Cash, cash equivalents, and marketable securities totaled $814 million, up $47 million from the prior quarter, with $10 million used for share repurchases.
Customer count grew by 320 to 6,467, with a gross retention rate of 97% and net retention rate of 114%, both exceeding internal targets.
In Q2 2025, Workiva generated $215 million in total revenue, up 21% year-over-year, beating the high end of revenue guidance by $5 million.
Large contract cohorts showed strong growth: contracts over $100,000 increased 27%, over $300,000 increased 37%, and over $500,000 increased 35% compared to Q2 2024.
Non-GAAP operating margin was 3.8%, exceeding guidance by 380 basis points due to stronger top-line results and operational leverage.
Professional services revenue was flat at $17 million, with declines in setup and consulting offset by higher XBRL services.
Remaining performance obligations expected to be recognized over the next 12 months increased 23% year-over-year to $668 million.
Subscription revenue grew 23% to $198 million, driven by both new customers and account expansions, with new customers added in the last 12 months accounting for 41% of the increase.
The move away from bulk hardware sales is part of a broader effort to align revenue with customer buying cycles, which should benefit revenue predictability starting in 2026.
This transition has caused a temporary decline in hardware margins but is expected to improve overall margin profile as SaaS and recurring revenues grow.
The company booked over 24,000 new units in Q2, the highest in over a year, indicating early positive traction from the new sales approach.
Dafinchi