On this page of StockholderLetter.com we present the latest annual shareholder letter from WORKIVA INC — ticker symbol WK. Reading current and past WK letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report 2025 Annual Report
Letter from the CEO Dear Stockholders What a difference a year makes. In today s environment, trust is a business requirement. Regulations are changing, macroeconomic conditions remain volatile, and AI is everywhere and accelerating the pace of everything. So now more than ever, companies need data they can trust data that is accurate, traceable, and defensible when decisions, disclosures, and reputations are on the line. This is where Workiva comes in, with trusted data across finance, risk, and sustainability. In 2025, we accelerated growth while improving profitability, a combination that creates durable shareholder value. We delivered 22% subscription revenue growth and 20% total revenue growth for the full year while driving meaningful expansion in operating leverage. The Platform Opportunity We have a $35 billion total addressable market, while trends in regulation, risk, and enterprise AI are increasingly aligned with our strengths. Over the past five years, we ve grown our customer base by more than 70%, driven by platform-led land motions, partner-enabled go-to-market expansion, and entry into new geographies with additional solutions. This has materially diversified the business, with increasing traction across Europe, APAC, and Latin America. Revenue outside the United States reached 27% of total revenue, up 300 basis points year over year. Execution and Financial Discipline In 2025, we outperformed our initial guidance while maintaining a sharpened focus on operating leverage. We delivered progress toward our 2027 medium-term model targets, with a non-GAAP operating margin of 9.9%, 440 basis points above the guidance we set at the start of the year and 560 basis points above full-year 2024. We also delivered a free cash flow margin of 15.6%, exceeding our guide by 360 basis points and improving 390 basis points year over year. Our free cash flow performance reflects improved operational efficiency across the organization. That performance is supported by the strength of our customer relationships. Our more than 6,600 customers create meaningful expansion opportunities, and our 97% gross retention rate reflects durability. We increased the number of customers with ACV above $300,000 by 42% year over year, while customers with ACV above $500,000 grew 37%. These gains reflect deeper adoption of Workiva as a multi-solution platform. Connected AI Platform For our customers, AI has shifted from interest to a requirement as teams navigate financial transformation, evolving regulations, and increasing investor scrutiny. Everything we do with AI is focused on bringing intelligence where our customers need it most so they can realize tangible impact they can trust. Workiva operates where data must be trusted, traceable, defensible, and audit-ready. In an AI-driven world, what matters most to a CFO is trust and confidence in their data. We are not bolting AI onto a legacy architecture, it is embedded directly into the core of the Workiva platform. In 2025, we accelerated AI product innovation, delivering capabilities that help customers analyze and query data within the platform, automate evidence ingestion and validation for GRC workflows, and generate narrative insights for financial reporting. Our roadmap extends these capabilities from intelligent assistance to agentic workflow execution across finance, risk, and sustainability, enabling customers to automate work within the secure, governed environment they require. Customer and Partner Momentum Our customer momentum reflected both breadth and depth. New logo growth was healthy, and expansion within our installed base remained strong as customers added solutions across financial reporting, GRC, and sustainability. Our partner ecosystem extended our reach and strengthened our value. Global advisory firms, regional partners, and technology companies play an important role in our go-to-market model through co-sell, implementation, and innovation. Looking Ahead In 2025, Astha Malik was elected to our board. And most recently, our Board elected two new independent board members, Scott Herren and Mark Peek. Together, these directors add meaningful experience across go-to-market execution, financial leadership, and public company governance. We entered 2026 with a strengthened leadership team to support our next phase of growth. Barbara Larson joined as Chief Financial Officer, bringing more than 20 years of finance leadership experience in high-growth public software companies. Michael Pinto joined as Chief Revenue Officer, with deep expertise scaling enterprise go-to-market organizations. Deepak Bharadwaj joined as Chief Product Officer, with a proven track record of launching and scaling transformational AI-powered products. While the external environment remains dynamic, we believe it continues to reinforce the need for trusted, connected data across finance, risk, and sustainability. I want to thank the entire Workiva team for their dedication and performance throughout 2025. As AI transforms how work gets done, Workiva is well-positioned to enable our customers to move forward with confidence. 2025 Company Highlights Exceeded full-year guidance, resulting in 22% subscription revenue growth and 20% total revenue growth Achieved a gross retention rate of 97% and net retention rate of 113% Grew our global customer base to over 6,600 Grew $500k Annual Contract Value by 37% year-over-year Delivered non-GAAP operating margin of 9.9% Named one of Fortune s 100 Best Companies to Work For for the seventh consecutive year Recognized as a Friend of EFRAG for both financial and sustainability reporting standards, the only company to receive this distinction Added 4 new innovation patents, bringing our total to 90 Julie Iskow President and Chief Executive Officer
 • shareholder letter icon 4/17/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/17/2023 WK Stockholder Letter
 • stockholder letter icon 4/17/2024 WK Stockholder Letter
 • stockholder letter icon 4/17/2025 WK Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon WK Benford's Law Stock Score = 67


WK Shareholder/Stockholder Letter Transcript:

2025
Annual
Report
2025 Annual Report

Letter from the CEO
Dear Stockholders    
What a difference a year makes. In today   s environment, trust is a business requirement. Regulations are changing, macroeconomic conditions
remain volatile, and AI is everywhere and accelerating the pace of everything. So now more than ever, companies need data they can trust     data
that is accurate, traceable, and defensible when decisions, disclosures, and reputations are on the line. This is where Workiva comes in, with trusted
data across finance, risk, and sustainability.
In 2025, we accelerated growth while improving profitability, a combination that creates durable shareholder value. We delivered 22% subscription
revenue growth and 20% total revenue growth for the full year while driving meaningful expansion in operating leverage.
The Platform Opportunity
We have a $35 billion total addressable market, while trends in regulation, risk, and enterprise AI are increasingly aligned with our strengths. Over the
past five years, we   ve grown our customer base by more than 70%, driven by platform-led land motions, partner-enabled go-to-market expansion, and
entry into new geographies with additional solutions. This has materially diversified the business, with increasing traction across Europe, APAC, and
Latin America. Revenue outside the United States reached 27% of total revenue, up 300 basis points year over year.
Execution and Financial Discipline
In 2025, we outperformed our initial guidance while maintaining a sharpened focus on operating leverage. We delivered progress toward our 2027
medium-term model targets, with a non-GAAP operating margin of 9.9%, 440 basis points above the guidance we set at the start of the year and
560 basis points above full-year 2024. We also delivered a free cash flow margin of 15.6%, exceeding our guide by 360 basis points and improving 390
basis points year over year. Our free cash flow performance reflects improved operational efficiency across the organization.
That performance is supported by the strength of our customer relationships. Our more than 6,600 customers create meaningful expansion
opportunities, and our 97% gross retention rate reflects durability. We increased the number of customers with ACV above $300,000 by 42% year
over year, while customers with ACV above $500,000 grew 37%. These gains reflect deeper adoption of Workiva as a multi-solution platform.
Connected AI Platform
For our customers, AI has shifted from interest to a requirement as teams navigate financial transformation, evolving regulations, and increasing
investor scrutiny. Everything we do with AI is focused on bringing intelligence where our customers need it most so they can realize tangible impact
they can trust. Workiva operates where data must be trusted, traceable, defensible, and audit-ready. In an AI-driven world, what matters most to a
CFO is trust and confidence in their data.
We are not bolting AI onto a legacy architecture, it is embedded directly into the core of the Workiva platform. In 2025, we accelerated AI product
innovation, delivering capabilities that help customers analyze and query data within the platform, automate evidence ingestion and validation for
GRC workflows, and generate narrative insights for financial reporting. Our roadmap extends these capabilities from intelligent assistance to agentic
workflow execution across finance, risk, and sustainability, enabling customers to automate work within the secure, governed environment they require.
Customer and Partner Momentum
Our customer momentum reflected both breadth and depth. New logo growth was healthy, and expansion within our installed base remained strong
as customers added solutions across financial reporting, GRC, and sustainability.
Our partner ecosystem extended our reach and strengthened our value. Global advisory firms, regional partners, and technology companies play an
important role in our go-to-market model through co-sell, implementation, and innovation.
Looking Ahead
In 2025, Astha Malik was elected to our board. And most recently, our Board elected two new
independent board members, Scott Herren and Mark Peek. Together, these directors add meaningful
experience across go-to-market execution, financial leadership, and public company governance.
We entered 2026 with a strengthened leadership team to support our next phase of growth. Barbara
Larson joined as Chief Financial Officer, bringing more than 20 years of finance leadership experience
in high-growth public software companies. Michael Pinto joined as Chief Revenue Officer, with deep
expertise scaling enterprise go-to-market organizations. Deepak Bharadwaj joined as Chief Product
Officer, with a proven track record of launching and scaling transformational AI-powered products.
While the external environment remains dynamic, we believe it continues to reinforce the need for
trusted, connected data across finance, risk, and sustainability. I want to thank the entire Workiva
team for their dedication and performance throughout 2025. As AI transforms how work gets done,
Workiva is well-positioned to enable our customers to move forward with confidence.
2025 Company Highlights




Exceeded full-year guidance, resulting in 22% subscription revenue growth and 20% total
revenue growth
Achieved a gross retention rate of 97% and net retention rate of 113%
Grew our global customer base to over 6,600
Grew $500k Annual Contract Value by 37% year-over-year
Delivered non-GAAP operating margin of 9.9%
Named one of Fortune   s 100 Best Companies to Work For     for the seventh consecutive year
Recognized as a Friend of EFRAG for both financial and sustainability reporting standards, the
only company to receive this distinction
Added 4 new innovation patents, bringing our total to 90
Julie Iskow
President and Chief
Executive Officer


shareholder letter icon 4/17/2026 Letter Continued (Full PDF)
 

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