The hundred clears the ETF, with Guidewire and Fair Isaac at the edges

The hundred clears the ETF, with Guidewire and Fair Isaac at the edges

The hundred largest application and infrastructure software names are indicated +1.08% equal-weight. Breadth is 80 up, 14 down, and 6 unchanged. Application is +1.18% across 56 names. Infrastructure is +0.96% across 44. That is another broad open, and this time the equal-weight book is ahead of the software ETF.

Guidewire Software leads application at +8.92%. Fair Isaac is the laggard at −6.78%, also application. Automatic Data Processing is one of the clearer green names near the top of the book, indicated about +2.7%. Workday is soft among the larger application names, indicated about −1.7%. CrowdStrike and Oracle sit in the stronger half of the megacaps. Microsoft is up less than a percent.

IGV is +0.62% and QQQ is +0.72%. The equal-weight hundred is 0.46 points ahead of IGV and 0.36 points ahead of QQQ. Application leads infrastructure by 0.22 points. The point of the open is participation plus a clean gap versus the ETF: five names up for every one down, with the sleeves still within a quarter point of each other.

Guidewire closed the year on subscription, not license

Guidewire Software (GWRE), rank 56, application, reported fourth-quarter and fiscal 2026 results on 3 September for the year ended 31 July. Total revenue for the year was $1,475.4 million, up 23%. Subscription and support revenue was $970.9 million, up 33%. License revenue was $234.6 million, down 7%. Services revenue was $269.9 million, up 23%. Annual recurring revenue was $1,242 million on constant fiscal-2025 currency rates, up 19% on a constant-currency basis; revalued at 31 July 2026 rates, ARR was $1,237 million. Fully ramped ARR was $1,578 million on the same constant-currency basis, up 22%. Cash from operations was $389.7 million. For fiscal 2027 the company guided ending ARR of $1,450–$1,460 million and total revenue of $1,707–$1,727 million. The story in the release is the subscription mix and the ARR path, with license still the declining line.

Fair Isaac’s last print was a raise; the tape is about scores

Fair Isaac (FICO), rank 50, application, reported third-quarter fiscal 2026 results on 29 July for the period ended 30 June. Revenue was $674.2 million, up 26%. Scores revenue was $458.9 million, up 41%. Software revenue was $215.3 million, up 2%. GAAP diluted earnings per share were $10.45. Free cash flow was $370.3 million. The company raised full-year fiscal 2026 revenue guidance to $2.53 billion from $2.45 billion, and raised GAAP diluted earnings-per-share guidance to $36.86 from $35.60. There is no new company earnings release this morning. The soft tape follows public moves by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency to put Classic FICO and VantageScore 4.0 on one loan-level pricing grid for settlements from 1 October. The last official print is still the July raise; the open is a policy-and-tape story on top of that base.

CrowdStrike’s quarter was net new ARR, then a higher year

CrowdStrike Holdings (CRWD), rank 5, infrastructure, reported second-quarter fiscal 2027 results on 26 August for the period ended 31 July. Total revenue was $1.47 billion, up 26%. Subscription revenue was $1.40 billion, up 27%. Ending annual recurring revenue was $5.84 billion, up 25%, including $332.8 million of net new ARR in the quarter. Free cash flow was $377.4 million. The company raised its full-year fiscal 2027 net-new-ARR growth outlook to 34% at the midpoint and guided full-year total revenue of $5,991.1–$6,011.1 million. Ending ARR from accounts on Falcon Flex exceeded $2.29 billion, up 101%. What changed is the net-new-ARR print plus a higher growth path for the year, not a one-line beat alone.

Workday kept the year at 13% subscription growth

Workday (WDAY), rank 24, application, reported second-quarter fiscal 2027 results on 27 August for the period ended 31 July. Total revenue was $2.649 billion, up 12.8%. Subscription revenue was $2.471 billion, up 13.9%. Twelve-month subscription revenue backlog was $9.034 billion, up 14.2%. Total subscription revenue backlog was $27.403 billion, up 8.0%. Non-GAAP operating margin in the quarter was 31.1%. The company updated full-year fiscal 2027 subscription revenue guidance to $9.940–$9.950 billion, or 13% growth, and raised full-year non-GAAP operating margin guidance to 31.0%. Free cash flow was $460 million. The idea is a steady subscription print with the year held at 13%, while this morning’s tape is soft without a new release.

Application led, and the book finally sits ahead of IGV

Application finished +1.18% across 56 names. Infrastructure finished +0.96% across 44. Application led by 0.22 points. The hundred is +1.08% equal-weight, 0.46 points ahead of IGV at +0.62% and 0.36 points ahead of QQQ at +0.72%. Breadth is 80 up, 14 down, and 6 unchanged.

The sleeves did not diverge by much. The cleaner gap versus yesterday is versus the ETF: a green equal-weight book that now sits almost half a point ahead of IGV instead of behind it. Guidewire and Fair Isaac bookend the application sleeve. Automatic Data Processing is a firm green name near the top of the list without a new print this morning. Its next scheduled release is 28 October for the quarter ending 30 September. Workday is soft in application without a fresh company release today.

Four prints that are not the ideas above

• Automatic Data Processing (ADP), rank 14, reported fiscal 2026 revenue of $21.9 billion on 29 July, up 7%, or 6% organic constant currency, with Employer Services new business bookings of $2.2 billion, up 6%.
• Synopsys (SNPS), rank 18, reported third-quarter fiscal 2026 revenue of $2.477 billion on 26 August and raised full-year revenue expectations to $9.690–$9.740 billion.
• Zscaler (ZS), rank 31, reported fourth-quarter fiscal 2026 revenue of $898.2 million on 3 September, up 25%, with ARR of $3.771 billion, also up 25%.
• Toast (TOST), rank 46, reported annualized recurring run-rate of $2.409 billion as of 30 June, up 25%, in its 4 August second-quarter release.