Workiva (WK) opened 2026 with Q1 revenue of US$247.3 million and basic EPS of US$0.33, alongside net income of US$19.0 million, putting fresh numbers behind a stock currently trading at US$51.53. The company reported quarterly revenue of US$206.3 million in Q1 2025 and US$247.3 million in Q1 2026, while basic EPS moved from a loss of US$0.38 to a profit of US$0.33 over the same period, with trailing twelve month EPS at US$0.25 on revenue of US$925.6 million. Margins are clearly in focus here, as the move from quarterly losses to profits is likely to be central to how investors assess the quality and durability of this earnings change.

See our full analysis for Workiva.

With the headline numbers on the table, the next step is to see how these results compare with the key narratives that have developed around Workiva over the past year, and how the overall story may be evolving.

12.8% revenue growth against ongoing loss history

• Over the last 12 months, Workiva generated US$925.6 million in revenue, growing at 12.8% a year while reporting trailing net income of US$14.2 million after several years of losses that expanded at about 4.2% a year.
• Analysts' consensus narrative sees multi solution platform deals and global expansion as key drivers. However, the recent shift from a trailing loss of US$26.2 million a year ago to a trailing profit of US$14.2 million means investors are weighing that growth story against a still short track record of profitability.
  • Revenue growth of 12.8% a year sits slightly ahead of the 11.2% pace cited for the wider US market, which lines up with the view that the product set is gaining traction with larger customers.
  • At the same time, the five year trend of losses growing about 4.2% a year is a reminder that the consensus growth story relies on recent improvements continuing rather than the longer history repeating.

EPS swing to US$0.33 and the bullish growth story

• Basic EPS moved from a loss of US$0.38 in Q1 2025 to a profit of US$0.33 in Q1 2026, with trailing twelve month EPS at US$0.25, while quarterly net income went from a loss of US$21.4 million to a profit of US$19.0 million over the same quarters.
• The bullish narrative leans on forecasts for earnings to grow 72.82% a year and to reach US$142.0 million by about April 2029. The recent run from quarterly losses in early 2025 to profits in Q3 2025, Q4 2025 and Q1 2026 gives that view some support but also sets a high bar to keep delivering.
  • Quarterly net income has been positive for three straight reported quarters, rising from US$2.8 million in Q3 2025 to US$11.8 million in Q4 2025 and US$19.0 million in Q1 2026, which heavily supports the bullish case that margins can improve from the earlier Q1 2025 loss of US$21.4 million.
  • However, trailing EPS only sits at US$0.25 after several years of losses, so the bullish expectation of a move to US$142.0 million in earnings implies a jump from a relatively small current profit base that investors will likely monitor closely.

On top of that EPS turnaround, bulls point to large enterprise contracts and sustainability demand as reasons the current profit run could extend, so it can be useful to see how that story is laid out in more detail in the dedicated bull case 🐂 Workiva Bull Case

DCF fair value 142.49 vs US$51.53 share price

• Workiva shares trade at US$51.53 with a P/S of 3.5x, compared with a cited DCF fair value of US$142.49 and an analyst price target of US$78.73, while the stock is also shown as below the US software industry P/S of 3.9x and a peer average of 4.7x.
• Bears focus on the balance sheet, arguing that negative shareholders' equity and a history of losses challenge the idea that the valuation gap to both the DCF fair value and the analyst target will close quickly, even with recent profitability.
  • The presence of negative shareholders' equity means that, despite a trailing net profit of US$14.2 million and a recent move into positive EPS, the company has accumulated past losses or obligations that still sit on the balance sheet.
  • That backdrop helps explain why some investors may treat the 3.5x P/S and the difference between the US$51.53 share price and the US$142.49 DCF fair value with caution, as the balance sheet position and loss history introduce extra risk to the recovery story.

For anyone weighing that discount against the balance sheet concerns, it can help to see how skeptics frame the risk and what would need to go right for the stock to re rate, which is set out in the focused bear case 🐻 Workiva Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Workiva on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of optimism and concern feels familiar, use it as a cue to move quickly, review the full risk-reward picture, and weigh 4 key rewards and 1 important warning sign

See What Else Is Out There

Workiva's recent profitability sits against a backdrop of negative shareholders' equity, a history of losses, and a relatively small current earnings base.

If that mix of fragile profitability and balance sheet pressure feels uncomfortable, move quickly and check stocks in the solid balance sheet and fundamentals stocks screener (46 results) that pair resilience with financial strength.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.