Workiva Inc. reported fourth‑quarter 2025 results that exceeded analyst expectations, with total revenue of $238.94 million, up 20% from $198.70 million in the same period a year earlier, and earnings per share of $0.78, beating the consensus estimate of $0.68 by $0.10 or 15.6%. The company’s subscription and support revenue rose 21% to $219.33 million, while its non‑GAAP operating margin expanded to 19.1% from 12.7% in Q3 2025, reflecting stronger operating leverage and a higher mix of high‑margin services.
The company’s GAAP operating margin for the quarter was 3.4%, a modest improvement over the 2.9% recorded in Q3 2025. The margin expansion is driven by disciplined cost control and a shift toward subscription‑based revenue, which carries lower variable costs than legacy support contracts. Workiva’s operating income grew to $45.6 million, up 35% from $33.2 million in Q3, underscoring the effectiveness of its pricing strategy and scale advantages.
Subscription and support revenue accounted for 92% of total revenue, and the multi‑solution adoption rate reached 74% of subscription revenue, up from 70% in the prior year. The company’s AI‑powered compliance platform continues to attract new customers and deepen usage among existing accounts, contributing to the higher adoption rate. The AI features are positioned as a key differentiator in the growing ESG and financial reporting market, supporting the company’s platform‑driven growth strategy.
Full‑year 2025 revenue totaled $885 million, up 20% from $739 million in 2024, and non‑GAAP operating margin for the year was 9.9%, a 5.6‑percentage‑point increase from 4.3% in 2024. Workiva also announced a $72 million share repurchase in 2025 and an increase to its 2024 repurchase plan of $250 million. For the first quarter of 2026, the company guided revenue to $244 million–$246 million, a 21% increase from the $200 million range it had previously projected, and a non‑GAAP operating margin of 15.5%–16.0%, a modest lift from the 15.0%–15.5% range it had set for the full year.
"We had a strong finish to the year, with accelerated growth and profitability compared to last year," said CEO Julie Iskow. CFO Barbara Larson added, "Our non‑GAAP operating margin for the quarter was 19.1%, a beat of 160 basis points over our guidance." Management noted that demand for sustainability reporting moderated in 2025 compared to 2024 highs, but expressed confidence that regulatory momentum will sustain growth. The company’s guidance signals continued confidence in its AI platform and subscription expansion, while acknowledging a volatile macro environment and competitive SaaS market as ongoing considerations.
Investors responded positively to the results, citing the strong earnings beat, margin expansion, and optimistic 2026 outlook as evidence of Workiva’s execution capability and market positioning.
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