Workiva (WK) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong momentum with total revenue up 20% year-over-year to $239M and subscription revenue up 21% to $219M, both exceeding guidance.

• Full year 2025 saw 22% subscription revenue growth to $813M and 20% total revenue growth to $885M, with non-GAAP operating margin improving to 9.9%, significantly above initial guidance.

• Customer base expanded to 6,624, up 5% year-over-year, with strong retention, growth in large contracts, and increased multi-solution adoption.

• Broad-based demand across the AI-powered platform and deepening customer commitment drove results, with notable multi-solution and large account wins in financial services, sustainability, and GRC.

• Leadership team strengthened with new CRO, CPO, and CFO, plus two new board members with deep public tech company experience.

Financial highlights

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

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

• Non-GAAP operating margin for Q4: 19.1% (1,170 bps YoY improvement); full year non-GAAP margin: 9.9% (up from 4.3% in 2024).

• Free cash flow margin for 2025: 15.6% (390 bps YoY improvement), cash and equivalents at year-end: $892M.

• Share repurchases totaled $72M in 2025; board authorized an additional $250M for buybacks in February 2026, raising total authorization to $350M.

Outlook and guidance

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

• Full year 2026 revenue guidance: $1.036B–$1.04B, subscription revenue growth ~19%, non-GAAP operating margin 15%–15.5%, free cash flow margin ~19%.

• FY 2026 GAAP operating margin projected at 2.6%–3.2%; non-GAAP EPS $2.66–$2.76.

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

• 2027 and 2030 financial targets remain unchanged.