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
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
- Net Income (Loss)
- The net income exhibited significant volatility over the periods. Initially, losses were consistent, with notable worsening around early 2020. A substantial recovery occurred by mid-2021 with positive income, but recurrent losses returned subsequently until an extraordinary spike in January 2024, reaching a notably high positive value. The trend thereafter showed less extreme values but remained positive, indicating a recovery phase.
- Depreciation and Amortization
- This expense demonstrated a gradual increase over time, moving from the low 60s to stabilizing in the 70s and 80s range. Despite minor fluctuations, this indicates ongoing asset utilization consistent with company growth and capital investment.
- Share-Based Compensation Expense
- The share-based compensation expense steadily rose throughout the periods, reflecting increasing employee compensation through equity. There was a marked increase in early 2023, suggesting either higher grants or valuation adjustments.
- Amortization of Deferred Costs
- Amortization of deferred costs showed a continuous upward trend, increasing steadily from the low 20s to mid-70s by late 2025. This could indicate increasing investments in capitalized costs or deferred expenses being systematically amortized.
- Non-Cash Lease Expense
- This expense slightly increased over time, moving from mid-teens to the mid-20s range, reflecting either new lease agreements or adjustments in existing lease costs.
- Net Gains and Losses on Investments
- Gains and losses on investments fluctuated with no clear pattern, including occasional significant negative impacts followed by recoveries. This volatility indicates exposure to investment market fluctuations or dispositions.
- Accretion of Discounts on Marketable Debt Securities
- This income component became increasingly negative starting around mid-2022, suggesting growing expense recognized due to amortization of discounts on debt securities holdings.
- Deferred Income Taxes
- Exhibited irregular amounts with occasional significant negative and positive figures, reflecting fluctuations in tax timing differences or valuation allowances.
- Other Operating Items Including Changes in Working Capital
- Components such as trade receivables, deferred costs, prepaid expenses, accounts payable, and accrued expenses showed high variability. Receivables and deferred costs had large swings, reflecting volatile operating activities or billing cycles. Accounts payable and accrued expenses fluctuated markedly but showed occasional substantial decreases or increases. Unearned revenue showed some of the most significant swings, highlighting fluctuations in customer prepayments or contract activity over time.
- Net Cash Provided by Operating Activities
- Operating cash flow remained broadly positive throughout, with substantial increases in the later periods, especially by early 2024 and beyond. This indicates improved cash generation from core operations despite net income volatility, possibly aided by non-cash adjustments and working capital changes.
- Investing Activities
- Cash flows from investing showed a predominantly negative pattern, with significant cash used for purchases of marketable securities and capital expenditures. Notably, purchases of marketable securities spiked considerably in 2022, indicating large investment deployment, followed by maturities and sales partially offsetting this. Business combinations were irregular but represented substantial cash outflows in certain periods, highlighting acquisition activity. Overall, investing outflows indicate ongoing investment into growth and asset accumulation.
- Financing Activities
- Financing cash flow was volatile, characterized by occasional debt issuance and repayments, share repurchases, and proceeds from stock issuances. A notable debt inflow occurred in 2021, followed by large repayments later. Share repurchase programs intensified substantially after 2021, peaking in volume and cash outflow by the middle of 2020s, indicating a capital return strategy. Proceeds from employee equity plans consistently provided inflows, offsetting repurchases partially.
- Net Increase (Decrease) in Cash and Cash Equivalents
- Cash and equivalents fluctuated considerably, reflecting the combined effect of operating, investing, and financing activities. Periods of sharp increases were followed by declines, reflecting large investing outflows or financing repayments. The net effect into 2024 and 2025 shows some recovery and positive inflow momentum.
- Summary of Overall Trends
- The data portrays a company managing significant growth and transformation with volatile profitability, substantial investment activities, and dynamic capital structure management. Operating cash flow strength contrasts with erratic net income, largely influenced by large non-cash charges and market-related gains/losses. Heavy investment in securities, acquisitions, and capital expenditures underpin growth initiatives. Increasing share-based compensation and aggressive share repurchases reflect evolving compensation strategies and shareholder return focus. The financial activity underscores an active approach to balancing growth financing, operational efficiency, and capital allocation.