Workday Inc., adjustment to net income (loss)

US$ in millions

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net income (loss) (as reported)	526)	1,381)	(367)	29)	(282)	(481)
Add: Net change in unrealized gains (losses) on available-for-sale debt securities, net of tax	4)	18)	(11)	(6)	(1)	2)
Net income (loss) (adjusted)	530)	1,399)	(378)	23)	(284)	(478)

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Workday Inc., adjusted profitability ratios

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net Profit Margin
Reported net profit margin	6.23%	19.02%	-5.90%	0.57%	-6.54%	-13.25%
Adjusted net profit margin	6.28%	19.27%	-6.08%	0.45%	-6.57%	-13.19%
Return on Equity (ROE)
Reported ROE	5.82%	17.09%	-6.57%	0.65%	-8.62%	-19.33%
Adjusted ROE	5.87%	17.31%	-6.76%	0.51%	-8.66%	-19.23%
Return on Assets (ROA)
Reported ROA	2.93%	8.39%	-2.72%	0.28%	-3.24%	-7.05%
Adjusted ROA	2.95%	8.50%	-2.80%	0.22%	-3.26%	-7.02%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Workday Inc. adjusted net profit margin ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Workday Inc. adjusted ROE improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Workday Inc. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

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	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	526)	1,381)	(367)	29)	(282)	(481)
Revenues	8,446)	7,259)	6,216)	5,139)	4,318)	3,627)
Profitability Ratio
Net profit margin¹	6.23%	19.02%	-5.90%	0.57%	-6.54%	-13.25%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	530)	1,399)	(378)	23)	(284)	(478)
Revenues	8,446)	7,259)	6,216)	5,139)	4,318)	3,627)
Profitability Ratio
Adjusted net profit margin²	6.28%	19.27%	-6.08%	0.45%	-6.57%	-13.19%

2025 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × 526 ÷ 8,446 = 6.23%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × 530 ÷ 8,446 = 6.28%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Workday Inc. adjusted net profit margin ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	526)	1,381)	(367)	29)	(282)	(481)
Stockholders’ equity	9,034)	8,082)	5,586)	4,535)	3,278)	2,487)
Profitability Ratio
ROE¹	5.82%	17.09%	-6.57%	0.65%	-8.62%	-19.33%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	530)	1,399)	(378)	23)	(284)	(478)
Stockholders’ equity	9,034)	8,082)	5,586)	4,535)	3,278)	2,487)
Profitability Ratio
Adjusted ROE²	5.87%	17.31%	-6.76%	0.51%	-8.66%	-19.23%

2025 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 526 ÷ 9,034 = 5.82%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × 530 ÷ 9,034 = 5.87%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Workday Inc. adjusted ROE improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	526)	1,381)	(367)	29)	(282)	(481)
Total assets	17,977)	16,452)	13,486)	10,499)	8,718)	6,816)
Profitability Ratio
ROA¹	2.93%	8.39%	-2.72%	0.28%	-3.24%	-7.05%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	530)	1,399)	(378)	23)	(284)	(478)
Total assets	17,977)	16,452)	13,486)	10,499)	8,718)	6,816)
Profitability Ratio
Adjusted ROA²	2.95%	8.50%	-2.80%	0.22%	-3.26%	-7.02%

2025 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 526 ÷ 17,977 = 2.93%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × 530 ÷ 17,977 = 2.95%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Workday Inc. adjusted ROA improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025.

Workday Inc. (NASDAQ:WDAY)

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