Cloud HR & finance SaaS
Workday, Inc.
Workday sells cloud-based human capital management, financial management and planning software as a bundled subscription. In FY2026 (ended January 31, 2026), 92.5% of its $9.552 billion in revenue came from subscription services. On the cost side, it runs its applications on public cloud infrastructure from AWS and Google Cloud, and it has been acquiring AI startups such as Sana and Paradox to build agentic AI features directly into its Workday Illuminate platform.
WDAY Updated Sep 5, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Workday, Inc. is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 52 companies within two hops; the links are backed by 13 dated sources, 1 of them primary filings (as of 2026-09-05).
Financials & Segments
- Total revenue · $9,552M (FY2026, 10-K)
- Segments · Subscription services · Professional services
Revenue from
- Bank of America Medium confidence
A 2016 GlobeNewswire release confirmed Bank of America went live on Workday HCM, and it still appears on Workday's current newsroom customer list. Neither source discloses a contract value.Confirms EN GlobeNewswire (Workday press release) Published Feb 29, 2016: Industry Leaders Continue to Select and Deploy Workday - Netflix Low confidence
Workday's own customer-story page and newsroom customer list name Netflix as a Financial Management customer. No subscription contract value is disclosed, and no independent third-party media confirmation was found, so this is flagged as unverified single-source. - GE Vernova Low confidence
Both Workday's newsroom customer list and the third-party enterprise-software deployment database appsruntheworld record GE Vernova as a Workday HCM (Core HR) customer. No contract value is disclosed, and appsruntheworld is an independently compiled but unverified database, so this is flagged as low confidence.Mentions KO Tech42 Published Mar 5, 2026: Workday tops $9.5B in FY2026 revenue as profitability improves amid AI investmentMentions EN Gartner (announced via PR Newswire) Published Sep 11, 2025: Workday Named a Leader in 2025 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for Tenth Consecutive Year
Pays to
- Amazon Medium confidence
The 10-K names AWS as a public cloud provider Workday uses. Workday's applications have run on AWS infrastructure since a 2016 multi-year partnership, and in 2024 the companies expanded the partnership to use Amazon Bedrock and SageMaker for generative-AI feature development. The 10-K does not disclose vendor-specific spend. Separately, the 10-K discloses $1,056 million in aggregate FY2027-2029 purchase obligations for "third-party hosted infrastructure platforms" without naming a vendor, so whether any of that figure is attributable to AWS is unconfirmed (see open_questions).Confirms EN Amazon (AWS) Published Jul 11, 2024: AWS and Workday Expand Partnership to Help Organizations Drive Productivity, Improve Decision-Making, and Develop Generative AI SolutionsConfirms EN itbrief.com.au Published Nov 14, 2018: Workday customers start deployments to AWS infrastructure - Alphabet (Google) Medium confidence
The 10-K names Google Cloud as another public cloud provider Workday uses. Under a 2021 multi-year partnership, Workday Financial Management, HCM and Adaptive Planning can be deployed on Google Cloud's infrastructure, and in May 2026 the partnership was expanded to connect Workday's agents with Google Cloud's agent platform (Gemini Enterprise). Vendor-specific spend is not disclosed.Confirms EN Workday Newsroom Published May 28, 2026: Workday and Google Cloud Expand Strategic Partnership to Bring AI Agents for HR and Finance Into Employees' Daily WorkflowsConfirms EN PR Newswire Published Aug 10, 2021: Google Cloud and Workday Announce Multi-Year, Strategic Partnership to Digitally Transform Enterprises Around the World
Investments
- Paradox, Inc. High confidence· Amount $1.1B · 2025-10-01 종결 · Total purchase consideration for Paradox, inclusive of previously held equity interest, per FY2026 10-K business combinations note
This acquisition closed October 1, 2025, for total consideration of $1,063 million, inclusive of a previously held equity interest. Paradox is a conversational-AI candidate-experience company that, combined with HiredScore (acquired 2024), extends Workday's recruiting suite into an AI-powered end-to-end offering. Paradox is likewise not an existing wiki node; it is a formerly private acquisition target. - Sana Labs AB High confidence· Amount $1.1B · 2025-11-04 종결 · Total purchase consideration for Sana, inclusive of previously held equity interest, per FY2026 10-K business combinations note
This acquisition closed November 4, 2025, for total consideration of $1,055 million, inclusive of a previously held equity interest. Sana is a Sweden-linked AI company with learning-management, AI search and agent technology, which Workday is combining with Workday Learning to build an AI-native learning platform. Sana is not an existing wiki node; it is a formerly private acquisition target.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| EOG Resources, Inc. | lead2 | +88.6 | +56.9 | -2 | +4.3 | -11.4 | +41.7 |
| Baker Hughes Company | lead2 | +19 | +26 | +18.6 | +23.1 | +13.4 | +40.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| NextEra Energy | lead2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Duke Energy Corporation | lead2 | +19.1 | +2 | -1.6 | +15.6 | +12.7 | +5.3 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| NRG Energy | lead2 | +18.5 | -23.5 | +69.4 | +78.6 | +78.9 | -24.5 |
| GE Vernova | lead1 | · | · | · | · | +99 | +44.4 |
| Bank of America | lead1 | +49.6 | -23.8 | +4.8 | +33.9 | +28 | +15.2 |
| Netflix | lead1 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Workday, Inc. | node | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +47.4 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | +4.1 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +1.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | -15.4 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -38.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Workday traces almost the same path as Salesforce: after +65.0% in 2023, it fell 6.5% in 2024, 16.8% in 2025 and 8.8% in 2026, three negative years running. That the two move together says something about the segment. Enterprise SaaS sits at the demand end of the AI chain, yet the move has not reached it since 2024; if anything, the fear that AI could displace the application layer has compressed the multiple. The cost structure shows what that fear is about. The 10-K discloses $1.056B of purchase commitments for third-party hosted infrastructure across FY2027-2029 ($298M, $414M and $344M), without saying how much sits with Amazon versus Alphabet. Against FY2026 revenue of $9.6B that is a meaningful fixed cost, and it grows as more AI features are added. On the revenue side it attaches to the graph through large customers such as Netflix, Bank of America and GE Vernova, whose 2026 returns diverge sharply at -16.5%, +15.2% and +44.4%. The customer base is spread across industries and so is not tied to any one cycle, which is defensive but also means it does not ride the AI cycle either.
Analysis generated from returns as of 2026-09-04