Quarterly guidance

Subscription revenue
Approximately $2.515 billion
CRPO growth
11% to 12%
Professional services revenue
$175 million
Non-GAAP operating margin
Approximately 30%

Annual guidance

Subscription revenue
$9.94 billion to $9.95 billion
Professional services revenue
$710 million
Non-GAAP operating margin
31%
Operating cash flow
$3.45 billion
Free cash flow
$3.18 billion
Capital expenditures
$270 million

Outlook

AI Adoption
Over 5,500 customers are using organic agents, with adoption expected to accelerate.
Monetization
The company is transitioning to a hybrid model between subscription and consumption-based Flex credits.
Platform Strategy
The company plans to make 'Sana' the default home screen for Workday.
Margin Expansion
Management expects non-GAAP operating margin to expand by at least 2 percentage points next year.
Competitive Advantage
Management believes their unified data model provides a durable advantage over legacy competitors.
Innovation
The company is actively exploring open-weight models and has established an internal research lab.