Cloud reporting platform Workiva (NYSE:WK) beat Wall Street’s revenue expectations in Q1 CY2026, with sales up 19.9% year on year to $247.3 million. The company expects next quarter’s revenue to be around $251 million, close to analysts’ estimates. Its non-GAAP profit of $0.77 per share was 17.6% above analysts’ consensus estimates.
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Workiva (WK) Q1 CY2026 Highlights:
- Revenue: $247.3 million vs analyst estimates of $245.2 million (19.9% year-on-year growth, 0.9% beat)
- Adjusted EPS: $0.77 vs analyst estimates of $0.65 (17.6% beat)
- Adjusted Operating Income: $45.42 million vs analyst estimates of $38.54 million (18.4% margin, 17.8% 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 $2.90 at the midpoint, a 7% increase
- Operating Margin: 6.2%, up from -12% in the same quarter last year
- Free Cash Flow Margin: 10.4%, down from 21.2% in the previous quarter
- Billings: $214.1 million at quarter end, up 12.3% year on year
- Market Capitalization: $3.19 billion
Company Overview
Nicknamed "the Excel killer" by some finance professionals for its ability to eliminate spreadsheet chaos, Workiva (NYSE:WK) provides a cloud-based platform that enables organizations to streamline financial reporting, ESG, and compliance processes with connected data and automation.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Thankfully, Workiva’s 20.1% annualized revenue growth over the last five years was decent. Its growth was slightly above the average software company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within software, a half-decade historical view may miss recent innovations or disruptive industry trends. Workiva’s annualized revenue growth of 18.8% over the last two years is below its five-year trend, but we still think the results were good. 
This quarter, Workiva reported year-on-year revenue growth of 19.9%, and its $247.3 million of revenue exceeded Wall Street’s estimates by 0.9%. Company management is currently guiding for a 16.6% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 16.3% over the next 12 months, a slight deceleration versus the last two years. Still, this projection is above average for the sector and suggests the market is forecasting some success for its newer products and services.
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Billings
Billings is a non-GAAP metric that is often called “cash revenue” because it shows how much money the company has collected from customers in a certain period. This is different from revenue, which must be recognized in pieces over the length of a contract.
Workiva’s billings punched in at $214.1 million in Q1, and over the last four quarters, its growth was impressive as it averaged 19.3% year-on-year increases. This performance aligned with its total sales growth, indicating robust customer demand. The high level of cash collected from customers also enhances liquidity and provides a solid foundation for future investments and growth. 
Customer Acquisition Efficiency
The customer acquisition cost (CAC) payback period measures the months a company needs to recoup the money spent on acquiring a new customer. This metric helps assess how quickly a business can break even on its sales and marketing investments.
Workiva is efficient at acquiring new customers, and its CAC payback period checked in at 39.8 months this quarter. The company’s relatively fast recovery of its customer acquisition costs gives it the option to accelerate growth by increasing its sales and marketing investments.
Key Takeaways from Workiva’s Q1 Results
We were impressed by Workiva’s optimistic EPS guidance for next quarter, which blew past analysts’ expectations. We were also glad its full-year EPS guidance trumped Wall Street’s estimates. On the other hand, its billings missed and its revenue guidance for next quarter was in line with Wall Street’s estimates. Overall, this print was mixed but still had some key positives. The stock remained flat at $53.03 immediately following the results.
Should you buy the stock or not? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).