Asana vs Atlassian: Revenue, Profit and Business Model
Asana reported $790.8M of revenue in FY2026 and a net loss of $189M. Atlassian reported $6.6B of revenue in FY2026 and a net loss of $53.8M.
Latest financial snapshot
Financial summary
Asana
Asana's fiscal year ends January 31. Revenue grew from $76.8 million in fiscal 2019 to $790.8 million in fiscal 2026, but growth has slowed every year since fiscal 2022, from 66.7% to 9.2%. The trade has been margin for growth: gross profit was $704.0 million in fiscal 2026, an 89% margin, non-GAAP operating income turned positive at $56.7 million against a $40.8 million loss a year earlier, and adjusted free cash flow jumped to $84.5 million from $2.6 million. The GAAP net loss was still $189.0 million, down 26% from fiscal 2025, mostly because of stock-based compensation. Asana held $434.0 million in cash, cash equivalents and marketable securities at January 31, 2026, plus an undrawn senior secured credit facility it entered into with Silicon Valley Bank in November 2022. In the second quarter of fiscal 2027, reported September 3, 2026, revenue rose 10% to $216.4 million and non-GAAP operating margin reached about 10%, and the company raised its full-year guidance.
Atlassian
Atlassian's fiscal 2026 revenue was $6.57 billion, up 26%, with Cloud at $4.41 billion (up 28%), Data Center at $1.83 billion (up 25%), and Marketplace and other at $330.7 million. Subscription annual recurring revenue reached $6.6 billion, up 23%. The company is still unprofitable under GAAP, but the gap is narrowing: the net loss fell to $53.8 million from $256.7 million, and GAAP operating income was positive for the first time, at $10.4 million. Stock-based compensation of $1.61 billion, 24% of revenue, is most of what separates that result from $1.32 billion of free cash flow. Research and development absorbed $3.27 billion, half of revenue, against $1.54 billion for marketing and sales. Cash and cash equivalents ended the year at $1.24 billion, after $1.23 billion of cash paid for the Browser Company and DX acquisitions and $1.81 billion of Class A share repurchases, against $989.6 million of long-term debt.
Revenue and profit by year
Asana
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $790.8M | -$189M | -23.9% | +9.2% | Source |
| FY2025 | $723.9M | -$255.5M | -35.3% | +10.9% | Source |
| FY2024 | $652.5M | -$257M | -39.4% | +19.2% | Source |
| FY2023 | $547.2M | -$407.8M | -74.5% | +44.6% | Source |
| FY2022 | $378.4M | -$288.3M | -76.2% | +66.7% | Source |
| FY2021 | $227M | -$211.7M | -93.3% | +59.2% | Source |
| FY2020 | $142.6M | -$118.6M | -83.2% | +85.8% | Source |
| FY2019 | $76.8M | -$50.9M | -66.3% | — | Source |
Atlassian
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $6.6B | -$53.8M | -0.8% | +26.0% | Source |
| FY2025 | $5.2B | -$256.7M | -4.9% | +19.7% | Source |
| FY2024 | $4.4B | -$300.5M | -6.9% | +23.3% | Source |
| FY2023 | $3.5B | -$486.8M | -13.8% | +26.1% | Source |
| FY2022 | $2.8B | -$519.5M | -18.5% | +34.2% | Source |
| FY2021 | $2.1B | -$579M | -27.7% | +29.4% | Source |
| FY2020 | $1.6B | -$350.7M | -21.7% | +33.4% | Source |
| FY2019 | $1.2B | -$637.6M | -52.7% | +38.5% | Source |
| FY2018 | $874M | -$113.4M | -13.0% | +41.0% | Source |
| FY2017 | $619.9M | -$37.4M | -6.0% | +35.6% | Source |
| FY2016 | $457.1M | $4.4M | 1.0% | — | Source |
Where the revenue comes from
Asana
No segment breakdown is published.
Atlassian
- Cloud subscriptions~67%
Per-user cloud subscriptions for Jira, Confluence, Jira Service Management, Trello, Bitbucket, Loom, and Rovo across Free, Standard, Premium, and Enterprise editions. Cloud revenue was $4.41 billion in fiscal 2026, up 28%, and reached $1.21 billion in the fourth quarter alone.
- Data Center subscriptions~28%
On-premises term licenses with bundled support for self-managed deployments of Jira, Confluence, and other products. Data Center revenue was $1.83 billion in fiscal 2026, up 25%, but Atlassian announced the end of life of the line in September 2025: no new customers from March 2026, no expansions for existing customers after March 2028, and no maintenance after March 2029.
- Marketplace and other~5%
Fees from third-party app sales through the Atlassian Marketplace, which carries more than 6,000 apps and integrations, plus premier support, advisory, and training services. Marketplace and other revenue was $330.7 million in fiscal 2026, up 10%.
Business model and strategy
Asana
How it makes money
Asana sells subscriptions. Its core work management product comes in five tiers, listed in its 10-K as Personal, Starter, Advanced, Enterprise and Enterprise+, priced per seat; Starter lists at $10.99 per user per month billed annually and Advanced at $24.99, while Enterprise and Enterprise+ are quoted by the sales team.
Growth strategy
Asana grows by moving accounts upmarket and by attaching AI. The company reports Core customers, those spending $5,000 or more a year, separately because they carried 76% of revenue in the fourth quarter of fiscal 2026: there were 25,928 of them at January 31, 2026, and 26,778 by July 31, 2026, while customers spending $100,000 or more grew from 817 to 890 over the same period.
Competitive advantage
Asana's defensible piece is the Work Graph, the data model it describes in its SEC filings as the institutional memory of the platform. Because work is stored as a network rather than as rows, one task can live in several projects at once with no duplicate copies, so a launch task can appear in the marketing plan, the engineering sprint and the executive portfolio and stay in sync.
Atlassian
How it makes money
Atlassian runs a land-and-expand B2B SaaS model. A small team, usually in engineering, adopts Jira, Confluence, Bitbucket, or Trello through a free edition or a self-service purchase. Because the tools connect to each other and to outside systems, use spreads to other departments such as IT, marketing, and HR.
Growth strategy
Atlassian's growth strategy has three parts. It pushes beyond engineering with Jira Service Management, aimed at the IT, HR, and customer-service desks that ServiceNow and Freshworks serve. It packages products into Collections, bundles sold around an outcome rather than per app, covering teamwork, software, service, and strategy.
Competitive advantage
Atlassian's moat is switching cost. Jira is often criticized for complexity, but it holds years of issue history, workflow configuration, and integrations with code repositories and CI systems, so replacing it means rebuilding how an engineering organization records its work.
Questions about Asana vs Atlassian
Which company has higher revenue — Asana, Inc. or Atlassian Corporation?
Asana, Inc. reported $790.8M (FY2026), while Atlassian Corporation reported $6.6B (FY2026). By last reported revenue, Atlassian Corporation is the larger business, with Asana, Inc. reporting a smaller revenue base.
What is the market cap of Asana, Inc. vs Atlassian Corporation?
Asana, Inc.'s market capitalisation stands at $2.2B, while Atlassian Corporation's is $45.4B. Atlassian Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Asana, Inc..
Which is more financially efficient — Asana, Inc. or Atlassian Corporation?
Asana, Inc. generates $448k / employee in revenue per employee, while Atlassian Corporation generates $494k / employee. Atlassian Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Asana, Inc. and Atlassian Corporation make money?
Asana, Inc. and Atlassian Corporation generate revenue in fundamentally different ways. Asana, Inc.: Asana sells subscriptions. Atlassian Corporation: Atlassian runs a land-and-expand B2B SaaS model.
Which company is valued higher relative to revenue — Asana, Inc. or Atlassian Corporation?
On a price-to-sales (P/S) basis, Asana, Inc. trades at 2.8x P/S and Atlassian Corporation at 6.9x P/S. Atlassian Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Asana, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Asana, Inc. bigger than Atlassian Corporation?
By last reported revenue, Atlassian Corporation ($6.6B (FY2026)) is the larger company compared to Asana, Inc. ($790.8M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Asana vs Atlassian overview