Asana (ASAN) Q4 2026 earnings summary

Executive summary

• Q4 revenue reached $205.6 million, up 9% year-over-year, with FY revenue at $790.8–$791 million, also up 9% year-over-year.

• Transitioned to a multi-product platform with strong AI momentum, including AI Studio and AI Teammates, driving incremental ARR and customer engagement.

• Net revenue retention (NRR) stabilized, with core customer NRR at 97% and $100,000+ customer NRR at 96%.

• Significant margin expansion, with Q4 GAAP operating margin improving by over 17 percentage points and non-GAAP by 10 points year-over-year.

• Announced CFO transition from Sonalee Parekh to Aziz Megji and new executive appointments.

Financial highlights

• Q4 non-GAAP operating income was $18.2 million (9% margin); adjusted free cash flow was $25.7 million (13% margin).

• Q4 GAAP operating loss was $34.0 million (17% of revenue), improved from $63.6 million last year; non-GAAP net income was $19.9 million ($0.08/share).

• FY26 GAAP operating loss was $197.3 million (25% of revenue), improved from $266.7 million last year; non-GAAP operating income was $56.7 million (7% margin).

• Ended Q4 with $434 million in cash, cash equivalents, and marketable securities.

• RPO was $524.8 million, up 22% year-over-year; deferred revenue was $333.9 million, up 10%.

Outlook and guidance

• FY27 revenue guidance: $850–$858 million, 7.5%–8.5% growth year-over-year.

• Q1 FY27 revenue guidance: $202.5–$204.5 million, 8.1%–9.2% growth year-over-year.

• FY27 non-GAAP operating margin expected at least 9.5%; non-GAAP net income per share $0.36–$0.37.

• AI offerings expected to represent nearly 15% of new ARR in FY27.

• PLG headwinds expected to create a 2-point drag on ARR growth; no recovery assumed in guidance.