With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

Industries included in the sector are computers, internet services, IT services, semiconductors, and software companies.

Fortune Sector Leaders: Technology

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Resilience and the capacity for reinvention have never been more important.

Future 50-2021-Workday

The Future 50

This year’s Fortune 500 marks the 67th running of the list.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

Our 2020 list of the 100 best companies as ranked by their employees. See which companies made the list.

Fortune 100 Best Companies to Work For

This year's list of best workplaces in technology value people, not just as employees, but as humans.

Best Large Workplaces in Technology 2020-Workday

Employees say: 
“Culture, from the top down, is awesome. Executives through individual contributors mean what they say and say what they mean. Everyone is given ample opportunities and is encouraged to explore roles and take training that are of interest to them.” 
Read Great Place to Work review .

Best Large Workplaces in Technology

The 35 companies highlighted on this year's list promote growth, transparency, and diversity in the workplace.

Workday_Best Large Workplaces Bay Area 2020

Employees say: 
 
"The firm shows respect and appreciation for everyone regardless of "level" or "status." it's a place that cares very much about creating a culture of belonging and shared contributions and investments." 
 
Read Great Place to Work review .

Best Large Workplaces in the Bay Area

Explore this year's ranking of the 50 companies with the best long-term growth potential.

Future 50-2020-Workday

A dominant force in cloud-based programs for HR management and financial planning, Workday’s reach belies its size. Though it brought in a relatively modest $3.6 billion in revenue in 2019, its customers employ some 45 million people worldwide. Workday’s sales rose 29% last year, and analysts anticipate continued growth as the company expands its suite of tools. Another promising project: helping corporate clients take part in “talent marketplaces” that connect displaced workers with new positions.

This year's Fortune 500 marks the 66th running of the list.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

Our 2019 list of the 100 best companies as ranked by their employees. See which companies made the list.

Companies on this year's list earned national recognition in at least five different countries worldwide—and as many as 33 countries.

World's Best Companies 2019-Workday

World’s 25 Best Workplaces

Fortune's proprietary methodology allows us to zero in on the 50 global firms that are best poised to deliver—and continue delivering—above average gains.

At the Best Workplaces for Women, company leaders foster mentorship and career growth.

Workday-Best Large Workplaces for Women 2019

An employee says: 
 
"It's the first company I've worked at where I feel senior leadership acts with integrity and I trust them to make the right decision. I'm also extremely proud of the number of women in leadership roles, especially where they're not always found." 
 
Read the Great Place to Work review .

100 Best Large Workplaces for Women

This year's Fortune 500 marks the 65th running of the list.

We surveyed tens of thousands of young employees to create this list of millennials’ favorite workplaces.

Workday-best workplaces millennials 2019

Employees say: 
“Workday is invested in growing young talent and helping you find the career path that you love. I've moved departments and teams multiple times since I've been here and I've had a say in what i'm interested in all long the way.”

100 Best Large Workplaces for Millennials

Our 2018 list of the 100 best companies as ranked by their employees. See which companies made the list.

Welcome to the inaugural Fortune Future 50, our new ranking of companies best positioned for breakout growth.

This year's Fortune 500 marks the 64th running of the list.

Best Large Workplaces for Women 2018-Workday

Employees say: 
 
&nbsp; 
 
"Workday takes its commitment to employees seriously. For instance, through internal discussions about how Workday can be a leading employer for women, they unrolled a new paid parental leave policy that far outstrips what most U.S. employers offer." 
 
&nbsp; 
 
Read the Great Place to Work review .

Cantina_caphoto23818

Employees say: 
 
&nbsp; 
 
"It’s incredibly atypical for an organization of this size to have such a high-trust environment and be able to sustain it. There is a mentality that 'we didn't hire smart people to tell them exactly what to do' I so appreciate." 
 
&nbsp; 
 
"The lights in the building are on a timer that goes off at 6pm, which I have always found to be so incredible. At my previous job at a major tech company, 6pm was what 3 or 4pm here is and the auto-shut off happened at 8:30pm. If I'm ever working late, I'm always so encouraged when those lights go off at 6pm because it feels like Workday as a whole is reminding me that its time to leave--reiterating the importance of work-life balance and ensuring I'm not burning out. I think that small action of a self-timed light panel has made such a massive impact on my perception of this company and how it cares for its employees." 
 
&nbsp;

Our 2017 list of the 100 best companies as ranked by their employees. See which companies made the list.

Fortune’s annual list of the 100 Best Workplaces for Women highlights companies with generous benefits, flexible schedules, and an emphasis on balancing work and life. 

Best Workplaces in the Bay Area 2017- Workday

Employees say: "We are truly a 'team'—anyone here will drop what they are working on to help you, and people share information willingly. We all have a common goal of providing the best product with the best service; everyone here lives and breathes that common goal." 
 
&nbsp; 
 
"Individual accomplishments are encouraged and rewarded, but then the sharing of those ideas is a consistent part of the culture. With this approach, I feel that I am appreciated for new thoughts and ideas while not feeling the need to protect my IP." Read the .

best workplaces for millennials 2017 Workday

Employees say: 
 
&nbsp; 
 
"I came to Workday on the technology side from a non-traditional background, expecting to meet resistance and challenges given my past experience. But, I was met with the exact opposite. My coworkers are ultra supportive and open, will drop everything at any given time to answer questions or brainstorm solutions, and constantly motivate me to keep learning. Everyone is passionate about their work and my manager takes a very active role in ensuring my continued success and development. When I come into the office, I just feel happy and thankful to be here. The mood is very cheerful and yet focused and determined on delivering quality products. I consider my coworkers to be my friends. I can't imagine working anywhere else." 
 
&nbsp; 
 
"I have been given opportunities and promotions based solely on my performance and merits and potential, despite the fact that I do not have a lot of experience. At Workday, if you prove you can do the job, you'll be given the chance in most cases even if you aren't the smartest, most educated, or most experienced person on the team. They will pick the person they truly think is best for the project or role, not the person who thinks they deserve it because they've been here the longest. It's been a great thing for me. I've been able to achieve a lot very quickly, which keeps me motivated to keep achieving." 
 
&nbsp;

Google/Alphabet is the No. 1 place to work for the seventh time in 10 years. Six newcomers include Veterans United at No. 30, Hilton Hotels at No. 56, and Slalom Consulting at No. 100. IKEA’s U.S. arm returns to the list, along with GoDaddy and Sheetz.

Fortune’s second annual list of the 100 Best Workplaces for Women highlights companies with generous benefits, flexible schedules, and an emphasis on balancing work and life. 

100 best workplaces for women 2016- workday

Employees say: 
&nbsp; 
"This is THE best company I have ever worked for. They are always thinking of employees and what is right. They really try to make a day at Workday not your ordinary workday. From bringing your dogs to summertime Monday Fundays with a variety of outdoor activities, to all of the events for employees and their families like Bring Your Kids, Bring Your Parents, Bring Your Teens and our company picnic. This year it was a carnival, and I have never seen so many smiling happy faces. I have never worked for a company that is so generous." 
&nbsp; 
"Workday is fun, energetic company to work for—very dynamic in a constant state of positive change to create improvements. The company supports autonomy and empowers you to lead, make, and own your decisions." 
&nbsp; 
Read the Great Place to Work review .

The second annual ranking of the best employers for workers 35 and under.

best workplaces for millennials 2016- Workday

"The sense of community at Workday is amazing. Whether it be seasoned developers or fresh out of college young professionals, we all collaborate at a pace that works for everyone. The playing field is flat and allows new developers to work with experienced developers without feeling out of place. I feel my team and my manager are truly dedicated to helping one another individually and collectively to accomplish our goals with time to spare—which usually goes towards something fun!" says one millennial employee. 
 
&nbsp; 
 
Says another millennial: "The company puts a large emphasis on fun and flexibility. I have an amazing work life balance. I can spend time with my family and pursue other goals and ambitions outside of work. I have a lot of autonomy in my work so I don't have to be tied to my office 10 hours every day. As a young person work life balance is very important to me, and I feel blessed to have this privilege working at Workday." 
 
&nbsp; 
 
Read the .

This year’s list marks Fortune's 18th year of partnering with Great Place to Work. Google ranks No.1 for the sixth time, and 16 new companies make impressive debuts, including Acuity (No. 3), Twitter (No. 24), and Riot Games (No. 13).

The inaugural list of the 100 Best Workplaces for Women from our partners at Great Place to Work includes the wealth management firm TrueWealth at No.1, hospital system Texas Health Resources (No. 3), and Build-A-Bear Workshop (No. 10). Rankings were determined by employee surveys and the representation of women within the organizations.

BEST COMPANIES 2015  Workday

HR tech services company Workday has over 3,000 employees, of which 37% are women. Nearly 40% of executive titles are held women, while 46% of management positions belong to women, too. "Workday is a special place," one employee said. "Our products are technologically superior, our executive team members are seasoned veterans, our colleagues are extremely competent and our corporate culture is one of high ethics and extraordinary fun." .

The inaugural list of the 100 Best Workplaces for Millennials from our partners at Great Place to Work includes surprising newcomer Power Home Remodeling, making an impressive debut at No. 1. Other standouts include Chili’s Grill and Bar (no. 11), Elevation Church (No. 34), and Yelp (No. 41).

Workday, founded by a co-founder of PeopleSoft, offers its employees (called “workmates”) no annual limit on time off, as well as the opportunity to participate in a work exchange program that would send them to Dublin or Munich. This maker of cloud-based human resources software has made sure its own humans are happy. <a style="color:#ff0000;" href="http://us.greatrated.com/workday">Read the Great Place to Work review.</a>

Perks

100% health coverage

Unlimited sick days

Telecommuting

Job sharing

Subsidized childcare

Compressed work weeks

Fully-paid sabbaticals

On-site fitness/subsidized gym

On-site medical care facility

Non-discrimination policy includes sexual orientation

Health insurance for part-timers

Sick days for part-timers

College tuition reimbursement

Student loan debt repayment

Medical facility at all locations

Paid Time Off

# Sick days

Compensation

Most common job (for salaried employee)

Hiring/staffing (past 12 Months)

Full-time and part-time job growth

# of job applicants

Avg. # of applicants per opening

# New graduates hired

Company Info

Industry

Founded

HQ Location

Sites

Worldwide Employees

Worldwide Revenue

Last Year Rank

Web Address

Date info provided (companies may opt to keep some data confidential)

Millennials In The Organization

# of millennial employees

Millennials as % of total workforce

Women In The Organization

% of Women in Management (non-Executive)

% of Women in Executive/Manager Positions

Future 50

Overall Score

Sector

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Strongest Dimension

Years on list

Previous rank

State

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Workday provides software that helps organizations manage financial operations, human capital, spending, and expenses, along with tools for workforce planning, reporting, and automation. Founded in 2005 and headquartered in Pleasanton, Calif., the company also offers industry-specific solutions for health care, education, and government, as well as developer tools like Workday Extend and AI features through Workday Illuminate.

Q2 2027

Q1 2027

Q4 2026

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Workday (WDAY): Company Profile, Stock Price, News, Rankings

legacy

Workday

workday

Hello, and welcome to Workday's Fiscal 2025 Third Quarter Earnings Call. At this time, all participants are in a listen only mode. We will conduct a question and answer session towards the end of the call. During Q and A, please limit your questions to 1. I will now hand it over to Justin Furby, Vice President of Investor Relations.

Thank you, operator. Welcome to Workday's Q3 fiscal 2025 earnings conference call. On the call, we have Carl Eschenbach, our CEO Zane Rowe, our CFO Doug Robinson, our Co President and David Somers, our Chief Product Officer. Following prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast.

Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today and include forward looking statements regarding our financial results, applications, customer demand, operations and other matters. These statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially. Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our fiscal 2024 annual report on Form 10 ks and our most recent quarterly report on Form 10 Q for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements. In addition, during today's call, we will discuss non GAAP financial measures, which we believe are useful as supplemental measures of Workday's performance. These non GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

You can find additional disclosures regarding these non GAAP measures, including reconciliations with comparable GAAP results in our earnings press release, in our investor presentation and on the Investor Relations page of our website. The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link. Additionally, the transcript of this call and our quarterly investor presentation will be posted on our Investor Relations website following this call. Also, the Customers page of our website includes a list of selected customers and is updated monthly. Our Q4 fiscal 2025 quiet period begins on January 15, 2025.

Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2024. With that, I'll hand the call over to Carl.

Thank you, Justin, and thank you all for joining us today. I'm pleased to report another quarter of solid financial performance in Q3 with 16% subscription revenue growth and non GAAP operating margins up 26%. These results are a testament to the strong customer relationships we have across industries, the growing demand of our AI innovation and the power of our ecosystem around the world. More and more organizations are consolidating on the

finance solutions and provide employees with an amazing user experience. Workday gives them the ultimate advantage. That was evident in Q3 by the growth we had in full suite and in our net new wins, customer expansions across geographies and segments along with industries. Several industries were strong in the quarter and government and higher education were 2 of the standouts. Roughly 90% of the wins in these industries were full suite.

In Q3, the Defense Intelligence Agency expanded its business with Workday. In Lake County, Illinois, Maryland General Assembly, New Jersey Institute of Technology and University System of Georgia all chose Workday to modernize their systems and meet the rising expectations of their constituents. This quarter, professional and business services became the 3rd industry to exceed $1,000,000,000 in annual recurring revenue alongside financial services and retail and hospitality. Advantage Solutions, Connells Limited and Flight Centre Travel Group all selected Workday. And in healthcare, we had a huge full suite win with CommonSpirit Health, one of the largest nonprofit healthcare systems in the U.

S. As well as community health system and Valley Children's Healthcare. From a product perspective, our HCM solutions are really setting the pace when it comes to the future of work. In the quarter, we had wins with Brookshire Grocery Company, IOI Group, Promoc, Royal Mail, Team Health, just to name a few. We're also continuing to invest in our financials business and that's driving demand for our full suite.

More than 35% of our new core customers in Q3 were full suite. And in Q3, we were again named a leader in the 2024 Gartner Magic Quadrant for cloud HCM suites for 1,000 plus employee enterprises, cloud ERP for service centric enterprises and financial planning software. And speaking of planning, that business had a great Q3. We either expanded or formed new relationships with some fantastic organizations like Deloitte, the Fitness and Lifestyle Group, Motion Picture Association and Tennant Healthcare. And we were thrilled to have AWS go live on planning in Q3.

AI is top of mind for every CEO right now and they're all looking for the right partner to guide them through this transformation. That's where Workday comes in. Our customers know that an investment in Workday is an investment in AI and we're seeing a ton of excitement and demand for our AI solutions. In Q3 alone, more than 30% of our customer expansions involved 1 or more AI solutions including talent optimization, XtendPro and Recruiter Agent powered by HiredScore. Tele Optimization remains one of our fastest growing SKUs and is driving tangible value.

Customers have experienced up to 39% reduction in turnover. Recruiter Agent in particular had a huge quarter with wins at Johnson Controls, Cox Enterprises and UofL Health. In fact, the team closed more new logos in Q3 than in its 12 year history and our new ACV more than quadrupled compared to Q2. And what's awesome is that recruiter agent is boosting the average selling price of our core recruiting solution by almost 150%. It's clear that customers are ready to invest in AI that's built for their very specific needs and delivers real results.

They want solutions that are easy to implement, quickly provide value without the need of a ton of IT support. This growing demand shows the huge opportunity we have to grow and monetize this part of our business. So let's talk about how we're going to capture this opportunity with our innovation. With more than 70,000,000 users under contract generating more than 800,000,000,000 transactions a year on our platform, our AI leverages the world's largest and cleanest HR and finance data set. In our industry, where decisions are high stakes and complex, the quality and quantity of our data is a critical differentiator.

And the combination of this data with our ability to understand the context behind it enables Workday to unlock value in a way that no competitor can do. At Rising, we unveiled Illuminate, the next generation of Workday AI. With Illuminate, we're unlocking a whole new level of productivity and human potential by accelerating manual task, assisting every employee and ultimately transforming entire business processes. As part of Illuminate, we launched a set of new AI agents that uniquely transform some of the most complex business processes in HR and finance, such as recruiting, expense management and succession planning. RecruiterAgent is available now, ExpenseAgent is expected to become available by the end of the year and several more will soon follow.

We believe OptimizeAgent, which is coming out next year is going to be a true game changer. It pinpoints bottlenecks, inefficiencies in areas where processes aren't running as smoothly as they could be. The possibilities with this are endless and I'm fired up about it. Beyond the agents Workday is delivering, we're collaborating with our partners to support agent to agent communication for employee self-service needs. Salesforce is a great example here.

So is our recent partnership with Microsoft on its M365 CoPilot employee self-service agent. We also updated Workday Assistant with our GenAI co pilot. Employees can use it to ask questions in natural language about anything from their pay and benefits to company policies and get quick, personalized answers. More than 2,000 of our HCM customers are using the currently available Workday Assistant to improve efficiencies, including one of our customers who has been able to cut down HR case volumes by almost 30%. We believe the new co pilot will help drive even further increase in productivity allowing employees and HR departments to focus on more strategic work.

CIOs get super excited when we talk about Workday Assistant. Other solutions out there require organizations to take sensitive data like payroll information and move outside their core systems. That is a big risk and no one wants to take it. With Workday, everything stays secure within our trusted platform. Continuing to accelerate our AI roadmap, we closed our acquisition of Evisort, a leading document intelligence platform.

Consider this, over 80% of business data is unstructured, making it difficult to search, analyze or use effectively. This includes critical information locked away in contracts, invoices and policy documents just to name a few. With Evisort's powerful AI, our customers can now unlock critical insights from this untapped data, empowering them to make faster, more informed business decisions. The strength of the Workday platform continues to draw interest from customers and partners alike. We've now got over 1,000 customers building their own custom applications on our Workday platform using Extend, making it one of our fastest growing products ever.

In fact, new ACV for Xtend more than doubled within the quarter compared to last year. XtendPro, which allows you to build AI first apps with our AI gateway and developer copilot is having an even greater impact with its average selling price double that of Extend Essentials. Our partner ecosystem has grown nearly 5x in just 18 months and is more diverse than ever. Our partners are becoming increasingly critical to our growth, sourcing over 10% of our net new ACV in Q3 and a similar percentage of our new pipeline. We've seen rapid adoption of our Built on Workday program, which we launched less than 6 months ago.

We've already got over 40 partners on board and partners like Kano's are generating revenue from it. At Rising, we announced Workday Wellness, which gives companies real time insights into how their employees are using their benefits. This helps them design more tailored benefits programs right within Workday HCM to improve the overall employee experience. We're excited to have Guardian, The Hartford, Mutual of Omaha and Unum already signed on as strategic partners. International growth continues to be one of Workday's most compelling opportunities.

This past quarter, I spent time with customers and our amazing workmates in the UK, Ireland, Germany, France and Japan. The energy and excitement is incredible. In Q3, we formed a new strategic partnership with NTT DATA, one of the most influential system integrators in Japan. And in APAC, we formed new relationships with Astea, a major Australian aged care provider and Flight Centre, a leading Australian travel and leisure brand. We also expanded our footprint with United Overseas Bank, one of the largest banks in Singapore.

Over in EMEA, we faced the same deal scrutiny we've called out the last few quarters, but we had our largest ever public sector win with the Department For Science, Innovation and Technology in the U. K. That's generating a lot of interest from other U. K. Public agencies.

We also had major wins with big enterprises like Decathlon in France and Goldbeck in Germany. And we're gearing up for rising EMEA in Amsterdam in just a few weeks. The relationship we are building around the world point to the significant long term potential of our international business. While only 25% of our revenue comes outside the U. S.

Today, we're laying the groundwork for something much bigger. Before I wrap up, I wanted to give you a quick update on the team. We recently announced that Doug Robinson, who has been an incredible leader over the past 14 years, will be retiring at the end of the fiscal year. I can't thank Doug enough for the tremendous impact he's had on Workday. We're excited to have him continue in an advisor role to the company.

With Doug's retirement, I'm thrilled to welcome Rob Enslin to Workday as our new President, Chief Commercial Officer. Workday continues to be a magnet for great talent and Rob is another great example. He's a world class executive with more than 30 years of experience in the enterprise space. He brings fantastic customer and partner relationships in a proven track record of success. He's the perfect person to lead our go to market efforts as we move into the next phase of growth.

As you can see, it's been a busy quarter. We have a clear target between now and FY 'twenty seven of driving mid teensubscriptionrevenuegrowth while expanding non GAAP operating margins to 30%. We plan to achieve this by continuing to innovate and take share in our core markets while also streamlining operations across the company. But what really excites me is the opportunity we have ahead of us as we lead our customers through the AI revolution and help them transform their organizations for the future of work. I'm incredibly grateful to my workmates for their contributions this quarter.

With our amazing culture, continuous innovation and the trust of our customers, Workday is in a fantastic position to drive sustainable, profitable growth at scale. Thanks again, and to those of you joining us in the U. S, Happy Thanksgiving. With that, I'll hand it over to Zane.

Thanks, Carl, and thank you to everyone for joining today's call. In Q3, we continued to make progress across a number of our key growth areas as we lay the foundation for durable, profitable growth at scale. Subscription revenue in the Q3 was $1,559,000,000 up 16%. Professional services revenue was $201,000,000 resulting in total revenue of $2,160,000,000 growth of 16%. U.

S. Revenue in Q3 totaled $1,620,000,000 and international revenue totaled $537,000,000 both growing 16%. 12 month subscription revenue backlog or CRPO was $6,980,000,000 at the end of Q3 increasing 15%. Total subscription revenue backlog at the end of the quarter was $22,190,000,000 up 20%. Gross revenue retention rates remained strong at 98%.

Our non GAAP operating income for the Q3 was $569,000,000 resulting in a non GAAP operating margin of 26.3%. Q3 operating cash flow was $406,000,000 in line with our expectations though down year over year impacted by the stronger than expected collections activity we called out in Q2. During the quarter, we repurchased $157,000,000 of our shares at an average price of $242.42 per share. We had $902,000,000 in remaining authorization under our buyback program as of quarter end. We ended Q3 with $7,200,000,000 in cash and marketable securities.

As of October 31, headcount stood at nearly 20,500 workmates around the globe as we continue to hire talent across targeted growth areas. A few of our strategic wins in Q3 have future product deliverables in FY 2026. This slightly impacts our near term results as these wins don't fully benefit subscription revenue until next year. We expect Q4 FY2025 subscription revenue to be $2,025,000,000 growth of 15% and full year subscription revenue of $7,703,000,000 an increase of 17%. We expect Q4 CRPO growth to be between 13.5% 14.5%.

Workday (WDAY) Q3 2025 Earnings Call Transcript

Company Participants