Workiva (WK) Annual Income Statement

Income Statement Summary

Workiva (WK) annual income statement covering fiscal 2020 through 2025, as reported to the SEC.

Workiva reported total revenue of $884.57M in fiscal 2025, up 19.7% from $738.68M in fiscal 2024.
Gross profit was $694.14M, up 22.5% from $566.63M. That is a gross margin of 78.5%.
Income from operations was -$42.44M, a smaller loss than the $76.53M in fiscal 2024. Operating margin was -4.8%.
Net income was -$26.17M, a smaller loss than the $55.04M in fiscal 2024. Net margin was -3%.
Diluted (in dollars per share) was -$0.47, a smaller loss than the $0.99 in fiscal 2024.
Total cost of revenue took 21.5% of total revenue, research and development 24.3% and general and administrative 12.8%.

Total revenue has grown 20.3% a year on average since fiscal 2020, from $351.59M to $884.57M, rising in every year shown.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20
Revenue
Total revenue
884,568	738,680	630,039	537,875	443,285	351,594	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						884,568	738,680	630,039	537,875	443,285	351,594	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of revenue
Total cost of revenue
190,430	172,055	154,222	129,885	103,833	90,177	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total cost of revenue						190,430	172,055	154,222	129,885	103,833	90,177	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross profit
694,138	566,625	475,817	407,990	339,452	261,417	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross profit						694,138	566,625	475,817	407,990	339,452	261,417	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating expenses
Research and development
214,844	192,935	172,790	151,716	115,735	94,844	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development						214,844	192,935	172,790	151,716	115,735	94,844	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales and marketing
408,872	347,243	287,035	245,260	178,785	144,687	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales and marketing						408,872	347,243	287,035	245,260	178,785	144,687	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General and administrative
112,863	102,981	110,519	99,778	74,287	59,688	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General and administrative						112,863	102,981	110,519	99,778	74,287	59,688	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses
736,579	643,159	570,344	496,754	368,807	299,219	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses						736,579	643,159	570,344	496,754	368,807	299,219	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (loss) from operations
-42,441	-76,534	-94,527	-88,764	-29,355	-37,802	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (loss) from operations						-42,441	-76,534	-94,527	-88,764	-29,355	-37,802	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income
34,153	39,395	25,882	4,880	1,041	3,282	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income						34,153	39,395	25,882	4,880	1,041	3,282	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
12,777	12,865	53,639	6,042	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						12,777	12,865	53,639	6,042	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
-	-	-	-	14,015	13,964	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						-	-	-	-	14,015	13,964	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income (expense), net
-1,350	563	-1,814	926	3,229	-205	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other income (expense), net						-1,350	563	-1,814	926	3,229	-205	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (loss) before provision for income taxes
-22,415	-49,441	-124,098	-89,000	-39,100	-48,689	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income (loss) before provision for income taxes						-22,415	-49,441	-124,098	-89,000	-39,100	-48,689	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for income taxes
3,754	5,601	3,427	1,947	-1,370	-291	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for income taxes						3,754	5,601	3,427	1,947	-1,370	-291	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss)
-26,169	-55,042	-127,525	-90,947	-37,730	-48,398	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss)						-26,169	-55,042	-127,525	-90,947	-37,730	-48,398	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss) per common share
Basic (in dollars per share)
-0.47	-0.99	-2.36	-1.72	-0.74	-1.00	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic (in dollars per share)						-0.47	-0.99	-2.36	-1.72	-0.74	-1.00	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in dollars per share)
-0.47	-0.99	-2.36	-1.72	-0.74	-1.00	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in dollars per share)						-0.47	-0.99	-2.36	-1.72	-0.74	-1.00	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted-average common shares outstanding
Weighted-average common shares outstanding - basic (in shares)
56,272	55,355	54,099	52,954	51,126	48,448	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted-average common shares outstanding - basic (in shares)						56,272	55,355	54,099	52,954	51,126	48,448	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted-average common shares outstanding - diluted (in shares)
56,272	55,355	54,099	52,954	51,126	48,448	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted-average common shares outstanding - diluted (in shares)						56,272	55,355	54,099	52,954	51,126	48,448	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic and diluted (in dollars per share)
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic and diluted (in dollars per share)						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted-average common shares outstanding - basic and diluted (in shares)
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted-average common shares outstanding - basic and diluted (in shares)						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Subscription and support
Total revenue
812,627	667,646	558,645	464,935	379,340	295,877	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						812,627	667,646	558,645	464,935	379,340	295,877	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total cost of revenue
136,645	118,697	99,193	77,711	60,551	49,503	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total cost of revenue						136,645	118,697	99,193	77,711	60,551	49,503	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Professional services
Total revenue
71,941	71,034	71,394	72,940	63,945	55,717	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						71,941	71,034	71,394	72,940	63,945	55,717	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total cost of revenue
53,785	53,358	55,029	52,174	43,282	40,674	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total cost of revenue						53,785	53,358	55,029	52,174	43,282	40,674	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx