Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Workday Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 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).
The financial data indicates a comprehensive transition from operational losses to sustained profitability, characterized by a steady expansion of margins and a recovery in returns on invested capital over the observed period.
- Gross Profit Margin
- A consistent upward trajectory is observed in the gross profit margin. After a period of relative stability between 72.21% and 72.61% from April 2021 to January 2023, the margin began a steady ascent. This expansion continued through the remainder of the period, peaking at 75.80% by July 2026, suggesting improved efficiency in direct cost management and pricing power.
- Operating Profit Margin
- The operating profit margin reflects a significant structural turnaround. The company operated at a loss for several years, with margins fluctuating between -1.47% and -3.94% until July 2023. A pivotal shift occurred in October 2023, when the margin turned positive (0.22%). This growth accelerated consistently, reaching 10.68% by July 2026, which indicates that the company successfully achieved operational leverage.
- Net Profit Margin
- Net profitability exhibited considerable volatility before stabilizing. After reaching a low of -5.90% in January 2023, the net profit margin experienced a sharp increase in early 2024, peaking at 19.87% in October 2024. Although a correction followed, bringing the margin down to 5.60% by April 2025, a subsequent recovery trend is evident, with the margin rising to 12.32% by July 2026.
- Return on Equity (ROE) and Return on Assets (ROA)
- Both ROE and ROA mirror the movements of the net profit margin, moving from negative territory to positive growth. ROE transitioned from a low of -6.57% in January 2023 to a peak of 18.79% in October 2024, eventually climbing to 19.37% by July 2026. Similarly, ROA improved from -2.72% in January 2023 to 7.89% by July 2026. These trends demonstrate a marked improvement in the company's ability to generate earnings from its asset base and shareholder equity.
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Return on Sales
Return on Investment
Gross Profit Margin
Workday Inc., gross profit margin calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Gross profit | 1,997) | 1,938) | 1,921) | 1,841) | 1,766) | 1,703) | 1,672) | 1,630) | 1,574) | 1,501) | 1,462) | 1,420) | 1,339) | 1,267) | 1,193) | 1,163) | 1,113) | 1,032) | 986) | 968) | 915) | 842) | |||||||
| Revenues | 2,649) | 2,542) | 2,532) | 2,432) | 2,348) | 2,240) | 2,211) | 2,160) | 2,085) | 1,990) | 1,922) | 1,866) | 1,787) | 1,684) | 1,646) | 1,599) | 1,536) | 1,435) | 1,376) | 1,327) | 1,260) | 1,175) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 75.80% | 75.77% | 75.70% | 75.64% | 75.58% | 75.66% | 75.50% | 75.60% | 75.77% | 75.64% | 75.60% | 74.73% | 73.87% | 73.25% | 72.41% | 72.22% | 72.23% | 72.25% | 72.21% | 72.39% | 72.46% | 72.61% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 32.01% | 32.03% | 31.97% | 31.91% | 32.07% | 32.18% | 32.45% | 32.61% | 32.58% | 32.58% | 32.50% | 32.34% | 32.25% | 32.12% | 32.02% | 31.99% | 32.26% | 32.30% | 32.35% | |||||||
| Adobe Inc. | — | — | — | — | 89.40% | 89.40% | 89.27% | 89.14% | 89.25% | 89.15% | 89.04% | 88.66% | 88.24% | 88.08% | 87.87% | 87.89% | 87.77% | 87.66% | 87.70% | 87.76% | 87.87% | 88.04% | |||||||
| AppLovin Corp. | — | — | — | — | 88.46% | 88.37% | 87.86% | 84.56% | 82.02% | 78.70% | 75.22% | 73.89% | 71.80% | 69.90% | 67.74% | 61.91% | 58.66% | 57.47% | 55.41% | 60.39% | 62.19% | 62.81% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 85.87% | 86.08% | 86.36% | 85.54% | 85.57% | 85.86% | 86.05% | 87.79% | 88.51% | 89.31% | 89.36% | 89.18% | 89.41% | 89.18% | 89.57% | 89.87% | 89.74% | 89.83% | |||||||
| Datadog Inc. | — | — | — | — | 79.51% | 79.89% | 79.96% | 79.94% | 79.92% | 80.14% | 80.79% | 81.22% | 81.55% | 81.39% | 80.74% | 79.99% | 79.33% | 79.25% | 79.30% | 79.30% | 79.00% | 78.04% | |||||||
| International Business Machines Corp. | — | — | — | — | 58.10% | 58.36% | 58.19% | 57.81% | 57.57% | 57.04% | 56.65% | 56.53% | 56.09% | 55.64% | 55.45% | 55.04% | 54.64% | 54.24% | 54.00% | 53.78% | 54.01% | 54.48% | |||||||
| Intuit Inc. | — | — | 80.17% | 79.96% | 80.05% | 79.89% | 79.57% | 79.45% | 78.97% | 78.73% | 78.72% | 78.53% | 78.08% | 78.12% | 78.13% | 78.46% | 79.00% | 79.99% | 81.09% | 82.36% | 82.11% | 82.13% | |||||||
| Microsoft Corp. | — | — | 67.94% | 68.31% | 68.59% | 68.76% | 68.82% | 69.07% | 69.41% | 69.35% | 69.76% | 69.89% | 69.75% | 69.44% | 68.92% | 68.45% | 68.16% | 68.26% | 68.40% | 68.73% | 68.83% | 68.86% | |||||||
| Oracle Corp. | — | 63.96% | 65.82% | 67.08% | 68.54% | 69.66% | 70.51% | 71.12% | 71.27% | 71.31% | 71.41% | 71.53% | 71.88% | 72.26% | 72.85% | 74.50% | 76.10% | 77.78% | 79.08% | 79.44% | 79.96% | 80.22% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 84.80% | 84.07% | 82.37% | 80.81% | 80.03% | 80.01% | 80.25% | 81.10% | 81.39% | 81.16% | 80.62% | 79.92% | 79.15% | 78.75% | 78.56% | 78.59% | 78.73% | 78.16% | |||||||
| Palo Alto Networks Inc. | — | — | 70.36% | 71.94% | 73.50% | 73.47% | 73.41% | 73.56% | 73.86% | 74.17% | 74.35% | 74.43% | 74.05% | 73.35% | 72.29% | 70.80% | 69.77% | 69.06% | 68.76% | 69.34% | 69.63% | 69.77% | |||||||
| Salesforce Inc. | 77.28% | 77.64% | 77.68% | 77.73% | 77.65% | 77.34% | 77.19% | 76.94% | 76.35% | 76.00% | 75.50% | 74.99% | 74.52% | 73.78% | 73.34% | 72.69% | 72.61% | 73.10% | 73.48% | 74.02% | 74.34% | 74.32% | |||||||
| ServiceNow Inc. | — | — | — | — | 74.77% | 76.56% | 77.53% | 78.05% | 78.52% | 78.92% | 79.18% | 79.24% | 79.07% | 78.87% | 78.59% | 78.52% | 78.50% | 78.45% | 78.29% | 77.85% | 77.53% | 77.26% | |||||||
| Synopsys Inc. | — | — | — | 72.38% | 73.47% | 75.14% | 76.98% | 79.12% | 79.84% | 79.64% | 79.68% | 80.25% | 79.85% | 79.69% | 79.08% | 78.79% | 78.51% | 78.91% | 79.07% | 79.48% | 80.05% | 79.78% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 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).
1 Q2 2027 Calculation
Gross profit margin = 100
× (Gross profitQ2 2027
+ Gross profitQ1 2027
+ Gross profitQ4 2026
+ Gross profitQ3 2026)
÷ (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
= 100 × (1,997 + 1,938 + 1,921 + 1,841)
÷ (2,649 + 2,542 + 2,532 + 2,432)
= 75.80%
2 Click competitor name to see calculations.
The financial performance exhibits a consistent upward trajectory in both top-line revenue and gross profit from April 2021 through July 2026. Gross profit increased from 842 million USD to 1,997 million USD, while revenues rose from 1,175 million USD to 2,649 million USD, demonstrating a strong capacity for scaling operations.
- Gross Profit Margin Evolution
- From April 2021 to January 2023, the gross profit margin remained relatively stagnant, fluctuating within a narrow range between 72.21% and 72.61%. This period indicates that cost of revenues grew almost perfectly in tandem with revenue growth.
- Margin Expansion Phase
- A distinct period of margin expansion began in April 2023, with the ratio climbing from 73.25% to 75.77% by July 2024. This trend suggests an increase in operational efficiency or a shift toward higher-margin revenue streams.
- Stability and Consolidation
- Between April 2024 and July 2026, the gross profit margin stabilized at a higher plateau, maintaining a consistent range between 75.50% and 75.80%. The lack of significant volatility during this period indicates that the expanded margin has been institutionalized as the new baseline for profitability.
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Operating Profit Margin
Workday Inc., operating profit margin calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating income (loss) | 313) | 338) | 175) | 259) | 248) | 39) | 75) | 165) | 111) | 64) | 79) | 88) | 36) | (20) | (89) | (26) | (34) | (73) | (101) | 24) | (1) | (38) | |||||||
| Revenues | 2,649) | 2,542) | 2,532) | 2,432) | 2,348) | 2,240) | 2,211) | 2,160) | 2,085) | 1,990) | 1,922) | 1,866) | 1,787) | 1,684) | 1,646) | 1,599) | 1,536) | 1,435) | 1,376) | 1,327) | 1,260) | 1,175) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 10.68% | 10.35% | 7.55% | 6.73% | 5.88% | 4.48% | 4.91% | 5.13% | 4.34% | 3.53% | 2.52% | 0.22% | -1.47% | -2.62% | -3.57% | -3.94% | -3.24% | -2.80% | -2.27% | -1.81% | -2.71% | -3.18% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 14.49% | 14.42% | 14.35% | 14.68% | 15.38% | 15.14% | 15.04% | 14.79% | 14.20% | 13.76% | 13.60% | 13.74% | 14.42% | 14.90% | 15.27% | 15.21% | 15.20% | 15.12% | 15.19% | |||||||
| Adobe Inc. | — | — | — | — | 36.07% | 36.65% | 36.63% | 36.25% | 36.37% | 36.29% | 31.35% | 31.16% | 30.51% | 29.95% | 34.26% | 33.95% | 33.64% | 33.91% | 34.64% | 35.45% | 36.25% | 36.72% | |||||||
| AppLovin Corp. | — | — | — | — | 77.44% | 77.09% | 75.75% | 67.07% | 58.94% | 49.35% | 39.78% | 35.78% | 29.99% | 25.56% | 19.74% | 11.75% | 7.61% | 4.86% | -1.70% | 1.14% | 0.99% | 0.38% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 30.33% | 28.25% | 28.17% | 28.50% | 27.71% | 30.00% | 29.10% | 28.26% | 28.19% | 28.91% | 30.59% | 28.71% | 28.78% | 29.26% | 30.15% | 30.81% | 30.20% | 28.35% | |||||||
| Datadog Inc. | — | — | — | — | 0.41% | -0.67% | -1.29% | -1.38% | -0.61% | 1.05% | 2.02% | 2.86% | 2.01% | 0.60% | -1.57% | -4.77% | -6.48% | -5.80% | -3.50% | -1.02% | 0.79% | 0.34% | |||||||
| International Business Machines Corp. | — | — | — | — | 17.29% | 17.75% | 17.50% | 17.08% | 16.08% | 15.34% | 14.95% | 15.09% | 15.46% | 15.13% | 15.17% | 14.58% | 13.88% | 13.49% | 13.50% | 12.92% | 12.77% | 12.30% | |||||||
| Intuit Inc. | — | — | 27.43% | 27.47% | 27.08% | 26.69% | 26.14% | 24.38% | 22.24% | 21.66% | 22.29% | 24.02% | 23.00% | 22.86% | 21.86% | 21.67% | 19.48% | 18.41% | 20.20% | 23.68% | 22.49% | 24.10% | |||||||
| Microsoft Corp. | — | — | 46.78% | 46.80% | 46.67% | 46.27% | 45.62% | 45.23% | 44.96% | 44.49% | 44.64% | 44.70% | 44.17% | 43.01% | 41.77% | 40.85% | 40.58% | 41.69% | 42.06% | 42.56% | 42.52% | 42.14% | |||||||
| Oracle Corp. | — | 32.12% | 30.59% | 30.56% | 30.28% | 30.44% | 30.80% | 30.93% | 30.30% | 29.82% | 28.99% | 28.20% | 27.73% | 27.01% | 26.21% | 28.06% | 30.42% | 22.92% | 25.74% | 26.22% | 26.62% | 37.78% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 42.80% | 38.13% | 31.59% | 21.81% | 16.55% | 13.02% | 10.83% | 13.80% | 11.78% | 8.43% | 5.39% | 1.71% | -3.22% | -5.93% | -8.46% | -11.05% | -13.30% | -20.43% | |||||||
| Palo Alto Networks Inc. | — | — | 6.05% | 9.62% | 14.37% | 13.24% | 13.48% | 11.09% | 10.99% | 9.11% | 8.52% | 8.97% | 7.98% | 8.15% | 5.62% | 2.30% | 0.37% | -1.56% | -3.43% | -5.12% | -6.74% | -7.51% | |||||||
| Salesforce Inc. | 19.88% | 20.40% | 20.06% | 20.54% | 20.22% | 19.27% | 19.01% | 18.84% | 18.14% | 17.65% | 14.38% | 11.03% | 8.18% | 4.42% | 3.29% | 1.64% | 0.26% | 0.77% | 2.07% | 3.67% | 4.69% | 4.25% | |||||||
| ServiceNow Inc. | — | — | — | — | 11.40% | 13.44% | 13.74% | 13.85% | 13.28% | 12.93% | 12.42% | 12.04% | 10.78% | 10.02% | 8.49% | 7.64% | 6.32% | 5.41% | 4.90% | 3.40% | 3.30% | 3.95% | |||||||
| Synopsys Inc. | — | — | — | 8.52% | 7.03% | 10.82% | 12.97% | 17.16% | 20.88% | 20.67% | 22.13% | 24.22% | 23.31% | 22.80% | 21.72% | 19.11% | 18.81% | 20.70% | 22.87% | 22.93% | 23.18% | 20.72% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 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).
1 Q2 2027 Calculation
Operating profit margin = 100
× (Operating income (loss)Q2 2027
+ Operating income (loss)Q1 2027
+ Operating income (loss)Q4 2026
+ Operating income (loss)Q3 2026)
÷ (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
= 100 × (313 + 338 + 175 + 259)
÷ (2,649 + 2,542 + 2,532 + 2,432)
= 10.68%
2 Click competitor name to see calculations.
The financial trajectory reflects a significant transition from a period of operating losses to a phase of sustained and expanding profitability. While revenues grew consistently from 1,175 million US dollars in April 2021 to 2,649 million US dollars by July 2026, the operating profit margin underwent a structural shift, moving from negative territory into a strong positive growth trend.
- Profitability Inflection Point
- Between April 2021 and April 2023, the company operated with negative margins, reaching a trough of -3.94% in October 2022. A critical pivot occurred in October 2023, when the operating profit margin transitioned to a positive 0.22%, marking the end of a prolonged period of operating losses.
- Margin Expansion and Volatility
- Following the shift to profitability, the operating margin expanded steadily, reaching 5.13% by October 2024. A brief period of contraction was observed between January 2025 and April 2025, where margins dipped to 4.48%. However, this was followed by an accelerated upward trend, with the margin climbing to 10.68% by July 2026.
- Operational Leverage
- The correlation between revenue growth and operating income suggests increasing operational leverage. The increase in operating income from a loss of 38 million US dollars in April 2021 to a profit of 313 million US dollars in July 2026 indicates that revenue growth has begun to outpace the growth of operating expenses, resulting in significant margin accretion.
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Net Profit Margin
Workday Inc., net profit margin calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 632) | 222) | 145) | 252) | 228) | 68) | 94) | 193) | 132) | 107) | 1,188) | 114) | 79) | —) | (126) | (75) | (64) | (102) | (73) | 43) | 106) | (47) | |||||||
| Revenues | 2,649) | 2,542) | 2,532) | 2,432) | 2,348) | 2,240) | 2,211) | 2,160) | 2,085) | 1,990) | 1,922) | 1,866) | 1,787) | 1,684) | 1,646) | 1,599) | 1,536) | 1,435) | 1,376) | 1,327) | 1,260) | 1,175) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 12.32% | 8.60% | 7.26% | 6.95% | 6.51% | 5.60% | 6.23% | 19.87% | 19.60% | 19.67% | 19.02% | 0.96% | -1.81% | -4.09% | -5.90% | -5.29% | -3.46% | -0.49% | 0.57% | 0.63% | -0.79% | -3.81% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 10.66% | 10.61% | 10.76% | 11.02% | 11.61% | 11.43% | 11.41% | 11.19% | 10.78% | 10.89% | 10.65% | 10.72% | 11.27% | 10.99% | 11.30% | 11.17% | 11.12% | 11.27% | 11.53% | |||||||
| Adobe Inc. | — | — | — | — | 28.69% | 29.48% | 30.00% | 30.01% | 30.39% | 30.63% | 25.85% | 25.59% | 24.86% | 24.08% | 27.97% | 27.12% | 26.34% | 26.32% | 27.01% | 28.00% | 29.29% | 29.90% | |||||||
| AppLovin Corp. | — | — | — | — | 64.58% | 64.29% | 60.83% | 54.48% | 48.70% | 39.92% | 33.55% | 26.87% | 20.91% | 16.48% | 10.87% | 3.46% | 0.70% | -2.82% | -6.84% | -2.82% | -3.61% | -2.46% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 23.61% | 21.18% | 20.94% | 20.35% | 19.88% | 22.19% | 22.74% | 23.87% | 25.36% | 25.68% | 25.46% | 24.42% | 23.41% | 23.23% | 23.84% | 22.86% | 23.61% | 23.59% | |||||||
| Datadog Inc. | — | — | — | — | 4.48% | 3.69% | 3.14% | 3.32% | 4.13% | 5.85% | 6.85% | 7.58% | 6.81% | 5.11% | 2.28% | -1.72% | -4.38% | -4.68% | -2.99% | -0.91% | 0.48% | 0.17% | |||||||
| International Business Machines Corp. | — | — | — | — | 15.52% | 15.61% | 15.69% | 12.09% | 9.11% | 8.71% | 9.60% | 10.22% | 13.52% | 13.18% | 12.13% | 11.32% | 3.34% | 3.03% | 2.71% | 2.08% | 9.36% | 9.46% | |||||||
| Intuit Inc. | — | — | 21.29% | 21.91% | 21.57% | 21.19% | 20.55% | 19.07% | 17.69% | 17.59% | 18.19% | 19.43% | 18.35% | 17.53% | 16.59% | 15.91% | 14.22% | 14.10% | 16.23% | 19.44% | 19.03% | 20.28% | |||||||
| Microsoft Corp. | — | — | 40.31% | 39.34% | 39.04% | 35.71% | 36.15% | 35.79% | 35.43% | 35.61% | 35.96% | 36.43% | 36.27% | 35.31% | 34.15% | 33.25% | 33.05% | 34.37% | 36.69% | 37.63% | 38.50% | 38.51% | |||||||
| Oracle Corp. | — | 26.36% | 25.37% | 25.30% | 25.28% | 21.08% | 21.68% | 21.80% | 21.16% | 20.40% | 19.76% | 20.27% | 19.63% | 18.40% | 17.02% | 17.46% | 19.09% | 13.15% | 15.83% | 18.08% | 24.79% | 34.16% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 49.00% | 43.67% | 36.31% | 28.11% | 22.18% | 18.32% | 16.13% | 18.01% | 16.32% | 12.79% | 9.43% | 6.93% | -2.35% | -12.87% | -19.61% | -30.64% | -30.90% | -30.25% | |||||||
| Palo Alto Networks Inc. | — | — | 2.67% | 7.95% | 12.96% | 11.69% | 12.30% | 13.95% | 14.64% | 32.99% | 32.11% | 31.41% | 30.24% | 8.52% | 6.38% | 3.32% | 0.56% | -2.46% | -4.85% | -7.54% | -9.50% | -11.20% | |||||||
| Salesforce Inc. | 21.99% | 18.73% | 17.96% | 17.91% | 16.87% | 16.08% | 16.35% | 15.96% | 15.44% | 15.30% | 11.87% | 7.63% | 4.77% | 1.18% | 0.66% | 0.92% | 1.83% | 3.59% | 5.45% | 6.96% | 9.99% | 19.87% | |||||||
| ServiceNow Inc. | — | — | — | — | 11.34% | 12.59% | 13.16% | 13.67% | 13.78% | 13.41% | 12.97% | 12.77% | 11.51% | 20.34% | 19.30% | 18.72% | 17.76% | 5.25% | 4.49% | 2.90% | 2.79% | 3.56% | |||||||
| Synopsys Inc. | — | — | — | 11.43% | 8.91% | 13.76% | 18.89% | 31.04% | 34.77% | 34.75% | 36.94% | 24.60% | 23.57% | 23.49% | 21.05% | 18.71% | 17.41% | 18.22% | 19.38% | 20.86% | 21.19% | 20.18% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 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).
1 Q2 2027 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2027
+ Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026)
÷ (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
= 100 × (632 + 222 + 145 + 252)
÷ (2,649 + 2,542 + 2,532 + 2,432)
= 12.32%
2 Click competitor name to see calculations.
The financial trajectory over the analyzed period reflects a transition from operational instability and periodic losses toward consistent profitability and steady revenue expansion.
- Revenue Growth Patterns
- Revenues exhibited a consistent and linear upward trend, growing from 1,175 million US dollars in April 2021 to 2,649 million US dollars by July 2026. This sustained expansion indicates a steady increase in top-line performance across all observed quarters.
- Net Income Volatility and Transition
- Between April 2021 and October 2023, net income was characterized by volatility, frequently oscillating between modest gains and losses, reaching a low of negative 126 million US dollars in January 2023. A significant inflection point occurred in January 2024, where net income spiked to 1,188 million US dollars. Following this outlier event, the company maintained positive net income, concluding the period with a substantial increase to 632 million US dollars in July 2026.
- Net Profit Margin Dynamics
- The net profit margin remained largely negative or marginal for the first three years of the period, bottoming at negative 5.90% in January 2023. A sharp increase to approximately 19% was observed between January and April 2024. In the subsequent periods, margins stabilized and then progressively improved, rising from 6.23% in July 2024 to 12.32% by July 2026, signaling enhanced operational efficiency and a strengthened bottom-line capacity relative to revenue growth.
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Return on Equity (ROE)
Workday Inc., ROE calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 632) | 222) | 145) | 252) | 228) | 68) | 94) | 193) | 132) | 107) | 1,188) | 114) | 79) | —) | (126) | (75) | (64) | (102) | (73) | 43) | 106) | (47) | |||||||
| Stockholders’ equity | 6,460) | 6,683) | 7,805) | 8,879) | 9,172) | 8,919) | 9,034) | 8,624) | 8,345) | 8,163) | 8,082) | 6,625) | 6,275) | 5,942) | 5,586) | 5,409) | 5,128) | 4,781) | 4,535) | 4,216) | 3,868) | 3,405) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | 19.37% | 12.67% | 8.88% | 7.23% | 6.36% | 5.46% | 5.82% | 18.79% | 18.47% | 18.23% | 17.09% | 1.01% | -1.94% | -4.45% | -6.57% | -5.81% | -3.83% | -0.55% | 0.65% | 0.73% | -0.95% | -5.01% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 24.43% | 24.51% | 24.66% | 24.61% | 26.01% | 26.27% | 25.93% | 25.68% | 25.06% | 25.92% | 25.79% | 26.75% | 28.28% | 29.20% | 30.69% | 31.11% | 30.99% | 31.09% | 30.45% | |||||||
| Adobe Inc. | — | — | — | — | 62.76% | 63.05% | 61.34% | 59.11% | 60.00% | 51.55% | 39.42% | 36.85% | 34.22% | 31.05% | 32.86% | 32.46% | 32.71% | 33.35% | 33.85% | 33.49% | 34.96% | 35.04% | |||||||
| AppLovin Corp. | — | — | — | — | 139.42% | 167.67% | 156.17% | 192.05% | 208.17% | 333.67% | 144.96% | 122.87% | 101.50% | 78.59% | 28.39% | 9.58% | 1.32% | -4.32% | -10.13% | -4.35% | -5.53% | -3.44% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 20.09% | 17.85% | 20.26% | 20.41% | 20.21% | 22.64% | 22.58% | 22.77% | 24.77% | 29.35% | 30.58% | 30.75% | 30.59% | 29.09% | 30.93% | 28.99% | 29.53% | 26.96% | |||||||
| Datadog Inc. | — | — | — | — | 4.07% | 3.40% | 2.89% | 3.10% | 3.90% | 5.68% | 6.77% | 7.31% | 6.77% | 5.23% | 2.40% | -1.91% | -5.04% | -5.55% | -3.56% | -1.08% | 0.54% | 0.18% | |||||||
| International Business Machines Corp. | — | — | — | — | 31.13% | 32.61% | 32.45% | 28.34% | 21.20% | 20.36% | 22.06% | 26.17% | 35.09% | 35.17% | 33.29% | 30.00% | 9.12% | 8.48% | 7.47% | 6.29% | 28.79% | 28.98% | |||||||
| Intuit Inc. | — | — | 24.04% | 22.22% | 22.78% | 21.31% | 19.63% | 17.23% | 16.92% | 16.10% | 16.07% | 16.38% | 16.38% | 15.21% | 13.81% | 12.73% | 12.28% | 11.69% | 12.57% | 14.75% | 13.93% | 21.49% | |||||||
| Microsoft Corp. | — | — | 30.23% | 30.22% | 30.51% | 28.90% | 29.65% | 30.02% | 30.64% | 31.46% | 32.83% | 34.04% | 34.64% | 34.93% | 35.09% | 35.45% | 36.83% | 40.21% | 43.68% | 44.47% | 44.49% | 44.67% | |||||||
| Oracle Corp. | — | 28.34% | 40.20% | 42.11% | 51.50% | 51.51% | 60.84% | 72.68% | 84.56% | 101.48% | 120.26% | 189.26% | 262.21% | 395.57% | 792.45% | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | 30.86% | 27.00% | 22.00% | 16.62% | 12.87% | 10.52% | 9.24% | 10.59% | 9.99% | 7.91% | 6.04% | 4.62% | -1.63% | -9.38% | -14.57% | -23.50% | -22.95% | -21.07% | |||||||
| Palo Alto Networks Inc. | — | — | 1.12% | 3.05% | 13.65% | 12.89% | 14.49% | 17.12% | 19.68% | 46.25% | 49.86% | 54.78% | 52.25% | 28.28% | 25.15% | 17.47% | 4.71% | -28.23% | -127.14% | -115.40% | -391.77% | -98.34% | |||||||
| Salesforce Inc. | 25.18% | 23.44% | 12.61% | 12.03% | 10.86% | 10.23% | 10.13% | 10.14% | 9.77% | 9.17% | 6.93% | 4.46% | 2.72% | 0.66% | 0.36% | 0.47% | 0.89% | 1.70% | 2.48% | 3.05% | 4.24% | 10.44% | |||||||
| ServiceNow Inc. | — | — | — | — | 13.34% | 14.98% | 13.48% | 15.32% | 15.19% | 15.17% | 14.83% | 14.38% | 13.22% | 23.78% | 22.69% | 22.08% | 20.56% | 7.14% | 6.46% | 4.44% | 4.39% | 5.58% | |||||||
| Synopsys Inc. | — | — | — | 3.46% | 2.54% | 3.61% | 4.70% | 7.23% | 21.82% | 22.68% | 25.17% | 19.44% | 19.94% | 21.10% | 20.01% | 17.36% | 15.79% | 16.72% | 17.85% | 18.42% | 18.13% | 16.87% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 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).
1 Q2 2027 Calculation
ROE = 100
× (Net income (loss)Q2 2027
+ Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026)
÷ Stockholders’ equity
= 100 × (632 + 222 + 145 + 252)
÷ 6,460 = 19.37%
2 Click competitor name to see calculations.
The analysis of profitability ratios reveals a significant transition from a period of volatility and net losses to a phase of sustained profitability and increasing returns on equity. Between April 2021 and October 2023, return on equity (ROE) remained largely negative or near zero, reflecting inconsistent net income and an expanding equity base that diluted returns.
- Profitability Transition and Volatility
- From April 2021 through January 2023, ROE experienced significant fluctuations, reaching a low of -6.57%. This period was characterized by alternating quarterly net losses and modest gains, indicating a struggle to maintain consistent profitability relative to the capital invested by shareholders.
- Performance Surge and Peak
- A dramatic shift occurred in January 2024, where a substantial spike in net income to 1,188 million US dollars drove ROE to 17.09%. This upward momentum continued through October 2024, with ROE peaking at 18.79%. This phase represents the most aggressive growth in shareholder returns within the observed period.
- Normalization and Capital Structure Shift
- Starting in January 2025, ROE entered a normalization phase, dropping to between 5.46% and 7.23%. However, a subsequent trend emerged where stockholders' equity began to decline from a peak of 9,034 million US dollars in January 2025 to 6,460 million US dollars by July 2026. This reduction in the equity denominator, coupled with a resurgence in net income to 632 million US dollars, resulted in a sharp increase in ROE to 19.37% by the end of the period.
- Correlation Between Equity and Net Income
- The relationship between net income and stockholders' equity shifted from a growth-oriented model, where increasing equity tempered ROE, to a more efficient capital model. The final quarters show that profitability is increasing while the equity base is contracting, which mathematically accelerates the rate of return on equity.
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Return on Assets (ROA)
Workday Inc., ROA calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) | 632) | 222) | 145) | 252) | 228) | 68) | 94) | 193) | 132) | 107) | 1,188) | 114) | 79) | —) | (126) | (75) | (64) | (102) | (73) | 43) | 106) | (47) | |||||||
| Total assets | 15,857) | 16,091) | 18,074) | 17,751) | 17,961) | 17,212) | 17,977) | 16,424) | 16,234) | 15,941) | 16,452) | 13,926) | 13,735) | 13,253) | 13,486) | 12,390) | 13,250) | 12,799) | 10,499) | 9,441) | 9,114) | 8,624) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 7.89% | 5.26% | 3.83% | 3.62% | 3.25% | 2.83% | 2.93% | 9.87% | 9.49% | 9.33% | 8.39% | 0.48% | -0.89% | -2.00% | -2.72% | -2.54% | -1.48% | -0.21% | 0.28% | 0.33% | -0.40% | -1.98% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 11.32% | 11.40% | 11.76% | 11.74% | 12.55% | 12.83% | 12.64% | 12.99% | 12.84% | 13.70% | 13.35% | 13.41% | 14.29% | 14.54% | 14.97% | 14.55% | 14.38% | 14.42% | 14.19% | |||||||
| Adobe Inc. | — | — | — | — | 24.15% | 24.27% | 24.17% | 24.19% | 24.44% | 22.54% | 18.39% | 17.97% | 16.93% | 16.70% | 18.23% | 17.60% | 17.44% | 17.76% | 17.51% | 18.00% | 18.57% | 18.58% | |||||||
| AppLovin Corp. | — | — | — | — | 53.33% | 51.42% | 45.92% | 44.63% | 40.77% | 33.64% | 26.92% | 21.18% | 15.69% | 11.35% | 6.66% | 2.10% | 0.37% | -1.39% | -3.30% | -1.41% | -1.78% | -1.12% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 11.41% | 9.68% | 10.92% | 11.05% | 10.64% | 12.00% | 11.76% | 11.34% | 14.61% | 18.30% | 18.36% | 17.63% | 17.26% | 16.54% | 16.53% | 15.80% | 17.77% | 16.93% | |||||||
| Datadog Inc. | — | — | — | — | 2.35% | 1.95% | 1.62% | 1.76% | 2.14% | 2.76% | 3.18% | 4.15% | 3.70% | 2.78% | 1.23% | -0.97% | -2.51% | -2.67% | -1.67% | -0.50% | 0.25% | 0.08% | |||||||
| International Business Machines Corp. | — | — | — | — | 7.05% | 6.88% | 6.97% | 5.40% | 3.93% | 3.76% | 4.39% | 4.76% | 6.30% | 5.96% | 5.55% | 5.35% | 1.53% | 1.37% | 1.29% | 1.00% | 4.38% | 4.14% | |||||||
| Intuit Inc. | — | — | 12.41% | 11.66% | 12.66% | 12.41% | 10.47% | 9.48% | 9.59% | 8.79% | 9.22% | 9.73% | 9.33% | 9.07% | 8.58% | 7.74% | 7.15% | 6.93% | 7.45% | 8.77% | 8.26% | 14.07% | |||||||
| Microsoft Corp. | — | — | 17.64% | 18.04% | 17.93% | 16.49% | 16.45% | 17.18% | 17.37% | 17.31% | 17.21% | 17.80% | 17.54% | 17.29% | 17.56% | 18.16% | 18.50% | 19.40% | 19.94% | 21.03% | 20.91% | 20.24% | |||||||
| Oracle Corp. | — | 6.24% | 6.53% | 6.61% | 7.52% | 6.89% | 7.39% | 7.53% | 7.83% | 7.61% | 7.42% | 7.76% | 7.55% | 6.86% | 6.33% | 6.36% | 6.85% | 4.46% | 6.15% | 6.96% | 9.60% | 11.35% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 25.83% | 22.37% | 18.26% | 13.50% | 10.36% | 8.47% | 7.29% | 8.26% | 7.79% | 6.21% | 4.64% | 3.51% | -1.21% | -6.94% | -10.80% | -16.90% | -16.42% | -15.01% | |||||||
| Palo Alto Networks Inc. | — | — | 0.63% | 1.82% | 5.13% | 4.75% | 4.81% | 5.63% | 5.99% | 13.42% | 12.89% | 13.65% | 12.45% | 4.15% | 3.03% | 1.52% | 0.26% | -1.14% | -2.18% | -3.51% | -4.44% | -4.89% | |||||||
| Salesforce Inc. | 8.81% | 7.52% | 6.64% | 7.59% | 6.83% | 6.29% | 6.02% | 6.49% | 6.11% | 5.69% | 4.14% | 2.85% | 1.71% | 0.41% | 0.21% | 0.30% | 0.57% | 1.08% | 1.52% | 1.99% | 2.65% | 6.85% | |||||||
| ServiceNow Inc. | — | — | — | — | 5.27% | 7.21% | 6.71% | 7.94% | 7.53% | 7.33% | 6.99% | 7.25% | 6.29% | 10.99% | 9.96% | 10.51% | 9.54% | 2.94% | 2.44% | 1.81% | 1.66% | 2.03% | |||||||
| Synopsys Inc. | — | — | — | 2.26% | 1.65% | 2.33% | 2.76% | 4.14% | 9.11% | 16.18% | 17.31% | 12.86% | 12.96% | 13.33% | 11.90% | 10.42% | 9.40% | 9.85% | 10.45% | 11.07% | 10.95% | 10.21% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 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).
1 Q2 2027 Calculation
ROA = 100
× (Net income (loss)Q2 2027
+ Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026)
÷ Total assets
= 100 × (632 + 222 + 145 + 252)
÷ 15,857 = 7.89%
2 Click competitor name to see calculations.
The analysis of profitability reveals a distinct transition from a period of net losses and negative asset efficiency to a sustained phase of positive returns. Between April 2021 and April 2023, the organization experienced significant volatility in net income, which correlated with negative or marginal Return on Assets (ROA). During this interval, ROA reached a trough of -2.72% in January 2023, reflecting challenges in utilizing an expanding asset base to generate net profits.
- Asset Expansion and Initial Profitability Struggles
- Total assets grew steadily from 8,624 million USD in April 2021 to 13,253 million USD by April 2023. Despite this growth in resources, net income remained largely negative or near break-even, resulting in an ROA that fluctuated between -1.98% and 0.33%. This period was characterized by an inability to translate asset growth into consistent bottom-line returns.
- Profitability Inflection and Peak Performance
- A significant shift occurred between October 2023 and October 2024. Net income surged, most notably reaching a peak of 1,188 million USD in January 2024. This spike catalyzed a rapid increase in ROA, which climbed from 0.48% in October 2023 to a peak of 9.87% in October 2024, indicating a substantial and sudden improvement in asset productivity.
- Stabilization and Recovery Trend
- Following the 2024 peak, ROA experienced a correction, dropping to 2.93% in January 2025. However, a consistent recovery trend is observed from January 2025 through July 2026, with ROA rising steadily to finish at 7.89%. This upward trajectory is supported by a combination of strengthened net income and a reduction in the total asset base from a peak of 18,074 million USD in January 2026 to 15,857 million USD by July 2026, which effectively enhanced the efficiency ratio.
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