실적분석 Workday ($WDAY) Fiscal 2027 Q2 Earnings Analysis — After-Hours Selloff Despite Revenue and Adjusted EPS Beats
Earnings Scorecard
Revenue: $2.649 billion (+12.8% year-over-year, vs. $2.635 billion estimate) ✅ Beat
EPS (Earnings Per Share): $2.75 adjusted (vs. $2.61 estimate, $2.21 year-over-year) ✅ Beat
Guidance: Raised — FY2027 subscription revenue $9.940–$9.950 billion (13% growth), adjusted operating margin 31.0%
Stock Reaction: After-hours -7.36% ($179.33) — as of 08-28 06:00 KST
Positives
Adjusted EPS beat expectations: $2.75 adjusted versus the $2.61 estimate
Artificial intelligence drives new contracts: More than 25% of new annual contract value, with 5,500 agent customers
Full-year margin guidance raised: FY2027 adjusted operating margin outlook set at 31.0%
The core human capital, financial, and IT integration software business once again topped expectations. This was a quarter that put numbers behind the message that AI products are translating into real contracts.
Negatives
Q3 growth slowdown guidance: Next-quarter subscription revenue growth guided to 12%
Free cash flow down year-over-year: $460 million, below the $588 million posted a year earlier
GAAP EPS optical lift: $1.52 per share reflected a tax benefit
It was the forward-looking figures, more than the print itself, that set the market tone. A signal that the growth pace could step down translated into selling pressure.
What Management Said
Management stressed that AI is the engine behind new contracts and existing-customer expansion. The company said it combined continued investment in AI agents with operating efficiency, resetting both the full-year subscription revenue and margin outlook.
Market Reaction and What to Watch Next
Revenue and adjusted EPS both beat, but the margins were slim, and next-quarter growth guidance read as decelerating — triggering profit-taking.
How close Q3 actual subscription revenue lands to the $2.515 billion guide
Whether AI's share of new contracts stays above 25%
Whether free cash flow expands again
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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