Compare · Technology
Salesforce vs. Workday: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Salesforce
1 · What it sells
Salesforce sells subscriptions to cloud software for sales, customer service, marketing, data and Slack, with $41.5 billion of revenue in FY2026.
Sources and detail on the Salesforce page2 · Who pays it
In FY2026, customer service software brought in 23.6% of revenue, sales software 21.7%, the platform and Slack 21.4%, integration and analytics 15.0%, marketing and commerce 13.1% and professional services 5.1%.
Sources and detail on the Salesforce page3 · What it keeps from $100
Of every $100 that came in during FY2026, Salesforce kept $17.5 as net income, which includes $1.0 billion of gains on investments, and operating income was $20.06 per $100 of revenue.
Sources and detail on the Salesforce page4 · Where the operating profit comes from
Salesforce reports one operating segment and no profit by product, but subscriptions and support were 94.9% of its FY2026 revenue.
Sources and detail on the Salesforce page5 · The one thing to watch
Net debt was $27.9 billion at Jul 31, 2026, against net cash of $5.6 billion at Jan 31, 2025, and interest expense was $473 million in Q2 FY2027, up from $67 million a year earlier.
Sources and detail on the Salesforce page
Workday
1 · What it sells
Workday sells subscriptions to cloud software that organizations use to hire, pay and manage employees and run their finances, with revenue of $9.6 billion in FY2026.
Sources and detail on the Workday page2 · Who pays it
In FY2026, subscriptions to Workday's cloud applications brought in 92.5% of revenue and professional services, such as setup and training, 7.5%.
Sources and detail on the Workday page3 · What it keeps from $100
Of every $100 that came in during FY2026, Workday kept $7.0 as net income, which includes $288 million of other income, and operating income was $7.55 per $100 of revenue.
Sources and detail on the Workday page4 · Where the operating profit comes from
Workday reports one operating segment, but subscriptions kept $82.7 of every $100 after the direct cost of running the service, while professional services cost $790 million against $719 million of revenue in FY2026.
Sources and detail on the Workday page5 · The one thing to watch
Workday's total subscription revenue backlog grew 8.0% at Jul 31, 2026, against 20.9% at Jul 31, 2024, while subscription revenue grew 13.9% in Q2 FY2027.
Sources and detail on the Workday page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Salesforce
Where $100 went · FY2026
| Sales and marketing | $33.6 |
|---|---|
| Administration and restructuring | $8.4 |
| Delivering the software | $21.7 |
| Research and development | $14.0 |
| Income tax | $4.8 |
| Kept as net income | $17.5 |
| Total | $100 |
Cityfort calculation from the FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus other income): each line = line ÷ $42.71 billion × 100. Net income includes $1.0 billion of gains on investments, which are not part of operations; operating income was $20.06 per $100 of revenue.
Workday
Where $100 went · FY2026
| Sales and marketing | $26.6 |
|---|---|
| Administration and restructuring | $12.3 |
| Product development | $27.2 |
| Running the subscription service | $15.6 |
| Delivering professional services | $8.0 |
| Income tax | $3.2 |
| Kept as net income | $7.0 |
| Total | $100 |
Cityfort calculation from the FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus other income, net): each line = line ÷ $9.84 billion × 100. Stock-based compensation of $1.6 billion sits inside the cost lines. Operating income was $7.55 per $100 of revenue; restructuring took $3.17.
Line items differ because each company groups its costs its own way in its filings. Only on Salesforce's receipt: Delivering the software; Research and development. Only on Workday's receipt: Product development; Running the subscription service; Delivering professional services.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Salesforce
Workday
See the numbers
Net income
Salesforce
Workday
See the numbers
Free cash flow
Salesforce
Workday
See the numbers
Who pays each company
Salesforce
- Buyers of customer service software · 23.6% of revenueAgentforce Service subscriptions: $9.8 billion, 23.6% of FY2026 revenue, up 8.4% from FY2025.
- Buyers of sales software · 21.7% of revenueAgentforce Sales subscriptions: $9.0 billion, 21.7% of FY2026 revenue, up 8.5%.
- Buyers of the platform and Slack · 21.4% of revenueAgentforce 360 Platform, Slack and Other: $8.9 billion, 21.4% of FY2026 revenue, up 22.6% including Informatica.
- Buyers of integration and analytics software · 15.0% of revenueMuleSoft, Tableau and related products: $6.2 billion, 15.0% of FY2026 revenue, up 7.9%.
- Buyers of marketing and commerce software · 13.1% of revenue$5.4 billion, 13.1% of FY2026 revenue, up 2.8%.
- Buyers of professional services · 5.1% of revenueHelp setting up and using the software: $2.1 billion, 5.1% of FY2026 revenue, down from $2.2 billion in FY2025.
Workday
- Subscribers to Workday's cloud applications · 92.5% of revenueOrganizations paying for access to HR, finance, spend, planning and AI software, with support: $8,833 million, 92.5% of FY2026 revenue, up 14.4%.
- Buyers of professional services · 7.5% of revenueConsulting to set up and optimize the software, and training: $719 million, 7.5% of FY2026 revenue, down from $728 million in FY2025.
Revenue by segment
Salesforce
FY2026
| Segment | Revenue | Share |
|---|---|---|
| Agentforce Service | $9.8B | 23.6% |
| Agentforce Sales | $9.0B | 21.7% |
| Platform, Slack and Other | $8.9B | 21.4% |
| Integration and Analytics | $6.2B | 15.0% |
| Marketing and Commerce | $5.4B | 13.1% |
| Professional services | $2.1B | 5.1% |
Workday
FY2026
| Segment | Revenue | Share |
|---|---|---|
| Subscription services | $8.8B | 92.5% |
| Professional services | $719M | 7.5% |
Debt and cash
Salesforce
- Debt
- $39.3B
- Cash and investments
- $11.4B
On Jul 31, 2026.
At Jul 31, 2026 Salesforce's debt exceeded its cash and marketable securities by $27.9 billion; at Jan 31, 2025 cash exceeded debt by $5.6 billion.
Workday
- Debt
- $3.0B
- Cash and investments
- $3.4B
On Jul 31, 2026.
At Jul 31, 2026 Workday's cash and marketable securities exceeded its debt by $414 million, down from $5.0 billion at Jan 31, 2025.
Sources: Salesforce S1, S5, S6, S19, S20, S21 · Workday S1, S5, S7, S22, S24, S25, S26
Who owns each company
Salesforce
- One class of shares.
- Officers and directors as a group: 3.5% of shares (as of Mar 25, 2026).
- BlackRock, Inc.: 8.9% (as of Jan 26, 2024).
- Vanguard Capital Management: 7.4% (as of Mar 31, 2026).
- State Street Corporation: 6.0% (as of Oct 16, 2024).
Workday
- 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 10).
- Officers and directors as a group: 18.6% of shares, 69.0% of votes (as of Apr 17, 2026).
- Aneel Bhusri (co-founder, CEO and chair): 99.0% of its class, 69.0% of votes (as of Apr 17, 2026).
- BlackRock, Inc.: 10.0% (as of Aug 31, 2026).
- Vanguard Capital Management: 7.6% (as of Mar 31, 2026).
- 3 more holders on the Workday page.
Sources: Salesforce S15, S5, S17, S18 · Workday S16, S5, S1, S27, S28, S29, S30, S31, S32
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: debt, demand, competition, execution, governance. Every risk is on each company's page.
Salesforce
- Investment gains swing net income (other)Q2 FY2027 net income of $3.5 billion includes a $2.6 billion gain, mostly upward revaluations of private company stakes. These stakes were carried at $11.3 billion at Jul 31, 2026. Salesforce reported losses on them in FY2023 to FY2025.
- Backpage-related lawsuits (legal cases)Plaintiffs in federal suits, and 18 plaintiffs in Texas state court, allege they were sex-trafficking victims advertised on backpage.com and that Salesforce software provided to a Backpage affiliate facilitated its business. Salesforce says its current legal matters are not expected to have a material adverse impact, but a matter could still materially affect a particular quarter.
Workday
- Large stock-based pay (other)Stock-based compensation was $1,626 million in FY2026, 17.0% of revenue and 235% of net income. The FY2026 non-GAAP operating margin of 29.6% leaves it out; the GAAP operating margin was 7.5%.
- Outages and data breaches (technology)Workday hosts its applications in data centers operated by third parties. Its FY2026 10-K names service outages and security breaches of customer data among its risks.
Key facts
- How does Salesforce make money compared with Workday?
- Salesforce's revenue by segment in FY2026: Agentforce Service 23.6%, Agentforce Sales 21.7%, Platform, Slack and Other 21.4%, Integration and Analytics 15.0%, Marketing and Commerce 13.1%, and 1 more. Workday's revenue by segment in FY2026: Subscription services 92.5%, Professional services 7.5%.
- Which is bigger by revenue, Salesforce or Workday?
- Salesforce reported $41.5B of revenue in FY2026, and Workday reported $9.6B in FY2026.
- How much net income did Salesforce and Workday report?
- Salesforce reported net income of $7.5B in FY2026, and Workday reported $693M in FY2026.
- How much of every $100 did Salesforce and Workday keep as net income?
- Salesforce kept $17.5 of every $100 that came in during FY2026, and Workday kept $7.0 in FY2026 (Cityfort calculation from each company's annual report).
- How much debt and cash do Salesforce and Workday have?
- Salesforce had $39.3B of debt and $11.4B of cash and investments on Jul 31, 2026. Workday had $3.0B of debt and $3.4B of cash and investments on Jul 31, 2026.
- When do Salesforce's and Workday's fiscal years end?
- Salesforce: January 31. Workday: January 31.
Sources: Salesforce S3, S4, S1, S7, S5, S6, S19, S20, S21 · Workday S3, S1, S5, S7, S22, S24, S25, S26
Built from each company's page. Salesforce updated Nov 6, 2026; Workday updated Nov 6, 2026.
Sources
Salesforce
- S1Form 10-K, fiscal 2026 (ended Jan 31, 2026), Salesforce, Inc. (SEC EDGAR), Mar 2, 2026
- S3Form 10-K, fiscal 2024 (ended Jan 31, 2024), Salesforce, Inc. (SEC EDGAR), Mar 6, 2024
- S4Form 10-K, fiscal 2023 (ended Jan 31, 2023), Salesforce, Inc. (SEC EDGAR), Mar 8, 2023
- S5Form 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026), Salesforce, Inc. (SEC EDGAR), Aug 27, 2026
- S6Q2 fiscal 2027 earnings release (8-K Ex. 99.1), Salesforce, Inc. (SEC EDGAR), Aug 26, 2026
- S7Q1 fiscal 2027 earnings release (8-K Ex. 99.1), Salesforce, Inc. (SEC EDGAR), May 27, 2026
- S152026 proxy statement (DEF 14A), Salesforce, Inc. (SEC EDGAR), Apr 16, 2026
- S17Schedule 13G: Vanguard Capital Management (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S18Schedule 13G/A: The Vanguard Group (event date Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S19Form 8-K: $25 billion accelerated share repurchase, notes underwriting and five-year term loan (Items 1.01, 2.03), Salesforce, Inc. (SEC EDGAR), Mar 12, 2026
- S20Form 8-K: completion of $25 billion senior notes offering (Items 1.01, 2.03), Salesforce, Inc. (SEC EDGAR), Mar 13, 2026
- S21Free writing prospectus: pricing term sheet for senior notes (Mar 11, 2026), Salesforce, Inc. (SEC EDGAR), Mar 12, 2026
Workday
- S1Form 10-K, fiscal 2026 (year ended Jan 31, 2026), Workday, Inc. (SEC EDGAR), Mar 6, 2026
- S3Form 10-K, fiscal 2024 (year ended Jan 31, 2024), Workday, Inc. (SEC EDGAR), Mar 8, 2024
- S5Form 10-Q, Q2 fiscal 2027 (quarter ended Jul 31, 2026), Workday, Inc. (SEC EDGAR), Aug 27, 2026
- S7Earnings release, Q2 fiscal 2027 (8-K Ex. 99.1), Workday, Inc. (SEC EDGAR), Aug 27, 2026
- S16Definitive proxy statement (DEF 14A), 2026 annual meeting, Workday, Inc. (SEC EDGAR), May 5, 2026
- S22Form 8-K (Items 1.01, 1.02, 2.03), new $1.5 billion revolving credit agreement, Workday, Inc. (SEC EDGAR), Oct 1, 2026
- S24Free writing prospectus: pricing term sheet for $2.5 billion senior notes (Oct 21, 2026), Workday, Inc. (SEC EDGAR), Oct 22, 2026
- S25Form 8-K (Items 1.01, 2.03), $2.5 billion senior notes issued Oct 23, 2026, Workday, Inc. (SEC EDGAR), Oct 23, 2026
- S26Preliminary prospectus supplement (424B5) for the October 2026 senior notes, Workday, Inc. (SEC EDGAR), Oct 21, 2026
- S27Schedule 13G/A filed by BlackRock, Inc. (event date Aug 31, 2026), BlackRock, Inc. (SEC EDGAR), Sep 4, 2026
- S28Schedule 13G filed by Vanguard Capital Management (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S29Schedule 13G filed by Vanguard Portfolio Management (event date Mar 31, 2026), Vanguard Portfolio Management (SEC EDGAR), Apr 29, 2026
- S30Schedule 13G/A filed by The Vanguard Group (event date Mar 13, 2026; reports 0 shares after internal realignment), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S31Schedule 13G/A filed by Hotchkis and Wiley Capital Management (event date Jun 30, 2026), Hotchkis and Wiley Capital Management, LLC (SEC EDGAR), Aug 12, 2026
- S32Schedule 13G filed by Eagle Capital Management (event date Jun 30, 2026), Eagle Capital Management, LLC (SEC EDGAR), Aug 14, 2026
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