Workday, Inc. (WDAY) Cash Flow Statement
Where WDAY’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $2.94B +19.4% vs FY2025
- Capital expenditures
- $162.0M 1.7% of revenue
- Free cash flow
- $2.78B 29.1% margin
- Returned to shareholders
- $2.90B 104% of free cash flow
- Change in cash
- −$53.0M cash at year-end $1.50B
Cash from operations
$2.94B
Capital expenditures
−$162.0M
Investments (net)
+$2.55B
Acquisitions & other
−$2.06B
Share buybacks (net)
−$2.90B
Other financing
−$424.0M
Change in cash
−$53.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
WDAY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
WDAY cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $348.7MFY2017 | $2.94BFY2026 | +26.7%/yr | |
| Capital expenditures | $120.8MFY2017 | $162.0MFY2026 | +3.3%/yr | |
| Free cash flow | $227.8MFY2017 | $2.78BFY2026 | +32.0%/yr | |
| Free cash flow margin | 14.5%FY2017 | 29.1%FY2026 | +14.6 pts | |
| Operating cash flow / net income | 56.92FY2022 | 4.24FY2026 | −52.68 | |
| Stock-based compensation | $372.3MFY2017 | $1.63BFY2026 | +17.8%/yr | |
| Dividends paid | $0FY2017 | $0FY2018 | — | |
| Share buybacks (net) | $0FY2017 | $2.90BFY2026 | — | |
| Capex / revenue | 7.7%FY2017 | 1.7%FY2026 | −6.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WDAY cash flow by activity
OperatingInvestingFinancingChange in cash
WDAY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WDAY cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $693.0M | $526.0M | $1.38B | −$366.7M | $29.0M | −$282.4M | −$480.7M | −$418.3M | −$321.2M | −$408.3M |
| Depreciation & amortization | $347.0M | $326.0M | $282.0M | $364.0M | $344.0M | $293.7M | $276.3M | $198.1M | $135.7M | $115.9M |
| Stock-based compensation | $1.63B | $1.52B | $1.42B | $1.29B | $1.11B | $1.00B | $859.6M | $652.5M | $478.4M | $372.3M |
| Change in working capital | −$329.0M | −$218.0M | −$34.0M | $48.2M | $108.1M | $14.0M | $32.5M | $96.3M | $79.7M | $161.9M |
| Other non-cash items | $602.0M | $308.0M | −$896.0M | $316.7M | $57.6M | $238.4M | $176.9M | $78.0M | $93.1M | $106.9M |
| Cash from operating activities | $2.94B | $2.46B | $2.15B | $1.66B | $1.65B | $1.27B | $864.6M | $606.7M | $465.7M | $348.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$162.0M | −$272.0M | −$238.0M | −$360.3M | −$272.3M | −$256.3M | −$244.5M | −$213.0M | −$152.5M | −$120.8M |
| Investments (net) | $2.55B | −$1.78B | −$1.75B | −$2.51B | $26.5M | −$997.0M | −$136.2M | $1.01B | −$696.9M | $201.8M |
| Acquisitions & other investing | −$2.06B | $272.0M | $238.0M | $360.3M | −$1.36B | $11.7M | −$516.2M | −$1.64B | −$129.5M | −$249.9M |
| Cash from investing activities | $333.0M | −$1.78B | −$1.75B | −$2.51B | −$1.61B | −$1.24B | −$896.9M | −$842.8M | −$979.0M | −$168.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$2.90B | −$700.0M | −$423.0M | −$74.7M | $148.3M | $148.7M | $125.7M | $93.6M | $149.9M | $58.1M |
| Net borrowing (repayment) | — | $0 | $0 | $1.13B | −$37.6M | $479.0M | −$30,000 | −$350.0M | $1.13B | $1.13B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$424.0M | −$450.0M | $155.0M | $144.0M | −$463,000 | −$2.7M | −$519,000 | −$248,000 | −$175.7M | −$1.13B |
| Cash from financing activities | −$3.32B | −$1.15B | −$268.0M | $1.20B | $110.3M | $625.0M | $125.1M | −$256.7M | $1.11B | $59.7M |
| Summary | ||||||||||
| Net change in cash | −$53.0M | −$470.0M | $129.0M | $354.5M | $152.8M | $653.2M | $92.5M | −$493.5M | $593.8M | $239.8M |
| Cash at end of period | $1.50B | $1.55B | $2.02B | $1.90B | $1.54B | $1.39B | $734.7M | $642.2M | $1.14B | $539.9M |
| Free cash flow | $2.78B | $2.19B | $1.91B | $1.30B | $1.38B | $1.01B | $620.1M | $393.7M | $313.2M | $227.8M |
| Free cash flow margin | 29.1% | 25.9% | 26.3% | 20.9% | 26.8% | 23.4% | 17.1% | 14.0% | 14.6% | 14.5% |
| Capex / revenue | 1.7% | 3.2% | 3.3% | 5.8% | 5.3% | 5.9% | 6.7% | 7.5% | 7.1% | 7.7% |
| Operating cash flow / net income | 4.24 | 4.68 | 1.56 | — | 56.92 | — | — | — | — | — |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $632.0M | $222.0M | $693.0M | $252.0M | $228.0M | $68.0M | $94.0M | $193.0M | $132.0M | $107.0M | $1.19B | $113.7M |
| Depreciation & amortization | $92.0M | $92.0M | $97.0M | $85.0M | $81.0M | $84.0M | $91.0M | $81.0M | $79.0M | $75.0M | $71.5M | $69.0M |
| Stock-based compensation | $462.0M | $409.0M | $399.0M | $376.0M | $392.0M | $459.0M | $397.0M | $368.0M | $370.0M | $385.0M | $345.4M | $349.3M |
| Change in working capital | −$379.0M | −$235.0M | $455.0M | −$256.0M | −$233.0M | −$295.0M | $442.0M | −$291.0M | −$109.0M | −$260.0M | $400.2M | −$119.8M |
| Other non-cash items | −$287.0M | $208.0M | −$366.0M | $131.0M | $148.0M | $141.0M | $88.0M | $55.0M | $99.0M | $65.0M | −$1.01B | $38.6M |
| Cash from operating activities | $520.0M | $696.0M | $1.28B | $588.0M | $616.0M | $457.0M | $1.11B | $406.0M | $571.0M | $372.0M | $995.6M | $450.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$60.0M | −$80.0M | −$60.0M | −$38.0M | −$28.0M | −$36.0M | −$86.0M | −$49.0M | −$55.0M | −$81.0M | −$46.7M | −$59.2M |
| Investments (net) | $1.01B | $168.0M | $300.0M | $1.69B | $13.0M | −$523.0M | −$727.0M | −$450.0M | −$346.0M | −$258.0M | −$480.7M | −$172.0M |
| Acquisitions & other investing | $1.0M | $9.0M | −$1.08B | $38.0M | $28.0M | $36.0M | $86.0M | $49.0M | $55.0M | $81.0M | $46.7M | $59.2M |
| Cash from investing activities | $947.0M | $97.0M | −$844.0M | $1.69B | $13.0M | −$523.0M | −$727.0M | −$450.0M | −$346.0M | −$258.0M | −$480.7M | −$172.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$1.34B | −$1.59B | −$1.50B | −$803.0M | −$299.0M | −$290.0M | −$103.0M | −$158.0M | −$312.0M | −$128.0M | −$139.7M | −$144.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$30.0M | −$146.0M | −$40.0M | −$123.0M | −$50.0M | −$211.0M | −$51.0M | −$124.0M | −$35.0M | −$239.0M | $73.0M | −$4.9M |
| Cash from financing activities | −$1.37B | −$1.73B | −$1.54B | −$926.0M | −$349.0M | −$501.0M | −$154.0M | −$282.0M | −$347.0M | −$367.0M | −$66.7M | −$149.6M |
| Summary | ||||||||||||
| Net change in cash | $100.0M | −$941.0M | −$1.11B | $1.35B | $281.0M | −$566.0M | $231.0M | −$326.0M | −$122.0M | −$253.0M | $447.7M | $128.4M |
| Cash at end of period | $668.0M | $568.0M | $1.51B | $2.62B | $1.27B | $988.0M | $1.55B | $1.32B | $1.65B | $1.77B | $2.02B | $1.58B |
| Free cash flow | $460.0M | $616.0M | $1.22B | $550.0M | $588.0M | $421.0M | $1.03B | $357.0M | $516.0M | $291.0M | $948.9M | $391.6M |
| Free cash flow margin | 17.4% | 24.2% | 48.1% | 22.6% | 25.0% | 18.8% | 46.4% | 16.5% | 24.7% | 14.6% | 49.4% | 21.0% |
| Capex / revenue | 2.3% | 3.1% | 2.4% | 1.6% | 1.2% | 1.6% | 3.9% | 2.3% | 2.6% | 4.1% | 2.4% | 3.2% |
| Operating cash flow / net income | 0.82 | 3.14 | 1.84 | 2.33 | 2.70 | 6.72 | 11.83 | 2.10 | 4.33 | 3.48 | 0.84 | 3.96 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WDAY cash generation
In fiscal 2026 (ended January 31, 2026), Workday generated $2.9 billion of cash from operations (up 19.4%) and spent $162.0 million on capital expenditures, leaving free cash flow of $2.8 billion, 29.1% of revenue. It returned $2.9 billion to shareholders through dividends ($0) and net share buybacks ($2.9 billion). Cash and equivalents fell by $53.0 million over the year.
Related: WDAY income statement, WDAY balance sheet. See the WDAY stock overview for the latest quote and news.
WDAY cash flow FAQ
What is Workday's free cash flow?
Workday's free cash flow was $2.8 billion in fiscal 2026: $2.9 billion of operating cash flow minus $162.0 million of capital expenditures It was $2.2 billion a year earlier..
How much cash does Workday generate from operations?
Workday generated $2.9 billion of cash from operating activities in fiscal 2026, 4.24 times its net income of $693.0 million.
How much does Workday spend on capital expenditures?
Workday spent $162.0 million on capital expenditures in fiscal 2026, 1.7% of revenue, compared with $272.0 million the year before.
How much stock does Workday buy back?
Workday spent $2.9 billion on net share repurchases in fiscal 2026.