Workiva has achieved structural scalability, evidenced by a gross margin expansion to 80.4% in 2026Q1 alongside the company's first positive operating margin of 6.2% in the observed period.
| 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 | 925.59M | 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 % | 20.32% | 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 | 190.63M | 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 | 734.96M | 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 % | 79.4% | 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 | 737.33M | 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 | 523.35M | 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 | 213.98M | 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 | -2.37M | -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 % | -0.26% | -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 | 5.73M | -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 % | 0.62% | -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 % | 107.47% | 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) | 8.1M | 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 | 21.92M | -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 | 15.82M | 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 | 33.51M | 34.15M | 39.4M | 25.88M | 4.88M | 1.04M | 3.28M | 4.66M | 1.28M | 586K | 286K | 151K | 73K | 220K | 98K |
| Interest Expense | 6.39M | 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 | 20.01M | 20.03M | 27.09M | -29.57M | -236K | -9.74M | -10.89M | -1.93M | -36K | -62K | -375K | 277K | -2.51M | -262K | -2.38M |
| Pretax Income | 17.64M | -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 % | 1.91% | -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 | 3.45M | 3.75M | 5.6M | 3.43M | 1.95M | -1.37M | -291K | 139K | 247K | 61K | 24K | -7K | 32K | 250K | 0 |
| Effective Tax Rate % | 19.53% | -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 | 14.2M | -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 % | 1.53% | -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 % | 121.94% | 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) | 14.2M | -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) | 0.24 | -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 % | 119.66% | 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 | 58.44M | 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 | 56.89M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory mandate adoption velocity
According to the latest quarterly financial data, Workiva has maintained a consistent revenue growth trajectory of approximately 19.9% year-over-year as of 2026Q1, suggesting that the company's core regulatory reporting platform continues to capture market share despite broader macroeconomic uncertainties and shifting legislative landscapes in the United States.
The revenue growth appears resilient, supported by the recurring nature of the subscription model which mitigates the impact of cyclical professional services. Investors should monitor whether the current growth rate can be sustained as the company moves beyond its core SEC filing base into broader ESG and GRC markets.
As reported in recent income statements, Workiva has successfully expanded its gross margin to 80.4% in 2026Q1, reflecting the inherent scalability of its cloud-native infrastructure and the company's ability to maintain pricing power within the specialized regulatory reporting software vertical compared to legacy financial printing competitors.
The expansion of gross margins suggests that the company is effectively leveraging its cloud architecture as it scales. This structural efficiency provides a solid foundation for future operating profitability, provided that the company can successfully manage its high customer acquisition costs.
Based on the provided financial figures, Workiva achieved a positive operating margin of 6.2% in 2026Q1, marking a significant departure from the persistent negative operating margins observed throughout 2024 and 2025, which suggests that the company may be entering a more disciplined phase of operational maturity.
The shift to positive operating income indicates that the company is beginning to realize the benefits of its 'land-and-expand' strategy. Analysts should investigate whether this trend is sustainable or if it remains sensitive to future spikes in discretionary sales and marketing expenditures.
Analysis of the reported income statements reveals that Workiva's net income remains heavily influenced by fluctuating stock-based compensation, which reached $36.3M in 2025Q4 before dropping significantly in 2026Q1, warranting caution when evaluating the quality of the company's recent GAAP earnings and overall bottom-line performance.
The volatility in stock-based compensation suggests that GAAP net income may not fully reflect the underlying cash-generating capability of the business. Investors should focus on adjusted metrics to better understand the true operational performance and the impact of equity-based incentives on shareholder dilution.
While the company has demonstrated recent profitability, short-term risks remain elevated as legal challenges to SEC climate disclosure rules could potentially dampen adoption rates, as indicated by the sensitivity of the company's growth model to external regulatory mandates and the timing of global compliance requirements.
The reliance on regulatory mandates as a primary growth catalyst creates a binary risk profile for the company's future revenue expansion. If the pace of mandatory reporting requirements slows, the company may struggle to maintain its current growth trajectory without significantly increasing its customer acquisition spend.
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.