--- title: "More than 5,500 customers use Workday agents; Flex Credits have no disclosed revenue yet" description: "Agent Passport entered Early Access with Cisco as assessor, Decision Intelligence reached HR and finance metered in Flex Credits, and C1.ai is coming to enforce agent access. The products are real; the disclosed revenue is not yet, and the quarter that could first show it ended October 31." publisher: "The Inference" section: "Platforms" published: 2026-10-25T15:10:44.114Z modified: 2026-10-25T15:10:44.114Z canonical: https://theinference.org/article/more-than-5-500-customers-use-workday-agents-flex-credits-have-no-disclosed-revenue-yet language: en keywords: "Workday, AI Agents, Enterprise Software, Cybersecurity" --- # More than 5,500 customers use Workday agents; Flex Credits have no disclosed revenue yet > Agent Passport entered Early Access with Cisco as assessor, Decision Intelligence reached HR and finance metered in Flex Credits, and C1.ai is coming to enforce agent access. The products are real; the disclosed revenue is not yet, and the quarter that could first show it ended October 31. [Workday](https://theinference.org/markets/companies/workday) spent October assembling the piece of the AI stack nobody had built: a signed record of who an enterprise agent may act for, and proof it was tested. [Agent Passport](https://blogs.cisco.com/ai/building-trust-into-enterprise-ai-agents-cisco-ai-defense-and-workday-agent-passport) reached Early Access with [Cisco](https://theinference.org/markets/companies/cisco) AI Defense running the adversarial tests behind its stamps [1], C1.ai is being bought to turn HR events into access enforcement [2], and Decision Intelligence reached general HR and finance customers, metered in [Flex](https://theinference.org/markets/companies/flex) Credits [3]. The buildout rides on [$2.5 billion of new senior notes](https://www.sec.gov/Archives/edgar/data/1327811/000110465926118496/0001104659-26-118496-index.htm), most of them for general corporate purposes [4]. Whether any of it can be charged for is what decides the stock, and the fiscal quarter that could first show it closed October 31 [4]. ## Agents act with credentials, so someone must own the record of what they may do The technology forced the question. Agents now hold credentials, call tools and write to systems of record, so approving one means approving an actor that can reach real money and real data [1]. Until recently the only answer was a security questionnaire, a static reply about a system that does not hold still [1]. Agent Passport replaces it with an auditable record of what was verified, by whom, and to which standard, mapped to published frameworks such as OWASP and MITRE ATLAS [1]. Workday holds its own agents to that bar first, and [Straiker](https://www.tmcnet.com/usubmit/2026/10/16/10464685.htm), an independent red-teaming firm, is connecting so customer-built agents can carry evidence from a second tester [5]. C1.ai closes the loop from verification to enforcement: a transfer or a departure triggers permission changes across connected systems [2]. ## Workday meters analysis by the credit, and much of the saved time is verification [Decision Intelligence](https://erp.today/workday-extends-decision-intelligence-to-hcm-and-financial-management/) is the charging mechanism. Teams can ask in plain language whether a role should be filled by an outside hire, an internal move or contingent labor, and Workday bills that analysis in Flex Credits [3]. Its early adopter program, begun with more than 50 customers, produced savings of roughly 30 to 40 percent on tasks such as variance analysis [3]. Workday's own January research found that roughly 37 percent of the time employees save with workplace AI goes into correcting and verifying the output [3]. The company is selling measured savings by the credit while conceding how much of the saved time goes to checking the machine's work. That is not a reason to abandon the product; it is the reason the revenue disclosure matters. Adoption is broad: AI drove more than a quarter of new bookings last quarter, and [more than 5,500 customers use at least one Workday agent](https://pulse2.com/workday-ai-drives-more-than-25-of-new-acv-as-agent-customers-jump-more-than-35-sequentially/) [7]. Bookings, though, are not consumption. Flex Credits have no disclosed revenue line of their own. *Chart: **Cash is draining while debt holds near $3.8B, before the October note sale** Line chart of Workday's total debt and cash by fiscal quarter from early 2024 to mid 2026, debt holding near 3.8 billion dollars while cash falls to under 1 billion, with a note that the 2.5 billion dollar note sale came after the last plotted quarter.* *Total debt and cash, USD billions, by fiscal quarter, from Workday's SEC filings. The $2.5 billion senior note issuance of October 23, 2026, falls in fiscal Q3, after the plotted quarter. [10][4]* ## The vendors selling independence from the system of record are the ones getting paid The market put a price on the same problem this week. 1Password, which governs what agents can reach without owning any system of record, [passed half a billion dollars in annual recurring revenue](https://www.businesswire.com/news/home/20261022714042/en/1Password-Surpasses-%24500-Million-in-ARR-as-Developers-and-AI-Builders-Accelerate-Growth) [6]. Monthly use of its developer and AI security tools by non-human identities grew fivefold over the year [6]. Workday itself appears on 1Password's customer list: the company building the agent control plane still buys its credential layer from a security specialist [6]. Buyers face the same choice, whether an agent's authority comes from the HR system of record or an independent vendor, and the market has been voting for independence. Pure-play security names surged as the AI trade rotated out of chips; [CrowdStrike](https://theinference.org/markets/companies/crowdstrike) rose more than 8 percent while Workday did not move [8][9]. *Chart: **The week paid for pure-play security and left Workday flat** Bar chart of one-day share price moves on October 24, 2026: CrowdStrike up 8.25 percent, Palo Alto Networks up 7.22 percent, Okta up 5.82 percent, Workday unchanged.* *One-day share price change at the close on October 24, 2026, percent. CrowdStrike, Palo Alto Networks and Okta per 24/7 Wall St. market data; Workday per Barron's. [9][8]* ## The trade is a wait until Flex Credits show up as revenue None of this says Workday built the wrong thing. The trust layer is the right layer, built at the right moment, and whoever owns it will collect on every agent an enterprise deploys. Ownership has to show up as disclosed revenue, not as bookings. If Flex Credit consumption and Agent Passport surface in the fiscal third-quarter report, the debt was the cheapest money Workday ever spent. Until then it is a company funding that layer with coupons running to 6.5 percent [4], while its own research concedes how much of the product is verification work. ## Takeaway Workday spent October assembling an agent trust layer, Agent Passport, C1.ai enforcement and Decision Intelligence metered in Flex Credits, but adoption is not yet disclosed revenue, and the fiscal quarter that could first show it ended October 31. ## Sources 1. [Cisco Blogs, Building Trust into Enterprise AI Agents: Cisco AI Defense and Workday Agent Passport, collected 25 October 2026](https://blogs.cisco.com/ai/building-trust-into-enterprise-ai-agents-cisco-ai-defense-and-workday-agent-passport) 2. [remio.ai, Workday C1.ai Acquisition Turns HR Data Into an Identity Control Point, 23 October 2026](https://www.remio.ai/post/workday-c1-ai-acquisition-turns-hr-data-into-an-identity-control-point) 3. [ERP Today, Workday Extends Decision Intelligence to HCM and Financial Management, 24 October 2026](https://erp.today/workday-extends-decision-intelligence-to-hcm-and-financial-management/) 4. [SEC EDGAR, Workday, Inc. Form 8-K, filed 23 October 2026](https://www.sec.gov/Archives/edgar/data/1327811/000110465926118496/0001104659-26-118496-index.htm) 5. [GlobeNewswire via TMCnet, Straiker Brings Independent AI Agent Red-Teaming to Workday Agent Passport, 16 October 2026](https://www.tmcnet.com/usubmit/2026/10/16/10464685.htm) 6. [Business Wire, 1Password Surpasses $500 Million in ARR as Developers and AI Builders Accelerate Growth, 22 October 2026](https://www.businesswire.com/news/home/20261022714042/en/1Password-Surpasses-%24500-Million-in-ARR-as-Developers-and-AI-Builders-Accelerate-Growth) 7. [Pulse 2.0, Workday: AI Drives More Than 25% Of New ACV As Agent Customers Jump More Than 35% Sequentially, 30 August 2026](https://pulse2.com/workday-ai-drives-more-than-25-of-new-acv-as-agent-customers-jump-more-than-35-sequentially/) 8. [Yahoo Finance (Barron's), The AI Trade Is Shifting From Chip Stocks to Cybersecurity, 24 October 2026](https://finance.yahoo.com/m/3ca16b67-0147-386a-a235-2de67164740d/the-ai-trade-is-shifting-from.html) 9. [24/7 Wall St., Cybersecurity Stocks Rise as Evercore Survey Flags Strengthening Demand: Okta, CrowdStrike and Palo Alto Climb 4%, 23 October 2026](https://247wallst.com/investing/2026/10/23/cybersecurity-stocks-rise-as-evercore-survey-flags-strengthening-demand-okta-crowdstrike-and-palo-alto-climb-4/) 10. [Workday quarterly debt, cash, operating cash flow and revenue from its SEC filings, retrieved 25 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001327811) --- More than 5,500 customers use Workday agents; Flex Credits have no disclosed revenue yet — The Inference. Canonical: https://theinference.org/article/more-than-5-500-customers-use-workday-agents-flex-credits-have-no-disclosed-revenue-yet