Workiva Carbon, a SaaS-based software platform for carbon accounting, continues to show strong market momentum with channel partners and customers, according to Workiva CEO Julie Iskow. Among the key ecosystem winners in recent months: Big Four consulting firms that are assisting customers with carbon accounting software deployments.
The momentum statement surfaced during Workiva's Q4 2024 earnings call with Wall Street analysts on February 25, 2025.
To be clear, carbon accounting software is only one piece of a larger Workiva platform software strategy. It's sort of akin to financial management or procurement being strategic to Oracle's overall ERP (enterprise resource planning) platform strategy.
Workiva Software Platform: Carbon Accounting Is Strategic Addition
Amid that backdrop, Iskow says Workiva's platform strategy is catching on with customers. "We're winning with our Assured Integrated Reporting platform, which now includes Carbon Accounting, the most consistently regulated part of sustainability management," Iskow said during the earnings call.
The carbon accounting software is based on Workiva's $100 million Sustain.Life acquisition from 2024. "Our results in Q4 continued to demonstrate the momentum that we've seen since day one of the launch of this solution," Iskow added. "Workiva Carbon was a strategic addition to our platform that has made our sustainability solution and overall Assured integrated reporting platform even more marketable and relevant."
Recent carbon accounting software wins, Iskow noted, often involve channel partners. She mentioned three examples during the February 2025 earnings call:
- European Retailer: This involves a mid-six-figure new logo engagement with a European retailer. A Big Four consulting firm will manage the customer engagment.
- Technology Giant: A U.S.-based Fortune 100 technology company expanded their usage with a mid-six-figure deal for sustainability reporting. Here again, the engagement involves a Big Four consulting firm involved in the co-sell and deployment.
- Transportation Services: A mid-six-figure new logo deal for sustainability reporting and Workiva Carbon with a U.S.-based Fortune 500 transportation company. Five different Workiva partners provided bids for this opportunity to deliver the Workiva project.
Iskow did not mention the Big Four consulting firms by name. But the company's 2024 partners of the year included Deloitte and PwC. Moreover, the Workiva partner program spans MSPs (managed IT service providers); consulting and advisory partners; technology partners; and design partners. Still, we don't know what percentage of Workiva revenue involves channel partners.
Sustainability Involves More Than CSRD Compliance
At first glance, regulations such as CSRD (Corporate Sustainability Reporting Directive) are driving interest in sustainability software and Workiva Carbon.
But in reality, Iskow said, organizations are "purchasing our sustainability management and reporting solutions to address a wide variety of requirements. This included reporting to show progress towards committed science-based targets, required reporting for the CDP or the Carbon Disclosure Project; addressing regulations beyond the CSRD, including U.S. state and other global regulations; and most importantly, embracing nonfinancial metrics to manage emerging risks, improve business productivity and drive business performance."
Workiva Financial Results, Market Trends
Workiva's overall financial results for Q4 of 2024 included:
- Revenue of $200 million, up 20% from Q4 of 2023.
- GAAP net loss of $9 million, compared to a $4 million net loss in Q4 of 2023.
- The company did not disclose specific financial results for Workiva Carbon software.
Looking ahead, the company expects revenue of $203 million to $205 million in Q1 of 2025.
The Q4 2024 results and Q1 2025 sales forecast impressed Wall Street. Shares rose about 4.5% one day after the earnings announcement.
This is the second upbeat earnings report involving sustainable technology in recent days. The other involved Schneider Electric, which touted sustainability and energy management revenues during its earnings call on February 20, 2025.
The Workiva Carbon and Schneider Electric momentum statements surface at a key time. In the United States, President Donald Trump in January 2025 issued several executive orders that may pressure energy transition, ESG and sustainability companies. And in the European Union, some member companies are trying to scale back regulations such as CSRD.
Carbon Accounting Software Market: Growth Forecast, Competition
Still, it sounds like global 2000 companies and mid-market businesses worldwide continue to evaluate and deploy ESG software and energy management tools in a bid to measure and potentially reduce Scope 1, Scope 2 and Scope 3 emissions.
The overall carbon accounting software market is expected to reach $100.84 billion by 2032, up from $15.32 billion in 2023, according to Fortune Business Insights. That's a 23.6% compound annual growth rate (CAGR), the researcher said.
Crowded Software Market: With that potential growth in mind, dozens of software companies now offer sustainability and carbon accounting-related applications. The market includes:
Workiva Amplify 2025: Partner and Customer Conference
So what's next for Workiva and its channel partners? It's safe to expect answers at Workiva Amplify 2025, a customer conference scheduled for September 8-10 in Washington, D.C.
Disclosure: Author Joe Panettieri also is founder of Channel Angels, an early stage investor in Unravel Carbon.
