Every material Form 8-K Workday has filed with the SEC since December 03, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Workday completed the sale of $2.5 billion of senior unsecured notes on October 23, 2026, under an underwritten offering agreed on October 21, 2026. The company estimates net proceeds of about $2.47 billion and plans to use $1.0 billion of them to retire its 3.500% notes due April 1, 2027, with any remainder for general corporate purposes. The new notes add $2.5 billion of debt with fixed interest rates from 5.700% to 6.500%, maturing between 2029 and 2036.
Four series totaling $2.5 billion: $750.0 million 5.700% due 2029, $500.0 million 6.000% due 2031, $750.0 million 6.300% due 2033, and $500.0 million 6.500% due 2036.
Estimated net proceeds of approximately $2.47 billion, after underwriting discount and offering expenses.
Use of proceeds includes retiring the $1.0 billion 3.500% notes due April 1, 2027; interest is payable semi-annually on April 23 and October 23, starting April 23, 2027.
Workday entered a new Credit Agreement on October 1, 2026, replacing its prior $1.0 billion revolving credit facility. The new facility provides up to $1.5 billion in revolving credit, and Workday had no revolving loans outstanding as of that date. The filing describes the facility's pricing, covenants, and maturity, which give Workday a larger committed borrowing source.
New revolving credit facility totals $1.5 billion, up from $1.0 billion under the prior agreement dated April 6, 2022
No revolving loans were outstanding as of October 1, 2026
Facility matures October 1, 2031, with up to two requests to extend by one year
Financial covenant requires a maximum leverage ratio of 3.50 to 1.00, with a step-up to 4.50 to 1.00 after a Qualified Acquisition
Workday reiterated its fiscal 2027 third-quarter and full-year guidance from August 27, 2026, except for GAAP operating margin, which it now expects to be roughly 20 to 21 percentage points below non-GAAP margin in the third quarter and about 19 points below for the full year. The company is reducing about 2.5% of its workforce, mainly in Product and Technology, and reducing leased office space, with charges of $65 million to $80 million that shareholders will see in GAAP results.
Reorganizations announced September 29, 2026 include a reduction of about 2.5% of current workforce, mainly in Product and Technology.
Charges of $65 million to $80 million: about $55 million to $70 million in fiscal Q3 and $10 million in fiscal Q4 2027.
Charges include $40 million to $55 million in cash severance and benefit costs, about $10 million in stock-based compensation, and about $15 million in office space impairment.
Employee actions are expected to be substantially complete by Q1 fiscal 2028; office actions by Q4 fiscal 2027.
Workday reported fiscal 2027 second-quarter total revenues of $2.649 billion, up 12.8% year over year, and non-GAAP diluted earnings per share of $2.75, up from $2.21. The company raised its fiscal 2027 non-GAAP operating margin guidance to 31.0% and authorized an open-ended repurchase of up to $4.0 billion of Class A common stock.
Total revenues of $2.649 billion, up 12.8%; subscription revenues of $2.471 billion, up 13.9%
GAAP diluted net income per share of $2.57 includes a $1.52 per share tax benefit tied to an intellectual property transfer; non-GAAP figure was $2.75
Fiscal 2027 subscription revenue guidance of $9.940 billion to $9.950 billion; non-GAAP operating margin guidance raised to 31.0%
Operating cash flow was $520 million versus $616 million a year earlier; free cash flow was $460 million versus $588 million
Workday reported fiscal 2027 first-quarter total revenue of $2.542 billion, up 13.5%, and GAAP diluted earnings of $0.87 per share, up from $0.25 a year earlier, when restructuring expenses of $166 million weighed on results. The company reiterated its fiscal 2027 subscription revenue outlook of $9.925 billion to $9.950 billion and raised its non-GAAP operating margin guidance to 30.5%, which matters to shareholders because it signals higher expected profitability for the full year.
Total revenues were $2.542 billion, up 13.5%; subscription revenues were $2.354 billion, up 14.3%.
GAAP operating income was $338 million, compared with $39 million a year earlier; non-GAAP operating income was $809 million, or 31.8% of revenues.
Workday repurchased about 12.0 million Class A shares for $1.6 billion in the quarter.
Fiscal 2027 non-GAAP operating margin guidance was raised to 30.5%; second-quarter subscription revenue is guided to $2.455 billion.
Workday's board appointed co-founder Aneel Bhusri as Chief Executive Officer on February 6, 2026, as previously reported. On March 5, 2026, Bhusri received a time-based RSU award of 437,602 shares and a performance-based award of 547,003 shares, with the performance shares vesting only if stock price hurdles of $171.39 to $274.22 are met. Bhusri will not be eligible for additional equity awards until fiscal 2028.
Time-based RSU award of 437,602 Class A shares, vesting over four years from the March 5, 2026 grant date
Performance-based award of 547,003 shares in four tranches, with price hurdles of $171.39 (25% above baseline) up to $274.22 (100% above baseline)
Performance period runs five years, and shares vest only if hurdles are achieved and Bhusri remains in service
No additional equity awards for Bhusri until fiscal 2028
Workday reported fiscal fourth-quarter 2026 total revenues of $2.532 billion, up 14.5%, and GAAP diluted earnings per share of $0.55, up from $0.35 a year earlier. It also guided fiscal 2027 subscription revenues to $9.925 billion to $9.950 billion, or 12% to 13% growth, while restructuring expenses rose to $303 million for the full year from $84 million.
Q4 total revenues were $2.532 billion, up 14.5%; GAAP diluted EPS was $0.55 versus $0.35.
Fiscal 2026 total revenues were $9.552 billion, up 13.1%; GAAP operating income was $721 million versus $415 million.
Fiscal 2027 guidance: subscription revenues of $9.925 billion to $9.950 billion and non-GAAP operating margin of about 30.0%.
Co-founder Aneel Bhusri returned as chief executive officer; the company repurchased 12.8 million Class A shares for $2.9 billion in fiscal 2026.
Co-founder Aneel Bhusri was appointed Workday's chief executive officer effective February 6, 2026, and will also remain Chair of the Board. Carl Eschenbach stepped down as CEO and resigned from the Board, and Workday reaffirmed its fiscal 2026 fourth-quarter and full-year outlook, with the exception of GAAP operating margin, which was addressed in a February 4 Form 8-K.
Aneel Bhusri appointed CEO effective February 6, 2026; Carl Eschenbach resigned as CEO and as a director.
Bhusri's base salary is $1,250,000, with an annual target cash bonus of up to 200% of base salary beginning in fiscal 2027.
Bhusri is expected to receive grants dated March 5, 2026: a $60 million RSU award and a $75 million performance-based RSU award.
Eschenbach will receive a lump sum payment of $3,601,355 and accelerated vesting of 139,773 and 24,153 shares; Workday will report fourth-quarter and full-year results after market on February 24, 2026.
Workday said on February 4, 2026 that it is reorganizing several functions, which will eliminate about 2% of its current workforce, mostly non-revenue roles in Global Customer Operations. The company expects about $135 million in charges in the fourth quarter of fiscal 2026, and it now expects its GAAP operating margin to fall well below its non-GAAP margin, while its other results are expected to be in line with guidance.
About 2% of Workday's current workforce to be eliminated, primarily in non-revenue roles within Global Customer Operations
Approximately $135 million in charges in Q4 fiscal 2026: about $40 million in cash severance and benefits, $15 million in stock-based compensation, and $80 million in non-cash impairment of office space and long-lived assets
Q4 fiscal 2026 GAAP operating margin now expected 24 to 25 percentage points below non-GAAP; full-year GAAP margin 22 to 23 points below non-GAAP
Fourth-quarter and full-year fiscal 2026 results scheduled for February 24, 2026
Workday reported fiscal 2026 third-quarter revenue of $2.432 billion, up 12.6% year over year, with GAAP diluted earnings of $0.94 per share versus $0.72 a year earlier. The company also issued fourth-quarter guidance and updated its full-year fiscal 2026 subscription revenue outlook to $8.828 billion, which shareholders can compare against future results.
Total revenues were $2.432 billion, up 12.6%; subscription revenues were $2.244 billion, up 14.6%.
GAAP diluted EPS was $0.94 versus $0.72; non-GAAP diluted EPS was $2.32 versus $1.89.
Q4 fiscal 2026 subscription revenue guidance is $2.355 billion (15.5% growth); full-year guidance is $8.828 billion (14.4% growth).
Workday repurchased about 3.4 million Class A shares for $803 million in the quarter.
Workday reported fiscal 2026 second-quarter results for the quarter ended July 31, 2025, with total revenue up 12.6% year over year and GAAP diluted earnings per share rising to $0.84 from $0.49. The company raised its full-year fiscal 2026 subscription revenue guidance to $8.815 billion, which includes its planned acquisition of Paradox.
Total revenues were $2.348 billion, up 12.6%; subscription revenues were $2.169 billion, up 14.0%.
GAAP operating income was $248 million versus $111 million a year earlier; non-GAAP operating income was $680 million, or 29.0% of revenues.
Diluted EPS was $0.84 (GAAP) and $2.21 (non-GAAP), compared with $0.49 and $1.75 a year earlier.
Full-year fiscal 2026 subscription revenue guidance was raised to $8.815 billion, growth of 14.2%, with a non-GAAP operating margin of 29.0%.
Workday reported fiscal 2026 first-quarter revenue of $2.240 billion, up 12.6% year over year, while GAAP diluted earnings per share fell to $0.25 from $0.40 after $166 million in restructuring expenses. The company also reiterated its fiscal 2026 subscription revenue guidance of $8.8 billion, raised its non-GAAP operating margin guidance to approximately 28.5%, and authorized a new $1.0 billion share repurchase program.
Total revenues were $2.240 billion, up 12.6%; non-GAAP diluted EPS was $2.23 versus $1.74 a year earlier.
GAAP operating income was $39 million, down from $64 million, including $166 million of restructuring expenses.
Fiscal 2026 subscription revenue guidance of $8.8 billion was reiterated; non-GAAP operating margin guidance was raised to approximately 28.5%.
The Board authorized repurchases of up to $1.0 billion of Class A common stock with no expiration date.
Workday appointed Gerrit Kazmaier, formerly a vice president and general manager at Google Cloud, as President, Product and Technology, effective March 10, 2025. Sayan Chakraborty, the current holder of the role, is retiring and will advise the company through June 2, 2025. The filing describes Kazmaier's pay package and says the company's innovation strategy and product and technology organization are now under his leadership.
Kazmaier's offer includes a $700,000 annual base salary, a $1,000,000 one-time signing bonus paid in two installments, and a 60% target cash bonus.
Kazmaier will receive restricted stock unit awards with grant-date values of approximately $18 million and approximately $12 million, the second of which is a sign-on award.
Chakraborty will serve as a full-time advisor through June 2, 2025, then as a consultant through December 2, 2025, with his existing equity awards continuing to vest.
Workday reported fiscal fourth-quarter 2025 total revenues of $2.211 billion, up 15.0% year over year, and full-year revenues of $8.446 billion, up 16.4%. GAAP diluted EPS fell to $0.35 from $4.42 a year earlier, which the company attributes to $75 million of restructuring expenses and to a $1.1 billion deferred tax benefit recorded in the prior-year period, while non-GAAP diluted EPS rose to $1.92 from $1.57. The company guided fiscal 2026 subscription revenue to $8.800 billion (14% growth) and a non-GAAP operating margin of approximately 28.0%.
Q4 fiscal 2025 total revenues $2.211 billion, up 15.0%; subscription revenues $2.040 billion, up 15.9%
Q4 GAAP diluted EPS $0.35 vs. $4.42 a year earlier; non-GAAP diluted EPS $1.92 vs. $1.57
Full-year fiscal 2025 operating cash flows $2.461 billion; free cash flows $2.192 billion; repurchased shares for $700 million
Fiscal 2026 restructuring plan expected to reduce current workforce by approximately 8%
Workday announced a restructuring plan to eliminate about 1,750 positions, or 8.5% of its current workforce, and to exit certain owned office space. The company expects fiscal 2025 fourth-quarter and full-year results to be in line with or above prior guidance, except for GAAP operating margin, which will be reduced by the charges from the plan.
Plan expected to cost $230 million to $270 million, with $60 million to $70 million recognized in the fourth quarter of fiscal 2025 and the rest in the first quarter of fiscal 2026
About $145 million to $175 million of the charges are future cash expenditures for severance and related costs; about $50 million to $60 million are non-cash stock-based compensation; about $35 million are non-cash office space impairment c
Actions expected to be substantially complete by the second quarter of fiscal 2026; fourth-quarter GAAP operating margin expected to be 22 to 23 percentage points below non-GAAP margin
Workday's board appointed Elizabeth Centoni, Cisco's executive vice president and chief customer experience officer, as a Class III director effective December 3, 2024. The board has determined she is independent under Nasdaq rules, and she will receive a one-time $750,000 RSU grant.
Appointed as Class III director effective December 3, 2024; next up for election at the 2027 annual meeting
One-time RSU grant of $750,000; one-fourth vests December 5, 2025, with the rest vesting quarterly over the following twelve quarters
Cisco, where Centoni is an executive, paid Workday about $13.1 million in fiscal year ended January 31, 2024, and about $10.1 million in the nine months ended October 31, 2024
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