Workiva (WK) Earnings Date & Reports

Key Takeaways

• Workiva reported third-quarter 2026 revenue of $263 million, up 17.3% year over year and slightly above the consensus estimate of roughly $261.4 million.
• Non-GAAP (adjusted) earnings per share (EPS) came in at $0.72, below the $0.80 consensus, even as non-GAAP operating income of $48.25 million beat expectations.
• GAAP (Generally Accepted Accounting Principles) net income swung to $19 million, or $0.35 per share, from $3 million, or $0.05 per share, a year earlier.
• Management guided fourth-quarter revenue to $275–$278 million and adjusted EPS to $0.78–$0.80, both below consensus, and lowered full-year adjusted EPS guidance to $2.80–$2.83.
• Net revenue retention was 110% and gross retention was 97%, with 6,840 customers at quarter end; billings rose 10.8% to $287 million.
• For deeper context on Workiva's latest developments, explore Major News, Today's Price Move, Price Targets, and Forecast on dedicated pages.
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Earnings Context and Why It Matters

Workiva's quarterly earnings are a key barometer for demand across financial reporting, sustainability, and governance, risk, and compliance (GRC) software. The company has built a track record of durable, above-average growth by expanding large enterprise contracts and selling more solutions into its existing base. This quarter was significant because it tested whether that expansion could continue while profitability scaled toward management's long-term targets. Investors were watching revenue durability, non-GAAP operating margin, and net revenue retention, all of which signal how well Workiva is converting its cloud platform into sustained operating leverage amid an evolving regulatory and capital-markets environment.

Reported Results

Workiva delivered third-quarter 2026 revenue of $263 million, a 17.3% increase from the prior year and slightly ahead of the consensus estimate of approximately $261.4 million. Subscription and total revenue both grew 17% year over year. Non-GAAP operating income reached $48.25 million, representing an 18.3% margin and beating the consensus estimate of roughly $44.93 million. Non-GAAP operating margin expanded by 560 basis points compared with a year ago, while GAAP operating margin improved to 6.8% from -1.5% in the third quarter of 2025.

On the bottom line, non-GAAP EPS was $0.72, below the $0.80 consensus, while GAAP net income was $19 million, or $0.35 per share, versus $3 million a year earlier. Free cash flow rose to $69 million from $46 million in the prior-year period. Customer metrics remained solid: net revenue retention was 110%, gross retention was 97%, and total customers grew to 6,840. Large contracts continued to outpace the base, with annual contract value (ACV) cohorts above $100,000, $300,000, and $500,000 all growing 20% or more.

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Market Reaction and Investor Sentiment

Workiva shares were roughly flat near $85.50 immediately after the report, reflecting a mixed reception. The revenue beat and strong operating-margin expansion were offset by an adjusted EPS miss and guidance that came in below consensus, particularly on the bottom line. The stock had risen roughly 31% over the prior three months, suggesting investors had priced in continued momentum. The fourth-quarter adjusted EPS guide of $0.78–$0.80, well below the $1.03 consensus, and the reduced full-year adjusted EPS outlook appeared to temper enthusiasm despite the company's improving profitability.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors will focus on whether Workiva can sustain its revenue growth while continuing to expand non-GAAP operating margin toward its stated long-term targets. Management had previously signaled confidence in scaling profitability, and this quarter's 18.3% non-GAAP margin marked meaningful progress. The key question is whether that operating leverage translates more fully into bottom-line earnings, given the gap between the adjusted EPS result and consensus expectations.

Retention metrics will remain a closely watched signal. A net revenue retention rate of 110% indicates existing customers are expanding their use of the platform, but the slight decline from 111% in the prior quarter is worth monitoring. Growth in large ACV cohorts and multi-solution deals also provides a window into demand durability across Workiva's expanding product portfolio.

Finally, the balance sheet and cash generation matter. Free cash flow improved to $69 million, but Workiva continues to carry convertible senior notes, including roughly $702 million in 1.250% notes due in 2028, and has reported a stockholders' deficit. How management balances share repurchases, debt obligations, and reinvestment will shape the company's financial flexibility over the coming quarters.

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