Research Reports

Prepared Highlights

订阅收入21.69亿美元，同比增长14%（CFO）；专业服务收入1.79亿美元，总营收23.48亿美元，同比增长13%（CFO）。
非GAAP运营利润6.80亿美元，非GAAP运营利润率29%（CFO）；运营现金流6.16亿美元，同比增长8%（CFO）。
12个月订阅积压订单（cRPO）79.1亿美元，同比增长16.4%，受续约活动（含超预期提前续约）、新ACV势头及强劲合作伙伴增长推动（CFO）。
总订阅积压订单253.7亿美元，同比增长18%（CFO）；毛留存率97%（CFO）。
美国营收17.6亿美元，同比增长13%；国际营收5.84亿美元，同比增长11%（含3个百分点国际合作伙伴部署增加的影响）（CFO）。
资本支出预期约2亿美元，自由现金流预期26.5亿美元，同比增长21%（CFO）。
本季度回购2.99亿美元股份，剩余授权12亿美元；期末现金及有价证券82亿美元（CFO）。
员工约19,500人（CFO）。
官方指引：Q3 FY26订阅收入约22.35亿美元，同比增长14%；全年FY26订阅收入上调至88.15亿美元，同比增长14%（CFO）。Q3 cRPO预计增长15%-16%（不含Paradox收购）（CFO）。全年非GAAP运营利润率上调至约29%，Q3为28%（CFO）。全年运营现金流展望上调至28.5亿美元（CFO）。
管理层引述：
- “Workday delivered another solid quarter with 14% subscription revenue growth and non-GAAP operating margin of 29%.”（CEO）
- “Customer engagement with Workday has never been higher.”（CEO）
- “More than 30% of our customer base deals and more than 75% of our net new deals included one or more of our AI products.”（CEO）
- “Our Q2 results were supported by ongoing momentum across several of our growth areas as companies around the globe turn to Workday.”（CFO）
- “Our business is durable, it's diverse, and it's building momentum as we head into the second half of the year.”（CEO）

Prepared Metrics

Metric	Value	Speaker/Context
订阅收入（Q2）	21.69亿美元，同比+14%	CFO
总营收（Q2）	23.48亿美元，同比+13%	CFO
非GAAP运营利润率（Q2）	29%	CFO/CEO
运营现金流（Q2）	6.16亿美元，同比+8%	CFO
12个月cRPO（期末）	79.1亿美元，同比+16.4%	CFO
总订阅积压订单（期末）	253.7亿美元，同比+18%	CFO
毛留存率	97%	CFO
资本支出（全年预期）	约2亿美元	CFO
自由现金流（全年预期）	26.5亿美元，同比+21%	CFO
股份回购（Q2）	2.99亿美元	CFO
现金及有价证券（期末）	82亿美元	CFO

Q&A Batch (1-5 of 8)

Q1 — Kasthuri Gopalan Rangan

Topic: AI disruption to SaaS seat-based models
Key points:
- 11,000+ customers; 65% of Fortune 500; gross retention rate in high 90s.
- 70% of customers adopted Workday Illuminate; 30% of back-to-base sales included AI SKU; >70% of net new customers bought an AI SKU.
- Net new AI SKUs grew 100% YoY this quarter; net customer headcount growth was up YoY.
Mgmt stance: Bullish — CEO views AI disruption concerns as "completely overblown" given Workday's entrenched platform position, sticky customer base, and strong AI adoption traction.

Q2 — Kirk Materne

Topic: Macro cross-currents and Q3→Q4 subscription revenue ramp
Key points:
- International business: strong Q2 in Europe (UK, Germany); no material headwinds from tariffs/geopolitics.
- SLED: state & local saw "a little bit of headwind" from funding slowdown; higher ed under pressure due to federal funding cuts.
- Subscription revenue guide raised for FY (including Paradox); sequential Q3→Q4 ramp driven by Paradox deliverables and DIA contract (tracking on schedule), as expected.
Mgmt stance: Neutral — macro environment remains "consistent" (same as prior year); specific SLED headwinds noted but offset by solid execution and second-half tailwinds playing out as anticipated.

Q3 — Mark Ronald Murphy

Topic: Workday Government subsidiary and federal agency momentum
Key points:
- Launched Workday Government as a wholly owned subsidiary in Q2 to demonstrate focus and meet security requirements.
- Building a specific cloud environment with "higher levels of security" for government clients.
- Engagement spans DoD, intelligence agencies, and civilian agencies; DIA contract cited as an example.
Mgmt stance: Bullish — federal government conversations "only accelerate"; government is leaning into AI and looking to Workday for transition.

Q4 — Brad Alan Zelnick

Topic: Paradox acquisition rationale and financial profile
Key points:
- Paradox is an AI-led, conversational mobile recruiting platform; reduces time-to-hire by ~75% (per customer statement).
- Already integrated with Workday; significant overlapping customers; will serve as a land product to sell into competitor HCM installed base.
- Deal size "larger than recent M&A"; top-line growth and medium-term synergies expected.
Mgmt stance: Bullish — acquisition rounds out an "industry-leading recruiting suite" (HiredScore + Paradox); viewed as game-changing for high-volume hiring and candidate-first experience.

Q5 — Brent John Thill

Topic: AI adoption numbers and notable large deal wins
Key points:
- 70% of customers use Workday Illuminate; 30% of back-to-base sales include AI SKU; >70% of net new sales include AI SKU; net new AI SKUs >100% YoY growth.
- Notable Q2 wins: University of Virginia (net new across HCM, Financials, Student + healthcare system); Nationwide (large financials upsell/cross-sell); Salesforce (Financials go-live); expansions at Sanofi, Google; full-suite wins at Michels Corporation, Red Coat.
Mgmt stance: Bullish — AI adoption is "meaningful" to overall performance; win rates supported by strong competitive deal closures and strategic partner momentum (DailyPay highlighted).