[10-Q] WORKIVA INC Quarterly Earnings Report
Filing Impact
Filing Sentiment
Form Type
10-Q
Workiva Inc. reported third‑quarter results, delivering total revenue of $224.2 million, up from $185.6 million. Subscription and support drove growth at $209.6 million, while professional services were $14.6 million. Gross profit rose to $177.8 million. Operating loss narrowed to $3.4 million, and the company posted net income of $2.8 million versus a loss a year ago.
Cash and cash equivalents were $315.9 million and marketable securities were $540.9 million. Deferred revenue stood at $489.7 million current and $38.8 million non‑current. Cash from operations was $46.2 million for the quarter. The company repurchased $10.0 million of Class A shares in the quarter. Convertible senior notes included $71.0 million due 2026 (classified current) and $695.7 million due 2028 (non‑current).
Operating metrics showed 6,541 customers, gross retention of 97.3%, and net retention of 113.6%. As of October 30, 2025, Class A shares outstanding were 52,432,466 and Class B were 3,695,583.
Positive
- None.
Negative
- None.
Insights
Solid growth and first profit in Q3; YTD still loss-making.
Workiva delivered
Balance sheet liquidity remains strong with cash of
Customer metrics were healthy: net retention at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 10-Q
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For the quarterly period ended | |||||
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For transition period from to | |||||
Commission File Number | |||||
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||||||||
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(Address of principal executive offices and zip code) | |||||||||||
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(Registrant's telephone number, including area code) | |||||||||||
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| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated filer o | |||||
Non-accelerated filer o | Smaller reporting company | ||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ý
As of October 30, 2025, there were approximately 52,432,466 shares of the registrant's Class A common stock and 3,695,583 shares of the registrant's Class B common stock outstanding.
WORKIVA INC.
TABLE OF CONTENTS
Page | |||||||||||
Part I. Financial Information | |||||||||||
Item 1. | Unaudited Consolidated Financial Statements: | 1 | |||||||||
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 1 | ||||||||||
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 | 3 | ||||||||||
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 | 4 | ||||||||||
Consolidated Statements of Changes in Stockholders' Deficit for the Three and Nine Months Ended September 30, 2025 and 2024 | 5 | ||||||||||
Consolidated Statements of Cash Flows for the Three and Nine Months Ended September 30, 2025 and 2024 | 7 | ||||||||||
Notes to Consolidated Financial Statements | 9 | ||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22 | |||||||||
Item 3. | Quantitative and Qualitative Disclosure About Market Risk | 35 | |||||||||
Item 4. | Controls and Procedures | 36 | |||||||||
Part II. Other Information | |||||||||||
Item 1. | Legal Proceedings | 37 | |||||||||
Item 1A. | Risk Factors | 37 | |||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 37 | |||||||||
Item 6. | Exhibits | 40 | |||||||||
Signatures | S-1 | ||||||||||
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the Securities and Exchange Commission ("SEC"), as well as in any documents incorporated by reference that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements.
Moreover, we operate in a very competitive and dynamic environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after completion of this Quarterly Report on Form 10-Q to conform these statements to actual results or revised expectations.
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Part I. Financial Information
Item 1. Financial Statements
WORKIVA INC. CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands, except share and per share amounts) | |||||||||||
| As of September 30, 2025 | As of December 31, 2024 | ||||||||||
(unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Marketable securities | |||||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
| Deferred costs | |||||||||||
| Other receivables | |||||||||||
| Prepaid expenses and other | |||||||||||
| Total current assets | |||||||||||
| Property and equipment, net | |||||||||||
| Operating lease right-of-use assets | |||||||||||
| Deferred costs, non-current | |||||||||||
| Goodwill | |||||||||||
| Intangible assets, net | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
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WORKIVA INC. CONSOLIDATED BALANCE SHEETS (continued) | |||||||||||
| (in thousands, except share and per share amounts) | |||||||||||
| As of September 30, 2025 | As of December 31, 2024 | ||||||||||
| (unaudited) | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
| Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Deferred revenue | |||||||||||
| Convertible senior notes, current | |||||||||||
| Finance lease obligations | |||||||||||
| Total current liabilities | |||||||||||
| Convertible senior notes, non-current | |||||||||||
Deferred revenue, non-current | |||||||||||
Other long-term liabilities | |||||||||||
| Operating lease liabilities, non-current | |||||||||||
| Finance lease obligations, non-current | |||||||||||
| Total liabilities | |||||||||||
| Stockholders’ deficit | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Preferred stock, $ | |||||||||||
Additional paid-in-capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
| Accumulated other comprehensive income (loss) | ( | ||||||||||
| Total stockholders’ deficit | ( | ( | |||||||||
| Total liabilities and stockholders’ deficit | $ | $ | |||||||||
See accompanying notes.
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WORKIVA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) | |||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Subscription and support | $ | $ | $ | $ | |||||||||||||||||||
| Professional services | |||||||||||||||||||||||
| Total revenue | |||||||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Subscription and support | |||||||||||||||||||||||
| Professional services | |||||||||||||||||||||||
| Total cost of revenue | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Research and development | |||||||||||||||||||||||
| Sales and marketing | |||||||||||||||||||||||
| General and administrative | |||||||||||||||||||||||
| Total operating expenses | |||||||||||||||||||||||
| Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Other income (expense), net | ( | ( | ( | ||||||||||||||||||||
| Income (loss) before provision for income taxes | ( | ( | ( | ||||||||||||||||||||
| (Benefit) provision for income taxes | ( | ||||||||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| Net income (loss) per common share | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Diluted | ( | ( | ( | ||||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
See accompanying notes.
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WORKIVA INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited) | |||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| Other comprehensive (loss) income | |||||||||||||||||||||||
| Foreign currency translation adjustment | ( | ||||||||||||||||||||||
| Unrealized gain on available-for-sale securities | |||||||||||||||||||||||
| Other comprehensive (loss) income | ( | ||||||||||||||||||||||
| Comprehensive income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
See accompanying notes.
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WORKIVA INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Common Stock (Class A and B) | |||||||||||||||||||||||||||||||||||
| Shares | Amount | Additional Paid-in-Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||
| Balances at December 31, 2024 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of common stock under employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Tax withholding related to net share settlements of stock-based compensation awards | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Repurchases of Class A common stock | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
| Balances at March 31, 2025 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Tax withholding related to net share settlements of stock-based compensation awards | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Repurchases of Class A common stock | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
| Balances at June 30, 2025 | ( | ( | |||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of common stock under employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Tax withholding related to net share settlements of stock-based compensation awards | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Repurchases of Class A common stock | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Net income | — | — | — | ||||||||||||||||||||||||||||||||
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| Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Balances at September 30, 2025 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||
| Common Stock (Class A and B) | |||||||||||||||||||||||||||||||||||
| Shares | Amount | Additional Paid-in-Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||
| Balances at December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
| Issuance of common stock under employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Tax withholding related to net share settlements of stock-based compensation awards | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Balances at March 31, 2024 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Tax withholding related to net share settlements of stock-based compensation awards | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Balances at June 30, 2024 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | $ | — | $ | — | $ | ||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | $ | — | $ | — | $ | ||||||||||||||||||||||||||||||
| Issuance of common stock under employee stock purchase plan | — | $ | — | $ | — | $ | |||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
| Tax withholding related to net share settlements of stock-based compensation awards | ( | — | ( | $ | — | $ | — | $ | ( | ||||||||||||||||||||||||||
| Net loss | — | — | — | $ | — | $ | ( | $ | ( | ||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | $ | $ | — | $ | ||||||||||||||||||||||||||||
| Balances at September 30, 2024 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
See accompanying notes.
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WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| Stock-based compensation expense | |||||||||||||||||||||||
| Provision for (recovery of) doubtful accounts | ( | ( | |||||||||||||||||||||
| Accretion of premiums and discounts on marketable securities, net | ( | ( | ( | ( | |||||||||||||||||||
| Amortization of debt discount and issuance costs | |||||||||||||||||||||||
| Deferred income tax | ( | ( | ( | ||||||||||||||||||||
| Changes in assets and liabilities: | |||||||||||||||||||||||
| Accounts receivable | ( | ( | ( | ||||||||||||||||||||
| Deferred costs | ( | ( | ( | ||||||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||||||||
| Other receivables | ( | ( | |||||||||||||||||||||
| Prepaid expenses and other | ( | ( | |||||||||||||||||||||
| Other assets | ( | ( | |||||||||||||||||||||
| Accounts payable | |||||||||||||||||||||||
| Deferred revenue | |||||||||||||||||||||||
| Operating lease liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Accrued expenses and other liabilities | ( | ( | |||||||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Purchase of property and equipment | ( | ( | ( | ( | |||||||||||||||||||
| Purchase of marketable securities | ( | ( | ( | ( | |||||||||||||||||||
| Maturities of marketable securities | |||||||||||||||||||||||
| Sale of marketable securities | |||||||||||||||||||||||
| Acquisitions, net of cash acquired | ( | ||||||||||||||||||||||
| Purchase of intangible assets | ( | ( | ( | ( | |||||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ( | |||||||||||||||||||
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WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | |||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Proceeds from option exercises | |||||||||||||||||||||||
| Taxes paid related to net share settlements of stock-based compensation awards | ( | ( | ( | ( | |||||||||||||||||||
| Proceeds from shares issued in connection with employee stock purchase plan | |||||||||||||||||||||||
| Repurchases of Class A common stock | ( | ( | |||||||||||||||||||||
| Principal payments on finance lease obligations | ( | ( | ( | ( | |||||||||||||||||||
| Net cash (used in) provided by financing activities | ( | ( | |||||||||||||||||||||
| Effect of foreign exchange rates on cash | ( | ||||||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ( | |||||||||||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | $ | $ | $ | |||||||||||||||||||
| Supplemental cash flow disclosure | |||||||||||||||||||||||
| Cash paid for interest | $ | $ | $ | $ | |||||||||||||||||||
| Cash paid for income taxes, net of refunds | $ | $ | $ | $ | |||||||||||||||||||
| Noncash investing and financing activities | |||||||||||||||||||||||
| Purchases of property and equipment, accrued but not paid | $ | $ | $ | $ | |||||||||||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | $ | $ | |||||||||||||||||||
| Restricted cash included within prepaid expenses and other at end of period | |||||||||||||||||||||||
| Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows | $ | $ | $ | $ | |||||||||||||||||||
See accompanying notes.
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WORKIVA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Organization and Significant Accounting Policies
Organization
Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company” or “we” or “us”), is a leading platform for transparency, accountability, and trust. Finance, accounting, sustainability, risk, and audit teams worldwide rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, AI-powered, audit-ready, collaborative platform. Our operational headquarters are located in Ames, Iowa. We also lease office facilities or contract with flexible workspace providers throughout the United States ("U.S"). and internationally.
Basis of Presentation and Principles of Consolidation
Seasonality affects our revenue, expenses and cash flows from operations. Revenue from professional services is generally higher in the first quarter of our calendar year as many of our customers file their Form 10-K in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expenses have historically been higher in the third quarter due to our annual user conference typically held in September. In addition, our operating cash flow may be affected by the timing of employee cash bonus payments during the first and fourth calendar quarters and by the timing of payouts under our commission plans in the first quarter. The consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025.
The unaudited consolidated financial statements include the accounts of Workiva Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
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Use of Estimates
Enactment of the One Big Beautiful Bill Act of 2025
On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act (the “OBBB”), was signed into law. This includes significant changes to the federal corporate tax provisions and extends certain otherwise expiring provisions of the 2017 Tax Cuts and Jobs Act. Among other things, the legislation reinstates expensing for domestic research and experimental expenditures, imposes new limitations on interest expense deductibility, and expands disallowed deductions for certain employee remuneration.
The OBBB legislation has multiple effective dates, with some provisions taking effect in 2025 and others phased in through 2027. In accordance with Accounting Standards Codification (“ASC”) 740, “Income Taxes,” Workiva has recognized the effects of the OBBB during the current quarter. The new legislation had an immaterial favorable impact on our income tax expense and tax receivable and does not have a material impact on our annual effective tax rate or net deferred tax assets. We will continue to evaluate the future provisions but do not anticipate any material impact to our financial statements.
New Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Upon adoption we will include additional income tax disclosures as required by the new guidance. The standard will not have an impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive and Income - Expense Disaggregation Disclosures (Subtopic 220-40), requiring public business entities (PBEs) to provide disaggregated disclosures of relevant income statement expenses. The amendments aim to improve financial reporting by enhancing transparency in the notes to financial statements, specifically regarding expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
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In November 2024, the FASB issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments, which amends the guidance in ASC 470-20 for induced conversions of convertible debt instruments. The update clarifies the accounting treatment for debt conversion wherein inducement offers are made, regardless of whether the settlement is in equity, cash, or a combination of both. Previously, induced conversions were limited to equity settlements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2025. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
2. Supplemental Consolidated Balance Sheet Information
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
| As of September 30, 2025 | As of December 31, 2024 | ||||||||||
| Accrued bonuses | $ | $ | |||||||||
| Customer deposits | |||||||||||
| Accrued vacation | |||||||||||
| Accrued commissions | |||||||||||
| Accrued payroll | |||||||||||
| ESPP employee contributions | |||||||||||
| Operating lease liabilities | |||||||||||
| Estimated health insurance claims | |||||||||||
| Accrued interest | |||||||||||
| Accrued other liabilities | |||||||||||
Total | $ | $ | |||||||||
3. Cash Equivalents and Marketable Securities
As of September 30, 2025, cash equivalents and marketable securities consisted of the following (in thousands):
Amortized Cost | Unrealized Gains | Unrealized Losses | Aggregate Fair Value | ||||||||||||||||||||
| Money market funds | $ | $ | — | $ | — | $ | |||||||||||||||||
| Commercial paper | |||||||||||||||||||||||
| U.S. treasury debt securities | ( | ||||||||||||||||||||||
| U.S. government agency debt securities | ( | ||||||||||||||||||||||
| Corporate debt securities | ( | ||||||||||||||||||||||
| $ | $ | $ | ( | $ | |||||||||||||||||||
| Included in cash and cash equivalents | $ | $ | — | $ | — | $ | |||||||||||||||||
| Included in marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
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As of December 31, 2024, cash equivalents and marketable securities consisted of the following (in thousands):
Amortized Cost | Unrealized Gains | Unrealized Losses | Aggregate Fair Value | ||||||||||||||||||||
| Money market funds | $ | $ | — | $ | — | $ | |||||||||||||||||
| Commercial paper | |||||||||||||||||||||||
| U.S. treasury debt securities | ( | ||||||||||||||||||||||
| U.S. government agency debt securities | ( | ||||||||||||||||||||||
| Corporate debt securities | ( | ||||||||||||||||||||||
| $ | $ | $ | ( | $ | |||||||||||||||||||
| Included in cash and cash equivalents | $ | $ | $ | — | $ | ||||||||||||||||||
| Included in marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
The contractual maturities of the investments classified as marketable securities are as follows (in thousands):
| As of September 30, 2025 | |||||
| Due within one year | $ | ||||
| Due in one to two years | |||||
| Due in three to five years | |||||
| $ | |||||
The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of September 30, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
| As of September 30, 2025 | |||||||||||||||||||||||
Less than 12 months | 12 months or greater | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
| U.S. treasury debt securities | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| U.S. government agency debt securities | ( | ( | |||||||||||||||||||||
| Corporate debt securities | ( | ||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||
We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of September 30, 2025, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.
4. Fair Value Measurements
We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
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The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:
Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
Level 3 - Inputs are unobservable inputs based on our assumptions.
Financial Assets
Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2, and we have no financial assets measured using Level 3 inputs on a recurring basis. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):
| Fair Value Measurements as of September 30, 2025 | Fair Value Measurements as of December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Commercial paper | ||||||||||||||||||||||||||||||||||||||
| U.S. treasury debt securities | ||||||||||||||||||||||||||||||||||||||
| U.S. government agency debt securities | ||||||||||||||||||||||||||||||||||||||
| Corporate debt securities | ||||||||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
| Included in cash and cash equivalents | $ | $ | ||||||||||||||||||||||||||||||||||||
| Included in marketable securities | $ | $ | ||||||||||||||||||||||||||||||||||||
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Convertible Senior Notes
As of September 30, 2025, the fair value of our convertible senior notes due in 2026 and 2028 was $85.1 million and $689.4 million, respectively. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 5 to the consolidated financial statements for more information.
5. Convertible Senior Notes
The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands):
Month Issued | Maturity Date | Free Convertibility Date | Redemption Date | Original Principal (including overallotment) | Initial Conversion Rate per $1,000 Principal | Initial Conversion Price | ||||||||||||||||||||||||||||||||||||||
2026 Notes | August 2019 | August 15, 2026 | May 15, 2026 | August 21, 2023 | $ | 12.4756 | $ | |||||||||||||||||||||||||||||||||||||
2028 Notes | August 2023 | August 15, 2028 | May 15, 2028 | August 21, 2026 | $ | 7.4690 | $ | |||||||||||||||||||||||||||||||||||||
In August 2019, we issued $345.0 million aggregate principal amount of 1.125 % convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the "2026 Notes”). The 2026 Notes bear interest at a fixed rate of 1.125 % per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the 2026 Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs.
In August 2023, we issued $702.0 million aggregate principal amount of 1.250 % convertible senior notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the partial exercise of 77.0 million principal amount by the initial purchasers of their option to purchase up to an additional $100 million principal amount (the "2028 Notes”). The 2028 Notes bear interest at a fixed rate of 1.250 % per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2024. Proceeds from the issuance of the 2028 Notes totaled $691.1 million, net of initial purchaser discounts and issuance costs.
The 2026 Notes and the 2028 Notes are together referred to as the "Notes".
The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The 2028 Notes will rank equally with all of the Company’s existing and future senior unsecured indebtedness, including the Company’s outstanding 2026 Notes.
Holders of the Notes may convert all or a portion of their Notes prior to the close of business on their respective Free Convertibility dates, in multiples of $1,000 principal amount, only under the following circumstances:
•during any calendar quarter commencing after the calendar quarter in which the respective Notes were issued (and only during such calendar quarter), if the last reported sale price of our Class A common stock, par value $0.001 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including,
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the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price on each applicable trading day;
•during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day;
•if we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of certain specified corporate events as set forth in the relevant indenture.
On or after the relevant Free Convertibility Date, holders of the Notes may convert their Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes.
Upon conversion, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture.
The Company may redeem for cash all or any portion of the Notes, at its option, on or after the respective Redemption Date, if the last reported sale price of the Company’s common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 % of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the respective Redemption Date.
As of September 30, 2025, the Free Convertibility Date for the 2026 Notes is less than one year from the balance sheet date and therefore the 2026 Notes are classified as current liabilities on the consolidated balance sheet. During the third quarter of 2025 none of the conversion conditions related to our 2028 Notes were met and therefore the 2028 Notes are not convertible at the option of the holders. As a result, the 2028 Notes were classified as non-current liabilities on the consolidated balance sheet as of September 30, 2025.
Interest expense representing the amortization of issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 1.5 % and 1.6 % over the term of the 2026 Notes and 2028 Notes, respectively.
As of September 30, 2025, the remaining life of the 2026 Notes and 2028 Notes were approximately 0.8 years and 2.8 years, respectively.
The net carrying amount of the Notes was as follows (in thousands):
| As of September 30, 2025 | As of December 31, 2024 | ||||||||||||||||||||||
2026 Notes | 2028 Notes | 2026 Notes | 2028 Notes | ||||||||||||||||||||
| Principal | $ | $ | $ | $ | |||||||||||||||||||
| Unamortized issuance costs | ( | ( | ( | ( | |||||||||||||||||||
| Net carrying amount | $ | $ | $ | $ | |||||||||||||||||||
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Interest expense related to the Notes was as follows (in thousands):
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Contractual interest expense | $ | $ | $ | $ | |||||||||||||||||||
| Amortization of issuance costs | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
6. Commitments and Contingencies
Litigation
From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
7. Stock-Based Compensation
We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. We utilize stock-based compensation in the form of restricted stock units, performance restricted stock units, options to purchase Class A common stock and Employee Stock Purchase Plan ("ESPP") purchase rights. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (“the 2009 Plan”). The 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan ("the Plan"). As of December 31, 2024, there were no awards outstanding under the 2009 Plan.
Stock-Based Compensation Expense
Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Subscription and support | $ | $ | $ | $ | |||||||||||||||||||
Professional services | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
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Stock Options
The following table summarizes the option activity under the Plan for the nine months ended September 30, 2025:
Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | |||||||||||||||||||||
| Outstanding at December 31, 2024 | $ | ||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
| Outstanding at September 30, 2025 | $ | ||||||||||||||||||||||
| Exercisable at September 30, 2025 | $ | ||||||||||||||||||||||
Restricted Stock Units and Performance Restricted Stock Units
The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plan for the nine months ended September 30, 2025:
Number of Shares | Weighted- Average Grant Date Fair Value | ||||||||||
| Unvested at December 31, 2024 | $ | ||||||||||
| Granted | |||||||||||
| Forfeited | ( | ||||||||||
Vested(1) | ( | ||||||||||
| Unvested at September 30, 2025 | $ | ||||||||||
(1) During the nine months ended September 30, 2025, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 5,634 shares elected to defer settlement of their vested restricted stock units and 9,375 shares were released from deferral.
Employee Stock Purchase Plan
During the nine months ended September 30, 2025, 227,124 shares of common stock were purchased under the ESPP at a weighted-average price of $60.31 per share, resulting in cash proceeds of $13.7 million.
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8. Revenue Recognition
Disaggregation of Revenue
The following table presents our revenue disaggregated by type of good or service (in thousands):
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Subscription and support | $ | $ | $ | $ | |||||||||||||||||||
| XBRL professional services | |||||||||||||||||||||||
| Other services | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Deferred Revenue
We recognized $186.2 million and $153.0 million of revenue during the three months ended September 30, 2025 and 2024, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $402.4 million and $331.2 million of revenue during the nine months ended September 30, 2025 and 2024, respectively, that was included in the deferred revenue balances at the beginning of the respective periods.
Transaction Price Allocated to the Remaining Performance Obligations
9. Intangible Assets and Goodwill
The following table presents the components of net intangible assets (in thousands):
| As of September 30, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
| Weighted Average Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||
| Acquired technology | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Acquired customer-related | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Acquired trade names | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Patents | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
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In the first quarter of the subsequent annual period in which an intangible asset becomes fully amortized, the gross carrying amount and accumulated amortization are removed from the preceding table.
Amortization expense related to intangible assets was $1.7 million and $2.0 million for the three months ended September 30, 2025 and 2024, respectively, and $5.6 million and $4.8 million for the nine months ended September 30, 2025 and 2024, respectively.
As of September 30, 2025, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):
| Remainder of 2025 | $ | ||||
| 2026 | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| Thereafter | |||||
| Total expected amortization expense | $ | ||||
The changes in the carrying amount of goodwill were as follows (in thousands):
| Balance at December 31, 2024 | $ | ||||
| Foreign currency translation adjustments | |||||
| Balance at September 30, 2025 | $ | ||||
10. Net Income (Loss) Per Share
Net income (loss) per share is allocated based on the contractual participation rights of the Class A and Class B common shares as if the income (loss) for the year has been distributed. As the liquidation and dividend rights are identical, net income (loss) is allocated on a proportionate basis.
A reconciliation of the denominator used in the calculation of basic and diluted income (loss) per share is as follows (in thousands, except share and per share data):
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| Three months ended | |||||||||||||||||||||||
| September 30, 2025 | September 30, 2024 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Basic net income (loss) per share | |||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||
Net income (loss), basic | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Denominator | |||||||||||||||||||||||
| Weighted-average shares outstanding, basic | |||||||||||||||||||||||
Net income (loss) per share, basic | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Diluted net income (loss) per share | |||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||
Net income (loss), basic | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Interest on convertible notes, net of tax | |||||||||||||||||||||||
Net income (loss), diluted | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Denominator | |||||||||||||||||||||||
| Weighted-average shares outstanding, basic | |||||||||||||||||||||||
Weighted-average effect of dilutive securities: | |||||||||||||||||||||||
| Employee share-based awards | |||||||||||||||||||||||
| Convertible senior notes | |||||||||||||||||||||||
Number of shares used in diluted calculation | |||||||||||||||||||||||
Net income (loss) per share, diluted | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Nine months ended | |||||||||||||||||||||||
| September 30, 2025 | September 30, 2024 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Basic and diluted net loss per share | |||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||
Net loss, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Denominator | |||||||||||||||||||||||
Weighted-average shares outstanding, basic and diluted | |||||||||||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
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The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net income (loss) per common share were as follows:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Shares subject to outstanding common stock options | |||||||||||||||||||||||
| Shares subject to unvested restricted stock units and performance restricted stock units | |||||||||||||||||||||||
| Shares issuable pursuant to the ESPP | |||||||||||||||||||||||
Shares underlying our convertible senior notes | |||||||||||||||||||||||
11. Geographic Information
Our chief operating decision maker is our Chief Executive Officer ("CEO"). Our CEO reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one
Revenue by geographical region consisted of the following (in thousands):
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Subscription and support revenue | |||||||||||||||||||||||
| Americas | $ | $ | $ | $ | |||||||||||||||||||
| Other | |||||||||||||||||||||||
| Professional services revenue | |||||||||||||||||||||||
| Americas | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Revenue by geography is generally based on the country of the customer as specified in our subscription order. Total Americas revenue attributed to the U.S. was approximately 91 % and 92 % during the three months ended September 30, 2025 and 2024, respectively, and 92 % and 93 % during the nine months ended September 30, 2025 and 2024, respectively. No other country represented more than 10% of total revenue during the periods presented.
Our long-lived assets, which primarily consist of property and equipment and operating lease right-of-use assets, are attributed to a country based on the physical location of the assets. Aggregate long-lived assets by geographical region consisted of the following (in thousands):
| As of September 30, 2025 | As of December 31, 2024 | ||||||||||
| Americas | $ | $ | |||||||||
| Other | |||||||||||
Total | $ | $ | |||||||||
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report and in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025. In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the SEC.
Overview
The Workiva platform powers transparency, accountability, and trust. Finance, accounting, sustainability, risk, and audit teams from more than 6,500 organizations worldwide, including over 85% of FORTUNE® 1,000 companies, rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, AI-powered, collaborative platform.
From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning (“ERP”), human capital management (“HCM”), and customer relationship management (“CRM”) systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time.
While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and governance, risk and compliance (“GRC”)) focusing primarily on the office of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”).
We operate our business on a SaaS model. Customers enter into annual and multi-year subscription contracts to gain access to our platform. Our subscription fee includes the use of our software and technical support. Our subscription pricing is based primarily on a solution-based licensing model. Under this model, operating metrics related to a customer’s expected use of each solution determine the price. We charge customers additional fees primarily for document setup and XBRL tagging services.
We generate sales primarily through our direct sales force. In addition, we augment our direct sales channel with partnerships. Our advisory and service partners offer a wider range of domain and functional expertise that broadens the capabilities of our platform, bringing scale and support to customers and prospects. Our technology partners enable more data and process integrations to help customers connect critical transactional systems directly to our platform.
We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount expanded to 2,891 at September 30, 2025 from 2,751 at September 30, 2024, an increase of 5.1%.
We have achieved significant revenue growth in recent periods. Our revenue grew to $224.2 million and $645.6 million during the three and nine months ended September 30, 2025 from $185.6 million and $538.8 million during the three and nine months ended September 30, 2024. We generated net income of $2.8 million and incurred a net loss of $38.0 million during the three and nine months
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ended September 30, 2025, respectively compared to net losses of $17.0 million and $46.2 million during the three and nine months ended September 30, 2024.
We continue to invest for future growth and are focused on several key drivers, including focusing on multi-solution adoption by new and existing customers, further developing our partner program, accelerating international expansion and our fit-for-purpose solutions. These growth drivers often require a more sophisticated go-to-market approach and, as a result, we may incur additional costs upfront to obtain new customers and expand our relationships with existing customers, including additional sales and marketing expenses.
Effects of Policy and Regulatory Uncertainty
Sales of our sustainability management solutions have been, and may continue to be, materially impacted by domestic and global policy uncertainties. Shifts in regulatory priorities, market sentiment and legal challenges to sustainability-related rules and regulations are affecting our market expansion opportunities in the U.S. and abroad. For example, the European Union’s Corporate Sustainability Reporting Directive (“CSRD”) standards used to identify and collect sustainability information and data are still developing and uncertain. In particular, the CSRD's "stop-the-clock" directive delayed reporting requirements for Wave 2 and Wave 3 companies. This has delayed compliance obligations and requirements. The extent of this global policy uncertainty, and its potential impact on our growth trajectory, cannot be accurately predicted.
Ongoing regulatory initiatives, including proposed changes to SEC reporting requirements intended to reduce burdens on public companies and enhance the attractiveness of capital markets, such as a potential shift in reporting frequency, could affect the performance of certain of our businesses. These developments may have positive or negative impacts on our business, but the scope and timing of any effects remain uncertain. We continue to monitor regulatory developments and assess potential effects across our business. The full scope of these potential regulatory developments, and their implications for our financial performance, cannot be predicted accurately at this time.
Effects of Volatility in the IPO/SPAC Markets
In the U.S., volatility in the public markets has led to a decrease in the number of initial public offerings (“IPOs”) and special-purpose acquisition companies (“SPACs”) since fiscal 2022. New sales of our SEC and capital markets solutions were adversely affected by this decline in the IPO and SPAC markets. Although there has been an increase recently in the number of IPOs in 2025, we continue to expect reduced valuation multiples caused by higher interest rates, inflation, global trade conflicts, the ongoing U.S. government shutdown, and geopolitical instability to continue to create uncertain impacts on the number of IPOs in fiscal year 2025. Whether and to what extent the IPO and SPAC markets will continue to moderate cannot be accurately predicted.
Key Factors Affecting Our Performance
Generate Growth From Existing Customers. The Workiva platform can exhibit a powerful network effect within an enterprise, meaning that the usefulness of our platform attracts additional users. Since solution-based licensing offers our customers an unlimited number of seats for each solution purchased, we expect customers to add more seats over time. As more employees in an enterprise use our platform, additional opportunities for collaboration and automation drive demand among their colleagues for additional solutions.
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Pursue New Customers. We sell to organizations that manage large, complex processes with distributed teams of contributors and disparate sets of business data. We market our platform to professionals and executives in the areas of financial and non-financial reporting, including regulatory, multi-entity and management reporting. In addition, we market to teams responsible for sustainability management and GRC programs. We intend to continue to build our sales and marketing organization and leverage our brand equity to attract new customers.
Offer More Solutions. We intend to introduce new solutions to continue to meet growing demand for our platform. Our close and trusted relationships with our customers are a source for new use cases, features and solutions. We have a disciplined process for tracking, developing and releasing new solutions that are designed to have immediate, broad applicability, together with a strong value proposition and high return on investment for both Workiva and our customers. Our advance planning team assesses customer needs, conducts industry-based research and defines new markets. This vetting process involves our sales, product marketing, customer success, professional services, research and development, finance and senior management teams.
Expand Across Enterprises. Our success in delivering multiple solutions has created demand from customers for a broader-based, enterprise-wide Workiva platform. In response, we have been improving our technology and realigning sales and marketing to capitalize on our growing enterprise-wide opportunities. We believe this expansion will add new users, increase revenue and continue to support our high revenue retention rates. However, we expect that enterprise-wide deals will be larger and more complex, which tend to lengthen the sales cycle.
Add Partners. We continue to expand and deepen our relationships with global and regional partners, including consulting firms, system integrators, large and mid-sized independent software vendors, and implementation partners. Our advisory and service partners offer a wider range of domain and functional expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they drive for their customers. Our technology partners enable powerful data and process integrations to help customers connect critical transactional systems directly to our platform, with powerful linking, auditability and control features. We believe that our partner ecosystem extends our global reach, accelerates the usage and adoption of our platform, and enables more efficient delivery of professional services.
Investment in growth. We plan to continue to invest in the development of our platform, fit-for-purpose solutions and application marketplace to enhance our current offerings and build new features. In addition, we expect to continue to invest in our sales, marketing, professional services and customer success organizations to drive additional revenue and support the needs of our growing customer base and to take advantage of opportunities that we have identified in Europe, the Middle East and Africa ("EMEA") and Asia-Pacific ("APAC") regions.
Seasonality. Our revenue from professional services has some degree of seasonality. Many of our customers employ our professional services just before they file their Form 10-K, often in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expenses have historically been higher in the third quarter due to our annual user conference typically held in September. In addition, our operating cash flow may be affected by the timing of employee cash bonus payments during the first and fourth calendar quarters and by the timing of payouts under our commission plans in the first quarter.
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Key Performance Indicators
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Financial metrics | |||||||||||||||||||||||
Total revenue | $ | 224,166 | $ | 185,621 | $ | 645,633 | $ | 538,791 | |||||||||||||||
| Percentage increase in total revenue | 20.8 | % | 17.4 | % | 19.8 | % | 16.3 | % | |||||||||||||||
| Subscription and support revenue | $ | 209,560 | $ | 171,035 | $ | 593,295 | $ | 486,749 | |||||||||||||||
| Percentage increase in subscription and support revenue | 22.5 | % | 19.3 | % | 21.9 | % | 18.8 | % | |||||||||||||||
| Subscription and support as a percent of total revenue | 93.5 | % | 92.1 | % | 91.9 | % | 90.3 | % | |||||||||||||||
| As of September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating metrics | |||||||||||
| Number of customers | 6,541 | 6,237 | |||||||||
| Gross retention rate | 97.3% | 97.5% | |||||||||
| Net retention rate | 113.6% | 110.5% | |||||||||
| Number of customers with annual contract value $100k+ | 2,372 | 1,926 | |||||||||
| Number of customers with annual contract value $300k+ | 541 | 383 | |||||||||
| Number of customers with annual contract value $500k+ | 236 | 166 | |||||||||
Total customers. We believe total number of customers is a key indicator of our financial success and future revenue potential. We define a customer as an entity with an active subscription contract as of the measurement date. We define a customer as a separate and distinct buying entity, such as a company, a government institution, or a distinct business unit of a large company that has an active contract with us or one of our partners to access our platforms. Companies with publicly-listed securities account for a majority of our customers. As customers acquired through our Sustain.Life acquisition in 2024 renew their contracts with Workiva, they are added to our customer count above.
Gross retention rate. Our gross retention rate is based on subscription and support revenue. We calculate our gross retention rate based on all customers that were active at the end of the same calendar quarter of the prior year (“base customers”). We begin by annualizing the subscription and support revenue recorded in the same calendar quarter of the prior year for those base customers who are still active at the end of the current quarter. We divide the result by the annualized subscription and support revenue in the same quarter of the prior year for all base customers. We believe gross retention rates are an important metric to track how the Company retains its base revenue for each year.
Our gross retention rate was 97.3% as of September 30, 2025, down marginally from 97.5% as of September 30, 2024. We believe that our success in maintaining a high rate of revenue retention is attributable primarily to our robust technology platform and strong customer service. Customers whose securities were deregistered due to merger or acquisition or financial distress accounted for over half of our revenue attrition in the latest quarter.
Net retention rate. Our net retention rate is based on subscription and support revenue, and includes revenue from up-selling or cross-selling additional solutions, and pricing changes for existing customers and securing multi-year contract renewals containing periodic pricing term increases. We
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calculate our net retention rate by annualizing the subscription and support revenue recorded in the current quarter for our base customers that were active at the end of the current quarter. We divide the result by the annualized subscription and support revenue in the same quarter of the prior year for all base customers. We believe our net retention rate is an important metric to measure the long-term value of customer agreements and our ability to retain our customers.
Our net retention rate including add-ons was 113.6% as of the quarter ended September 30, 2025, up from 110.5% as of September 30, 2024.
Annual contract value. Our annual contract value (“ACV”) for each customer is calculated by annualizing the subscription and support revenue recognized during each quarter. We believe the increase in the number of larger contracts shows our progress in expanding our customers’ adoption of our platform. As customers acquired through our Sustain.Life acquisition in 2024 renew their contracts with Workiva, they are incorporated into our ACV metrics in the following table.
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Subscription and support revenue from customers with annual contract value of $100k+ as a percent of total subscription and support revenue | 77.6% | 71.8% | 76.1% | 70.3% | |||||||||||||||||||
| Subscription and support revenue from customers with annual contract value of $300k+ as a percent of total subscription and support revenue | 42.1% | 36.0% | 40.3% | 35.1% | |||||||||||||||||||
| Subscription and support revenue from customers with annual contract value of $500k+ as a percent of total subscription and support revenue | 28.4% | 24.3% | 27.0% | 23.5% | |||||||||||||||||||
Components of Results of Operations
Revenue
We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We serve a wide range of customers in many industries, and our revenue is not concentrated with any single customer or small group of customers. For the nine months ended September 30, 2025 and 2024, no single customer represented more than 1% of our revenue, and our largest 10 customers accounted for less than 10% of our revenue in the aggregate.
We generate sales directly through our sales force and partners. We also identify some sales opportunities with existing customers through our customer success and professional services teams.
Our customer contracts typically range in length from one year to three years. We typically invoice our customers for subscription fees annually in advance. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. Our arrangements do not contain general rights of return.
Subscription and Support Revenue. We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Amounts that are invoiced are initially recorded as deferred revenue.
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Professional Services Revenue. We believe our professional services facilitate the sale of our subscription service to certain customers. To date, most of our professional services have consisted of document set up, XBRL tagging, and consulting to help our customers with business processes and best practices for using our platform. Our professional services are not required for customers to utilize our solution. We recognize revenue for document set up when the service is complete and control has transferred to the customer. Revenue from XBRL tagging and consulting services are recognized as the services are performed.
Cost of Revenue
Cost of revenue consists primarily of personnel and related costs directly associated with our professional services, customer success teams and training personnel, including salaries, benefits, bonuses, travel, and stock-based compensation; the costs of contracted third-party vendors; the costs of third-party hosting fees for server usage by our customers; information technology costs; and facility costs.
Sales and Marketing Expenses
Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. We pay sales commissions for initial contracts and expansions of existing customer contracts. When the relevant amortization period is one year or less, we expense sales commissions as incurred. All other sales commissions are considered incremental costs of obtaining a contract with a customer and are deferred and amortized on a straight-line basis over a period of benefit that we have determined to be three years.
Research and Development Expenses
Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, travel, and stock-based compensation; costs of third-party hosting fees for server usage by our developers; information technology costs; and facility costs.
General and Administrative Expenses
General and administrative expenses consist primarily of personnel and related costs for our executive, finance and accounting, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, travel, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs.
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Results of Operations
The following table sets forth selected consolidated statement of operations data for each of the periods indicated:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Subscription and support | $ | 209,560 | $ | 171,035 | $ | 593,295 | $ | 486,749 | |||||||||||||||
| Professional services | 14,606 | 14,586 | 52,338 | 52,042 | |||||||||||||||||||
| Total revenue | 224,166 | 185,621 | 645,633 | 538,791 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Subscription and support(1) | 33,824 | 30,621 | 103,163 | 86,493 | |||||||||||||||||||
Professional services(1) | 12,554 | 13,050 | 41,100 | 39,873 | |||||||||||||||||||
| Total cost of revenue | 46,378 | 43,671 | 144,263 | 126,366 | |||||||||||||||||||
| Gross profit | 177,788 | 141,950 | 501,370 | 412,425 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development(1) | 51,403 | 48,425 | 160,026 | 142,328 | |||||||||||||||||||
Sales and marketing(1) | 101,127 | 89,756 | 306,823 | 257,086 | |||||||||||||||||||
General and administrative(1) | 28,663 | 25,551 | 84,822 | 76,225 | |||||||||||||||||||
| Total operating expenses | 181,193 | 163,732 | 551,671 | 475,639 | |||||||||||||||||||
| Loss from operations | (3,405) | (21,782) | (50,301) | (63,214) | |||||||||||||||||||
| Interest income | 8,442 | 9,298 | 25,533 | 30,089 | |||||||||||||||||||
| Interest expense | (3,195) | (3,199) | (9,584) | (9,668) | |||||||||||||||||||
| Other income (expense), net | 318 | (350) | (651) | (309) | |||||||||||||||||||
| Income (loss) before provision for income taxes | 2,160 | (16,033) | (35,003) | (43,102) | |||||||||||||||||||
| (Benefit) provision for income taxes | (626) | 959 | 2,982 | 3,125 | |||||||||||||||||||
| Net income (loss) | $ | 2,786 | $ | (16,992) | $ | (37,985) | $ | (46,227) | |||||||||||||||
(1) Stock-based compensation expense included in these line items was as follows:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Subscription and support | $ | 2,635 | $ | 2,164 | $ | 7,579 | $ | 5,708 | |||||||||||||||
Professional services | 1,102 | 858 | 3,204 | 2,348 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development | 6,592 | 5,681 | 19,198 | 15,474 | |||||||||||||||||||
Sales and marketing | 9,855 | 9,942 | 29,496 | 26,470 | |||||||||||||||||||
General and administrative | 10,062 | 8,825 | 27,124 | 25,879 | |||||||||||||||||||
Total stock-based compensation expense | $ | 30,246 | $ | 27,470 | $ | 86,601 | $ | 75,879 | |||||||||||||||
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The following table sets forth our consolidated statement of operations data as a percentage of revenue for each of the periods indicated:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Subscription and support | 93.5 | % | 92.1 | % | 91.9 | % | 90.3 | % | |||||||||||||||
| Professional services | 6.5 | 7.9 | 8.1 | 9.7 | |||||||||||||||||||
| Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Subscription and support | 15.1 | 16.5 | 16.0 | 16.1 | |||||||||||||||||||
| Professional services | 5.6 | 7.0 | 6.4 | 7.4 | |||||||||||||||||||
| Total cost of revenue | 20.7 | 23.5 | 22.4 | 23.5 | |||||||||||||||||||
| Gross profit | 79.3 | 76.5 | 77.6 | 76.5 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Research and development | 22.9 | 26.1 | 24.8 | 26.4 | |||||||||||||||||||
| Sales and marketing | 45.1 | 48.4 | 47.5 | 47.7 | |||||||||||||||||||
| General and administrative | 12.8 | 13.8 | 13.1 | 14.1 | |||||||||||||||||||
| Total operating expenses | 80.8 | 88.3 | 85.4 | 88.2 | |||||||||||||||||||
| Loss from operations | (1.5) | (11.8) | (7.8) | (11.7) | |||||||||||||||||||
| Interest income | 3.8 | 5.0 | 4.0 | 5.6 | |||||||||||||||||||
| Interest expense | (1.4) | (1.7) | (1.5) | (1.8) | |||||||||||||||||||
| Other income (expense), net | 0.1 | (0.2) | (0.1) | (0.1) | |||||||||||||||||||
| Income (loss) before provision for income taxes | 1.0 | (8.7) | (5.4) | (8.0) | |||||||||||||||||||
| (Benefit) provision for income taxes | (0.3) | 0.5 | 0.5 | 0.6 | |||||||||||||||||||
| Net income (loss) | 1.3 | % | (9.2) | % | (5.9) | % | (8.6) | % | |||||||||||||||
Comparison of Three and Nine Months Ended September 30, 2025 and 2024
Revenue
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||||||||||||
Subscription and support | $ | 209,560 | $ | 171,035 | 22.5% | $ | 593,295 | $ | 486,749 | 21.9% | ||||||||||||||||||||||||||||
Professional services | 14,606 | 14,586 | 0.1% | 52,338 | 52,042 | 0.6% | ||||||||||||||||||||||||||||||||
Total revenue | $ | 224,166 | $ | 185,621 | 20.8% | $ | 645,633 | $ | 538,791 | 19.8% | ||||||||||||||||||||||||||||
Total revenue increased $38.5 million for the three months ended September 30, 2025 compared to the same quarter a year ago due to a $38.5 million increase in subscription and support revenue. Growth in subscription and support revenue in the third quarter was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services was relatively flat for the three months ended September 30, 2025 compared to the same quarter a year ago.
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Total revenue increased $106.8 million for the nine months ended September 30, 2025 compared to the same period a year ago due primarily to a $106.5 million increase in subscription and support revenue. Growth in subscription and support revenue was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services increased $0.3 million for the nine months ended September 30, 2025 compared to the same period a year ago. We continue to transition consulting and other services to our partners and expect the revenue growth rate from subscription and support to continue to outpace revenue growth from professional services on an annual basis.
Cost of Revenue
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||||||||||||||||
Subscription and support | $ | 33,824 | $ | 30,621 | 10.5% | $ | 103,163 | $ | 86,493 | 19.3% | ||||||||||||||||||||||||||||
Professional services | 12,554 | 13,050 | (3.8)% | 41,100 | 39,873 | 3.1% | ||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 46,378 | $ | 43,671 | 6.2% | $ | 144,263 | $ | 126,366 | 14.2% | ||||||||||||||||||||||||||||
Cost of revenue increased $2.7 million during the three months ended September 30, 2025 compared to the same quarter a year ago. Subscription and support cost of revenue increased $3.2 million due primarily to $2.6 million in higher cash-based compensation and benefits costs, $0.5 million of additional stock-based compensation, and a $0.8 million increase in the cost of licensed platform content partially offset by a $0.5 million decrease in travel expense. The increase in compensation was primarily driven by an increase in employee headcount. The increase in the cost of licensed platform content resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue decreased $0.5 million due primarily to a $0.6 million decrease in cash-based compensation and benefits costs partially offset by an increase of $0.2 million in stock-based compensation as we continue to transition consulting and other services to our partners.
Cost of revenue increased $17.9 million during the nine months ended September 30, 2025 compared to the same period a year ago. Subscription and support cost of revenue increased $16.7 million due primarily to $10.6 million in higher cash-based compensation and benefits costs, $1.9 million of additional stock-based compensation, a $2.2 million increase in the cost of licensed platform content, a $1.0 million increase in intangibles amortization related to Sustain.Life, and a $0.6 million increase in software expense. The increase in compensation was primarily driven by a modest increase in employee headcount. The increases in the cost of licensed platform content and software expense resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue increased $1.2 million due primarily to $0.3 million in higher cash-based compensation and benefits costs and $0.9 million of additional stock-based compensation. The change in compensation was primarily driven by standard compensation increases for existing headcount partially offset by our continued transition of consulting and other services to our partners.
Operating Expenses
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| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||||||||||||||
Research and development | $ | 51,403 | $ | 48,425 | 6.1% | $ | 160,026 | $ | 142,328 | 12.4% | ||||||||||||||||||||||||||||
Sales and marketing | 101,127 | 89,756 | 12.7% | 306,823 | 257,086 | 19.3% | ||||||||||||||||||||||||||||||||
General and administrative | 28,663 | 25,551 | 12.2% | 84,822 | 76,225 | 11.3% | ||||||||||||||||||||||||||||||||
Total operating expenses | $ | 181,193 | $ | 163,732 | 10.7% | $ | 551,671 | $ | 475,639 | 16.0% | ||||||||||||||||||||||||||||
Research and Development
Research and development expenses increased $3.0 million during the three months ended September 30, 2025 compared to the same quarter a year ago due primarily to $2.8 million in higher cash-based compensation and benefits, $0.9 million of additional stock-based compensation, and a $0.5 million increase in professional service fees partially offset by a $0.5 million decrease in the cost of cloud infrastructure services and a $0.4 million decrease in travel expense. The increase in compensation was primarily driven by an increase in employee headcount. The increase in professional service fees resulted primarily from our continued investment in and support of our platform and solutions.
Research and development expenses increased $17.7 million during the nine months ended September 30, 2025 compared to the same period a year ago due primarily to $13.7 million in higher cash-based compensation and benefits and $3.7 million of additional stock-based compensation. The increase in compensation was primarily driven by a modest increase in employee headcount.
Sales and Marketing
Sales and marketing expenses increased $11.4 million during the three months ended September 30, 2025 compared to the same quarter a year ago due primarily to $12.7 million in higher cash-based compensation and benefits partially offset by a $0.7 million decrease in travel expense and a $0.5 million decrease in advertising fees. The increase in compensation was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities.
Sales and marketing expenses increased $49.7 million during the nine months ended September 30, 2025 compared to the same period a year ago due primarily to $38.3 million in higher cash-based compensation and benefits, $3.0 million of additional stock-based compensation, a $3.3 million increase in marketing and advertising, a $2.0 million increase in professional service fees, a $1.6 million increase in internal event costs, and a $0.9 million in software expense. The increases in compensation and internal event costs were primarily due to an increase in employee headcount as we continue to invest in our go-to-market activities. The increases in marketing and advertising, professional service fees, and software expense were the result of our continued investment in and support of our platform and solutions.
General and Administrative
General and administrative expenses increased $3.1 million during the three months ended September 30, 2025 compared to the same quarter a year ago due primarily to a $2.1 million increase in cash-based compensation and benefits and $1.2 million of additional stock-based compensation. The increase in compensation is primarily attributable to an executive transition and a modest increase in headcount.
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General and administrative expenses increased $8.6 million during the nine months ended September 30, 2025 compared to the same period a year ago due primarily to $4.7 million in higher cash-based compensation and benefits, $1.4 million of additional stock-based compensation, and a $2.6 million increase in internal event costs. The increase in compensation was due to a modest increase in employee headcount and an executive transition. The increase in internal event costs was due to a new internal event held in the second quarter.
Non-Operating Income (Expenses)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Interest income | $ | 8,442 | $ | 9,298 | (9.2)% | $ | 25,533 | $ | 30,089 | (15.1)% | ||||||||||||||||||||||||||||
Interest expense | (3,195) | (3,199) | (0.1)% | (9,584) | (9,668) | (0.9)% | ||||||||||||||||||||||||||||||||
| Other income (expense), net | 318 | (350) | * | (651) | (309) | * | ||||||||||||||||||||||||||||||||
(*) Percentage is not meaningful.
Interest Income, Interest Expense, and Other Income (Expense), Net
During the three months ended September 30, 2025, interest income decreased $0.9 million compared to the same quarter a year ago primarily due to lower interest rates. Interest expense remained relatively flat compared to the same quarter a year ago. Other income, net increased $0.7 million compared to the same quarter a year ago due primarily to gains on foreign currency transactions.
During the nine months ended September 30, 2025, interest income decreased $4.6 million compared to the same period a year ago due primarily to lower interest rates. Interest expense remained relatively flat compared to the same period a year ago. Other expense, net increased $0.3 million compared to the same period a year ago due primarily to losses on foreign currency transactions.
Results of Operations for Fiscal 2024 Compared to 2023
For a comparison of our results of operations for the fiscal years ended December 31, 2024 and 2023, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025.
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Liquidity and Capital Resources
Overview of Sources and Uses of Cash
As of September 30, 2025, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $856.8 million, which were held for working capital purposes. We have financed our operations primarily through cash generated from operations and issuances of convertible debt. We have generated significant operating losses as reflected in our accumulated deficit on our consolidated balance sheets. While we may incur operating losses and negative cash flows from operations in the future, we believe that current cash and cash equivalents and cash flows from operating activities will be sufficient to fund our operations for at least the next twelve months.
Convertible Debt
In August 2023, we issued $702.0 million aggregate principal amount of our 1.250% 2028 Notes. Proceeds from the issuance of the 2028 Notes totaled $691.1 million, net of initial purchaser discounts and issuance costs. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 1.125% 2026 Notes in separate and individually negotiated transactions with certain holders. As of September 30, 2025, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $71.0 million and $695.7 million, with corresponding maturity dates of August 15, 2026 and August 15, 2028, respectively.
Share Repurchase Plan
On July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”). The repurchases may be made in the open market or through privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means, each in compliance with Rule 10b-18 under the Exchange Act. The timing, manner, price, and amount of the repurchase will be subject to the discretion of the Company’s management, and it may be suspended or discontinued at any time. As of September 30, 2025, we have repurchased $60.1 million of our Class A common stock under the 2024 Repurchase Plan.
Cash Flows
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
| Cash flow provided by operating activities | $ | 46,155 | $ | 18,906 | $ | 89,108 | $ | 43,736 | |||||||||||||||
| Cash flow used in investing activities | (10,107) | (49,629) | (23,523) | (58,496) | |||||||||||||||||||
| Cash flow (used in) provided by financing activities | (3,568) | 8,675 | (57,487) | 5,868 | |||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash, net of impact of exchange rates | $ | 31,661 | $ | (19,658) | $ | 14,276 | $ | (7,967) | |||||||||||||||
Operating Activities
Our largest source of operating cash is cash collections from customers for subscription and support access to our platform. Our primary uses of cash from operating activities are for personnel-related expenditures, marketing activities, and costs of cloud infrastructure services.
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Cash provided by operating activities of $46.2 million for the three months ended September 30, 2025 consisted of a net income of $2.8 million adjusted for non-cash charges of $32.5 million and net cash inflows of $10.9 million from changes in operating assets and liabilities. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue and accounts receivable due in part to large contracts closed during the quarter coupled with growth in our customer base. The increase in accrued expenses and other liabilities was due in part to timing of accruals and payments. The increases in other receivables and prepaid expenses were attributable primarily to the timing of cash payments and collections.
Cash provided by operating activities of $18.9 million for the three months ended September 30, 2024 consisted of a net loss of $17.0 million adjusted for non-cash charges of $28.5 million and net cash inflows of $7.4 million from changes in operating assets and liabilities. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue which was due in part to an increase in large contracts signed in the period coupled with growth in our customer base. The increases in accounts receivable, other receivables, and accounts payable as well as the decrease in accrued expenses and other liabilities were attributable primarily to the timing of cash payments and collections.
Cash provided by operating activities of $89.1 million for the nine months ended September 30, 2025 consisted of a net loss of $38.0 million adjusted for non-cash charges of $92.4 million and net cash inflows of $34.7 million from changes in operating assets and liabilities. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue which was due in part to large contracts closed during the quarter coupled with growth in our customer base. The decrease in accrued expenses and other liabilities was due in part to timing of accruals and payments. The increases in accounts payable and prepaid expenses as well as the decreases in other receivables and other assets were attributable primarily to the timing of our billings, cash collections, and cash payments.
Cash provided by operating activities of $43.7 million for the nine months ended September 30, 2024 consisted of a net loss of $46.2 million adjusted for non-cash charges of $75.9 million and net cash inflows of $14.0 million from changes in operating assets and liabilities. The adjustments for non-cash charges included a $45.1 million loss on induced conversion from the partial repurchase of our 2026 Notes. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue which was due in part to multi-year prepaid customer contracts coupled with growth in our customer base. The increase in deferred costs was primarily due to growth in subscription bookings. The increases in accounts receivable, other assets, accounts payable, and accrued expenses and other liabilities as well as the decreases in other receivables and prepaid expenses were attributable primarily to the timing of our billings, cash collections, and cash payments.
Investing Activities
Cash used in investing activities of $10.1 million for the three months ended September 30, 2025 consisted of $107.3 million in purchases of marketable securities partially offset by $97.4 million from the maturities of marketable securities.
Cash used in investing activities of $49.6 million for the three months ended September 30, 2024 consisted of $158.5 million in purchases of marketable securities and $0.2 million for the acquisition of Sustain.Life partially offset by $109.0 million from the maturities of marketable securities.
Cash used in investing activities of $23.5 million for the nine months ended September 30, 2025 consisted of $313.3 million in purchases of marketable securities and $1.8 million in purchases of fixed assets partially offset by $291.7 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force.
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Cash used in investing activities of $58.5 million for the nine months ended September 30, 2024 consisted of $310.1 million in purchases of marketable securities, $98.1 million for the acquisition of Sustain.Life, and $0.6 million in purchases of fixed assets partially offset by $345.7 million from the maturities of marketable securities and $4.6 million from the sale of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of expanding our infrastructure and work force.
Financing Activities
Cash used in financing activities of $3.6 million for the three months ended September 30, 2025 consisted of $10.0 million in repurchases of our Class A common stock under the 2024 Repurchase Plan partially offset by $6.2 million in proceeds from shares issued in connection with our Employee Stock Purchase Plan ("ESPP") and $0.4 million in proceeds from option exercises.
Cash provided by financing activities of $8.7 million for the three months ended September 30, 2024 consisted of $6.7 million in proceeds from shares issued in connection with our ESPP and $3.3 million in proceeds from option exercises partially offset by $1.2 million in taxes paid related to net share settlements of stock-based compensation awards.
Cash used in financing activities of $57.5 million for the nine months ended September 30, 2025 consisted of $60.1 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $13.5 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $13.7 million in proceeds from shares issued in connection with our ESPP and $2.9 million in proceeds from option exercises.
Cash provided by financing activities of $5.9 million for the nine months ended September 30, 2024 consisted of $13.8 million in proceeds from shares issued in connection with our ESPP and $3.9 million in proceeds from option exercises partially offset by $11.4 million in taxes paid related to net share settlements of stock-based compensation awards.
Contractual Obligations and Commitments
There were no material changes in our contractual obligations and commitments from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025.
Critical Accounting Policies and Estimates
Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, income taxes and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.
During the nine months ended September 30, 2025, there were no significant changes to our critical accounting policies and estimates as described in the financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For quantitative and qualitative disclosures about market risk, see “Item 7A., Quantitative and Qualitative Disclosures About Market Risk” of our Annual Report on Form 10-K for the year ended December 31, 2024. Our exposures to market risk have not changed materially since December 31, 2024.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q.
Based on such evaluation, our principal executive officer and principal financial officer have concluded that as of such date, our disclosure controls and procedures are designed to, and are effective to, provide assurance at a reasonable level that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the Effectiveness of Controls and Procedures
In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.
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Part II. Other Information
Item 1. Legal Proceedings
From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that in the opinion of our management, if determined adversely to us, would have a material adverse effect on our business, financial condition, operating results or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 2024 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. There have been no material changes during fiscal year 2025 to the risk factors that were included in the Form 10-K.
Item 2. Unregistered Sales of Securities and Use of Proceeds
Sales of Unregistered Securities
Not applicable.
Issuer Purchases of Equity Securities
On August 1, 2024, we announced that on July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock.
The following table summarizes the share repurchase activity for the three months ended September 30, 2025 (in thousands, except share and per share data):
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||
| July 1, 2025 to July 31, 2025 | — | $ | — | — | $ | 49,892 | |||||||||||||||||
| August 1, 2025 to August 31, 2025 | — | $ | — | — | $ | 49,892 | |||||||||||||||||
September 1, 2025 to September 30, 2025 | 126,304 | $ | 79.17 | 126,304 | $ | 39,893 | |||||||||||||||||
| Total | 126,304 | 126,304 | |||||||||||||||||||||
Item 5. Other Information
Departure of Chief Financial Officer
As previously disclosed in its quarterly report on Form 10-Q for the period ended June 30, 2025, the Company announced that Jill E. Klindt, Executive Vice President, Chief Financial Officer ("CFO") and Treasurer of the Company will be stepping down in 2025 following a transition period.
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In connection with her departure and in order to facilitate an orderly transition, the Company and Ms. Klindt entered into a Severance and Transition Services Agreement (the "Agreement") on October 30, 2025. The Agreement will be effective as of November 7, 2025 (the "Effective Date"), following the end of a seven-day revocation period. The Agreement provides that Ms. Klindt's employment will end on December 26, 2025, unless terminated earlier by either party (the "Termination Date"). Ms. Klindt will remain as CFO until the earlier of the Termination Date or the date on which a new CFO is hired.
The Agreement further provides that the Company will pay Ms. Klindt a lump-sum cash severance payment of $1,928,321.53 within 10 business days after the Termination Date, in accordance with the amount payable in connection with a termination without cause under Ms. Klindt's employment agreement. Additionally, Ms. Klindt's outstanding stock or equity-based compensation awards that have not yet vested as of the Termination Date will vest as of the Termination Date, with performance-based awards vesting at target performance. If Ms. Klindt elects continuation coverage under COBRA, the Company will continue to make payments for her health insurance coverage for 18 months or until Ms. Klindt becomes eligible to receive coverage from another employer, whichever occurs first. Additionally, if a change in control (as such term is defined in Ms. Klindt’s employment agreement) of the Company occurs within three months following the Termination Date, Ms. Klindt will be entitled to receive an additional lump-sum cash payment of $1,075,000, in accordance with Ms. Klindt’s employment agreement. Finally, the Agreement includes other standard provisions contained in agreements of this nature, including non-disparagement, confidentiality, and a general release of any and all claims against the Company. The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed herewith as Exhibit 10.1.
The Company appreciates Ms. Klindt's service and commitment and wishes her well.
Departure of Chief Sales Officer
On November 5, 2025 the Company announced that Michael Hawkins, Executive Vice President, Chief Sales Officer ("CSO") of the Company, will be stepping down, effective November 5, 2025.
In connection with his departure, the Company has entered into a Severance Agreement and General Release on October 30, 2025 (the “Severance and Release Agreement”), which will be effective following the end of a seven-day revocation period. The Severance and Release Agreement includes a consulting arrangement between the Company and Mr. Hawkins, effective from November 7, 2025 until December 31, 2025, which provides for payment of $10,000 per month to Mr. Hawkins to consult on a periodic basis with the CEO concerning the Company’s sales function and to ensure a smooth transition. This agreement includes standard provisions contained in agreements of this nature, including non-disparagement, confidentiality, and a general release of any and all claims against the Company.
Further, pursuant to the terms of Mr. Hawkins’s Employment Agreement dated August 12, 2021, Mr. Hawkins’s departure will be deemed a termination without cause (as such term is defined in his employment agreement). Accordingly, the Company will pay Mr. Hawkins a lump-sum cash severance payment of $2,124,087.61 within 10 business days after the Termination Date (as such term is defined in his employment agreement), in accordance with the amount payable in connection with a termination without cause under his employment agreement. Additionally, Mr. Hawkins's outstanding stock or equity-based compensation awards that have not yet vested as of the Termination Date will vest as of the Termination Date, with performance-based awards vesting at target performance. If Mr. Hawkins elects continuation coverage under COBRA, the Company will continue to make payments for his health insurance coverage for 18 months or until Mr. Hawkins becomes eligible to receive coverage from another employer, whichever occurs first. Additionally, if a change in control of the Company occurs within three months following the Termination Date, Mr. Hawkins will be entitled to receive an additional lump-sum cash payment of $1,237,600, in accordance with his employment agreement. The
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foregoing summary of the Severance and Release Agreement does not purport to be complete and is qualified in its entirety by reference to the Severance and Release Agreement, which is filed herewith as Exhibit 10.2.
Mr. Hawkins departure was not the result of any disagreement with the Company or its management on any matter relating to the Company’s operations, policies or practices.
The Company appreciates Mr. Hawkins service and commitment and wishes him well.
Director and Officer Trading Arrangements
During the three months ended September 30, 2025, no director or officer of the Company adopted terminated
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Item 6. Exhibits
The following exhibits are being filed herewith or incorporated by reference herein:
Exhibit Number | Description | |||||||
| 10.1 | Severance and Transition Services Agreement, dated October 30, 2025, between the Company and Jill E. Klindt.+ | |||||||
| 10.2 | Severance and General Release Agreement, dated October 30, 2025, between the Company and Michael Hawkins.+ | |||||||
| 31.1 | Certification of the Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
| 31.2 | Certification of the Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
| 32.1 | Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 32.2 | Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 101 | The following financial information from Workiva Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Changes in Stockholders Deficit, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
+ Management contract, compensatory plan or arrangement
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 5th day of November, 2025.
WORKIVA INC. | |||||
By: | /s/ Julie Iskow | ||||
Name: | Julie Iskow | ||||
Title: | President and Chief Executive Officer | ||||
By: | /s/ Jill Klindt | ||||
Name: | Jill Klindt | ||||
Title: | Executive Vice President, Chief Financial Officer and Treasurer | ||||
S-1
Workiva Inc
NYSE:WK
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4.88B
49.99M
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Software - Application
Services-prepackaged Software
United States
AMES