Workiva’s second quarter results were met with a negative market reaction, as shares declined modestly despite the company surpassing Wall Street’s revenue and non-GAAP profit expectations. Management pointed to continued demand for its cloud reporting platform, especially among large enterprise customers, and highlighted the company’s significant improvement in operating margin. CEO Julie Iskow credited disciplined execution and ongoing operational changes, stating, “This was a reflection of the operating model that we continue to improve as we grow.”
Is now the time to buy WK? Find out in our full research report (it’s free for active Edge members).
Workiva (WK) Q2 CY2026 Highlights:
- Revenue: $255.3 million vs analyst estimates of $251.1 million (18.6% year-on-year growth, 1.7% beat)
- Adjusted EPS: $0.77 vs analyst estimates of $0.63 (21.3% beat)
- Adjusted Operating Income: $42.99 million vs analyst estimates of $37.04 million (16.8% margin, 16.1% beat)
- The company slightly lifted its revenue guidance for the full year to $1.04 billion at the midpoint from $1.04 billion
- Management raised its full-year Adjusted EPS guidance to $3.39 at the midpoint, a 16.7% increase
- Operating Margin: 4.6%, up from -10.3% in the same quarter last year
- Customers: 6,750
- Net Revenue Retention Rate: 111%
- Annual Recurring Revenue: $945.2 million (19.2% year-on-year growth, beat)
- Billings: $272.3 million at quarter end, up 14.7% year on year
- Market Capitalization: $3.66 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Workiva’s Q2 Earnings Call
- Alexander Sklar (Raymond James) pressed CEO Julie Iskow about sales cycle dynamics and whether more scrutiny or longer approval times were emerging; Iskow noted deal cycles actually shortened this quarter, though legal and procurement rigor had increased.
- Nicholas Dannewitz (BTIG) asked what supports management’s confidence in sustained 17%+ subscription growth through 2030; Iskow cited broad-based demand, product expansion, and a strong partner ecosystem, while Larson pointed to international growth as an additional lever.
- Andrew DeGasperi (BNP Paribas) questioned the pace of fund reporting adoption in financial services; Iskow highlighted strong sales momentum in both private and public fund reporting, especially at the enterprise level, but noted that public fund reporting is still in early stages.
- Brett Huff (Stephens Inc.) inquired about the sustainability of margin improvement and if long-term margin targets would be raised; Larson said the focus remains on disciplined scaling and that current 2030 targets are unchanged, but acknowledged ongoing productivity gains.
- Steven Enders (Citi) sought early customer feedback on new AI agent products and their monetization potential; Iskow reported “excellent traction” in premium tiers, with customers adopting advanced features both at renewal and mid-cycle.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will monitor (1) adoption rates of AI-powered agents and premium solution tiers, (2) continued momentum in large enterprise contract expansion across key verticals, and (3) international sales execution and the onboarding of new strategic hires. The ability to maintain high net revenue retention and drive multi-solution upsell will also be important indicators of sustained growth.
Workiva currently trades at $67.37, up from $61.25 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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