FALSE000144530500014453052026-02-192026-02-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

February 19, 2026
Date of Report (date of earliest event reported)
___________________________________
WORKIVA INC.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
(State or other jurisdiction of incorporation or organization)
001-36773
(Commission File Number)
47-2509828
(I.R.S. Employer Identification Number)
2900 University Blvd
Ames, IA 50010
(888) 275-3125
(Address of principal executive offices and zip code)
(888) 275-3125
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $.001WKNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Section 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition
On February 19, 2026, Workiva Inc. (the “Company”) issued a press release announcing its results for the quarter ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.



Section 9 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits
(d): The following exhibits are being filed herewith:
Exhibit
Number
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 19th day of February, 2026.

WORKIVA INC.
By:
/s/ Barbara Larson
Name:
Barbara Larson
Title:
Executive Vice President, Chief Financial Officer, and Treasurer

workivalogo.jpg

Workiva Announces Fourth Quarter and Full Year 2025 Financial Results
Fiscal fourth quarter subscription & support revenue increased by 21%
Total revenue was $239 million, up 20% year-over-year
GAAP operating margin was 3.4%, non-GAAP operating margin was 19.1%

Fiscal year 2025 subscription & support revenue increased by 22%
Total revenue was $885 million, up 20% year-over-year
GAAP operating margin was (4.8)%, non-GAAP operating margin was 9.9%
Operating cash flow margin was 15.8%, free cash flow margin was 15.6%
Repurchased $72 million worth of Class A common stock in 2025 under the 2024 share repurchase plan
Announced increase to 2024 share repurchase plan by additional $250 million

NEW YORK - February 19, 2026 – Workiva Inc. (NYSE: WK), a leading, AI-powered platform for trust, transparency, and accountability, today announced financial results for its fourth quarter and full year ended December 31, 2025.
“We had a strong finish to the year, with accelerated growth and profitability compared to last year. Our fit-for-purpose solutions for Financial Reporting, GRC, and Sustainability continue to resonate with the office of the CFO, delivering trusted data and insights in the AI era,” said Julie Iskow, President & Chief Executive Officer. “Our Q4 performance underscores the critical relevance of our AI-powered platform in delivering trust and transparency. FY 2025 was also a year of strategic evolution that sets us up well for the long-term durable growth opportunity we see ahead of us, built on a foundation of innovation and reliability.”
“We outperformed both the top and bottom line driven by strong execution across the business. FY 2025 subscription revenue grew by 22% year-over-year, and non-GAAP operating margin was 9.9%, up from 4.3% the year prior,” said Barbara Larson, Chief Financial Officer. “I'm thrilled to have joined Workiva on the heels of an outstanding year. I look forward to partnering with Julie to drive operational excellence, focus on continued margin expansion, and execute a growth strategy that positions us to surpass one billion dollars in total revenue in 2026.”
Fourth Quarter 2025 Financial Results
•Revenue: Total revenue for the fourth quarter of 2025 reached $239 million, an increase of 20% from $200 million in the fourth quarter of 2024. Subscription and support revenue contributed $219 million, up 21% versus the fourth quarter of 2024. Professional services revenue was $20 million, up slightly from the fourth quarter of 2024.
•Operating Margin: GAAP operating margin for the fourth quarter of 2025 was 3.4% compared to (6.6)% in the prior year's fourth quarter. Non-GAAP operating margin was 19.1% compared to 7.4% in the fourth quarter of 2024.
•GAAP Net Income (Loss): GAAP net income for the fourth quarter of 2025 was $12 million compared with a net loss of $(9) million for the prior year's fourth quarter. GAAP net income per basic share and diluted share was $0.21 and $0.20, respectively, compared with a net loss per basic and diluted share of $(0.16) in the fourth quarter of 2024.
•Non-GAAP Net Income: Non-GAAP net income for the fourth quarter of 2025 was $50 million compared with non-GAAP net income of $19 million in the prior year's fourth quarter. Non-GAAP net income per basic share and diluted share in the fourth quarter of 2025 was $0.88 and $0.78, respectively, compared
with non-GAAP net income per basic share and diluted share of $0.35 and $0.33, respectively, in the fourth quarter of 2024.
•Liquidity: As of December 31, 2025, Workiva had cash, cash equivalents, and marketable securities totaling $892 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 December 31, 2025.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 6,624 customers as of December 31, 2025, a net increase of 319 customers from December 31, 2024.
•Retention Rate: As of December 31, 2025, Workiva's gross retention rate was 97%, and the net retention rate was 113%. Net retention includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of December 31, 2025, Workiva had 2,507 customers with an annual contract value (“ACV”) of more than $100,000, up 22% from 2,055 customers at December 31, 2024. Workiva had 592 customers with an ACV of more than $300,000, up 42% from 416 customers in the fourth quarter of 2024. Workiva had 248 customers with an ACV of more than $500,000, up 37% from 181 customers in the fourth 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 fourth quarter of 2025, Workiva purchased approximately 131,000 shares for $12 million under the plan. As of December 31, 2025, approximately $28 million remained available under the plan for future share repurchases. On February 16, 2026, our board of directors modified the repurchase plan to authorize an additional $250 million of the Company’s outstanding Class A common stock for repurchase under the plan.
Full Year 2025 Financial Results
•Revenue: Total revenue for the full year 2025 reached $885 million, an increase of 20% from $739 million in 2024. Subscription and support revenue contributed $813 million, up 22% compared to 2024. Professional services revenue was $72 million, relatively flat compared to the prior year.
•Operating Margin: GAAP operating margin for 2025 was (4.8)% compared to (10.3)% in the prior year. Non-GAAP operating margin was 9.9% compared to 4.3% in 2024.
•GAAP Net Loss: GAAP net loss for 2025 was $(26) million compared with a net loss of $(55) million in the prior year. GAAP net loss per basic and diluted share was $(0.47) compared with a net loss per basic and diluted share of $(0.99) in 2024.
•Non-GAAP Net Income: Non-GAAP net income for 2025 was $104 million compared with non-GAAP net income of $54 million in the prior year. Non-GAAP net income per basic share and diluted share in 2025 was $1.84 and $1.78, respectively, compared with non-GAAP net income per basic share and diluted share of $0.97 and $0.94, respectively, in 2024.
•Cash Flow: Net cash provided by operating activities was $140 million in 2025, compared to cash provided by operating activities of $88 million in 2024. Free cash flow was $138 million in 2025 compared to free cash flow of $86 million in 2024. Free cash flow margin was 15.6% in 2025 compared to 11.7% in 2024.
Financial Outlook
As of February 19, 2026, Workiva is providing guidance as follows:
First Quarter 2026 Guidance:
•Total revenue is expected to be in the range of $244 million to $246 million.
•GAAP operating margin is expected to be in the range of 2.7% to 3.3%.
•Non-GAAP operating margin is expected to be in the range of 15.5% to 16.0%.
•GAAP net income per diluted share is expected to be in the range of $0.17 to $0.20 using 57.7 million shares.
•Non-GAAP net income per diluted share is expected to be in the range of $0.64 to $0.67 using 63.8 million shares.
Full Year 2026 Guidance:
•Total revenue is expected to be in the range of $1.036 billion to $1.040 billion.
•GAAP operating margin is expected to be in the range of 2.6% to 3.2%.
•Non-GAAP operating margin is expected to be in the range of 15.0% to 15.5%.
•GAAP net income per diluted share is expected to be in the range of $0.70 to $0.80 using 57.8 million shares.
•Non-GAAP net income per diluted share is expected to be in the range of $2.66 to $2.76 using 63.0 million shares.
•Free cash flow margin is expected to be approximately 19%.
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 fourth quarter and full fiscal year 2025, in addition to discussing the Company’s outlook for the first quarter and full year 2026. 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 trust, transparency, and accountability. Accounting, finance, sustainability, risk and audit teams from more than 6,600 organizations, including over 85% 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, non-GAAP income from operations and non-GAAP operating margin, 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 profit is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets 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 operating margin is the ratio calculated by dividing non-GAAP income from operations by revenues. 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 income (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 income (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.
###
Investor Contact:
Media Contact:
Katie White
Bill Bode
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 December 31,Year ended December 31,
2025202420252024
(unaudited)
Revenue
Subscription and support$219,332 $180,897 $812,627 $667,646 
Professional services19,603 18,992 71,941 71,034 
Total revenue238,935 199,889 884,568 738,680 
Cost of revenue
Subscription and support (1)
33,482 32,204 136,645 118,697 
Professional services (1)
12,685 13,485 53,785 53,358 
Total cost of revenue46,167 45,689 190,430 172,055 
Gross profit192,768 154,200 694,138 566,625 
Operating expenses
Research and development (1)
54,818 50,607 214,844 192,935 
Sales and marketing (1)
102,049 90,157 408,872 347,243 
General and administrative (1)
28,041 26,756 112,863 102,981 
Total operating expenses184,908 167,520 736,579 643,159 
Income (loss) from operations7,860 (13,320)(42,441)(76,534)
Interest income8,620 9,306 34,153 39,395 
Interest expense(3,193)(3,197)(12,777)(12,865)
Other (expense) income, net(699)872 (1,350)563 
Income (loss) before provision for income taxes12,588 (6,339)(22,415)(49,441)
Provision for income taxes772 2,476 3,754 5,601 
Net income (loss)$11,816 $(8,815)$(26,169)$(55,042)
Net income (loss) per common share:
Basic$0.21 $(0.16)$(0.47)$(0.99)
Diluted$0.20 $(0.16)$(0.47)$(0.99)
Weighted-average common shares outstanding
Basic56,503,191 55,739,950 56,272,517 55,355,381 
Diluted57,903,207 55,739,950 56,272,517 55,355,381 

(1) Includes stock-based compensation expense as follows:
Three months ended December 31,Year ended December 31,
2025202420252024
(unaudited)
Cost of revenue
Subscription and support$2,692 $2,271 $10,271 $7,979 
Professional services1,057 873 4,261 3,221 
Operating expenses
Research and development9,669 5,562 28,867 21,036 
Sales and marketing12,612 8,869 42,108 35,339 
General and administrative10,314 8,696 37,438 34,575 
2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
As of December 31,
20252024
Assets
Current assets
Cash and cash equivalents$338,769 $301,835 
Marketable securities552,852 514,585 
Accounts receivable, net168,984 148,433 
Deferred costs62,619 50,914 
Other receivables10,383 10,276 
Prepaid expenses and other28,778 22,199 
Total current assets1,162,385 1,048,242 
Property and equipment, net20,546 21,825 
Operating lease right-of-use assets13,986 11,786 
Deferred costs, non-current59,767 54,858 
Goodwill206,164 196,844 
Intangible assets, net22,270 27,389 
Other assets8,453 7,525 
Total assets$1,493,571 $1,368,469 
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable$8,932 $7,747 
Accrued expenses and other current liabilities113,115 126,508 
Deferred revenue547,919 457,608 
Convertible senior notes, current71,072 — 
Finance lease obligations614 562 
Total current liabilities741,652 592,425 
Convertible senior notes, non-current696,263 764,891 
Deferred revenue, non-current37,305 29,681 
Other long-term liabilities92 227 
Operating lease liabilities, non-current10,472 9,441 
Finance lease obligations, non-current13,223 13,488 
Total liabilities1,499,007 1,410,153 
Stockholders’ deficit
Common stock57 56 
Additional paid-in-capital720,923 672,363 
Accumulated deficit(733,852)(707,683)
Accumulated other comprehensive income (loss)7,436 (6,420)
Total stockholders’ deficit(5,436)(41,684)
Total liabilities and stockholders’ deficit$1,493,571 $1,368,469 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended December 31,Year ended December 31,
2025202420252024
(unaudited)
Cash flows from operating activities
Net income (loss)$11,816 $(8,815)$(26,169)$(55,042)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization2,461 2,911 10,990 11,003 
Stock-based compensation expense36,344 26,271 122,945 102,150 
Provision for (recovery of) doubtful accounts72 85 (214)39 
Accretion of premiums and discounts on marketable securities, net(940)(2,286)(5,144)(11,829)
Amortization of debt discount and issuance costs612 610 2,444 2,436 
Deferred income tax(321)(337)(396)(629)
Changes in assets and liabilities:
Accounts receivable(24,357)(12,845)(17,475)(24,352)
Deferred costs(15,096)(19,337)(13,732)(34,477)
Operating lease right-of-use assets1,500 1,328 5,636 5,136 
Other receivables(229)(1,680)(8)1,116 
Prepaid expenses and other(3,162)(1,311)(6,083)1,453 
Other assets(1,047)(1,094)(356)(2,285)
Accounts payable(2,314)(5,231)651 2,399 
Deferred revenue55,862 51,681 88,703 73,840 
Operating lease liabilities(1,230)(907)(4,121)(3,738)
Accrued expenses and other liabilities(9,009)14,927 (17,601)20,486 
Net cash provided by operating activities50,962 43,970 140,070 87,706 
Cash flows from investing activities
Purchase of property and equipment(226)(809)(2,075)(1,363)
Purchase of marketable securities(112,221)(92,160)(425,492)(402,235)
Maturities of marketable securities98,771 106,290 390,473 452,023 
Sale of marketable securities2,533 — 2,533 4,609 
Acquisitions, net of cash acquired— — — (98,092)
Purchase of intangible assets(286)(74)(391)(191)
Net cash (used in) provided by investing activities(11,429)13,247 (34,952)(45,249)
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended December 31,Year ended December 31,
2025202420252024
(unaudited)
Cash flows from financing activities
Proceeds from option exercises3,346 1,044 6,220 4,909 
Taxes paid related to net share settlements of stock-based compensation awards(9,154)(34)(22,674)(11,458)
Proceeds from shares issued in connection with employee stock purchase plan— — 13,698 13,822 
Repurchases of Class A common stock(11,507)— (71,628)— 
Principal payments on finance lease obligations(142)(137)(560)(532)
Net cash (used in) provided by financing activities(17,457)873 (74,944)6,741 
Effect of foreign exchange rates on cash779 (4,494)6,957 (3,569)
Net increase in cash, cash equivalents, and restricted cash22,855 53,596 37,131 45,629 
Cash, cash equivalents, and restricted cash at beginning of period316,626 248,754 302,350 256,721 
Cash, cash equivalents, and restricted cash at end of period$339,481 $302,350 $339,481 $302,350 

Three months ended December 31,Year ended December 31,
2025202420252024
(unaudited)
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period
$338,769 $301,835 $338,769 $301,835 
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
$339,481 $302,350 $339,481 $302,350 
5

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended December 31,Year ended December 31,
2025202420252024
Gross profit, subscription and support$185,850 $148,693 $675,982 $548,949 
Add back: Stock-based compensation2,692 2,271 10,271 7,979 
Add back: Amortization of acquisition-related intangibles970 916 3,771 1,923 
Gross profit, subscription and support, non-GAAP$189,512 $151,880 $690,024 $558,851 
Gross profit, professional services$6,918 $5,507 $18,156 $17,676 
Add back: Stock-based compensation1,057 873 4,261 3,221 
Gross profit, professional services, non-GAAP$7,975 $6,380 $22,417 $20,897 
Gross profit$192,768 $154,200 $694,138 $566,625 
Add back: Stock-based compensation3,749 3,144 14,532 11,200 
Add back: Amortization of acquisition-related intangibles970 916 3,771 1,923 
Gross profit, non-GAAP$197,487 $158,260 $712,441 $579,748 
Cost of revenue, subscription and support$33,482 $32,204 $136,645 $118,697 
Less: Stock-based compensation2,692 2,271 10,271 7,979 
Less: Amortization of acquisition-related intangibles970 916 3,771 1,923 
Cost of revenue, subscription and support, non-GAAP$29,820 $29,017 $122,603 $108,795 
Cost of revenue, professional services$12,685 $13,485 $53,785 $53,358 
Less: Stock-based compensation1,057 873 4,261 3,221 
Cost of revenue, professional services, non-GAAP$11,628 $12,612 $49,524 $50,137 
Research and development$54,818 $50,607 $214,844 $192,935 
Less: Stock-based compensation9,669 5,562 28,867 21,036 
Less: Amortization of acquisition-related intangibles69 495 1,279 2,762 
Research and development, non-GAAP$45,080 $44,550 $184,698 $169,137 
Sales and marketing$102,049 $90,157 $408,872 $347,243 
Less: Stock-based compensation12,612 8,869 42,108 35,339 
Less: Amortization of acquisition-related intangibles489 453 1,905 1,745 
Sales and marketing, non-GAAP$88,948 $80,835 $364,859 $310,159 
General and administrative$28,041 $26,756 $112,863 $102,981 
Less: Stock-based compensation10,314 8,696 37,438 34,575 
General and administrative, non-GAAP$17,727 $18,060 $75,425 $68,406 
6

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended December 31,Year ended December 31,
2025202420252024
Income (loss) from operations$7,860 $(13,320)$(42,441)$(76,534)
Add back: Stock-based compensation36,344 26,271 122,945 102,150 
Add back: Amortization of acquisition-related intangibles1,528 1,864 6,955 6,429 
Income from operations, non-GAAP
$45,732 $14,815 $87,459 $32,045 
GAAP operating margin
3.4 %(6.6)%(4.8)%(10.3)%
Non-GAAP operating margin
19.1 %7.4 %9.9 %4.3 %
Net income (loss)$11,816 $(8,815)$(26,169)$(55,042)
Add back: Stock-based compensation36,344 26,271 122,945 102,150 
Add back: Amortization of acquisition-related intangibles1,528 1,864 6,955 6,429 
Net income, non-GAAP$49,688 $19,320 $103,731 $53,537 
Net income (loss) per basic share$0.21 $(0.16)$(0.47)$(0.99)
Add back: Stock-based compensation0.64 0.48 2.19 1.84 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.12 0.12 
Net income per basic share, non-GAAP
$0.88 $0.35 $1.84 $0.97 
Net income (loss) per diluted share$0.20 $(0.16)$(0.47)$(0.99)
Net income per diluted share, non-GAAP$0.78 $0.33 $1.78 $0.94 
Weighted-average common shares outstanding - diluted57,903,207 55,739,950 56,272,517 55,355,381 
Weighted-average common shares outstanding - diluted, non-GAAP64,035,232 58,305,243 58,295,120 56,687,199 
Net cash provided by operating activities$50,962 43,970 140,070 87,706 
Purchase of property and equipment
(226)(809)(2,075)(1,363)
Free cash flow
$50,736 $43,161 $137,995 $86,343 
Operating cash flow margin
21.3 %22.0 %15.8 %11.9 %
Free cash flow margin
21.2 %21.6 %15.6 %11.7 %

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TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
Three months ending March 31, 2026
Year ending December 31, 2026
GAAP operating margin2.7 %-3.3 %2.6 %-3.2 %
Add back: Stock-based compensation12.2 %-12.1 %11.8 %-11.7 %
Add back: Amortization of acquisition-related intangibles0.6 %-0.6 %0.6 %-0.6 %
Non-GAAP operating margin15.5 %-16.0 %15.0 %-15.5 %
Net income per diluted share, GAAP
$0.17 -$0.20 $0.70 -$0.80 
Add back: Stock-based compensation0.51 -0.51 2.11 -2.11 
Add back: Amortization of acquisition-related intangibles0.03 -0.03 0.10 -0.10 
Effect of potentially dilutive securities(0.07)-(0.07)(0.25)-(0.25)
Net income per diluted share, non-GAAP
$0.64 -$0.67 $2.66 -$2.76 
Weighted-average common shares used in calculating GAAP earnings per share, diluted
57,700,000 57,700,000 57,800,000 57,800,000 
Weighted-average common shares used in calculating non-GAAP earnings per share, diluted63,800,000 63,800,000 63,000,000 63,000,000 

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