Workday Inc - Ordinary Shares - Class A

Strong Fourth Quarter Performance: Workday achieved a 16% year-over-year growth in subscription revenue, totaling $2.040 billion in Q4. For the full fiscal year 2025, subscription revenue rose 17% to $7.718 billion, reflecting strong overall business demand and effective execution despite economic headwinds.

Innovation and AI Integration: The company launched the Agent System of Record, intended to manage AI agents from both Workday and third parties. There is high interest from customers and partners in leveraging this solution, which presents an opportunity for further growth as organizations seek to streamline operations with AI.

Investment in AI and Cost Structure: While the company's restructuring, which involves an 8% workforce reduction, will result in short-term costs, it aims to reinvest these savings into product and technology development, particularly for AI solutions. The anticipated non-GAAP operating margin for FY '26 is approximately 28%, with the potential for expansion as AI capabilities are introduced.