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

1. Workiva is like Salesforce for corporate compliance and regulatory reporting.

2. Think of it as TurboTax for large enterprises, but for all kinds of complex regulatory and compliance reports, not just taxes.

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• Workiva Platform: A cloud-based platform providing solutions for controlled collaboration, data linking, and integration with various enterprise systems to streamline compliance and regulatory reporting.

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Workiva (WK) Major Customers

Workiva Inc. primarily provides its cloud-based compliance and regulatory reporting solutions to other organizations, including public and private companies, government agencies, and higher-education institutions.

Due to the nature of its Software-as-a-Service (SaaS) business model, Workiva serves a diverse and broad customer base across various industries globally. While Workiva does not publicly disclose a definitive list of its "major customers" in terms of revenue concentration, it does highlight various prominent organizations that utilize its platform.

Examples of public companies known to be Workiva customers include:

• Delta Air Lines (DAL)
• Marriott International (MAR)
• The Western Union Company (WU)
• The Hanover Insurance Group (THG)

In addition to public and private companies, Workiva's customer base also extends to:

• Government agencies
• Higher-education institutions

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• Amazon Web Services (AMZN)

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Julie Iskow President & Chief Executive Officer

Julie Iskow assumed the role of President and CEO of Workiva in 2023. She joined Workiva in 2019 as EVP and Chief Operating Officer, and was promoted to President in 2022. Previously, she was Chief Technology Officer at Medidata Solutions, a SaaS technology and data platform for life sciences, where her work contributed to a strategic sale in 2019. Before Medidata, Ms. Iskow was Chief Information Officer at WageWorks, a consumer benefits SaaS platform, which she helped take public in 2012. She spent the initial decade of her career in engineering and technology leadership positions, focusing on automation and robotics software.

Barbara Larson EVP & Chief Financial Officer

Barbara Larson was appointed as EVP & Chief Financial Officer of Workiva, effective January 20, 2026. She brings over 20 years of financial leadership experience to Workiva, having most recently served as CFO at SentinelOne. Before SentinelOne, she spent nearly a decade in various financial leadership roles at Workday, including CFO, where she oversaw finance, accounting, internal audit, and investor relations, and advised on business strategy and product development. Prior to Workday, Ms. Larson held senior financial positions at VMware, TIBCO Software, and Symantec. She also serves on the Board of Directors for Equifax.

Martin Vanderploeg Non-Executive Chair

Martin J. Vanderploeg is a co-founder of Workiva. He served as Chief Executive Officer from 2018 to 2023 and as President from 2014 to 2022. From 2008 to 2018, he was the Chief Operating Officer. Before co-founding Workiva, Mr. Vanderploeg co-founded and served as Chief Technology Officer of Engineering Animation Inc. (EAI), which was sold to Unigraphics Solutions (now part of Siemens USA) in 2000. He began his career in academia as a tenured professor of mechanical engineering at Iowa State University.

Penny Ashley-Lawrence EVP, Chief Customer Officer

Penny Ashley-Lawrence ensures customers and partners achieve business outcomes using the Workiva platform, overseeing customer success, services, support, operations, and enablement teams. She has over two decades of experience in sales, marketing, and managing teams, with a significant portion of her career in the SaaS industry. Before joining Workiva, she held several customer success leadership roles at LogMeIn and Citrix.

Deepak R. Bharadwaj EVP, Chief Product Officer

Deepak R. Bharadwaj leads Workiva's global product and UX teams, shaping the company's AI-driven platform and solution portfolio. He has over 25 years of experience building and scaling SaaS products. Prior to Workiva, he served as Vice President of Product Management for Adobe's Document Cloud, where he led the launch of Acrobat Studio. He also held roles at ServiceNow, where he introduced and scaled Employee Experience products, and has held product leadership positions at Oracle, SAP, and Taleo.

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Key Business Risks for Workiva (WK)

1. Data Security and Third-Party Vendor Risk: Workiva faces significant risks related to data security, particularly concerning its reliance on third-party systems. A recent incident involved a data breach in Workiva's Salesforce CRM system, which exposed business contact information of its customers. While Workiva's core platform and client data remained uncompromised, such breaches can lead to reputational damage, loss of customer trust, and increased vulnerability to subsequent attacks like spear-phishing. This underscores the ongoing challenge of managing cybersecurity risks, especially those originating from supply chain vulnerabilities.
2. Regulatory and Policy Changes: Workiva's business model is closely tied to evolving compliance and regulatory reporting requirements. Over 40% of its total revenue is derived from customers using its platform for SEC filings. The company's growth is also influenced by new global sustainability mandates, such as the EU's Corporate Sustainability Reporting Directive (CSRD) and standards from the International Sustainability Standards Board (ISSB). Shifts in political policies, proposed regulatory changes, or the rolling back of existing regulations, particularly in the sustainability sector, could lead to decreased demand for Workiva's solutions. For example, Workiva experienced "softer demand" in certain sustainability segments due to shifting political policies and proposed regulatory changes in Q2 2025.
3. Intense Competition and Rapid Technological Advancements (including AI): Workiva operates in a highly competitive and dynamic market against both large enterprise software vendors and specialized providers offering solutions for financial reporting, ESG, and Governance, Risk, and Compliance (GRC). The market is continuously evolving with new reporting standards and rapid technological advancements, especially in Artificial Intelligence (AI). While Workiva is actively incorporating AI into its platform, there is a risk of disruption from competitors who might develop more advanced or disruptive AI-powered solutions, or if generative AI models significantly reduce the perceived need for traditional SaaS products.

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• Americas: $16.4 billion
• Europe: $10.9 billion
• Asia-Pacific (APJ): $7.7 billion

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Workiva (WK) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. Expansion of multi-solution adoption within existing customers: Workiva employs a "land-and-expand" strategy, focusing on increasing the number of solutions adopted by its current customer base. The percentage of subscription revenue generated from multi-solution customers increased from 63% in Q1 2023 to 69% in Q1 2025, and further to 74% in Q4 2025. This strategy is reinforced by a strong net retention rate, which was 114% in Q2 2025 and 113% in Q4 2025, demonstrating effective upselling and cross-selling within existing accounts.
2. New customer acquisition, particularly larger enterprise clients: Workiva aims to acquire larger new clients to diversify revenue and increase market share. New customers added in the last 12 months accounted for approximately 40% of the increase in Q4 2025 subscription revenue. The company has also seen significant growth in higher-value contracts, with customers with Annual Contract Value (ACV) exceeding $500,000 increasing by 35% in Q2 2025 and 37% in Q4 2025.
3. Product innovation, including AI-powered solutions and ESG reporting: Workiva is continuously enhancing its platform and launching new solutions, with a strong focus on artificial intelligence (AI) and Environmental, Social, and Governance (ESG) reporting. The company's AI-powered platform unifies complex financial, ESG, and GRC reporting, addressing critical needs for data transparency and compliance. Around 30% of Workiva's customers had activated AI features by the end of 2025, with options from three large language model providers, indicating the increasing traction of these innovations. The strategic acquisition of Sustain.Life in June 2024 further solidifies its position in the ESG sector.
4. Geographical expansion and tapping into new markets: Workiva is actively expanding its market reach globally, targeting a total addressable market estimated at $35 billion across the Americas, Europe, and Asia-Pacific. International revenue represented over 19% of total revenue year-to-date in Q3 2025, up from 17% in 2024, and reached 27% of total revenue in 2025, up 300 basis points year-over-year, indicating successful global outreach. The company has existing international offices in key regions to support this expansion.

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Share Repurchases

• Workiva's board authorized a new $250 million stock buyback program on February 16, 2026, allowing the company to repurchase up to 7.7% of its outstanding shares.
• In the fourth quarter of 2025, Workiva repurchased 131,000 shares of Class A common stock for $12 million.
• For the full year 2025, a total of $72 million was repurchased under a share repurchase program that was initially authorized in July 2024 for up to $100 million.

Share Issuance

• Workiva had 56.32 million common shares outstanding as of December 31, 2025.
• The number of shares outstanding increased by 1.66% in the year leading up to December 2025.
• In August 2023, Workiva announced the pricing of a private offering of $625 million principal amount of 1.250% Convertible Senior Notes due 2028, which are convertible into cash, shares of common stock, or a combination.

Inbound Investments

• 13D Management LLC opened a new position in Workiva in the fourth quarter of 2025, purchasing 52,000 shares valued at approximately $4.49 million.
• Jain Global LLC increased its position in Workiva by 26.0% in the third quarter of 2025, holding 193,941 shares worth $16,694,000.
• Eminence Capital LP boosted its stake in Workiva by 40.7% in the third quarter of 2025 to 3,723,546 shares, representing 6.63% ownership and valued at approximately $320.5 million.

Outbound Investments

• Workiva acquired Sustain.Life, a SaaS-based platform for emissions management, in June 2024 for $100 million.
• Workiva acquired ParsePort in April 2022 for $100 million.
• Workiva acquired AuditNet, a global audit content and services provider, in December 2021 for an undisclosed amount.

Capital Expenditures

• Workiva's capital expenditures were -$2.08 million in the last 12 months (as of March 2026), suggesting dispositions exceeded additions.
• Forecasted capital expenditures for 2026 are $2.438 million, following an estimated $2.075 million for 2025 and $1.363 million for 2024.
• Historical capital expenditures were $2.124 million in 2023, $3.458 million in 2022, and $3.534 million in 2021.