Workiva
Cloud software for SEC filings, XBRL tagging, and ESG compliance reporting.
On the record
Checkpoint: Q2 2026 earnings print, watch if growth holds at guided 16-17% and AI premium tiers get real adoption
The call
Workiva still owns the compliance paperwork trail that regulators and auditors trust, but growth is slowing and no one has proven AI premium pricing will stick.
Workiva sells software that helps companies file required reports to the SEC and handle ESG disclosures. Right now, it is hard to replace because the SEC requires auditable trails and compliance records that regulators trust, and big competitors like Oracle and SAP are too conflicted to stay neutral (they push their own products instead). But growth is slowing down, AI tools are starting to do some of this work already, and the company itself warned that AI could make customers think their software is worth less. In the next few years, the real test is whether a startup could build an AI-native filing system with the same audit and compliance certifications that regulators require, which would change everything.
Why
01
AI pressure: AI-native compliance-reporting startup with audit-trail certification. No certified AI-native rival has shipped yet, but Workiva's own leaders warn AI could compress what customers will pay for this kind of software. Could AI do the core job? Unlikely.
02
Bigger players: Oracle EPM Cloud, SAP Group Reporting, Workday Adaptive Planning. These giants sell reporting tools too but are seen as conflicted since they also sell the ERP systems being reported on, which limits how hard they push. Could a giant copy it? No, they are blocked.
03
What protects it. Auditors and regulators trust Workiva's audit trail, and 85% of Fortune 1000 already run filings through it, making a switch risky for compliance teams.
What would change this call
Workiva's Q2 2026 earnings (early August 2026) show revenue growth at, above, or below the guided 16-17%. Confirms whether growth deceleration is stabilizing or worsening.
OneStream reports new Fortune 500 wins in future earnings calls or press releases naming Workiva as the displaced vendor. Would show a same-industry rival actively taking Workiva's large enterprise accounts.
Workiva's net retention rate in upcoming quarterly reports falls below 105% from the current 112%. Would indicate AI premium-tier pricing or competitive pressure is eroding customer spend.
OneStream reports new Fortune 500 wins in future earnings calls or press releases naming Workiva as the displaced vendor. Would show a same-industry rival actively taking Workiva's large enterprise accounts.
Workiva's net retention rate in upcoming quarterly reports falls below 105% from the current 112%. Would indicate AI premium-tier pricing or competitive pressure is eroding customer spend.
Key numbers
- Q1 2026 revenue $247.3M, up ~20% YoY
- Net retention 112%, gross retention 97%
- Customers over $100K ACV: 2,575, up 24% YoY
Named risks
- Management flagged AI could reduce perceived value of traditional SaaS platforms.
- Guided revenue growth decelerating from ~20% to 16-17% YoY for Q2 2026.
- AI premium-tier monetization unproven, only ~30% customer adoption as of Q4 2025.
- $71M convertible notes due 2026 create near-term balance-sheet obligation.
- New auditor Grant Thornton appointed May 2026, transition risk unverified.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| OneStream | contesting | Named closest peer in enterprise consolidation/reporting; completed NASDAQ IPO Aug 2024 |
| Oracle EPM Cloud | contesting | Adjacent EPM incumbent, seen as structurally conflicted for neutral cross-ERP compliance reporting |
| SAP Group Reporting | contesting | Suite vendor competing in group/consolidation reporting, lacks Workiva's neutral positioning |
| Workday Adaptive Planning | contesting | Competes adjacently in planning/reporting but not cross-ERP compliance system of record |
Questions people ask
- Is Workiva profitable in 2026?
- Workiva has not disclosed GAAP net income in the brief, but non-GAAP operating margin expanded about 1,600 basis points YoY in Q1 2026 (reported 2026-05-05), and management targets 18% non-GAAP operating margin by 2027, rising to 24% by 2030.
- Could AI replace Workiva?
- Unlikely soon: Workiva's moat rests on SOC-certified audit trails, SEC/XBRL filing integration, and contractual guarantees customer data isn't used to train AI models. Net retention was 112% and gross retention 97% as of 2026-03-31, showing enterprise lock-in AI tools alone don't easily break.
- Who is Workiva's biggest competitor?
- OneStream is most often named as Workiva's closest peer in enterprise consolidation and reporting, having completed its NASDAQ IPO in August 2024. Suite vendors Oracle, SAP, and Workday compete adjacently in EPM but are seen as structurally conflicted for neutral cross-ERP compliance reporting.
- Is Workiva's growth slowing down in 2026?
- Yes. Q1 2026 revenue grew 19.9-20% YoY to $247.3M (reported 2026-05-05), but Workiva guided Q2 2026 revenue to $250-252M, implying deceleration to roughly 16-17% YoY growth.
- Who owns Workiva?
- Workiva is a publicly traded company on the NYSE under ticker WK, part of the Russell 2000, with no parent company. Market capitalization was approximately $3.08 billion as of 2026-07-22, with shares trading at $54.99.
- Does Workiva sell to large enterprise customers?
- Workiva states it serves over 85% of the Fortune 1000 (vendor-claimed, as of 2026-07-01). As of 2026-03-31, customers with annual contract value over $100K rose 24% YoY to 2,575, and those over $500K rose 39% to 265.
Timeline
- 2026-05-11Workiva AI Intelligent Companion upgraded with new agentic tool-calling engine
- 2026-05-05Q1 2026 results: revenue $247.3M; Grant Thornton named new independent auditor
- 2026-02-19Q4 2025 results: revenue $239M, up 20% YoY
- 2026-02-12Previewed Internal Tie-Out Assistant generative AI feature
- 2026-02-01Board raised buyback authorization by $250M to $350M total
- 2025-09-09Launched Workiva AI agentic platform across Finance, GRC, Sustainability
- 2024-06-01Acquired Sustain.Life carbon accounting startup
- 2023-10-30Acquired ParsePort (XBRL/ESEF) for approximately $100M cash
Revision history
22 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- UnifyGTM
- Yahoo Finance (2026-05-14)
- Investing.com (2026-05-05)
- Morningstar/Businesswire (2026-05-05)
- Workiva (2026-07-01)
- GuruFocus/Yahoo (2026-02-20)
- StockAnalysis.com (2026-06-24)
- GuruFocus (2026-07-22)
- Businesswire (2026-05-05)
- Workiva newsroom (2023-10-30)
- Workiva
- ESG Today (2025-09-09)