Atlassian vs ServiceNow: Revenue, Profit and Business Model
Atlassian reported $6.6B of revenue in FY2026 and a net loss of $53.8M. ServiceNow reported $13.3B of revenue in FY2026 and $1.7B of net income.
Latest financial snapshot
Atlassian
- Latest revenue
- $6.6B (FY2026)
- Net income
- -$53.8M
- Net margin
- -0.8%
- Revenue growth
- +30.5% a year, FY2016–FY2026
ServiceNow
- Latest revenue
- $13.3B (FY2026)
- Net income
- $1.7B
- Net margin
- 13.2%
- Revenue growth
- +25.3% a year, FY2016–FY2026
Financial summary
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.
ServiceNow
ServiceNow grows by landing in IT and expanding into more departments. Revenue rose from $1.39 billion in 2016 to $13.278 billion in 2025, and the company has been GAAP profitable since 2019 apart from a small 2018 loss. 2025 brought $1.824 billion in GAAP operating income, $1.748 billion in net income and $4.636 billion in free cash flow. Growth sped up in 2026: Q2 2026 subscription revenue rose 24.5% to $3.877 billion, helped by the Armis deal, and management raised its full-year subscription outlook. In January 2026 the board added $5 billion to the share buyback program.
Revenue and profit by year
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 |
ServiceNow
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $13.3B | $1.7B | 13.2% | +0.0% | |
| FY2025 | $13.3B | $1.7B | 13.2% | +20.9% | Source |
| FY2024 | $11B | $1.4B | 13.0% | +22.4% | Source |
| FY2023 | $9B | $1.7B | 19.3% | +23.8% | Source |
| FY2022 | $7.2B | $325M | 4.5% | +22.9% | Source |
| FY2021 | $5.9B | $230M | 3.9% | +30.5% | Source |
| FY2020 | $4.5B | $119M | 2.6% | +30.6% | Source |
| FY2019 | $3.5B | $626.7M | 18.1% | +32.6% | Source |
| FY2018 | $2.6B | -$26.7M | -1.0% | +35.0% | Source |
| FY2017 | $1.9B | -$116.8M | -6.0% | +39.0% | Source |
| FY2016 | $1.4B | -$414.2M | -29.8% | — | Source |
Where the revenue comes from
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%.
ServiceNow
- Subscription revenue from the Now Platform (about 97% of 2025 revenue)
- Technology workflows: ITSM, ITOM, IT asset management
- Security and risk, including Armis and Veza
- Customer, CRM and industry workflows
- Employee workflows and Moveworks
- Creator workflows and App Engine
- Professional services and training
Business model and strategy
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.
ServiceNow
How it makes money
ServiceNow makes money by selling multi-year subscriptions to the Now Platform, its single cloud platform with a shared data model and CMDB. Subscription revenue was $12.883 billion of $13.278 billion in 2025 revenue, about 97%; the remainder is professional services and training.
Growth strategy
ServiceNow is growing on three fronts: selling more AI (Now Assist, AI agents, the Otto assistant and AI Control Tower), getting bigger in security and risk through Armis and Veza, and pushing CRM, customer service and industry workflows into accounts where it already runs IT.
Competitive advantage
ServiceNow's advantage comes from one codebase and one data model that spans IT, HR, customer service and security workflows. Once the CMDB and custom App Engine apps are in place, replacing the platform means rebuilding years of configuration, which supports high renewal rates. Scale also matters: 658 customers paid more than $5 million in annual contract value as of June 30, 2026.
Questions about Atlassian vs ServiceNow
Which company has higher revenue — Atlassian Corporation or ServiceNow, Inc.?
Atlassian Corporation reported $6.6B (FY2026), while ServiceNow, Inc. reported $13.3B (FY2026). By last reported revenue, ServiceNow, Inc. is the larger business, with Atlassian Corporation reporting a smaller revenue base.
What is the market cap of Atlassian Corporation vs ServiceNow, Inc.?
Atlassian Corporation's market capitalisation stands at $45.4B, while ServiceNow, Inc.'s is $134.3B. ServiceNow, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Atlassian Corporation.
Which is more financially efficient — Atlassian Corporation or ServiceNow, Inc.?
Atlassian Corporation generates $494k / employee in revenue per employee, while ServiceNow, Inc. generates $455k / 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 Atlassian Corporation and ServiceNow, Inc. make money?
Atlassian Corporation and ServiceNow, Inc. generate revenue in fundamentally different ways. Atlassian Corporation: Atlassian runs a land-and-expand B2B SaaS model. ServiceNow, Inc.: ServiceNow makes money by selling multi-year subscriptions to the Now Platform, its single cloud platform with a shared data model and CMDB.
Which company is valued higher relative to revenue — Atlassian Corporation or ServiceNow, Inc.?
On a price-to-sales (P/S) basis, Atlassian Corporation trades at 6.9x P/S and ServiceNow, Inc. at 10.1x P/S. ServiceNow, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Atlassian Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Atlassian Corporation bigger than ServiceNow, Inc.?
By last reported revenue, ServiceNow, Inc. ($13.3B (FY2026)) is the larger company compared to Atlassian Corporation ($6.6B (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 Atlassian vs ServiceNow overview