Cloud reporting platform Workiva (NYSE: WK) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 18.6% year on year to $255.3 million. The company expects next quarter’s revenue to be around $261 million, close to analysts’ estimates. Its non-GAAP profit of $0.77 per share was 21.3% above analysts’ consensus estimates.

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Company Overview

Nicknamed "the Excel killer" by some finance professionals for its ability to eliminate spreadsheet chaos, Workiva (NYSE: WK) provides a cloud-based platform that enables organizations to streamline financial reporting, ESG, and compliance processes with connected data and automation.

Revenue Growth

A company’s long-term sales performance is one signal of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Luckily, Workiva’s sales grew at a decent 19.8% compounded annual growth rate over the last five years. Its growth was slightly above the average software company and shows its offerings resonate with customers.

Long-term growth is the most important, but within software, a half-decade historical view may miss new innovations or demand cycles. Workiva’s annualized revenue growth of 19.3% over the last two years aligns with its five-year trend, suggesting its demand was stable.

This quarter, Workiva reported year-on-year revenue growth of 18.6%, and its $255.3 million of revenue exceeded Wall Street’s estimates by 1.7%. Company management is currently guiding for a 16.4% year-on-year increase in sales next quarter.

Looking further ahead, sell-side analysts expect revenue to grow 15.6% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is above the sector average and indicates the market is forecasting some success for its newer products and services.

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Billings

Billings is a non-GAAP metric that is often called “cash revenue” because it shows how much money the company has collected from customers in a certain period. This is different from revenue, which must be recognized in pieces over the length of a contract.

Workiva’s billings punched in at $273.4 million in Q2, and over the last four quarters, its growth slightly outpaced the sector as it averaged 16.7% year-on-year increases. This alternate topline metric grew slower than total sales, meaning the company recognizes revenue faster than it collects cash - a headwind for its liquidity that could also signal a slowdown in future revenue growth.

Enterprise Customer Base

This quarter, Workiva reported 2,690 enterprise customers paying more than $100,000 annually,

Key Takeaways from Workiva’s Q2 Results

We were impressed by Workiva’s optimistic EPS guidance for next quarter, which blew past analysts’ expectations. We were also excited its adjusted operating income outperformed Wall Street’s estimates by a wide margin. On the other hand, its revenue guidance for next quarter was in line and its billings fell slightly short of Wall Street’s estimates. Overall, we think this was a mixed quarter. Investors were likely hoping for more, and shares traded down 9.7% to $55.30 immediately after reporting.

So do we think Workiva is an attractive buy at the current price? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).