Workiva’s cloud-based platform for compliance, regulatory reporting and data integration continues to gain traction among large enterprises. In the third quarter of 2025, the company reported revenue of $224 million, up 21% year over year, driven by a 23% increase in subscription and support revenue. Gross margin stands at 77.5%, reflecting high operating leverage, while non-GAAP operating margin widened to 12.7% from 4.1% a year earlier. Free cash flow margin nearly doubled to 20% over the same period, underscoring the strength of Workiva’s subscription-based model. The number of customers spending more than $500,000 annually grew by 42%, highlighting the platform’s growing footprint within large enterprises and regulatory agencies.

In the third quarter, New York City-based Eminence Capital increased its position in Workiva by 1.08 million shares, bringing its total stake to 3.72 million shares valued at $320.5 million. This holding represents 4.7% of the fund’s reportable U.S. equity assets under management and positions Workiva as its third-largest equity investment. Eminence’s move signals conviction in Workiva’s improving profitability metrics and recurring revenue durability, particularly as operating leverage intensifies and free cash flow continues to expand. With margins quietly flipping higher and enterprise customers scaling rapidly, this substantial investment underscores a belief that Workiva’s fundamentals will outperform its recent share performance.