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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 - July 31, 2025 – 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.
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Investor Contact:
Media Contact:
Yogita Shah
Mandi McReynolds
Workiva Inc.
Workiva Inc.
investor@workiva.com
press@workiva.com
1

WORKIVA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three months ended June 30,Six months ended June 30,
2025202420252024
(unaudited)
Revenue
Subscription and support$198,223 $160,735 $383,735 $315,714 
Professional services16,964 16,768 37,732 37,456 
Total revenue215,187 177,503 421,467 353,170 
Cost of revenue
Subscription and support (1)
35,277 27,945 69,339 55,872 
Professional services (1)
14,266 13,227 28,546 26,823 
Total cost of revenue49,543 41,172 97,885 82,695 
Gross profit165,644 136,331 323,582 270,475 
Operating expenses
Research and development (1)
54,843 48,408 108,623 93,903 
Sales and marketing (1)
104,025 84,697 205,696 167,330 
General and administrative (1)
28,922 26,375 56,159 50,674 
Total operating expenses187,790 159,480 370,478 311,907 
Loss from operations(22,146)(23,149)(46,896)(41,432)
Interest income8,344 10,336 17,091 20,791 
Interest expense(3,194)(3,237)(6,389)(6,469)
Other (expense) income, net(736)(45)(969)41 
Loss before provision for income taxes(17,732)(16,095)(37,163)(27,069)
Provision for income taxes1,668 1,453 3,608 2,166 
Net loss$(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 diluted56,076,723 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,
2025202420252024
(unaudited)
Cost of revenue
Subscription and support$2,511 $1,943 $4,944 $3,544 
Professional services1,106 763 2,102 1,490 
Operating expenses
Research and development6,556 5,152 12,606 9,793 
Sales and marketing9,890 8,490 19,641 16,528 
General and administrative8,404 9,054 17,062 17,054 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2025December 31, 2024
(unaudited)
Assets
Current assets
Cash and cash equivalents$284,253 $301,835 
Marketable securities529,456 514,585 
Accounts receivable, net121,564 148,433 
Deferred costs53,250 50,914 
Other receivables9,441 10,276 
Prepaid expenses and other25,184 22,199 
Total current assets1,023,148 1,048,242 
Property and equipment, net21,185 21,825 
Operating lease right-of-use assets11,664 11,786 
Deferred costs, non-current51,476 54,858 
Goodwill206,007 196,844 
Intangible assets, net25,215 27,389 
Other assets7,047 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 liabilities118,588 126,508 
Deferred revenue461,267 457,608 
Convertible senior notes, current70,937 — 
Finance lease obligations578 562 
Total current liabilities662,275 592,425 
Convertible senior notes, non-current695,175 764,891 
Deferred revenue, non-current32,443 29,681 
Other long-term liabilities292 227 
Operating lease liabilities, non-current8,890 9,441 
Finance lease obligations, non-current13,195 13,488 
Total liabilities1,412,270 1,410,153 
Stockholders’ deficit
Common stock56 56 
Additional paid-in-capital675,076 672,363 
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 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended June 30,Six months ended June 30,
2025202420252024
(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 amortization2,949 2,564 5,842 5,086 
Stock-based compensation expense28,467 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 costs611 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 assets1,377 1,172 2,706 2,598 
Other receivables(59)4,347 935 4,541 
Prepaid expenses and other3,191 4,693 (2,462)2,420 
Other assets1,386 (565)738 (1,655)
Accounts payable(3,755)(1,884)2,896 2,842 
Deferred revenue15,424 13,079 (3,014)(4,447)
Operating lease liabilities(1,087)(966)(1,918)(1,953)
Accrued expenses and other liabilities23,483 17,081 (10,281)8,820 
Net cash provided by (used in) operating activities50,311 (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 securities99,738 107,100 194,352 236,740 
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)
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended June 30,Six months ended June 30,
2025202420252024
(unaudited)
Cash flows from financing activities
Proceeds from option exercises1,803 290 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 cash5,108 (358)6,997 (1,465)
Net increase (decrease) in cash, cash equivalents, and restricted cash42,229 (28,169)(17,385)11,691 
Cash, cash equivalents, and restricted cash at beginning of period242,736 296,581 302,350 256,721 
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,
2025202420252024
(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 
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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,
2025202420252024
Gross profit, subscription and support$162,946 $132,790 $314,396 $259,842 
Add back: Stock-based compensation2,511 1,943 4,944 3,544 
Add back: Amortization of acquisition-related intangibles939 — 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 compensation1,106 763 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 compensation3,617 2,706 7,046 5,034 
Add back: Amortization of acquisition-related intangibles939 — 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 compensation2,511 1,943 4,944 3,544 
Less: Amortization of acquisition-related intangibles939 — 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 compensation1,106 763 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 compensation6,556 5,152 12,606 9,793 
Less: Amortization of acquisition-related intangibles495 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 compensation9,890 8,490 19,641 16,528 
Less: Amortization of acquisition-related intangibles478 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 compensation8,404 9,054 17,062 17,054 
General and administrative, non-GAAP$20,518 $17,321 $39,097 $33,620 
6

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,
2025202420252024
Loss from operations$(22,146)$(23,149)$(46,896)$(41,432)
Add back: Stock-based compensation28,467 25,402 56,355 48,409 
Add back: Amortization of acquisition-related intangibles1,912 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 compensation28,467 25,402 56,355 48,409 
Add back: Amortization of acquisition-related intangibles1,912 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 compensation0.52 0.47 1.00 0.88 
Add back: Amortization of acquisition-related intangibles0.03 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-GAAP56,076,723 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-GAAP57,815,320 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 %

7

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 compensation13.6 %13.6 %13.3 %13.3 %
Add back: Amortization of acquisition-related intangibles0.8 %0.8 %0.8 %0.8 %
Non-GAAP operating margin7.0 %-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 compensation0.53 0.53 2.05 2.05 
Add back: Amortization of acquisition-related intangibles0.03 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, basic56,400,000 56,400,000 56,400,000 56,400,000 
Weighted-average common shares used in calculating non-GAAP earnings per share, diluted58,000,000 58,000,000 59,500,000 59,500,000 

8