Workday, Inc. · NASDAQ:WDAY
Workday — Investor Day (September 2025)
95 slides from Workday's investor day presentation, Sep 16, 2025
Slide 1: Financial Analyst Day
WELCOME TO Financial Analyst Day f™ workday
Slide 2: Agenda
Agenda Strategy and Growth Financial Framework Product and Carl Eschenbach Zane Rowe Innovation Gerrit Kazmaier Aashna Kircher Peter Bailis Go-to-Market Q&A Rob Enslin
Slide 3: Forward-Looking Statements
This presentation may contain forward-looking statements for which there are risks, uncertainties, and assumptions. Forward-looking statements may include any statements regarding our strategies or plans for future operations; growth and opportunities; new features, enhancements, or upgrades to our
Slide 4: Carl Eschenbach, Chief Executive Officer
Carl Eschenbach Chief Executive Officer
Slide 5: Driving Innovation
Driving Best AI Agents for HR, Finance, and Planning Innovation Accelerating Investments in Our Core Products Open Platform Designed for Work
Slide 6: Opening Up Sizeable Core TAM
Opening Up Sizeable Core TAM Through Targeted Investments HCM Payroll FINS Talent Core Workforce Spend Mgmt. Planning TAM estimates based on Workday and third-party data as of 9.16.25.
Slide 7: Platform and AI Expand Our Opportunity
Platform and AI Expand Our Opportunity Workday Economy Marketplace Wellness Core
Slide 8: Platform and AI Expand Our Opportunity
Platform and AI Expand Our Opportunity AI Workday Economy Marketplace Wellness Core
Slide 9: The Future of Software
The Future of Software On-Premise SaaS Agentic 1990–2010 2015–2025 2025+ Global Workforce1 2.3B 3.7B >3.7B AI SaaS SaaS ERP Software $2 On-Premise On-Premise On-Premise 1 Global Workforce from World Bank Group for the periods 1990, 2024, and Workday Estimates. 2 ERP estimates via IDC and include: As
Slide 10: Pole Position in AI Through Proprietary Data
Pole Position in AI Through Proprietary Data Workday Users Under Contract Annual Transactions on Platform >75M1 >1T >46M >195B FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26E FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26E 1 Represents Workday users under contract as of 7.31.25.
Slide 11: Growing AI Momentum
Growing AI Momentum Core Customers Using % of Net-New Customer Wins Workday Illuminate™ with One or More AI Products1 ~75% >75% Net-New ACV % of Customer Expansions with from AI Products1 One or More AI Products1 YoY >2x >30% 1 Includes Recruiting Agent, Talent Mobility Agent, Contract Intelligence
Slide 12: Growing AI Momentum
Growing AI Momentum ARR >$450M >50% YoY >$250M Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Includes Recruiting Agent, Talent Mobility Agent, Contract Intelligence Agent, Contract Negotiation Agent, Extend Pro, Talent Optimization, and Labor Optimization and Scheduling.
Slide 13: Emerging Agentic AI SKUs
Emerging Agentic AI SKUs ARR >$150M >200% YoY <$50M Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Emerging AI SKUs include Recruiting Agent, Talent Mobility Agent, Contract Intelligence Agent, Contract Negotiation Agent, and Extend Pro.
Slide 14: Emerging Agentic AI SKUs
Emerging Agentic AI SKUs ARR >$150M >200% Driving YoY Percentage Points of <$50M ARR Growth to the Overall Business Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Emerging AI SKUs include Recruiting Agent, Talent Mobility Agent, Contract Intelligence Agent, Contract Negotiation Agent, and Extend Pro.
Slide 15: Leadership Team
Leadership Team Chief Technology Co-Founder and Executive Chair Chief Revenue Officer Chief Marketing Officer President, EMEA Officer President, President, Japan Chief People Officer President, Product & Technology SVP, North American Sales Chief Commercial Officer Chief Strategy and Business Chief
Slide 16: Zane Rowe, Chief Financial Officer
Zane Rowe Chief Financial Officer
Slide 17: Growth Area KPIs
Growth Area KPIs AI >$150M in emerging agentic AI ARR growing >200% International ~15% international subscription revenue growth1 FINS/Full Suite ~20% FINS+ subscription revenue growth1 1,300+ partners including over 725 sales partners Partners and over 650 innovation partners2 Medium Enterprise >50
Slide 18: Driving Growth at Scale
Driving Growth at Scale . . . Subscription Revenues 14% Diverse Revenue Drivers YoY $8.8B $7.7B Customer Base Product Adoption $6.6B $5.6B New Customer Growth Ramp of Growth Areas Monetization of AI FY23 FY24 FY25 FY26E Inorganic Contribution Net New Subscription Revenues Added $1.0B $1.0B $1.1B $1.
Slide 19: While Expanding Margins
. . . While Expanding Margins . . . Non-GAAP Operating Margin Driving Leverage 3 pts 29.0% Strong Gross Retention 25.9% 24.0% Efficiencies Through Scale 20.1% People/Process/Systems Internal AI Adoption FY23 FY24 FY25 FY26E FY26E represents guidance provided on Q2 earnings call on 8.21.25. Refer to
Slide 20: Managing Stock-Based Compensation
. . . And Managing Stock-Based Compensation . . . Stock-Based Compensation Expense SBC Considerations as a % of Revenue Structural Plan Improvements 21% 20% 18% (1 pt) Disciplined Approach to Allocation ~17% Moderated Headcount Growth FY23 FY24 FY25 FY26E
Slide 21: Key Framework Assumptions
Key Framework Assumptions Growth Low Mid High Macro Slowing Stable Improving Ramp of Growth Areas Moderating Continued Faster Margin Impact Investment Level Reduced Pace: Current Pace: Increased Pace: (assumes continued investment Bias toward Balanced margin Bias toward growth in AI across all scena
Slide 22: Target Financial Framework
Target Financial Framework Low Mid High Subscription Revenue CAGR Through FY28 12% 13%-14% 15% Non-GAAP Operating Margin in FY28 36% ~35% 33% Non-GAAP “Rule of”1 48% SBC % Revenue in FY28 13%-14% and managing lower Non-GAAP “Rule of” Including SBC2 ~35% Share Repurchases3 $5B through FY27 FCF/Share
Slide 23: Capital Allocation Philosophy
Capital Allocation Philosophy Organic M&A Share Innovation Repurchases Primary Investment Focus Cultural Alignment Accelerating with $5B of Intended Repurchases Innovating and Growing Our Team and Technology Through FY27 Platform Adjacent Markets Reducing Our Share Count Driving Value with Agentic T
Slide 24: President, Product and Technology
President, Product and Technology
Slide 25: Workday's Unique Appeal
Workday’s Unique Appeal Innovation Leadership and Market Position Core Values Agenda & AI Trust and Potential Inflection Point
Slide 26: AI Adoption and Results
of companies are using the latest generation of AI; the same percentage have seen no significant gains in top- or bottom-line performance. Source: https://www.mckinsey.com/cn/our-insights/our-insights/beyond-the-hype-unlocking-value-from-the-ai-revolution.
Slide 27: Data, Workflows and Governance
Our Data, Workflows and Governance Are the Foundation to Deliver On an Enterprise AI Promise The AI Challenges Everyone Faces Accuracy with Enterprise Data and Context Enterprise data can’t be upstreamed into base LLMs Finding the right context for LLMs is very hard Most enterprise data is not close
Slide 28: Data, Workflows and Governance
Our Data, Workflows and Governance Are the Foundation to Deliver On an Enterprise AI Promise The AI Challenges Everyone Faces The AI Opportunity We Have Accuracy with Enterprise Data and Context Leverage and Expand Data Moat Enterprise data can’t be upstreamed into base LLMs Build context and models
Slide 29: The AI Enterprise Platform
The AI Enterprise Best AI Agents Platform for Managing People, Money, and Agents Next-Generation ERP Expanding the Core Business Open Enterprise AI Platform
Slide 30: Every Aspect of HR, Financials, and Platform
Every Aspect of HR, Financials, and Platform Illuminate for Illuminate for Illuminate for Illuminate for Workforce Management Payroll Employee Experience Revenue Frontline Agent Payroll Agent Employee Sentiment Agent NEW Revenue Contract Agent Illuminate for Illuminate for Illuminate for Illuminate
Slide 31: Expanding the Core Business
International Federal Medium Enterprise Frontline Expanding Our Core Business
Slide 32: Open AI Enterprise Platform - Workday Build
Open AI Enterprise Platform - Workday Build The Developer Platform for People, Money, and Agents The entire user Flowise Agents Extend Apps journey Orchestrations Data Cloud Workday Flowise Agent Builder Workday Extend App Builder Orchestration Builder Data & Analytics Workday Developer Copilot One
Slide 33: Group General Manager, CHRO Products
Group General Manager, CHRO Products
Slide 34: The AI Enterprise Platform
The AI Enterprise Best AI Agents Platform for Managing People, Money, and Agents Next-Generation ERP Expanding the Core Business Open Enterprise AI Platform
Slide 35: Getting the Data Right
Getting the data right.
Slide 36: Getting The Data Right
Getting The Data Right ONBOARDING GOALS & PERFORMANCE RECRUITING SUCCESSION BENEFITS CAREER & DEVELOPMENT ABSENCE PAYROLL COMPENSATIION HR TIME TRACKING ORGANIZATIONS SKILLS
Slide 37: Getting the Data Right: Accounting Center
Getting the Data Right FINS: Accounting Center 1B+ External Data Sources Detailed Entries Automated POS Integrate Transform Transactions Post to 400+ and Enrich into Detailed Journals the GL Customers Achieving Hospitality Management Mass Efficiencies Property Management 13 Industries in Use
Slide 38: Connecting Industry Operational Data
Getting the Data Right FINS: Connecting Industry Operational Data Transforms the Transforms the Transforms the financial close process order-to-cash process supply chain across for B2C companies in industries such as tech and media high tech, life sciences, automotive, and healthcare
Slide 39: Data Flywheel
Data Flywheel Ej Data A Al
Slide 40: Best AI Agents for HR, FINS, and Planning
Best AI Agents for HR, FINS, and Planning Document Intelligence for Contingent Labor Agent Business Process Copilot Agent Case Agent Performance Agent Workday Paradox Candidate Experience Agent1 Self-Service Agent Learning & Development Agent2 Payroll Agent Job Architecture Agent Financial Audit Age
Slide 41: Reduction in Screening Time
Up to Reduction in Recruiting Agent Screening Time Up to Talent Mobility Agent Decrease in Hiring Time
Slide 42: Reduction in Contract Execution Time
Recruiting Agent Talent Mobility Agent Up to Contract Intelligence Agent Reduction in Contract Execution Time
Slide 43: Faster Compliance Enablement
Talent Mobility Agent Contract Intelligence Agent Up to Payroll Agent Faster Compliance Enablement
Slide 44: Hours Saved on Annual Audits
Contract Intelligence Agent Payroll Agent Up to Financial Audit Agent Hours Saved on Annual Audits
Slide 45: Lower Sourcing Costs
Payroll Agent Financial Audit Agent Up to Contingent Sourcing Agent Lower Sourcing Costs
Slide 46: Efficiency Gains
Financial Audit Agent Contingent Sourcing Agent Up to Planning Agent Efficiency Gains
Slide 47: Employee Sentiment and Turnover
Contingent Sourcing Agent Planning Agent Employee Sentiment Agent Address employee sentiment and reduce costly employee turnover.
Slide 48: Streamlines the Review Process
Planning Agent Employee Sentiment Agent Performance Agent Streamlines the entire review process so managers can focus on meaningful feedback.
Slide 49: Reduces Case Resolution Times
Employee Sentiment Agent Performance Agent Case Agent Reduces case resolution times and lowers the number of support requests.
Slide 50: Optimizes the Financial Close
Performance Agent Case Agent Financial Close Agent Optimizes the financial close process to accelerate predictability, efficiency and lower risk.
Slide 51: CEO Level Business Transformation
CEO Level Business Transformation HR Contingent Labor Workforce Mgmt Payroll FINS Planning Talent Spend Industry Solutions • Analytics • Extend
Slide 52: The AI Enterprise Platform
The AI Enterprise Best AI Agents Platform for Managing People, Money, and Agents Next-Generation ERP Expanding the Core Business Open Enterprise AI Platform
Slide 53: Medium Enterprise
Slide 54: Expanding the Core Business: Medium Enterprise
Expanding the Core Business: Medium Enterprise Reducing Operational Costs Up to BP Optimize Agent Improvement in Business Process Efficiency
Slide 55: Expanding the Core Business: Medium Enterprise
Expanding the Core Business: Medium Enterprise Simplifying Integrations Revenue Contract Agent Automatically extracts key financial data from contracts with AI and automates downstream activity.
Slide 56: International
International
Slide 57: Expanding the Core Business: International
Expanding the Core Business : International Cloud Platform Availability Zones & Regions London Dublin Belgium EU Sov 1H26 Portland Montreal Frankfurt Ashburn Japan 2H25 Middle East 2H26 Columbus Charleston India 2H25 Singapore Sydney
Slide 58: Expanding the Core Business: International
Expanding the Core Business: International Compliance 175+ Countries1 55+ Preconfigured Tax and Reporting Templates2 Integrating partners: 1 Represents the number of countries Workday is deployed in as of 7.31.25. 2Country-specific local configurations available as of 2025 R1 release.
Slide 59: Global Payroll Connect
Expanding the Core Business: International Global Payroll Connect Data Changes Payroll Results Tax Documents Payroll Documents Payslips Certified Partners Prebuilt Integrations Notifications
Slide 60: Enabling the Ecosystem
Expanding the Core Business: International Enabling the Ecosystem PwC builds apps on Workday to help navigate global regulations. UK: Right to Work App Netherlands: Sickness & Recovery Management
Slide 61: The Federal Business
ZN Th Federal
Slide 62: Expanding the Core Business: Federal
Expanding the Core Business: Federal Next-Gen AI Capabilities All of Workday for All and World Class Data Agencies Security Built-in Federal Productization – NOT Customization
Slide 63: Frontline
Frontline
Slide 64: Expanding the Core Business: Frontline
Expanding the Core Business: Big TAM Billions of Frontline Frontline Workers Globally Strong Foothold Retail and Hospitality in the Core Manufacturing Healthcare Expanding Our Frontline Agent Product Depth
Slide 65: Expanding the Core Business: Frontline
Expanding the Core Business: Frontline Up to Frontline Agent Time Saved on Timesheet Approvals
Slide 66: Expanding Our AI-Powered Talent Acquisition Suite
Expanding the Core Business: Frontline Expanding Our AI-Powered Talent Acquisition Suite Best-in-class conversational AI Market leader in frontline hiring workflows Conversion rates of over 70% Workday partner since 2021 with over 200 customers
Slide 67: Peter Bailis, Chief Technology Officer
Peter Ballis Chief Technology Officer
Slide 68: The AI Enterprise Platform
The AI Enterprise Best AI Agents Platform for Managing People, Money, and Agents Next-Generation ERP Expanding the Core Business Open Enterprise AI Platform
Slide 69: Power of Our HR Data
Power of our HR Data Workday Wellness Employer Partner ecosystem HR and IT Data exchange Plan setup Worker Plan Usage and Employees automation enrollment communications cost insights
Slide 70: Power of Our HR Data
Power of our HR Data Strategic Partnerships Employer Partner ecosystem HR and IT Data exchange Employees 75M+ Workday Users Under Contract
Slide 71: Developer Platform for Innovation
The Developer Platform for Customer and Partner Innovation on Workday
Slide 72: Workday Build
Workday Build The Developer Platform for People, Money, and Agents Flowise Agents Extend Apps Orchestrations Data Cloud Workday Flowise Agent Builder Workday Extend App Builder Orchestration Builder Data & Analytics
Slide 73: Workday Build
Workday Build The Developer Platform for People, Money, and Agents Flowise Agents Extend Apps Orchestrations Data Cloud Workday Flowise Agent Builder Workday Extend App Builder Orchestration Builder Data & Analytics Workday Developer Copilot One Developer Experience
Slide 74: Workday Build
Workday Build The Developer Platform for People, Money, and Agents Workday Flowise Agents Agents Extend AppsApps Orchestrations Data Data & Analytics Cloud Workday Flowise Agent Builder Workday Extend Extend App Builder App Builder Orchestration Builder Data Prism&Analytics Analytics Workday Develop
Slide 75: Workday Build
Workday Build The Developer Platform for People, Money, and Agents The entire user Flowise Agents Extend Apps journey Orchestrations Data Cloud Workday Flowise Agent Builder Workday Extend App Builder Orchestration Builder Data & Analytics Workday Developer Copilot One Developer Experience APIs & Co
Slide 76: Ecosystem
+ Tools + Partner + Community Ecosystem Build the Build your Build your future of work. business. career. Workday Build The developer platform for people, money, and agents.
Slide 77: Making Data Open, Accessible, and AI-Ready
Making Data Open, Accessible, and AI-Ready
Slide 78: Workday Data Cloud
Prism Data Management Workday Live Data Query Workday Data Lake Workday Data Cloud
Slide 79: Trusted Partner Systems
Trusted Partner Systems Workday Data Connect Unified Data Workday Live Data Query Catalog Zero-Copy Access Workday Prism Data Data Lake Management Workday Data Cloud Data Data Applications BI Lakes Warehouses Tools
Slide 80: Workday and Sana
oN . workday * Sana
Slide 81: President, Chief Commercial Officer
President, Chief Commercial Officer
Slide 82: Balanced Go-to-Market Model
Balanced Go-to-Market Model New Customers Customer Base 70,000+ Addressable 11,000+ Global Customers Core Customers 65%+ of the Fortune 500 ~40% ~60% of growth of growth contribution1 contribution1 Platform Advantage Openness • Trust • Extensibility 1 Represents % of Workday’s subscription revenue g
Slide 83: Go-to-Market Growth Priorities
Go-to-Market Growth Priorities Medium Enterprise International Industries Partner AI Ecosystem with customers at the center.
Slide 84: AI: New Workday Flex Credits
AI: New Workday Flex Credits Pricing Model Simple Included in subscription Delivering AI always on, no bolt-ons Value at Scale Flexible Fungible across agents, APIs, storage Scales as customers grow Transparent Clear view of usage & ROI Add credits as value expands
Slide 85: International: Growth Framework
International: UKI Market leader in HCM Growth Playbook Verticalized GTM + emerging enterprise Framework Lighthouse France Japan Wins Germany APAC New India: scaling with direct sales build-out Markets Middle East: launch in progress Talent Jess O’Reilly - VP, Sales ASEAN Sunil Jose - GVP, India Vol
Slide 86: Medium Enterprise: A Core Growth Engine
Medium Enterprise: A Core Growth Engine Full Suite Differentiation U.S. Leading the Way ~40% ~50% of New ME Customers of New ME Customers Land Full Suite2 Purchase Core FINS2 of TAM1 Workday GO Faster Deployments <60 Days to Go-Live 1 TAM estimates based on Workday and third-party data as of 9.16.25
Slide 87: Industries: Diversified, Durable Growth
Industries: Diversified, Durable Growth > $1B ARR Emerging Industries Financial Services Federal Professional and Business Services $2B+ TAM1 Retail and Hospitality Frontline Workforce Technology and Media Manufacturing 70% of Global Workforce 1 TAM estimates based on Workday and third-party data as
Slide 88: Partners: Scaling Growth Across the Ecosystem
Partners: Scaling Growth Across the Ecosystem Deployment 21,000+ Certified Partner Consultants Sourcing Sourcing Sales unique partners >20% ~10% of New Customer ACV1 of Customer Expansion ACV1 Innovation 100+ Built on Workday Apps Strategic Partnerships $100M+ in ARR2 1 For Q2 FY26. 2 Represents ARR
Slide 89: With Customers at the Center
Medium Enterprise International Industries Partner AI Ecosystem with customers at the center.
Slide 90: Appendix
Appendix
Slide 91: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures To provide investors and others with additional information regarding Workday’s results, we have disclosed the following non-GAAP financial measures: non-GAAP operating margin and free cash flow margin. Workday has provided a reconciliation of the non-GAAP operating
Slide 92: Reconciliations of GAAP to Non-GAAP Data
Reconciliations of GAAP to Non-GAAP Data Operating Margin (in millions, except percentages and per share data) FY23 FY24 FY25 Non-GAAP operating margin1 Operating margin (3.6) % 2.5 % 4.9 % Share-based compensation expense2 20.8 % 19.5 % 17.9 % Employer payroll tax-related items on employee stock tr
Slide 93: Updated Product Attach Rates
Updated Product Attach Rates Each Has <5% Each Has <10% 18% 22% 16% 16% 11% 11% Evisort VNDLY HiredSco re Accoun ting Glo bal Pa yroll Scheduling Can didate Strategic People Workforce Me ssagin g Extend / Extend Ce nte r Co nnect 1 En gageme nt Sourcing Analytics Planning Pro2 78% 71% 62% 63% 57% 38
Slide 94: Core Markets Support Durable Growth
Core Markets Support Durable Growth HCM Subscription Revenues1 FINS+ Subscription Revenues2 (TTM) (TTM) 15% 20% CAGR CAGR $2.22B $6.01B $1.86B $1.54B $5.31B $4.54B 13% 20% YoY YoY Q2’24 Q2’25 Q2’26 Q2’24 Q2’25 Q2’26 1 HCM includes Workday Human Capital Management, Recruiting, Time Tracking, Payroll,
Slide 95: Core Markets Support Durable Growth
Core Markets Support Durable Growth U.S. Subscription Revenues International Subscription Revenues (TTM) (TTM) 16% 17% CAGR CAGR $2.05B $6.18B $1.78B $5.39B $1.49B $4.59B 15% 15% YoY YoY Q2’24 Q2’25 Q2’26 Q2’24 Q2’25 Q2’26