Operating cash flow surged to $78.3M in 2026Q2 (5.8x net income), driving a 30.5% FCF margin, while buybacks accelerated to $122.7M, though SBC of $29.8M exceeded net income by 2.2x.
Workiva Inc. (WK) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 225.29M | 140.07M | 87.71M | 70.88M | 11.33M | 49.84M | 33.24M | 30.92M | 6.4M | 5.52M | -10.37M | -21.59M | -3.5M | -10.45M | -5.76M |
| Operating CF Margin % | - | 15.83% | 11.87% | 11.25% | 2.11% | 11.24% | 9.45% | 10.38% | 2.62% | 2.66% | -5.8% | -14.86% | -3.11% | -12.27% | -10.89% |
| Operating CF Growth % | 582.06% | 59.7% | 23.75% | 525.33% | -77.26% | 49.94% | 7.52% | 383.09% | 15.94% | 153.24% | 51.98% | -516.03% | 66.47% | -81.36% | - |
| Net Income | 63.36M | -26.17M | -55.04M | -127.53M | -90.95M | -37.73M | -48.4M | -47.48M | -50.07M | -44.43M | -43.98M | -43.4M | -41.15M | -29.54M | -30.59M |
| Depreciation & Amortization | 10.3M | 10.99M | 11M | 11.14M | 10.21M | 5.24M | 4.3M | 3.84M | 3.78M | 3.55M | 3.82M | 4.41M | 3.88M | 2.37M | 1.04M |
| Stock-Based Compensation | 123.56M | 122.94M | 102.15M | 98.77M | 70.66M | 48.63M | 45.77M | 35.78M | 30.84M | 19.48M | 14.25M | 11M | 7.38M | 3.37M | 8.13M |
| Deferred Taxes | -571K | -396K | -629K | -14K | 538K | -1.97M | 0 | -65K | -9K | -32K | -32K | -76K | 563K | 0 | 1.12M |
| Other Non-Cash Items | -2.95M | -2.91M | -9.35M | 40.28M | 2.53M | 8.37M | 9.4M | 3.18M | 409K | -1.96M | -815K | -1.87M | 301K | -83K | 550K |
| Working Capital Changes | 31.59M | 35.61M | 39.58M | 48.23M | 18.34M | 27.3M | 22.18M | 35.65M | 21.45M | 28.92M | 16.39M | 8.34M | 25.52M | 13.43M | 13.99M |
| Change in Receivables | -14.41M | -17.48M | -23.24M | -20.49M | -30.55M | -8.07M | -8.71M | 3.92M | -20.22M | -5.55M | -7.1M | -5.08M | 2.6M | -8.65M | 1.01M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.98M | 3.39M | -6.29M | 4.21M | 4.99M | 2M | 3.6M |
| Change in Payables | 899K | 651K | 2.4M | -1M | 2.44M | 972K | -4.11M | 2.15M | 1.7M | 2.21M | -3.93M | 2.33M | -1.53M | 1.6M | 827K |
| Cash from Investing | 52.6M | -34.95M | -45.25M | -357.25M | -68.01M | -68.63M | -103.75M | -90.06M | -5.63M | -6.47M | 3.81M | -19.78M | -4.1M | -9.43M | -10.93M |
| Capital Expenditures | -2.12M | -2.08M | -1.36M | -2.12M | -3.46M | -3.53M | -1.87M | -3.1M | -1.37M | -1.39M | -2.09M | -2.23M | -8.57M | -9.67M | -5.68M |
| CapEx % of Revenue | 0.21% | 0.23% | 0.18% | 0.34% | 0.64% | 0.8% | 0.53% | 1.04% | 0.56% | 0.67% | 1.17% | 1.53% | 7.6% | 11.36% | 10.74% |
| Acquisitions | -750K | 0 | -98.09M | 0 | -99.19M | -37.47M | 0 | 0 | 251K | -7K | 190K | 386K | 0 | 169K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -375K | -391K | -191K | -235K | -160K | -969K | -296K | -1.73M | -251K | 7K | -190K | -386K | -394K | -169K | 0 |
| Cash from Financing | -256.56M | -74.94M | 6.74M | 301.26M | -1.59M | -3.39M | 11.12M | 363.02M | 16.88M | 9.82M | -895K | -1.1M | 93.16M | 10.37M | 31.64M |
| Debt Issued (Net) | -71.38M | -560K | -532K | 293.74M | -1.57M | -1.71M | -1.64M | 334.33M | -1.16M | -1.51M | -1.88M | -2.37M | 1.3M | 1.49M | 1.27M |
| Equity Issued (Net) | -164.92M | -51.71M | 0 | 0 | 0 | 25.46M | 0 | 0 | 0 | 0 | 0 | 0 | 91.77M | 7.17M | 30.23M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -381K | -279K | -61K | 0 |
| Share Repurchases | -185.36M | -71.63M | 0 | 0 | 0 | 0 | 0 | 0 | -1.86M | -1.13M | -761K | 0 | 0 | 0 | 0 |
| Other Financing | -20.26M | -22.67M | 7.27M | 7.53M | -12K | -27.14M | 12.76M | 28.68M | 18.04M | 11.33M | 986K | 1.65M | 368K | 1.78M | 133K |
| Net Change in Cash | 17.86M | 37.13M | 45.63M | 16.52M | -60.19M | -22.45M | -58.91M | 304.16M | 17.25M | 9.05M | -7.47M | -42.38M | 85.62M | -9.46M | 14.95M |
| Free Cash Flow | 223.18M | 138M | 86.15M | 68.52M | 7.72M | 46.09M | 31.07M | 27.08M | 5.03M | 4.13M | -12.46M | -23.82M | -12.46M | -20.12M | -11.45M |
| FCF Margin % | 22.22% | 15.6% | 11.66% | 10.87% | 1.43% | 10.4% | 8.84% | 9.09% | 2.06% | 1.99% | -6.97% | -16.4% | -11.06% | -23.63% | -21.63% |
| FCF Growth % | 71.3% | 60.18% | 25.74% | 787.97% | -83.26% | 48.33% | 14.75% | 438.69% | 21.57% | 133.19% | 47.69% | -91.1% | 38.06% | -75.79% | - |
| FCF per Share | 4.04 | 2.45 | 1.56 | 1.27 | 0.15 | 0.90 | 0.64 | 0.58 | 0.12 | 0.10 | -0.31 | -0.60 | -0.39 | -0.62 | -0.36 |
| FCF Conversion (FCF/Net Income) | 3.52x | -5.35x | -1.59x | -0.56x | -0.12x | -1.32x | -0.69x | -0.65x | -0.13x | -0.12x | 0.24x | 0.50x | 0.09x | 0.35x | 0.19x |
| Interest Paid | 10.32M | 10.33M | 10.28M | 4.71M | 4.74M | 4.84M | 5.07M | 1.34M | 1.73M | 1.63M | 1.83M | 2.05M | 0 | 0 | 0 |
| Taxes Paid | 8.72M | 5.49M | 6.2M | 2.66M | 1.43M | 0 | 679K | 371K | 67K | 42K | 47K | 64K | 0 | 0 | 0 |
Quick answers to the most common questions about buying WK stock.
Workiva Inc. (WK) generated $140.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Workiva Inc. (WK) generated $138.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Workiva Inc. (WK) spent $2.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Workiva Inc. (WK) spent $71.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Cash Conversion Surges Past Earnings
Workiva's operating cash flow reached $78.3M in 2026Q2, 5.8 times net income, as reported in the latest quarterly statement, indicating strong cash generation relative to accrual-based earnings.
The OCF/NI ratio of 5.83 in 2026Q2, up from 1.39 in the prior quarter, suggests that net income is being supplemented by non-cash items and working capital tailwinds. However, the prior year's negative ratios (e.g., -2.59 in 2025Q2) highlight that earnings quality has been volatile, with cash flow often outpacing or lagging income. This divergence may indicate that reported profitability is not yet a reliable indicator of cash generation, warranting continued monitoring.
Free Cash Flow Inflects Upward
Free cash flow margin expanded to 30.5% in 2026Q2 from 10.4% in 2026Q1, based on reported figures, reflecting a sharp improvement in cash generation as revenue scales.
FCF turned positive in 2025Q2 and has since grown to $78.0M in 2026Q2, with the margin more than tripling from the prior quarter. This trajectory suggests that the company is achieving operating leverage, though the quarterly volatility (e.g., negative FCF in 2025Q1) indicates that sustainability is not yet assured. The gap between FCF and net income remains wide, implying that cash flow is being driven by working capital and non-cash adjustments rather than pure profitability.
Minimal Capital Intensity Supports Cash Flow
Capital expenditures averaged just 0.2% of revenue over the past ten quarters, as per financial statements, underscoring an asset-light model that converts revenue into cash with minimal reinvestment.
CapEx/Rev has remained below 0.5% throughout the period, with 2026Q2 at 0.1%, indicating that the company requires negligible fixed asset investment to grow. This low capital intensity is typical of SaaS businesses and explains why FCF margins can exceed 30% despite modest net income. However, the lack of meaningful capex may also suggest that the company is underinvesting in infrastructure, though the data does not reveal any such shortfall.
Working Capital Swings Drive Cash Flow
Working capital changes contributed $41.0M to operating cash flow in 2026Q2, as reported in the cash flow statement, reversing a $29.5M drag in the prior quarter.
The volatility in working capital changes, ranging from -$29.5M to +$41.0M over the last two quarters, suggests that cash flow is heavily influenced by timing of collections and payables. This pattern may indicate that the company is managing its cash cycle aggressively, but it also introduces unpredictability in quarterly cash generation. Investors should monitor whether these swings are seasonal or indicative of structural inefficiencies.
Buybacks Accelerate as Cash Accumulates
Workiva repurchased $122.7M of stock in 2026Q2, up from $50.0M in the prior quarter, as per the cash flow statement, signaling a shift toward returning capital to shareholders.
The company has consistently bought back shares over the past year, with cumulative buybacks of $244.3M since 2025Q1, while paying no dividends. This deployment strategy appears to be funded by strong operating cash flow, but it also raises questions about whether the company is prioritizing shareholder returns over other investments. Given the high SBC, buybacks may be partially offsetting dilution, though the net effect on share count is not disclosed in the provided data.
SBC Masks True Cash Earnings
Stock-based compensation of $29.8M in 2026Q2 exceeded net income by 2.2 times, as reported in the cash flow statement, suggesting that reported profitability overstates cash-based earnings.
SBC has consistently ranged between $23M and $36M per quarter, far exceeding net income in most periods. While SBC is a non-cash expense, it represents real dilution to shareholders and is often added back to calculate adjusted metrics. The cash flow statement shows that operating cash flow is robust, but the gap between net income and cash flow is partly attributable to SBC, which may not be sustainable if the company's stock price declines. This warrants further investigation into the company's compensation structure and its impact on shareholder value.