Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $239 million, a 20% year-over-year increase, exceeding guidance by $3 million [28] - Subscription revenue for Q4 was $219 million, up 21% year-over-year [28] - For the full year 2025, total revenue was $885 million, also a 20% increase compared to the previous year [31] - Full-year subscription revenue was $813 million, reflecting a 22% year-over-year growth [31] - Non-GAAP operating margin for Q4 was 19.1%, beating guidance by 160 basis points [29] - Full-year non-GAAP operating margin was 9.9%, exceeding guidance by 50 basis points [32] Business Line Data and Key Metrics Changes - Professional services revenue in Q4 was $20 million, slightly up from the previous year [29] - The number of customers increased to 6,624, with a gross retention rate of 97% and a net retention rate of 113% for Q4 [30] - 74% of subscription revenue in Q4 came from customers using multiple solutions, up from 70% in Q4 2024 [30] Market Data and Key Metrics Changes - Total revenue outside the U.S. accounted for 27% of total revenue, an increase of 300 basis points year-over-year [32] - The company noted a moderation in demand for sustainability reporting in 2025 compared to 2024 highs, but remains optimistic about future growth in this area [16] Company Strategy and Development Direction - The company aims to leverage AI capabilities as a core part of its platform, enhancing customer trust and data accuracy [9][22] - Workiva is focused on expanding its presence in financial services and other verticals, emphasizing regulatory use cases and multi-solution sales [78] - The company has shifted lower-margin services to partners while growing higher-margin XBRL services [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the IPO market in 2026, despite a softer Q4 compared to Q3 [64] - The company is committed to achieving its 2027 and 2030 financial targets, with a focus on operational efficiency and margin expansion [36][67] - Management highlighted the importance of trust in data as AI adoption increases, positioning Workiva as a critical player in the market [9] Other Important Information - The company appointed new executives, including a new CFO, to strengthen its leadership team [24] - Workiva's free cash flow margin for 2025 was 15.6%, exceeding guidance by 360 basis points [34] - The board authorized a $250 million increase to the share repurchase program, reflecting confidence in the company's value [34] Q&A Session Summary Question: Role of AI in New Wins - Management noted that AI is a significant topic in customer discussions and is influencing buying decisions, with increasing adoption across the platform [40][41] Question: Operational Rigor and Margin Opportunities - Management indicated that there are opportunities for continued progress in operational efficiency, particularly in sales and marketing [44] Question: Insights from New CRO - The new CRO is focused on building a strong global team, refining sales strategies, and enhancing the partner ecosystem [48][49] Question: NRR and Customer Contribution - For 2026, management is modeling a net retention rate of 110%, with a mix of 40% new customers and 60% from expansions [52] Question: Financial Services Vertical - Financial services remain a strong growth area, with significant account expansions and regulatory use cases driving demand [78]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $239 million, a 20% increase year-over-year, exceeding guidance by $3 million [28] - Subscription revenue for Q4 was $219 million, up 21% year-over-year [29] - For the full year 2025, total revenue was $885 million, also a 20% increase compared to the previous year [32] - Non-GAAP operating margin for Q4 was 19.1%, beating guidance by 160 basis points [30] - Full-year non-GAAP operating margin was 9.9%, exceeding guidance by 50 basis points [34] Business Line Data and Key Metrics Changes - Professional services revenue in Q4 was $20 million, slightly up from the previous year [30] - The number of customers increased to 6,624, with a gross retention rate of 97% and a net retention rate of 113% for Q4 [31] - 74% of subscription revenue came from customers using multiple solutions, up from 70% in Q4 2024 [31] Market Data and Key Metrics Changes - Total revenue outside the U.S. was 27%, an increase of 300 basis points compared to the prior year [33] - The company added new customers and account expansions, with new customers accounting for approximately 40% of the increase in Q4 subscription revenue [30] Company Strategy and Development Direction - The company aims to leverage AI to enhance its platform, focusing on trust and data integrity in an AI-driven world [6][9] - Workiva is positioned as a trusted platform for CFOs, emphasizing the importance of data accuracy and traceability [7][9] - The company is expanding its leadership team to strengthen its go-to-market strategy and operational efficiency [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for sustainability reporting and the strategic value of this market [17] - The company anticipates growth in IPO activity in 2026, despite a moderation in Q4 2025 [20][66] - Management highlighted the importance of operational rigor and productivity improvements to achieve long-term financial targets [39] Other Important Information - The company repurchased 131,000 shares for $12 million in Q4, with a total of $72 million repurchased in 2025 [35] - A new pricing model was introduced, focusing on value and consumption rather than a seat-based licensing model [21][75] Q&A Session Summary Question: Role of AI in New Wins - AI is a significant topic in customer discussions, contributing to buying decisions, with increasing adoption in a secure environment [41][42] Question: Operational Rigor and Margin Opportunities - Opportunities for operational efficiency exist across the business, particularly in sales and marketing [45][46] Question: Insights from New CRO Michael Pinto - Michael Pinto is focusing on building a strong global team, refining sales strategies, and enhancing the partner ecosystem [49][50] Question: NRR Direction for 2026 - The company is modeling a gross retention rate of 96% and a net retention rate of 110% for 2026 [52] Question: Capital Markets Environment - Management is optimistic about IPO activity in 2026, incorporating growth into guidance while acknowledging macroeconomic factors [66][68]

Market Opportunity & Solutions - Workiva estimates a total addressable market (TAM) of $35 billion[7,9] - Sustainability Management represents 20% of Workiva's total TAM[11,12] - Financial Reporting also represents 50% of Workiva's total TAM[11] - Industry Vertical represents 20% of Workiva's total TAM[11] - Governance, Risk, and Compliance (GRC) represents 10% of Workiva's total TAM[11] Financial Performance & Growth - Q2 2025 subscription revenue grew by 23% year-over-year[57] - Q2 2025 gross retention rate was 97%[57] - Q2 2025 net retention rate was 114%, with a 1% positive impact from foreign exchange rate fluctuations[59,64] - Remaining Performance Obligation (RPO) grew by 24% to $1.237 billion in Q2 2025[61] - Customer logos increased by 5% to 6,467 in Q2 2025[61] Customer Base & Adoption - The number of customers with ACV (Annual Contract Value) greater than $100k grew by 27%[66] - The number of customers with ACV greater than $300k grew by 35%[66] - The number of customers with ACV greater than $500k grew by 37%[66] - Subscription revenue from multi-solution customers increased to 71%[69] Financial Guidance - Q3 2025 total revenue is projected to be between $218 million and $220 million, representing a 174%-185% year-over-year growth[71] - Full-year 2025 total revenue is projected to be between $870 million and $873 million, representing a 178%-182% year-over-year growth[71]