Workday reported total revenue of $2.649 billion, up 13% year over year but missing estimates by 1.5%, while subscription revenue reached $2.471 billion, up 14%. EPS beat consensus at $2.75 versus $2.66, with strong cash generation including $1.22 billion in operating cash flow and $1.08 billion in free cash flow. AI ARR hit nearly $600 million, surging 200% year over year, supported by 5,500 customers using organic agents, though investors question whether this growth is additive or cannibalizing core bookings and if the revenue miss signals a recurring issue despite management's emphasis on the single data model moat and rapid enterprise deployments.

Company: Workday, Inc. (WDAY) — Q2 FY2027

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