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Side-by-side financial comparison of Principal Financial Group (PFG) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Principal Financial Group is the larger business by last-quarter revenue ($4.6B vs $2.4B, roughly 1.9× Workday, Inc.). Principal Financial Group runs the higher net margin — 11.3% vs 10.4%, a 0.9% gap on every dollar of revenue. On growth, Workday, Inc. posted the faster year-over-year revenue change (12.6% vs -3.7%). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% CAGR vs 6.3%).
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
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.
PFG vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.6B | $2.4B |
| Net Profit | $517.0M | $252.0M |
| Gross Margin | — | — |
| Operating Margin | — | 10.6% |
| Net Margin | 11.3% | 10.4% |
| Revenue YoY | -3.7% | 12.6% |
| Net Profit YoY | -42.9% | 30.6% |
| EPS (diluted) | $2.30 | $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 | $4.6B | $2.4B | ||
| Q3 25 | $3.7B | $2.3B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.7B | $2.2B | ||
| Q4 24 | $4.8B | $2.2B | ||
| Q3 24 | $3.0B | $2.1B | ||
| Q2 24 | $4.3B | $2.0B | ||
| Q1 24 | $4.1B | $1.9B |
| Q4 25 | $517.0M | $252.0M | ||
| Q3 25 | $213.8M | $228.0M | ||
| Q2 25 | $406.2M | $68.0M | ||
| Q1 25 | $48.1M | $94.0M | ||
| Q4 24 | $905.4M | $193.0M | ||
| Q3 24 | $-220.0M | $132.0M | ||
| Q2 24 | $353.1M | $107.0M | ||
| Q1 24 | $532.5M | $1.2B |
| Q4 25 | — | 10.6% | ||
| Q3 25 | — | 10.6% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 7.6% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 4.1% |
| Q4 25 | 11.3% | 10.4% | ||
| Q3 25 | 5.8% | 9.7% | ||
| Q2 25 | 11.1% | 3.0% | ||
| Q1 25 | 1.3% | 4.3% | ||
| Q4 24 | 19.1% | 8.9% | ||
| Q3 24 | -7.3% | 6.3% | ||
| Q2 24 | 8.2% | 5.4% | ||
| Q1 24 | 13.1% | 61.8% |
| Q4 25 | $2.30 | $0.94 | ||
| Q3 25 | $0.95 | $0.84 | ||
| Q2 25 | $1.79 | $0.25 | ||
| Q1 25 | $0.21 | $0.34 | ||
| Q4 24 | $3.92 | $0.72 | ||
| Q3 24 | $-0.95 | $0.49 | ||
| Q2 24 | $1.49 | $0.40 | ||
| Q1 24 | $2.22 | $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 | $4.4B | $6.8B |
| Total DebtLower is stronger | $3.9B | — |
| Stockholders' EquityBook value | $11.9B | $8.9B |
| Total Assets | $341.4B | $17.8B |
| Debt / EquityLower = less leverage | 0.33× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.4B | $6.8B | ||
| Q3 25 | $5.1B | $8.2B | ||
| Q2 25 | $3.7B | $8.0B | ||
| Q1 25 | $3.9B | $8.0B | ||
| Q4 24 | $4.2B | $7.2B | ||
| Q3 24 | $6.2B | $7.4B | ||
| Q2 24 | $4.8B | $7.2B | ||
| Q1 24 | $4.2B | $7.8B |
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | $3.9B | $3.0B | ||
| Q1 24 | $3.9B | $3.0B |
| Q4 25 | $11.9B | $8.9B | ||
| Q3 25 | $11.7B | $9.2B | ||
| Q2 25 | $11.4B | $8.9B | ||
| Q1 25 | $11.2B | $9.0B | ||
| Q4 24 | $11.1B | $8.6B | ||
| Q3 24 | $11.2B | $8.3B | ||
| Q2 24 | $11.0B | $8.2B | ||
| Q1 24 | $11.2B | $8.1B |
| Q4 25 | $341.4B | $17.8B | ||
| Q3 25 | $334.5B | $18.0B | ||
| Q2 25 | $323.1B | $17.2B | ||
| Q1 25 | $313.0B | $18.0B | ||
| Q4 24 | $313.7B | $16.4B | ||
| Q3 24 | $322.9B | $16.2B | ||
| Q2 24 | $308.8B | $15.9B | ||
| Q1 24 | $308.7B | $16.5B |
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 0.39× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | 0.36× | 0.37× | ||
| Q1 24 | 0.35× | 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 | $1.7B | $588.0M |
| Free Cash FlowOCF − Capex | — | $550.0M |
| FCF MarginFCF / Revenue | — | 22.6% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 3.37× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $588.0M | ||
| Q3 25 | $1.0B | $616.0M | ||
| Q2 25 | $811.9M | $457.0M | ||
| Q1 25 | $977.3M | $1.1B | ||
| Q4 24 | $1.5B | $406.0M | ||
| Q3 24 | $1.1B | $571.0M | ||
| Q2 24 | $1.4B | $372.0M | ||
| Q1 24 | $584.2M | $995.6M |
| Q4 25 | — | $550.0M | ||
| Q3 25 | — | $588.0M | ||
| Q2 25 | — | $421.0M | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $359.0M | ||
| Q3 24 | — | $516.0M | ||
| Q2 24 | — | $291.0M | ||
| Q1 24 | — | $947.6M |
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 46.4% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 14.6% | ||
| Q1 24 | — | 49.3% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | 3.37× | 2.33× | ||
| Q3 25 | 4.70× | 2.70× | ||
| Q2 25 | 2.00× | 6.72× | ||
| Q1 25 | 20.32× | 11.83× | ||
| Q4 24 | 1.61× | 2.10× | ||
| Q3 24 | — | 4.33× | ||
| Q2 24 | 4.05× | 3.48× | ||
| Q1 24 | 1.10× | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
