What changed in this filing

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Item 1. Financial Statements

2026-05-22 compared with 2025-11-26 · 163 added, 249 removed, 560 unchanged (42% of the section changed)

3 unchanged sentences

(in millions)

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Current assets:

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Operating lease liabilities 131 130

Debt, current 998 0

Total current liabilities 6,535 6,378

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Treasury stock ( 5,834 ) ( 4,220 )

Accumulated other comprehensive income (loss) ( 69 ) 84

Accumulated other comprehensive loss ( 125 ) ( 136 )

Accumulated deficit ( 290 ) ( 512 )

2 unchanged sentences

See Notes to Condensed Consolidated Financial Statements

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Table of Cont ents

Workday, Inc.

1 unchanged sentence

(in millions, except number of shares which are reflected in thousands and per share data)

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Subscription services $ 2,354 $ 2,059

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(1) Costs and expenses include share-based compensation expense as follows:

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Costs of subscription services $ 37 $ 42

6 unchanged sentences

See Notes to Condensed Consolidated Financial Statements

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Table of Cont ents

Workday, Inc.

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in millions)

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Net income $ 222 $ 68

1 unchanged sentence

Net change in foreign currency translation adjustment ( 1 ) 2

Net change in unrealized gains on available-for-sale debt securities, net of tax provision of $ 2 , $ 2 , $ 7 , and $ 2 , respectively

Net change in unrealized losses on cash flow hedges, net of tax benefit of $( 1 ), $( 1 ), $( 6 ), and $ 0 , respectively

( 1 ) ( 9 ) ( 176 ) ( 10 )

Net change in unrealized gains (losses) on available-for-sale debt securities, net of tax provision (benefit) of $( 6 ) and $ 10 , respectively

Net change in unrealized gains (losses) on cash flow hedges, net of tax provision (benefit) of $( 2 ) and $( 4 ), respectively

Other comprehensive income (loss), net of tax 11 ( 128 )

Comprehensive income $ 257 $ 190 $ 395 $ 427

Comprehensive income (loss) $ 233 $ ( 60 )

See Notes to Condensed Consolidated Financial Statements

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Table of Cont ents

Workday, Inc.

1 unchanged sentence

(in millions, except number of shares which are reflected in thousands)

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Common stock:

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Total stockholders’ equity $ 6,683 $ 8,919

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Common stock shares:

3 unchanged sentences

Common stock repurchased ( 12,025 ) ( 1,290 )

Other share issuances 45 24 45 24

Balance, end of period 248,730 266,596

See Notes to Condensed Consolidated Financial Statements

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Table of Cont ents

Workday, Inc.

1 unchanged sentence

(in millions)

Nine Months Ended October 31,

Three Months Ended April 30,

Cash flows from operating activities:

5 unchanged sentences

Non-cash lease expense 32 27

Net (gains) losses on investments ( 24 ) 6

Net losses on investments 8 1

Accretion of discounts on marketable debt securities, net ( 9 ) ( 20 )

Deferred income taxes 93 18

Changes in operating assets and liabilities, net of business combinations:

Asset impairments 0 34

Changes in operating assets and liabilities:

Trade and other receivables, net 747 601

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Capital expenditures ( 80 ) ( 36 )

Business combinations, net of cash acquired ( 974 ) ( 824 )

Purchases of other intangible assets 0 ( 3 )

Purchases of non-marketable equity and other investments 0 ( 4 )

3 unchanged sentences

Repurchases of common stock ( 1,587 ) ( 290 )

Proceeds from issuance of common stock from employee equity plans 111 106

Taxes paid related to net share settlement of equity awards ( 146 ) ( 211 )

1 unchanged sentence

Effect of exchange rate changes ( 1 ) 1

Net increase (decrease) in cash, cash equivalents, and restricted cash 1,064 ( 701 )

Net decrease in cash, cash equivalents, and restricted cash ( 941 ) ( 566 )

Cash, cash equivalents, and restricted cash at the beginning of period 1,509 1,554

1 unchanged sentence

See Notes to Condensed Consolidated Financial Statements

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Nine Months Ended October 31,

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Three Months Ended April 30,

Supplemental cash flow data:

Cash paid for interest

Cash paid for interest, net of amounts capitalized $ 52 $ 55

Cash paid for income taxes, net of refunds 15 10

1 unchanged sentence

Purchases of property and equipment, accrued but not paid 62 8

Repurchases of common stock, including excise tax, accrued but not paid 44 3

Taxes related to net share settlement of equity awards, accrued but not paid

As of October 31,

As of April 30,

Reconciliation of cash, cash equivalents, and restricted cash as shown in the Condensed Consolidated Statements of Cash Flows:

3 unchanged sentences

See Notes to Condensed Consolidated Financial Statements

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Table of Cont ents

Workday, Inc.

6 unchanged sentences

Description of the Business

Workday is a leading enterprise platform that provides organizations with solutions for financial management, human capital management (“HCM”), planning, spend management, and analytics.

With Workday, our customers have an artificial intelligence (“AI”)-powered cloud platform to help manage their people, money, and agents.

Workday is a leading enterprise AI platform that operates at the core of human resources, finance, and information technology, providing solutions for human capital management, financial management, spend management, and planning.

Workday couples AI with the context, guardrails, and trusted processes that run the enterprise, delivering both AI that assists with work and agents that are capable of driving measurable outcomes for our customers.

Basis of Presentation

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All such adjustments are of a normal, recurring nature.

The results of operations for the three and nine months ended October 31, 2025, shown in this report are not necessarily indicative of the results to be expected for the full fiscal year ending January 31, 2026.

The results of operations for the three months ended April 30, 2026, shown in this report are not necessarily indicative of the results to be expected for the full fiscal year ending January 31, 2027.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026, filed with the SEC on March 6, 2026.

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The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period.

Significant estimates, judgments, and assumptions include, but are not limited to, the identification of distinct performance obligations for revenue recognition, the determination of the period of benefit for deferred commissions, the realizability of deferred tax assets, the measurement of uncertain tax positions, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, and the valuation of non-marketable equity investments.

Significant estimates, judgments, and assumptions include, but are not limited to, the identification of distinct performance obligations for revenue recognition, the determination of the period of benefit for deferred commissions, the realizability of deferred tax assets, the measurement of uncertain tax positions, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the measurement of share-based compensation expense, and the valuation of non-marketable equity investments.

Actual results could differ from those estimates, judgments, and assumptions, and such differences could be material to our condensed consolidated financial statements.

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Although we offer a variety of enterprise cloud solutions to a diverse global customer base, we operate in one operating segment because our business activities are managed on a consolidated basis, our service offerings all operate on the Workday platform and are deployed in a similar manner, and our Chief Operating Decision Maker (“CODM”), who is our Chief Executive Officer, allocates resources and assesses performance based upon discrete financial information at the consolidated level.

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Our CODM assesses performance and decides how to allocate resources based on Net income, as reported on the Condensed Consolidated Statements of Operations.

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Other segment items include Other income, net and Provision for income taxes.

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Significant Accounting Policies and Accounting Standards

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Our deposits exceed federally insured limits.

No customer individually accounted for more than 10% of trade and other receivables, net as of October 31, 2025, or January 31, 2025.

No customer individually accounted for more than 10% of total revenues during the three and nine months ended October 31, 2025, or 2024.

Other than the United States, no country individually accounted for more than 10% of total revenues during the three and nine months ended October 31, 2025, or 2024.

In order to reduce the risk of disruption of our cloud applications, we host our applications in data centers operated by third parties located in the United States, Europe, Canada, and the Asia-Pacific region.

No customer individually accounted for more than 10% of trade and other receivables, net as of April 30, 2026, or January 31, 2026.

No customer individually accounted for more than 10% of total revenues during the three months ended April 30, 2026, or 2025.

Other than the United States (“U.S.”), no country individually accounted for more than 10% of total revenues during the three months ended April 30, 2026, or 2025.

In order to reduce the risk of disruption of our cloud applications, we host our applications in data centers operated by third parties located in the U.S., Europe, Canada, and the Asia-Pacific region.

These data centers include third-party hosted infrastructure, including Amazon Web Services and Google Cloud, and co-location data centers.

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Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Disclosures , which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures.

This ASU is effective for annual periods beginning in our fiscal 2026.

The updated standard allows for adoption on a prospective basis, with a retrospective option.

We are currently evaluating the effect the updated standard will have on our financial statement disclosures.

In July 2025, the FASB issued ASU No.

2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets.

This ASU is effective for interim and annual reporting periods beginning in the first quarter of our fiscal 2027, with early adoption permitted.

The updated standard provides for adoption on a prospective basis.

We are currently evaluating the effect the updated standard will have on our financial statements and related disclosures.

In November 2024, the FASB issued ASU No.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No.

2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

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Entities may adopt the guidance using prospective application, retrospective application, or a modified transition approach.

We are currently evaluating the effect the updated standard will have on our financial statements and related disclosures.

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We are currently evaluating the effect the updated standard will have on our consolidated financial statements and related disclosures.

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Debt Securities

As of October 31, 2025, debt securities consisted of the following (in millions):

Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value

As of April 30, 2026, debt securities consisted of the following (in millions):

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value

treasury securities $ 1,491 $ 5 $ 0 $ 1,496

1 unchanged sentence

Corporate bonds 1,890 10 ( 3 ) 1,897

Commercial paper 26 0 0 26

Asset-backed securities 158 0 0 158

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As of January 31, 2026, debt securities consisted of the following (in millions):

Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value

treasury securities $ 1,820 $ 11 $ 0 $ 1,831

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Included in Marketable securities $ 3,906 $ 36 $ 0 $ 3,942

The following table presents the fair values of debt securities as of October 31, 2025, by remaining contractual maturity (in millions).

The following table presents the fair values of debt securities as of April 30, 2026, by remaining contractual maturity (in millions).

Actual maturities may differ from contractual maturities because borrowers may have certain prepayment conditions.

April 30, 2026

Due within 1 year $ 1,431

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Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents.

Interest receivable of $ 39 million and $ 53 million was included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of October 31, 2025, and January 31, 2025, respectively.

As of October 31, 2025, and January 31, 2025, unrealized losses on our debt securities were not material.

Interest receivable of $ 34 million and $ 33 million was included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of April 30, 2026, and January 31, 2026, respectively.

As of April 30, 2026, and January 31, 2026, unrealized losses on our debt securities were not material.

We did not recognize any credit losses related to our debt securities during the periods presented.

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We sold $ 2.7 billion of debt securities during the nine months ended October 31, 2025, with a corresponding realized gain of $ 24 million.

We sold $ 115 million of debt securities during the nine months ended October 31, 2024, with an immaterial corresponding realized gain.

We sold $ 96 million and $ 140 million of debt securities during the three months ended April 30, 2026, and 2025, respectively.

The realized gains and losses from the sales were immaterial .

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Equity Investments

Equity investments consisted of the following (in millions):

Condensed Consolidated Balance Sheets Location October 31, 2025 January 31, 2025

Condensed Consolidated Balance Sheets Location April 30, 2026 January 31, 2026

Money market funds Cash and cash equivalents $ 204 $ 694

5 unchanged sentences

The carrying values for our non-marketable equity investments are summarized below (in millions):

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Total initial cost $ 198 $ 205

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Carrying value $ 220 $ 230

During the three and nine months ended October 31, 2025, and 2024, there were no material gains or losses recorded on our non-marketable equity investments.

During the three months ended April 30, 2026, and 2025, we recognized net losses on our non-marketable equity investments of $ 8 million and $ 1 million, respectively.

Fair Value Measurements

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Level 3 — Unobservable inputs that are supported by little or no market activity.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of October 31, 2025 (in millions):

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Corporate bonds 0 1,897 0 1,897

Commercial paper 0 26 0 26

Asset-backed securities 0 158 0 158

5 unchanged sentences

Total liabilities $ 0 $ 128 $ 0 $ 128

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Fair Value Measurements of Other Financial Instruments

We carry our debt at face value less unamortized debt discount and issuance costs on our Condensed Consolidated Balance Sheets and present the fair value for disclosure purposes only.

We carry our debt at face value less unamortized debt discount and issuance costs on the Condensed Consolidated Balance Sheets and present the fair value for disclosure purposes only.

The fair values of all of our debt obligations are categorized as Level 2 financial instruments.

1 unchanged sentence

Deferred Costs

Deferred costs, which consist of deferred sales commissions, were $ 859 million and $ 828 million as of October 31, 2025, and January 31, 2025, respectively.

Amortization expense for the deferred costs was $ 75 million and $ 64 million for the three months ended October 31, 2025, and 2024, respectively, and $ 215 million and $ 185 million for the nine months ended October 31, 2025, and 2024, respectively.

Deferred costs, which consist of deferred sales commissions, were $ 926 million and $ 940 million as of April 30, 2026, and January 31, 2026, respectively.

Amortization expense for the deferred costs was $ 79 million and $ 68 million for the three months ended April 30, 2026, and 2025, respectively.

There was no impairment loss in relation to the costs capitalized for the periods presented.

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Property and Equipment, Net

Property and equipment, net consisted of the following (in millions):

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Computers, equipment, and software $ 1,271 $ 1,285

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Property and equipment, net $ 1,121 $ 1,093

Depreciation expense totaled $ 59 million and $ 60 million for the three months ended October 31, 2025, and 2024, respectively, and $ 180 million and $ 174 million for the nine months ended October 31, 2025, and 2024, respectively.

Business Combinations

Paradox Acquisition

In September 2025, we acquired all outstanding stock of Paradox, Inc.

(“Paradox”), a candidate experience agent that uses conversational AI to simplify the job application journey.

We have included the financial results of Paradox in our condensed consolidated financial statements from the date of acquisition.

The total acquisition-date fair value of the purchase consideration was $ 1.1 billion, attributable to cash consideration of $ 1.0 billion and the fair value of a previously held equity interest of $ 20 million.

The purchase consideration was preliminarily allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill.

The fair values of assets acquired and liabilities assumed may be subject to change over the measurement period as additional information is received and certain tax matters are finalized.

The measurement period will end no later than one year from the acquisition date.

The preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition were as follows (in millions):

Acquisition-related intangible assets

Other liabilities

Total purchase consideration, inclusive of previously held equity interest

The fair values and weighted-average useful lives of the acquired intangible assets by category were as follows (in millions, except years):

Estimated Fair Values

Weighted-Average Useful Lives (in Years)

Developed technology

Customer relationships

Total acquisition-related intangible assets

The goodwill recognized was primarily attributable to the assembled workforce and the expected synergies from integrating Paradox’s technology into our product portfolio.

The goodwill is not deductible for income tax purposes.

Separate operating results and pro forma results of operations for Paradox have not been presented as the effect of this acquisition was not material to our financial results.

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Other Acquisitions

In August 2025, we completed an acquisition for total purchase consideration of $ 6 million, resulting in an increase of $ 1 million and $ 4 million in acquired developed technology and goodwill, respectively.

Depreciation expense totaled $ 55 million and $ 62 million for the three months ended April 30, 2026, and 2025, respectively.

There were no impairment charges recognized on property and equipment during the three months ended April 30, 2026.

We recognized impairment charges of $ 34 million for the three months ended April 30, 2025, related to certain property and equipment as a result of our restructuring activities.

For further information, see Note 19, Restructuring .

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Acquisition-Related Intangible Assets, Net

Acquisition-related intangible assets, net consisted of the following as of October 31, 2025 (in millions):

Gross Carrying Amount Accumulated Amortization Net Book Value

Acquisition-related intangible assets, net consisted of the following as of April 30, 2026 (in millions):

Gross Carrying Value Accumulated Amortization Net Book Value

Developed technology $ 742 $ ( 384 ) $ 358

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Acquisition-related intangible assets, net consisted of the following as of January 31, 2026 (in millions):

Gross Carrying Amount Accumulated Amortization Net Book Value

Gross Carrying Value Accumulated Amortization Net Book Value

Developed technology $ 742 $ ( 362 ) $ 380

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$ 1,282 $ ( 601 ) $ 681

Amortization expense related to acquisition-related intangible assets was $ 25 million and $ 20 million for the three months ended October 31, 2025, and 2024, respectively, and $ 67 million and $ 58 million for the nine months ended October 31, 2025, and 2024, respectively.

As of October 31, 2025, our future estimated amortization expense related to acquisition-related intangible assets was as follows (in millions):

Amortization expense related to acquisition-related intangible assets was $ 36 million and $ 21 million for the three months ended April 30, 2026, and 2025, respectively.

As of April 30, 2026, our future estimated amortization expense related to acquisition-related intangible assets was as follows (in millions):

Fiscal Period:

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Other assets consisted of the following (in millions):

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Non-marketable equity and other investments $ 223 $ 233

5 unchanged sentences

Total other assets $ 435 $ 460

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Technology patents and other intangible assets with estimable useful lives are amortized on a straight-line basis.

As of October 31, 2025, our future estimated amortization expense was as follows (in millions):

As of April 30, 2026, our future estimated amortization expense was as follows (in millions):

Fiscal Period:

Remainder of 2027 $ 3

Thereafter 10

Derivative Instruments

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Cash flows from the settlement of these forward contracts are classified as operating activities on the Condensed Consolidated Statements of Cash Flows.

Gains or losses resulting from changes in the fair value of these hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) on the Condensed Consolidated Balance Sheets and are subsequently reclassified to the same line item as the hedged transaction on the Condensed Consolidated Statements of Operations in the same period that the hedged transaction affects earnings.

As of October 31, 2025, we estimate that $ 26 million of net losses recorded in AOCI related to our cash flow hedges will be reclassified into earnings within the next 12 months.

As of October 31, 2025, and January 31, 2025, the notional values of the cash flow hedges that we held to buy U.S.

Gains and losses resulting from changes in the fair value of these hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) on the Condensed Consolidated Balance Sheets and are subsequently reclassified to the same line item as the hedged transaction on the Condensed Consolidated Statements of Operations in the same period that the hedged transaction affects earnings.

As of April 30, 2026, we estimate that $ 48 million of net losses recorded in AOCI related to our cash flow hedges will be reclassified into earnings within the next 12 months.

As of April 30, 2026, and January 31, 2026, the notional values of the cash flow hedges that we held to buy U.S.

dollars in exchange for other currencies were $ 3.3 billion and $ 3.0 billion, respectively, and the notional values of the cash flow hedges that we held to sell U.S.

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These forward contracts are intended to offset foreign currency gains or losses associated with the underlying monetary assets and liabilities and are recorded on the Condensed Consolidated Balance Sheets at fair value.

These forward contracts are not designated as hedging instruments under applicable accounting guidance, and therefore all changes in the fair value of these forward contracts are recorded in Other income, net on the Condensed Consolidated Statements of Operations.

Cash flows from the settlement of these forward contracts are classified as operating activities on the Condensed Consolidated Statements of Cash Flows.

As of October 31, 2025, and January 31, 2025, the notional values of the non-designated hedges that we held to buy U.S.

As of April 30, 2026, and January 31, 2026, the notional values of the non-designated hedges that we held to buy U.S.

dollars in exchange for other currencies were $ 311 million and $ 442 million, respectively, and the notional values of the non-designated hedges that we held to sell U.S.

dollars in exchange for other currencies were $ 619 million and $ 565 million, respectively.

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The fair values of outstanding derivative instruments were as follows (in millions):

Condensed Consolidated Balance Sheets Location October 31, 2025 January 31, 2025

Condensed Consolidated Balance Sheets Location April 30, 2026 January 31, 2026

Derivative assets:

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Non-designated hedges Accrued expenses and other current liabilities 14 12

Non-designated hedges Other liabilities 1 0

Total derivative liabilities $ 128 $ 148

The effect of cash flow hedges on the Condensed Consolidated Statements of Operations was as follows (in millions):

Three Months Ended October 31,

Condensed Consolidated Statements of Operations Location 2025 2024

Total Gains (losses) related to cash flow hedges Total Gains (losses) related to cash flow hedges

Revenues $ 2,432 $ 3 $ 2,160 $ 7

Costs and expenses 2,173 5 1,995 3

Nine Months Ended October 31,

Three Months Ended April 30,

Condensed Consolidated Statements of Operations Location 2026 2025

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Pre-tax gains (losses) associated with cash flow hedges were as follows (in millions):

Condensed Consolidated Statements of Operations and Statements of Comprehensive Income Locations

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Condensed Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) Locations Three Months Ended April 30,

Gains (losses) recognized in OCI Net change in unrealized gains (losses) on cash flow hedges $ 21 $ ( 162 )

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Gains (losses) associated with non-designated hedges were as follows (in millions):

Condensed Consolidated Statements of Operations Location Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Condensed Consolidated Statements of Operations Location Three Months Ended April 30,

Gains (losses) related to non-designated hedges Other income, net

$ 3 $ 0 $ ( 10 ) $ ( 2 )

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We manage our exposure to counterparty risk by entering into foreign currency forward contracts with a diversified group of nine major financial institutions and by actively monitoring outstanding positions.

We are subject to netting agreements with all of these counterparties, under which we are permitted to net settle transactions of the same currency with a single net amount payable by one party to the other.

After consideration of these netting arrangements, the total net settlement amount related to our foreign currency forward contracts is an asset position of $ 4 million and a liability position of $ 82 million as of October 31, 2025, and an asset position of $ 86 million as of January 31, 2025.

After consideration of these netting arrangements, the total net settlement amount related to our foreign currency forward contracts is an asset position of $ 4 million and a liability position of $ 105 million as of April 30, 2026, and an asset position of $ 1 million and a liability position of $ 128 million as of January 31, 2026.

Although legally enforceable master netting arrangements exist between Workday and each counterparty, it is our policy to present the derivatives gross on the Condensed Consolidated Balance Sheets.

Our foreign currency forward contracts are not subject to any credit contingent features or collateral requirements.

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Outstanding debt consisted of the following (in millions):

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

2027 Notes $ 1,000 $ 1,000

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unamortized debt discount and issuance costs ( 12 ) ( 13 )

Net carrying amount 2,988 2,987

debt, current ( 998 ) 0

Debt, noncurrent $ 1,990 $ 2,987

As of October 31, 2025, our future principal payments for the outstanding debt were as follows (in millions):

As of April 30, 2026, our future principal payments for the outstanding debt were as follows (in millions):

Fiscal Period:

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The indenture governing the Senior Notes also includes covenants (including certain limited covenants restricting our ability to incur certain liens and enter into certain sale and leaseback transactions), events of default, and other customary provisions.

As of October 31, 2025, and January 31, 2025, we were in compliance with all covenants associated with the Senior Notes.

As of April 30, 2026, and January 31, 2026, we were in compliance with all covenants associated with the Senior Notes.

We incurred debt discount and issuance costs of approximately $ 27 million in connection with the Senior Notes offering, which were allocated on a pro rata basis to the 2027 Notes, 2029 Notes, and 2032 Notes.

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The effective interest rates on the 2027 Notes, 2029 Notes, and 2032 Notes, which are calculated as the contractual interest rates adjusted for the debt discount and issuance costs, are 3.67 %, 3.82 %, and 3.90 %, respectively.

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As of October 31, 2025, and January 31, 2025, the total estimated fair value of the Senior Notes was $ 2.9 billion and $ 2.8 billion, respectively.

As of both April 30, 2026, and January 31, 2026, the total estimated fair value of the Senior Notes was $ 2.9 billion.

The estimated fair values of the Senior Notes, which we have classified as Level 2 financial instruments, were determined based on quoted bid prices in an over-the-counter market on the last trading day of the reporting period.

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Credit Agreement

In fiscal 2023, we entered into a credit agreement (“2022 Credit Agreement”) which provides for a revolving credit facility in an aggregate principal amount of $ 1.0 billion.

As of October 31, 2025, and January 31, 2025, we had no outstanding revolving loans under the 2022 Credit Agreement.

As of April 30, 2026, and January 31, 2026, we had no outstanding revolving loans under the 2022 Credit Agreement.

The revolving loans under the 2022 Credit Agreement may be borrowed, repaid, and reborrowed until April 6, 2027, at which time all amounts borrowed must be repaid.

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The financial covenant, based on a quarterly financial test, requires that we do not exceed a maximum leverage ratio of 3.50 :1.00, subject to a step-up to 4.50 :1.00 at our election for a certain period following an acquisition.

As of October 31, 2025, and January 31, 2025, we were in compliance with all covenants included in the 2022 Credit Agreement.

As of April 30, 2026, and January 31, 2026, we were in compliance with all covenants included in the 2022 Credit Agreement.

Interest Expense on Debt

The following table sets forth total interest expense recognized related to our debt (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Contractual interest expense $ 28 $ 28

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We have entered into operating lease agreements for our office space, data centers, and other property and equipment.

Operating lease right-of-use assets were $ 721 million and $ 336 million as of October 31, 2025, and January 31, 2025, respectively, and operating lease liabilities were $ 807 million and $ 378 million as of October 31, 2025, and January 31, 2025, respectively.

In July 2025, the 20 -year lease for our new European headquarters in Dublin, Ireland, commenced, following its execution in the first quarter of fiscal 2026.

This resulted in the recognition of an operating lease right-of-use asset of $ 313 million, and a corresponding operating lease liability of $ 333 million.

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Operating lease right-of-use assets were $ 706 million and $ 719 million as of April 30, 2026, and January 31, 2026, respectively, and operating lease liabilities were $ 817 million and $ 834 million as of April 30, 2026, and January 31, 2026, respectively.

The components of operating lease expense were as follows (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Operating lease cost $ 42 $ 31

Short-term lease cost 0 0 1 1

Variable lease cost 14 11

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Supplemental cash flow information related to our operating leases was as follows (in millions):

Nine Months Ended October 31,

Three Months Ended April 30,

Cash paid for operating lease liabilities $ 37 $ 33

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Other information related to our operating leases was as follows:

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Weighted average remaining lease term (in years) 11 11

Weighted average discount rate 4.2 % 4.2 %

As of October 31, 2025, maturities of operating lease liabilities were as follows (in millions):

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As of April 30, 2026, maturities of operating lease liabilities were as follows (in millions):

Fiscal Period:

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Total operating lease liabilities $ 817

As of October 31, 2025, we had operating leases for office space that had not yet commenced with total undiscounted lease payments of $ 36 million.

These operating leases will commence in fiscal 2026 and fiscal 2027, with lease terms ranging from approximately five to ten years .

Commitments and Contingencies

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Our purchase obligations are primarily related to agreements for third-party hosted infrastructure platforms, data center equipment and software, business technology software and support, and sales and marketing activities.

During the nine months ended October 31, 2025, there were no material changes outside the ordinary course of business to our non-cancelable purchase obligations disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025.

During the three months ended April 30, 2026, there were no material changes outside the ordinary course of business to our non-cancelable purchase obligations disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

Legal Matters

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These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter.

In our opinion, as of October 31, 2025, there was not at least a reasonable possibility that we had incurred a material loss, or a material loss in excess of a recorded accrual, with respect to such loss contingencies.

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In our opinion, as of April 30, 2026, there was not at least a reasonable possibility that we had incurred a material loss, or a material loss in excess of a recorded accrual, with respect to such loss contingencies.

Stockholders’ Equity

As of October 31, 2025, there were 214 million shares of Class A common stock, net of treasury stock, and 50 million shares of Class B common stock outstanding.

As of April 30, 2026, there were 203 million shares of Class A common stock and 46 million shares of Class B common stock outstanding.

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion.

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The share repurchase programs have no expiration date, may be suspended or discontinued at any time, and do not obligate us to acquire any amount of Class A common stock.

Share repurchase programs authorized by our Board of Directors that were in effect during the three and nine months ended October 31, 2025, and 2024, were as follows (in millions):

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Share repurchase programs authorized by our Board of Directors that were in effect during the three months ended April 30, 2026, and 2025, were as follows (in millions):

Authorization Date

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1,000 Q3 fiscal 2026

1,000 Q4 fiscal 2026

September 2025 4,000

The table below sets forth information regarding repurchase of shares under our share repurchase programs (in millions, except number of shares which are reflected in thousands, and per share data):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Total number of shares repurchased 12,025 1,290

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All repurchases were made in open market transactions.

As of October 31, 2025, we were authorized to repurchase a remaining $ 4.4 billion of our outstanding shares of Class A common stock under our share repurchase programs.

As of April 30, 2026, we were authorized to repurchase a remaining $ 1.3 billion of our outstanding shares of Class A common stock under our share repurchase programs.

Employee Equity Plans

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Shares that are forfeited or withheld in connection with the net share settlement of restricted stock units (“RSUs”) are added to the reserves of the 2022 Plan.

As of October 31, 2025, 13 million shares of Class A common stock were available for future grants under the 2022 Plan.

As of April 30, 2026, 13 million shares of Class A common stock were available for future grants under the 2022 Plan.

In fiscal 2023, our stockholders approved the Amended and Restated 2012 Employee Stock Purchase Plan (“2012 ESPP”).

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Options to purchase shares are granted twice yearly on or about June 1 and December 1, and are exercisable on or about the succeeding November 30 and May 31, respectively.

As of October 31, 2025, 2 million shares of Class A common stock were available for issuance under the 2012 ESPP.

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As of April 30, 2026, 2 million shares of Class A common stock were available for issuance under the 2012 ESPP.

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Restricted Stock Units and Performance-Based Restricted Stock Units

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RSUs generally vest over four years .

Activity during the nine months ended October 31, 2025, was as follows (in thousands, except per share data):

Activity during the three months ended April 30, 2026, was as follows (in thousands, except per share data):

Number of Shares Weighted-Average Grant Date Fair Value

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( 1,993 ) 220.37

Outstanding balance as of October 31, 2025 14,732 223.24

Outstanding balance as of April 30, 2026 12,224 214.37

(1) Includes approximately 21 thousand PSUs granted to executives in April 2026.

The PSUs are subject to vesting based on the achievement of annual performance-based conditions determined at the beginning of each fiscal year and a three -year service-based condition.

The PSUs will vest at the end of the three -year service period, with the number of shares vesting ranging from 0 % to 150 % of the target, based on the average attainment of the annual performance conditions.

(2) Includes shares withheld in connection with the net share settlement of RSUs.

As of October 31, 2025, there was a total of $ 2.7 billion in unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested RSUs and PSUs, which is expected to be recognized over a weighted-average period of approximately three years .

The PSUs are subject to vesting based on the achievement of annual performance-based conditions determined at the beginning of each fiscal year.

The PSUs will vest at the end of the two -year service period, with the number of shares vesting ranging from 0 % to 150 % of the target, based on the average attainment of the annual performance conditions.

(2) Includes shares withheld in connection with the net share settlement of RSUs and PSUs.

As of April 30, 2026, there was a total of $ 2.3 billion in unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested RSUs and PSUs, which is expected to be recognized over a weighted-average period of approximately three years .

Market-Based Restricted Stock Units

In fiscal 2023, 0.3 million shares of market-based RSUs were granted to Mr.

Eschenbach in connection with his appointment as Co-CEO that vest based on appreciation of the price of our Class A common stock over a multi-year period and upon continued service (“PVU Award”).

In the first quarter of fiscal 2027, 0.5 million shares of market-based RSUs were granted to Mr.

Bhusri in connection with his appointment as CEO that vest based on appreciation of the price of our Class A common stock over a multi-year period and upon continued service (“PVU Award”).

We estimated the fair value of the PVU Award on the grant date using the Monte Carlo simulation model with the following assumptions:

(i) expected volatility of 40 %, (ii) risk-free interest rate of 4 %, and (iii) total performance period of six years .

(i) expected volatility of 40 %, (ii) risk-free interest rate of 3.72 %, and (iii) total performance period of five years .

The weighted-average grant date fair value of the PVU Award was $ 107.22 per share.

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However, the number of shares that ultimately vest can vary significantly with the achievement of the specified market criteria.

As of October 31, 2025, there was a total of $ 4 million in unrecognized compensation cost related to the PVU Award, which is expected to be recognized over approximately two years .

As of April 30, 2026, there was a total of $ 55 million in unrecognized compensation cost related to the PVU Award, which is expected to be recognized over approximately five years .

Contract Balances and Performance Obligations

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Condensed Consolidated Balance Sheets Location

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Contract assets:

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$ 4,395 $ 5,081

(1) Included in this balance are amounts related to professional services that are subject to cancellation and pro-rated refund rights of $ 79 million and $ 83 million as of October 31, 2025, and January 31, 2025, respectively.

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Revenues of $ 1.8 billion and $ 1.6 billion were recognized during the three months ended October 31, 2025, and 2024, respectively, that were included in the unearned revenue balances as of July 31, 2025, and 2024, respectively.

Revenues of $ 3.9 billion and $ 3.6 billion were recognized during the nine months ended October 31, 2025, and 2024, respectively, that were included in the unearned revenue balances as of January 31, 2025, and 2024, respectively.

(1) Included in this balance are amounts related to professional services that are subject to cancellation and pro-rated refund rights of $ 75 million and $ 89 million as of April 30, 2026, and January 31, 2026, respectively.

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Revenues of $ 2.0 billion and $ 1.7 billion were recognized during the three months ended April 30, 2026, and 2025, respectively, that were included in the unearned revenue balances as of January 31, 2026, and 2025, respectively.

Transaction Price Allocated to the Remaining Performance Obligations

As of October 31, 2025, approximately $ 26.0 billion of revenues are expected to be recognized from remaining performance obligations for subscription contracts.

As of April 30, 2026, approximately $ 27.3 billion of revenues are expected to be recognized from remaining performance obligations for subscription contracts.

We expect to recognize revenues on approximately $ 8.8 billion and $ 15.6 billion of these remaining performance obligations over the next 12 and 24 months, respectively, with the balance recognized thereafter.

Revenues from remaining performance obligations for professional services contracts as of October 31, 2025, were not material.

Revenues from remaining performance obligations for professional services contracts as of April 30, 2026, were not material.

Other Income, Net

Other income, net consisted of the following (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Interest income $ 52 $ 93

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( 26 ) ( 29 )

24 5 21 ( 3 )

Total other income, net

$ 79 $ 62 $ 198 $ 178

(1) Interest expense primarily includes the contractual interest expense of our debt obligations, and the related non-cash interest expense attributable to amortization of the debt discount and issuance costs.

(1) Interest expense primarily includes the contractual interest expense of our debt obligations and the related non-cash interest expense attributable to amortization of the debt discount and issuance costs, net of amounts capitalized.

For further information, see Note 10, Debt .

(2) Other primarily includes the realized gains (losses) from sales of debt securities and net gains (losses) from our equity investments.

(2) Other primarily includes the realized net gains (losses) from sales of debt securities and net gains (losses) from our equity investments.

For further information, see Note 3, Investments .

We reported an income tax provision of $ 197 million and $ 86 million for the nine months ended October 31, 2025, and 2024, respectively.

The income tax provision for the nine months ended October 31, 2025, was primarily attributable to earnings in the U.S.

We reported an income tax provision of $ 133 million and $ 35 million for the three months ended April 30, 2026, and 2025, respectively.

The income tax provision for the three months ended April 30, 2026, was primarily attributable to earnings in the U.S.

and profitable foreign jurisdictions, and incremental tax expense from share-based compensation awards where the tax deduction realized was lower than the compensation expense recognized.

The income tax provision for the three months ended April 30, 2025, was primarily attributable to earnings in the U.S.

and profitable foreign jurisdictions.

The income tax provision for the nine months ended October 31, 2024, was primarily attributable to earnings in the U.S.

and profitable foreign jurisdictions, offset by the excess tax benefit from share-based compensation and increase in research and development credits.

We are subject to income tax audits in the U.S.

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The assessment requires significant judgment and is performed in each of the applicable jurisdictions.

As of October 31, 2025, we continue to maintain valuation allowances related to tax credits in certain state jurisdictions and net operating loss in certain foreign jurisdictions.

As of April 30, 2026, we continue to maintain valuation allowances related to tax credits in certain state jurisdictions and net operating loss in certain foreign jurisdictions.

We will continue to evaluate the need for valuation allowances for our deferred tax assets.

On July 4, 2025, the One Big Beautiful Bill Act (“The 2025 Tax Act”) was signed into law.

The 2025 Tax Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and modifications to the international tax framework.

The 2025 Tax Act did not have a material impact on our annual effective tax rate and is expected to reduce our domestic cash tax outflows for the remainder of fiscal 2026.

Due to the complexity and various upcoming effective dates of the 2025 Tax Act, we are still in the process of assessing its impact on our condensed consolidated financial statements.

The final impact may differ from our current estimates based on further analysis, regulatory guidance, and any legislative changes.

Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, net of treasury stock.

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income per share is computed by giving effect to all potentially dilutive shares of common stock, including outstanding share-based awards consisting primarily of unvested RSUs and ESPP obligations.

We determine the dilutive effect of outstanding share-based awards using the treasury stock method.

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The net income per share is allocated based on the contractual participation rights of the Class A common shares and Class B common shares as if the income for the period had been distributed.

As the liquidation and dividend rights are identical, the net income is allocated on a proportionate basis.

The computation of the diluted net income per share of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares.

The holders of our Class A and Class B common stock have identical liquidation and dividend rights but different voting rights.

Accordingly, we present net income per share for Class A and Class B common stock together as the two-class method does not result in a difference.

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The following table presents the calculation of basic and diluted net income per share (in millions, except number of shares, which are reflected in thousands, and per share data):

Three Months Ended October 31, Nine Months Ended October 31,

Three Months Ended April 30,

2026 2025 (1)

Class A Class B Class A Class B Class A Class B Class A Class B

Net income per share, basic:

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Net income $ 222 $ 68

Reallocation of net income as a result of conversion of Class B to Class A common stock 47 0 38 0 104 0 86 0

Reallocation of net income to Class B common stock 0 0 0 0 0 ( 1 ) 0 ( 1 )

Net income for diluted calculation $ 252 $ 47 $ 193 $ 38 $ 548 $ 103 $ 432 $ 85

Weighted-average shares outstanding, basic 253,891 266,516

Conversion of Class B to Class A common stock 50,250 0 52,364 0 50,651 0 52,712 0

Dilutive effect of share-based awards 422 3,780

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Net income per share, diluted $ 0.87 $ 0.25

(1) The prior period net income per share for Class A and Class B common stock has been presented together to conform to current period presentation, which had no impact on our previously reported basic or diluted net income per share.

The computation of diluted net income per share does not include the effect of the following potentially outstanding weighted-average shares of common stock because their effect would have been anti-dilutive (in thousands):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Total weighted-average shares related to outstanding share-based awards

3,487 258 1,305 2,217

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Geographic Information

We sell our subscription contracts and related services in two primary geographical markets:

to customers located in the United States and to customers located outside of the United States.

to customers located in the U.S.

and to customers located outside of the U.S.

Revenues by geography are generally based on the address of the customer as specified in our customer subscription agreement.

The following table sets forth revenues by geographic area (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

Three Months Ended April 30,

$ 1,893 $ 1,681

United States $ 1,825 $ 1,623 $ 5,270 $ 4,676

Other countries 649 559

Total revenues $ 2,542 $ 2,240

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Long-Lived Assets

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None of our other assets are subject to significant geographic risk.

Aggregate Property and equipment, net and Operating lease right-of-use assets by geographic area was as follows (in millions):

October 31, 2025 January 31, 2025

United States $ 1,161 $ 1,197

Aggregate Property and equipment, net and Operating lease right-of-use assets by geographic area were as follows (in millions):

April 30, 2026 January 31, 2026

$ 1,046 $ 1,080

Ireland 566 531

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Restructuring

Fiscal 2027 Restructuring Plan

In February 2026, we announced a restructuring plan (“Fiscal 2027 Restructuring Plan”) intended to better align our people and resources to our highest priorities in fiscal 2027.

The plan resulted in the reduction of approximately 2 % of our workforce, and the impairment of certain office space and long-lived assets.

The activities associated with this plan were substantially completed in the first quarter of fiscal 2027.

The remaining liability was $ 5 million and $ 41 million as of April 30, 2026, and January 31, 2026, respectively.

We incurred total charges of $ 135 million in connection with this plan in fiscal 2026.

The charges consisted of $ 55 million related to employee transition, severance payments, employee benefits, and share-based compensation, and $ 80 million related to impairments of office space and certain long-lived assets.

During the three months ended April 30, 2026, we did not record any additional charges under this plan.

Fiscal 2026 Restructuring Plan

In February 2025, we announced a restructuring plan (“Fiscal 2026 Restructuring Plan”) intended to prioritize our investments and continue advancing our ongoing focus on durable growth.

This plan resulted in the elimination of approximately 7.5 % of our workforce.

In connection with this plan, we have exited certain owned office space.

The activities associated with this plan were substantially completed in the second quarter of fiscal 2026.

We incurred $ 237 million in charges in connection with this plan, of which $ 65 million was recognized in the fourth quarter of fiscal 2025, $ 166 million was recognized in the first quarter of fiscal 2026, and the remainder was recognized thereafter.

The total charges consisted of $ 198 million related to employee transition, severance payments, employee benefits, and share-based compensation, and $ 39 million related to an impairment of office space.

Fiscal 2026 Restructuring Plan activity was as follows (in millions):

Three Months Ended October 31, 2025 Nine Months Ended October 31, 2025

Workforce Reduction

Office Space Reduction Total Workforce Reduction

Office Space Reduction Total

Restructuring liability, beginning of the period $ 6 $ 0 $ 6 $ 57 $ 0 $ 57

0 5 5 133 39 172

Payments ( 1 ) 0 ( 1 ) ( 145 ) 0 ( 145 )

Non-cash items

0 ( 5 ) ( 5 ) ( 40 ) ( 39 ) ( 79 )

Restructuring liability, end of the period $ 5 $ 0 $ 5 $ 5 $ 0 $ 5

We recorded $ 9 million in exit charges associated with office space reductions under a separate restructuring plan during the nine months ended October 31, 2024.

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Subsequent Events

In November 2025, we completed our acquisition of Sana Labs AB (“Sana”), an AI company building the next generation of enterprise knowledge tools, for approximately $ 1.0 billion in cash.

The acquisition will be accounted for as a business combination and, accordingly, the purchase consideration will be allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date.

We are in the process of finalizing the preliminary purchase price allocation for the transaction and will provide the preliminary purchase price allocation within our Annual Report on Form 10-K for the fiscal year ending January 31, 2026.

In November 2025, we entered into a definitive agreement to acquire Pipedream, Inc.

(“Pipedream”), an integration platform for AI agents with pre-built connectors to common business applications.

The acquisition is expected to close during the fourth quarter of fiscal 2026, subject to the satisfaction of closing conditions.

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This plan resulted in the reduction of approximately 7.5 % of our workforce and the exit of certain owned office space.

The activities associated with this plan were substantially completed in the second quarter of fiscal 2026, with no remaining liability as of January 31, 2026.

We incurred total charges of $ 233 million in connection with this plan, consisting of $ 196 million related to employee transition, severance payments, employee benefits, and share-based compensation, and $ 37 million related to an impairment of office space.

During the three months ended April 30, 2025, we recorded charges of $ 166 million under this plan.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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We have based these forward-looking statements largely on our current expectations, beliefs, and projections about future events, conditions, and trends that we believe may affect our financial condition, operating results, business strategy, short-term and long-term business operations and objectives, and financial needs.

These forward-looking statements are subject to a number of risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control, such as those arising from the impact of recent macroeconomic events, including geopolitical instability, increased tariffs, elevated inflation, and fluctuating interest rates and foreign currency exchange rates, as well as those described in the “ Risk Factors ” section, which we encourage you to read carefully.

These forward-looking statements are subject to a number of risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control, such as those arising from the impact of recent macroeconomic events, including geopolitical instability, increased tariffs, elevated inflation and energy prices, and fluctuating interest rates and foreign currency exchange rates, as well as those described in the “ Risk Factors ” section, which we encourage you to read carefully.

Moreover, we operate in a very competitive and rapidly changing environment.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements