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Workiva (WK) investor relations material
Workiva Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 total revenue grew 21% year-over-year to $224 million, with subscription revenue up 23% to $210 million, exceeding guidance and reversing a prior-year net loss to a net income of $2.8–$3 million.
Large contract momentum: contracts over $100,000 up 23%, over $300,000 up 41%, and over $500,000 up 42% year-over-year; customer base expanded to 6,541.
Net retention rate reached 114% and gross retention rate was 97%, reflecting robust customer engagement and expansion.
Non-GAAP operating margin reached 12.7% in Q3, up 860 basis points year-over-year and 470 basis points above guidance; GAAP operating margin improved to (1.5)% from (11.8)% in Q3 2024.
Leadership changes included the departure of the Chief Sales Officer and appointment of a new Chief Revenue Officer; CFO search in final stages.
Financial highlights
Q3 2025 subscription revenue: $210 million, up from $171 million in Q3 2024; professional services revenue was flat at $15 million.
Gross margin improved to 79.3% GAAP and 81.4% non-GAAP; free cash flow margin for Q3 was 20.5%, up from 10.1% a year ago.
Cash, cash equivalents, and marketable securities totaled $857 million as of September 30, 2025, up $43 million sequentially.
Repurchased $10 million of Class A common stock in Q3 2025; $40 million remains under the $100 million authorization.
Operating cash flow for the nine months ended September 30, 2025 was $89.1 million, up from $43.7 million in the prior year.
Outlook and guidance
Q4 2025 revenue expected between $234–$236 million; non-GAAP operating margin 16.7%–17.5%.
Full-year 2025 revenue guidance raised to $880–$882 million; subscription revenue growth at least 21% year-over-year.
Full-year 2025 non-GAAP operating margin now 9.2%–9.4%; free cash flow margin expected at 12%; non-GAAP EPS $1.65–$1.68.
2026: XBRL services revenue to grow low single digits; setup/consulting revenue to decline; total services revenue to be flat.
Medium-term (2027) and long-term (2030) operating margin targets set at ~18% and 24%, respectively.
Is platform consolidation a market tipping point?
What sustains margin improvement beyond 2025?
How will new CRO accelerate profitable growth?
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Frequently asked questions
Workiva Inc. provides Wdesk, a cloud-based platform that allows users to access, organize, and analyze information within a single workspace in real-time/Wdesk's applications include Wdesk for SEC Reporting, Wdesk for Internal Audit, Wdesk for XBRL and Disclosure Management, Wdesk for Compliance Management, and other application. It also offers a range of solutions for financial reporting, internal audit management, risk management and business continuity planning, compliance workflow management and end user controls management, budgeting and forecasting process improvement and automation integration with finance systems. The company was founded in 2008 and is headquartered in Ames, Iowa.
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