wk-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 10-Q

___________________________________


(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from to
Commission File Number 001-36773

___________________________________

WORKIVA INC.

(Exact name of registrant as specified in its charter)

___________________________________


Delaware (State or other jurisdiction of incorporation or organization)									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)
___________________________________


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Class A common stock, par value $.001	WK	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ý			Accelerated filer o

Non-accelerated filer o			Smaller reporting company ☐

			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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ý

As of April 29, 2026, there were approximately 52,549,753 shares of the registrant's Class A common stock and 3,569,583 shares of the registrant's Class B common stock outstanding.

WORKIVA INC.

TABLE OF CONTENTS


		Page
	Part I. Financial Information
Item 1.	Unaudited Consolidated Financial Statements:	1
	C ondensed C onsolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1
	C ondensed C onsolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	3
	C ondensed C onsolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and 2025	4
	C ondensed C onsolidated Statements of Changes in Stockholders' Deficit for the Three Months Ended March 31, 2026 and 2025	5
	C ondensed C onsolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	6
	Notes to C ondensed C onsolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	32
Item 4.	Controls and Procedures	33

	Part II. Other Information
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 6.	Exhibits	35
	Signatures	S-1

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Quarterly Report on Form 10-Q 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. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the Securities and Exchange Commission ("SEC"), as well as in any documents incorporated by reference that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements.

Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after completion of this Quarterly Report on Form 10-Q to conform these statements to actual results or revised expectations.

Table of Contents

Part I. Financial Information

Item 1. Financial Statements


WORKIVA INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
	As of March 31, 2026		As of December 31, 2025
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	334,260	$	338,769
Marketable securities	529,116		552,852
Accounts receivable, net of allowance for doubtful accounts of $920 and $1,043 at March 31, 2026 and December 31, 2025, respectively	138,109		168,984
Deferred costs	64,793		62,619
Other receivables	7,925		10,383
Prepaid expenses and other	33,939		28,778
Total current assets	1,108,142		1,162,385

Property and equipment, net	19,832		20,546
Operating lease right-of-use assets	10,577		13,986
Deferred costs, non-current	53,958		59,767
Goodwill	204,174		206,164
Intangible assets, net	21,511		22,270
Other assets	7,184		8,453
Total assets	$	1,425,378	$	1,493,571

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WORKIVA INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

	As of March 31, 2026		As of December 31, 2025
	(unaudited)
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable	$	10,665	$	8,932
Accrued expenses and other current liabilities	89,316		113,115
Deferred revenue	514,310		547,919
Convertible senior notes, current	71,140		71,072
Finance lease obligations	623		614
Total current liabilities	686,054		741,652

Convertible senior notes, non-current	696,807		696,263
Deferred revenue, non-current	35,001		37,305
Other long-term liabilities	102		92
Operating lease liabilities, non-current	6,965		10,472
Finance lease obligations, non-current	13,064		13,223
Total liabilities	1,437,993		1,499,007

Stockholders’ deficit
Class A common stock, $0.001 par value per share, 1,000,000,000 shares authorized, 52,798,288 and 52,712,836 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	53		53
Class B common stock, $0.001 par value per share, 500,000,000 shares authorized, 3,569,583 and 3,607,583 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	4		4
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	—		—
Additional paid-in-capital	699,649		720,923
Accumulated deficit	(714,856)		(733,852)
Accumulated other comprehensive income	2,535		7,436
Total stockholders’ deficit	(12,615)		(5,436)
Total liabilities and stockholders’ deficit	$	1,425,378	$	1,493,571

See accompanying notes.

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WORKIVA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)
	Three months ended March 31,
	2026		2025
Revenue
Subscription and support	$	225,355	$	185,512
Professional services	21,951		20,768
Total revenue	247,306		206,280
Cost of revenue
Subscription and support	35,183		34,062
Professional services	13,362		14,280
Total cost of revenue	48,545		48,342
Gross profit	198,761		157,938
Operating expenses
Research and development	52,913		53,780
Sales and marketing	104,485		101,671
General and administrative	26,042		27,237
Total operating expenses	183,440		182,688
Income (loss) from operations	15,321		(24,750)
Interest income	8,103		8,747
Interest expense	(3,194)		(3,195)
Other income (expense), net	398		(233)
Income (loss) before provision for income taxes	20,628		(19,431)
Provision for income taxes	1,632		1,940
Net income (loss)	$	18,996	$	(21,371)
Net income (loss) per common share
Basic	$	0.33	$	(0.38)
Diluted	$	0.33	$	(0.38)
Weighted-average common shares outstanding
Basic	56,885,568		56,157,533
Diluted	58,441,679		56,157,533

See accompanying notes.

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WORKIVA INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)
	Three months ended March 31,
	2026		2025
Net income (loss)	$	18,996	$	(21,371)
Other comprehensive (loss) income
Foreign currency translation adjustment	(3,213)		3,937
Unrealized (loss) gain on available-for-sale securities	(1,688)		369
Other comprehensive (loss) income	(4,901)		4,306
Comprehensive income (loss)	$	14,095	$	(17,065)

See accompanying notes.

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WORKIVA INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
(in thousands) (unaudited)

Three Months Ended March 31, 2026
	Common Stock (Class A and B)
	Shares	Amount		Additional Paid-in-Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders' Deficit
Balances at December 31, 2025	56,320	$	57	$	720,923	$	7,436	$	(733,852)	$	(5,436)
Stock-based compensation expense	—	—		28,607		—		—		28,607
Issuance of common stock upon exercise of stock options	44			729		—		—		729
Issuance of common stock under employee stock purchase plan	140	—		8,052		—		—		8,052
Issuance of restricted stock units	749	—		—		—		—		—
Tax withholding related to net share settlements of stock-based compensation awards	(122)	—		(8,662)		—		—		(8,662)
Repurchases of Class A common stock	(763)	—		(50,000)		—		—		(50,000)
Net income		—		—		—		18,996		18,996
Other comprehensive loss	—	—		—		(4,901)		—		(4,901)
Balances at March 31, 2026	56,368	$	57	$	699,649	$	2,535	$	(714,856)	$	(12,615)




























Three Months Ended March 31, 2025
	Common Stock (Class A and B)
	Shares	Amount		Additional Paid-in-Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Deficit
Balances at December 31, 2024	55,492	$	56	$	672,363	$	(6,420)	$	(707,683)	$	(41,684)
Stock-based compensation expense	—	—		27,888		—		—		27,888
Issuance of common stock upon exercise of stock options	44	—		631		—		—		631
Issuance of common stock under employee stock purchase plan	119	—		7,535		—		—		7,535
Issuance of restricted stock units	698	—		—		—		—		—
Tax withholding related to net share settlements of stock-based compensation awards	(138)	—		(12,922)		—		—		(12,922)
Repurchases of Class A common stock	(462)	—		(40,118)		—		—		(40,118)
Net loss	—	—		—		—		(21,371)		(21,371)
Other comprehensive income	—	—		—		4,306		—		4,306
Balances at March 31, 2025	55,753	$	56	$	655,377	$	(2,114)	$	(729,054)	$	(75,735)

See accompanying notes.

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WORKIVA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
	Three months ended March 31,
	2026		2025
Cash flows from operating activities
Net income (loss)	$	18,996	$	(21,371)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	2,516		2,893
Stock-based compensation expense	28,607		27,888
(Recovery of) provision for doubtful accounts	(118)		12
Accretion of premiums and discounts on marketable securities, net	(801)		(1,695)
Amortization of debt discount and issuance costs	612		610



Gain on lease modification	(307)		—
Deferred income tax	(269)		(64)
Changes in assets and liabilities:
Accounts receivable	30,156		30,636
Deferred costs	2,878		4,093
Operating lease right-of-use assets	1,260		1,329
Other receivables	2,439		994
Prepaid expenses and other	(5,221)		(5,653)
Other assets	1,233		(648)
Accounts payable	1,971		6,651
Deferred revenue	(33,255)		(18,438)
Operating lease liabilities	(1,167)		(831)
Accrued expenses and other liabilities	(23,054)		(33,764)
Net cash provided by (used in) operating activities	26,476		(7,358)

Cash flows from investing activities
Purchase of property and equipment	(728)		(763)
Purchase of marketable securities	(91,501)		(102,965)
Maturities of marketable securities	114,350		94,614

Acquisitions, net of cash acquired	(750)		—
Purchase of intangible assets	(26)		(19)

Net cash provided by (used in) investing activities	21,345		(9,133)

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WORKIVA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands) (unaudited)
	Three months ended March 31,
	2026	2025

Cash flows from financing activities
Proceeds from option exercises	729	631
Taxes paid related to net share settlements of stock-based compensation awards	(8,662)	(12,922)
Proceeds from shares issued in connection with employee stock purchase plan	8,052	7,535
Repurchases of Class A common stock	(50,000)	(40,118)


Principal payments on finance lease obligations	(150)	(138)
Net cash used in financing activities	(50,031)	(45,012)
Effect of foreign exchange rates on cash	(2,299)	1,889

SEC Form 10-Q filed by Workiva Inc.