Workday earnings date and guidance
Workday's next results are expected on November 24, 2026. Watch for paid, repeatable AI usage as Workday reports its results.
What has Workday guided for fiscal 2027?
Workday’s fiscal 2027 ends in January 2027. It guides to total revenue of $10,650–$10,660 million. Subscription revenue guidance is $9,940–$9,950 million. Management expects subscription growth of 13.0% and a 31.0% non-GAAP operating margin. Fiscal 2028 guidance calls for approximately $11,000 million of subscription revenue. That represents 11.0% growth, with an adjusted operating margin of at least 33.0%. The earlier target was a 12%–15% subscription compound annual growth rate through FY28, so the new plan trades some expansion for better margins.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Total Revenues | Quarter to Oct 2026 | 2,690 | 2,690 | 2026-08-27 |
| Subscription Revenues | Quarter to Oct 2026 | 2,515 | 2,515 | 2026-08-27 |
| Total Revenues, Increase YoY | Quarter to Oct 2026 | 11.0% | 11.0% | 2026-08-27 |
| Subscription Revenues, Increase YoY | Quarter to Oct 2026 | 12.0% | 12.0% | 2026-08-27 |
| Non-GAAP Operating Margin | Quarter to Oct 2026 | 30.0% | 30.0% | 2026-08-27 |
| Total Revenues | Year to Jan 2027 | 10,650 | 10,660 | 2026-08-27 |
| Subscription Revenues | Year to Jan 2027 | 9,940 | 9,950 | 2026-08-27 |
| Total Revenues, Increase YoY | Year to Jan 2027 | 12.0% | 12.0% | 2026-08-27 |
| Subscription Revenues, Increase YoY | Year to Jan 2027 | 13.0% | 13.0% | 2026-08-27 |
| Non-GAAP Operating Margin | Year to Jan 2027 | 31.0% | 31.0% | 2026-08-27 |
| Non-GAAP Operating Margin | Year to Jan 2028 | 33.0% | 2026-10-13 |
Did Workday keep its past promises?
Workday also measures management through financial and customer outcomes. Fiscal 2026 bonuses funded at 101.8% of target, while customer satisfaction was 89.7%, below its target band. Management met its original subscription-revenue forecast and exceeded its adjusted-margin forecast. “Adjusted” matters because the non-GAAP measure excludes stock compensation from operating profit.
What do Workday's last eight quarters show?
July 2026 showed better operating performance, but the spectacular earnings growth was mainly a tax event. Revenue reached $2,649 million, up 12.8% year over year. Operating income rose from $248 million to $313 million. Gross margin barely moved, from 75.2% to 75.4%.
Cash moved in the opposite direction. Free cash flow fell from $588 million in July 2025 to $460 million in July 2026, partly because of payroll timing. The quarter therefore supports improving operating efficiency, not a new acceleration in sales or cash generation.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,649 | 2,542 | 2,532 | 2,432 | 2,348 | 2,240 | 2,211 | 2,160 |
| Gross margin | 75.4% | 76.2% | 75.9% | 75.7% | 75.2% | 76.0% | 75.6% | 75.5% |
| Operating income | 313 | 338 | 174 | 259 | 248 | 39 | 75 | 165 |
| Net income | 632 | 222 | 145 | 252 | 228 | 68 | 94 | 193 |
| EPS, diluted | 2.57 | 0.87 | 0.55 | 0.94 | 0.84 | 0.25 | 0.35 | 0.72 |
| = Free cash flow | 460 | 616 | 1,218 | 550 | 588 | 421 | 1,026 | 359 |
What this means. July 2026 net income is unusually high because it includes a one-time 374 million dollar tax benefit from moving intellectual property within the company.
What should investors watch in Workday's next results?
The next results must show paid, repeatable AI usage while Workday delivers its savings and preserves liquidity.