SEC Filing Analysis: Workday, Inc. (WDAY)

Executive Summary

• Trading Significance: Low
• Key Takeaway: Co-founder and 10% owner David Duffield disposed of 94,961 shares (~$18.92M) through a pre-arranged Rule 10b5-1 plan, representing just 0.26% of his massive ~36.46M share position.
• Market Impact: Neutral; routine pre-scheduled liquidation with negligible impact on overall float and capital structure.

Company Information

Field	Value
Company	Workday, Inc.
Ticker Symbol	WDAY
CIK	0001327811
Industry	Services - Computer Processing & Data Preparation

Insider Information

Field	Value
Name	David A. Duffield
CIK	0000938071
Title/Position	Co-Founder / Former Chairman
Relationship	10% Owner

Transaction Details

Field	Value
Form Type	4
Transaction Date	2026-09-01
Transaction Code	C (Conversion) / S (Open Market Sale)
Security Type	Class A Common Stock
Shares Involved	94,961
Weighted Avg Price	$199.29
Total Value	$18,924,543.39
Shares Owned After	105,049 Class A (plus 36,358,873 Class B)
Ownership Type	Indirect (David A. Duffield Trust)

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$18,924,543.39
% of Market Cap	0.048%
Shares Transacted	94,961
% of Shares Outstanding	0.038%
Post-Transaction Ownership	36,463,922 total shares (14.76% of outstanding)
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: Against Workday's $39.05 billion market capitalization, the $18.92M transaction represents under 0.05% of equity value, reflecting standard liquidity management for a mega-cap technology firm.
• Ownership Concentration: Duffield maintains significant control and ownership with over 36.35 million Class B super-voting shares, equating to a ~14.76% overall equity stake in the company.
• Dilution & Net Change: Class B shares were converted 1:1 into Class A shares before open-market sale, resulting in zero net change in total shares outstanding.

Market Impact Analysis

• Direction: Neutral
• Reasoning: The sales were executed pursuant to a Rule 10b5-1 trading plan established on December 2, 2025, and represent a minuscule fraction of the insider's multi-billion-dollar holding.
• Expected Volume Impact: Negligible; sales were spread across nine price tranches ranging from $196.65 to $205.92.
• Sentiment Indicator: Neutral

Additional Context

• Special Circumstances: The transactions occurred via the David A. Duffield Trust dated July 14, 1988 under a pre-established 10b5-1 plan, removing opportunistic timing factors.