Here are 1-2 brief analogies for Workiva (WK):

• Workiva is like Salesforce for financial reporting and compliance.
• Workiva is like ServiceNow for corporate reporting workflows.

• Financial Reporting: A cloud-based platform designed to streamline and automate financial reporting, including SEC filings (10-K, 10-Q), statutory, and management reporting.
• ESG Reporting: A solution for collecting, managing, and reporting Environmental, Social, and Governance data to meet stakeholder and regulatory demands.
• Audit & Internal Controls Management: Tools for managing internal audit processes, ensuring SOX compliance, and enhancing enterprise risk management.
• Tax Reporting & Provision: A platform to streamline corporate tax provision calculations and facilitate compliance reporting.
• Global Statutory Reporting: A unified solution for managing and submitting statutory financial reports across multiple international jurisdictions.

Workiva (WK) Major Customers

• Publicly Traded Companies: A significant portion of Workiva's customer base consists of companies listed on stock exchanges. These companies leverage Workiva for complex financial reporting to regulatory bodies like the SEC (e.g., 10-K, 10-Q filings), Sarbanes-Oxley (SOX) compliance, and increasingly for ESG reporting to meet investor and stakeholder demands.
• Large Private Companies: Workiva also serves substantial private enterprises, including those backed by private equity. These companies utilize the platform for internal management reporting, audit preparation, consolidation, and other compliance needs, particularly as they grow or prepare for potential public offerings.
• Government Agencies and Non-Profit Organizations: Various governmental entities and large non-profit organizations also use Workiva's platform to manage their unique reporting, audit, and compliance requirements, which can be just as complex as those in the private sector.

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Julie Iskow President & Chief Executive Officer

Julie Iskow is the President and Chief Executive Officer of Workiva, a role she assumed in 2023. She joined Workiva in 2019 as Executive Vice President and Chief Operating Officer, and was promoted to President in 2022. Prior to Workiva, she served as Executive Vice President and Chief Technology Officer at Medidata Solutions, a SaaS technology and data platform for life sciences, where her responsibilities included technology and product strategy, which contributed to a strategic sale in 2019. Before Medidata, Ms. Iskow was Senior Vice President and Chief Information Officer at WageWorks, a consumer benefits SaaS platform, which she helped take public in 2012. She began her career with over a decade in engineering and technology leadership positions, focusing on automation and robotics software.

Jill Klindt EVP, Chief Financial Officer

Jill Klindt was appointed Chief Financial Officer of Workiva in 2021. She joined Workiva (originally Webfilings) in 2008 and is recognized for establishing and scaling the company's finance department. Ms. Klindt played an instrumental role in taking Workiva public in 2014. Her career at Workiva has included roles such as Controller, Senior Director of Finance and Accounting, Vice President & Chief Accounting Officer, and Senior Vice President & Chief Accounting Officer. Before joining Workiva, she held finance and accounting positions at Wells Fargo Financial, CitiMortgage, and Principal Residential Mortgage. She also worked for another software company out of college, whose founders were among those who later founded Workiva.

Martin Vanderploeg Non-Executive Chair

Martin Vanderploeg has served as Workiva's Non-Executive Chair since 2023 and is a co-founder of the company. He was Workiva's Chief Executive Officer from 2018 to 2023, President from 2014 to 2022, and Chief Operating Officer from 2008 to 2018. Before co-founding Workiva, Mr. Vanderploeg co-founded Engineering Animation Inc. (EAI) in 1988 and served as its Chief Technology Officer from 1989 to 1999, leading it through significant growth until its acquisition by Unigraphics Solutions (now part of Siemens USA) in 2000. He also held academic positions as a tenured professor of mechanical engineering at Iowa State University, where he founded and directed the Simulation and Visualization lab.

David Haila EVP, Chief Technology Officer

David Haila is the Executive Vice President and Chief Technology Officer at Workiva, a position he assumed in February 2023. He joined Workiva in March 2015. His previous roles include Lead Architect, Senior Director of Product Management, and Director of Operations at XBRL. Mr. Haila also gained experience working with IBM and Zirous. He holds a background in computer engineering from Iowa State University and possesses extensive experience in software development and product management.

Kim Huffman SVP, Chief Information Officer

Kim Huffman was appointed Senior Vice President and Chief Information Officer of Workiva in July 2023. Prior to joining Workiva, she served as the Chief Information Officer of Navan from 2021 to 2023. Ms. Huffman has also held various technical leadership roles at both pre-IPO and public technology companies, including SAP, Adobe, Health Equity, and Elastic.

1. Cybersecurity Risks

2. Dependence on SEC Filings and Regulatory Environment Changes

3. Inability to Achieve and Maintain Profitability

Workiva (WK) operates within a substantial global addressable market for its integrated reporting solutions, which encompass financial reporting, ESG (Environmental, Social, and Governance) reporting, and Governance, Risk, and Compliance (GRC) software.

• Overall Total Addressable Market (TAM): Workiva targets a total addressable market of $35 billion globally as of May 2025. This market is segmented geographically, with $16.4 billion in the Americas, $10.9 billion in Europe, and $7.7 billion in Asia-Pacific.
• Financial Reporting Software Market: The global financial reporting software market was estimated at USD 16.54 billion in 2025 and is projected to reach USD 40.83 billion by 2032, with a compound annual growth rate (CAGR) of 13.71%. Another estimate for the global market size is approximately $12.29 billion by the end of 2025. The U.S. accounting software market, which includes financial reporting, was estimated at USD 6.09 billion in 2024.
• ESG Reporting Software Market: The global ESG reporting software market was estimated at between USD 0.9 billion and USD 1.20 billion in 2024. This market is projected to grow significantly, with estimates ranging from USD 2.1 billion by 2029 to USD 7.41 billion by 2035. North America held the largest market share in the global ESG software industry in 2024.
• GRC Software Market: The global Governance, Risk, and Compliance (GRC) software market is estimated to be approximately USD 21.04 billion in 2025 and was valued at USD 49.2 billion in 2024. Projections for this market's growth vary, with estimates of reaching USD 37.71 billion by 2030 or USD 127.7 billion by 2033. North America held the largest revenue share in the enterprise GRC market in 2024.

• Expanding Demand for AI-Powered, Cloud-Based Reporting Solutions: Workiva anticipates future revenue growth from the increasing demand for its cloud-based and AI-powered reporting platform. The company recently launched new AI extensions and specialized offerings like Intelligent Finance, Intelligent Sustainability, and Intelligent GRC, which are designed to enhance customer speed, agility, and confidence in financial, regulatory, and compliance reporting.

• Growth in Large Customer Contracts and Multi-Solution Adoption: Workiva is experiencing accelerated growth in large contract wins, both from new customers and through the expansion of existing client relationships. The number of contracts valued over $100,000, $300,000, and $500,000 has shown significant year-over-year increases. This is supported by an "upsell engine" that encourages existing customers to adopt more solutions on the platform.

• Increasing Regulatory and Sustainability Reporting Requirements: Evolving global regulations, particularly in Environmental, Social, and Governance (ESG) reporting, such as the EU's Corporate Sustainability Reporting Directive (CSRD) and ISSB, are driving the need for Workiva's platform. Companies require comprehensive solutions for transparency and disclosure of financial and non-financial data, which Workiva is uniquely positioned to provide.

• International Market Expansion: Workiva sees opportunities to accelerate its international expansion, especially in regions like EMEA and APAC. The company's platform is designed to help global organizations comply with various local regulatory requirements, such as those in Europe, which will diversify its revenue sources.

• Operational Improvements and Go-to-Market Efficiency: Workiva is focusing on a disciplined, profitable growth strategy, which includes operational improvements aimed at enhancing go-to-market efficiency and AI monetization. This involves streamlining sales structures, resizing sales territories, and increasing sales quotas to drive greater productivity and improved operating leverage.

Share Repurchases

• Workiva authorized a share repurchase plan for up to $100 million of its Class A common stock on July 30, 2024.
• The company repurchased approximately $40.1 million in Q1 2025, $10 million in Q2 2025, and another $10 million in Q3 2025 under this plan.
• As of September 30, 2025, approximately $40 million remained available for future share repurchases under the plan.

Share Issuance

• Workiva has seen proceeds from option exercises, for instance, $1.8 million in Q2 2025 and $440 thousand in Q3 2025.
• Stock-based compensation expense continues to be a significant recurring expense for the company.
• In 2024, there was a proposal to amend the 2014 Equity Incentive Plan to increase the number of shares available for issuance.

Inbound Investments

• Activist investor Irenic Capital Management built approximately a 2% stake in Workiva by September 2025, advocating for board refreshment and an evaluation of strategic alternatives.
• Institutional investors and hedge funds collectively own 92.21% of Workiva's stock.

Outbound Investments

• Workiva acquired Sustain.Life, Inc. for $100 million in July 2024.

Capital Expenditures

• Capital expenditures have primarily been associated with computer equipment to support the expansion of Workiva's infrastructure and workforce.
• Net cash used in investing activities, which includes capital expenditures, was approximately $4.3 million in Q2 2025 and $10.1 million in Q3 2025.