Could not find a ticker for this position, may be a filing error
A cloud-based software platform that helps finance, sustainability, and risk teams turn data from hundreds of systems into linked, auditable reports — its products include Wdesk, Wdata, and Workiva Carbon. It was founded in 2008 in Ames, Iowa, as WebFilings by a group of entrepreneurs who wanted to end the error-prone copy-pasting of spreadsheets into SEC filings, and it rebranded to Workiva in 2014. The name, pronounced "work-eeva," was chosen to reflect the company's mission to change the way people work.
Workiva posts a second straight quarter of net profit as operating expenses grow just 3.1%.
Workiva's fell to 110.5%, its lowest in over a year. rose 18.6% to $255.3 million and the company earned $13.4 million, its second consecutive profitable quarter, as operating expenses grew only 3.1%. The top-line growth story is intact, but the expansion rate within the existing customer base is now a question mark.
Key takeaways
The subscription retention rate including add-ons fell to 110.5% from 113.7% a year ago and 112.4% in the prior quarter, a decline that management did not explain in the provided discussion.
rose 18.6% to $255.3 million, driven by a 19.2% increase in subscription and support revenue to $236.3 million from strong demand and solution expansion.
was $13.4 million, compared to a $19.4 million loss a year ago, as operating expenses grew only 3.1% to $193.6 million while expanded 3.4 points to 80.4%.
Section summaries
Management's Discussion and Analysis
Workiva swung to net income of $13.4M in Q2 FY2026 from a $19.4M loss a year ago on 18.6% revenue growth.
⌄
Total grew 18.6% to $255.3M, driven by a 19.2% increase in subscription and support revenue to $236.3M from strong demand and solution expansion.
expanded to 80.4% from 77.0% as subscription and support cost of grew slower than revenue, and professional services costs declined due to partner transition.
Sales and marketing expense growth decelerated to 4.8% from 22.8% a year ago, while general and administrative expense fell 6.4%, indicating the cost discipline that began in late 2025 is holding.
rose 55.6% to $78.3 million, and the company repurchased $122.7 million of stock during the quarter, a pace that far exceeds the $50.0 million deployed in Q1.
Management flagged policy and regulatory uncertainty, including EU Omnibus changes to CSRD and proposed SEC rule amendments, as factors that could materially impact sustainability solution sales.
What changed
The subscription retention rate including add-ons, which had been flagged to watch after rising to 113.7% in Q2 2025 and holding near that level through Q3 2025, fell to 110.5% in Q2 2026 — its lowest since Q1 2025 — settling the question of whether the expansion inflection was durable.
Sales and marketing expense growth, which had been watched for whether it could stay in the low single digits while growth held above 20%, rose 4.8% in Q2 2026, up from 2.8% in Q1 2026 but still well below the 20%-plus rates of 2024 and early 2025, confirming that the reinvestment cycle is producing .
The pace of share repurchases accelerated sharply to $122.7 million in Q2 2026 from $50.0 million in Q1 2026, indicating the company is prioritizing buybacks under its expanded $350 million authorization over reducing the $697.4 million in .
The EU Omnibus changes to CSRD, flagged in Q1 2026 as influencing customer adoption of sustainability solutions, were reiterated by management in Q2 as a factor that could materially impact sales, suggesting the is persisting rather than resolving.
What to watch
Whether the subscription retention rate including add-ons stabilizes near 110% or falls further in Q3, which would signal whether the Q2 decline is a new trend or a one-quarter move.
Whether subscription growth can hold near 19% in the second half of 2026 with the at 110.5%, or whether the lower expansion rate begins to weigh on the top line.
The pace of share repurchases in Q3 after $122.7 million was deployed in Q2, and whether the company continues to prioritize buybacks over reducing the $697.4 million in .
Whether the policy and regulatory uncertainty flagged by management — specifically EU Omnibus changes to CSRD and proposed SEC rule amendments — translates into a measurable slowdown in sustainability solution or .
Operating expenses rose only 3.1% to $193.6M, with sales and marketing up 4.8% on higher headcount and events, while G&A fell 6.4% on lower internal event costs.
The company generated $78.3M in in Q2 and held $815.2M in cash and marketable securities, while repurchasing $122.7M of stock during the quarter.
declined to 110.5% from 113.7% a year ago, and the number of customers with ACV over $100K grew to 2,690 from 2,241.
Management flagged policy and regulatory uncertainty, including EU Omnibus changes to CSRD and proposed SEC rule amendments, as factors that could materially impact sustainability solution sales and demand.
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, 2025. Our exposures to market risk have not changed materially since Decem…
⌄
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, 2025. Our exposures to market risk have not changed materially since December 31, 2025.
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…
⌄
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.
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 2025 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. There…
⌄
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 2025 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 2026 to the risk factors that were included in the Form 10-K.