Workiva Inc. Announces Second Quarter 2025 Financial Results

  • Increased Q2 2025 subscription & support revenue by 23% over Q2 2024
  • Total revenue of $215 million in Q2 2025, representing 21% year-over-year growth
  • GAAP operating margin was (10.2)%, non-GAAP operating margin was 3.8%
  • Repurchased $10 million of Class A common stock under the 2024 share repurchase plan
  • Customers with annual contract value over $500,000 grew 35% year-over-year

NEW YORK--(BUSINESS WIRE)--Workiva Inc. (NYSE:WK), the platform that powers transparency, accountability, and trust, today announced financial results for its second quarter ended June 30, 2025.

"We delivered another quarter of solid financial performance, powered by the continued demand for our broad portfolio of solutions and unified platform," said Julie Iskow, President & Chief Executive Officer. "Our business results and guidance raise reflects continued execution on our strategy and a more disciplined approach to margin expansion."

"Our second quarter results demonstrate the durability of our business as we beat the high end of guidance for both revenue and operating margin," said Jill Klindt, Chief Financial Officer. "Subscription revenue grew by 23%, and contracts valued over $500 thousand dollars were up 35% year-over-year."

Second Quarter 2025 Financial Results

  • Revenue: Total revenue for the second quarter of 2025 reached $215 million, an increase of 21% from $178 million in the second quarter of 2024. Subscription and support revenue contributed $198 million, up 23% versus the second quarter of 2024. Professional services revenue was $17 million, flat from the second quarter of 2024.
  • Gross Margin: GAAP gross margin was 77.0% versus 76.8% in the second quarter of 2024. Non-GAAP gross margin was 79.1% compared to 78.3% in the second quarter of 2024.
  • Operating Margin: GAAP operating margin for the second quarter of 2025 was (10.2)% compared to (13.1)% in the prior year's second quarter. Non-GAAP operating margin was 3.8% compared to 2.0% in the second quarter of 2024.
  • GAAP Net Loss: GAAP net loss for the second quarter of 2025 was $(19) million compared with a net loss of $(18) million for the prior year's second quarter. GAAP net loss per basic and diluted share was $(0.35) compared with a net loss per basic and diluted share of $(0.32) in the second quarter of 2024.
  • Non-GAAP Net Income: Non-GAAP net income for the second quarter of 2025 was $11 million compared with non-GAAP net income of $9 million in the prior year's second quarter. Non-GAAP net income per basic share and diluted share in the second quarter of 2025 was $0.20 and $0.19, respectively, compared with non-GAAP net income per basic share and diluted share of $0.17 and $0.16, respectively, in the second quarter of 2024.
  • Liquidity: As of June 30, 2025, Workiva had cash, cash equivalents, and marketable securities totaling $814 million, compared with $816 million as of December 31, 2024. Workiva had $71 million aggregate principal amount of 1.125% convertible senior notes due in 2026, $702 million aggregate principal amount of 1.250% convertible senior notes due in 2028, and $14 million of finance lease obligations outstanding as of June 30, 2025.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 6,467 customers as of June 30, 2025, a net increase of 320 customers from June 30, 2024.
  • Retention Rate: As of June 30, 2025, Workiva's gross retention rate was 97%, and the net retention rate was 114%. Net retention includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of June 30, 2025, Workiva had 2,241 customers with an annual contract value (“ACV”) of more than $100,000, up 27% from 1,768 customers at June 30, 2024. Workiva had 488 customers with an ACV of more than $300,000, up 37% from 356 customers in the second quarter of 2024. Workiva had 208 customers with an ACV of more than $500,000, up 35% from 154 customers in the second quarter of 2024.
  • Share Repurchase Plan: On July 30, 2024, our board of directors authorized a share repurchase plan for up to $100 million of our outstanding Class A common stock. During the second quarter of 2025, Workiva purchased approximately 132,000 shares for $10 million under the plan. As of June 30, 2025, $49.9 million remains available under the plan for future share repurchases.

Financial Outlook

As of July 31, 2025, Workiva is providing guidance as follows:

Third Quarter 2025 Guidance:

  • Total revenue is expected to be in the range of $218 million to $220 million.
  • GAAP operating margin is expected to be in the range of (7.4)% to (6.4)%
  • Non-GAAP operating margin is expected to be in the range of 7.0% to 8.0%
  • GAAP net loss per basic share is expected to be in the range of $(0.18) to $(0.14) using 56.4 million shares.
  • Non-GAAP net income per diluted share is expected to be in the range of $0.37 to $0.41 using 58.0 million shares.

Full Year 2025 Guidance:

  • Total revenue is expected to be in the range of $870 million to $873 million.
  • GAAP operating margin is expected to be in the range of (7.1)% to (6.6)%.
  • Non-GAAP operating margin is expected to be in the range of 7.0% to 7.5%.
  • GAAP net loss per basic share is expected to be in the range of $(0.79) to $(0.72) using 56.4 million shares.
  • Non-GAAP net income per diluted share is expected to be in the range of $1.31 to $1.38 using 59.5 million shares.
  • Free cash flow margin is expected to be approximately 10.5%.

Departure of Chief Financial Officer

Jill Klindt is stepping down from her role as Executive Vice President, Chief Financial Officer and Treasurer. The Company expects her to remain as CFO through December 2025 or at such earlier date as a successor is appointed.

Quarterly Conference Call

Workiva will host a webcast today at 5:00 p.m. Eastern Time to review the Company’s financial results for the second quarter 2025, in addition to discussing the Company’s outlook for the third quarter and full year 2025. The call can be accessed by dialing 1-833-630-1956 (U.S. domestic) or 1-412-317-1837 (international). Additionally, a live webcast and replay will be available at https://investor.workiva.com/news-events/events.

About Workiva

Workiva Inc. (NYSE: WK) powers transparency, accountability, and trust. Finance, accounting, sustainability, risk, and audit teams from more than 6,400 organizations worldwide, including over 80% 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. Learn more at workiva.com.

Non-GAAP Financial Measures

The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.

Workiva believes that the use of non-GAAP gross profit and gross margin, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, free cash flow and free cash flow margin is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time.

Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by revenues. Non-GAAP gross profit is calculated by excluding stock-based compensation expense attributable to cost of revenues from gross profit. Non-GAAP income from operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from operations. Non-GAAP net income is calculated by excluding stock-based compensation expense, net of tax and amortization expense for acquisition-related intangible assets from net loss. Non-GAAP net income per share is calculated by dividing non-GAAP net income by the weighted- average shares outstanding as presented in the calculation of GAAP net loss per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe they are reflective of ongoing operations.

Free cash flow, a non-GAAP measure, represents cash flow from operating activities less purchase of property and equipment. Free cash flow margin is calculated by dividing free cash flow by total revenue. We consider free cash flow and free cash flow margin to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business.

Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.

Forward-Looking Statements

Certain statements in this press release 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. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance," "target," "goal," "project," "continue to," "confident," or the negative of those terms or other comparable terminology.

Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 
 

(unaudited)

Revenue       
Subscription and support

$

198,223

  

$

160,735

  

$

383,735

  

$

315,714

 
Professional services

 

16,964

  

 

16,768

  

 

37,732

  

 

37,456

 
Total revenue

 

215,187

  

 

177,503

  

 

421,467

  

 

353,170

 
Cost of revenue       
Subscription and support (1)

 

35,277

  

 

27,945

  

 

69,339

  

 

55,872

 
Professional services (1)

 

14,266

  

 

13,227

  

 

28,546

  

 

26,823

 
Total cost of revenue

 

49,543

  

 

41,172

  

 

97,885

  

 

82,695

 
Gross profit

 

165,644

  

 

136,331

  

 

323,582

  

 

270,475

 
Operating expenses       
Research and development (1)

 

54,843

  

 

48,408

  

 

108,623

  

 

93,903

 
Sales and marketing (1)

 

104,025

  

 

84,697

  

 

205,696

  

 

167,330

 
General and administrative (1)

 

28,922

  

 

26,375

  

 

56,159

  

 

50,674

 
Total operating expenses

 

187,790

  

 

159,480

  

 

370,478

  

 

311,907

 
Loss from operations

 

(22,146

) 

 

(23,149

) 

 

(46,896

) 

 

(41,432

)
Interest income

 

8,344

  

 

10,336

  

 

17,091

  

 

20,791

 
Interest expense

 

(3,194

) 

 

(3,237

) 

 

(6,389

) 

 

(6,469

)
Other (expense) income, net

 

(736

) 

 

(45

) 

 

(969

) 

 

41

 
Loss before provision for income taxes

 

(17,732

) 

 

(16,095

) 

 

(37,163

) 

 

(27,069

)
Provision for income taxes

 

1,668

  

 

1,453

  

 

3,608

  

 

2,166

 
Net loss

$

(19,400

) 

$

(17,548

) 

$

(40,771

) 

$

(29,235

)
Net loss per common share:       
Basic and diluted

$

(0.35

) 

$

(0.32

) 

$

(0.73

) 

$

(0.53

)
Weighted-average common shares outstanding - basic and diluted

 

56,076,723

  

 

55,177,162

  

 

56,133,286

  

 

55,046,507

 
(1) Includes stock-based compensation expense as follows:
 

Three months ended June 30,

 

Six months ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(unaudited)

Cost of revenue       
Subscription and support

$

2,511

 

$

1,943

 

$

4,944

 

$

3,544

Professional services

 

1,106

 

 

763

 

 

2,102

 

 

1,490

Operating expenses       
Research and development

 

6,556

 

 

5,152

 

 

12,606

 

 

9,793

Sales and marketing

 

9,890

 

 

8,490

 

 

19,641

 

 

16,528

General and administrative

 

8,404

 

 

9,054

 

 

17,062

 

 

17,054

 

WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

June 30, 2025

 

December 31, 2024

 

(unaudited)

  
Assets   
Current assets   
Cash and cash equivalents

$

284,253

  

$

301,835

 
Marketable securities

 

529,456

  

 

514,585

 
Accounts receivable, net

 

121,564

  

 

148,433

 
Deferred costs

 

53,250

  

 

50,914

 
Other receivables

 

9,441

  

 

10,276

 
Prepaid expenses and other

 

25,184

  

 

22,199

 
Total current assets

 

1,023,148

  

 

1,048,242

 
Property and equipment, net

 

21,185

  

 

21,825

 
Operating lease right-of-use assets

 

11,664

  

 

11,786

 
Deferred costs, non-current

 

51,476

  

 

54,858

 
Goodwill

 

206,007

  

 

196,844

 
Intangible assets, net

 

25,215

  

 

27,389

 
Other assets

 

7,047

  

 

7,525

 
Total assets

$

1,345,742

  

$

1,368,469

 
Liabilities and Stockholders’ Deficit   
Current liabilities   
Accounts payable

$

10,905

  

$

7,747

 
Accrued expenses and other current liabilities

 

118,588

  

 

126,508

 
Deferred revenue

 

461,267

  

 

457,608

 
Convertible senior notes, current

 

70,937

  

 

 
Finance lease obligations

 

578

  

 

562

 
Total current liabilities

 

662,275

  

 

592,425

 
Convertible senior notes, non-current

 

695,175

  

 

764,891

 
Deferred revenue, non-current

 

32,443

  

 

29,681

 
Other long-term liabilities

 

292

  

 

227

 
Operating lease liabilities, non-current

 

8,890

  

 

9,441

 
Finance lease obligations, non-current

 

13,195

  

 

13,488

 
Total liabilities

 

1,412,270

  

 

1,410,153

 
Stockholders’ deficit   
Common stock

 

56

  

 

56

 
Additional paid-in-capital

 

675,076

  

 

672,363

 
Accumulated deficit

 

(748,454

) 

 

(707,683

)
Accumulated other comprehensive income (loss)

 

6,794

  

 

(6,420

)
Total stockholders’ deficit

 

(66,528

) 

 

(41,684

)
Total liabilities and stockholders’ deficit

$

1,345,742

  

$

1,368,469

 
 

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 
 

(unaudited)

Cash flows from operating activities       
Net loss

$

(19,400

) 

$

(17,548

) 

$

(40,771

) 

$

(29,235

)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities       
Depreciation and amortization

 

2,949

  

 

2,564

  

 

5,842

  

 

5,086

 
Stock-based compensation expense

 

28,467

  

 

25,402

  

 

56,355

  

 

48,409

 
(Recovery of) provision for doubtful accounts

 

(357

) 

 

20

  

 

(345

) 

 

(103

)
Accretion of premiums and discounts on marketable securities, net

 

(1,390

) 

 

(3,156

) 

 

(3,085

) 

 

(6,905

)
Amortization of debt discount and issuance costs

 

611

  

 

609

  

 

1,221

  

 

1,217

 
Deferred income tax

 

(13

) 

 

4

  

 

(77

) 

 

(291

)
Changes in assets and liabilities:       
Accounts receivable

 

(504

) 

 

(33,267

) 

 

30,132

  

 

3,680

 
Deferred costs

 

(12

) 

 

(11,599

) 

 

4,081

  

 

(10,194

)
Operating lease right-of-use assets

 

1,377

  

 

1,172

  

 

2,706

  

 

2,598

 
Other receivables

 

(59

) 

 

4,347

  

 

935

  

 

4,541

 
Prepaid expenses and other

 

3,191

  

 

4,693

  

 

(2,462

) 

 

2,420

 
Other assets

 

1,386

  

 

(565

) 

 

738

  

 

(1,655

)
Accounts payable

 

(3,755

) 

 

(1,884

) 

 

2,896

  

 

2,842

 
Deferred revenue

 

15,424

  

 

13,079

  

 

(3,014

) 

 

(4,447

)
Operating lease liabilities

 

(1,087

) 

 

(966

) 

 

(1,918

) 

 

(1,953

)
Accrued expenses and other liabilities

 

23,483

  

 

17,081

  

 

(10,281

) 

 

8,820

 
Net cash provided by (used in) operating activities

 

50,311

  

 

(14

) 

 

42,953

  

 

24,830

 
Cash flows from investing activities

 

 

 

    
Purchase of property and equipment

 

(995

) 

 

(108

) 

 

(1,758

) 

 

(311

)
Purchase of marketable securities

 

(102,985

) 

 

(34,986

) 

 

(205,950

) 

 

(151,553

)
Maturities of marketable securities

 

99,738

  

 

107,100

  

 

194,352

  

 

236,740

 
Sale of marketable securities

 

  

 

  

 

  

 

4,609

 
Acquisitions, net of cash acquired

 

  

 

(98,280

) 

 

  

 

(98,280

)
Purchase of intangible assets

 

(41

) 

 

(41

) 

 

(60

) 

 

(72

)
Net cash used in investing activities

 

(4,283

) 

 

(26,315

) 

 

(13,416

) 

 

(8,867

)
        
Cash flows from financing activities       
Proceeds from option exercises

 

1,803

  

 

290

  

 

2,434

  

 

592

 
Taxes paid related to net share settlements of stock-based compensation awards

 

(569

) 

 

(1,640

) 

 

(13,491

) 

 

(10,251

)
Proceeds from shares issued in connection with employee stock purchase plan

 

  

 

  

 

7,535

  

 

7,113

 
Repurchases of Class A common stock

 

(10,002

) 

 

  

 

(50,120

) 

 

 
Principal payments on finance lease obligations

 

(139

) 

 

(132

) 

 

(277

) 

 

(261

)
Net cash used in financing activities

 

(8,907

) 

 

(1,482

) 

 

(53,919

) 

 

(2,807

)
Effect of foreign exchange rates on cash

 

5,108

  

 

(358

) 

 

6,997

  

 

(1,465

)
Net increase (decrease) in cash, cash equivalents, and restricted cash

 

42,229

  

 

(28,169

) 

 

(17,385

) 

 

11,691

 
Cash, cash equivalents, and restricted cash at beginning of period

 

242,736

  

 

296,581

  

 

302,350

  

 

256,721

 
Cash, cash equivalents, and restricted cash at end of period

$

284,965

  

$

268,412

  

$

284,965

  

$

268,412

 
 

Three months ended June 30,

 

Six months ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(unaudited)

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets       
Cash and cash equivalents at end of period

$

284,253

 

$

267,897

 

$

284,253

 

$

267,897

Restricted cash included within prepaid expenses and other at end of period

 

712

 

 

515

 

 

712

 

 

515

Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows

$

284,965

 

$

268,412

 

$

284,965

 

$

268,412

 

TABLE I

WORKIVA INC.

RECONCILIATION OF NON-GAAP INFORMATION

(in thousands, except share and per share)

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 
Gross profit, subscription and support

$

162,946

  

$

132,790

  

$

314,396

  

$

259,842

 
Add back: Stock-based compensation

 

2,511

  

 

1,943

  

 

4,944

  

 

3,544

 
Add back: Amortization of acquisition-related intangibles

 

939

  

 

  

 

1,849

  

 

 
Gross profit, subscription and support, non-GAAP

$

166,396

  

$

134,733

  

$

321,189

  

$

263,386

 
        
Gross profit, professional services

$

2,698

  

$

3,541

  

$

9,186

  

$

10,633

 
Add back: Stock-based compensation

 

1,106

  

 

763

  

 

2,102

  

 

1,490

 
Gross profit, professional services, non-GAAP

$

3,804

  

$

4,304

  

$

11,288

  

$

12,123

 
        
Gross profit

$

165,644

  

$

136,331

  

$

323,582

  

$

270,475

 
Add back: Stock-based compensation

 

3,617

  

 

2,706

  

 

7,046

  

 

5,034

 
Add back: Amortization of acquisition-related intangibles

 

939

  

 

  

 

1,849

  

 

 
Gross profit, non-GAAP

$

170,200

  

$

139,037

  

$

332,477

  

$

275,509

 
        
Cost of revenue, subscription and support

$

35,277

  

$

27,945

  

$

69,339

  

$

55,872

 
Less: Stock-based compensation

 

2,511

  

 

1,943

  

 

4,944

  

 

3,544

 
Less: Amortization of acquisition-related intangibles

 

939

  

 

  

 

1,849

  

 

 
Cost of revenue, subscription and support, non-GAAP

$

31,827

  

$

26,002

  

$

62,546

  

$

52,328

 
 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

14,266

  

$

13,227

  

$

28,546

  

$

26,823

 
Less: Stock-based compensation

 

1,106

  

 

763

  

 

2,102

  

 

1,490

 
Cost of revenue, professional services, non-GAAP

$

13,160

  

$

12,464

  

$

26,444

  

$

25,333

 
   

 

 

 

 

 

Research and development

$

54,843

  

$

48,408

  

$

108,623

  

$

93,903

 
Less: Stock-based compensation

 

6,556

  

 

5,152

  

 

12,606

  

 

9,793

 
Less: Amortization of acquisition-related intangibles

 

495

  

 

962

  

 

990

  

 

1,852

 
Research and development, non-GAAP

$

47,792

  

$

42,294

  

$

95,027

  

$

82,258

 
        
Sales and marketing

$

104,025

  

$

84,697

  

$

205,696

  

$

167,330

 
Less: Stock-based compensation

 

9,890

  

 

8,490

  

 

19,641

  

 

16,528

 
Less: Amortization of acquisition-related intangibles

 

478

  

 

413

  

 

925

  

 

825

 
Sales and marketing, non-GAAP

$

93,657

  

$

75,794

  

$

185,130

  

$

149,977

 
        
General and administrative

$

28,922

  

$

26,375

  

$

56,159

  

$

50,674

 
Less: Stock-based compensation

 

8,404

  

 

9,054

  

 

17,062

  

 

17,054

 
General and administrative, non-GAAP

$

20,518

  

$

17,321

  

$

39,097

  

$

33,620

 
        
Loss from operations

$

(22,146

) 

$

(23,149

) 

$

(46,896

) 

$

(41,432

)
Add back: Stock-based compensation

 

28,467

  

 

25,402

  

 

56,355

  

 

48,409

 
Add back: Amortization of acquisition-related intangibles

 

1,912

  

 

1,375

  

 

3,764

  

 

2,677

 
Income from operations, non-GAAP

$

8,233

  

$

3,628

  

$

13,223

  

$

9,654

 
GAAP operating margin

 

(10.2

)% 

 

(13.1

)% 

 

(11.2

)% 

 

(11.7

)%
Non-GAAP operating margin

 

3.8

% 

 

2.0

% 

 

3.1

% 

 

2.7

%
        
Net loss

$

(19,400

) 

$

(17,548

) 

$

(40,771

) 

$

(29,235

)
Add back: Stock-based compensation

 

28,467

  

 

25,402

  

 

56,355

  

 

48,409

 
Add back: Amortization of acquisition-related intangibles

 

1,912

  

 

1,375

  

 

3,764

  

 

2,677

 
Net income, non-GAAP

$

10,979

  

$

9,229

  

$

19,348

  

$

21,851

 
        
Net loss per basic and diluted share:

$

(0.35

) 

$

(0.32

) 

$

(0.73

) 

$

(0.53

)
Add back: Stock-based compensation

 

0.52

  

 

0.47

  

 

1.00

  

 

0.88

 
Add back: Amortization of acquisition-related intangibles

 

0.03

  

 

0.02

  

 

0.07

  

 

0.05

 
Net income per basic share, non-GAAP

$

0.20

  

$

0.17

  

$

0.34

  

$

0.40

 
Net income per diluted share, non-GAAP

$

0.19

  

$

0.16

  

$

0.33

  

$

0.38

 
 

 

   

 

  
Weighted-average common shares outstanding - basic, non-GAAP

 

56,076,723

  

 

55,177,162

 

 

 

56,133,286

  

 

55,046,507

 
Effect of potentially dilutive securities

 

1,738,597

  

 

1,240,869

  

 

1,997,835

  

 

2,214,155

 
Weighted-average common shares outstanding - diluted, non-GAAP

 

57,815,320

  

 

56,418,031

  

 

58,131,121

  

 

57,260,662

 
 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

50,311

  

 

(14

) 

 

42,953

  

 

24,830

 
Purchase of property and equipment

 

(995

) 

 

(108

) 

 

(1,758

) 

 

(311

)
Free cash flow

$

49,316

  

$

(122

) 

$

41,195

  

$

24,519

 
Free cash flow margin

 

22.9

% 

 

(0.1

)% 

 

9.8

% 

 

6.9

%
 

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

 

Three months ending
September 30, 2025

 

Year ending December 31, 2025

        
GAAP operating margin

 

(7.4

)% 

 

(6.4

)% 

 

(7.1

)% 

 

(6.6

)%
Add back: Stock-based compensation

 

13.6

% 

 

13.6

% 

 

13.3

% 

 

13.3

%
Add back: Amortization of acquisition-related intangibles

 

0.8

%

 

 

0.8

% 

 

0.8

%

 

 

0.8

%
Non-GAAP operating margin

 

7.0

% 

 

8.0

% 

 

7.0

% 

 

7.5

%
        
Net loss per basic share, GAAP range

$

(0.18

) 

$

(0.14

) 

$

(0.79

) 

$

(0.72

)
Add back: Stock-based compensation

 

0.53

  

 

0.53

  

 

2.05

  

 

2.05

 
Add back: Amortization of acquisition-related intangibles

 

0.03

  

 

0.03

  

 

0.11

  

 

0.11

 
Effect of potentially dilutive securities

 

(0.01

)

 

 

(0.01

) 

 

(0.06

)

 

 

(0.06

)
Net income per diluted share, non-GAAP range

$

0.37

  

$

0.41

  

$

1.31

  

$

1.38

 
        
Weighted-average common shares used in calculating GAAP earnings per share, basic

 

56,400,000

  

 

56,400,000

  

 

56,400,000

 

 

 

56,400,000

 
Weighted-average common shares used in calculating non-GAAP earnings per share, diluted

 

58,000,000

  

 

58,000,000

  

 

59,500,000

 

 

 

59,500,000

 

View source version on https://www.businesswire.com/news/home/20250731209556/en/Workiva-Inc.-Announces-Second-Quarter-2025-Financial-Results

Contacts

Investor:
Yogita Shah
Workiva Inc.
investor@workiva.com

Media:
Mandi McReynolds
Workiva Inc.
press@workiva.com