WORKIVA INC (WK) Business

Item 1. Business

Overview

Workiva is a leading, AI-powered platform for trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams worldwide rely on Workiva for their mission-critical work. We build solutions that unite data, processes and people across our customers’ critical business operations within the only unified software-as-a-service (“SaaS”) platform that brings customers’ financial reporting, sustainability management, and governance, risk, and compliance (“GRC”) data together in one controlled, secure, audit-ready platform.

From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning (“ERP”), human capital management (“HCM”), and customer relationship management (“CRM”) systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time. This assured integrated reporting results in data clarity and accuracy, increased efficiency, and outcomes customers can trust.

Workiva provides more than 6,600 organizations across the globe, including over 85% of FORTUNE® 1,000 companies, with SaaS platform solutions to help solve some of the most complex reporting and disclosure challenges. While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and GRC) focusing primarily on the offices of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”).

We have experienced strong revenue growth since we released our first solution in March 2010. Our revenue grew to $884.6 million in 2025 from $630.0 million in 2023, representing a 18% compound annual growth rate. We incurred net losses of $26.2 million, $55.0 million, and $127.5 million during the years ended December 31, 2025, 2024, and 2023, respectively. Approximately 92% of our revenue in 2025 was derived from subscription and support fees, with the remainder from professional services.

2025 Company Highlights and Milestones

•We delivered strong financial performance powered by the continued demand for our broad portfolio of solutions and AI-powered platform. We successfully adapted our go-to-market strategy to reflect the changing business and regulatory environments, and our resilient platform enabled us to continue delivering durable growth in a dynamic year.

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•Workiva launched artificial intelligence (“AI”) capabilities to accelerate transformation for the office of the CFO. These AI capabilities, unified data automation, and a modernized controls experience allow our finance, GRC, and sustainability teams to streamline complex workflows, proactively manage risk, and deliver insights with speed and confidence.

•We added 4 new innovation patents, bringing our total to 90.

•Workiva was recognized as a leader across multiple independent industry analyst reports, including but not limited to: IDC MarketScape: Worldwide AI-Enabled Green Accounting Applications for CFOs, IDC MarketScape: Worldwide ESG Reporting and Compliance Management Applications, IDC MarketScape: Worldwide Sustainability Management Platforms, Verdantix Green Quadrant: GRC Software, Verdantix Green Quadrant: ESG & Sustainability Reporting Software and ISG Buyers Guide: Sustainability Management.

•We maintain third-party recognition of our sustainability performance, including an MSCI ESG Rating of AAA representing the highest possible rating, which measures our long-term resilience to industry specific sustainability risks. Additionally, we were awarded Prime status by ISS ESG as a sustainability leader in our industry and received a Silver Medal from EcoVadis, placing us in the top 15% of all companies assessed.

•Workiva hosted two major hybrid Amplify conferences: the fourth annual European Amplify and Amplify in the U.S., which brought together more than 5,800 customers, partners, and prospects from over 2,400 companies.

•During the fourth quarter of 2025, Workiva strengthened our executive leadership team with the appointments of Barbara Larson as Executive Vice President and Chief Financial Officer, Deepak Bharadwaj as Executive Vice President and Chief Product Officer, and Michael Pinto as Executive Vice President and Chief Revenue Officer. These strategic hires bring deep expertise in operational excellence, AI-driven platform innovation, and global go-to-market scale.

•Workiva was recognized for its workplace culture and employee engagement, earning a place on Fortune’s 100 Best Companies to Work For list for the seventh time and being named to PEOPLE’s 100 Companies That Care.

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Macro Trends

Six macro trends have been driving demand for Workiva's platform: the proliferation of AI and increased cloud adoption; finance transformation; evolution of the distributed work model; influx of disparate data sources; increased complexity of the regulatory landscape; and increased stakeholder demands for sustainability data.

Proliferation of AI and Increased Cloud Adoption. The rapid growth of AI has challenged organizations to reevaluate their technology stack to ensure they are ready for the AI era. More organizations are looking to replace old on-premises software to allow them to realize the benefits of AI. In doing so, they are turning to software providers that they can trust with their most sensitive data. Workiva provides its customers with AI-powered, cloud-native software that our customers trust to handle their most important work. Having always delivered a cloud-native platform, we have assisted many of our customers in adopting our cloud solutions and believe that the market has shifted to a cloud first or in many cases a cloud only set of purchasing requirements.

Finance Transformation. While the importance of finance transformation has been increasing in recent years, we believe that regulatory requirements such as the Corporate Sustainability Reporting Directive (“CSRD”) and other climate related regulations that require integrated reporting and the ERP upgrade cycle underscore the critical importance of collaborative cloud platforms for reporting and disclosure. Each of our fit-for-purpose solutions helps in critical aspects of our customers’ finance transformation journeys and simplifies the complex work around reporting and disclosure.

Evolution of the Distributed Work Model. A growing number of companies are managing a distributed workplace model for which they are implementing collaborative technologies to streamline work processes and automate decision-making, actions and responses. Our cloud-native platform was built to support this distributed model, providing centralized visibility and real-time connectivity that modern organizations require to scale in a borderless talent market.

Influx of disparate data sources. As organizations capture increasing volumes of data across a greater number of systems, the assembly, aggregation, and consolidation of that data becomes more complex. Integrating with and connecting to source systems and applications is a key requirement necessary to address the technical complexity of reporting and disclosure, and is a high priority for the organizations we serve.

Increased Complexity of the Regulatory Landscape. The global regulatory landscape continues to expand in both complexity and uncertainty leading to increasing demands for more data and disclosure. We expect regulators to continue to require use of structured, machine-readable data in companies’ disclosures. Many regulators have already or will be implementing structured data mandates, requiring companies to tag data in their financial statements using eXtensible Business Reporting Language (“XBRL”). The Workiva platform has supported XBRL disclosures for more than 15 years.

Increased Stakeholder Demands for Sustainability Data. We believe it is increasingly important for companies to be transparent and accountable not just to investors but to other stakeholders, including employees, customers, suppliers, partners and communities. Sustainability management is complex. It requires the ingestion, aggregation, management, and reporting of financial and non-financial data from many disparate sources, and it requires the collaboration of multiple internal stakeholders across finance, risk management, and sustainability teams.

Growth Strategy

We are focusing our investment on four tenets of our growth strategy: our connected AI-powered platform, fit-for-purpose solutions, global expansion, and our partner ecosystem.

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Connected AI-Powered Platform. People all over the world use our connected, cloud platform to seamlessly enable collaboration and deep integration into existing work streams to simplify their most complex reporting challenges. We offer the only unified, AI-powered SaaS platform that brings customers’ financial reporting, sustainability management, and GRC together in a controlled, secure, audit-ready platform. Our AI capabilities, unified data automation, and a modernized controls experience allow finance, sustainability, and GRC teams to streamline workflows, proactively manage risk, and deliver insights with speed and confidence. Our platform creates a competitive advantage and positions us to win in the expanding business reporting market.

Fit-for-Purpose Solutions. Workiva is the leading provider of cloud-based reporting solutions that are designed to solve financial and non-financial business challenges at the intersection of data, process and people. We are entering into new markets and geographies with an expanded solutions portfolio. Workiva is focused on growing our business through selling multi-solution deals and account expansions. Three solution groups that are part of this growth strategy are financial reporting, sustainability management, and GRC:

•Financial Reporting. Our longest-tenured solutions are in our financial reporting solutions group. Financial reporting continues to represent a significant global opportunity for Workiva among private and public companies. Our customers' external and internal financial reporting processes have adapted significantly to accommodate factors such as increasing regulatory pressure, integration of non-financial data and disclosures, as well as other considerations that influence financial reporting such as economic volatility and geopolitical instability. Additionally, XBRL tagging is expanding beyond traditional financial statements and footnotes within regulatory filings. We believe this evolution in financial reporting processes will continue, which we expect will drive the need for expanded financial reporting solution capabilities including an increase in source data integrations, enhanced automations, an increase in cross-functional team collaboration, and integrated Generative AI (“GenAI”). We believe that by expanding our robust financial reporting capabilities and deepening our alignment to our other offerings such as sustainability management and GRC, there may be additional growth opportunities for Workiva.

•Sustainability Management. We believe sustainability represents a generational opportunity for growth and we plan to continue to accelerate our investments to meet stakeholders’ growing need for sustainability information. In an increasingly transparent world, organizations across the globe are disclosing non-financial key performance indicators around sustainability issues. Sustainability-related information is beginning to appear in mainstream financial reports and we believe this trend will accelerate in the coming years. Workiva’s fit-for-purpose sustainability management solution provides an effective platform to help organizations manage, collaborate, and disclose their sustainability information to stakeholders. We will continue to leverage what we believe is the superior sustainability management solution to grow our business.

•Governance, Risk, and Compliance. GRC is a broad market segment that can be defined by a number of solution areas including internal audit, internal controls, risk management, policy management, vendor risk, and IT risk. Risk Management is a high priority for Chief Executive Officers (“CEOs”) and across boardrooms all over the globe. Workiva’s GRC solution suite enables our customers to identify, track, and manage risk so that customers can operate legally, ethically, and in compliance with regulations. In the third quarter of 2025, Workiva was named a “Best of Breed” provider among GRC platforms by independent research firm, Chartis Research. We will continue to leverage our GRC leadership to grow our business.

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Global Expansion. We believe growth outside of the U.S. presents an attractive opportunity because the factors that drive demand for our solutions in the U.S. are similar to those in other developed countries, including the need to manage complex datasets, reduce errors and risk, improve efficiency and respond to regulatory requirements.

In 2025, we generated approximately 26.7% of our consolidated revenue from countries outside of the United States (“U.S.”), and we expect these global markets to contribute an increasing percentage of total revenue.

Partner Ecosystem. We believe that our ecosystem of partners extends our geographic reach, accelerates the usage and adoption of our platform, and enables more efficient delivery of professional services. We intend to expand and deepen our relationships with global and regional partners, including global consulting firms, systems integrators, large and mid-sized independent software vendors and implementation partners. Our over 250 advisory, technology, and service partners offer a wider range of domain and functional expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they drive for their customers.

Our Connected AI Platform

The Workiva platform is multi-tenant cloud software deployed in multiple regions worldwide. Our platform, built primarily on Amazon Web Services (“AWS”), is composed of both proprietary and open-source technologies.

We believe the following characteristics highlight our platform’s key competitive advantages:

Features and Functionality. Our platform enables customers to securely connect data from third-party cloud and on-premise applications including ERP, HCM and CRM systems. Workiva's drag-and-drop data preparation capabilities allow users to clean, transform, query, and filter data sets across millions of records that typical spreadsheets or other data tolls cannot support, while providing previews to help users quickly assess and understand their data. Once data is connected in the Workiva platform, customers can automate data updates across workflows, track changes, and collaborate to create trusted reports and regulatory filings.

With our platform’s data-linking capabilities, every change is automatically updated in all linked instances—including narrative and numbers—throughout spreadsheets, text documents, charts and graphs, and presentations in our platform. Linking enables data consistency and traceability and ensures that collaborators are working with the most current data.

Our platform's detailed audit trail provides accountability and transparency by tracking every change made by every user over time. A complete record of data provenance and all changes helps our customers mitigate risk, gain insights and make better, data-driven decisions.

With permission controls in our platform, administrators can manage fine-grained access at all levels, ensuring users have appropriate access to information based on their roles. These controls also allow administrators to grant targeted access to external auditors, outside counsel and other consultants, which helps streamline the review process, reduces expenses and protects data.

Easy to Deploy and Configure. The Workiva platform can be deployed within days or weeks for new customers and can be easily configured by the customer for individual employees or entire teams. Because our solutions are browser-based, customers avoid costly, time-intensive deployments typically associated with on-premise enterprise software.

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High Performance. The architecture, design, deployment and management of our solutions provide enterprise-grade scalability, availability and security. The performance of the Workiva platform has been tested and proven by some of the largest, most demanding enterprises in the world.

Continuous Improvement. Our continuous integration and deployment capabilities enable frequent collaboration and rapid releases of new versions of our software each week. This enables us to incorporate customer and partner feedback quickly to ensure continuous improvement of their experience.

Scales Rapidly. The Workiva platform is designed to support millions of end users as a result of its scalability and our relationship with AWS. Our customers have created billions of links to seamlessly achieve a single source of data, among multiple documents, spreadsheets and presentations.

Secure. Many of the largest enterprises in the world trust us with their most sensitive data. We employ stringent data security, reliability, integrity and privacy practices. In addition to our regular customer security assessments, we engage in continuous and ongoing penetration and vulnerability testing (manual and automatic, internal and third-party) and adhere to standards established by third parties such as Federal Risk and Authorization Management Program (“FedRAMP”) and ISO 27001. We also engage third-party auditors to evaluate our controls against the service organization controls (“SOC”) compliance frameworks. Workiva also offers customers the ability to provide their own encryption keys for an additional level of data protection and encryption.

Generative AI. Our GenAI capabilities seek to enhance the way finance, risk, and sustainability teams work, improving content creation, editing, and collaboration. With the complex and sensitive work associated with financial reporting, sustainability management, audit, and risk, responsible AI usage is paramount—particularly when it comes to data security, subject-matter expertise, and human oversight. Customers are using the GenAI capabilities to author new content quickly; refine, edit, and rewrite content; generate ideas and perspectives; and research with a thought partner on demand.

Marketplace. The Workiva Marketplace enables organizations to streamline existing processes and solve new business problems by activating more than 200 ready-made templates and no-code data connectors, and services from industry experts and trusted partners — all within the Workiva platform’s connected and secure ecosystem. Its offerings include process checklists, carefully organized and linked reports, style guides, perfectly formatted presentations, and more. Accounting, sustainability, audit, financial planning and analysis, financial services, and legal teams can easily add templates or connectors directly into an existing Workiva workspace and optimize workflow with process automation, practical examples, and industry best practices.

Fit-for-Purpose Solutions

We market and sell over 30 fit-for-purpose solutions that are categorized into four reporting groups: financial reporting, sustainability management, GRC, and industry verticals.

Financial Reporting

Multi-Entity Reporting. We see growing demand for our platform in the U.S. and in Europe for statutory reporting, which is a complex process for our multinational customers that are required to report statutory financial information throughout different countries and local jurisdictions where they do business. Currently, most of these enterprises rely on hundreds of legacy word-processing documents and spreadsheets with no digital audit trail. This disconnected, manual process is prone to errors and creates the risk of accounting inconsistencies in reports between legal entities across jurisdictions. Without a standardized process and central oversight, companies may face risk and increased expenses relating to outsourcing to a host of consultants and accounting firms, which also could weaken control and extend review time.

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Securities and Exchange Commission (“SEC”) and System for Electronic Document Analysis and Retrieval (“SEDAR”) Reporting. Our platform gives customers control over the entire SEC reporting process, from data collection to drafting to embedding supporting documentation to the actual filing with Inline XBRL (“iXBRL”). Our SEC reporting solution allows our customers to prepare and file all major SEC reports, such as Form 10-K, Form 10-Q and Form 8-K, as well as Form S-1 and other registration statements, proxy statements and Section 16 reports. Features tailored to the SEC reporting process include the capability to concurrently create reports in the HTML format required for filing on the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system and the ability to perform XBRL tagging as well as to submit SEC reports with iXBRL. Foreign Private Issuers can use our platform to include XBRL tagging in their 20-F and 40-F filings with the SEC. Workiva also enables customers to create earnings press releases, earnings call scripts, presentations and other investor relations materials with data linked to the corresponding filing. Canadian issuers can use our platform to draft and submit reports through SEDAR.

Capital Markets. Workiva offers an end-to-end technology platform supporting our customers throughout their journey as they move from being a privately held company to being publicly traded. We believe that our platform approach and fit-for-purpose solutions provide a competitive differentiation in the market. Private companies can purchase the Workiva platform for financial reporting, management reporting and controls management. They may do this up to a year or two in advance of their target initial public offering (“IPO”) date. As these companies go through the IPO process, they then have the opportunity to use the capital markets solution on our platform to manage the creation of their Form S-1 to register their securities with the U.S. Securities and Exchange Commission. Around the time they go public, many of these customers may then purchase our SEC solution, which enables companies to prepare and file all major SEC reports, and expand the use of our platform to support their audit requirements under the Sarbanes-Oxley Act (“SOX”).

Annual & Interim Reporting. Workiva provides customers control over their entire financial reporting process, from data collection to drafting to embedding supporting documentation to submitting their financial statements to their board, ownership structure and/or debt holders. Workiva enables customers to manage their entire process of creating financial statements with more confidence through connecting directly to their financial source systems like ERPs and general ledgers. This reduces human error and increases data reliability during financial statement consolidation. Workiva also enables speed through automation which reduces the time-consuming, stressful process of gathering financial data, freeing your time for telling your financial story.

European Single Electronic Format (“ESEF”). Similar to our support for SEC reporting for U.S. listed companies, we offer a solution for companies listed on the European Union listed exchanges that are subject to the ESEF reporting requirement. ESEF requires all specified issuers on European Union (“E.U.”) & United Kingdom regulated markets to file annual account statements in a digital format using iXBRL.

Management Reporting. Public and private companies, government agencies and higher-education institutions must create a vast array of complex financial and managerial reports. Organizations of all sizes typically have to collect, track, manage and report on a wide range of operating metrics to drive better business outcomes. Our customers continuously find new use cases across their organizations, including Financial Planning and Analysis (“FP&A”), board/committee and quarterly reporting, C-Suite reporting, strategic business plans, financial statements, variance reports, monthly management reports, managing and tracking key performance indicators, data collection for domestic sales, performance reporting, and employee benefit financial statements.

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Sustainability Management

Workiva’s sustainability management solution enables organizations to deliver high-quality disclosures to their most important stakeholders, including investors, regulatory agencies, executive management, and their boards by connecting information directly across sustainability reports, statutory disclosures, annual reports, earnings call scripts, and regulatory filings, with support for XBRL tagging. Our platform also helps organizations proactively confront a complex and rapidly changing regulatory landscape to create integrated and assured reports that will address the disclosure requirements of the CSRD in the E.U., and California’s Climate Corporate Data Accountability Act (SB-253) and Climate-Related Financial Risk Act (SB-261).

Our platform streamlines the sustainability management process end-to-end, from data collection and management to final report. Customers use our solution to collect quantitative and qualitative values to report for sustainability topics, reference sustainability frameworks and standards to align with stakeholder interests, request and track the data collection of sustainability values, and connect information across reports, from sustainability reports to financial reports and internal presentations, to create a single source of truth for sustainability metrics and disclosures.

Customers can use the Sustainability Explorer to review and compare guidelines from multiple frameworks and standards, including Global Reporting Initiative (“GRI”) Standards, Sustainability Accounting Standards Board (“SASB”), Task Force on Climate-related Financial Disclosures (“TCFD”), and the United Nations Sustainable Development Goals (“SDGs”).

Our Sustainability Program provides a connected and collaborative hub for sustainability teams and stakeholders to operationalize their sustainability initiatives. Customers can identify and organize the topics that are material to their organization, create automated processes to collect, review, and maintain metrics from systems of records and other data providers, and connect metrics to reports, presentations, and surveys, including submitting responses to CDP (formerly Carbon Disclosure Project).

Workiva Carbon supports organizations’ requirements for carbon accounting, including the tracking and disclosure of carbon emissions for scopes one, two, and three, and decarbonization. Workiva Carbon enables organizations to measure, manage, collaborate and report on emissions data to support their net-zero, supply chain, and regulatory reporting requirements.

Governance, Risk, and Compliance

Controls Management. Our customers use our platform to increase efficiency in documenting, implementing and assessing internal controls over financial reporting (“ICFR”) as required by SOX. SOX also requires public company Chief Executive Officers and Chief Financial Officers to individually certify that their annual and quarterly financial reports are accurate and complete and to assess the effectiveness of their ICFR. Increased scrutiny from the Public Company Accounting Oversight Board on audits of management’s assessment of internal controls – and the transition in the framework used for assessing internal controls – is driving public companies to find more efficient and accurate solutions for SOX compliance. Our customers can collect data from multiple departments, centralize that information in a linked platform, create and track process narratives and flows with co-workers, embed evidence and directly test controls.

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Internal Audit Management. We sell to the broad-based audit market because users in that market often collaborate with colleagues working in SOX, risk and controls across an organization. Internal audit management extends throughout an organization, attracting Workiva customers from a wide range of departments. Internal audit management includes audit risk assessments, the audit planning process, workpaper management, testing, issues management and audit reports that encompass the audit committee report and the internal audit group. Workiva enables simultaneous collaboration with control and accountability and enables robust documentation, accurate audit conclusions and complete audit trails, which are essential to auditors, executives and boards. With permission controls, administrators can restrict access at all levels for each user to create, review and edit data and documents that relate directly to them. This control feature also enables users to grant access to their external auditors, which further streamlines the review process and reduces expenses.

Enterprise Risk Management (“ERM”). With our platform, our customers can integrate their risk management practices throughout the organization while maintaining information privacy, audit trails and security resulting in highly efficient and transparent compliance. We also sell a solution for ERM to help enterprises identify systemic risks, determine risk probabilities, assess risk magnitude, plan strategic responses, report to boards and other stakeholders and ultimately make real-time ERM decisions.

Policy and Procedure Management. Our customers can use our platform to establish a connected, enterprise-wide policy and procedure management process. Teams can access and manage all content for policies, standards, procedures and guidelines for the entire enterprise in our platform, and they can efficiently manage ongoing policy review cycles throughout the year. Customers can map policies directly to risks, controls, processes and regulations and create a consistent template-driven format or taxonomy for all policies. Customers can also distribute and track employee attestation of policies and procedures with automated certification reminders and progress dashboards.

Industry Verticals

Financial Services. We market our platform globally to banks, insurance and investment firms with fit-for-purpose solutions to simplify the complexity of regulatory, financial, risk and sustainability management. Examples of banking regulations our customers face include global regulatory standards (Basel 1, 2 and 3); regional regulatory requirements (e.g., Federal Reserve for the U.S. and European Banking Authority and European Central Bank requirements across E.U. member States); and at the in-country level (e.g. Central Bank Stress Tests). These regulations cover a wide array of capital and liquidity standards that banks are required by law to disclose publicly, privately to regulators and internally to support board and executive level decision-making.

Our platform aids insurance customers to meet insurance regulatory requirements in the U.S. and globally. For example, in the U.S., insurers are regulated both in their state of domicile and in other states in which they are licensed to sell insurance, and Workiva supports insurance statutory reporting by state and other use cases such as actuarial memorandum. In Europe, we assist our customers with their in-country regulatory reporting requirements, such as with the European Insurance and Occupational Pensions Authority and the Basel norms for insurance companies. They use the platform to meet insurance reporting regulations for regulatory capital requirements and specific disclosure requirements publicly, privately to regulators and internally to support board and executive level decision-making.

We also provide a set of solutions tailored to the needs of investment firms, asset managers, and fund administrators for fund reporting, investor communications, and regulatory compliance. These solutions deliver data integrity, transparency, and scalability across the complex workflows of investment firms including fund reports for both private and public funds, tailored shareholder reports, fund fact sheets, internal management reports and investor presentations.

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Public Sector. State and local governments use our platform to streamline and modernize Comprehensive Annual Financial Reports and budgeting. We are also expanding adoption of our platform across U.S. government agencies. With our FedRAMP authorization, we can help federal agencies connect, control and report up to 80% of their information types.

Energy & Utility Sector. Workiva provides connected reporting solutions that improve data accuracy for energy and utilities companies across state commission filings, utility rate making documents, SEC filings, financial and performance reports, SOX documentation, and supports Federal Energy Regulatory Commission (“FERC”) XBRL mandate.

Research and Development

Our research and development organization is responsible for the design, development, testing, and validation of our platform and fit-for-purpose solutions. We focus on innovating and developing new solutions and furthering the openness and extensibility of our platform. We believe that delivering new functionality for our customers is an integral part of our product strategy and provides our customers with access to a broad array of options and information critical to enhancing their reporting, disclosure and digital transformation efforts. We have invested more than $1.2 billion over the last decade to create a differentiated technology platform for our customers. We expect that we will continue to make strategic investments in research and development to broaden our platform capabilities, strengthen our existing solutions, enhance our user experience and ecosystem with integrations, and develop new solutions. We focus on customer engagement to envision the future of our platform to bring about new capabilities and versions of existing solutions to market quickly in order to remain competitive in the marketplace.

Customers

More than 6,600 organizations across the globe, including global enterprises with hundreds of thousands of employees, trust Workiva. Customers include over 95% of FORTUNE® 100 companies, over 85% of the FORTUNE® 500 companies, and over 85% of FORTUNE® 1,000 companies. Our customers are passionate, loyal supporters of our solutions, as demonstrated by our gross retention rate of 97.2% as of December 31, 2025. Our net retention rate was 112.8% as of December 31, 2025.

Competition

The intensity and nature of our competition vary significantly across our different solutions, as changes in regulation and market trends result in evolving customer requirements and demand for enterprise software. Our primary competitors include:

•Status quo, manual business processes that rely on legacy software productivity tools;

•Diversified enterprise software providers;

•Niche software providers that provide point solutions;

•Providers of professional services, including consultants and financial printers;

•Sustainability and data management software providers;

•Governance, risk, and compliance software providers; and

•Business intelligence / performance management software providers.

As our markets expand, we expect to compete with more highly specialized software vendors, as well as larger vendors that may continue to acquire or bundle their products more effectively.

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The principal competitive factors in our market include: product features, reliability, performance and effectiveness; product line breadth, diversity and applicability; product extensibility and ability to integrate with other technology infrastructures; price and total cost of ownership; adherence to industry standards and certifications; strength of sales and marketing efforts; and brand awareness and reputation. We believe that our cloud-based platform has the combination of features and value to our customers that will continue to allow us to compete effectively.

Sales and Marketing

Sales

We sell our subscription contracts and related services globally, primarily through our direct sales organization which employs a combination of field sales, inside sales and partnership channels.

Our sales organization comprises sales development representatives, pre-sales engineers and account managers. Our sales development representatives qualify sales-accepted opportunities for our account managers. Our pre-sales engineers focus on solutions and custom product demonstrations and consultative sales. Our account managers work to attract new customers as well as expand our platform into new use cases and departments across our current customers’ organizations.

Our customer success and professional services teams also help our account managers build our existing customer relationships by providing advice and best practices that enable users to harness the full power of our platform.

We plan to continue strengthening our sales coverage in our current markets, as well as expand our sales footprint in locations where we see a demand for our solutions. To achieve this growth, we plan to continue hiring motivated sales people with experience in enterprise software sales and in specific geographical regions. We believe that our approach to hiring sales people, along with a progressive training, culture and compensation package will allow us to retain sales talent and continue to drive growth.

In 2025, we continued to expand our ecosystem of partners, including global consulting firms, systems integration and technology firms, and leading regional consulting firms. Our highly skilled advisory and implementation partners offer a wide range of subject-matter expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they implement for their customers. Our technology partners enable powerful data and process integrations that enable our customers to connect their existing ecosystem of solutions directly to our platform. Our partners help to extend our customer reach through marketing and promotion and help accelerate the sale and delivery of our platform.

Marketing

Our marketing organization promotes our brand, creates awareness and demand for our offerings, and researches and assesses product market needs. Our go-to-market planning team assesses customer needs, conducts industry-based research, analyst relations, and identifies new markets. Our product marketing team develops the go-to-market strategy for Workiva solutions and manages pricing and licensing strategies. The product marketing team also supports our sales team with playbooks that include profiles of typical buyers, key messages, value propositions, competitive analysis and sales strategies.

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Our demand generation programs are categorized by technology solution and industry and are focused on engaging business leaders, process owners and technology teams. We use a variety of marketing programs across traditional and social channels to target current and prospective customers. Our marketing team hosts virtual and in-person events to educate prospects and customers and generate demand for our solutions.

Seasonality

Our business is subject to modest seasonality, with professional services revenue typically higher in the first quarter due to customer reporting cycles, sales and marketing expenses historically higher in the third quarter due to our annual user conference and operating cash flows affected by the timing of employee bonus and commission payments during the first and fourth quarters.

Customer Success and Professional Services

Our customer success and professional services teams help our account managers build relationships with customers by providing advice that enables them to harness the full power of our platform.

Customer Success. Our customer success team partners with users of our platform to understand their business objectives and offers best practices in the use of our software. We deliver 24/7 live customer support via phone, digital messaging and web-based conferencing. We provide intensive training to our customer success team and segment them for each solution and market focus.

Professional Services. Our professional services include initial setup of documents; XBRL mapping, tagging and review; best practices implementation; and business process consulting. Our XBRL team of accounting and financial reporting professionals provide XBRL mapping, tagging and review services to our customers. We also employ a team of consultants who offer services to customers to improve and streamline their Workiva-related data processes.

We pay for employees to maintain professional certifications and licenses that are important to our customers, and we host regular company-wide employee education sessions on business, industry, technology and workplace topics.

Intellectual Property

Our intellectual property and proprietary rights are important to our business. We safeguard these rights through patents, trademarks, copyrights, trade secrets, and contractual protections across the U.S. and other jurisdictions.

As of December 31, 2025, we had 90 issued patents and 14 patent applications pending relating to our platform or related technology. However, there is no guarantee that pending applications will result in patents or that issued patents will be enforceable or protected from infringement. We integrate third-party software, including open-source and commercially available software, into our solutions. However, we cannot ensure that these third-party providers will maintain or continue offering their software.

We secure access to proprietary software and confidential information through technical and organizational controls and contracts with employees, contractors, and partners. Our software is protected under U.S. and international copyright laws. Despite these measures, unauthorized parties may still misuse our intellectual property. Protection outside the U.S. may also be limited, particularly as we expand internationally.

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Success may attract competitors aiming to create similar solutions or infringe on our proprietary rights. Likewise, third parties might claim that our platform infringes their intellectual property. Patent and other intellectual property disputes are common in our industry. Competitors with large patent portfolios may engage in both offensive and defensive legal actions.

Our industry is characterized by the existence of a large number of patents and frequent claims and related litigation regarding patent and other intellectual property rights. Third parties, including leading enterprise software companies, could accuse us of infringement or misappropriation. Our agreements often require us to indemnify customers in such cases. Successful claims could limit our ability to distribute certain solutions, force costly workaround developments, or require substantial damages payments. Public visibility increases our exposure to such risks. We cannot assure you that we do not currently infringe, or that we will not in the future infringe, upon any third-party patents, copyrights or other proprietary rights.

We have registered a number of trademarks and logos, including “Workiva,” “Wdesk” and “Wdata” with the United States Patent and Trademark Office and in several jurisdictions outside the United States. In addition, we intend to expand our international operations, and we cannot assure you that these names will be available for use in all such jurisdictions.

Litigation

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Government Regulations

Various U.S. federal and state, as well as foreign laws and regulations, including environmental regulations, applicable to us have become effective or are under consideration in many parts of the world. To date, such developments have not had a substantial adverse impact on our capital expenditures, results of operations, or competitive position. However, if new or amended laws or regulations impose significant operational restrictions and compliance requirements upon us or our business, our capital expenditures, results of operations, or competitive position could be negatively impacted. Refer to Item 1A. Risk Factors for further information.

Corporate Sustainability Commitments

Workiva leverages global sustainability standards to advance enterprise value. We focus on the intersection of financial performance and sustainability impact; using materiality as a filter to prioritize initiatives that reduce operational volatility, attract lower-cost capital, and position the company as a leader. When we translate sustainability into quantifiable business intelligence, we proactively manage non-financial risks and capitalize on the market demand for transparent, sustainable enterprise solutions.

We are committed to sustainability through innovation and collaboration with a high level of governance, accountability and disclosure.

A few examples of our continued action and commitments include:

•We have made significant progress towards our established sustainability targets in innovation, environment, and people and philanthropy. Our environmental targets include

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near-term greenhouse gas emissions targets validated and approved by the Science Based Targets initiative (“SBTi”).

•Workiva was the first SaaS company to join the United Nations’ CFO Coalition for the SDGs, where we work alongside other global CFOs to guide companies in aligning their sustainability commitments with credible corporate finance strategies to create real world impact.

•Workiva was one of the first 130 “early movers” to join the UN’s Forward Faster initiative, which aims to increase accountability and transparency by having companies publicly commit to five action areas where businesses can make the biggest impact by 2030.

•Workiva is an Associate Centre Partner of the World Economic Forum, with membership in the Centre for Nature & Climate and the Centre for Financial and Monetary Systems. The Company actively participates in the Forum's CFO and CSO communities, contributing to key discussions and initiatives in these areas.

•The Workiva Sustainability Management solution streamlines data collection, analysis, and reporting for non-financial disclosures. We leverage our AI-powered platform to conduct peer benchmarking, develop new sustainability disclosures and targets, and generate data-driven insights; boosting team productivity and delivering real-time, assurance-ready disclosures.

•In the second half of 2025, we engaged during Climate Week and Conference of the Parties 30 with regulators, customers, partners, media, and executives to champion sustainable intelligence and the future of responsible AI.

Workiva’s sustainability strategy is anchored by a robust governance structure of internal and external stakeholders, including:

•General oversight by and accountability to the Nominating and Governance Committee of the Company’s Board of Directors (the “Board”). Our Board committee charters include responsibilities relating to sustainability oversight as applicable to each of our Audit, Compensation, and Nominating and Governance committees. Detailed descriptions of the duties and responsibilities of each of our committees can be found in our most recent proxy statement.

•A Sustainability Task Force led by our CFO to ensure forward progress of our sustainability targets, and committed to alignment with the United Nations SDGs and the TCFD, GRI, SASB, and CDP. Our Sustainability Task Force is appointed by our President and CEO and is comprised of executives responsible for the oversight of various priority sustainability issues.

•An external Sustainability Advisory Council comprised of a group of experts who are knowledgeable about global sustainability regulation, strategy, practices, and reporting. Leveraging the expertise of our Sustainability Advisory Council helps us develop relevant products and take actions that are innovative, socially responsible and meet the demands of our stakeholders.

To learn more about Workiva’s sustainability efforts, track our progress in developing forward-looking targets and key initiatives, go to https://www.workiva.com/about/our-sustainability.

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Human Capital

We believe Workiva is a great place to work and Workiva has trusted and equipped our employees to work wherever and whenever is best for them. We have been on the Fortune 100 Best Companies to Work For® list since 2019 and attribute our success to our values-based culture. Workiva offers market-competitive compensation and benefits to attract and retain highly motivated and effective employees.

As of December 31, 2025, Workiva employed approximately 2,860 full-time people worldwide. Our headcount as of December 31, 2025 increased 1.1% from 2,828 full-time employees as of December 31, 2024.

We strive to create a workplace where people feel welcomed, valued, respected, and heard. To promote innovation and employee excellence, Workiva fosters a work environment that encourages fairness, teamwork, and respect among all employees. Key human capital initiatives include talent acquisition, advancing workforce skills and capabilities, and employee engagement.

None of our U.S. employees are represented by a labor organization or are a party to any collective bargaining arrangement. We have never experienced a strike or similar work stoppage, and we consider our relations with our employees to be good.

Corporate Information

Workiva Inc. is a Delaware corporation with principal executive offices located at 2900 University Boulevard, Ames, Iowa 50010. Our telephone number is (888) 275-3125 and our website address is www.workiva.com.

Copies of annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13(a) and 15(d) of the Exchange Act, are available, free of charge, on our website as soon as reasonably practicable after we file such material electronically with or furnish it to the SEC. The SEC also maintains a website that contains our SEC filings. The address of the site is www.sec.gov.