# Asana, Inc. (ASAN) Q2 2026 Financial Results Summary
**Release Date: September 3, 2025**
Asana, Inc. (NYSE: ASAN), a work management platform focusing on human and AI collaboration, has announced its financial results for the second quarter of fiscal 2026, which ended on July 31, 2025. Below is a summary of key financial metrics and business highlights.
## Q2 2026 Financial Highlights
– **Revenues**:
– Total revenues reached **$196.9 million**, a **10% increase** year over year.
– **Operating Income/Loss**:
– **GAAP operating loss** was **$49.5 million**, constituting **25% of revenues**, a significant improvement from a **GAAP operating loss of $76.8 million** (43% of revenues) in Q2 2025.
– **Non-GAAP operating income** stood at **$14.0 million**, or **7% of revenues**, compared to a **non-GAAP operating loss of $15.7 million** (9% of revenues) the previous year.
– **Net Income/Loss**:
– **GAAP net loss** was **$48.4 million**, improved from a **net loss of $72.2 million** in the same quarter last year.
– **GAAP net loss per share** was **$0.20**, compared to **$0.31** in Q2 2025.
– **Non-GAAP net income** was **$15.1 million**, an improvement from a **non-GAAP net loss of $11.1 million** in the previous year.
– **Non-GAAP net income per share** amounted to **$0.06**, recovering from **$0.05 loss** per share in Q2 2025.
– **Cash Flow**:
– Cash flows from operating activities totaled **$39.8 million**, compared to **$15.9 million** in Q2 2025.
– Adjusted free cash flow was **$35.4 million**, rising from **$12.8 million** year over year.
## Business Highlights
– **Core Customers**:
– The number of Core customers (spending $5,000 or more annually) reached **25,006**, marking a **9% increase** from last year.
– Revenue from Core customers grew by **12%** year over year.
– **High-Value Customers**:
– Customers spending $100,000 or more annually increased to **770**, representing a **19% growth** compared to the previous year.
– **Net Retention Rates**:
– Overall dollar-based net retention rate for Q2 was **96%**.
– Dollar-based net retention rate for Core customers was also **96%**.
– For customers spending $100,000 or more annually, the retention rate was **95%**.
## Leadership and Product Developments
– **CEO Appointment**:
– Dan Rogers was appointed as Chief Executive Officer, leading Asana towards innovation and growth.
– **Product Launches**:
– Introduced a the **Smart Workflow Gallery**, a set of prebuilt, AI-powered workflows.
– **Compliance Designation**:
– Achieved **FedRAMP ‘In Process’ Designation**, affirming commitment to secure collaboration for public sector and regulated industries.
– **Marketplace Expansion**:
– Announced availability in the AWS Marketplace, enhancing accessibility for AWS customers.
– **Partnerships**:
– Expanded collaboration with Mastercard, providing discounts for small businesses.
– **Sustainability Initiatives**:
– Released the FY25 ESG report, illustrating sustainable business practices.
## Financial Outlook
– **Q3 Fiscal 2026 Expectations**:
– Forecasting revenues between **$197.5 million and $199.5 million**, reflecting **7.4% to 8.5%** year-over-year growth.
– Anticipated non-GAAP operating income between **$12.0 million and $14.0 million**, with projected margins of **6% to 7%**.
– Expected non-GAAP net income per share to be between **$0.06 to $0.07**.
– **Full Fiscal Year 2026**:
– Anticipated revenues are between **$780.0 million and $790.0 million**, indicating **8% to 9% growth**.
– Projected non-GAAP operating income forecasted to be between **$46.0 million and $50.0 million**, at an operating margin of **6%**.
– Expected non-GAAP net income per share of **$0.23 to $0.25**.
## Share Repurchase
– Asana reported **share repurchases** amounting to **$28.9 million** during Q2 2026, an increase from **$19.0 million** in Q2 2025.
This financial results summary provides a snapshot of Asana’s growth, enhancing key operational metrics amidst a challenging economic backdrop. Further updates will be available as Asana continues to engage with investors through upcoming conference calls and investor relations platforms.
| Three Months Ended July 31, | Six Months Ended July 31, | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Revenues | $196,936 | $384,203 | |||
| Cost of revenues(1) | $20,221 | $39,448 | |||
| Gross profit | $176,715 | $344,755 | |||
| Operating expenses: | |||||
| Research and development(1) | $79,376 | $154,503 | |||
| Sales and marketing(1) | $106,677 | $206,518 | |||
| General and administrative(1) | $40,118 | $77,094 | |||
| Total operating expenses | $226,171 | $438,115 | |||
| Loss from operations | -$49,456 | -$93,360 | |||
| Interest income and other income (expense), net | $3,307 | $9,137 | |||
| Interest expense | -$797 | -$1,588 | |||
| Loss before provision for income taxes | -$46,946 | -$85,811 | |||
| Provision for income taxes | $1,414 | $2,567 | |||
| Net loss | -$48,360 | -$88,378 | |||
| Net loss per share: Basic and diluted | -$0.20 | -$0.38 | |||
| Weighted-average shares used in calculating net loss per share: Basic and diluted | 236,218 | 235,550 | |||
| *Amounts include stock-based compensation expense as follows:* Three Months Ended July 31, | 2025 | 2024 | Six Months Ended July 31, | 2025 | 2024 |
| Cost of revenues | $497 | $841 | |||
| Research and development | $30,977 | $55,341 | |||
| Sales and marketing | $18,100 | $32,923 | |||
| General and administrative | $12,580 | $21,216 | |||
| Total stock-based compensation expense | $62,154 | $110,321 |
| July 31, 2025 | January 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $184,146 | $184,728 |
| Marketable securities | $291,074 | $282,156 |
| Restricted cash | $526 | $136 |
| Accounts receivable, net | $69,232 | $87,567 |
| Prepaid expenses and other current assets | $53,533 | $46,154 |
| Total current assets | $598,511 | $600,741 |
| Property and equipment, net | $96,323 | $95,836 |
| Operating lease right-of-use assets | $160,237 | $166,545 |
| Other assets | $28,086 | $28,293 |
| Total assets | $883,157 | $891,415 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities | ||
| Accounts payable | $16,295 | $9,922 |
| Accrued expenses and other current liabilities | $70,853 | $83,031 |
| Deferred revenue, current | $312,511 | $300,798 |
| Operating lease liabilities, current | $24,423 | $22,066 |
| Total current liabilities | $424,082 | $415,817 |
| Term loan, net | $36,814 | $39,291 |
| Deferred revenue, noncurrent | $1,112 | $2,005 |
| Operating lease liabilities, noncurrent | $191,103 | $201,733 |
| Other liabilities | $5,490 | $5,046 |
| Total liabilities | $658,601 | $663,892 |
| Stockholders’ equity | ||
| Common stock | $2 | $2 |
| Additional paid-in capital | $2,183,543 | $2,059,848 |
| Accumulated other comprehensive income (loss) | $1,263 | -$3,851 |
| Accumulated deficit | -$1,960,252 | -$1,828,476 |
| Total stockholders’ equity | $224,556 | $227,523 |
| Total liabilities and stockholders’ equity | $883,157 | $891,415 |
