SEC Filing Analysis: Workday, Inc. (WDAY)

Executive Summary

• Trading Significance: Low
• Key Takeaway: Routine tax-withholding disposition of 3,369 shares associated with RSU vesting by the President of Product & Technology.
• Market Impact: Neutral; non-discretionary transaction with no open-market dilution or directional signal.

Company Information

Field	Value
Company	Workday, Inc.
Ticker Symbol	WDAY
CIK	0001327811
Industry	Technology / Computer Software & Cloud Services

Insider Information

Field	Value
Name	Kazmaier Gerrit S
CIK	0002060774
Title/Position	President, Prod. and Tech.
Relationship	Officer

Transaction Details

Field	Value
Form Type	4
Transaction Date	2026-09-05
Transaction Code	F (Tax Withholding)
Security Type	Class A Common Stock
Shares Involved	3,369
Price Per Share	$195.79
Total Value	$659,616.51
Shares Owned After	263,019
Ownership Type	Direct

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$659,616.51
% of Market Cap	0.0017%
Shares Transacted	3,369
% of Shares Outstanding	0.0014%
Post-Transaction Ownership	263,019 shares (0.1065% of outstanding)
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: Across Workday's $39.05B market cap, a $659.6K disposition is standard equity plan administration.
• Ownership Concentration: The insider maintains significant equity alignment, retaining 263,019 shares (including 246,656 unvested RSUs).
• Dilution Impact: None; shares were withheld directly by the issuer to cover statutory tax requirements.

Market Impact Analysis

• Direction: Neutral
• Reasoning: Automatic tax withholding transactions carry no informational value regarding executive sentiment or operational fundamentals.
• Expected Volume Impact: Negligible.
• Sentiment Indicator: Neutral

Additional Context

• Special Circumstances: Footnotes confirm the disposition was executed under Code F strictly to cover tax obligations from vested restricted stock units.