Workiva (WK) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 20% year-over-year to $239M, with subscription revenue up 21% to $219M and customer base expanding to 6,624, driven by strong multi-solution adoption and major platform expansions.

• Full year 2025 revenue grew 20% to $885M, with subscription revenue up 22% to $813M, both exceeding initial guidance.

• Non-GAAP operating margin improved to 19.1% in Q4 and 9.9% for FY 2025, up 1,170 and 560 basis points year-over-year, respectively.

• Significant leadership changes included new CRO, CPO, CFO, and two new board members with deep industry experience.

• Major platform account expansions and AI-powered solution adoption accelerated, with 30% of customers enabling AI features.

Financial highlights

• Q4 2025 total revenue: $239M (+20% YoY), subscription revenue: $219M (+21% YoY), professional services revenue: $20M.

• FY 2025 total revenue: $885M (+20% YoY), subscription revenue: $813M (+22% YoY), professional services revenue: $72M (flat YoY).

• Q4 non-GAAP operating margin: 19.1%; FY 2025: 9.9%; Q4 GAAP operating margin: 3.4%; FY 2025 GAAP: (4.8)%.

• Free cash flow margin for FY 2025: 15.6%, up 390 bps YoY; operating cash flow: $140M; cash and equivalents at year-end: $892M.

• Total remaining performance obligations grew 22% YoY to $1.44B; current RPO up 21% to $757M.

Outlook and guidance

• Q1 2026 revenue expected at $244M–$246M; non-GAAP operating margin 15.5%–16%.

• FY 2026 revenue guidance: $1.036B–$1.04B; subscription revenue growth ~19%; non-GAAP operating margin 15%–15.5%; EPS $2.66–$2.76.

• Free cash flow margin for FY 2026 expected at ~19%.

• Medium-term (2027) and long-term (2030) targets: revenue $1.1–1.2B and $1.8–2.0B, operating margins ~18% and ~24%.

• 2027 and 2030 financial targets remain unchanged.