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What changed in WORKIVA INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of WORKIVA INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+284 added−284 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-25)

Top changes in WORKIVA INC's 2025 10-K

284 paragraphs added · 284 removed · 221 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

76 edited+22 added−26 removed47 unchanged
Biggest changeOur customer success and professional services teams also help our account managers build our existing customer relationships by providing advice and best practices that enable users to harness the full power of our platform. 11 Table of Contents We plan to continue strengthening our sales coverage in our current markets, as well as expand our sales footprint in locations where we see a demand for our solutions.
Biggest changeOur account managers work to attract new customers as well as expand our platform into new use cases and departments across our current customers’ organizations. Our customer success and professional services teams also help our account managers build our existing customer relationships by providing advice and best practices that enable users to harness the full power of our platform.
We have invested more than $1.1 billion over the last decade to create a differentiated technology platform for our customers. We expect that we will continue to make strategic investments in research and development to broaden our platform capabilities, strengthen our existing solutions, enhance our user experience and ecosystem with integrations, and develop new solutions.
We have invested more than $1.2 billion over the last decade to create a differentiated technology platform for our customers. We expect that we will continue to make strategic investments in research and development to broaden our platform capabilities, strengthen our existing solutions, enhance our user experience and ecosystem with integrations, and develop new solutions.
Customers can use the ESG Explorer to review and compare guidelines from multiple frameworks and standards, including Global Reporting Initiative (“GRI”) Standards, Sustainability Accounting Standards Board (“SASB”), Task Force on Climate-related Financial Disclosures (“TCFD”), and the United Nations Sustainable Development Goals (“SDGs”).
Customers can use the Sustainability Explorer to review and compare guidelines from multiple frameworks and standards, including Global Reporting Initiative (“GRI”) Standards, Sustainability Accounting Standards Board (“SASB”), Task Force on Climate-related Financial Disclosures (“TCFD”), and the United Nations Sustainable Development Goals (“SDGs”).
Our Sustainability Task Force is appointed by our President and CEO and is comprised of executives responsible for the oversight of various priority sustainability issues. • An external ESG Advisory Council comprised of a group of experts who are knowledgeable about global sustainability regulation, strategy, practices, and reporting.
Our Sustainability Task Force is appointed by our President and CEO and is comprised of executives responsible for the oversight of various priority sustainability issues. • An external Sustainability Advisory Council comprised of a group of experts who are knowledgeable about global sustainability regulation, strategy, practices, and reporting.
Our platform gives customers control over the entire SEC reporting process, from data collection to drafting to embedding supporting documentation to the actual filing with Inline XBRL.
Our platform gives customers control over the entire SEC reporting process, from data collection to drafting to embedding supporting documentation to the actual filing with Inline XBRL (“iXBRL”).
People all over the world use our connected, cloud platform to seamlessly enable collaboration and deep integration into existing work streams to simplify their most complex reporting challenges. We offer the only unified SaaS platform that brings customers’ financial reporting, sustainability management, and GRC together in a controlled, secure, audit-ready platform.
People all over the world use our connected, cloud platform to seamlessly enable collaboration and deep integration into existing work streams to simplify their most complex reporting challenges. We offer the only unified, AI-powered SaaS platform that brings customers’ financial reporting, sustainability management, and GRC together in a controlled, secure, audit-ready platform.
In Europe, we assist our clients with their in-country regulatory reporting requirements, such as with the European Insurance and Occupational Pensions Authority and the Basel norms for insurance companies. They use the platform to meet insurance reporting regulations for regulatory capital requirements and specific disclosure requirements publicly, privately to regulators and internally to support board and executive level decision-making.
In Europe, we assist our customers with their in-country regulatory reporting requirements, such as with the European Insurance and Occupational Pensions Authority and the Basel norms for insurance companies. They use the platform to meet insurance reporting regulations for regulatory capital requirements and specific disclosure requirements publicly, privately to regulators and internally to support board and executive level decision-making.
Three solution groups that are part of this growth strategy are financial reporting, sustainability management, and GRC: • Financial Reporting. is our longest-tenured group of solutions and continues to represent a significant global opportunity for Workiva among private and public companies.
Three solution groups that are part of this growth strategy are financial reporting, sustainability management, and GRC: • Financial Reporting. Our longest-tenured solutions are in our financial reporting solutions group. Financial reporting continues to represent a significant global opportunity for Workiva among private and public companies.
Having always delivered a cloud native platform, we have assisted many of our clients in adopting our cloud solutions and believe that the market has shifted to a cloud first or in many cases a cloud only set of purchasing requirements. Finance Transformation.
Having always delivered a cloud-native platform, we have assisted many of our customers in adopting our cloud solutions and believe that the market has shifted to a cloud first or in many cases a cloud only set of purchasing requirements. Finance Transformation.
Customers can also distribute and track employee attestation of policies and procedures with automated certification reminders and progress dashboards. 9 Table of Contents Industry Verticals Financial Services. We market our platform globally to banks, insurance and investment firms with fit-for-purpose solutions to simplify the complexity of regulatory, financial, risk and sustainability management.
Customers can also distribute and track employee attestation of policies and procedures with automated certification reminders and progress dashboards. Industry Verticals Financial Services. We market our platform globally to banks, insurance and investment firms with fit-for-purpose solutions to simplify the complexity of regulatory, financial, risk and sustainability management.
The product marketing team also supports our sales team with playbooks that include profiles of typical buyers, key messages, value propositions, competitive analysis and sales strategies. Our demand generation programs are categorized by technology solution and industry and are focused on engaging business leaders, process owners and technology teams.
The product marketing team also supports our sales team with playbooks that include profiles of typical buyers, key messages, value propositions, competitive analysis and sales strategies. 11 Table of Contents Our demand generation programs are categorized by technology solution and industry and are focused on engaging business leaders, process owners and technology teams.
Detailed descriptions of the duties and responsibilities of each of our committees can be found in our most recent proxy statement. 14 Table of Contents • A Sustainability Task Force led by our CFO to ensure forward progress of our sustainability targets, and committed to alignment with the United Nations SDGs and the TCFD, GRI, SASB, and CDP.
Detailed descriptions of the duties and responsibilities of each of our committees can be found in our most recent proxy statement. • A Sustainability Task Force led by our CFO to ensure forward progress of our sustainability targets, and committed to alignment with the United Nations SDGs and the TCFD, GRI, SASB, and CDP.
Features tailored to the SEC reporting process include the capability to concurrently create reports in the HTML format required for filing on the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system and the ability to perform XBRL tagging as well as to submit SEC reports with Inline XBRL (“iXBRL”).
Features tailored to the SEC reporting process include the capability to concurrently create reports in the HTML format required for filing on the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system and the ability to perform XBRL tagging as well as to submit SEC reports with iXBRL.
Our over 200 advisory, technology, and service partners offer a wider range of domain and functional expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they drive for their customers. Workiva Platform The Workiva platform is multi-tenant cloud software deployed in multiple regions worldwide.
Our over 250 advisory, technology, and service partners offer a wider range of domain and functional expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they drive for their customers. Our Connected AI Platform The Workiva platform is multi-tenant cloud software deployed in multiple regions worldwide.
We believe growth outside of North America presents an attractive opportunity because the factors that drive demand for our solutions in North America are similar to those in other developed countries, including the need to manage complex datasets, reduce errors and risk, improve efficiency and respond to regulatory requirements.
We believe growth outside of the U.S. presents an attractive opportunity because the factors that drive demand for our solutions in the U.S. are similar to those in other developed countries, including the need to manage complex datasets, reduce errors and risk, improve efficiency and respond to regulatory requirements.
Integrating with and connecting to source systems and applications is a key requirement necessary to address the technical complexity of reporting and disclosure, and is a high priority for the organizations we serve. Increased Complexity of the Regulatory Environment. The global regulatory environment continues to expand in both scope and complexity leading to increasing demands for more data and disclosure.
Integrating with and connecting to source systems and applications is a key requirement necessary to address the technical complexity of reporting and disclosure, and is a high priority for the organizations we serve. Increased Complexity of the Regulatory Landscape. The global regulatory landscape continues to expand in both complexity and uncertainty leading to increasing demands for more data and disclosure.
We believe this evolution in financial reporting processes will continue, which we expect will drive the need for expanded financial reporting solution capabilities including an increase in source data integrations, enhanced automations, an increase in cross-functional team collaboration, and integrated GenAI.
We believe this evolution in financial reporting processes will continue, which we expect will drive the need for expanded financial reporting solution capabilities including an increase in source data integrations, enhanced automations, an increase in cross-functional team collaboration, and integrated Generative AI (“GenAI”).
We pay for employees to maintain professional certifications and licenses that are important to our customers, and we host regular company-wide employee education sessions on business, industry, technology and workplace topics. 12 Table of Contents Intellectual Property Our intellectual property and proprietary rights are important to our business.
We pay for employees to maintain professional certifications and licenses that are important to our customers, and we host regular company-wide employee education sessions on business, industry, technology and workplace topics. Intellectual Property Our intellectual property and proprietary rights are important to our business.
While the importance of finance transformation has been increasing in recent years, we believe that regulatory requirements such as the CSRD and other climate related regulations that require integrated reporting and the ERP upgrade cycle underscore the critical importance of collaborative cloud platforms for reporting and disclosure.
While the importance of finance transformation has been increasing in recent years, we believe that regulatory requirements such as the Corporate Sustainability Reporting Directive (“CSRD”) and other climate related regulations that require integrated reporting and the ERP upgrade cycle underscore the critical importance of collaborative cloud platforms for reporting and disclosure.
We see growing demand for our platform in the United States (“U.S.”) and in Europe for statutory reporting, which is a complex process for our multinational customers that are required to report statutory financial information throughout different countries and local jurisdictions where they do business.
We see growing demand for our platform in the U.S. and in Europe for statutory reporting, which is a complex process for our multinational customers that are required to report statutory financial information throughout different countries and local jurisdictions where they do business.
Risk Management is a high priority for CEOs and across boardrooms all over the globe. Workiva’s GRC solution suite enables our customers to identify, track, and manage risk so that customers can operate legally, ethically, and in compliance with regulations.
Risk Management is a high priority for Chief Executive Officers (“CEOs”) and across boardrooms all over the globe. Workiva’s GRC solution suite enables our customers to identify, track, and manage risk so that customers can operate legally, ethically, and in compliance with regulations.
To date, such developments have not had a substantial adverse impact on our capital expenditures, results of operations, or competitive position. However, if new or amended laws or regulations impose significant operational restrictions and compliance requirements upon us or our business, our capital 13 Table of Contents expenditures, results of operations, or competitive position could be negatively impacted.
To date, such developments have not had a substantial adverse impact on our capital expenditures, results of operations, or competitive position. However, if new or amended laws or regulations impose significant operational restrictions and compliance requirements upon us or our business, our capital expenditures, results of operations, or competitive position could be negatively impacted. Refer to Item 1A.
We safeguard these rights through patents, trademarks, copyrights, trade secrets, and contractual protections across the U.S. and other jurisdictions. As of December 31, 2024, we had 86 issued patents and 13 patent applications pending relating to our platform or related technology.
We safeguard these rights through patents, trademarks, copyrights, trade secrets, and contractual protections across the U.S. and other jurisdictions. As of December 31, 2025, we had 90 issued patents and 14 patent applications pending relating to our platform or related technology.
Regulators are also demanding greater use of structured, machine-readable data in companies’ disclosures. Many regulators have already or will be implementing structured data mandates, requiring companies to tag data in their financial statements using eXtensible Business Reporting Language (“XBRL”). The Workiva platform has supported XBRL disclosures for more than 15 years. Increased Stakeholder Demands for Sustainability Data.
We expect regulators to continue to require use of structured, machine-readable data in companies’ disclosures. Many regulators have already or will be implementing structured data mandates, requiring companies to tag data in their financial statements using eXtensible Business Reporting Language (“XBRL”). The Workiva platform has supported XBRL disclosures for more than 15 years. Increased Stakeholder Demands for Sustainability Data.
Fit-for-Purpose Solutions We market and sell over 30 fit-for-purpose solutions that are categorized into four reporting groups: financial reporting; sustainability management; GRC; and industry verticals. Financial Reporting Global Statutory Reporting.
Fit-for-Purpose Solutions We market and sell over 30 fit-for-purpose solutions that are categorized into four reporting groups: financial reporting, sustainability management, GRC, and industry verticals. Financial Reporting Multi-Entity Reporting.
In the second quarter of 2024, Workiva was named a “Best of Breed” provider among GRC platforms by independent research firm, Chartis Research. We will continue to leverage our GRC leadership to grow our business. Global Expansion.
In the third quarter of 2025, Workiva was named a “Best of Breed” provider among GRC platforms by independent research firm, Chartis Research. We will continue to leverage our GRC leadership to grow our business. 4 Table of Contents Global Expansion.
This assured integrated reporting results in data clarity and accuracy, increased efficiency, and outcomes customers can trust. Workiva provides more than 6,300 organizations across the globe with SaaS platform solutions to help solve some of the most complex reporting and disclosure challenges.
This assured integrated reporting results in data clarity and accuracy, increased efficiency, and outcomes customers can trust. Workiva provides more than 6,600 organizations across the globe, including over 85% of FORTUNE® 1,000 companies, with SaaS platform solutions to help solve some of the most complex reporting and disclosure challenges.
We focus on customer engagement to envision the future of our platform to bring about new capabilities and versions of existing solutions to market quickly in order to remain competitive in the marketplace. 10 Table of Contents Customers Thousands of organizations, including global enterprises with hundreds of thousands of employees, trust Workiva.
We focus on customer engagement to envision the future of our platform to bring about new capabilities and versions of existing solutions to market quickly in order to remain competitive in the marketplace. Customers More than 6,600 organizations across the globe, including global enterprises with hundreds of thousands of employees, trust Workiva.
We believe that stakeholder capitalism is increasing in importance and therefore it is increasingly important for companies to be transparent and accountable not just to investors but to other stakeholders, including employees, customers, suppliers, partners and communities. Sustainability management is complex.
We believe it is increasingly important for companies to be transparent and accountable not just to investors but to other stakeholders, including employees, customers, suppliers, partners and communities. Sustainability management is complex.
The Workiva platform can be deployed within days or weeks for new customers and can be easily configured by the customer for individual employees or entire teams. Because our solutions are browser-based, customers avoid costly, time-intensive deployments typically associated with on-premise enterprise software. High Performance. The architecture, design, deployment and management of our solutions provide enterprise-grade scalability, availability and security.
The Workiva platform can be deployed within days or weeks for new customers and can be easily configured by the customer for individual employees or entire teams. Because our solutions are browser-based, customers avoid costly, time-intensive deployments typically associated with on-premise enterprise software. 5 Table of Contents High Performance.
A few examples of our continued action and commitments: • We have made significant progress towards our established sustainability targets in innovation, people, environment and philanthropy. • In 2024, our near-term greenhouse gas emissions reduction targets were validated by the Science Based Targets initiative (SBTi). • Workiva was the first SaaS company to join the United Nations’ CFO Coalition for the SDGs, where we work alongside other global CFOs to guide companies in aligning their sustainability commitments with credible corporate finance strategies to create real world impact. • Workiva was one of the first 130 “early movers” to join the UN’s Forward Faster initiative, which aims to increase accountability and transparency by having companies publicly commit to five action areas where businesses can make the biggest impact by 2030. • Workiva is an Associate Centre Partner of the World Economic Forum, with membership in the Centre for Nature & Climate and the Centre for Financial and Monetary Systems.
Our environmental targets include 13 Table of Contents near-term greenhouse gas emissions targets validated and approved by the Science Based Targets initiative (“SBTi”). • Workiva was the first SaaS company to join the United Nations’ CFO Coalition for the SDGs, where we work alongside other global CFOs to guide companies in aligning their sustainability commitments with credible corporate finance strategies to create real world impact. • Workiva was one of the first 130 “early movers” to join the UN’s Forward Faster initiative, which aims to increase accountability and transparency by having companies publicly commit to five action areas where businesses can make the biggest impact by 2030. • Workiva is an Associate Centre Partner of the World Economic Forum, with membership in the Centre for Nature & Climate and the Centre for Financial and Monetary Systems.
Item 1. Business Overview Workiva’s mission is to power transparent reporting for a better world. We build solutions that unite data, processes and people across our customers’ critical business operations within the only unified software-as-a-service (“SaaS”) platform that brings customers’ financial reporting, sustainability management, and governance, risk, and compliance (“GRC”) data together in one controlled, secure, audit-ready platform.
We build solutions that unite data, processes and people across our customers’ critical business operations within the only unified software-as-a-service (“SaaS”) platform that brings customers’ financial reporting, sustainability management, and governance, risk, and compliance (“GRC”) data together in one controlled, secure, audit-ready platform.
This reduces human error and increases data reliability during financial statement consolidation. Workiva also enables speed through automation which reduces the time-consuming, stressful process of gathering financial data, freeing your time for telling your financial story. European Single Electronic Format (“ESEF”). We believe ESEF is an accelerator for modernization of corporate reporting in Europe.
This reduces human error and increases data reliability during financial statement consolidation. Workiva also enables speed through automation which reduces the time-consuming, stressful process of gathering financial data, freeing your time for telling your financial story. European Single Electronic Format (“ESEF”).
We have experienced strong revenue growth since we released our first solution in March 2010. Our revenue grew to $738.7 million in 2024 from $537.9 million in 2022, representing a 17% compound annual growth rate. We incurred net losses of $55.0 million, $127.5 million, and $90.9 million during the years ended December 31, 2024, 2023, and 2022, respectively.
We have experienced strong revenue growth since we released our first solution in March 2010. Our revenue grew to $884.6 million in 2025 from $630.0 million in 2023, representing a 18% compound annual growth rate. We incurred net losses of $26.2 million, $55.0 million, and $127.5 million during the years ended December 31, 2025, 2024, and 2023, respectively.
Our platform's detailed audit trail provides accountability and transparency by tracking every change made by every user over time. A complete record of data provenance and all changes helps our customers mitigate risk, gain insights and make better, data-driven decisions.
Linking enables data consistency and traceability and ensures that collaborators are working with the most current data. Our platform's detailed audit trail provides accountability and transparency by tracking every change made by every user over time. A complete record of data provenance and all changes helps our customers mitigate risk, gain insights and make better, data-driven decisions.
We secure access to proprietary software and confidential information through internal controls and contracts with employees, contractors, and partners. Our software is protected under U.S. and international copyright laws. Despite these measures, unauthorized parties may still misuse our intellectual property. Protection outside the U.S. may also be limited, particularly as we expand internationally.
We secure access to proprietary software and confidential information through technical and organizational controls and contracts with employees, contractors, and partners. Our software is protected under U.S. and international copyright laws. Despite these measures, unauthorized parties may still misuse our intellectual property.
Without a standardized process and central oversight, companies face enormous risk and high expenses related to outsourcing to a bevy of consultants and accounting firms, which weakens control and extends review time. 6 Table of Contents Securities and Exchange Commission (“SEC”) and System for Electronic Document Analysis and Retrieval (“SEDAR”) Reporting.
Without a standardized process and central oversight, companies may face risk and increased expenses relating to outsourcing to a host of consultants and accounting firms, which also could weaken control and extend review time. 6 Table of Contents Securities and Exchange Commission (“SEC”) and System for Electronic Document Analysis and Retrieval (“SEDAR”) Reporting.
None of our U.S. employees are represented by a labor organization or are a party to any collective bargaining arrangement. We have never experienced a strike or similar work stoppage, and we consider our relations with our employees to be good.
Key human capital initiatives include talent acquisition, advancing workforce skills and capabilities, and employee engagement. None of our U.S. employees are represented by a labor organization or are a party to any collective bargaining arrangement. We have never experienced a strike or similar work stoppage, and we consider our relations with our employees to be good.
We also engage third-party auditors to evaluate our controls against the service organization controls (“SOC”) compliance frameworks. Generative AI. Our GenAI capabilities seek to enhance the way finance, risk, and sustainability teams work, improving content creation, editing, and collaboration.
We also engage third-party auditors to evaluate our controls against the service organization controls (“SOC”) compliance frameworks. Workiva also offers customers the ability to provide their own encryption keys for an additional level of data protection and encryption. Generative AI. Our GenAI capabilities seek to enhance the way finance, risk, and sustainability teams work, improving content creation, editing, and collaboration.
Our industry is characterized by the existence of a large number of patents and frequent claims and related litigation regarding patent and other intellectual property rights. Third parties, including leading enterprise software companies, could accuse us of infringement or misappropriation. Our agreements often require us to indemnify customers in such cases.
Competitors with large patent portfolios may engage in both offensive and defensive legal actions. Our industry is characterized by the existence of a large number of patents and frequent claims and related litigation regarding patent and other intellectual property rights. Third parties, including leading enterprise software companies, could accuse us of infringement or misappropriation.
Our platform, built primarily on Amazon Web Services (“AWS”), is composed of both proprietary and open-source technologies. We believe the following characteristics highlight our platform’s key competitive advantages: Features and Functionality .
Our platform, built primarily on Amazon Web Services (“AWS”), is composed of both proprietary and open-source technologies. We believe the following characteristics highlight our platform’s key competitive advantages: Features and Functionality . Our platform enables customers to securely connect data from third-party cloud and on-premise applications including ERP, HCM and CRM systems.
The principal competitive factors in our market include: product features, reliability, performance and effectiveness; product line breadth, diversity and applicability; product extensibility and ability to integrate with other technology infrastructures; price and total cost of ownership; adherence to industry standards and certifications; strength of sales and marketing efforts; and brand awareness and reputation.
As our markets expand, we expect to compete with more highly specialized software vendors, as well as larger vendors that may continue to acquire or bundle their products more effectively. 10 Table of Contents The principal competitive factors in our market include: product features, reliability, performance and effectiveness; product line breadth, diversity and applicability; product extensibility and ability to integrate with other technology infrastructures; price and total cost of ownership; adherence to industry standards and certifications; strength of sales and marketing efforts; and brand awareness and reputation.
With permission controls in our platform, administrators can manage access at all levels so each user can create, review and edit data and documents. This control feature also enables users to grant access to their external auditors, outside counsel and other consultants, which further streamlines the review process and reduces expenses. Easy to Deploy and Configure.
With permission controls, administrators can restrict access at all levels for each user to create, review and edit data and documents that relate directly to them. This control feature also enables users to grant access to their external auditors, which further streamlines the review process and reduces expenses. Enterprise Risk Management (“ERM”).
ESG Program, the digital hub on workiva.com, creates a connected and collaborative hub for sustainability teams and stakeholders to operationalize their sustainability initiatives.
Our Sustainability Program provides a connected and collaborative hub for sustainability teams and stakeholders to operationalize their sustainability initiatives.
In 2024 , we continued to expand our ecosystem of partners, including global consulting firms, systems integration and technology firms, and leading regional consulting firms. Our highly skilled advisory and implementation partners offer a wide range of subject-matter expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they implement for their customers.
Our highly skilled advisory and implementation partners offer a wide range of subject-matter expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they implement for their customers. Our technology partners enable powerful data and process integrations that enable our customers to connect their existing ecosystem of solutions directly to our platform.
Our customers can collect data from multiple departments, centralize that information in a linked platform, create and track process narratives and flows with co-workers, embed evidence and directly test controls. Internal Audit Management. We sell to the broad-based audit market because users in that market often collaborate with colleagues working in SOX, risk and controls across an organization.
Our customers can collect data from multiple departments, centralize that information in a linked platform, create and track process narratives and flows with co-workers, embed evidence and directly test controls. 8 Table of Contents Internal Audit Management.
SOX also requires public company Chief Executive Officers and Chief Financial Officers to individually certify that their annual and quarterly financial reports are accurate and complete and to assess the effectiveness of their ICFR.
Our customers use our platform to increase efficiency in documenting, implementing and assessing internal controls over financial reporting (“ICFR”) as required by SOX. SOX also requires public company Chief Executive Officers and Chief Financial Officers to individually certify that their annual and quarterly financial reports are accurate and complete and to assess the effectiveness of their ICFR.
We are entering into new markets and geographies with an expanded solutions portfolio. Workiva is focused on growing our business through selling multi-solution deals and account expansions.
Workiva is the leading provider of cloud-based reporting solutions that are designed to solve financial and non-financial business challenges at the intersection of data, process and people. We are entering into new markets and geographies with an expanded solutions portfolio. Workiva is focused on growing our business through selling multi-solution deals and account expansions.
This control feature also enables users to grant access to their external auditors, which further streamlines the review process and reduces expenses. Enterprise Risk Management (“ERM”). With our platform, our customers can integrate their risk management practices throughout the organization while maintaining information privacy, audit trails and security resulting in highly efficient and transparent compliance.
With our platform, our customers can integrate their risk management practices throughout the organization while maintaining information privacy, audit trails and security resulting in highly efficient and transparent compliance.
Success may attract competitors aiming to create similar solutions or infringe on our proprietary rights. Likewise, third parties might claim that our platform infringes their intellectual property. Patent and other intellectual property disputes are common in our industry. Competitors with large patent portfolios may engage in both offensive and defensive legal actions.
Protection outside the U.S. may also be limited, particularly as we expand internationally. 12 Table of Contents Success may attract competitors aiming to create similar solutions or infringe on our proprietary rights. Likewise, third parties might claim that our platform infringes their intellectual property. Patent and other intellectual property disputes are common in our industry.
Many of the largest enterprises in the world trust us with their most sensitive data. We employ stringent data security, reliability, integrity and privacy practices.
Our customers have created billions of links to seamlessly achieve a single source of data, among multiple documents, spreadsheets and presentations. Secure. Many of the largest enterprises in the world trust us with their most sensitive data. We employ stringent data security, reliability, integrity and privacy practices.
Our customers continuously find new use cases across their organizations, including Financial Planning and Analysis (“FP&A”), board/committee and quarterly reporting, C-Suite reporting, strategic business plans, financial statements, variance reports, monthly management reports, managing and tracking key performance indicators, data collection for domestic sales, performance reporting, and employee benefit financial statements.
Our customers continuously find new use cases across their organizations, including Financial Planning and Analysis (“FP&A”), board/committee and quarterly reporting, C-Suite reporting, strategic business plans, financial statements, variance reports, monthly management reports, managing and tracking key performance indicators, data collection for domestic sales, performance reporting, and employee benefit financial statements. 7 Table of Contents Sustainability Management Workiva’s sustainability management solution enables organizations to deliver high-quality disclosures to their most important stakeholders, including investors, regulatory agencies, executive management, and their boards by connecting information directly across sustainability reports, statutory disclosures, annual reports, earnings call scripts, and regulatory filings, with support for XBRL tagging.
In 2024, we generated approximately 18% of our consolidated revenue from EMEA and APAC, and we expect these global markets to contribute an increasing percentage of total revenue. 4 Table of Contents Partner Ecosystem.
In 2025, we generated approximately 26.7% of our consolidated revenue from countries outside of the United States (“U.S.”), and we expect these global markets to contribute an increasing percentage of total revenue. Partner Ecosystem.
With our FedRAMP authorization, we can help federal agencies connect, control and report up to 80 percent of their information types. Energy & Utility Sector. Workiva provides connected reporting solutions that improve data accuracy for energy and utilities companies across state commission filings, utility rate making documents, SEC filings, financial and performance reports, and SOX documentation.
Workiva provides connected reporting solutions that improve data accuracy for energy and utilities companies across state commission filings, utility rate making documents, SEC filings, financial and performance reports, SOX documentation, and supports Federal Energy Regulatory Commission (“FERC”) XBRL mandate.
Litigation From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business.
In addition, we intend to expand our international operations, and we cannot assure you that these names will be available for use in all such jurisdictions. Litigation From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business.
Leveraging the expertise of our ESG Advisory Council helps us develop relevant products and take actions that are innovative, socially responsible and meet the demands of our stakeholders. To learn more about Workiva’s sustainability efforts, track our progress in developing forward-looking targets and key initiatives, go to https://www.workiva.com/about/our-sustainability.
Leveraging the expertise of our Sustainability Advisory Council helps us develop relevant products and take actions that are innovative, socially responsible and meet the demands of our stakeholders.
To achieve this growth, we plan to continue hiring motivated sales people with experience in enterprise software sales and in specific geographical regions. We believe that our approach to hiring sales people, along with a progressive training, culture and compensation package will allow us to retain sales talent and continue to drive growth.
We believe that our approach to hiring sales people, along with a progressive training, culture and compensation package will allow us to retain sales talent and continue to drive growth. In 2025, we continued to expand our ecosystem of partners, including global consulting firms, systems integration and technology firms, and leading regional consulting firms.
Marketing Our marketing organization promotes our brand, generates demand for our offerings, and researches and assesses product market needs. Our advance planning team assesses customer needs, conducts industry-based research and identifies new markets. Our product marketing team develops the go-to-market strategy for Workiva solutions and manages pricing and licensing strategies.
Our partners help to extend our customer reach through marketing and promotion and help accelerate the sale and delivery of our platform. Marketing Our marketing organization promotes our brand, creates awareness and demand for our offerings, and researches and assesses product market needs. Our go-to-market planning team assesses customer needs, conducts industry-based research, analyst relations, and identifies new markets.
It requires the ingestion, capture, management, and reporting of financial and non-financial data from many disparate sources, and it requires the collaboration of multiple internal stakeholders across finance, risk management, and sustainability teams. Growth Vectors We are focusing our investment on four major growth opportunities: The Workiva Platform, Fit-for-Purpose Solutions, Global Expansion, and our Partner Ecosystem. The Workiva Platform.
It requires the ingestion, aggregation, management, and reporting of financial and non-financial data from many disparate sources, and it requires the collaboration of multiple internal stakeholders across finance, risk management, and sustainability teams.
Customers are using the GenAI capabilities to author new content quickly, refine, edit, and rewrite content, generate ideas and perspectives, and research with a thought partner on demand. Marketplace.
With the complex and sensitive work associated with financial reporting, sustainability management, audit, and risk, responsible AI usage is paramount—particularly when it comes to data security, subject-matter expertise, and human oversight. Customers are using the GenAI capabilities to author new content quickly; refine, edit, and rewrite content; generate ideas and perspectives; and research with a thought partner on demand. Marketplace.
ESEF is an annual financial reporting regulation specified by the European Securities and Markets Authority (“ESMA”). The ESMA mandate requires all specified issuers on European Union (“E.U.”) & United Kingdom regulated markets to file annual account statements in a digital format using iXBRL.
Similar to our support for SEC reporting for U.S. listed companies, we offer a solution for companies listed on the European Union listed exchanges that are subject to the ESEF reporting requirement. ESEF requires all specified issuers on European Union (“E.U.”) & United Kingdom regulated markets to file annual account statements in a digital format using iXBRL. Management Reporting.
We have registered a number of trademarks and logos, including “Workiva,” “Wdesk” and “Wdata” with the United States Patent and Trademark Office and in several jurisdictions outside the United States. In addition, we intend to expand our international operations, and we cannot assure you that these names will be available for use in all such jurisdictions.
We cannot assure you that we do not currently infringe, or that we will not in the future infringe, upon any third-party patents, copyrights or other proprietary rights. We have registered a number of trademarks and logos, including “Workiva,” “Wdesk” and “Wdata” with the United States Patent and Trademark Office and in several jurisdictions outside the United States.
Successful claims could limit our ability to distribute certain solutions, force costly workaround developments, or require substantial damages payments. Public visibility increases our exposure to such risks. We cannot assure you that we do not currently infringe, or that we will not in the future infringe, upon any third-party patents, copyrights or other proprietary rights.
Our agreements often require us to indemnify customers in such cases. Successful claims could limit our ability to distribute certain solutions, force costly workaround developments, or require substantial damages payments. Public visibility increases our exposure to such risks.
Our customers are passionate, loyal supporters of our solutions, as demonstrated by our gross retention rate of 97.4% as of December 31, 2024. Our net retention rate was 111.9% as of December 31, 2024.
Customers include over 95% of FORTUNE® 100 companies, over 85% of the FORTUNE® 500 companies, and over 85% of FORTUNE® 1,000 companies. Our customers are passionate, loyal supporters of our solutions, as demonstrated by our gross retention rate of 97.2% as of December 31, 2025. Our net retention rate was 112.8% as of December 31, 2025.
Workiva offers market-competitive compensation and benefits to attract and retain highly motivated and effective employees. As of December 31, 2024, Workiva employed approximately 2,828 full-time people worldwide. Our headcount as of December 31, 2024 increased 12.0% from 2,526 full-time employees as of December 31, 2023. We strive to create a workplace where people feel welcomed, valued, respected, and heard.
Our headcount as of December 31, 2025 increased 1.1% from 2,828 full-time employees as of December 31, 2024. We strive to create a workplace where people feel welcomed, valued, respected, and heard. To promote innovation and employee excellence, Workiva fosters a work environment that encourages fairness, teamwork, and respect among all employees.
Once the data is connected in the Workiva platform, users can automate data and workflow updates, track every change and seamlessly collaborate with colleagues to create trusted reports and regulatory filings.
Once data is connected in the Workiva platform, customers can automate data updates across workflows, track changes, and collaborate to create trusted reports and regulatory filings. With our platform’s data-linking capabilities, every change is automatically updated in all linked instances—including narrative and numbers—throughout spreadsheets, text documents, charts and graphs, and presentations in our platform.
Workiva Carbon enables organizations to measure, manage, collaborate and report on emissions data to support their net-zero, supply chain, and regulatory reporting requirements. 8 Table of Contents Governance, Risk, and Compliance Controls Management. Our customers use our platform to increase efficiency in documenting, implementing and assessing internal controls over financial reporting (“ICFR”) as required by SOX.
Workiva Carbon supports organizations’ requirements for carbon accounting, including the tracking and disclosure of carbon emissions for scopes one, two, and three, and decarbonization. Workiva Carbon enables organizations to measure, manage, collaborate and report on emissions data to support their net-zero, supply chain, and regulatory reporting requirements. Governance, Risk, and Compliance Controls Management.
The performance of the Workiva platform has been tested and proven by some of the largest, most demanding enterprises in the world. Continuous Improvement. Frequent collaboration with customers and development iteration allow us to make continuous improvements by releasing a new version of our platform several times each week. Scales Rapidly.
The architecture, design, deployment and management of our solutions provide enterprise-grade scalability, availability and security. The performance of the Workiva platform has been tested and proven by some of the largest, most demanding enterprises in the world. Continuous Improvement. Our continuous integration and deployment capabilities enable frequent collaboration and rapid releases of new versions of our software each week.
Each of our fit-for-purpose solutions helps in critical aspects of our customers’ finance transformation journeys and simplifies the complex work around reporting and disclosure. Remote and Hybrid Work Environments . To attract and retain talent in the marketplace of knowledge workers, enterprises are adopting more flexible work environments.
Each of our fit-for-purpose solutions helps in critical aspects of our customers’ finance transformation journeys and simplifies the complex work around reporting and disclosure. Evolution of the Distributed Work Model . A growing number of companies are managing a distributed workplace model for which they are implementing collaborative technologies to streamline work processes and automate decision-making, actions and responses.
The Company actively participates in the Forum's CFO and CSO communities, contributing to key discussions and initiatives in these areas. • Workiva's integrated platform, blending sustainability management with financial reporting and GRC, enables seamless team collaboration and automation, ensures data accessibility, aggregation and assurance, and offers highly flexible and integrated reporting capabilities to advance companies’ sustainability strategies and impacts.
The Company actively participates in the Forum's CFO and CSO communities, contributing to key discussions and initiatives in these areas. • The Workiva Sustainability Management solution streamlines data collection, analysis, and reporting for non-financial disclosures.
We are committing to sustainability through innovation and collaboration with a high level of governance, accountability and disclosure.
When we translate sustainability into quantifiable business intelligence, we proactively manage non-financial risks and capitalize on the market demand for transparent, sustainable enterprise solutions. We are committed to sustainability through innovation and collaboration with a high level of governance, accountability and disclosure.
Internal audit management extends throughout an organization, attracting Workiva customers from a wide range of departments. Internal audit management includes audit risk assessments, the audit planning process, workpaper management, testing, issues management and audit reports that encompass the audit committee report and the internal audit group.
We sell to the broad-based audit market because users in that market often collaborate with colleagues working in SOX, risk and controls across an organization. Internal audit management extends throughout an organization, attracting Workiva customers from a wide range of departments.
Human Capital We believe Workiva is a great place to work and Workiva has trusted and equipped our employees to work from wherever and whenever is best for them. We have been on the Fortune 100 Best Companies to Work For® list since 2019 and attribute our success to our values-based culture.
We have been on the Fortune 100 Best Companies to Work For® list since 2019 and attribute our success to our values-based culture. Workiva offers market-competitive compensation and benefits to attract and retain highly motivated and effective employees. As of December 31, 2025, Workiva employed approximately 2,860 full-time people worldwide.
Workiva enables simultaneous collaboration with control and accountability and enables robust documentation, accurate audit conclusions and complete audit trails, which are essential to auditors, executives and boards. With permission controls, administrators can restrict access at all levels for each user to create, review and edit data and documents that relate directly to them.
Internal audit management includes audit risk assessments, the audit planning process, workpaper management, testing, issues management and audit reports that encompass the audit committee report and the internal audit group. Workiva enables simultaneous collaboration with control and accountability and enables robust documentation, accurate audit conclusions and complete audit trails, which are essential to auditors, executives and boards.
The Workiva platform is designed to support millions of end users as a result of its scalability and our relationship with AWS. Our customers have created billions of links to seamlessly achieve a single source of data, among multiple documents, spreadsheets and presentations. 5 Table of Contents Secure.
This enables us to incorporate customer and partner feedback quickly to ensure continuous improvement of their experience. Scales Rapidly. The Workiva platform is designed to support millions of end users as a result of its scalability and our relationship with AWS.
We also market our platform to assists asset management firms and fund administrators with end to end internal and external fund reporting including financial, regulatory, and investor reporting. Public Sector. State and local governments use our platform to streamline and modernize Comprehensive Annual Financial Reports and budgeting. We are also expanding adoption of our platform across U.S. government agencies.
These solutions deliver data integrity, transparency, and scalability across the complex workflows of investment firms including fund reports for both private and public funds, tailored shareholder reports, fund fact sheets, internal management reports and investor presentations. 9 Table of Contents Public Sector. State and local governments use our platform to streamline and modernize Comprehensive Annual Financial Reports and budgeting.
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Approximately 90% of our revenue in 2024 was derived from subscription and support fees, with the remainder from professional services. 1 Table of Contents 2024 Company Highlights and Milestones • In April 2024, we were named among the 100 Best Companies to Work For by Fortune magazine for the 6th time and in August 2024, Workiva was named among PEOPLE's 100 Companies That Care. • In June 2024, we launched Workiva Carbon, a new offering that enables organizations to support the requirements of global climate regulations, including the Corporate Sustainability Reporting Directive (“CSRD”) while simplifying the management of net zero targets that thousands of organizations have established voluntarily to meet international guidelines, • In July 2024, we received a rating of AAA in the MSCI ESG Ratings assessment for the third year in a row.
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Item 1. Business Overview Workiva is a leading, AI-powered platform for trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams worldwide rely on Workiva for their mission-critical work.
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The coveted AAA rating represents MSCI’s highest rating and signifies industry-leader status in managing the most significant Environmental, Social, and Governance (“ESG”) risks and opportunities. • In July 2024, we released a new version of the Workiva mobile app for iOS and Android devices offering users new capabilities for quick access to files, starring, permissions, comments, and more.
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Approximately 92% of our revenue in 2025 was derived from subscription and support fees, with the remainder from professional services. 2025 Company Highlights and Milestones • We delivered strong financial performance powered by the continued demand for our broad portfolio of solutions and AI-powered platform.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeRisks Related to Technology and Intellectual Property • We face continually evolving cybersecurity risks, which could result in the loss, theft, misuse, unauthorized disclosure, access, or destruction of confidential information or data, disruption of our solutions, damage to our brands, reputation and relationships with customers, legal exposure and financial losses. • The success of our cloud-based software largely depends on our ability to provide reliable solutions to our customers. • Any failure to offer high-quality technical support services may adversely affect our relationships with our customers. • Failure to establish and maintain partnerships that can provide complementary technology offerings and software integrations could limit our ability to grow our business. • If we do not keep pace with technological changes, our solutions may become less competitive. • Issues relating to the development of AI, machine learning and other technological capabilities in our solutions and offerings may result in reputational harm, liability and adverse financial results. • If we fail to manage our technical operations infrastructure, our existing customers may experience service outages, and our new customers may experience delays in the deployment of our solutions. • The inability to maintain software licenses, or the existence of errors in the software we license could result in increased costs or reduced service levels. • Any failure or interruptions in the internet infrastructure, bandwidth providers, data center providers, other third parties or our own systems could negatively impact our business. • Changes in laws and regulations related to technology, the internet or changes in the internet infrastructure itself may diminish the demand for our solutions. • We are subject to U.S. and foreign data privacy and protection laws and regulations as well as contractual privacy obligations. • Any failure to protect our intellectual property rights or defend against accusations of infringement of third-party intellectual property rights could impair our ability to protect our proprietary technology and our brand. • Some of our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business. 17 Table of Contents Risks Related to Taxes • The adoption of new tax legislation could adversely affect our business and financial condition. • Determining our income tax rate is complex and subject to uncertainty. • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
Biggest changeRisks Related to Technology and Intellectual Property • We face continually evolving cybersecurity risks, which could result in the loss, theft, misuse, unauthorized disclosure, access, or destruction of confidential information or data, disruption of our solutions, damage to our brands, reputation and relationships with customers, legal exposure and financial losses. • The success of our cloud-based software largely depends on our ability to provide reliable solutions to our customers. • Any failure to offer high-quality technical support services may adversely affect our relationships with our customers. • Failure to establish and maintain partnerships that can provide complementary technology offerings and software integrations could limit our ability to grow our business. • If we do not keep pace with technological changes, or if our AI offerings and investments are not successful, our solutions may become less competitive. • Issues relating to the development, deployment and use of AI, machine learning and other technological capabilities in our solutions, offerings and internal operations may result in reputational harm, liability and adverse financial results. • If we fail to manage our technical operations infrastructure, our existing customers may experience service outages, and our new customers may experience delays in the deployment of our solutions. • The inability to maintain software licenses, or the existence of errors in the software we license could result in increased costs or reduced service levels. • Any failure or interruptions in the internet infrastructure, bandwidth providers, data center providers, other third parties or our own systems could negatively impact our business. • Changes in laws and regulations related to technology, the internet or changes in the internet infrastructure itself may diminish the demand for our solutions. • We are subject to data privacy and protection laws and regulations as well as contractual privacy obligations around the world. • Any failure to protect our intellectual property rights or defend against accusations of infringement of third-party intellectual property rights could impair our ability to protect our proprietary technology and our brand. • Some of our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses, or failures stemming from the open source software, could negatively affect our business.
In addition, we face risks in doing business internationally that could adversely affect our business, including: • the need to localize and adapt our solutions for specific countries, including translation into foreign languages and associated expenses; • increased management, travel, infrastructure, legal compliance and regulation costs associated with having multiple international operations; • sales and customer service challenges associated with operating in different countries; • data privacy laws that require customer data to be stored and processed in a designated territory; • inadequate local infrastructure and difficulties in staffing and managing foreign operations, including compliance with local labor and employment laws and regulations; • different pricing environments and longer sales and collection cycles; • new and different sources of competition; • difficulties in enforcing intellectual property and other rights outside of the U.S.; • laws and business practices favoring local competitors; • compliance challenges related to the complexity of multiple, conflicting and changing governmental laws and regulations; • increased financial accounting and reporting burdens and complexities; 24 Table of Contents • restrictions on the transfer of funds; • an uncertain trade environment; • adverse tax consequences; • unstable regional economic and political conditions, including political unrest and armed conflicts (such as the Russia and Ukraine conflict and the conflict in the Middle East); • liquidity issues, including due to political actions by sovereign nations with a controlled currency environment, which could result in decreased values of cash balances or potential difficulties protecting our foreign assets or satisfying local obligations; • difficulties in obtaining export licenses for certain technology, tariffs, quotas and other trade barriers; • issues resulting from operations in locations with a higher incidence of corruption and fraudulent business practices; • challenges in integrating acquisitions with foreign operations; and • natural disasters, acts of war, terrorism, security breaches, pandemics or other health crises.
In addition, we face risks in doing business globally that could adversely affect our business, including: • the need to localize and adapt our solutions for specific countries, including translation into foreign languages and associated expenses; • increased management, travel, infrastructure, legal compliance and regulation costs associated with having multiple global operations; • sales and customer service challenges associated with operating in different countries; • data privacy laws that require customer data to be stored and processed in a designated territory; • inadequate local infrastructure and difficulties in staffing and managing foreign operations, including compliance with local labor and employment laws and regulations; • different pricing environments and longer sales and collection cycles; • new and different sources of competition; • difficulties in enforcing intellectual property and other rights outside of the U.S.; • laws and business practices favoring local competitors; • compliance challenges related to the complexity of multiple, conflicting and changing governmental laws and regulations; • increased financial accounting and reporting burdens and complexities; • restrictions on the transfer of funds; • an uncertain trade environment; • adverse tax consequences; • unstable regional economic and political conditions, including political unrest and armed conflicts (such as the Russia and Ukraine conflict and the conflict in the Middle East); • liquidity issues, including due to political actions by sovereign nations with a controlled currency environment, which could result in decreased values of cash balances or potential difficulties protecting our foreign assets or satisfying local obligations; • difficulties in obtaining export licenses for certain technology, tariffs, quotas and other trade barriers; • issues resulting from operations in locations with a higher incidence of corruption and fraudulent business practices; 24 Table of Contents • challenges in integrating acquisitions with foreign operations; and • natural disasters, acts of war, terrorism, security breaches, pandemics or other health crises.
Our quarterly results may fluctuate significantly. Our quarterly results of operations, including the levels of our revenue, gross margin, profitability, cash flow and deferred revenue, may vary significantly in the future due to a variety of factors, including the risks and uncertainties described herein, and period-to-period comparisons of our operating results may not be meaningful.
Our quarterly results of operations, including the levels of our revenue, gross margin, profitability, cash flow and deferred revenue, may vary significantly in the future due to a variety of factors, including the risks and uncertainties described herein, and period-to-period comparisons of our operating results may not be meaningful.
Risks Related to Our Business and Industry • We derive more than 40% of our total revenue from customers using our platform for SEC filings. • We cannot accurately predict subscription renewal or upgrade rates. • Failure to manage our growth may adversely affect our business or operations. • Our revenue growth rate in recent periods may not be indicative of our future performance. • We have not been profitable historically and may not achieve or maintain profitability in the future. • Our quarterly results may fluctuate significantly. • Legislative and regulatory changes could adversely affect our business. • Our solutions face intense competition in the marketplace. • Our revenue growth will depend in part on the success of our efforts to augment our direct-sales channels by developing relationships with third parties. • Adverse economic conditions or reduced technology spending may adversely impact our business. • If we cannot maintain our corporate culture as we grow, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success. • We depend on our senior management team and other key employees. • Our workforce is our primary operating expense and subjects us to risks associated with increases in the cost of labor. • Operations outside the United States expose us to risks inherent in international sales. • A significant fluctuation between the U.S.
Risks Related to Our Business and Industry • We derive more than 35% of our total revenue from customers using our platform for SEC filings. • We cannot accurately predict subscription renewal or upgrade rates. • Failure to manage our growth may adversely affect our business or operations. • Our revenue growth rate in recent periods may not be indicative of our future performance. • We have not been profitable historically and may not achieve or maintain profitability in the future. • Our quarterly results may fluctuate significantly. • Legislative and regulatory changes could adversely affect our business. • Our solutions face intense competition in the marketplace. • Our revenue growth will depend in part on the success of our efforts to augment our direct-sales channels by developing relationships with third parties. • Adverse economic conditions or reduced technology spending may adversely impact our business. • If we cannot maintain our corporate culture as we grow, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success. • We depend on our senior management team and other key employees. • Our workforce is our primary operating expense and subjects us to risks associated with increases in the cost of labor. • Operations outside the United States expose us to risks inherent in global sales. • A significant fluctuation between the U.S.
Risks Related to Ownership of Our Securities • Our stock price has been and will likely continue to be volatile or may decline regardless of our operating performance, including due to factors outside of our control. • If there are substantial sales of shares of our Class A common stock or some or all of our convertible senior notes are converted and sold, the price of our Class A common stock could decline. • The dual class structure of our common stock concentrates voting control with certain of our founding shareholders. • Anti-takeover provisions in our charter documents, our convertible senior notes and Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and may negatively affect the market price of our Class A common stock. • The amount and frequency of our share repurchases may fluctuate, and we cannot guarantee that we will fully consummate our share repurchase authorization, or that it will enhance long-term shareholder value.
Risks Related to Ownership of Our Securities • Our stock price has been and will likely continue to be volatile or may decline regardless of our operating performance, including due to factors outside of our control. • If there are substantial sales of shares of our Class A common stock or some or all of our convertible senior notes are converted and sold, the price of our Class A common stock could decline. • The dual class structure of our common stock concentrates voting control with certain of our founding shareholders. • Anti-takeover provisions in our charter documents, our convertible senior notes and Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and may negatively affect the market price of our Class A common stock. 17 Table of Contents • The amount and frequency of our share repurchases may fluctuate, and we cannot guarantee that we will fully consummate our share repurchase authorization, or that it will enhance long-term shareholder value.
Even if we were to prevail in such a dispute, any litigation regarding our intellectual property could be costly and time-consuming and divert the attention of our management and key personnel from our business operations. 34 Table of Contents Some of our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business.
Even if we were to prevail in such a dispute, any litigation regarding our intellectual property could be costly and time-consuming and divert the attention of our management and key personnel from our business operations. 34 Table of Contents Some of our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses, or failures stemming from the open source software, could negatively affect our business.
A key element of our growth strategy is to expand our international operations and develop a worldwide customer base. A growing portion of our revenue is from customers headquartered outside the U.S.. Operating in international markets requires significant resources and management attention and subjects us to regulatory, economic and political risks that are different from those in the U.S..
A key element of our growth strategy is to expand our global operations and develop a worldwide customer base. A growing portion of our revenue is from customers headquartered outside the U.S.. Operating in global markets requires significant resources and management attention and subjects us to regulatory, economic and political risks that are different from those in the U.S.
These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations, may negatively impact the market price of our Class A common stock. In the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or global currency fluctuations, may negatively impact the market price of our Class A common stock. In the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
Risks Related to our Indebtedness • The conditional conversion feature of our convertible senior notes may adversely affect our financial condition and operating results. • Servicing our debt requires a significant amount of cash. Risks Related to Our Business and Industry We derive more than 40% of our total revenue from customers using our platform for SEC filings.
Risks Related to our Indebtedness • The conditional conversion feature of our convertible senior notes may adversely affect our financial condition and operating results. • Servicing our debt requires a significant amount of cash. Risks Related to Our Business and Industry We derive more than 35% of our total revenue from customers using our platform for SEC filings.
Some of our third-party business partners have international operations and are also subject to these risks and if our third-party business partners are unable to appropriately manage these risks, our business may be harmed. A significant fluctuation between the U.S. Dollar and other currencies could adversely impact our operating results. Although our financial results are reported in U.S.
Some of our third-party business partners have global operations and are also subject to these risks and if our third-party business partners are unable to appropriately manage these risks, our business may be harmed. A significant fluctuation between the U.S. Dollar and other currencies could adversely impact our operating results. Although our financial results are reported in U.S.
Dollars, a portion of our sales and operating costs are, and will continue to be, realized in other currencies, with the largest concentration of foreign sales occurring in Europe . We anticipate that over time, an increasing portion of our international contracts may be denominated in local currencies. Therefore, fluctuations in the value of the U.S.
Dollars, a portion of our sales and operating costs are, and will continue to be, realized in other currencies, with the largest concentration of foreign sales occurring in Europe . We anticipate that over time, an increasing portion of our global contracts may be denominated in local currencies. Therefore, fluctuations in the value of the U.S.
New legislation, or a significant change in rules, regulations, directives, executive orders or standards, including as a result of legal challenges to proposed regulations, may pose challenges in responding quickly and effectively and could reduce demand for our products and services, increase 20 Table of Contents expenses as we modify our products and services to comply with new requirements and retain relevancy, impose limitations on our operations, and increase compliance or litigation expense, each of which could have a material adverse effect on our business, financial condition and results of operations.
New legislation, or a significant change in rules, regulations, directives, executive orders or standards, including as a result of legal challenges to proposed regulations, may pose challenges in responding quickly and effectively and could reduce demand for our products and services, increase expenses as we modify our products and services to comply with new requirements and retain relevancy, impose limitations on our operations, and increase compliance or litigation expense, each of which could have a material adverse effect on our business, financial condition and results of operations.
Because of our limited experience with international operations, our international expansion efforts may not be successful in creating additional demand for our solutions outside of the U.S. or in effectively selling subscriptions to our solutions in all of the international markets we enter.
Because of our limited experience with global operations, our global expansion efforts may not be successful in creating additional demand for our solutions outside of the U.S. or in effectively selling subscriptions to our solutions in all of the global markets we enter.
Pricing pressures and increased competition could result in reduced sales, reduced margins, losses or a failure to maintain or improve our competitive market position, any of which would adversely affect our business. Our revenue growth will depend in part on the success of our efforts to augment our direct-sales channels by developing relationships with third parties.
Pricing pressures and increased competition could result in reduced sales, reduced margins, losses or a failure to maintain or improve our competitive market position, any of which would adversely affect our business. 21 Table of Contents Our revenue growth will depend in part on the success of our efforts to augment our direct-sales channels by developing relationships with third parties.
These events could negatively impact our financial condition, results of operations, reputation, and ability to procure other government contracts in the future. Various legislative bodies, regulators and administrative agencies around the world are putting into place regulatory disclosure requirements regarding climate change and sustainability reporting derived from standard frameworks.
These events could negatively impact our financial condition, results of operations, reputation, and ability to procure other government contracts in the future. Various legislative bodies, regulators and administrative agencies around the world are putting into place regulatory disclosure requirements regarding climate change and sustainability reporting 20 Table of Contents derived from standard frameworks.
Any factor adversely affecting sales of our platform or solutions, including release cycles, market acceptance, competition, performance, information security, data protection or privacy concerns, reliability, reputation, regulatory developments, and political, economic and market conditions, could adversely affect our business and operating results. 18 Table of Contents We cannot accurately predict subscription renewal or upgrade rates.
Any factor adversely affecting sales of our platform or solutions, including release cycles, market acceptance, competition, performance, information security, data protection or privacy concerns, reliability, reputation, regulatory developments, and political, economic and market conditions, could adversely affect our business and operating results. We cannot accurately predict subscription renewal or upgrade rates.
If our operations infrastructure fails to keep pace with increased sales, customers may experience delays as we seek to obtain additional capacity, which could adversely affect our reputation and our revenue. The inability to maintain software licenses, or the existence of errors in the software we license could result in increased costs or reduced service levels.
If our operations infrastructure fails to keep pace with increased sales, 30 Table of Contents customers may experience delays as we seek to obtain additional capacity, which could adversely affect our reputation and our revenue. The inability to maintain software licenses, or the existence of errors in the software we license could result in increased costs or reduced service levels.
We may also be contractually liable to indemnify and hold harmless our clients from the costs or consequences of inadvertent or unauthorized disclosure of data that we store or handle as part of providing our services.
We may also be contractually liable to indemnify and hold harmless our customers from the costs or consequences of inadvertent or unauthorized disclosure of data that we store or handle as part of providing our services.
We have experienced, and may in the future experience, website disruptions, outages and other performance 30 Table of Contents problems. These problems may be caused by a variety of factors, including infrastructure changes, human or software errors, viruses, security attacks, fraud, spikes in customer usage and denial of service issues.
We have experienced, and may in the future experience, website disruptions, outages and other performance problems. These problems may be caused by a variety of factors, including infrastructure changes, human or software errors, viruses, security attacks, fraud, spikes in customer usage and denial of service issues.
Dollar and other currencies could adversely impact our operating results. • Geopolitical conflicts, including the conflict between Russia and Ukraine and the conflict in the Middle East, may adversely affect our business and results of operations. 16 Table of Contents • Fixed-fee engagements with customers may not meet our expectations if we underestimate the cost of these engagements. • If we fail to continue to develop our brand, our business may suffer. • We may need to raise additional capital, which may not be available to us. • We have acquired, and may continue to acquire, other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our operations and adversely affect our operating results. • Because we recognize revenue over the term of each subscription, downturns or upturns in sales may not be immediately reflected in our operating results. • We are subject to general litigation that may materially adversely affect us. • A failure to maintain adequate internal controls over our financial and management systems could cause errors in our financial reporting. • Our relatively limited operating history makes it difficult to predict our future operating results.
Dollar and other currencies could adversely impact our operating results. • Geopolitical conflicts, including the conflict between Russia and Ukraine and the conflict in the Middle East, may adversely affect our business and results of operations. • Fixed-fee engagements with customers may not meet our expectations if we underestimate the cost of these engagements. • If we fail to continue to develop our brand, our business may suffer. • We may need to raise additional capital, which may not be available to us. • We have acquired, and may continue to acquire, other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our operations and adversely affect our operating results. • Because we recognize revenue over the term of each subscription, downturns or upturns in sales may not be immediately reflected in our operating results. • We are subject to general litigation that may materially adversely affect us. 16 Table of Contents • A failure to maintain adequate internal controls over our financial and management systems could cause errors in our financial reporting.
If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and future growth prospects could be adversely affected. 23 Table of Contents Our workforce is our primary operating expense and subjects us to risks associated with increases in the cost of labor. Labor is our primary operating expense.
If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and future growth prospects could be adversely affected. Our workforce is our primary operating expense and subjects us to risks associated with increases in the cost of labor. Labor is our primary operating expense.
We also cannot assure you that we will be able to continue to expand our market presence in the U.S., Europe, Asia Pacific region and other current markets or successfully establish our presence in other markets.
We also cannot assure you that we will be able to continue to expand our market presence in the U.S., Canada, Latin America, Europe, Asia Pacific region and other current markets or successfully establish our presence in other markets.
We could be adversely affected by changes to these contracts in ways that are inconsistent with our practices or in conflict with the laws and regulations of the U.S., foreign or international regulatory authorities.
We could be adversely affected by changes to these contracts in ways that are inconsistent with our practices or in conflict with the laws and regulations of the U.S., and non-U.S. regulatory authorities.
In addition, new or emerging technologies and technological trends or changes in customer requirements may result in certain third parties de-emphasizing their dealings with us or becoming potential competitors in the future. 22 Table of Contents Adverse economic conditions or reduced technology spending may adversely impact our business.
In addition, new or emerging technologies and technological trends or changes in customer requirements may result in certain third parties de-emphasizing their dealings with us or becoming potential competitors in the future. Adverse economic conditions or reduced technology spending may adversely impact our business.
Similar lawsuits may be threatened or instituted against us from time to time, and we may incur substantial damages and expenses resulting from lawsuits of this type, which could have a material adverse effect on our business, financial condition or results of operations. Operations outside the United States expose us to risks inherent in international sales.
Similar lawsuits may be threatened or instituted against us from time to time, and we may incur substantial damages and expenses resulting from lawsuits of this type, which could have a material adverse effect on our business, financial condition or results of operations. 23 Table of Contents Operations outside the United States expose us to risks inherent in global sales.
These changes to the legal bases for transferring data from E.U. to the U.S. could affect the manner in which we provide our services or adversely affect our financial results. 32 Table of Contents In addition to government activity, the technology industry and other industries are considering various new, additional or different self-regulatory standards that may place additional burdens on us.
These changes to the legal bases for transferring data across jurisdictions could affect the manner in which we provide our services or adversely affect our financial results. 32 Table of Contents In addition to government activity, the technology industry and other industries are considering various new, additional or different self-regulatory standards that may place additional burdens on us.
If we do not keep pace with technological changes, our solutions may become less competitive. Our market is characterized by rapid technological change (such as the use of AI and ML), frequent product and service innovation and evolving industry standards.
If we do not keep pace with technological changes, or if our AI offerings and investments are not successful, our solutions may become less competitive. Our market is characterized by rapid technological change (such as the use of AI and ML), frequent product and service innovation and evolving industry standards.
Although non-SEC solutions generated more than 75% of new solution and new customer bookings in 2024, it is uncertain whether they will achieve the level of market acceptance we have achieved in the SEC market.
Although non-SEC solutions generated more than 70% of new solution and new customer bookings in 2025, it is uncertain whether they will achieve the level of market acceptance we have achieved in the SEC market.
We derive more than 40% of our total revenue from customers using our platform for SEC filings. We sell a variety of other solutions, including sustainability management, global statutory reporting, SOX, capital markets, enterprise risk management and audit management, but the introduction of new solutions beyond the SEC market may not be successful.
We derive more than 35% of our total revenue from customers using our platform for SEC filings. We sell a variety of other solutions, including sustainability management, multi-entity reporting, SOX, capital markets, enterprise risk management and audit management, but the introduction of new solutions beyond the SEC market may not be successful.
If the use of the internet or technology generally is adversely affected by these issues, demand for our solutions could suffer. We are subject to U.S. and foreign data privacy and protection laws and regulations as well as contractual privacy obligations.
If the use of the internet or technology generally is adversely affected by these issues, demand for our solutions could suffer. We are subject to data privacy and protection laws and regulations as well as contractual privacy obligations around the world.
As of December 31, 2024, the Class B common stock beneficially owned by certain of our former executive officers collectively represented approximately 43% of the voting power of our 37 Table of Contents outstanding capital stock.
As of December 31, 2025, the Class B common stock beneficially owned by certain of our former executive officers collectively represented approximately 41% of the voting power of our 37 Table of Contents outstanding capital stock.
Our success substantially depends upon our proprietary methodologies and other intellectual property rights. Unauthorized use of our intellectual property by third parties may damage our brand and our reputation. As of December 31, 2024, we had 86 issued patents and 13 patent applications pending, and we expect to seek additional patents in the future.
Our success substantially depends upon our proprietary methodologies and other intellectual property rights. Unauthorized use of our intellectual property by third parties may damage our brand and our reputation. As of December 31, 2025, we had 90 issued patents and 14 patent applications pending, and we expect to seek additional patents in the future.
We have not been profitable historically and may not achieve or maintain profitability in the future. We have posted a net loss in each fiscal year since we began operations in 2008, including net losses of approximately $55.0 million in fiscal 2024 , $127.5 million in fiscal 2023 and $90.9 million in fiscal 2022.
We have not been profitable historically and may not achieve or maintain profitability in the future. We have posted a net loss in each fiscal year since we began operations in 2008, including net losses of approximately $26.2 million in fiscal 2025 , $55.0 million in fiscal 2024 and $127.5 million in fiscal 2023.
If our efforts to sell additional solutions and services to our customers are not successful, our growth and operations may be impeded. Failure to manage our growth may adversely affect our business or operations.
If our efforts to sell additional solutions and services to our customers are not successful, our growth and operations may be impeded. 18 Table of Contents Failure to manage our growth may adversely affect our business or operations.
To manage our future growth, we must continue to scale our business functions, improve our financial and management controls and our reporting systems and procedures and expand and train our work force. For example, we grew from 2,526 employees as of December 31, 2023 to more than 2,800 employees as of December 31, 2024.
To manage our future growth, we must continue to scale our business functions, improve our financial and management controls and our reporting systems and procedures and expand and train our work force. For example, we grew from 2,828 employees as of December 31, 2024 to more than 2,860 employees as of December 31, 2025.
In addition, even if holders do not elect to convert their convertible senior notes, we would be required under applicable accounting rules to reclassify all or a portion of the outstanding principal of the convertible senior notes as a current rather than long-term liability, which would result in a material reduction of our net working capital.
In addition, even if holders do not elect to convert their convertible senior notes, we would be required under applicable accounting rules to reclassify all or a portion of the outstanding principal of the convertible senior notes as a current rather than long-term liability, which would result in a material reduction of our net working capital. 39 Table of Contents Servicing our debt requires a significant amount of cash.
Additionally, while we do not have material operations in the Middle East, the ongoing 25 Table of Contents conflicts in the Middle East and escalating or persistent tensions in the region may further disrupt global markets and impact the supply chains of our customers, leading to disruptions in our customers’ ability to conduct business and affecting their ability to pay for our solutions.
Additionally, while we do not have material operations in the Middle East, the ongoing conflicts in the Middle East and escalating or persistent tensions in the region may further disrupt global markets and impact the supply chains of our customers, leading to disruptions in our customers’ ability to conduct business and affecting their ability to pay for our solutions. 25 Table of Contents Fixed-fee engagements with customers may not meet our expectations if we underestimate the cost of these engagements.
The GDPR includes more robust obligations on data processors and heavier documentation requirements for data protection compliance programs by companies that process personal data of residents of the E.U., and imposes significant penalties for non-compliance.
In particular, the European Union’s General Data Protection Regulation (“GDPR”) includes robust obligations on data processors and heavier documentation requirements for data protection compliance programs by companies that process personal data of residents of the E.U., and imposes significant penalties for non-compliance.
Failure to effectively manage growth could result in difficulty or delays in deploying customers, declines in quality or customer satisfaction, increases in costs, difficulties in introducing new features or other operational difficulties, and any of these difficulties could adversely impact our business performance and results of operations. 19 Table of Contents Our revenue growth rate in recent periods may not be indicative of our future performance.
Failure to effectively manage growth could result in difficulty or delays in deploying customers, declines in quality or customer satisfaction, increases in costs, difficulties in introducing new features or other operational difficulties, and any of these difficulties could adversely impact our business performance and results of operations.
We experienced revenue growth rates of 17% , 17% and 21% in fiscal 2024, 2023 and 2022, respectively. Our historical revenue growth rates are not indicative of future growth, and we may not achieve similar revenue growth rates in future periods.
Our revenue growth rate in recent periods may not be indicative of our future performance. We experienced revenue growth rates of 20% , 17% and 17% in fiscal 2025, 2024 and 2023, respectively. Our historical revenue growth rates are not indicative of future growth, and we may not achieve similar revenue growth rates in future periods.
Furthermore, while our errors and omissions insurance policies include liability coverage for these matters, if we experienced a widespread security breach that impacted a significant number of our customers for whom we have these indemnity obligations, we could be subject to indemnity claims that exceed such coverage or increased costs for such insurance. 28 Table of Contents The success of our cloud-based software largely depends on our ability to provide reliable solutions to our customers .
Furthermore, while our errors and omissions insurance policies include liability coverage for these matters, if we experienced a widespread security breach that impacted a significant number of our customers for whom we have these indemnity obligations, we could be subject to indemnity claims that exceed such coverage or increased costs for such insurance.
Even if we are able to implement corrections and bug fixes in a timely manner, any history of solution outages or defects, or the loss, damage or inadvertent release of confidential data could hurt our reputation. In addition, if the public becomes aware of a security breach of our solutions, our future business prospects could be adversely impacted.
Even if we are able to implement corrections and bug fixes in a timely manner, any history of solution outages or defects, or the loss, damage or inadvertent release of confidential data could hurt our reputation.
Because we intend to continue spending in anticipation of the revenue we expect to receive from these efforts, our expenses will be greater than the expenses we would incur if we developed our business more slowly. In addition, we may find that these efforts are more expensive than we currently anticipate, which would further impact our profitability.
Because we intend to continue spending in anticipation of the revenue we expect to receive from these efforts, our expenses will be greater than the expenses we would incur if we developed our business more slowly.
Servicing our debt requires a significant amount of cash. Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our current and future indebtedness, including our convertible senior notes, depends on our future 39 Table of Contents performance.
Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our current and future indebtedness, including our convertible senior notes, depends on our future performance.
We are subject to the Fair Labor Standards Act (“FLSA”) and various federal and state laws governing such matters as minimum wage requirements, overtime compensation and other working conditions, citizenship requirements, discrimination and family and medical leave.
We are subject to a variety of federal, state, local and global employment-related laws and regulations, including the Fair Labor Standards Act (“FLSA”) which govern such matters as minimum wage requirements, overtime compensation and other working conditions, citizenship requirements, discrimination and family and medical leave.
We also seek to maintain excess capacity to facilitate the rapid provision of new customer deployments and the expansion of existing customer deployments. In addition, we need to properly manage our technological operations infrastructure in order to support changes in hardware and software parameters and the evolution of our solutions, all of which require significant lead time.
In addition, we need to properly manage our technological operations infrastructure in order to support changes in hardware and software parameters and the evolution of our solutions, all of which require significant lead time.
Our growth strategy includes expanding the use of our platform through complementary technology offerings and software integrations, such as third-party application programming interfaces, or APIs.
Failure to establish and maintain partnerships that can provide complementary technology offerings and software integrations could limit our ability to grow our business. Our growth strategy includes expanding the use of our platform through complementary technology offerings and software integrations, such as third-party application programming interfaces, or APIs.
If we are unable to provide enhancements and new features for our existing solutions or new solutions that achieve market acceptance or that keep pace with these technological developments, our business could be adversely affected.
If we are unable to provide enhancements and new features for our existing solutions or new solutions that achieve market acceptance and keep pace with these technological developments, our business could be adversely affected. For example, we focus on enhancing the features of our platform to improve its utility for larger customers with complex, dynamic and global operations.
Risks Related to Technology and Intellectual Property We face continually evolving cybersecurity risks, which could result in the loss, theft, misuse, unauthorized disclosure, access, or destruction of confidential information or data, disruption of our solutions, damage to our brands, reputation and relationships with customers, legal exposure and financial losses.
As a result, our failure to maintain effective financial and management systems and internal controls could result in errors in our financial reporting, us being subject to regulatory action and a loss of investor confidence in the reliability of our financial statements. 27 Table of Contents Risks Related to Technology and Intellectual Property We face continually evolving cybersecurity risks, which could result in the loss, theft, misuse, unauthorized disclosure, access, or destruction of confidential information or data, disruption of our solutions, damage to our brands, reputation and relationships with customers, legal exposure and financial losses.
The growth of our capital markets and SEC businesses are based in part on the strength of the IPO/special-purpose acquisition company (“SPAC”) market, which can fluctuate. A significant decline in the IPO/SPAC market has adversely affected sales of our capital markets solution and could potentially affect other solutions.
The growth of our capital markets and SEC businesses are based in part on the strength of the IPO/special-purpose acquisition company (“SPAC”) market, which can fluctuate.
Further, because our customers often use a Workiva account across multiple jurisdictions, E.U. regulators could determine that we transfer data from the E.U. to the U.S., which could subject us to E.U. laws with respect to data privacy. Those laws and regulations are uncertain and subject to change.
Further, because our customers often use a Workiva account across multiple jurisdictions, E.U. regulators could determine that we transfer data from the E.U. to the U.S., which could subject us to E.U. laws with respect to data privacy. The legal frameworks governing these and other cross-border data transfers continue to evolve and remain subject to legal, regulatory and political developments.
In addition, as we expand our operations internationally, compliance with regulations that differ from jurisdiction to jurisdiction may also impose substantial burdens on our business. In particular, the European Union has implemented the General Data Protection Regulation (“GDPR”).
In addition, as we expand our operations globally, compliance with regulations that differ from jurisdiction to jurisdiction may also impose substantial burdens on our business.
Growth in professional services on non-SEC solutions may impact our gross margins in ways that we cannot predict.
Professional services on non-SEC solutions usually involve a different mix of subscription, support and services than professional services on our SEC solution. Growth in professional services on non-SEC solutions may impact our gross margins in ways that we cannot predict.
In addition, many companies have chosen to invest in their own internal reporting solutions and therefore may be reluctant to switch to solutions such as ours. 21 Table of Contents We compete with many types of companies, including diversified enterprise software providers; providers of professional services, such as consultants and business and financial printers; governance, risk and compliance software providers; business intelligence/corporate performance management software providers; and business reporting software providers.
We compete with many types of companies, including diversified enterprise software providers; providers of professional services, such as consultants and business and financial printers; governance, risk and compliance software providers; business intelligence/corporate performance management software providers; and business reporting software providers.
Many of the risks associated with usage of open source software cannot be eliminated and could negatively affect our business. Risks Related to Taxes The adoption of new tax legislation could adversely affect our business and financial condition. Changes to U.S. tax laws could also impact how U.S. corporations are taxed.
These issues could adversely affect the availability, performance, or security of our platform and harm our business and reputation. Risks Related to Taxes The adoption of new tax legislation could adversely affect our business and financial condition. Changes to U.S. tax laws could also impact how U.S. corporations are taxed.
If we cannot maintain our corporate culture as we grow, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success. We believe our corporate culture is a critical component to our success. We have invested substantial time and resources in building our team.
We believe our corporate culture is a critical component to our success. We have invested substantial time and resources in building our team.
Because our solutions are complex and we continually release new features, our solutions could have errors, defects, viruses or security flaws that we may not be able to detect and correct before customers begin to use our solutions. This could result in unanticipated downtime or issues with our solutions for our subscribers, which could harm our reputation and our business.
The success of our cloud-based software largely depends on our ability to provide reliable solutions to our customers . Because our solutions are complex and we continually release new features, our solutions could have errors, defects, viruses or security flaws that we may not be able to detect and correct before customers begin to use our solutions.
Issues relating to the development of AI, machine learning and other technological capabilities in our solutions and offerings may result in reputational harm, liability and adverse financial results. Social and ethical risks, challenges and issues relating to the use of AI in our solutions and offerings may result in reputational harm, liability and additional costs.
Issues relating to the development, deployment and use of AI, machine learning and other technological capabilities in our solutions, offerings and internal operations may result in reputational harm, liability and adverse financial results. We are increasingly integrating AI across our platform and internal operations to drive future growth and productivity. However, the integration of AI involves risks and uncertainties.
Share repurchases could also increase the volatility of the trading price of our stock and will diminish our cash reserves. The amount, frequency and execution of our share repurchases pursuant to the 2024 Repurchase Plan may fluctuate based on our operating results, cash flows, priorities for the use of cash for other purposes.
The amount, frequency and execution of our share repurchases pursuant to the 2024 Repurchase Plan may fluctuate based on our operating results, cash flows, and priorities for the use of cash for other purposes. These other purposes include, but are not limited to, operational spending, capital spending, acquisitions, and repayment of debt.
The market for our solutions depends in part on the requirements of the SEC, the Federal Reserve System, the Federal Deposit Insurance Corporation and other domestic and foreign regulatory bodies. Any legislation or rule making substantially affecting the content or method of delivery of documents to be filed with these regulatory bodies could have an adverse effect on our business.
The market for our solutions depends in part on the requirements of the SEC, the Federal Reserve System, the Federal Deposit Insurance Corporation and other domestic and foreign regulatory bodies.
Uncertainty caused by political change in the U.S. and Western Europe heightens regulatory uncertainty in these areas. In particular, the outcome of recent and upcoming elections in the U.S. and other jurisdictions may lead to changes in regulations or de-regulation, which could impact demand for our solutions.
In particular, the outcome of recent and upcoming elections in the U.S. and other jurisdictions may lead to changes in regulations or deregulation, which could impact demand for our solutions. In addition, evolving market standards regarding sustainability compliance and reporting have impacted the demand for our solutions and may continue to impact demand.
We may be unable to respond quickly enough to accommodate short-term increases in customer demand for support services without incurring additional expenses or at all. Increased customer demand for these services, without corresponding revenue, could increase costs and adversely affect our operating results.
Once our solutions are deployed, our customers depend on our customer success organization to resolve technical issues relating to our solutions. We may be unable to respond quickly enough to accommodate short-term increases in customer demand for support services without incurring additional expenses or at all.
Although our board of directors has authorized share repurchases of up to $100.0 million of our outstanding Class A common stock, the authorization does not obligate us to repurchase any common stock, and we may not ultimately purchase any common stock.
Other factors, including changes in tax laws, could also impact our share repurchases. Although our board of directors has authorized share repurchases of up to a specified amount of our Class A common stock, the authorization does not obligate us to repurchase any common stock, and may be modified, suspended or terminated at any time.
Fixed-fee engagements with customers may not meet our expectations if we underestimate the cost of these engagements. We provide certain professional services on a fixed-fee basis. When making proposals for fixed-fee engagements, we estimate the costs and timing for completing the engagements.
We provide certain professional services on a fixed-fee basis. When making proposals for fixed-fee engagements, we estimate the costs and timing for completing the engagements. We provide professional services on both SEC and non-SEC solutions, including our financial services, integrated risk, multi-entity reporting and FERC reporting solutions.
We have experienced significant growth in the number of users, projects and data that our operations infrastructure supports. We seek to maintain sufficient excess capacity in our operations infrastructure to meet the needs of all of our customers.
If we fail to manage our technical operations infrastructure, our existing customers may experience service outages, and our new customers may experience delays in the deployment of our solutions. We have experienced significant growth in the number of users, projects and data that our operations infrastructure supports.
For 29 Table of Contents example, we focus on enhancing the features of our platform to improve its utility for larger customers with complex, dynamic and global operations. The success of enhancements, new features and solutions depends on several factors, including the timely completion, introduction and market acceptance of the enhancements or new features or solutions.
The success of enhancements, new features and solutions depends on several factors, including the timely completion, introduction and market acceptance of the enhancements, new features or solutions.
We may amend, supplement or add to the risk factors described below from time to time in future reports filed with the SEC. Summary of Risk Factors We are providing the following summary of the risk factors contained in this Form 10-K to enhance the readability and accessibility of our risk factor disclosures.
We may amend, supplement or add to the risk factors described below from time to time in future reports filed with the SEC. Summary of Risk Factors This summary provides an overview of the risks we face and should not be considered a substitute for the comprehensive discussion of risk factors discussed immediately following this summary.
This uncertainty could affect the buying decisions of our prospects and customers, and therefore our revenue growth could be negatively impacted.
This uncertainty could affect the buying decisions of our prospects and customers, and therefore our revenue growth could be negatively impacted. In particular, the adoption of the Detailed Omnibus Directive by the European Parliament revises scoping thresholds, removes the climate transition plan requirement, and implements targeted amendments across the CSRD.
In addition, our sales process is highly dependent on our solutions and business reputation and on positive recommendations from our existing customers. Failure to establish and maintain partnerships that can provide complementary technology offerings and software integrations could limit our ability to grow our business.
Increased customer demand for these services, without corresponding revenue, could increase costs and adversely affect our operating results. In addition, our sales process is highly dependent on our solutions and business reputation and on positive recommendations from our existing customers.
In particular, the implementation by member states of the E.U.’s Corporate Sustainability Reporting Directive, which establishes extensive sustainability-related disclosure requirements based on the European Sustainability Reporting Standards, is still developing and uncertain, and this lack of certainty could have a material adverse effect on our business, financial condition and results of operations. Our solutions face intense competition in the marketplace.
This regulatory simplification initiative and further changes to the applicable CSRD directives could continue to affect customer demand and have a material adverse effect on our business, financial condition and results of operations. Our solutions face intense competition in the marketplace.
Any failure to offer high-quality technical support services may adversely affect our relationships with our customers. Once our solutions are deployed, our customers depend on our customer success organization to resolve technical issues relating to our solutions.
In addition, if the public becomes aware of a security breach of our solutions, our future business prospects could be adversely impacted. 28 Table of Contents Any failure to offer high-quality technical support services may adversely affect our relationships with our customers.
Removed
We encourage our stockholders to carefully review the full risk factors contained in this Form 10-K in their entirety for additional information regarding the risks and uncertainties that could cause our actual results to vary materially from recent results or from our anticipated future results.
Added
Risks Related to Taxes • The adoption of new tax legislation could adversely affect our business and financial condition. • Determining our income tax rate is complex and subject to uncertainty. • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
Removed
In addition, evolving market standards regarding sustainability compliance and reporting may also impact the demand for our solutions.
Added
In addition, we may find that these efforts are more expensive than we currently anticipate, which would further impact our profitability. 19 Table of Contents Our quarterly results may fluctuate significantly.
Removed
We provide professional services on both SEC and non-SEC solutions, including our financial services, integrated risk, global statutory reporting and FERC reporting solutions. Professional services on non-SEC solutions usually involve a different mix of subscription, support and services than professional services on our SEC solution.
Added
Any legislation or rule making substantially affecting the frequency, content or method of delivery of documents to be filed with these regulatory bodies could have an adverse effect on our business. Uncertainty caused by political change in the U.S. and Western Europe heightens regulatory uncertainty in these areas.
Removed
As a result, our failure to maintain effective financial and management systems and internal controls could result in errors in our financial reporting, us being subject to regulatory action and a loss of investor confidence in the reliability of our financial statements. 27 Table of Contents Our relatively limited operating history makes it difficult to predict our future operating results.
Added
The adoption is likely to result in substantive amendments to the CSRD. We believe that the revised thresholds have influenced the pace of customer adoption of our sustainability solutions.
Removed
We were founded in 2008 and have a relatively limited operating history. We began offering our first solution in 2010 and launched our platform in 2013.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeRisk Factors, including in the risk factor entitled “We face continually evolving cybersecurity risks, which could result in the loss, theft, misuse, unauthorized disclosure, access, or destruction of confidential information or data, disruption of our solutions, damage to our brands, reputation and relationships with customers, legal exposure and financial losses.” Governance The Board of Directors (the “Board”) has established oversight mechanisms designed to manage risks associated with cybersecurity threats. 41 Table of Contents Board of Directors Oversight The Board is composed of members who have diverse expertise including, risk and financial management, technology, cybersecurity and finance, equipping the Board with the necessary skill set to effectively oversee cybersecurity risks.
Biggest changeRisk Factors, including in the risk factor entitled “ We face continually evolving cybersecurity risks, which could result in the loss, theft, misuse, unauthorized disclosure, access, or destruction of confidential information or data, disruption of our solutions, damage to our brands, reputation and relationships with customers, legal exposure and financial losses. ” 41 Table of Contents Governance The Board of Directors (the “Board”) has established oversight mechanisms designed to manage risks associated with cybersecurity threats.
Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board to enable it to provide oversight and guidance on any critical cybersecurity issues.
Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board to enable it to provide oversight and guidance on any critical cybersecurity issues. 42 Table of Contents
We recognize the importance of developing, implementing, and maintaining comprehensive cybersecurity measures as part of our larger risk management program to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.
It is important to develop, implement, and maintain comprehensive cybersecurity measures, which we do as part of our larger risk management program to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.
Our risk management team works closely with our Business Technology and Information Security ( “ InfoSec ” ) departments to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our information security program incorporates data encryption and access control, single sign-on and multi-factor authentication, vulnerability management, and malware protection for both laptops and servers.
Our risk management team works closely with our Business Technology and Information Security ( “ InfoSec ” ) departments to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs, and is tasked with ensuring that adequate and ongoing discovery and cybersecurity risk management is integrated with our enterprise risk management program .
Added
Our information security program incorporates data encryption and access control, single sign-on and multi-factor authentication, vulnerability management, and malware protection for both laptops and servers. We require all employees to complete security awareness training upon onboarding, and annually thereafter, with additional role-based security training as applicable.
Added
Board of Directors Oversight The Board is composed of members who have diverse expertise including, risk and financial management, technology, cybersecurity and finance, equipping the Board with the necessary skill set to effectively oversee cybersecurity risks.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeIn addition, to the extent we require additional space in the future, we believe that it would be readily available on commercially reasonable terms. 42 Table of Contents
Biggest changeIn addition, to the extent we require additional space in the future, we believe that it would be readily available on commercially reasonable terms.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeStockholders As of December 31, 2024, there were approximately 55 stockholders of record of our Class A common stock, including The Depository Trust Company, which holds shares of our common stock on behalf of an indeterminate number of beneficial owners, as well as 10 stockholders of record of our Class B common stock.
Biggest changeStockholders As of December 31, 2025, there were approximately 49 stockholders of record of our Class A common stock, including The Depository Trust Company, which holds shares of our common stock on behalf of an indeterminate number of beneficial owners, as well as 10 stockholders of record of our Class B common stock.
The chart assumes $100 was invested at the close of market on December 31, 2019, in the Class A common stock of Workiva Inc., the S&P 500 Index and the Nasdaq Computer Index, and assumes the reinvestment of any dividends. 44 Table of Contents The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, future performance of our Class A common stock.
The chart assumes $100 was invested at the close of market on December 31, 2020, in the Class A common stock of Workiva Inc., the S&P 500 Index and the Nasdaq Computer Index, and assumes the reinvestment of any dividends. 44 Table of Contents The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, future performance of our Class A common stock.
Removed
Company/Index 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Workiva Inc. $ 100.00 $ 217.88 $ 310.32 $ 199.69 $ 241.45 $ 260.40 S&P 500 Index 100.00 118.48 152.59 125.01 157.88 197.47 NASDAQ Computer Index 100.00 151.35 209.81 135.68 227.23 311.42 Issuer Purchases of Equity Securities None. Item 6. [Reserved] 45 Table of Contents
Added
Company/Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Workiva Inc. $ 100.00 $ 142.43 $ 91.65 $ 110.82 $ 119.52 $ 94.14 S&P 500 Index 100.00 128.71 105.40 133.11 166.41 196.17 NASDAQ Computer Index 100.00 138.31 89.93 150.15 205.37 264.80 45 Table of Contents Issuer Purchases of Equity Securities On August 1, 2024, we announced that on July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”).
Added
During the fourth quarter of 2025, Workiva purchased approximately 131,000 shares for $11.5 million under the 2024 Repurchase Plan. As of December 31, 2025, approximately $28 million remained available under the plan for future share repurchases.
Added
On February 16, 2026, our board of directors modified the 2024 Repurchase Plan to authorize an additional $250 million of the Company’s outstanding Class A common stock for repurchase under the plan.
Added
The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason.
Added
Shares may be repurchased through open market purchases in accordance with the requirements of Exchange Act Rule 10b-18, or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act.
Added
The following table summarizes the share repurchase activity for the year ended December 31, 2025 (in thousands, except share and per share data): Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs October 1, 2025 to October 31, 2025 — $ — — $ 39,893 November 1, 2025 to November 30, 2025 17,419 $ 86.47 17,419 $ 38,387 December 1, 2025 to December 31, 2025 114,062 $ 87.65 114,062 $ 28,389 Total 131,481 131,481 Item 6. [Reserved] 46 Table of Contents

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeGeneral and Administrative Expenses General and administrative expenses consist primarily of personnel and related costs for our executive, finance and accounting, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, travel and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. 51 Table of Contents Results of Operations The following table sets forth selected consolidated statement of operations data for each of the periods indicated: Year ended December 31, 2024 2023 2022 (in thousands) Revenue Subscription and support $ 667,646 $ 558,645 $ 464,935 Professional services 71,034 71,394 72,940 Total revenue 738,680 630,039 537,875 Cost of revenue Subscription and support (1) 118,697 99,193 77,711 Professional services (1) 53,358 55,029 52,174 Total cost of revenue 172,055 154,222 129,885 Gross profit 566,625 475,817 407,990 Operating expenses Research and development (1) 192,935 172,790 151,716 Sales and marketing (1) 347,243 287,035 245,260 General and administrative (1) 102,981 110,519 99,778 Total operating expenses 643,159 570,344 496,754 Loss from operations (76,534) (94,527) (88,764) Interest income 39,395 25,882 4,880 Interest expense (12,865) (53,639) (6,042) Other income and (expense), net 563 (1,814) 926 Loss before provision for income taxes (49,441) (124,098) (89,000) Provision for income taxes 5,601 3,427 1,947 Net loss $ (55,042) $ (127,525) $ (90,947) (1) Stock-based compensation expense included in these line items was as follows: Year ended December 31, 2024 2023 2022 (in thousands) Cost of revenue Subscription and support $ 7,979 $ 5,030 $ 3,437 Professional services 3,221 2,540 2,128 Operating expenses Research and development 21,036 18,441 12,554 Sales and marketing 35,339 27,774 19,323 General and administrative 34,575 44,980 33,218 Total stock-based compensation expense $ 102,150 $ 98,765 $ 70,660 The following table sets forth our consolidated statement of operations data as a percentage of revenue for each of the periods indicated: 52 Table of Contents Year ended December 31, 2024 2023 2022 Revenue Subscription and support 90.4% 88.7% 86.4% Professional services 9.6 11.3 13.6 Total revenue 100.0 100.0 100.0 Cost of revenue Subscription and support 16.1 15.7 14.4 Professional services 7.2 8.7 9.7 Total cost of revenue 23.3 24.4 24.1 Gross profit 76.7 75.6 75.9 Operating expenses Research and development 26.1 27.4 28.2 Sales and marketing 47.0 45.6 45.6 General and administrative 13.9 17.5 18.6 Total operating expenses 87.0 90.5 92.4 Loss from operations (10.3) (14.9) (16.5) Interest income 5.3 4.1 0.9 Interest expense (1.7) (8.5) (1.1) Other income and (expense), net 0.1 (0.3) 0.2 Loss before provision for income taxes (6.6) (19.6) (16.5) Provision for income taxes 0.8 0.5 0.4 Net loss (7.4) % (20.1) % (16.9) % Revenue Comparison of Years Ended December 31, 2024 and 2023 Year ended December 31, Period-to-period change 2024 2023 Amount % Change (dollars in thousands) Revenue Subscription and support $ 667,646 $ 558,645 $ 109,001 19.5% Professional services 71,034 71,394 (360) (0.5)% Total revenue $ 738,680 $ 630,039 $ 108,641 17.2% Total revenue increased $108.6 million in 2024 compared to 2023 due primarily to a $109.0 million increase in subscription and support revenue.
Biggest changeGeneral and Administrative Expenses General and administrative expenses consist primarily of personnel and related costs for our executive, finance and accounting, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, travel and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. 52 Table of Contents Results of Operations The following table sets forth selected consolidated statement of operations data for each of the periods indicated: Year ended December 31, 2025 2024 2023 (in thousands) Revenue Subscription and support $ 812,627 $ 667,646 $ 558,645 Professional services 71,941 71,034 71,394 Total revenue 884,568 738,680 630,039 Cost of revenue Subscription and support (1) 136,645 118,697 99,193 Professional services (1) 53,785 53,358 55,029 Total cost of revenue 190,430 172,055 154,222 Gross profit 694,138 566,625 475,817 Operating expenses Research and development (1) 214,844 192,935 172,790 Sales and marketing (1) 408,872 347,243 287,035 General and administrative (1) 112,863 102,981 110,519 Total operating expenses 736,579 643,159 570,344 Loss from operations (42,441) (76,534) (94,527) Interest income 34,153 39,395 25,882 Interest expense (12,777) (12,865) (53,639) Other (expense) income, net (1,350) 563 (1,814) Loss before provision for income taxes (22,415) (49,441) (124,098) Provision for income taxes 3,754 5,601 3,427 Net loss $ (26,169) $ (55,042) $ (127,525) (1) Stock-based compensation expense included in these line items was as follows: Year ended December 31, 2025 2024 2023 (in thousands) Cost of revenue Subscription and support $ 10,271 $ 7,979 $ 5,030 Professional services 4,261 3,221 2,540 Operating expenses Research and development 28,867 21,036 18,441 Sales and marketing 42,108 35,339 27,774 General and administrative 37,438 34,575 44,980 Total stock-based compensation expense $ 122,945 $ 102,150 $ 98,765 The following table sets forth our consolidated statement of operations data as a percentage of revenue for each of the periods indicated: 53 Table of Contents Year ended December 31, 2025 2024 2023 Revenue Subscription and support 91.9% 90.4% 88.7% Professional services 8.1 9.6 11.3 Total revenue 100.0 100.0 100.0 Cost of revenue Subscription and support 15.4 16.1 15.7 Professional services 6.1 7.2 8.7 Total cost of revenue 21.5 23.3 24.4 Gross profit 78.5 76.7 75.6 Operating expenses Research and development 24.3 26.1 27.4 Sales and marketing 46.2 47.0 45.6 General and administrative 12.8 13.9 17.5 Total operating expenses 83.3 87.0 90.5 Loss from operations (4.8) (10.3) (14.9) Interest income 3.9 5.3 4.1 Interest expense (1.4) (1.7) (8.5) Other (expense) income, net (0.2) 0.1 (0.3) Loss before provision for income taxes (2.5) (6.6) (19.6) Provision for income taxes 0.4 0.8 0.5 Net loss (2.9) % (7.4) % (20.1) % Revenue Comparison of Years Ended December 31, 2025 and 2024 Year ended December 31, Period-to-period change 2025 2024 Amount % Change (dollars in thousands) Revenue Subscription and support $ 812,627 $ 667,646 $ 144,981 21.7% Professional services 71,941 71,034 907 1.3% Total revenue $ 884,568 $ 738,680 $ 145,888 19.7% Total revenue increased $145.9 million in 2025 compared to 2024 due primarily to a $145.0 million increase in subscription and support revenue.
Investing Activities Cash used in investing activities of $45.2 million for the year ended December 31, 2024 consisted of $402.2 million in purchases of marketable securities, $98.1 million for the acquisition of Sustain.Life, and $1.4 million in purchases of fixed assets partially offset by $452.0 million from the maturities of marketable securities and $4.6 million from the sale of marketable securities.
Cash used in investing activities of $45.2 million for the year ended December 31, 2024 consisted of $402.2 million in purchases of marketable securities, $98.1 million for the acquisition of Sustain.Life, and $1.4 million in purchases of fixed assets partially offset by $452.0 million from the maturities of marketable securities and $4.6 million from the sale of marketable securities.
Effects of Volatility in the IPO/SPAC Markets In the U.S., volatility in the public markets led to a decrease in the number of initial public offerings (“IPOs”) and special-purpose acquisition companies (“SPACs”) since fiscal 2022. New sales of our SEC and capital markets solutions were adversely affected by this decline in the IPO and SPAC markets.
Effects of Volatility in the IPO/SPAC Markets In the U.S., volatility in the public markets has led to a decrease in the number of initial public offerings (“IPOs”) and special-purpose acquisition companies (“SPACs”) since fiscal 2022. New sales of our SEC and capital markets solutions were adversely affected by this decline in the IPO and SPAC markets.
Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. 59 Table of Contents Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed.
Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. 60 Table of Contents Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed.
We have a disciplined process for tracking, developing and releasing new solutions that are designed to have immediate, broad applicability; a strong value proposition; and a high return on investment for both Workiva and our customers. Our advance planning team assesses customer needs, conducts industry-based research and defines new markets.
We have a disciplined process for tracking, developing and releasing new solutions that are designed to have immediate, broad applicability, together with a strong value proposition and high return on investment for both Workiva and our customers. Our advance planning team assesses customer needs, conducts industry-based research and defines new markets.
We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Amounts that are invoiced are initially recorded as deferred revenue. 50 Table of Contents Professional Services Revenue . We believe our professional services facilitate the sale of our subscription service to certain customers.
We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Amounts that are invoiced are initially recorded as deferred revenue. 51 Table of Contents Professional Services Revenue . We believe our professional services facilitate the sale of our subscription service to certain customers.
For each of the years ended December 31, 2024, 2023 and 2022, no single customer represented more than 1% of our revenue, and our largest 10 customers accounted for less than 10% of our revenue in the aggregate. We generate sales directly through our sales force and partners.
For each of the years ended December 31, 2025, 2024 and 2023, no single customer represented more than 1% of our revenue, and our largest 10 customers accounted for less than 10% of our revenue in the aggregate. We generate sales directly through our sales force and partners.
We also identify some sales opportunities with existing customers through our customer success and professional services teams. Our customer contracts typically range in length from twelve to 36 months. We typically invoice our customers for subscription fees annually in advance.
We also identify some sales opportunities with existing customers through our customer success and professional services teams. Our customer contracts typically range in length from 12 to 36 months. We typically invoice our customers for subscription fees annually in advance.
We enter into certain non-cancelable agreements with third-party providers in the ordinary course of business. Our total commitments under these agreements are $156.4 million and are primarily for cloud infrastructure and cloud services.
We enter into certain non-cancelable agreements with third-party providers in the ordinary course of business. Our total commitments under these agreements are $121.4 million and are primarily for cloud infrastructure and cloud services.
These amounts are included in the table above under other contractual commitments. 58 Table of Contents Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S.
These amounts are included in the table above under other contractual commitments. 59 Table of Contents Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S.
We believe that our success in maintaining a high rate of retention is attributable primarily to our robust technology platform and strong customer service. Customers whose securities were deregistered due to merger or acquisition or financial distress accounted for just under half of our revenue attrition in the latest quarter. 49 Table of Contents Net retention rate .
We believe that our success in maintaining a high rate of retention is attributable primarily to our robust technology platform and strong customer service. Customers whose securities were deregistered due to merger or acquisition or financial distress accounted for just over half of our revenue attrition in the latest quarter. 50 Table of Contents Net retention rate .
The increases in professional service fees and marketing and advertising were the result of our continued investment in and support of our platform and solutions.
The increases in marketing and advertising, professional service fees, and software expense were the result of our continued investment in and support of our platform and solutions.
Our subscription contracts are generally twelve to 36 months in duration, are billed either annually or in advance and are non-cancelable.
Our subscription contracts are generally 12 to 36 months in duration, are billed either annually or in advance and are non-cancelable.
While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and GRC) focusing primarily on the office of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”).
While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and governance, risk and compliance (“GRC”) focusing primarily on the office of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”).
We operate our business on a SaaS model. Customers enter into annual and multi-year subscription contracts to gain access to our platform. Our subscription fee includes the use of our software and technical support. Our subscription pricing is based primarily on a solution-based licensing model.
We operate our business on a multi-tenant SaaS platform accessible around the world. Customers enter into annual and multi-year subscription contracts to gain access to our platform. Our subscription fee includes the use of our software and technical support. Our subscription pricing is based primarily on a solution-based licensing model.
We intend to continue to build our sales and marketing organization and leverage our brand equity to attract new customers. 47 Table of Contents Offer More Solutions. We intend to introduce new solutions to continue to meet growing demand for our platform. Our close and trusted relationships with our customers are a source for new use cases, features and solutions.
We intend to continue to build our sales and marketing organization and leverage our brand equity to attract new customers. Offer More Solutions. We intend to introduce new solutions to continue to meet growing demand for our platform. Our close and trusted relationships with our customers are a source for new use cases, features and solutions.
Growth in subscription and support revenue in 2024 was attributable mainly to strong demand and continued solution expansion across our customer base. The total number of our customers increased 4.5% from December 31, 2023 to December 31, 2024. Revenue from professional services was relatively flat in 2024 compared to 2023.
Growth in subscription and support revenue in 2025 was attributable mainly to strong demand and continued solution expansion across our customer base. The total number of our customers increased 5.1% from December 31, 2024 to December 31, 2025. Revenue from professional services was relatively flat in 2025 compared to 2024.
We believe this expansion will add seats and revenue and continue to support our high retention rates. However, we expect that enterprise-wide deals will be larger and more complex, which tend to lengthen the sales cycle. Add Partners.
We believe this expansion will add new users, increase revenue and continue to support our high revenue retention rates. However, we expect that enterprise-wide deals will be larger and more complex, which tend to lengthen the sales cycle. Add Partners.
Year ended December 31, 2024 2023 2022 Subscription and support revenue from customers with annual contract value of $100k+ as a percent of total subscription and support revenue 71.2% 66.3% 62.1% Subscription and support revenue from customers with annual contract value of $300k+ as a percent of total subscription and support revenue 35.7% 31.7% 27.6% Subscription and support revenue from customers with annual contract value of $500k+ as a percent of total subscription and support revenue 23.9% 21.5% 9.6% Components of Results of Operations Revenue We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services.
Year ended December 31, 2025 2024 2023 Subscription and support revenue from customers with annual contract value of $100k+ as a percent of total subscription and support revenue 76.8% 71.2% 66.3% Subscription and support revenue from customers with annual contract value of $300k+ as a percent of total subscription and support revenue 41.1% 35.7% 31.7% Subscription and support revenue from customers with annual contract value of $500k+ as a percent of total subscription and support revenue 27.4% 23.9% 21.5% Components of Results of Operations Revenue We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services.
We believe gross retention rates are an important metric to track how the Company retains its base revenue for each year. Our gross retention rate was 97.4% as of December 31, 2024, down from 97.9% as of December 31, 2023.
We believe gross retention rates are an important metric to track how the Company retains its base revenue for each year. Our gross retention rate was 97.2% as of December 31, 2025, down slightly from 97.4% as of December 31, 2024.
We believe our net retention rate is an important metric to measure the long-term value of customer agreements and our ability to retain our customers. Our net retention rate was 111.9% as of the year ended December 31, 2024, up from 110.3% as of December 31, 2023. Annual contract value.
We believe our net retention rate is an important metric to measure the long-term value of customer agreements and our ability to retain our customers. Our net retention rate was 112.8% as of the year ended December 31, 2025, up from 111.9% as of December 31, 2024. Annual contract value.
We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount expanded to 2,828 at December 31, 2024 from 2,526 at December 31, 2023, an increase of 12.0%. We have achieved significant revenue growth in recent periods.
We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount expanded to 2,860 at December 31, 2025 from 2,828 at December 31, 2024, an increase of 1.1%. We have achieved significant revenue growth in recent periods.
Cash provided by operating activities of $87.7 million for the year ended December 31, 2024 consisted of a net loss of $55.0 million adjusted for non-cash charges of $103.2 million and net cash inflows of $39.6 million from changes in operating assets and liabilities.
Cash provided by operating activities of $87.7 million for the year ended December 31, 2024 consisted of a net loss of $55.0 million adjusted for non-cash charges of $103.2 million and net cash inflows of $39.6 million from changes in operating assets and liabilities. The increase in deferred revenue was primarily due to customer growth.
Sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September.
Our sales and marketing expense also has some degree of seasonality. Sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September.
While we expect to continue to incur operating losses and may incur negative cash flows from operations in the future, we believe that current cash and cash equivalents and cash flows from operating activities will be sufficient to fund our operations for at least the next twelve months from the date of the issuance of the audited consolidated financial statements.
While we may incur operating losses and negative cash flows from operations in the future, we believe that current cash and cash equivalents and cash flows from operating activities will be sufficient to fund our operations for at least the next twelve months and beyond.
In addition, we expect to continue to invest in our sales, marketing, professional services and customer success organizations to drive additional revenue and support the needs of our growing customer base and to take advantage of opportunities that we have identified in EMEA and APAC. Seasonality. Our revenue from professional services has some degree of seasonality.
In addition, we expect to continue to invest in our sales, marketing, professional services and customer success organizations to drive additional revenue and support the needs of our growing customer base and to take advantage of opportunities that we have identified in Europe, the Middle East and Africa ("EMEA") and Asia-Pacific ("APAC") regions. Seasonality.
As of December 31, 2024, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $70.8 million and $694.1 million, with corresponding maturity dates of August 15, 2026 and August 15, 2028, respectively.
As of December 31, 2025, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $71.1 million and $696.3 million, with corresponding maturity dates of August 15, 2026 and August 15, 2028, respectively.
The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the value of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements.
We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the value of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements.
We incurred net losses of $55.0 million and $127.5 million in 2024 and 2023, respectively. 46 Table of Contents We continue to invest for future growth and are focused on several key drivers, including focusing on multi-solution adoption by new and existing customers, further developing our partner program, accelerating international expansion and our fit-for-purpose solutions.
We continue to invest for future growth and are focused on several key drivers, including focusing on multi-solution adoption by new and existing customers, further developing our partner 47 Table of Contents program, accelerating global expansion and our fit-for-purpose solutions.
In addition, the timing of the payments of cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. 48 Table of Contents Key Performance Indicators Year ended December 31, 2024 2023 2022 (dollars in thousands) Financial metrics Total revenue $ 738,680 $ 630,039 $ 537,875 Year-over-year percentage increase in total revenue 17.2% 17.1% 21.3% Subscription and support revenue $ 667,646 $ 558,645 $ 464,935 Year-over-year percentage increase in subscription and support revenue 19.5% 20.2% 22.6% Subscription and support as a percent of total revenue 90.4% 88.7% 86.4% As of December 31, 2024 2023 2022 Operating metrics Number of customers 6,305 6,034 5,664 Gross retention rate 97.4% 97.9% 97.8% Net retention rate 111.9% 110.3% 108.5% Number of customers with annual contract value $100k+ 2,055 1,631 1,345 Number of customers with annual contract value $300k+ 416 311 236 Number of customers with annual contract value $500k+ 181 137 101 Total customers .
In addition, our operating cash flow may be affected by the timing of employee cash bonus payments during the first and fourth calendar quarters and by the timing of payouts under our commission plans in the first quarter. 49 Table of Contents Key Performance Indicators Year ended December 31, 2025 2024 2023 (dollars in thousands) Financial metrics Total revenue $ 884,568 $ 738,680 $ 630,039 Year-over-year percentage increase in total revenue 19.7% 17.2% 17.1% Subscription and support revenue $ 812,627 $ 667,646 $ 558,645 Year-over-year percentage increase in subscription and support revenue 21.7% 19.5% 20.2% Subscription and support as a percent of total revenue 91.9% 90.4% 88.7% As of December 31, 2025 2024 2023 Operating metrics Number of customers 6,624 6,305 6,034 Gross retention rate 97.2% 97.4% 97.9% Net retention rate 112.8% 111.9% 110.3% Number of customers with annual contract value $100k+ 2,507 2,055 1,631 Number of customers with annual contract value $300k+ 592 416 311 Number of customers with annual contract value $500k+ 248 181 137 Total customers .
As of December 31, 2024, we have not made any repurchases under the 2024 Repurchase Plan. 56 Table of Contents Cash Flows The following table summarizes cash flow activity during the years ended December 31, 2024, 2023 and 2022 (in thousands): Year ended December 31, 2024 2023 2022 Cash flow provided by operating activities $ 87,706 $ 70,875 $ 11,334 Cash flow used in investing activities (45,249) (357,253) (68,012) Cash flow provided by (used in) financing activities 6,741 301,265 (1,587) Net increase (decrease) in cash, cash equivalents, and restricted cash, net of impact of exchange rates $ 45,629 $ 16,524 $ (60,189) Operating Activities Our largest source of operating cash is cash collections from customers for subscription and support access to our platform.
Cash Flows The following table summarizes cash flow activity during the years ended December 31, 2025, 2024 and 2023 (in thousands): Year ended December 31, 2025 2024 2023 Cash flow provided by operating activities $ 140,070 $ 87,706 $ 70,875 Cash flow used in investing activities (34,952) (45,249) (357,253) Cash flow (used in) provided by financing activities (74,944) 6,741 301,265 Net increase in cash, cash equivalents, and restricted cash, net of impact of exchange rates $ 37,131 $ 45,629 $ 16,524 57 Table of Contents Operating Activities Our largest source of operating cash is cash collections from customers for subscription and support access to our platform.
We continue to transition consulting and other services to our partners and expect the revenue growth rate from subscription and support to continue to outpace revenue growth from professional services on an annual basis. 53 Table of Contents Cost of Revenue Comparison of Years Ended December 31, 2024 and 2023 Year ended December 31, Period-to-period change 2024 2023 Amount % Change (dollars in thousands) Cost of revenue Subscription and support $ 118,697 $ 99,193 $ 19,504 19.7% Professional services 53,358 55,029 (1,671) (3.0)% Total cost of revenue $ 172,055 $ 154,222 $ 17,833 11.6% Cost of revenue increased $17.8 million in 2024 compared to 2023.
We continue to transition consulting and other services to our partners and expect the revenue growth rate from subscription and support to continue to outpace revenue growth from professional services on an annual basis. 54 Table of Contents Cost of Revenue Comparison of Years Ended December 31, 2025 and 2024 Year ended December 31, Period-to-period change 2025 2024 Amount % Change (dollars in thousands) Cost of revenue Subscription and support $ 136,645 $ 118,697 $ 17,948 15.1% Professional services 53,785 53,358 427 0.8% Total cost of revenue $ 190,430 $ 172,055 $ 18,375 10.7% Cost of revenue increased $18.4 million in 2025 compared to 2024.
Cash provided by operating activities of $70.9 million for the year ended December 31, 2023 consisted of a net loss of $127.5 million adjusted for non-cash charges of $105.0 million and net cash inflows of $48.2 million from changes in operating assets and liabilities.
Cash provided by operating activities of $140.1 million for the year ended December 31, 2025 consisted of a net loss of $26.2 million adjusted for non-cash charges of $130.6 million and net cash inflows of $35.6 million from changes in operating assets and liabilities.
These uses of cash were partially offset by $153.4 million from the maturities of marketable securities as well as $65.1 million from the sale of marketable securities. 57 Table of Contents Financing Activities Cash provided by financing activities of $6.7 million for the year ended December 31, 2024 consisted of $13.8 million in proceeds from shares issued in connection with our Employee Stock Purchase Plan (“ESPP”) and $4.9 million in proceeds from option exercises partially offset by $11.5 million in taxes paid related to net share settlements of stock-based compensation awards.
Financing Activities Cash used in financing activities of $74.9 million for the year ended December 31, 2025 consisted of $71.6 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $22.7 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $13.7 million in proceeds from shares issued in connection with our Employee Stock Purchase Plan (“ESPP”) and $6.2 million in proceeds from option exercises.
The timing, manner, price, and amount of the repurchase will be subject to the discretion of the Company’s management, and it may be suspended or discontinued at any time.
The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason.
Share Repurchase Plan On July 30, 2024, our board of directors authorized a share repurchase program for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”).
Share Repurchase Plan On August 1, 2024, we announced that on July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”). During the fourth quarter of 2025, Workiva purchased approximately 131,000 shares for $11.5 million under the 2024 Repurchase Plan.
Subscription and support cost of revenue increased $19.5 million due primarily to $12.6 million in higher cash-based compensation and benefits costs due in part to increased headcount, $3.0 million of additional stock-based compensation, a $0.6 million increase in travel expense, and a $1.5 million increase in software expense.
Subscription and support cost of revenue increased $17.9 million due primarily to $11.1 million in higher cash-based compensation and benefits costs, $2.3 million of additional stock-based compensation, a $3.3 million increase in the cost of licensed platform content, a $1.0 million increase in intangibles amortization, and a $0.7 million increase in software expense, partially offset by a $0.7 million decrease in travel expense.
The repurchases may be made in the open market or through privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means, each in compliance with Rule 10b-18 under the Exchange Act.
Shares may be repurchased through open market purchases in accordance with the requirements of Exchange Act Rule 10b-18, or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act.
The change in operating assets and liabilities was driven by an increase in deferred revenue which was primarily due to timing of billings and growth in our customer base. The increase in deferred costs was primarily due to growth in subscription bookings and commission plan achievement at year-end.
The increase in deferred costs was primarily due to growth in subscription bookings and commission plan achievement at year-end.
We have generated significant operating losses as reflected in our accumulated deficit and consolidated statements of cash flows.
We have financed our operations primarily through cash generated from operations and issuances of convertible debt. We have generated significant operating losses as reflected in our accumulated deficit on our consolidated balance sheets.
Recent Accounting Pronouncements Refer to Note 1 of the notes to consolidated financial statements for a full description of recent accounting pronouncements. 60 Table of Contents
Transaction costs, as well as costs to reorganize acquired companies, are expensed as incurred in our consolidated statement of operations. Recent Accounting Pronouncements Refer to Note 1 of the notes to consolidated financial statements for a full description of recent accounting pronouncements. 61 Table of Contents
General and Administrative General and administrative expenses decreased $7.5 million in 2024 compared to 2023, due primarily to a $10.5 million decrease in stock-based compensation partially offset by a $2.9 million increase in professional service fees.
General and Administrative General and administrative expenses increased $9.9 million in 2025 compared to 2024, due primarily to $5.0 million in higher cash-based compensation and benefits, $3.0 million of additional stock-based compensation, and a $2.6 million increase in internal event costs, partially offset by a $0.7 million decrease in travel expense.
Many of our customers employ our professional services just before they file their Form 10-K, often in the first calendar quarter. As of December 31, 2024, the majority of our SEC customers reported their financials on a calendar-year basis. Our sales and marketing expense also has some degree of seasonality.
Seasonality affects our revenue, expenses and cash flows from operations. Revenue from professional services is generally higher in the first quarter as many of our customers file their 10-K in the first calendar quarter. As of December 31, 2025, the majority of our SEC customers reported their financials on a calendar-year basis.
In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Section 1A. Risk Factors” included elsewhere in this Annual Report.
Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Section 1A. Risk Factors” included elsewhere in this Annual Report. Overview The Workiva platform powers trust, transparency, and accountability.
We market our platform to professionals and executives in the areas of financial and non-financial reporting, including regulatory, multi-entity and performance reporting. In addition, we market to teams responsible for environmental, social and governance reporting, and governance, risk and compliance programs.
We sell to organizations that manage large, complex processes with distributed teams of contributors and disparate sets of business data. We market our platform to professionals and executives in the areas of financial and non-financial reporting, including regulatory, multi-entity and management reporting. In addition, we market to teams responsible for sustainability management and GRC programs.
Our revenue grew to $738.7 million in 2024 from $630.0 million in 2023, an increase of 17.2%.
Our revenue grew to $884.6 million in 2025 from $738.7 million in 2024, an increase of 19.7%. We incurred net losses of $26.2 million and $55.0 million in 2025 and 2024, respectively.
Non-Operating Income (Expenses) Comparison of Years Ended December 31, 2024 and 2023 Year ended December 31, Period-to-period change 2024 2023 Amount (dollars in thousands) Interest income $ 39,395 $ 25,882 $ 13,513 Interest expense (12,865) (53,639) 40,774 Other income and (expense), net 563 (1,814) 2,377 Interest income increased $13.5 million in 2024 compared to 2023 due primarily to an increase in our investment balance, facilitated by the issuance of our 2028 convertible notes (the "2028 Notes"), coupled with higher interest rates.
Non-Operating Income (Expenses) Comparison of Years Ended December 31, 2025 and 2024 Year ended December 31, Period-to-period change 2025 2024 Amount (dollars in thousands) Interest income $ 34,153 $ 39,395 $ (5,242) Interest expense (12,777) (12,865) 88 Other (expense) income, net (1,350) 563 (1,913) Interest income decreased $5.2 million in 2025 compared to 2024 due primarily to lower interest rates.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 20, 2024.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025. 56 Table of Contents Liquidity and Capital Resources Overview of Sources and Uses of Cash As of December 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $891.6 million, which were held for working capital purposes.
Operating Expenses Comparison of Years Ended December 31, 2024 and 2023 Year ended December 31, Period-to-period change 2024 2023 Amount % Change (dollars in thousands) Operating expenses Research and development $ 192,935 $ 172,790 $ 20,145 11.7% Sales and marketing 347,243 287,035 60,208 21.0% General and administrative 102,981 110,519 (7,538) (6.8)% Total operating expenses $ 643,159 $ 570,344 $ 72,815 12.8% Research and Development Research and development expenses increased $20.1 million in 2024 compared to 2023 due primarily to $13.9 million in higher cash-based compensation and benefits costs, $2.6 million of additional stock-based compensation, and a $3.0 million increase in professional service fees.
Operating Expenses Comparison of Years Ended December 31, 2025 and 2024 Year ended December 31, Period-to-period change 2025 2024 Amount % Change (dollars in thousands) Operating expenses Research and development $ 214,844 $ 192,935 $ 21,909 11.4% Sales and marketing 408,872 347,243 61,629 17.7% General and administrative 112,863 102,981 9,882 9.6% Total operating expenses $ 736,579 $ 643,159 $ 93,420 14.5% Research and Development Research and development expenses increased $21.9 million in 2025 compared to 2024 due primarily to $14.8 million in higher cash-based compensation and benefits and $7.8 million of additional stock-based compensation, partially offset by a $0.8 million decrease in the cost of cloud infrastructure services.
Professional services cost of revenue decreased $1.7 million due primarily to a $1.8 million decrease in cash-based compensation and benefits costs and a $0.6 million decrease in professional service fees, partially offset by $0.7 million of additional stock-based compensation as we continue to transition consulting and other services to our partners.
The increases in the cost of licensed platform content and software expense resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue increased $0.4 million due primarily to $1.0 million of additional stock-based compensation, partially offset by a $0.4 million decrease in cash-based compensation and benefits costs.
Cash used in investing activities of $357.3 million for the year ended December 31, 2023 consisted of $573.3 million in purchases of marketable securities and $2.1 million in purchases of fixed assets primarily for computer equipment in support of expanding our infrastructure and work force.
Investing Activities Cash used in investing activities of $35.0 million for the year ended December 31, 2025 consisted of $425.5 million in purchases of marketable securities and $2.1 million in purchases of fixed assets partially offset by $390.5 million from the maturities of marketable securities and $2.5 million from the sale of marketable securities.
The increases in professional service fees resulted primarily from our continued investment in and support of our platform and solutions. 54 Table of Contents Sales and Marketing Sales and marketing expenses increased $60.2 million in 2024 compared to 2023 due primarily to $36.0 million in higher cash-based compensation and benefits costs, $7.6 million of additional stock-based compensation, a $4.9 million increase in travel expense, a $5.5 million increase in professional service fees, and a $5.4 million increase in marketing and advertising.
The increase in compensation was primarily driven by a modest increase in employee headcount, an executive transition and a benefit for our transition from a PTO model to an FTO model which was announced in the second half of the year. 55 Table of Contents Sales and Marketing Sales and marketing expenses increased $61.6 million in 2025 compared to 2024 due primarily to $49.2 million in higher cash-based compensation and benefits, $6.7 million of additional stock-based compensation, a $1.5 million increase in marketing and advertising, a $2.6 million increase in professional service fees, a $1.3 million increase in internal event costs, and a $1.2 million in software expense.
As more employees in an enterprise use our platform, additional opportunities for collaboration and automation drive demand among their colleagues for additional solutions. Pursue New Customers . We sell to organizations that manage large, complex processes with distributed teams of contributors and disparate sets of business data.
Since solution-based licensing offers our customers an unlimited number of seats for each solution purchased, we expect customers to add more seats over time. As more employees in an enterprise use our platform, additional opportunities for collaboration and automation drive demand among their colleagues for additional solutions. 48 Table of Contents Pursue New Customers .
We expect reduced valuation multiples caused by higher interest rates, inflation, and geopolitical instability to create an uncertain impact on the number of IPOs in fiscal year 2025. Whether and to what extent the IPO and SPAC markets will moderate cannot be accurately predicted. Key Factors Affecting Our Performance Generate Growth From Existing Customers.
Although there has been an increase recently in the number of IPOs in 2025, we continue to expect reduced valuation multiples caused by higher interest rates, inflation, global trade conflicts and geopolitical instability to continue to create uncertain impacts on the number of IPOs in fiscal year 2026.
Risks relating to shifts in regulatory priorities and newly emerging trends due to changes in the U.S. presidential administration, and the outcome of other global elections, and risks relating to legal challenges to sustainability-related rules and regulations, may affect our market expansion opportunities in the U.S. and abroad.
Effects of Policy and Regulatory Uncertainty Sales of our sustainability management solutions have been, and may continue to be, materially impacted by domestic and global policy uncertainties. Shifts in regulatory priorities, market sentiment, and legal challenges to sustainability-related rules and regulations are affecting our market expansion opportunities in the U.S. and abroad.
Other income and (expense), net increased $2.4 million in 2024 compared to 2023 due primarily to gains on foreign currency transactions as well as losses on the sale of available-for-sale securities from 2023 which did not recur in 2024. 55 Table of Contents Results of Operations for Fiscal 2023 Compared to 2022 For a comparison of our results of operations for the fiscal years ended December 31, 2023 and 2022, see “Part II, Item 7.
Results of Operations for Fiscal 2024 Compared to 2023 For a comparison of our results of operations for the fiscal years ended December 31, 2024 and 2023, see “Part II, Item 7.
That regulatory uncertainty could limit compliance obligations or requirements, could slow market adoption and may reduce or delay the growth of our sustainability solutions. The extent of this policy uncertainty, and its potential impact on our growth trajectory, cannot be accurately predicted.
We believe that the revised thresholds under these expected amendments have influenced the pace of customer adoption of our sustainability solutions. The potential impact on our growth trajectory of these changes, and of global policy uncertainty generally, cannot be accurately predicted.
During 2024 we recognized an additional $2.2 million in cash-based and stock-based compensation pursuant to certain severance obligations. The remaining increase in compensation, as well as the increase in software expense and travel, were primarily due to an increase in employee headcount as we continue to invest in our go-to-market activities.
The increases in compensation and internal event costs were primarily due to an increase in employee headcount as we continue to invest in our go-to-market activities, as well as an executive transition and a benefit for our transition from a PTO model to an FTO model which was announced in the second half of the year.
The Workiva platform can exhibit a powerful network effect within an enterprise, meaning that the usefulness of our platform attracts additional users. Since solution-based licensing offers our customers an unlimited number of seats for each solution purchased, we expect customers to add more seats over time.
Whether and to what extent the IPO and SPAC markets will continue to moderate cannot be accurately predicted. Key Factors Affecting Our Performance Generate Growth From Existing Customers. The Workiva platform can exhibit a powerful network effect within an enterprise, meaning that the usefulness of our platform attracts additional users.
Contractual Obligations and Commitments The following table represents our contractual obligations as of December 31, 2024, aggregated by type: Payments due by period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in thousands) Convertible senior notes $ 809,944 $ 9,576 $ 89,593 $ 710,775 $ — Operating leases including imputed interest 16,723 5,577 5,956 3,102 2,088 Finance leases, including interest 21,290 1,315 2,630 2,630 14,715 Other contractual commitments 156,408 46,601 55,807 54,000 — Total contractual obligations $ 1,004,365 $ 63,069 $ 153,986 $ 770,507 $ 16,803 Total future payments related to our convertible senior notes shown in the table above includes $773.2 million aggregate principal amount and future interest payments associated with the Notes of $36.7 million.
Cash provided by financing activities of $6.7 million for the year ended December 31, 2024 consisted of $13.8 million in proceeds from shares issued in connection with our ESPP and $4.9 million in proceeds from option exercises partially offset by $11.5 million in taxes paid related to net share settlements of stock-based compensation awards. 58 Table of Contents Contractual Obligations and Commitments The following table represents our contractual obligations as of December 31, 2025, aggregated by type: Payments due by period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in thousands) Convertible senior notes $ 800,369 $ 80,819 $ 719,550 $ — $ — Operating leases including imputed interest 18,384 6,525 8,796 1,160 1,903 Finance leases, including interest 20,457 1,353 2,707 2,708 13,689 Other contractual commitments 121,379 37,351 57,028 27,000 — Total contractual obligations $ 960,589 $ 126,048 $ 788,081 $ 30,868 $ 15,592 Total future payments related to our convertible senior notes shown in the table above includes $773.2 million aggregate principal amount and future interest payments associated with the Notes of $27.1 million.
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Overview Workiva’s mission is to power transparent reporting for a better world. We believe that all stakeholders including consumers, employees, shareholders, and regulators expect more from business – more action, transparency, and disclosure of financial and non-financial information.
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In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Investors should review the Special Note Regarding Forward-Looking Statements and Information herein. Our actual results could differ materially from those discussed below.
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We build solutions to meet that demand and streamline processes, connect data and teams, and ensure consistency – all within the Workiva platform, the world’s leading cloud platform for assured integrated reporting.
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Accounting, finance, sustainability, risk, and audit teams from more than 6,600 organizations worldwide, 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.
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Additionally, we offer the only unified software-as-a-service (“SaaS”) platform that brings customers’ financial reporting, sustainability management, and Governance, Risk, and Compliance (“GRC”) together in a controlled, secure, audit-ready platform.
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For example, on February 25, 2025, the European Commission unveiled the first “Omnibus” package to advance EU competitiveness and simplification of rules on sustainability. Among other measures, the package proposed streamlining key sustainability frameworks. On December 16, 2025, the European Parliament adopted the Detailed Omnibus Directive, which is part of the first Omnibus simplification package.
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Workiva provides more than 6,300 organizations across the globe with SaaS platform solutions to help solve some of the most complex reporting and disclosure challenges.
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The Detailed Omnibus Directive revises scoping thresholds, removes the climate transition plan requirement, and implements targeted amendments across the Corporate Sustainability Reporting Directive (“CSRD”). It is expected that the adoption is likely to result in substantive amendments to the CSRD.
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Effects of Policy Uncertainty on Sales of Sustainability Solutions Sales of our sustainability management solutions, including Workiva Carbon Reporting, could be materially impacted by domestic and global policy uncertainties.
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Ongoing regulatory initiatives, including proposed changes to SEC reporting requirements intended to reduce burdens on public companies and enhance the attractiveness of capital markets, such as a potential shift in reporting frequency, could affect the performance of certain of our businesses.
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For example, amendments to the European Union’s Corporate Sustainability Reporting Directive (“CSRD”) standards used to identify and collect the information and data, with different implementation dates depending on the company size and geographic location, are still developing and uncertain.
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These developments may have positive or negative impacts on our business, but the scope and timing of any effects remain uncertain. We continue to monitor regulatory developments and assess potential effects across our business. The full scope of these potential regulatory developments, and their implications for our financial performance, cannot be predicted accurately at this time.
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The increases in compensation and software expense resulted primarily from our continued investment in and support of our platform and solutions. The increase in travel expense was due to a general increase in travel driven by an increase in employee headcount. Amortization of acquired intangible assets for Sustain.Life was $1.1 million.
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The increase in compensation was primarily driven by normal compensation increases for existing headcount and includes a benefit for our transition from a paid-time-off (“PTO”) model to a flexible-time-off (“FTO”) model which was announced in the second half of the year.
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During 2024 we recognized an additional $1.0 million in cash-based and stock-based compensation pursuant to certain severance obligations. The remaining increase in compensation was primarily due to a modest increase in employee headcount.
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The change in compensation was primarily driven by standard compensation increases for existing headcount partially offset by our continued transition of consulting and other services to our partners.
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In addition, during 2023 we recorded a one-time benefit of $1.0 million related to a goods and services tax refund as well as one-time fees of $0.6 million related to event cancellations which did not recur in 2024.
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The increase in compensation was primarily driven by normal compensation increases for existing headcount, an executive transition, and a benefit for our transition from a PTO model to an FTO model which was announced in the second half of the year. The increase in internal event costs was due to a new internal event held in the second quarter.
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The decrease in stock-based compensation is primarily due to the recognition of $1.4 million and $18.1 million in cash-based and stock-based compensation, respectively, pursuant to certain transition agreements with former executives during the first quarter of 2023 which did not recur in 2024, partially offset by a modest increase in employee headcount and an increase in performance-based restricted stock expense driven by additional performance-based restricted stock awards issued to executives in 2024 and changes in the assumptions associated with the attainment of company-specific performance targets.
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Interest expense remained relatively flat compared to the same period a year ago. Other expense, net increased $1.9 million in 2025 compared to 2024 due primarily to losses on foreign currency transactions.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeOur cash and cash equivalents consist primarily of cash and money market funds. Our exposure to market risk for changes in interest rates is limited because our cash and cash equivalents have a short-term maturity and are used primarily for working capital purposes.
Biggest changeOur exposure to market risk for changes in interest rates is limited because our cash and cash equivalents have a short-term maturity and are used primarily for working capital purposes. Our portfolio of marketable securities was invested primarily in U.S. corporate and U.S. treasury debt securities and is subject to market risk due primarily to changes in interest rates.
A portion of our operating expenses are incurred outside the U.S. and are denominated in foreign currencies. These operating expenses are also subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Canadian dollar, Euro, British Pound Sterling, Danish krone, Singapore dollar, Australian dollar, Hong Kong dollar and Japanese yen.
A portion of our operating expenses are incurred outside the U.S. and are denominated in foreign currencies. These operating expenses are also subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Canadian dollar, Euro, British Pound Sterling, Danish krone, Singapore dollar, Australian dollar, Hong Kong dollar, Swedish krona and Japanese yen.
For more information on our convertible senior notes, refer to Note 8 of our accompanying notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. 62 Table of Contents
For more information on our convertible senior notes, refer to Note 8 of our accompanying notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. 63 Table of Contents
However, because we classify our marketable securities as “available for sale,” no gains or losses are recognized due to changes in interest rates unless such securities are sold prior to maturity or declines in fair value are caused by expected credit losses. 61 Table of Contents An immediate increase of 100-basis points in interest rates would have resulted in an $3.9 million market value reduction in our investment portfolio as of December 31, 2024.
However, because we classify our marketable securities as “available for sale,” no gains or losses are recognized due to changes in interest rates unless such securities are sold prior to maturity or declines in fair value are caused by expected credit losses. 62 Table of Contents An immediate increase of 100-basis points in interest rates would have resulted in an $4.1 million market value reduction in our investment portfolio as of December 31, 2025.
Foreign currency transaction gains (losses) are included in net loss and were $551,000, $(1,154,000), and $835,000 in the years ended December 31, 2024, 2023 and 2022, respectively.
Foreign currency transaction gains (losses) are included in net loss and were $(1,394,000), $551,000, and $(1,154,000) in the years ended December 31, 2025, 2024 and 2023, respectively.
Accordingly, our future investment income may fluctuate as a result of changes in interest rates, or we may suffer losses in principal if we are forced to sell securities that decline in market value as a result of changes in interest rates.
Fixed rate securities may have their market value adversely affected due to a rise in interest rates. Accordingly, our future investment income may fluctuate as a result of changes in interest rates, or we may suffer losses in principal if we are forced to sell securities that decline in market value as a result of changes in interest rates.
Interest Rate Sensitivity We had cash, cash equivalents and marketable securities totaling $816.4 million as of December 31, 2024. The cash, cash equivalents and marketable securities are held for working capital purposes. Our investments are made primarily for capital preservation purposes. We do not enter into investments for trading or speculative purposes.
Interest Rate Sensitivity We had cash, cash equivalents and marketable securities totaling $891.6 million as of December 31, 2025. The cash, cash equivalents and marketable securities are held for working capital purposes. Our cash and cash equivalents consist primarily of cash and money market funds.
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Our portfolio of marketable securities was invested primarily in U.S. corporate and U.S. treasury debt securities and is subject to market risk due primarily to changes in interest rates. Fixed rate securities may have their market value adversely affected due to a rise in interest rates.

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