EY vs Workday

Global IPO proceeds hit record high in 2026

According to EY's latest IPO Barometer, global IPO proceeds reached a record high in the first nine months of 2026, totaling $287.5 billion, a 151% increase year-over-year, despite a slight decline in the number of IPOs (888 vs. 922). The third quarter alone saw $93.3 billion raised across 367 deals, with large listings such as SK Hynix's $26.5 billion IPO on Nasdaq driving growth. China and Europe saw significant increases in both deal count and volume, while the US saw fewer IPOs but a 395% surge in proceeds to $163 billion. Germany recorded eight IPOs, including SMAG Mobile Antenna Masts and Helios Solar. Technology and advanced manufacturing dominated, with investors favoring sectors like AI, robotics, and energy. The outlook for Q4 remains cautiously positive.

• Global IPO proceeds reached a record $287.5 billion in the first nine months of 2026, up 151% year-over-year.
• The number of IPOs fell slightly to 888 from 922 in the same period last year.
• SK Hynix's $26.5 billion IPO on Nasdaq was a major driver.

IPO Winter at Wall Street: All Eyes on Anthropic

The IPO market is experiencing a severe slowdown despite record overall volumes, with many companies postponing or canceling their listings. The primary cause is investor focus on Anthropic's upcoming IPO, expected in mid-November, which is overshadowing other candidates. Notable postponements include EG Group, Oura, SB Energy, Holtec, and Bamboo Insurance. OpenAI has pushed its IPO to 2027. While mega-deals like SpaceX's $86B IPO and SK Hynix's $26.5B listing drove high proceeds, tech listings are trading 23% below first-day prices on average, indicating post-IPO performance concerns. The slowdown is global, affecting Europe and Asia, with companies like Waterstones and AS Watson delaying plans. The article highlights a disconnect between record index levels and the reluctance of companies to go public, as investors remain cautious about AI valuations.

• Anthropic's IPO is expected in mid-November, with investors hoping for a valuation of over $2 trillion.
• OpenAI has postponed its IPO to 2027, and EG Group has also postponed its IPO to 2027, targeting a $9 billion valuation.
• Q3 2026 saw 367 IPOs globally, raising $93.3 billion, a 79% increase in volume year-over-year, but US IPOs fell to 24 from 65 the prior year.

8-K Financial Filing Analysis for Workday (2026-09-29)

On September 29, 2026, Workday announced organizational restructurings aimed at aligning team structures with strategic growth priorities, resulting in a reduction of approximately 2.5% of its workforce, concentrated primarily in its Product and Technology organization, along with select leased office space reductions. In connection with these restructuring actions, Workday expects to incur total pre-tax charges between $65 million and $80 million, consisting of $40 million to $55 million in cash severance and benefit costs, approximately $10 million in non-cash stock-based compensation, and around $15 million in non-cash lease impairment charges. Workday reiterated its previously issued fiscal 2027 third quarter and full-year financial guidance, modifying only its GAAP operating margin expectations to reflect these restructuring charges (Q3 GAAP operating margin expected to be 20 to 21 percentage points lower than non-GAAP; full-year GAAP operating margin approximately 19 percentage points lower). Workforce reductions are anticipated to be substantially complete by Q1 FY2028, while office space reductions should finish by Q4 FY2027.

• Workday is cutting approximately 2.5% of its workforce, predominantly within the Product and Technology division, alongside select leased office space reductions.
• Estimated total restructuring charges of $65 million to $80 million ($55 million to $70 million in Q3 FY2027 and $10 million in Q4 FY2027), including $40 million to $55 million in cash severance expenditures.
• Reiterated Q3 and full-year FY2027 financial guidance, while lowering GAAP operating margin expectations relative to non-GAAP by 20-21 percentage points in Q3 and ~19 percentage points for the full year.

Workday Named a Leader in 2026 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Eleventh Consecutive Year

Workday, Inc. (NASDAQ: WDAY), the enterprise AI platform for HR, finance, and IT, has been named a Leader in the Gartner Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for the eleventh consecutive year.