04:58 AM EDT, 09/18/2025 (MT Newswires) -- (Updates with Workday's response in the sixth paragraph.)

Workday (WDAY) said Wednesday its board has authorized the repurchase of up to $4 billion of additional shares.

In a regulatory filing, the company said the buyback has no expiration date.

Workday said it plans to repurchase around $5 billion of shares through fiscal 2027.

Separately, activist investor Elliott Investment Management said Tuesday that Workday has made "substantial progress" in improving the company's performance.

Elliott, which said it holds a more than $2 billion stake in Workday, said management have positioned Workday "as a unique software franchise with industry-leading growth potential, best-in-class customer retention and a proven management team."

Workday said in a statement e-mailed to MT Newswires that it appreciated Elliott's support.