# If Workday, Inc. moves, who benefits? How far does the value-chain ripple reach?
Canonical: https://valuechain.wiki/workday · Facet: ripple · Updated: 2026-09-24T04:43:24.144732+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Per the valuechain.wiki graph, Workday, Inc. is directly linked to 6 companies (2 supply, 4 revenue relationships) and reaches 58 companies within two hops; the links are backed by 14 dated sources, 1 of them primary filings (as of 2026-09-24).

Workday traces almost the same path as Salesforce: after +65.0% in 2023, it fell 6.5% in 2024, 16.8% in 2025 and 8.8% in 2026, three negative years running. That the two move together says something about the segment. Enterprise SaaS sits at the demand end of the AI chain, yet the move has not reached it since 2024; if anything, the fear that AI could displace the application layer has compressed the multiple. The cost structure shows what that fear is about. The 10-K discloses $1.056B of purchase commitments for third-party hosted infrastructure across FY2027-2029 ($298M, $414M and $344M), without saying how much sits with Amazon versus Alphabet. Against FY2026 revenue of $9.6B that is a meaningful fixed cost, and it grows as more AI features are added. On the revenue side it attaches to the graph through large customers such as Netflix, Bank of America and GE Vernova, whose 2026 returns diverge sharply at -16.5%, +15.2% and +44.4%. The customer base is spread across industries and so is not tied to any one cycle, which is defensive but also means it does not ride the AI cycle either.

## Demand chain (leading)
- T1 Bank of America (https://valuechain.wiki/bank-of-america.md)
- T2 EOG Resources, Inc. (https://valuechain.wiki/eog-resources.md)
- T1 Netflix (https://valuechain.wiki/netflix.md)
- T1 GE Vernova (https://valuechain.wiki/ge-vernova.md)
- T2 Microsoft (https://valuechain.wiki/microsoft.md)
- T3 OpenAI (https://valuechain.wiki/openai.md)
- T3 Snowflake (https://valuechain.wiki/snowflake.md)
- T3 ServiceNow (https://valuechain.wiki/servicenow.md)
- T3 Walmart Inc (https://valuechain.wiki/walmart.md)
- T3 Starbucks Corp (https://valuechain.wiki/starbucks.md)
- T3 Costco Wholesale (https://valuechain.wiki/costco.md)
- T3 Johnson Controls (https://valuechain.wiki/johnson-controls.md)
- T3 Parker-Hannifin Corporation (https://valuechain.wiki/parker-hannifin.md)
- T3 Accenture plc (https://valuechain.wiki/accenture.md)
- T3 Stryker Corporation (https://valuechain.wiki/stryker.md)
- T3 Adobe Inc. (https://valuechain.wiki/adobe.md)
- T3 3M Company (https://valuechain.wiki/3m.md)
- T3 Illinois Tool Works Inc. (https://valuechain.wiki/illinois-tool-works.md)
- T3 Boston Scientific Corporation (https://valuechain.wiki/boston-scientific.md)
- T3 Autodesk, Inc. (https://valuechain.wiki/autodesk.md)
- T3 Rockwell Automation, Inc. (https://valuechain.wiki/rockwell-automation.md)
- T3 Take-Two Interactive Software, Inc. (https://valuechain.wiki/take-two-interactive.md)
- T3 Roper Technologies (https://valuechain.wiki/roper-technologies.md)
- T3 Kenvue Inc. (https://valuechain.wiki/kenvue.md)
- T3 Axon Enterprise, Inc. (https://valuechain.wiki/axon-enterprise.md)
- T3 The Kraft Heinz Company (https://valuechain.wiki/kraft-heinz.md)
- T3 Fiserv (https://valuechain.wiki/fiserv.md)
- T3 Otis Worldwide Corporation (https://valuechain.wiki/otis-worldwide.md)
- T3 Cognizant Technology Solutions Corporation (https://valuechain.wiki/cognizant.md)
- T3 Dover Corporation (https://valuechain.wiki/dover.md)
- T3 Veralto Corporation (https://valuechain.wiki/veralto.md)
- T3 Ralph Lauren Corporation (https://valuechain.wiki/ralph-lauren.md)
- T2 Amazon (https://valuechain.wiki/amazon.md)
- T3 Anthropic (https://valuechain.wiki/anthropic.md)
- T3 CrowdStrike (https://valuechain.wiki/crowdstrike.md)
- T3 Datadog (https://valuechain.wiki/datadog.md)
- T3 Schrodinger (https://valuechain.wiki/schrodinger.md)
- T3 Coupang (https://valuechain.wiki/coupang.md)
- T3 MercadoLibre, Inc. (https://valuechain.wiki/mercadolibre.md)
- T3 Uber (https://valuechain.wiki/uber.md)
- T3 Airbnb Inc (https://valuechain.wiki/airbnb.md)
- T3 The Walt Disney Company (https://valuechain.wiki/disney.md)
- T3 Illumina (https://valuechain.wiki/illumina.md)
- T3 Palo Alto Networks (https://valuechain.wiki/palo-alto-networks.md)
- T3 Intuit Inc. (https://valuechain.wiki/intuit.md)
- T3 Comcast Corporation (https://valuechain.wiki/comcast.md)
- T3 Salesforce, Inc. (https://valuechain.wiki/salesforce.md)
- T3 Abbott Laboratories (https://valuechain.wiki/abbott-laboratories.md)
- T3 Automatic Data Processing, Inc. (https://valuechain.wiki/automatic-data-processing.md)
- T3 Schlumberger (https://valuechain.wiki/schlumberger.md)
- T3 DoorDash, Inc. (https://valuechain.wiki/doordash.md)
- T3 Hilton Worldwide Holdings Inc. (https://valuechain.wiki/hilton-worldwide.md)
- T3 Corteva, Inc. (https://valuechain.wiki/corteva.md)
- T3 Becton, Dickinson and Company (https://valuechain.wiki/becton-dickinson.md)
- T3 Veeva Systems (https://valuechain.wiki/veeva-systems.md)
- T3 Carrier Global Corporation (https://valuechain.wiki/carrier-global.md)
- T3 Live Nation Entertainment, Inc. (https://valuechain.wiki/live-nation-entertainment.md)
- T3 IDEXX Laboratories, Inc. (https://valuechain.wiki/idexx-laboratories.md)
- T3 Waters Corporation (https://valuechain.wiki/waters.md)
- T3 Agilent Technologies, Inc. (https://valuechain.wiki/agilent-technologies.md)
- T3 Expedia Group, Inc. (https://valuechain.wiki/expedia-group.md)
- T3 ResMed Inc. (https://valuechain.wiki/resmed.md)
- T3 GE HealthCare Technologies Inc. (https://valuechain.wiki/ge-healthcare.md)
- T3 Labcorp Holdings Inc. (https://valuechain.wiki/labcorp.md)
- T3 Tapestry, Inc. (https://valuechain.wiki/tapestry.md)
- T3 Verisk Analytics (https://valuechain.wiki/verisk-analytics.md)
- T3 Hubbell Incorporated (https://valuechain.wiki/hubbell-incorporated.md)
- T3 Constellation Brands, Inc. (https://valuechain.wiki/constellation-brands.md)
- T3 Fair Isaac Corporation (https://valuechain.wiki/fair-isaac.md)
- T2 Alphabet (Google) (https://valuechain.wiki/alphabet.md)
- T3 Planet Labs (https://valuechain.wiki/planet-labs.md)
- T3 McDonald's (https://valuechain.wiki/mcdonalds.md)
- T3 Shopify (https://valuechain.wiki/shopify.md)
- T3 LVMH Moet Hennessy Louis Vuitton (https://valuechain.wiki/lvmh.md)
- T3 Recursion Pharmaceuticals (https://valuechain.wiki/recursion.md)
- T3 Booking Holdings Inc. (https://valuechain.wiki/booking-holdings.md)
- T3 HCA Healthcare, Inc. (https://valuechain.wiki/hca-healthcare.md)
- T3 AppLovin Corporation (https://valuechain.wiki/applovin.md)
- T3 Cintas Corporation (https://valuechain.wiki/cintas.md)
- T3 Colgate-Palmolive Company (https://valuechain.wiki/colgate-palmolive.md)
- T3 Honeywell Technologies (https://valuechain.wiki/honeywell-technologies.md)
- T3 AutoZone (https://valuechain.wiki/autozone.md)
- T3 eBay Inc. (https://valuechain.wiki/ebay.md)
- T3 Ingersoll Rand Inc. (https://valuechain.wiki/ingersoll-rand.md)
- T3 Omnicom Group Inc. (https://valuechain.wiki/omnicom-group.md)
- T2 NextEra Energy (https://valuechain.wiki/nextera-energy.md)
- T3 Meta Platforms (https://valuechain.wiki/meta.md)
- T3 FirstEnergy (https://valuechain.wiki/firstenergy.md)
- T3 Entergy (https://valuechain.wiki/entergy.md)
- T3 Xcel Energy (https://valuechain.wiki/xcel-energy.md)
- T3 WEC Energy Group (https://valuechain.wiki/wec-energy-group.md)
- T3 Eversource Energy (https://valuechain.wiki/eversource-energy.md)
- T2 NRG Energy (https://valuechain.wiki/nrg-energy.md)
- T2 Duke Energy Corporation (https://valuechain.wiki/duke-energy.md)
- T2 Baker Hughes Company (https://valuechain.wiki/baker-hughes.md)
- T3 ExxonMobil (https://valuechain.wiki/exxonmobil.md)
- T3 Chevron Corporation (https://valuechain.wiki/chevron.md)
- T3 Expand Energy Corporation (https://valuechain.wiki/expand-energy.md)
- T2 Ameren Corporation (https://valuechain.wiki/ameren.md)
- T2 PPL Corporation (https://valuechain.wiki/ppl.md)

## Supply chain (benefiting)
- T1 Amazon (https://valuechain.wiki/amazon.md)
- T2 Quanta Computer (https://valuechain.wiki/quanta.md)
- T3 NVIDIA (https://valuechain.wiki/nvidia.md)
- T3 Rigetti Computing (https://valuechain.wiki/rigetti.md)
- T2 Seagate Technology (https://valuechain.wiki/seagate.md)
- T3 Hoya Corporation (https://valuechain.wiki/hoya.md)
- T3 Phison Electronics (https://valuechain.wiki/phison.md)
- T2 Credo Technology (https://valuechain.wiki/credo.md)
- T3 Synopsys (https://valuechain.wiki/synopsys.md)
- T3 TSMC (https://valuechain.wiki/tsmc.md)
- T3 Cadence Design Systems (https://valuechain.wiki/cadence.md)
- T2 Marvell (https://valuechain.wiki/marvell.md)
- T3 Siemens EDA (https://valuechain.wiki/siemens-eda.md)
- T3 SK hynix (https://valuechain.wiki/sk-hynix.md)
- T3 Samsung Electronics (https://valuechain.wiki/samsung-electronics.md)
- T3 Samsung Electro-Mechanics (https://valuechain.wiki/samsung-electro-mechanics.md)
- T2 Astera Labs (https://valuechain.wiki/astera-labs.md)
- T2 Alchip Technologies (https://valuechain.wiki/alchip.md)
- T3 Arm Holdings (https://valuechain.wiki/arm.md)
- T2 SanDisk (https://valuechain.wiki/sandisk.md)
- T3 Tokyo Electron (TEL) (https://valuechain.wiki/tokyo-electron.md)
- T3 ASML (https://valuechain.wiki/asml.md)
- T3 Lam Research (https://valuechain.wiki/lam-research.md)
- T2 Foxconn (Hon Hai) (https://valuechain.wiki/foxconn.md)
- T3 Delta Electronics (https://valuechain.wiki/delta-electronics.md)
- T3 UBTech Robotics (https://valuechain.wiki/ubtech.md)
- T3 Murata Manufacturing (https://valuechain.wiki/murata.md)
- T3 Amphenol (https://valuechain.wiki/amphenol.md)
- T3 TE Connectivity (https://valuechain.wiki/te-connectivity.md)
- T3 FANUC (https://valuechain.wiki/fanuc.md)
- T2 Arista Networks (https://valuechain.wiki/arista.md)
- T3 Broadcom (https://valuechain.wiki/broadcom.md)
- T2 Anthropic (https://valuechain.wiki/anthropic.md)
- T3 Alphabet (Google) (https://valuechain.wiki/alphabet.md)
- T3 CoreWeave (https://valuechain.wiki/coreweave.md)
- T3 SK Telecom (https://valuechain.wiki/sk-telecom.md)
- T2 Wiwynn (https://valuechain.wiki/wiwynn.md)
- T2 IonQ (https://valuechain.wiki/ionq.md)
- T2 D-Wave Quantum (https://valuechain.wiki/d-wave.md)
- T2 Eaton (https://valuechain.wiki/eaton.md)
- T2 Schneider Electric (https://valuechain.wiki/schneider-electric.md)
- T2 GE Vernova (https://valuechain.wiki/ge-vernova.md)
- T2 Vistra (https://valuechain.wiki/vistra.md)
- T3 Cameco (https://valuechain.wiki/cameco.md)
- T3 Williams Companies (https://valuechain.wiki/williams.md)
- T3 CenterPoint Energy (https://valuechain.wiki/centerpoint-energy.md)
- T2 Quantum Computing Inc (https://valuechain.wiki/qubt.md)
- T2 Talen Energy (https://valuechain.wiki/talen-energy.md)
- T2 Ciena (https://valuechain.wiki/ciena.md)
- T3 Sumitomo Electric (https://valuechain.wiki/sumitomo-electric.md)
- T2 Corning (https://valuechain.wiki/corning.md)
- T2 Cerebras Systems (https://valuechain.wiki/cerebras.md)
- T2 Globalstar (https://valuechain.wiki/globalstar.md)
- T3 SpaceX (https://valuechain.wiki/spacex.md)
- T3 MDA Space (https://valuechain.wiki/mda-space.md)
- T2 Cummins (https://valuechain.wiki/cummins.md)
- T3 United Rentals (https://valuechain.wiki/united-rentals.md)
- T2 ABB (https://valuechain.wiki/abb.md)
- T2 Caterpillar (https://valuechain.wiki/caterpillar.md)
- T3 Nucor Corporation (https://valuechain.wiki/nucor.md)
- T2 Celestica (https://valuechain.wiki/celestica.md)
- T2 Digital Realty (https://valuechain.wiki/digital-realty.md)
- T3 Siemens Energy (https://valuechain.wiki/siemens-energy.md)
- T3 HD Hyundai Electric (https://valuechain.wiki/hd-hyundai-electric.md)
- T2 Nike (https://valuechain.wiki/nike.md)
- T2 Amorepacific (https://valuechain.wiki/amorepacific.md)
- T2 Procter & Gamble (https://valuechain.wiki/procter-gamble.md)
- T3 Meta Platforms (https://valuechain.wiki/meta.md)
- T3 Dow Inc. (https://valuechain.wiki/dow.md)
- T3 International Flavors & Fragrances (https://valuechain.wiki/international-flavors-fragrances.md)
- T2 ArianeGroup (https://valuechain.wiki/arianegroup.md)
- T3 Avio (https://valuechain.wiki/avio.md)
- T3 Airbus (https://valuechain.wiki/airbus.md)
- T2 Fabrinet (https://valuechain.wiki/fabrinet.md)
- T2 Jabil (https://valuechain.wiki/jabil.md)
- T2 Exelon (https://valuechain.wiki/exelon.md)
- T2 Abbott Laboratories (https://valuechain.wiki/abbott-laboratories.md)
- T3 Illumina (https://valuechain.wiki/illumina.md)
- T2 United Parcel Service, Inc. (https://valuechain.wiki/united-parcel-service.md)
- T3 Boeing (https://valuechain.wiki/boeing.md)
- T3 Union Pacific Corporation (https://valuechain.wiki/union-pacific.md)
- T2 FedEx (https://valuechain.wiki/fedex.md)
- T3 Textron (https://valuechain.wiki/textron.md)
- T2 Colgate-Palmolive Company (https://valuechain.wiki/colgate-palmolive.md)
- T2 Norfolk Southern (https://valuechain.wiki/norfolk-southern.md)
- T3 Wabtec Corporation (https://valuechain.wiki/wabtec.md)
- T2 Occidental Petroleum (https://valuechain.wiki/occidental-petroleum.md)
- T3 BlackRock (https://valuechain.wiki/blackrock.md)
- T2 Entergy (https://valuechain.wiki/entergy.md)
- T3 NextEra Energy (https://valuechain.wiki/nextera-energy.md)
- T2 The Estée Lauder Companies Inc. (https://valuechain.wiki/est-e-lauder-companies.md)
- T3 Shopify (https://valuechain.wiki/shopify.md)
- T2 Ameren Corporation (https://valuechain.wiki/ameren.md)
- T2 Church & Dwight Co., Inc. (https://valuechain.wiki/church-dwight.md)
- T2 Omnicom Group Inc. (https://valuechain.wiki/omnicom-group.md)

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Full node: https://valuechain.wiki/workday.md · JSON: https://valuechain.wiki/workday.json