Every material Form 8-K Workday filed with the SEC in 2026, 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
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
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