Slide 1: Welcome to Financial Analyst Day
WELCOME TO Financial Analyst Day f™N workday
Slide 2: Vice President, Investor Relations
Vice President, Investor Relations
Slide 3: Agenda
Agenda Re-founding Financial Innovating Moment Framework to Win Aneel Bhusri Zane Rowe Gerrit Kazmaier Reimagining Accelerating Capturing the Work the Platform AI Opportunity Joel Hellermark Gabe Monroy Rob Enslin Charlotte McLachlan
Slide 4: 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 5: Aneel Bhusri, Co-Founder, CEO and Chair
Aneel Bhusr Co-Founder, CEO and Chair
Slide 6: Our Re-founding
Our Rke-founding
Slide 7: Our Re-founding
Our Re-founding One Data Model. One Security Model. One Version. 20 ~1.4T 80M + 1 2 Years of trust Transactions Users under contract More than a decade of AI investment 1. Reflects transaction volume on the Workday Platform for FY26. 2. As of 7.31.26.
Slide 8: Deterministic rails AI needs in the enterprise
Our Re-founding We provide the deterministic rails AI needs in the enterprise
Slide 9: Operating with a Startup Mindset
Our Re-founding Z Operating with R a Startujp Mindset
Slide 10: How We're Operating Differently
(Z yy How Were Operating Differently
Slide 11: How We're Operating Differently
How We’re Operating We’re Doubling Down On What Matters Most Differently
Slide 12: How We're Operating Differently
How We’re Operating We’re Doubling Down On What Matters Most Differently We’re Moving Much Faster
Slide 13: How We're Operating Differently
How We’re Operating We’re Doubling Down On What Matters Most Differently We’re Moving Much Faster We’re Making Ownership Much Clearer
Slide 14: Five Ways We're Monetizing with Workday
gq Five Ways we Were Monetizing with Workday
Slide 15: Five Ways We're Monetizing with Workday
Five Ways We’re Monetizing with Workday Agents APIs Workday Workday Core Data Cloud Extend AI Applications
Slide 16: Five Ways We're Monetizing with Workday
Five Ways We’re Monetizing with Workday Agents APIs Workday Workday Core Data Cloud Extend AI Applications
Slide 17: Zane Rowe, Chief Financial Officer
Zane Rowe Chief Financial Officer
Slide 18: AI and Platform Accelerate TAM Expansion
AI and Platform Accelerate TAM Expansion HCM and FINS core TAM expansion driven by innovation and ongoing market growth $100B Sana, Workday Data Cloud, and agent- $176B AI and Platform ready tools contribute to accelerating AI and platform TAM growth HCM and FINS TAM Emerging products drive new mark
Slide 19: AI Momentum over the Last Year
AI Momentum over the Last Year Agentic AI1 ARR $ $750M ~$600M ARR from Agentic AI, representing more than 3x increase from last year $100M+ $375M ARR contribution from each of Extend AI, HiredScore, and Paradox ~300 Customers have signed our Flex $0 Credit agreement Q2’26 Q2’27 1. Agentic AI include
Slide 20: AI is Driving Growth in Our Customer Base
AI is Driving Growth in Our Customer Base Incremental Customer Base ARR $ $750M ~60% Mix of TTM subscription revenue growth from customer base1 ~70% Core Expected AI contribution to $375M AI incremental customer base ARR in FY282 ~12% Average ARR uplift from AI sold $0 to existing customers3 FY’26 F
Slide 21: Durable New Customer Opportunity
Durable New Customer Opportunity Incremental New Customer ARR $ $500M ~40% Mix of TTM subscription revenue growth from new customers1 US LE >75% $250M Expected contribution to incremental new customer ARR US ME + Int’l from US ME and Int’l in FY282 >50% New customer deals that include AI3 $0 FY’26 F
Slide 22: Investing in Growth While Driving Margin Expansion
Investing in Growth While Sustaining focused investments across our AI Driving Margin agents and platform development, go-to-market and customer adoption journey Expansion Driving growth while maintaining relatively flat aggregate headcount levels in FY27 Planning to deliver operating margin expansi
Slide 23: Target Financial Framework
Target Financial Framework FY’26 FY’27E FY’28E Subscription Revenue $8.8B ~$9.9B1 ~$11.0B YoY Growth 14% 13% ~11% Non-GAAP Operating Margin 30% 31% 33%+ SBC % Revenue 17% 16% ~15% Non-GAAP Operating Margin Including SBC2 12% 14% 17%+ Share Repurchases $5B+ $4B3 through FY27 authorized FCF/Share ~$13
Slide 24: President, Product and Technology
President, Product and Technology
Slide 25: AI as an Engine for Growth
AI as an Engine for Growth Business Growth Human Progress
Slide 26: AI is Reshaping Jobs
AI is Reshaping Jobs More job postings for forward deployed engineers in just one year
Slide 27: A Year of AI Progress
A Year of AI Progress Completely reinvent the core work experience
Slide 28: A Year of AI Progress
A Year of AI Progress Completely reinvent the core work experience Open the Platform
Slide 29: A Year of AI Progress
A Year of AI Progress Completely reinvent the core work experience Open the Platform Agentic AI and Finance
Slide 30: Our Guiding Principles for AI
Our Guiding Principles for AI AI must be AI must redesign AI must be a trusted work, not just growth driver that assist it puts talent and human capability at the center
Slide 31: Our Guiding Principles for AI
Our Guiding Principles for AI Work AI Trusted Agent Intelligence Autopilots Platform
Slide 32: Our Guiding Principles for AI
Our Guiding Principles for AI
Slide 33: World Model of Work
Higher Deterministic accuracy execution Context advantage Write path advantage World Model of Work Real-time flow of work Business process advantage
Slide 34: AI and Platform Accelerate TAM Expansion
AI and Platform Accelerate TAM Expansion… $276B $176B $100B HCM and FINS TAM AI and Platform TAM estimate based on Workday and third-party data as of 10.13.26. Compares to prior TAM estimate of $188B as of 9.16.25.
Slide 35: Agentic AI Unlocks New Work
Agentic AI Unlocks New Work Agentic Opportunity $276B
Slide 36: AI Unlocks Strategic Work and Enterprise Value
AI Unlocks Strategic Work and Enterprise Value Employee Strategic Talent Financial Service Work Acquisition Controls
Slide 37: Three Paths to Access Workday AI
Three Paths Path 1 to Access Use the full, native Sana Workspace with Workday AI a rich interface (the platform supports this) Path 2 Run agents within Workday – your agents and our agents – in the AI experience of your choice Path 3 Build your own agents connected to Workday, with our agent-ready t
Slide 38: Chief AI Officer, Principal Product Marketing
Chief AI Officer Principal, Product Marketing
Slide 39: Sana Works Around the Clock
Sana Works Around the Clock Orchestrating systems, agents, and apps to get the job done Anticipate Advise Act
Slide 40: Millions of Opportunities for Transformation
Millions of Opportunities for Transformation Recruiting Learning Payroll Talent Optimization 5,600+ Customers 4,000+ Customers 4,600+ Customers 4,800+ Customers Planning Procurement Core Finance Expenses 7,000+ 2,100+ 2,700+ 2,800+ Customers Customers Customers Customers Customer and User Counts are
Slide 41: Sana Concierge
O Ko om: sana Concierge
Slide 42: We Build Where Workday Has the Strongest Right to Win
We Build Differentiated Context Where Workday Workday understands the people, money Has the Strongest and processes behind the work. Right to Win Workforce and financial decision High-value Work at Scale The workflow contains significant analysis, Talent acquisition coordination or exception managem
Slide 43: Gabe Monroy, Chief Technology Officer
Gabe Monroy Chief Technology Officer
Slide 44: From a System You Log Into
cm From a system You Log Into
Slide 45: From a System You Log Into to a Platform You Build On
From a System You Log Into ToaPlatform You Build On
Slide 46: Workday's Trusted Agent Platform
Workday’s Trusted Agent Platform Backed by Builders Ecosystem Open by Design Developer Platform • Marketplace Lawful by Default Extend AI Agent Governance Developer Agent Security • Lifecycle Agent-Ready Tools Passport • Analytics Custom Agents Data Cloud Agent Harness Agent-Ready Tools for Context
Slide 47: Workday's Trusted Agent Platform
Workday’s Trusted Agent Platform Backed by Builders Open by Design Ecosystem Developer Platform • Marketplace Lawful by Default Extend AI Agent Governance Developer Agent Security • Lifecycle Agent-Ready Tools Passport • Analytics Custom Agents Data Cloud Agent Harness Agent-Ready Tools for Context
Slide 48: Workday is Now Fully Headless
Workday is Now Fully Headless via the Trusted Agent Platform
Slide 49: Maya, Engineering Director, HR IT team
Engineering Director, HR IT team Maya
Slide 50: Lawless / Lawful
Lawless Lawful
Slide 51: Data Lakes: Great for... Not Great for...
DATA LAKES Great for… Not Great for… Joining enterprise data Agents that act on behalf of people Your data made it into the lake. Analytics at scale Your rules didn’t. Retiring RaaS reports
Slide 52: Lawless / Lawful
Lawless Lawful
Slide 53: Workday Headless: The Enterprise Advantage
WORKDAY HEADLESS – THE ENTERPRISE ADVANTAGE Starting today, any agent you build gets Skills & Performance Real Labor Zero Data Certifications History Costs Leakage
Slide 54: Workday's Headless Momentum
Workday’s Headless Momentum ~500 Agent Ready tools live | 130+ shipping per month Workday Business Objects | Native Data MCP access
Slide 55: Workday's Trusted Agent Platform
Workday’s Trusted Agent Platform Backed by Builders Ecosystem Open by Design Developer Platform • Marketplace Lawful by Default Extend AI Agent Governance Developer Agent Security • Lifecycle Agent-Ready Tools Passport • Analytics Custom Agents Data Cloud Agent Harness Agent-Ready Tools for Context
Slide 56: Developer Platform Now Open
Now Open Developer Platform Generally Available
Slide 57: Turning Builders into Growth
Turning Builders into Growth Scale the Expand the Drive Long-Term Ecosystem Marketplace Growth Grow toward 100,000 More monetizable apps Turn developer adoption builders and talent to simplify into a product-led implementation growth engine
Slide 58: Workday's Trusted Agent Platform
Workday’s Trusted Agent Platform Backed by Builders Open by Design Ecosystem Developer Platform • Marketplace Lawful by Default Extend AI Agent Governance Developer Agent Security • Lifecycle Agent-Ready Tools Passport • Analytics Custom Agents Data Cloud Agent Harness Agent-Ready Tools for Context
Slide 59: Workday Agent Harness Generally Available
SB Workday Agent Harness
Slide 60: New Features in Early Access
New Features in Early Access at Rising EARLY ACCESS Memory Guardrails Sovereign Model Choice Context Picks up right Protected from Routing Google, Anthropic, Agent Context where it left off attacks and the Data stays in OpenAI, and Service wrong tone permitted regions open models from Grounded NVIDI
Slide 61: Strengthening Our Enterprise Moat
Strengthening Our Enterprise Moat Defensive Platform Enterprise Architecture Stickiness Risk Mitigation Agents execute within Protect core HR and Built-in protection Workday’s business logic Finance while expanding against prompt and permissions trusted AI adoption injections, data leaks, and compli
Slide 62: Workday's Trusted Agent Platform
Workday’s Trusted Agent Platform Backed by Builders Ecosystem Open by Design Developer Platform • Marketplace Lawful by Default GA Extend AI Agent Governance Developer Agent Security • Lifecycle Agent-Ready Tools DEC Passport • Analytics Custom Agents Third-Party Frameworks EA GA GA Data Cloud Agent
Slide 63: Customers prefer HR and Identity Governance as one system
of Workday customers prefer HR and Identity Governance Access to be one embedded system Workday IGA Concept Survey, n=10 Medium Enterprise, n=11 Large Enterprise+
Slide 64: Workday + ACL.ai
workddy + ACL.ai
Slide 65: President, Chief Commercial Officer
President, Chief Commercial Officer
Slide 66: Building the G2M Machine of the Future
Building the G2M Machine of the Future Customer AI Medium Global Base CoE Enterprise Growth
Slide 67: Accelerating Customer Expansion
Accelerating Customer Expansion Customer AI Centers Customer expansion is our largest, Base of Excellence fastest route to revenue AI is on track to represent >50% of incremental customer base ARR this year1 Medium Global Enterprise Growth Significant investment in North America LE coverage model 1.
Slide 68: Scaling AI Expertise
Scaling AI Expertise Customer AI Centers Specialized CoEs scale growth across Base of Excellence Sana, Talent, Platform, and Spend End-to-end GTM expertise and hands-on pilots accelerate AI adoption Medium Global Enterprise Growth Empowering partners to build differentiated AI offerings on Workday
Slide 69: Winning in Medium Enterprise
Winning in Medium Enterprise Customer AI Centers Targeting the 500–3,500 employee Base of Excellence sweet spot: net new deal sizes up ~20% YoY1 WorkdayGO in 24+ markets: Q2 volume grew >5x over Q12 Medium Global Enterprise Growth ME expansion rates consistent with LE 1. Represents the increase in a
Slide 70: Expanding Global Reach
Expanding Global Reach Customer AI Centers Adding capacity in top-performing Base of Excellence global markets Entering targeted new markets Medium Global Enterprise Growth Scaling VAR reach: 20 partners across 14 countries
Slide 71: Growing Customer Adoption Across Our AI Portfolio
Growing Customer Adoption Across Our AI Portfolio Sana Enterprise1 Sana Learn2 Paradox ~50 Customers 250+ Customers 300+ Customers Evisort HiredScore Extend AI 450+ Customers 550+ Customers 650+ Customers Customer counts are as of 7.31.26. 1. Includes Sana Lighthouse Customers. 2. Includes Sana Lear
Slide 72: Driving Rapid AI Customer Adoption
Driving Rapid AI Customer Adoption Workday Data Cloud early customer wins 15+ 18 Strategic customers co-innovating through Sana Enterprise Lighthouse Early access MCP program customers 125+ As of 10.13.26.
Slide 73: Flex Credits Momentum is Building
Flex Credits Momentum is Building Flex Credit Customer Count 300 ~300 Customers have signed our Flex Credit Agreement 225 ~200 150 Customers signed Flex Credits in Q2 alone 75 1 to 3 Year Commitments tied to measurable 0 outcomes Q4’26 Q1’27 Q2’27
Slide 74: Customer Adoption Journey: Healthcare
Customer Adoption Journey: Healthcare Customer ARR $10.2M $7.3M $6.6M $2.8M FY19 FY24 FY25 FY27 Landed Core HR, Added Financials, Added HiredScore Added Flex Credits, etc. Payroll, Recruiting, Procurement, Accounting and Journeys, etc. Learning, etc. Center, Extend AI, etc. Represents a real-life Wo
Slide 75: Customer Adoption Journey: Manufacturing
Customer Adoption Journey: Manufacturing Customer ARR $4.2M $3.8M $3.0M $0.1M FY19 FY24 FY26 FY27 Landed Added Core HR, Talent, Added HiredScore Added Paradox Financial Planning Recruiting, Learning, Extend AI, etc. Represents a real-life Workday customer in the manufacturing industry and their ARR
Slide 76: The Emerging Opportunity with the CIO
The Emerging Opportunity with the CIO Workday Extend MCP / Sana Data Cloud AI Headless Enterprise
Slide 77: Q&A
Q&A
Slide 78: We Want Your Feedback
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Slide 79: Appendix
Appendix
Slide 80: Updated Product Attach Rates
Updated Product Attach Rates Each Has <5% <10% 27% 30% 24% 25% 26% 18% 18% Wellness VNDLY Accoun ting Glo bal Pa yroll Extend Peakon Agen tic AI 1 He lp Projects Procurement Ce nte r Co nnect (excl. Exte ndPro) 78% 72% 64% 67% 56% 46% 37% 40% 34% Prism Analytics Co re Fin ancials Expenses Planning L
Slide 81: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures To provide investors and others with additional information regarding Workday’s results, the following non-GAAP financial measures are disclosed: non-GAAP operating margin, and non-GAAP operating margin including share-based compensation. Workday has provided a reco
Slide 82: About Non-GAAP Financial Measures (cont'd)
About Non-GAAP Financial Measures (cont’d) • Amortization of acquisition-related intangible assets. 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 subj
Slide 83: Reconciliations of GAAP to Non-GAAP Data
Reconciliations of GAAP to Non-GAAP Data Year Ended January 31, 2026 Non-GAAP operating margin1 Operating margin 7.5 % Share-based compensation expense2 16.4 % Employer payroll tax-related items on employee stock transactions 0.7 % Amortization of acquisition-related intangible assets 1.1 % Acquisit
Slide 84: Other Business Metrics
Other Business Metrics Annual Recurring Revenue Annual recurring revenue (“ARR”) represents the annualized value of active subscription contracts as of the end of each period. Each subscription contract is annualized by dividing the total contract value by the number of days in the contract term and