The earnings call presented a mixed picture with significant achievements including non-GAAP profitability and strong early success of AI Studio, paired with challenges in net retention rates and buyer scrutiny. While growth was strong in non-tech verticals and international markets, there were pressures from downgrade activities and difficulties in the tech segment. Overall, the positive aspects are balanced by the challenges, leading to a neutral sentiment.

Company Guidance -

Q1 2026

During Asana's fiscal year 2026 Q1 earnings call, the company highlighted several key metrics and strategic initiatives. Asana achieved non-GAAP profitability for the first time, with a total revenue increase of 9% year over year, exceeding the top end of their guidance. Non-GAAP operating margins improved by over 1,300 basis points year over year, shifting from a 9% operating loss to a 4% operating income margin. The adjusted free cash flow margin increased by more than 700 basis points year over year, reaching 5% for the quarter. AI Studio, a significant focus, surpassed $1 million in annual recurring revenue (ARR), showcasing strong early momentum. Asana also reported a 20% year-over-year growth in customers spending $100,000 or more, including a landmark three-year $100 million-plus contract renewal with one of the largest employers globally. Despite a stable in-quarter net retention rate, the company anticipates pressure in Q2 due to continued downgrades, particularly in the tech and enterprise segments. Asana's strategic priorities for fiscal year 2026 include driving customer health, accelerating acquisition, and enhancing customer value through product innovation, particularly with AI. For Q2, Asana projects revenues between $192 million and $194 million, with a non-GAAP operating income of $8 million to $10 million and a non-GAAP net income per share of 4¢ to 5¢. The full-year revenue guidance has been updated to a range of $775 million to $790 million, representing 7% to 9% growth year over year.

Non-GAAP Profitability Achievement

Asana achieved non-GAAP profitability for the first time in Q1 of FY2026, with non-GAAP operating margins improving over 1,300 basis points year over year.

AI Studio's Early Success

AI Studio surpassed $1 million in ARR, showing strong early momentum and demonstrating significant potential for future revenue growth.

Enterprise Customer Growth

Customers spending $100,000 or more grew 20% year over year, and the company closed the largest deal in its history, a $100 million-plus contract renewal.

Revenue and Cash Flow Improvements

Total revenues were up 9% year over year, exceeding guidance, with adjusted free cash flow margin improving by more than 700 basis points, reaching 5%.

International Revenue Growth

International revenue grew by 11% year over year, driven by strong demand in EMEA and Japan.

New Offerings and Strategic Initiatives

Launched AI Studio Plus tier and Smart Workflow Gallery, enhancing AI capabilities and customer value.

Continued Expansion in Non-Tech Verticals

Non-tech verticals grew mid-teens year over year, now accounting for over 70% of the business.

Asana (ASAN) Earnings, Revenues Date & History

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ASAN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 09, 2025	2026 (Q2)	0.05 / -	-0.05	―	―	―
Jun 04, 2025	2026 (Q1)	0.03 / 0.05	-0.06	183.33% (+0.11)
Mar 10, 2025	2025 (Q4)	-0.01 / 0.00	-0.04	―
Dec 05, 2024	2025 (Q3)	-0.07 / -0.02	-0.04	50.00% (+0.02)
Sep 03, 2024	2025 (Q2)	-0.08 / -0.05	-0.04	-25.00% (-0.01)
May 30, 2024	2025 (Q1)	-0.08 / -0.06	-0.09	33.33% (+0.03)
Mar 11, 2024	2024 (Q4)	-0.10 / -0.04	-0.15	73.33% (+0.11)
Dec 05, 2023	2024 (Q3)	-0.11 / -0.04	-0.26	84.62% (+0.22)
Sep 05, 2023	2024 (Q2)	-0.12 / -0.04	-0.34	88.24% (+0.30)
Jun 01, 2023	2024 (Q1)	-0.18 / -0.09	-0.3	70.00% (+0.21)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ASAN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 04, 2025	$15.11	$14.72	-2.58%
Mar 10, 2025	$16.68	$12.64	-24.22%
Dec 05, 2024	$15.46	$22.19	+43.53%
Sep 03, 2024	$13.29	$12.61	-5.12%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.