vs
Side-by-side financial comparison of ICON PLC (ICLR) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Workday, Inc. is the larger business by last-quarter revenue ($2.4B vs $2.0B, roughly 1.2× ICON PLC). Workday, Inc. runs the higher net margin — 10.4% vs 0.1%, a 10.2% gap on every dollar of revenue. On growth, Workday, Inc. posted the faster year-over-year revenue change (12.6% vs 0.6%). Workday, Inc. produced more free cash flow last quarter ($550.0M vs $333.9M). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
ICLR vs WDAY — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.4B |
| Net Profit | $2.4M | $252.0M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 10.6% |
| Net Margin | 0.1% | 10.4% |
| Revenue YoY | 0.6% | 12.6% |
| Net Profit YoY | -98.8% | 30.6% |
| EPS (diluted) | $0.03 | $0.94 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $2.4B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | $2.0B | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $2.0B | $2.1B | ||
| Q2 24 | $2.1B | $2.0B | ||
| Q1 24 | $2.1B | $1.9B |
| Q4 25 | — | $252.0M | ||
| Q3 25 | $2.4M | $228.0M | ||
| Q2 25 | $183.0M | $68.0M | ||
| Q1 25 | $154.2M | $94.0M | ||
| Q4 24 | — | $193.0M | ||
| Q3 24 | $197.1M | $132.0M | ||
| Q2 24 | $146.9M | $107.0M | ||
| Q1 24 | $187.4M | $1.2B |
| Q4 25 | — | 10.6% | ||
| Q3 25 | 4.2% | 10.6% | ||
| Q2 25 | 10.4% | 1.7% | ||
| Q1 25 | 11.0% | 3.4% | ||
| Q4 24 | — | 7.6% | ||
| Q3 24 | 14.1% | 5.3% | ||
| Q2 24 | 10.8% | 3.2% | ||
| Q1 24 | 13.7% | 4.1% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | 0.1% | 9.7% | ||
| Q2 25 | 9.1% | 3.0% | ||
| Q1 25 | 7.7% | 4.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | 9.7% | 6.3% | ||
| Q2 24 | 6.9% | 5.4% | ||
| Q1 24 | 9.0% | 61.8% |
| Q4 25 | — | $0.94 | ||
| Q3 25 | $0.03 | $0.84 | ||
| Q2 25 | $2.30 | $0.25 | ||
| Q1 25 | $1.90 | $0.34 | ||
| Q4 24 | — | $0.72 | ||
| Q3 24 | $2.36 | $0.49 | ||
| Q2 24 | $1.76 | $0.40 | ||
| Q1 24 | $2.25 | $4.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $468.9M | $6.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $8.9B |
| Total Assets | $16.5B | $17.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.8B | ||
| Q3 25 | $468.9M | $8.2B | ||
| Q2 25 | $390.4M | $8.0B | ||
| Q1 25 | $526.7M | $8.0B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | $695.5M | $7.4B | ||
| Q2 24 | $506.6M | $7.2B | ||
| Q1 24 | $396.1M | $7.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | — | $8.9B | ||
| Q3 25 | $9.3B | $9.2B | ||
| Q2 25 | $9.6B | $8.9B | ||
| Q1 25 | $9.5B | $9.0B | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | $9.8B | $8.3B | ||
| Q2 24 | $9.6B | $8.2B | ||
| Q1 24 | $9.4B | $8.1B |
| Q4 25 | — | $17.8B | ||
| Q3 25 | $16.5B | $18.0B | ||
| Q2 25 | $16.6B | $17.2B | ||
| Q1 25 | $16.7B | $18.0B | ||
| Q4 24 | — | $16.4B | ||
| Q3 24 | $17.2B | $16.2B | ||
| Q2 24 | $17.0B | $15.9B | ||
| Q1 24 | $17.0B | $16.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $387.6M | $588.0M |
| Free Cash FlowOCF − Capex | $333.9M | $550.0M |
| FCF MarginFCF / Revenue | 16.3% | 22.6% |
| Capex IntensityCapex / Revenue | 2.6% | 1.6% |
| Cash ConversionOCF / Net Profit | 164.59× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $588.0M | ||
| Q3 25 | $387.6M | $616.0M | ||
| Q2 25 | $146.2M | $457.0M | ||
| Q1 25 | $268.2M | $1.1B | ||
| Q4 24 | — | $406.0M | ||
| Q3 24 | $402.7M | $571.0M | ||
| Q2 24 | $218.6M | $372.0M | ||
| Q1 24 | $327.1M | $995.6M |
| Q4 25 | — | $550.0M | ||
| Q3 25 | $333.9M | $588.0M | ||
| Q2 25 | $113.9M | $421.0M | ||
| Q1 25 | $239.3M | $1.0B | ||
| Q4 24 | — | $359.0M | ||
| Q3 24 | $359.3M | $516.0M | ||
| Q2 24 | $182.3M | $291.0M | ||
| Q1 24 | $299.9M | $947.6M |
| Q4 25 | — | 22.6% | ||
| Q3 25 | 16.3% | 25.0% | ||
| Q2 25 | 5.6% | 18.8% | ||
| Q1 25 | 12.0% | 46.4% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 17.7% | 24.7% | ||
| Q2 24 | 8.6% | 14.6% | ||
| Q1 24 | 14.3% | 49.3% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | 2.6% | 1.2% | ||
| Q2 25 | 1.6% | 1.6% | ||
| Q1 25 | 1.4% | 3.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 2.1% | 2.6% | ||
| Q2 24 | 1.7% | 4.1% | ||
| Q1 24 | 1.3% | 2.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | 164.59× | 2.70× | ||
| Q2 25 | 0.80× | 6.72× | ||
| Q1 25 | 1.74× | 11.83× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | 2.04× | 4.33× | ||
| Q2 24 | 1.49× | 3.48× | ||
| Q1 24 | 1.74× | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
