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Workday, Inc.'s management tone tended to become more positive when quarterly net income improved.
Does not remain notable after adjusting for hundreds of tests. Why?
The analysis measures a same-filing relationship, not a forecast. Limitations
Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart
Tone and earnings moved in the same direction in 11 of 15 comparable quarters.
11 / 15 direction agreement
How is agreement calculated?| Spearman ρ (exact) | 0.404 (p=0.136) |
|---|---|
| Pearson r | 0.207 (p=0.460) |
| 95% CI (Pearson) | [-0.34, 0.65] |
| FDR q | 0.675 |
| Sample size (n) | 15 · More established sample |
| Agreement | 11 / 15 (11 / 15) |
Secondary to net income because revenue concepts are less comparable across some industries.
Annual samples are shorter and are not mixed into the default quarterly board.
Tone shown to three decimals so small nonzero values stay visible.
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| May 22, 2026 | 10-Q | +0.066 | +226.5% | +13.5% |
| Nov 26, 2025 | 10-Q | +0.132 | +30.6% | +12.6% |
| Aug 22, 2025 | 10-Q | +0.154 | +72.7% | +12.6% |
| May 23, 2025 | 10-Q | +0.111 | -36.4% | +12.6% |
| Dec 5, 2024 | 10-Q | +0.183 | +69.7% | +15.8% |
| Aug 28, 2024 | 10-Q | +0.227 | +67.8% | +16.7% |
| May 29, 2024 | 10-Q | +0.195 | +78576.5% | +18.1% |
| Nov 28, 2023 | 10-Q | +0.280 | +252.2% | +16.7% |
| Aug 24, 2023 | 10-Q | +0.226 | +222.6% | +16.3% |
| May 25, 2023 | 10-Q | +0.158 | +100.1% | +17.4% |
| Nov 29, 2022 | 10-Q | +0.168 | -272.1% | +20.5% |
| Aug 25, 2022 | 10-Q | +0.160 | -160.7% | +21.9% |
| May 26, 2022 | 10-Q | +0.150 | -119.6% | +22.1% |
| Nov 18, 2021 | 10-Q | +0.199 | +278.4% | +20.0% |
| Aug 26, 2021 | 10-Q | +0.174 | +477.4% | +18.7% |
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Mar 6, 2026 | 10-K | +0.024 | +31.7% | +13.1% |
| Mar 11, 2025 | 10-K | +0.062 | -61.9% | +16.4% |
| Mar 8, 2024 | 10-K | +0.130 | +476.6% | +16.8% |
| Feb 27, 2023 | 10-K | +0.093 | -1348.6% | +21.0% |
| Feb 28, 2022 | 10-K | +0.102 | +110.4% | +19.0% |