Revenue growth accelerated to 18.6% YoY in 2026Q2, with gross margin expanding to 80.4% and operating margin turning positive at 4.6%, a 17.6-point improvement from 2024Q2.
Workiva Inc. (WK) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 1B | 884.57M | 738.68M | 630.04M | 537.88M | 443.29M | 351.59M | 297.89M | 244.34M | 207.87M | 178.65M | 145.27M | 112.69M | 85.15M | 52.94M |
| Revenue Growth % | 18.8% | 19.75% | 17.24% | 17.13% | 21.34% | 26.08% | 18.03% | 21.91% | 17.55% | 16.36% | 22.97% | 28.91% | 32.35% | 60.85% | - |
| Cost of Goods Sold | 194.43M | 190.43M | 172.06M | 154.22M | 129.88M | 103.83M | 90.18M | 85.01M | 65.86M | 60.24M | 51.63M | 40.2M | 33.88M | 24.29M | 19.04M |
| COGS % of Revenue | - | 21.53% | 23.29% | 24.48% | 24.15% | 23.42% | 25.65% | 28.54% | 26.95% | 28.98% | 28.9% | 27.68% | 30.06% | 28.52% | 35.97% |
| Gross Profit | 810.06M | 694.14M | 566.63M | 475.82M | 407.99M | 339.45M | 261.42M | 212.88M | 178.48M | 147.62M | 127.02M | 105.07M | 78.82M | 60.86M | 33.9M |
| Gross Margin % | 80.64% | 78.47% | 76.71% | 75.52% | 75.85% | 76.58% | 74.35% | 71.46% | 73.05% | 71.02% | 71.1% | 72.32% | 69.94% | 71.48% | 64.03% |
| Gross Profit Growth % | - | 22.5% | 19.08% | 16.62% | 20.19% | 29.85% | 22.8% | 19.27% | 20.9% | 16.22% | 20.89% | 33.31% | 29.5% | 79.56% | - |
| Operating Expenses | 757.37M | 736.58M | 643.16M | 570.34M | 496.75M | 368.81M | 299.22M | 258.29M | 228.27M | 191.93M | 170.6M | 148.75M | 117.43M | 88.63M | 62.1M |
| OpEx % of Revenue | - | 83.27% | 87.07% | 90.53% | 92.35% | 83.2% | 85.1% | 86.7% | 93.42% | 92.33% | 95.5% | 102.39% | 104.2% | 104.08% | 117.31% |
| Selling, General & Admin | 534.81M | 521.74M | 450.22M | 397.55M | 345.04M | 253.07M | 204.38M | 168.36M | 146.67M | 123.75M | 113.16M | 98.28M | 73.28M | 55.23M | 43.71M |
| SG&A % of Revenue | - | 58.98% | 60.95% | 63.1% | 64.15% | 57.09% | 58.13% | 56.52% | 60.03% | 59.54% | 63.34% | 67.66% | 65.03% | 64.86% | 82.58% |
| Research & Development | 222.56M | 214.84M | 192.94M | 172.79M | 151.72M | 115.73M | 94.84M | 89.92M | 81.6M | 68.17M | 57.44M | 50.47M | 44.15M | 33.4M | 18.39M |
| R&D % of Revenue | - | 24.29% | 26.12% | 27.43% | 28.21% | 26.11% | 26.98% | 30.19% | 33.4% | 32.8% | 32.15% | 34.74% | 39.17% | 39.22% | 34.73% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.79M | 1.78M | 1.5M | 0 | -468K | -116K | -24K |
| Operating Income | 52.69M | -42.44M | -76.53M | -94.53M | -88.76M | -29.36M | -37.8M | -45.41M | -49.79M | -44.3M | -43.58M | -43.68M | -38.61M | -29.28M | -28.2M |
| Operating Margin % | 5.25% | -4.8% | -10.36% | -15% | -16.5% | -6.62% | -10.75% | -15.24% | -20.38% | -21.31% | -24.39% | -30.07% | -34.26% | -34.39% | -53.28% |
| Operating Income Growth % | - | 44.55% | 19.03% | -6.49% | -202.38% | 22.35% | 16.75% | 8.8% | -12.38% | -1.66% | 0.24% | -13.14% | -31.86% | -3.83% | - |
| EBITDA | 62.99M | -31.45M | -65.53M | -83.39M | -78.55M | -24.11M | -33.51M | -41.56M | -46.01M | -40.76M | -39.76M | -39.27M | -34.73M | -26.91M | -27.16M |
| EBITDA Margin % | 6.27% | -3.56% | -8.87% | -13.24% | -14.6% | -5.44% | -9.53% | -13.95% | -18.83% | -19.61% | -22.26% | -27.03% | -30.82% | -31.6% | -51.31% |
| EBITDA Growth % | 220.72% | 52.01% | 21.41% | -6.16% | -225.79% | 28.04% | 19.38% | 9.66% | -12.88% | -2.51% | -1.23% | -13.07% | -29.08% | 0.94% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 84.91M | -9.64M | -36.58M | -70.46M | -82.96M | -25.09M | -34.73M | -41.31M | -48M | -42.52M | -42.08M | -41.38M | -39.08M | -29.18M | -29.06M |
| Net Interest Income | 19.25M | 21.38M | 26.53M | -27.76M | -1.16M | -12.97M | -10.68M | -1.37M | -549K | -1.26M | -1.59M | -1.87M | -1.97M | -146K | -1.42M |
| Interest Income | 31.89M | 34.15M | 39.4M | 25.88M | 4.88M | 1.04M | 3.28M | 4.66M | 1.28M | 586K | 286K | 151K | 73K | 220K | 98K |
| Interest Expense | 12.64M | 12.78M | 12.87M | 53.64M | 6.04M | 14.02M | 13.96M | 6.03M | 1.83M | 1.84M | 1.88M | 2.02M | 2.04M | 366K | 1.52M |
| Other Income/Expense | 19.58M | 20.03M | 27.09M | -29.57M | -236K | -9.74M | -10.89M | -1.93M | -36K | -62K | -375K | 277K | -2.51M | -262K | -2.38M |
| Pretax Income | 72.27M | -22.41M | -49.44M | -124.1M | -89M | -39.1M | -48.69M | -47.34M | -49.82M | -44.37M | -43.95M | -43.41M | -41.12M | -29.54M | -30.59M |
| Pretax Margin % | 7.19% | -2.53% | -6.69% | -19.7% | -16.55% | -8.82% | -13.85% | -15.89% | -20.39% | -21.34% | -24.6% | -29.88% | -36.49% | -34.7% | -57.78% |
| Income Tax | 8.91M | 3.75M | 5.6M | 3.43M | 1.95M | -1.37M | -291K | 139K | 247K | 61K | 24K | -7K | 32K | 250K | 0 |
| Effective Tax Rate % | 12.32% | -16.75% | -11.33% | -2.76% | -2.19% | 3.5% | 0.6% | -0.29% | -0.5% | -0.14% | -0.05% | 0.02% | -0.08% | -0.85% | 0% |
| 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 |
| Net Margin % | 6.31% | -2.96% | -7.45% | -20.24% | -16.91% | -8.51% | -13.77% | -15.94% | -20.49% | -21.37% | -24.62% | -29.87% | -36.52% | -34.7% | -57.78% |
| Net Income Growth % | 235.39% | 52.46% | 56.84% | -40.22% | -141.05% | 22.04% | -1.94% | 5.18% | -12.71% | -1.02% | -1.33% | -5.46% | -39.3% | 3.4% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.15 | -0.47 | -0.99 | -2.36 | -1.72 | -0.74 | -1.00 | -1.04 | -1.15 | -1.07 | -1.08 | -1.09 | -1.28 | -0.87 | -0.95 |
| EPS Growth % | 233.33% | 52.53% | 58.05% | -37.21% | -132.43% | 26% | 3.85% | 9.57% | -7.48% | 0.93% | 0.92% | 14.84% | -47.13% | 8.42% | - |
| EPS (Basic) | - | -0.47 | -0.99 | -2.36 | -1.72 | -0.74 | -1.00 | -1.04 | -1.15 | -1.07 | -1.08 | -1.09 | -1.28 | -0.89 | -0.95 |
| Diluted Shares Outstanding | 55.21M | 56.27M | 55.35M | 54.1M | 52.95M | 51.13M | 48.45M | 46.3M | 43.64M | 41.62M | 40.67M | 39.85M | 32.16M | 32.2M | 32.2M |
| Basic Shares Outstanding | 54.63M | 56.27M | 55.35M | 54.1M | 52.95M | 51.13M | 48.45M | 46.3M | 43.64M | 41.62M | 40.67M | 39.85M | 32.16M | 32.2M | 32.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WK stock.
For fiscal year 2025, Workiva Inc. (WK) reported total revenue of $884.6M. This represents a 1571.0% increase compared to $52.9M in 2012.
Workiva Inc. (WK) reported a net loss of $26.2M for the fiscal year ending 2025.
Workiva Inc. (WK) reported an operating income of $-42.4M, resulting in an operating profit margin of -4.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Workiva Inc. (WK) generated $694.1M in gross profit for the year, representing a gross profit margin of 78.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates Steadily
Workiva's revenue grew 18.6% year-over-year in 2026Q2, up from 14.5% in 2024Q2, indicating accelerating demand for its compliance software, as per the latest quarterly report.
The sequential acceleration from 14.5% to 18.6% over eight quarters suggests a durable expansion in customer adoption or pricing power. This growth is likely organic, given the consistent quarterly increases, and appears to be driven by both new customer acquisition and expansion within existing accounts. The sustained double-digit growth rate, despite a maturing software market, points to a strong product-market fit.
Gross Margin Expansion Reflects Scale
Gross margin improved from 76.4% in 2024Q1 to 80.4% in 2026Q2, a 400 basis point gain, as reported in financial statements, indicating enhanced operational efficiency and pricing power.
The steady climb in gross margin suggests that Workiva is benefiting from economies of scale in its cloud infrastructure and a favorable mix shift towards higher-margin products. This expansion is a positive signal for long-term profitability, as it provides more room to invest in growth while moving towards breakeven. The consistency of the improvement, with no quarter below 76%, indicates a structural rather than one-time gain.
Operating Leverage Emerges as Losses Narrow
Operating margin swung from -13.0% in 2024Q2 to +4.6% in 2026Q2, a 17.6 point improvement, based on reported figures, as revenue growth outpaces expense growth.
The dramatic improvement in operating margin, despite only a 44% increase in revenue over the same period, indicates that operating expenses are growing slower than revenue. This suggests that Workiva is achieving operating leverage, with SG&A and R&D costs not scaling linearly with revenue. The transition from losses to profitability in 2025Q4 and sustained profitability in 2026 suggests that the company may have reached a critical scale threshold.
Net Income Boosted by Non-Operating Items
In 2026Q2, net income of $13.4M exceeded operating income of $11.7M, implying a $1.7M non-operating gain, as per the income statement, which may inflate reported EPS quality.
The positive gap between net and operating income in 2026Q2 suggests that interest income or other non-operating items are contributing to earnings. While this is not necessarily negative, investors should monitor the sustainability of such items, as they are not core to the software business. Additionally, stock-based compensation of $29.8M in 2026Q2 is nearly triple the operating income, indicating that reported profitability is significantly lower on a cash basis.
SG&A Dominates Cost Structure
SG&A expenses of $136.1M in 2026Q2 represent 53% of revenue, while R&D is 23%, as disclosed in financial statements, highlighting the company's heavy investment in sales and marketing.
The high SG&A ratio is typical for a growth-stage software company, but it also indicates that Workiva is still investing heavily in customer acquisition and retention. The slight decline in SG&A as a percentage of revenue from 60% in 2024Q1 to 53% in 2026Q2 suggests improving efficiency, but it remains the largest cost line. R&D spending has remained relatively stable as a percentage of revenue, indicating a consistent focus on product innovation.
SBC Dilution and Profitability Sustainability
Stock-based compensation of $29.8M in 2026Q2 exceeds operating income by 2.5x, as per the income statement, raising concerns about the quality of reported profitability and shareholder dilution.
The significant gap between SBC and operating income suggests that reported profitability is not fully reflective of cash costs. If SBC were expensed on a cash basis, the company would still be loss-making. Additionally, the reliance on non-operating items to achieve net profitability in some quarters may not be sustainable. Investors should monitor whether operating income can continue to grow faster than SBC, as this is crucial for long-term shareholder value creation.