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Technology · Data Processing · Nasdaq

WDAYWorkday, Inc.

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The 10-K against last year's

151 changes: 20 added, 10 removed, 120 reworded, 1 quiet changes

10-K Mar 6, 2026 vs Mar 11, 2025
Risk FactorsRedline ↓
13.2%
of the text changed · 18,313 words now
17.7%
of the text changed · 7,096 words now
Legal ProceedingsRedline ↓
0.0%
of the text changed · 234 words now
Accounting PoliciesRedline ↓
12.8%
of the text changed · 4,037 words now

10-K 0001327811-26-000014 (2026-03-06) vs 10-K 0001327811-25-000056 (2025-03-11)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 368 words changed in this paragraph; it is 47% similar to last year's version.
Following Over the EU’s passage of the General Data Protection Regulation (“GDPR”), which became effective in May 2018, past five years, the global data privacy compliance landscape has grown increasingly complex, fragmented, and financially relevant to business operations. As a result, our data processing creates current and prospective risks related to increased regulatory compliance costs, government enforcement actions and/or financial penalties for non-compliance, and reputational harm. For example, a new the EU-U.S. Data Privacy Framework (“DPF”) is in place under which EU data can legally be transferred to the United States. U.S. However, it is expected to face facing legal challenges. Until As legal challenges to the DPF make their way through the court system, remain unresolved, uncertainty may continue about regarding the legal requirements for transferring customer personal data to and from Europe, an integral process aspect of our business that remains governed by, and subject to, GDPR General Data Protection Regulation (“GDPR”) requirements. Failure to comply with the GDPR data processing requirements by either ourselves or our subcontractors subprocessors could lead to regulatory enforcement actions, which can result in monetary penalties of up to 4% of worldwide revenue, private lawsuits, reputational damage, and loss of customers. Other new EU laws, including the EU Data Act, which primarily governs access to and use of non-personal data generated by digital services, have been, and may continue to be implemented, interpreted, and enforced in ways that impose additional rules and restrictions on the deployment, operation, or use of our products and services and may require us to adapt our business practices or contractual arrangements to comply with such requirements. Other countries such as Russia, China, Vietnam, and India have also passed or are in the process of passing laws imposing new requirements, including requirements related to consent and varying degrees of restrictive data residency requirements. Regulatory developments in the United States present additional risks. For example, the California Consumer Privacy Act (“CCPA”) took effect on January 1, 2020, and the California Privacy Rights Act (“CPRA”), which expands upon the CCPA, came into effect on January 1, 2023. The CCPA and CPRA give California consumers, including employees, certain rights similar to those provided by the GDPR, and also provide for statutory damages or fines on a per violation basis that could be very large depending on the severity of the violation. Numerous states have enacted, or are considering, privacy laws as well, creating a patchwork of state laws that may create compliance challenges. Furthermore, the U.S. Congress is considering numerous privacy bills, and the U.S. Federal Trade Commission continues to fine companies for unfair or deceptive data protection practices and may undertake its own privacy rulemaking exercise. In addition to government activity, privacy advocacy and other industry groups have established or may establish various new, additional, or different self-regulatory standards that customers may require us to adhere to and which may place additional burdens on us. Increasing sensitivity of individuals to unauthorized processing of personal data, whether real or perceived, and an increasingly uncertain trust climate has and may continue to create a negative public reaction to technologies, products, and services such as ours or otherwise expose us to liability. localization.

Source: Item 1A, 10-K 0001327811-26-000014 vs Item 1A, 10-K 0001327811-25-000056

MD&A 110 words changed in this paragraph; it is 61% similar to last year's version.
We Recent macroeconomic events including increased tariffs, elevated inflation, and fluctuating interest rates and foreign currency exchange rates, as well as geopolitical instability, continue to impact the global economy and create uncertainty, volatility, and disruption of financial markets. As a result, we have experienced, and may continue to experience, a moderation of revenue growth rates due to deal scrutiny and the lengthening of certain sales cycles, particularly within net new opportunities, and as well as reduced growth in headcount level headcount-level commitments upon renewals of existing customers. The extended sales cycles are particularly evident in the government, higher education, and healthcare industries which are tied to federal funding. Further, we have provided, and may continue to provide, certain customers with more flexible payment terms. If the economic uncertainty continues, we may also experience additional negative impacts on customer renewals, customer collections, sales and marketing efforts, customer deployments, product development, or other financial metrics. Any of these factors could harm our business, financial condition, and operating results. For further discussion of the potential impacts of recent macroeconomic events on our business, financial condition, and operating results, see “Risk Factors” included in Part I, Item 1A of this report.

Source: Item 7, 10-K 0001327811-26-000014 vs Item 7, 10-K 0001327811-25-000056

Accounting Policies 68 words changed in this paragraph; it is 57% similar to last year's version.
In December 2023, the FASB Financial Accounting Standards Board (“FASB”) issued ASU Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This We adopted this ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The updated standard allows for adoption on a prospective basis, with a retrospective option. We do not intend to early adopt, and are currently evaluating the impacts of the updated standard. basis effective February 1, 2025. For further information, see Note 17, Income Taxes.

Source: Item 8, Note 2 – Accounting Standards and Significant Accounting Policies, 10-K 0001327811-26-000014 vs Item 8, Note 2 – Accounting Standards and Significant Accounting Policies, 10-K 0001327811-25-000056

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of WDAY's Risk Factors and MD&A, 10-K 2026-03-06 against 10-K 2025-03-11. Each links to the text at sec.gov.

RemovedRisk Factors
In February 2025, we announced the Fiscal 2026 Restructuring Plan, which is intended to prioritize our investments and advance our growth and is currently expected to result in the reduction of approximately 8% of our workforce. We expect this plan to be substantially complete by the second quarter of fiscal 2026, subject to local law and consultation requirements. The Fiscal 2026 Restructuring Plan could negatively impact our ability to attract, retain, and motivate employees.

Read it in 10-K 2025-03-11 at sec.gov ↗

RemovedRisk Factors
Our ability to achieve any ESG objective is subject to numerous risks, many of which are outside of our control. Examples of such risks include:

Read it in 10-K 2025-03-11 at sec.gov ↗

RemovedRisk Factors
Standards for tracking and reporting ESG matters continue to evolve. In addition, our processes and controls may not always comply with evolving standards for identifying, measuring, and reporting ESG metrics, including ESG-related disclosures that may be required of public companies by the SEC or other regulatory bodies, and such standards may change over time, which could result in significant revisions to our current goals, reported progress in achieving such goals, or ability to achieve such goals in the future. It is likely that increasing regulatory requirements and regulatory scrutiny related to ESG matters will continue to expand globally and result in higher associated compliance costs. Further, we may rely on data and calculations provided by third parties to measure and report our ESG metrics and if the data input or calculations are incorrect or incomplete, our brand, reputation, and financial performance may be adversely affected.

Read it in 10-K 2025-03-11 at sec.gov ↗

RemovedRisk Factors
Until recently, we had incurred significant net losses on a GAAP basis since our inception in 2005 and our quarterly operating results may fluctuate in the future. We expect our operating expenses to increase in the future due to substantial investments we have made and continue to make to acquire new customers and develop our applications, anticipated increases in sales and marketing expenses, product development expenses, operations costs, and general and administrative costs. If our revenue growth does not meet estimates, we may not be able to adjust our spending quickly enough to avoid an adverse impact on our financial results, and therefore we may incur losses on a GAAP basis in the future. Furthermore, to the extent we are successful in increasing our customer base, we may incur net losses in the acquisition period because some costs associated with acquiring customers are incurred up front, while subscription services revenues are generally recognized ratably over the terms of the agreements, which are typically three years or longer. You should not consider any prior period GAAP-profitability and growth in revenues as indicative of our future performance. We cannot ensure that we will continue to achieve or sustain GAAP profitability in the future.

Read it in 10-K 2025-03-11 at sec.gov ↗

Show the other 2
RemovedMD&A
Recent macroeconomic events including increased tariffs, elevated inflation, and fluctuating interest rates and foreign currency exchange rates, as well as geopolitical instability, continue to impact the global economy and create uncertainty, volatility, and disruption of financial markets. Despite this, we are confident in the long-term overall health of our business, the strength of our product offerings, and our ability to continue to execute on our strategy and help our customers on their human capital and finance digital transformation journeys. Demand for our products remains strong, we continue to achieve solid new subscription bookings, and our near-term revenues are relatively predictable as a result of our subscription-based business model.

Read it in 10-K 2025-03-11 at sec.gov ↗

RemovedMD&A
Effective beginning fiscal 2025, we exclude certain acquisition-related costs and restructuring costs from our non-GAAP results as they may vary from period-to-period independent of the operating performance of our business. Prior period amounts have been recast to conform to this presentation.

Read it in 10-K 2025-03-11 at sec.gov ↗

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