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Workday cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$460M in Q2 FY27 · $2.8B over twelve months

Operating cash flow$519M
Capital spending−$59.0M
Free cash flow+$460M
Cash / net income0.8×

Analysis

In Q2 FY27, Workday generated $519M of operating cash flow and spent $59.0M on capital projects, leaving free cash flow of $460M. That is $128M less than in Q2 FY26 ($588M).

Over the twelve months to Jul 31, 2026, operating cash flow was $3.1B; the largest uses were buybacks ($5.2B), taxes on employees’ shares ($517M), capital spending ($237M); besides operations, cash came from other investing ($2.1B), shares issued ($179M); the cash balance fell by $601M.

Operating cash flow was $519M against net income of $632M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$462M, deferred taxes −$386M, receivables −$326M.

Free cash flow

Workday: free cash flow by quarterWorkday: free cash flow by quarter$359MQ3 FY25$1.0BQ4 FY25$421MQ1 FY26$588MQ2 FY26$550MQ3 FY26$1.2BQ4 FY26$616MQ1 FY27$460MQ2 FY27
Operating cash flow less capital spending.
Workday: operating cash flow against capital spendingWorkday: operating cash flow against capital spendingOperating cash flowCapital spending$406M$47.0MQ3 FY25$1.1B$86.0MQ4 FY25$457M$36.0MQ1 FY26$616M$28.0MQ2 FY26$588M$38.0MQ3 FY26$1.3B$60.0MQ4 FY26$696M$80.0MQ1 FY27$519M$59.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $519M, Capital spending $59.0M.

Capital allocation, year by year

Workday: where the cash came from (up) and went (down), by fiscal yearWorkday: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $1.7BFY22: Net borrowing −$38.0MFY22: Shares issued $148MFY22: Acquisitions −$1.2B$1.8BFY22FY23: Operating cash flow $1.7BFY23: Net borrowing −$710MFY23: Shares issued $152MFY23: Capital spending −$364MFY23: Buybacks −$75.0M$1.8BFY23FY24: Operating cash flow $2.1BFY24: Shares issued $177MFY24: Capital spending −$232MFY24: Acquisitions −$8.0MFY24: Buybacks −$423M$2.3BFY24FY25: Operating cash flow $2.5BFY25: Shares issued $186MFY25: Capital spending −$269MFY25: Acquisitions −$825MFY25: Buybacks −$700M$2.6BFY25FY26: Operating cash flow $2.9BFY26: Shares issued $192MFY26: Capital spending −$162MFY26: Acquisitions −$2.1BFY26: Buybacks −$2.9B$3.1BFY26
Over these 5 years operating cash flow totalled $10.9B; the largest uses were acquisitions ($4.1B) and buybacks ($4.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.4B
Debt$3.0B
Net cash$414M
Due within a year$999M

Workday funds itself: free cash flow was $2.8B over the last twelve months, and $3.4B of cash and investments stands against $3.0B of debt ($999M due within a year, 3.4× covered by cash).

Where the cash came from and went

Workday: sources (+) and uses (−) of cash, Q2 FY27Workday: sources (+) and uses (−) of cash, Q2 FY27Buybacks−$1.3BOther investing$1.0BOperating cash flow$519MTaxes on employees’ shares−$127MCash drawn (+) / kept (−)−$100MOther financing$98.0MCapital spending−$59.0MExchange rates$1.0M
Workday: sources (+) and uses (−) of cash, TTM to Q2 FY27Workday: sources (+) and uses (−) of cash, TTM to Q2 FY27Buybacks−$5.2BOperating cash flow$3.1BOther investing$2.1BCash drawn (+) / kept (−)$601MTaxes on employees’ shares−$517MCapital spending−$237MShares issued$179M

From profit to cash

Workday: net income to operating cash flow, Q2 FY27Workday: net income to operating cash flow, Q2 FY27Net income$632MDepreciation & amortization$90.0MStock-based pay$462MDeferred taxes−$386MGains on investments−$3.0MOther non-cash−$7.0MReceivables−$326MPayables−$12.0MAccrued liabilities$6.0MDeferred revenue$63.0MPrepaid and other assets$20.0MOperating cash flow$519M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$519M−$59.0M—−$1.3B—−$100M$460M
Q1 FY27$696M−$80.0M—−$1.6B—$941M$616M
Q4 FY26$1.3B−$60.0M−$1.1B−$1.5B$81.0M$1.1B$1.2B
Q3 FY26$588M−$38.0M−$974M−$802M—−$1.3B$550M
Q2 FY26$616M−$28.0M—−$299M—−$281M$588M
Q1 FY26$457M−$36.0M—−$290M—$566M$421M
Q4 FY25$1.1B−$86.0M−$1.0M−$103M$80.0M−$231M$1.0B
Q3 FY25$406M−$47.0M−$302M−$158M—$326M$359M

Workday: income statement and cash flow

Workday, Q2 FY27: revenue $2.6B (+13% year over year), operating margin 11.8%. The chart follows the revenue to costs, profit and cash.

Workday: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.