Workiva Inc.

Company Overview

Business Model: Workiva Inc. is a leading, AI-powered platform for trust, transparency, and accountability. It provides a unified software-as-a-service (SaaS) platform that integrates customers’ financial reporting, sustainability management, and governance, risk, and compliance (GRC) data. The platform connects and transforms data from hundreds of enterprise resource planning (ERP), human capital management (HCM), and customer relationship management (CRM) systems, as well as other third-party cloud and on-premise applications. Customers utilize the platform to create, review, and publish data-linked documents, presentations, and reports with enhanced control, consistency, accuracy, and productivity. Approximately 91.9% of Workiva Inc.'s revenue in 2025 was derived from subscription and support fees, with the remainder from professional services.

Market Position: Workiva Inc. serves over 6,600 organizations globally, including over 85% of FORTUNE® 1,000 companies (over 95% of FORTUNE® 100 and over 85% of FORTUNE® 500). The company is recognized as a leader in multiple independent industry analyst reports, including IDC MarketScape for AI-Enabled Green Accounting Applications, ESG Reporting and Compliance Management Applications, and Sustainability Management Platforms, as well as Verdantix Green Quadrant for GRC Software and ESG & Sustainability Reporting Software. Key competitive advantages include its unified, AI-powered, cloud-native SaaS platform, data-linking capabilities, detailed audit trails, fine-grained permission controls, ease of deployment, high performance, continuous improvement, rapid scalability, and stringent security certifications (FedRAMP, ISO 27001, SOC compliance). As of December 31, 2025, Workiva Inc. maintained a gross retention rate of 97.2% and a net retention rate of 112.8%. The company holds 90 issued innovation patents and 14 patent applications pending.

Recent Strategic Developments:

• Launched new AI capabilities to enhance content creation, editing, and collaboration for finance, risk, and sustainability teams, focusing on streamlining workflows, proactive risk management, and delivering insights.
• Strengthened its executive leadership team in Q4 2025 with the appointments of Barbara Larson as Executive Vice President and Chief Financial Officer, Deepak Bharadwaj as Executive Vice President and Chief Product Officer, and Michael Pinto as Executive Vice President and Chief Revenue Officer.
• Acquired Sustain.Life Inc. on June 17, 2024, for $98.1 million (net of cash acquired), leading to the launch of Workiva Carbon, an audit-ready carbon accounting solution.
• Hosted two major hybrid Amplify conferences (European and U.S.) in 2025, engaging over 5,800 customers, partners, and prospects.
• Recognized for its workplace culture, earning a place on Fortune’s 100 Best Companies to Work For list for the seventh time and being named to PEOPLE’s 100 Companies That Care.

Geographic Footprint: Workiva Inc. operates globally, with its corporate headquarters in Ames, Iowa. The company maintains leased office facilities or flexible workspace providers throughout the U.S. and internationally. In 2025, approximately 26.7% of its consolidated revenue was generated from countries outside the United States. Long-lived assets are primarily located in the United States ($25.8 million), United Kingdom ($5.4 million), and other countries ($3.4 million) as of December 31, 2025.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 78.5%
• Operating Margin: -4.8%
• Net Margin: -2.9%

Investment in Growth:

• R&D Expenditure: $214.8 million (24.3% of revenue)
• Capital Expenditures: $2.1 million (purchases of property and equipment)
• Strategic Investments: Over $1.2 billion invested in research and development over the last decade. Acquisition of Sustain.Life Inc. for $98.1 million (net of cash acquired) in 2024.

Business Segment Analysis

Workiva Inc. operates as a single operating and reportable segment but organizes its sales and marketing resources into three primary solution groups and serves specific industry verticals.

Financial Reporting

Financial Performance:

• Workiva Inc.'s longest-tenured solutions, representing a significant global opportunity.
• Key Growth Drivers: Increasing regulatory pressure, integration of non-financial data, economic volatility, geopolitical instability, expansion of XBRL tagging, and the need for enhanced automations, cross-functional collaboration, and integrated Generative AI.

Product Portfolio:

• Multi-Entity Reporting: Supports statutory reporting for multinational customers across various jurisdictions.
• SEC and SEDAR Reporting: Provides control over the entire SEC reporting process, including iXBRL tagging for major SEC reports (e.g., Form 10-K, 10-Q, 8-K, S-1) and supports Canadian issuers for SEDAR submissions.
• Capital Markets: An end-to-end platform for companies transitioning from private to public, including Form S-1 management and Sarbanes-Oxley Act (SOX) compliance support.
• Annual & Interim Reporting: Enables customers to manage financial statement creation with direct connections to ERPs and general ledgers, reducing human error and increasing data reliability.
• European Single Electronic Format (ESEF): Offers a solution for E.U. and U.K. listed companies to file annual account statements in iXBRL.
• Management Reporting: Supports complex financial and managerial reports for public and private companies, government agencies, and higher-education institutions, including Financial Planning and Analysis (FP&A), board/committee reporting, and Key Performance Indicator (KPI) tracking.

Market Dynamics:

• The evolution in financial reporting processes, driven by regulatory requirements like the Corporate Sustainability Reporting Directive (CSRD), continues to drive demand for expanded capabilities.

Sustainability Management

Financial Performance:

• Identified as a generational growth opportunity, with accelerated investments planned.
• Key Growth Drivers: Increasing stakeholder demands for transparency and accountability, and a complex, rapidly changing regulatory landscape (e.g., CSRD in the E.U., California’s Climate Corporate Data Accountability Act (SB-253), and Climate-Related Financial Risk Act (SB-261)).

Product Portfolio:

• Sustainability Management Solution: Streamlines the end-to-end sustainability management process, from data collection and management to final report, connecting information across various reports with XBRL tagging support.
• Sustainability Explorer: Allows customers to review and compare guidelines from multiple frameworks and standards, including Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), and the United Nations Sustainable Development Goals (SDGs).
• Sustainability Program: A connected and collaborative hub for operationalizing sustainability initiatives, identifying material topics, automating data collection, and connecting metrics to reports (including submissions to CDP).
• Workiva Carbon: An audit-ready carbon accounting solution for tracking and disclosure of Scope 1, 2, and 3 emissions, and decarbonization efforts.

Market Dynamics:

• The global regulatory landscape continues to expand, requiring structured, machine-readable data, though policy uncertainties and regulatory simplification initiatives (e.g., the Detailed Omnibus Directive revising CSRD thresholds) can influence customer adoption.

Governance, Risk, and Compliance (GRC)

Financial Performance:

• GRC is a broad market segment and a high priority for Chief Executive Officers (CEOs) and boards globally.
• Workiva Inc. was named a “Best of Breed” provider among GRC platforms by Chartis Research in Q3 2025.
• Key Growth Drivers: Increased scrutiny on internal controls (SOX) and the need for integrated risk management and efficient policy and procedure management.

Product Portfolio:

• Controls Management: Increases efficiency in documenting, implementing, and assessing internal controls over financial reporting (ICFR) for SOX compliance.
• Internal Audit Management: Supports audit risk assessments, planning, workpaper management, testing, issues management, and audit reports with robust documentation and audit trails.
• Enterprise Risk Management (ERM): Enables customers to integrate risk management practices, identify systemic risks, assess magnitude, plan strategic responses, and report to stakeholders.
• Policy and Procedure Management: Establishes a connected, enterprise-wide process for managing policies, standards, procedures, and guidelines, including ongoing review cycles and employee attestation tracking.

Market Dynamics:

• The market is driven by evolving regulatory demands and the increasing importance of risk management across organizations.

Industry Verticals

Product Portfolio:

• Financial Services: Solutions for banks, insurance, and investment firms to simplify regulatory, financial, risk, and sustainability management (e.g., Basel standards, state-level insurance statutory reporting, fund reporting).
• Public Sector: Streamlines Comprehensive Annual Financial Reports and budgeting for state and local governments; expanding adoption across U.S. government agencies with FedRAMP authorization.
• Energy & Utility Sector: Provides connected reporting solutions for state commission filings, utility rate making documents, SEC filings, financial/performance reports, SOX documentation, and Federal Energy Regulatory Commission (FERC) XBRL mandate.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: Workiva Inc. purchased approximately 131,000 shares for $11.5 million under the 2024 Repurchase Plan during Q4 2025.
• Dividend Payments: Workiva Inc. has never declared or paid cash dividends on its capital stock and does not intend to pay dividends for the foreseeable future, preferring to retain future earnings to finance business operations and expansion. Dividend Yield: 0.0%.
• Future Capital Return Commitments: As of December 31, 2025, approximately $28 million remained available under the 2024 Repurchase Plan. On February 16, 2026, the board of directors authorized an additional $250 million for repurchase under the plan.

Balance Sheet Position:

• Cash and Equivalents: $338.8 million
• Total Debt: $767.3 million (comprising $71.1 million in 2026 Notes and $696.3 million in 2028 Notes)
• Net Cash Position: $124.3 million (Cash and Equivalents + Marketable Securities - Total Debt)
• Debt Maturity Profile: The 2026 Notes ($71.1 million principal) mature on August 15, 2026. The 2028 Notes ($696.3 million principal) mature on August 15, 2028.

Cash Flow Generation:

• Operating Cash Flow: $140.1 million
• Free Cash Flow: $138.0 million (Operating Cash Flow less Capital Expenditures)
• Cash Conversion Metrics: Deferred revenue increased by $88.7 million in 2025, indicating strong upfront billing and customer growth.

Operational Excellence

Production & Service Model: Workiva Inc. operates a multi-tenant cloud software platform, primarily deployed on Amazon Web Services (AWS). The platform is designed for enterprise-grade scalability, availability, and security, supporting millions of end users and billions of data links. The company employs continuous integration and deployment capabilities, enabling frequent collaboration and rapid weekly releases of new software versions. Workiva Inc. provides 24/7 live customer support through its customer success team, which also offers best practices for platform usage. Professional services include initial document setup, XBRL mapping, tagging, and review, as well as business process consulting.

Supply Chain Architecture: Key Suppliers & Partners:

• Cloud Infrastructure: Amazon Web Services (AWS) - primary cloud platform provider.
• Contracted Third-Party Vendors: Utilized for professional services and other operational needs.
• Technology Partners: Enable powerful data and process integrations, connecting critical transactional systems directly to the Workiva Inc. platform.

Facility Network:

• Manufacturing: Not applicable for a SaaS company.
• Corporate Headquarters: Ames, Iowa, with approximately 120,000 square feet of leased office space.
• Research & Development: The research and development organization is responsible for the design, development, testing, and validation of the platform and fit-for-purpose solutions.
• Distribution: Leased office facilities or flexible workspace providers throughout the U.S. and internationally.

Operational Metrics:

• Total Employees: Approximately 2,860 full-time people worldwide as of December 31, 2025.
• Gross Retention Rate: 97.2% (as of December 31, 2025).
• Net Retention Rate: 112.8% (as of December 31, 2025).

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: Workiva Inc. primarily sells its subscription contracts and related services globally through its direct sales organization, which includes sales development representatives, pre-sales engineers, and account managers.
• Channel Partners: The company augments its direct sales channel with an ecosystem of over 250 advisory, technology, and service partners, including global consulting firms, systems integrators, independent software vendors, and implementation partners. These partners extend geographic reach and accelerate platform adoption.
• Digital Platforms: Utilizes online marketing and promotional events to engage business leaders, process owners, and technology teams.

Customer Portfolio: Enterprise Customers:

• Tier 1 Clients: Workiva Inc. serves over 95% of FORTUNE® 100 companies, over 85% of FORTUNE® 500 companies, and over 85% of FORTUNE® 1,000 companies.
• Customer Concentration: No single customer represented more than 1% of total revenue, and the largest 10 customers accounted for less than 10% of total revenue for the years ended December 31, 2025, 2024, and 2023.

Geographic Revenue Distribution:

• United States: 73.3% of total revenue in 2025 ($648.4 million).
• Other Countries: 26.7% of total revenue in 2025 ($236.2 million).
• Growth Markets: Workiva Inc. plans to continue investing in and expanding its sales footprint in the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The market for Workiva Inc.'s solutions is characterized by intense competition, rapid evolution, and fragmentation, driven by changing technology and shifting customer needs. Macro trends such as the proliferation of AI, increased cloud adoption, finance transformation, the evolution of distributed work models, the influx of disparate data sources, the increased complexity of the regulatory landscape, and growing stakeholder demands for sustainability data are driving demand. Regulators are expected to continue requiring structured, machine-readable data in company disclosures, such as XBRL.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• Status quo, manual business processes: Rely on legacy software productivity tools.
• Diversified enterprise software providers: Offer broad software suites.
• Niche software providers: Provide point solutions for specific needs.
• Providers of professional services: Including consultants and financial printers.
• Sustainability and data management software providers: Specialized in ESG and data.
• Governance, risk, and compliance software providers: Offer GRC-specific solutions.
• Business intelligence / performance management software providers: Focus on analytics and performance.

Emerging Competitive Threats:

• More highly specialized software vendors.
• Larger vendors that may acquire or bundle their products more effectively.
• Open source software initiatives offering free alternatives.
• Companies that choose to invest in their own internal reporting solutions.

Competitive Response Strategy:

• Workiva Inc. believes its cloud-based platform, with its combination of features and value, will allow it to compete effectively.
• The company focuses on continuous innovation, developing new solutions, and furthering the openness and extensibility of its platform.
• It intends to expand and deepen relationships with global and regional partners.
• Workiva Inc. plans to strengthen sales coverage in current markets and expand its sales footprint globally.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics:

• SEC Filing Revenue Concentration: Over 35% of total revenue is derived from customers using the platform for SEC filings, with uncertainty regarding the market acceptance and success of non-SEC solutions.
• Subscription Renewal & Upgrade Rates: Business substantially depends on customer renewals and expanded use of services; customers have no obligation to renew, and rates may decline due to dissatisfaction, economic conditions, or reduced scope.
• Legislative and Regulatory Changes: Demand for solutions is influenced by requirements from the SEC, Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and other domestic and foreign regulatory bodies. Changes in regulations (e.g., reporting frequency, sustainability rules, government contracting) could reduce demand, increase expenses, or impose operational limitations.
• Sustainability Regulatory Uncertainty: A lack of harmonization in sustainability-related legal and regulatory environments across jurisdictions, and changes like the Detailed Omnibus Directive, could affect customer buying decisions and revenue growth.
• IPO/SPAC Market Volatility: A significant decline in the IPO and Special Purpose Acquisition Company (SPAC) markets has adversely affected sales of capital markets and SEC solutions, with continued uncertainty for future periods.
• Intense Competition: The market is highly competitive, rapidly evolving, and fragmented. Competitors may respond faster, introduce new products, reduce prices, or form strategic alliances. Competition also arises from open source software and companies developing internal reporting solutions.
• Adverse Economic Conditions: Weakened global economic conditions (including inflation, tariffs, interest rates, and armed conflicts) can lead to longer sales cycles, lower prices, reduced bookings, and lower or no growth.

Operational & Execution Risks

Supply Chain Vulnerabilities:

• Third-Party Service Providers: Reliance on Amazon Web Services (AWS) and other third-party providers for hosting and infrastructure. These facilities are vulnerable to damage, interruption, or misconduct, which could result in service disruptions.
• Software Licenses: Dependence on third-party software; inability to maintain licenses or the existence of errors in licensed software could result in increased costs or reduced service levels.
• Internet Infrastructure: The ability to deliver solutions is dependent on the development and maintenance of the internet and other telecommunications services by third parties; failures or interruptions could negatively impact the business.
• Cybersecurity Risks: Workiva Inc. faces continually evolving cybersecurity risks, including cyber attacks, data loss, unauthorized access, and other threats, which could result in the loss, theft, misuse, or destruction of confidential information, disruption of solutions, reputational damage, legal exposure, and financial losses.
• AI Development & Deployment Risks: The integration of AI involves risks regarding the realization of anticipated commercial or operational benefits, customer perception of value, novel cybersecurity or privacy risks, and the need for ongoing investment in technology controls, governance frameworks, and specialized talent.

Capacity Constraints:

• Growth Management: Significant growth places a strain on management, employees, and operating/financial systems. Failure to effectively scale business functions, improve controls, or expand and train the workforce could lead to deployment delays, declines in quality or customer satisfaction, increased costs, or other operational difficulties.
• Technical Operations Infrastructure: Failure to accurately predict infrastructure requirements or manage the technological operations infrastructure could lead to service outages for existing customers or delays in deployment for new customers, impacting reputation and revenue.

Financial & Regulatory Risks

Market & Financial Risks:

• Revenue Recognition: Revenue is recognized ratably over the subscription term, meaning downturns in sales may not be immediately reflected in operating results until future periods.
• Fixed-Fee Engagements: Risk of underestimating the cost of fixed-fee professional services, particularly for non-SEC solutions, which could lead to costs exceeding fees and adversely affect operating results.
• Need for Additional Capital: Future liquidity and capital requirements are difficult to predict; Workiva Inc. may require additional debt or equity financing, which may not be available on favorable terms or could dilute existing stockholders.
• Foreign Exchange: Fluctuations between the U.S. Dollar and other currencies (e.g., Canadian dollar, Euro, British Pound Sterling, Danish krone, Japanese yen) can impact operating results, especially as a growing portion of global contracts may be denominated in local currencies.
• Geopolitical Exposure: Operations in numerous countries expose Workiva Inc. to economic, political, and other conditions, including armed conflicts (e.g., Russia-Ukraine, Middle East), which could disrupt global markets, impact customer supply chains, and affect the ability to conduct business, particularly in Europe.

Regulatory & Compliance Risks:

• Data Privacy and Protection: Workiva Inc. is subject to evolving global data privacy and protection laws (e.g., GDPR) and contractual privacy obligations. Non-compliance could result in fines, statutory or contractual damages, litigation, or governmental enforcement actions.
• Intellectual Property Infringement: Risk of third parties asserting claims of infringement, misappropriation, or other violations of intellectual property rights, which could require substantial damages, ongoing royalty payments, or limitations on solution distribution.
• Open Source Software: Utilization of open source software carries risks of non-compliance with license terms (potentially requiring proprietary code release) or security vulnerabilities, latent defects, or malicious code.
• Tax Legislation Changes: Changes to U.S. tax laws (e.g., the One Big Beautiful Bill Act amending IRC Section 174) and implications of remote work on tax obligations could materially impact the effective tax rate, income tax expense, and profitability.
• NOL Carryforward Limitations: The ability to use net operating loss (NOL) carryforwards to offset future taxable income may be subject to limitations under Section 382 of the Internal Revenue Code and similar state provisions.
• General Litigation: Workiva Inc. may be involved in disputes or regulatory inquiries in the ordinary course of business, which can be time-consuming, costly, and divert management resources.
• Internal Control Deficiencies: Failure to maintain adequate internal controls over financial and management systems could lead to errors in financial reporting, regulatory action, and a loss of investor confidence.

Innovation & Technology Leadership

Research & Development Focus: Core Technology Areas: Workiva Inc.'s research and development organization is responsible for the design, development, testing, and validation of its platform and fit-for-purpose solutions. The focus is on innovating and developing new solutions and furthering the openness and extensibility of the platform. Innovation Pipeline: The company has invested over $1.2 billion in R&D over the last decade and expects to continue strategic investments to broaden platform capabilities, strengthen existing solutions, enhance user experience, and develop new solutions. Workiva Inc. emphasizes customer engagement to envision future platform capabilities and rapidly bring new features and solutions to market. Generative AI: Workiva Inc. is integrating Generative AI (GenAI) capabilities across its platform to enhance content creation, editing, and collaboration for finance, risk, and and sustainability teams. The focus is on responsible AI usage, data security, subject-matter expertise, and human oversight.

Intellectual Property Portfolio:

• Patent Strategy: Workiva Inc. safeguards its intellectual property through patents, trademarks, copyrights, trade secrets, and contractual protections. As of December 31, 2025, the company had 90 issued innovation patents and 14 patent applications pending.
• Trademark Strategy: Workiva Inc. has registered a number of trademarks and logos, including “Workiva,” “Wdesk,” and “Wdata,” with the United States Patent and Trademark Office and in several international jurisdictions.

Technology Partnerships:

• Strategic Alliances: Workiva Inc. has established relationships with providers of complementary technology offerings and software integrations, such as third-party application programming interfaces (APIs), to expand the use of its platform.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: Workiva Inc. relies on the stability of its leadership team and other key employees. The company strengthened its executive leadership team in Q4 2025 with strategic hires.

Board Composition: The Board of Directors is composed of members with diverse expertise, including risk and financial management, technology, cybersecurity, and finance. The Board is divided into three classes, with each class serving three-year staggered terms. The Nominating and Governance Committee of the Board provides general oversight and accountability for sustainability, with the Audit and Compensation committees also having applicable sustainability oversight responsibilities.

Human Capital Strategy

Workforce Composition:

• Total Employees: Approximately 2,860 full-time people worldwide as of December 31, 2025.
• Geographic Distribution: Employees are dispersed in various geographic regions internationally, working both in offices and remotely.
• Skill Mix: Competition for highly qualified personnel is intense, particularly for engineers with expertise in software and internet-related services, senior sales executives, and professional services personnel with financial reporting experience.

Talent Management: Acquisition & Retention:

• Hiring Strategy: Workiva Inc. plans to continue hiring motivated sales professionals with experience in enterprise software sales and in specific geographical regions.
• Employee Value Proposition: The company offers market-competitive compensation and benefits, fosters a values-based culture, and has been recognized on Fortune’s 100 Best Companies to Work For list for the seventh time and PEOPLE’s 100 Companies That Care. Workiva Inc. also transitioned to a flexible-time-off (FTO) model in the second half of 2025.

Diversity & Development:

• Development Programs: Workiva Inc. supports employees in maintaining professional certifications and licenses and hosts regular company-wide education sessions on business, industry, technology, and workplace topics.
• Culture & Engagement: The company strives to create a workplace that encourages fairness, teamwork, and respect among all employees.

Environmental & Social Impact

Environmental Commitments: Climate Strategy:

• Emissions Targets: Workiva Inc. has established near-term greenhouse gas emissions targets that have been validated and approved by the Science Based Targets initiative (SBTi).
• Carbon Neutrality: The Workiva Carbon solution supports organizations' decarbonization efforts.

Social Impact Initiatives:

• Community Investment: Workiva Inc. was the first SaaS company to join the United Nations’ CFO Coalition for the SDGs and was one of the first 130 “early movers” to join the UN’s Forward Faster initiative. The company is an Associate Centre Partner of the World Economic Forum, actively participating in the CFO and CSO communities.
• Product Impact: The Workiva Sustainability Management solution streamlines data collection, analysis, and reporting for non-financial disclosures, leveraging the AI-powered platform for peer benchmarking, developing new sustainability disclosures, and generating data-driven insights.

Business Cyclicality & Seasonality

Demand Patterns:

• Seasonal Trends: Professional services revenue is typically higher in the first calendar quarter due to customer reporting cycles, as many SEC customers report on a calendar year basis. Sales and marketing expenses have historically been higher in the third quarter due to the annual user conference.
• Economic Sensitivity: Workiva Inc.'s business depends on the overall demand for technology and the economic health of its customers. Weak global economic conditions can lead to longer sales cycles, lower prices for solutions, and reduced bookings. The capital markets business is sensitive to volatility in the IPO and SPAC markets.

Planning & Forecasting: Workiva Inc. seeks to maintain sufficient excess capacity in its operations infrastructure to meet customer needs and facilitate rapid provision of new customer deployments and expansion of existing ones.

Regulatory Environment & Compliance

Regulatory Framework: Industry-Specific Regulations:

• SEC Reporting: The market for Workiva Inc.'s solutions depends in part on the requirements of the SEC, including mandates for structured, machine-readable data like XBRL.
• International Compliance: Solutions support European Single Electronic Format (ESEF) reporting for E.U. and U.K. listed companies, and address disclosure requirements of the Corporate Sustainability Reporting Directive (CSRD).
• Financial Services Regulations: The platform aids financial services customers in meeting global regulatory standards (e.g., Basel 1, 2, and 3), regional requirements (e.g., Federal Reserve, European Banking Authority), and in-country regulations.
• Public Sector Regulations: Workiva Inc. holds FedRAMP authorization, enabling it to serve U.S. federal agencies.
• Energy & Utility Regulations: The platform supports the Federal Energy Regulatory Commission (FERC) XBRL mandate.

Trade & Export Controls: Workiva Inc.'s global operations expose it to risks related to an uncertain trade environment, difficulties in obtaining export licenses for certain technology, tariffs, quotas, and other trade barriers.

Legal Proceedings: Workiva Inc. is not presently a party to any legal proceedings that, in the opinion of management, would have a material adverse effect on its business, operating results, financial condition, or cash flows. However, litigation can have an adverse impact due to defense and settlement costs and diversion of management resources.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate: For the year ended December 31, 2025, Workiva Inc.'s effective tax rate was approximately -16.75% (Provision for income taxes of $3.8 million on a Loss before provision for income taxes of $(22.4) million).
• Rate Drivers: Key factors influencing the effective tax rate include state and local income taxes, foreign tax effects (e.g., Canada, Denmark, Netherlands, United Kingdom), Global Intangible Low-Taxed Income (GILTI) inclusion, Base Erosion Waived Deductions, tax credits (e.g., federal R&D credit), changes in domestic valuation allowance, Section 162(m) limitations, stock-based compensation, and meals & entertainment expenses.
• Geographic Tax Planning: Workiva Inc. is subject to federal income taxes, state taxes (e.g., Pennsylvania and Texas), and taxes in foreign jurisdictions where it operates.
• Tax Reform Impact: The One Big Beautiful Bill Act (OBBB), signed July 4, 2025, amended Internal Revenue Code Section 174 to allow full expensing of U.S. Research & Experimental (R&E) expenditures in the year paid. Workiva Inc. elected not to immediately deduct previously capitalized U.S. R&E, resulting in a remaining deferred tax asset of $77.5 million related to Section 174 amortization as of December 31, 2025.

Insurance & Risk Transfer

Risk Management Framework:

• Insurance Coverage: Workiva Inc. carries general liability insurance coverage and errors and omissions insurance policies that include liability coverage for cybersecurity matters. However, there is no assurance that these policies will cover all potential claims or be adequate to indemnify for all liability.
• Risk Transfer Mechanisms: Not explicitly detailed beyond general risk factor mention.