Workday Inc.: 1Q27 Recap: Solid Print with No Major Surprises Pairs Well with Muted Sentiment

研报英文原文证据摘录

Workday Inc.: 1Q27 Recap: Solid Print with No Major Surprises Pairs Well with Muted Sentiment

Equity Research

U.S. Software

22 May 2026

Workday Inc.

1Q27 Recap: Solid Print with No

Major Surprises Pairs Well with

WDAY OVERWEIGHTMuted Sentiment

Unchanged

WDAY delivered solid Q1 results with no major surprises. U.S. Software POSITIVE

While likely not a thesis changer, we see the slight cRPO beat, Unchanged

reiterated FY27 sub revenue guidance, raised profit guide and Price Target USDUnchanged200.00

positive commentary around emerging AI-related growth Price (21-May-26) USD 121.85

vectors re-inviting interest given the low sentiment. Potential Upside/Downside +64.1% Source: Bloomberg, Barclays Research

We see WDAY shares benefiting from solid Q1 results. The quarter itself was healthy with Market Cap (USD mn) 30424

another modest top-line beat and better than expected profitability and importantly, mgmt Shares Outstanding (mn) 249.69

gave compelling data points around WDAY's early AI traction. Further, while the market seems to Free Float (%) 98.08

believe the HCM market is saturated (which there is some truth to this), we note WDAY continues 52 Wk Avg Daily Volume (mn) 3.7

to expand into new markets and areas highlight the company's continued growth opportunities Dividend Yield (%) N/A

outside of AI (e.g. entering ITSM, Vietnam and PEO markets). It was also interesting to hear Return on Equity TTM (%) 8.23

about the early success around WDAY's deployment agent, which could help drive faster new Current BVPS (USD) 30.12

logo velocity given lower implementation costs/timelines. Outside of growth, we note WDAY's Source: Bloomberg

profitable growth story remains intact with WDAY raising its FY27 adj. OM guide by 50bps and