Solid 1Q, In-Line Guide; Encouraging AI Data But Growth Still Decelerating

研报英文原文证据摘录

Solid 1Q, In-Line Guide; Encouraging AI Data But Growth Still Decelerating

Software

Workday

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 21, 2026

Price: $121.85 (05/21/2026) Solid 1Q, In-Line Guide; Encouraging AI Data

Price Target: $155.00 But Growth Still Decelerating

HOLD (2)

ESG SCORE: 59/100

Derrick Wood, CFA THE TD COWEN INSIGHT

415 646 7370

WDAY posted a solid print, w/ slightly stronger cRPO upside than last qtr, aided by 4Q slipped

derrick.wood@tdsecurities.com

deals closing in 1Q but upside still below TTM avgs. 2Q guide in line, FY27 guide unchanged.

Andrew Sherman, CFA AI ARR continues to ramp, and we are encouraged by adoption data points. That said,

617 946 3728 monetization remains early & we look for greater inflection to offset a still decelerating growth

andrew.sherman@tdsecurities.com

path. Maintain Hold, $155 PT.

Cole Erskine

646 562 1467 Key Points

cole.erskine@tdsecurities.com

■Solid 1Q: cRPO growth of 15.5% (vs. 15.8% last qtr) beat midpoint of guide by ~50bps, below

Jared Jungjohann its TTM avg beat of ~80bps but above the softer ~30bps upside in 4Q. Sub rev growth of

646 562 1416 ~14% was above guide of ~13%, aided by 4Q slipped deals closing (SLED, Healthcare), which

jared.jungjohann@tdsecurities.com led to better linearity & its strongest 1Q NNACV growth in 5 years. WDAY also booked some

Key Data revs from its progressing DIA contract, an upside surprise. Channel (~30% of NNACV vs.

Symbol NYSE: WDAY ~25% last qtr) performed well, w/ strengthened execution in EMEA mid-market. No disruption

Beta: 1.03 from ME conflict, noting it has de minimis presence. NRR trending stable, w/ flattening seat

52-Week Range: $272.07-$112.50 growth offset by stronger AI cross-sell.