantial sale of marketable securities totaling 2.388 billion USD, which appears to have funded a surge in inorganic growth, as evidenced by significant business combination outflows of 974 million USD in October 2025 and 1.105 billion USD in January 2026.
Financing and Capital Allocation
The financing strategy transitioned from capital raising to capital return. Following a major debt issuance of 2.978 billion USD in April 2022, the company shifted toward aggressive shareholder returns. Repurchases of common stock, which were non-existent in the earliest periods, began in January 2023 and accelerated sharply, reaching quarterly outflows of 1.587 billion USD by April 2026. This indicates a strategic pivot toward utilizing excess operating cash to reduce share count.
Capital Expenditure Trends
Capital expenditures have remained relatively stable and modest compared to operating cash flows, generally fluctuating between 30 million and 100 million USD per quarter. This suggests a low-capital-intensity business model where growth is funded through operations and strategic acquisitions rather than heavy investment in physical infrastructure.