WeWork India Management (WEWORK) Q4 25/26 earnings summary

Executive summary

• FY26 marked a record year with revenue reaching INR 2,477.4 crore, up 23.4% year-over-year, and EBITDA at INR 499.2 crore (20.2% margin), up 23.1%. PAT grew to INR 180 crore, compounding 8x in two years, and free cash flow from operations was INR 586 crore, up 44%.

• Occupancy hit all-time highs at 86.9% portfolio-wide and 88.9% in mature centers, with ROCE at 28.3%.

• The business turned net debt negative for the first time, with strong operating leverage, robust order book for FY27, and a two-notch credit upgrade to A+.

• The platform serves 110,000 members across 76 centers and 8.6 million sq ft, with NPS of 79.

• The company evolved into a full-stack platform, expanding beyond workspace operations to include technology-enabled services and design/build offerings.

Financial highlights

• FY26 revenue: INR 2,477 crore, up 23% year-over-year; EBITDA: INR 499 crore, up 23%; PAT: INR 180 crore, up 134% with margin expansion of 341 bps.

• Q4 revenue: INR 710 crore, up 29% year-over-year; EBITDA: INR 164.7 crore, margin 23.2%; PAT: INR 80 crore, margin 11.2%.

• Free operating cash for FY26: INR 586 crore, up 44%; Q4 free operating cash: INR 234 crore, up 57%.

• Ended the year net debt negative at -INR 11.7 crore, with a two-notch credit upgrade to A+ and cost of borrowing reduced to 8.5%.

• Total assets increased to INR 70,921.60 million as of March 31, 2026, from INR 53,916.72 million a year earlier.

Outlook and guidance

• Capacity growth of 36% already locked in for FY27, with 46,000 additional seats signed for the next 18 months.

• CapEx for FY27 expected to be INR 500-600 crore.

• Revenue growth expected to remain above 20% year-over-year, with higher earnings growth and strong locked-in core revenue position.

• Targeting occupancy above 85% even as new capacity is added.

• Focus remains on reinvesting cash into growth, maintaining net debt negative position, and leveraging IPO proceeds for expansion.