Asana Stock Earnings Reports

Asana reported Q2 FY2026 revenue of $196.9M, up 10% year-over-year and modestly above guidance. Core customer revenue and large-account cohorts showed strength: ~25,000 core customers (+12% revenue growth) and 770 customers spending $100K+ (up 19% YoY). Dollar-based net retention (trailing four-quarter) was 96%. Product momentum centers on AI Studio — management said AI Studio ARR more than doubled quarter-over-quarter and adoption is broadening via self-serve, a Smart Workflow gallery, and an upcoming AI Teammates public beta. The company highlighted strong traction in non-tech verticals (manufacturing, energy, financial services, retail) and international markets (EMEA, Japan). Profitability improved materially: non-GAAP operating margin expanded to 7% (about +1,600 bps YoY) with adjusted free cash flow of $35.4M; gross margin remained ~90%. Balance sheet: ~$475M in cash and securities; RPO grew 29% YoY. Management initiated buybacks ($27.8M this quarter, $128M remaining authorization). Guidance was raised slightly at the low end: FY26 revenue guidance updated to $780–$790M (8–9% growth) and full-year non-GAAP operating income of $46–$50M (approx. 6% margin). Key risks noted: top-of-funnel disruption for SMB from changes in search/AI-driven discovery, potential downgrade pressure and concentrated renewals in H2 (notably in the tech vertical), and the early-stage nature of AI Studio monetization (meaningful contribution expected more in FY27).