Workiva CEO Touts Revenue Growth, Sustainability Software Partner Wins, and Sales Hire Amid Activist Investor Question Marks

Workiva -- which develops finance, risk and sustainability software -- announced strong financial results and channel partner wins for Q3 of 2025, despite some geopolitical headwinds in the carbon accounting and ESG software markets. The company, which is striving to avoid an activist investor showdown, also hired a new executive leader for its sales operations.

Among the potential challenges to note: Irenic Capital Management as of September 2025 built a 2% stake in Workiva, alleging the software maker needs to improve its operating efficiency, refresh its board and consider a potential sale, Reuters reported in September 2025.

Amid that backdrop, Workiva offered these updates on November 5, 2025:

1. Revenue: Was $224 million in Q3 of 2025, up 21% compared to Q3 of 2024.
2. GAAP net income: Was $3 million, compared to a $17 million net loss in the corresponding quarter of 2024.
3. Sales Leader: Workiva hired Databricks, AWS and SAP veteran Michael Pinto as chief revenue officer (CRO). Pinto essentially succeeds Michael Hawkins, a 15-year Workiva veteran who stepped down from his role as executive VP and chief sales officer. Workiva is paying Hawkins a $2.1 million separation fee, according to an SEC filing.
4. Customer Base: Workiva had 6,541 customers as of September 30, 2025, a net increase of 304 customers from September 30, 2024.
5. Customer Retention: As of September 30, 2025, Workiva's gross retention rate was 97%, and the net retention rate was 114%. Net retention includes changes in both solutions and pricing for existing customers.
6. Large Contracts: As of September 30, 2025, Workiva had 2,372 customers with an annual contract value (“ACV”) of more than $100,000, up 23% from 1,926 customers at September 30, 2024. Workiva had 541 customers with an ACV of more than $300,000, up 41% from 383 customers in the third quarter of 2024. Workiva had 236 customers with an ACV of more than $500,000, up 42% from 166 customers in the third quarter of 2024.

In a prepared statement about the earnings, CEO Julie Iskow said: “Workiva delivered another solid quarter, driven by broad-based demand across our solution portfolio and unified platform. We outperformed on both the top and bottom line, and we are raising the FY 2025 guide for both revenue and operating margin. This is the result of our disciplined commitment to productivity and driving measurable improvement to operating leverage in our business.”

Workiva Sustainability and Carbon Accounting Software: Reality Check

Still, Workiva did not mention specific revenue figures for its sustainability and carbon accounting software platforms, which face some geopolitical headwinds and climate pushback from the Trump administration.

Sustainability "remains a strategic solution for us," Iskow said during the November 2025 earnings call. "Has the near-term tailwind subsided? Yes, and we've been open about this, but we continue to win large deals in the sector."

Many of those customer wins involved channel partners such as global systems integrators and accounting firms. For instance, Iskow said:

• A top 5 global pharmaceutical company signed a mid-six-figure, two-solution account expansion deal for sustainability reporting and policy management. A Big Four accounting and technology consulting firm sourced and delivered the deal.
• A North American telecommunications and media company signed a mid-six-figure account expansion deal for four solutions. The deal included audit management, controls management, operational risk and sustainability. Here again, a Big Four accounting and technology consulting firm sourced and delivered the deal.
• Workiva closed a high six-figure expansion deal with a European-based energy services company. The deal covers six -- solutions, sustainability reporting, controls management, enterprise risk management, policy management, compliance and operational risk management. Once again, a Big Four accounting and technology consulting firm sourced and delivered the deal.
• A top five global payments provider signed a six-figure expansion for Workiva Carbon. This deal was a co-sell and will be delivered by a Big Four firm.
• A top 5 Australian bank signed a six-figure expansion for sustainability reporting. This deal was sourced and will be implemented by a Big Four firm.

Workiva AI Software Partner Strategy

The November 2025 financial results surfaced roughly two months after Workiva touted a major AI software partner strategy. The strategy spans Intelligent Finance, Intelligent Sustainability and Intelligent GRC solutions, according to a September 2025 presentation to Wall Street analysts.

Among the factoids to note from the presentation:

• More than 85% of Workiva's sustainability software projects are delivered by partners
• 31% of those partner-sourced deals involve multiple Workiva solutions.

The Workiva partner strategy includes global and regional consulting firms, managed services providers (MSPs), resellers, technology firms and corporate communications specialists, the presentation noted. Partners can profit from solution implementations; high-value, high-margin services; and recurring service revenues.

The September 2025 Wall Street presentation surfaced the same week as Workiva Amplify 2025 -- the software company's annual customer and partner conference. At the event, the company touted Workiva AI -- which embeds agentic AI solutions directly into workflows. As a result, "customers now gain access to shorter reporting cycles, faster research, and more time for strategic work," the company asserted.

Early adopters include PwC, Cognizant, StoneX, McCormick, and Playa Hotels & Resort, the company added.

Sustainability Software: Market Growth, Consolidation and Competition

More than 30 companies offer various ESG, sustainability and carbon accounting software packages. The market headwinds has triggered numerous carbon accounting M&A deals in 2025.

Despite the recent sustainability market headwinds, market researchers remain upbeat about long-term growth prospects. For instance:

• The global ESG software market is expected to reach $2.73 billion by 2030, up from $940.7 million in 2023, according to Grand View Research. That's a 17.3% compound annual growth rate (CAGR).
•  The carbon accounting software market will reach $51.64 billion in 2029, up from $18.56 billion in 2024, according to The Business Research Company. That's a 22.9% compound annual growth rate (CAGR), the report said. 

Related: List of sustainability software market growth forecasts research reports.