Workday 2025年度报告

Letter from our Co-Founder and Chief Executive Officer Dear Stockholders, It’s both humbling and energizing to step back into the CEO role at such a pivotal time for Workday and our industry. AI isreshaping how work gets done, and I believe Workday can once again redefine enterprise software. Great companies don’t just win in one generation of technology. They stand the test of time and lead through multiple waves.We won in the cloud, and now we have the opportunity to win again in AI. I genuinely believe this shift will be even bigger thanwhat we captured in the cloud era. As we look ahead, Workday is entering a new chapter that will be defined by AI and innovation. Our first chapter was our founding in 2005, built on the idea of HR and Finance in the cloud and on a set of core values thatstill guide us today. The second was a period of hypergrowth and product leadership. The third, beginning in 2023, was aboutoperational excellence and efficiency as we grew into a Fortune 500 company. Carl Eschenbach brought the rigor anddiscipline we needed for that chapter, and I’m personally grateful for his partnership. Now we’ve entered chapter four. AI is a once-in-a-generation opportunity to transform HR and Finance, and Workday isuniquely positioned to lead it. We’re entering this chapter with a strong foundation. In fiscal 2026, Workday delivered $9.552 billion in total revenues, up13.1% year over year, and $8.833 billion in subscription revenues, up 14.5%, while expanding non-GAAP operating margin to29.6%. Those results reflect the trust our more than 11,500 customers place in Workday to run the most important aspects oftheir business, their people and their money. That trust matters even more in the AI era. Workday operates at the heart of the enterprise, in HR, Finance and IT, where the margin for error is effectively zero. Whenpayroll runs, the books close, or compliance is on the line, almost right is not good enough. Our opportunity is to bring together the deterministic business processes we run today with the power of AI, tightly coupled,responsible, and built to deliver meaningful ROI for our customers. Sana from Workday is central to that strategy. Alreadyintegrated into the Workday stack, Sana is both a new AI experience and a powerful way to connect, orchestrate, andmanage AI agents across the enterprise, all using the same security, permissions, and audit framework our customersalready trust. Over the past year, we experienced accelerating adoption of our acquired agents. Looking ahead, the agents we’re buildingorganically on top of Workday, deeply embedded in our core, will be an increasingly important driver of our growth. How we lead matters as much as what we build. Since returning, one thing is very clear to me: our values must remain centralto our path forward, with employees as our #1 core value. If we get that right, we will innovate better, serve our customersbetter, and execute better. It is an incredibly exciting time to be leading Workday. I’m grateful for the confidence you’ve placed in us. Let’s go win, theWorkday way. Sincerely, Aneel BhusriCo-Founder, Chief Executive Officer, and Chair NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS The 2026 Annual Meeting of Stockholders (“Annual Meeting”) of Workday, Inc., a Delaware corporation (referred to as “Workday,” “we,” “us,”and “our”) will be held via live audio webcast onTuesday, June 16, 2026, at 9:00 a.m. PDTto consider the Items of Business listed below andmore fully described in the accompanying Proxy Statement. The Annual Meeting is being held in a virtual format to enhance stockholderengagement, enable improved communication, and allow access to all stockholders regardless of geographic location. Items of Business 1.To elect four nominees to our Board of Directors to serve as Class II directors until the 2029 Annual Meeting of Stockholders;2.To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year ending January 31,2027;3.To approve, on an advisory basis, the compensation paid to Workday’s named executive officers;4.To approve the amendment and restatement of our 2022 Equity Incentive Plan to increase the number of shares of common stockreserved for issuance;5.To approve the amendment and restatement of our 2012 Employee Stock Purchase Plan to increase the number of shares of commonstock reserved for issuance;6.To consider and vote upon a stockholder proposal regarding disclosure of employee retention rates by demographic category; and7.To consider and vote upon a stockholder proposal regarding disclosure of voting results based on share class. We will also transact any other business that may properly come before the Annual Meeting, although we are not aware of any such businessas of the date of this Proxy Statement. All stockholders of record at the close of business on April 17, 2026 — which the Board of Directors has established as the record date —