Research Reports

Prepared Highlights

Q2 FY2026 revenue $196.9M, up 10% YoY, exceeding top end of guidance by 1% (CFO), with 9.4% YoY growth ex-currency (CFO)
Non-GAAP gross margin held steady at 90% (CFO)
$100K+ customers 770, up 19% YoY (CFO)
Core customers ($5K+) ~25,000, up 12% YoY revenue; cohort represents 76% of Q2 revenue (CFO)
Overall dollar-based NRR 96% (trailing 4Q avg), up from 95% last quarter; core customer NRR 96%; $100K+ cohort NRR 95% (CFO)
In-quarter NRR improved for overall and core cohorts, driven by better downgrade and expansion metrics; gross retention slightly improved QoQ (CFO)
RPO $507.3M, up 29% YoY; current RPO (next 12 months) 75% of total, up 16% YoY (CFO)
Deferred revenue $313.6M, up 8% YoY (CFO)
Adjusted free cash flow $35.4M, 18% margin (CFO)
Non-GAAP operating margin 7% ($14M OI), ~1,600 bps improvement YoY, 240 bps above midpoint of guide; ~50 bps due to hiring timing shift to H2 (CFO)
AI Studio ARR more than doubled QoQ (CEO); ~40% of customers purchase via self-serve (COO); within first week of AI Studio Plus launch, self-serve customers rapidly exceeded plus tier limits (COO)
International revenue up 13% YoY; US up 8% YoY (COO); international growth outpaced US (CEO)
Non-tech verticals grew mid-teens; fastest-growing verticals: manufacturing & energy, financial services, retail & consumer goods (CEO, COO)
Stock repurchases $27.8M in Q2 (~2M shares at avg $14.20); $128M remaining (CFO)
Cash & equivalents ~$475.2M (CFO)

Official Guidance (CFO):

Q3 FY2026: Revenue $197.5M–$199.5M (7.4%–8.5% YoY growth); non-GAAP OI $12M–$14M (6–7% margin); non-GAAP EPS $0.06–$0.07 (~244M diluted shares)
Full-year FY2026: Revenue $780M–$790M (8–9% YoY growth); non-GAAP OI $46M–$50M (6% margin), raised from ≥5.5% prior; non-GAAP EPS $0.23–$0.25 (~243M diluted shares); currency adds ~50 bps growth benefit

Mgmt Quotes:

(CEO) "Customers view Asana as a trusted partner in coordinating their most critical industry and function-specific work."
(CEO) "To unlock productivity in today’s modern companies, AI must be context-aware and embedded where teams already collaborate."
(COO) "Customers with FSPs show a 20% increase in utilization of their Asana seats within three months of adopting an FSP plan."
(CFO) "While I am encouraged by the progress we made this quarter on NRR, it’s too early to call Q2 an inflection point, given potential downgrade pressure that could cause NRR to revert back to Q1 levels."
(CFO) "We expect to maintain these levels of gross margin in fiscal year 2026 while expanding sequential operating margin as we continue to scale."

Prepared Metrics

Metric	Value	Speaker/Context
Total Revenue	$196.9M	CFO – Q2 FY2026
Revenue Growth (YoY)	10% (9.4% ex-currency)	CFO
Non-GAAP Gross Margin	90%	CFO
Non-GAAP Operating Margin	7%	CFO – Q2
Non-GAAP Net Income	$15.1M ($0.06/sh)	CFO
Adjusted Free Cash Flow	$35.4M (18% margin)	CFO
RPO	$507.3M (+29% YoY)	CFO
Current RPO (% of total)	75%	CFO – next 12 months
Deferred Revenue	$313.6M (+8% YoY)	CFO
Overall NRR (trailing 4Q)	96%	CFO – up from 95% last Q
Core Customers ($5K+)	~25,000, 12% YoY revenue growth	CFO
$100K+ Customers	770, +19% YoY	CFO
Core Customer Revenue Share	76% of Q2 revenue	CFO
International Revenue Growth	13% YoY	COO
US Revenue Growth	8% YoY	COO
Cash & Equivalents	$475.2M	CFO
Stock Repurchases (Q2)	$27.8M (2M shares at $14.20 avg)	CFO
Remaining Repurchase Authority	$128M	CFO

Q&A Batch (1–5 of 12)

Q1 — Brent Bracelin

Topic: 新任CEO加盟原因与初步观察
Key points:
- AI将改变现代企业，生产力解锁来自人机协作，Asana定位在智能体企业拐点
- 上任40天，重点与客户交流，发现Asana已嵌入零售、制造、媒体、专业服务等关键工作流
- 计划利用AI Studio实现智能体体验以提升工作流嵌入度
Mgmt stance: 乐观（坚信Asana在智能体企业时代处于有利位置）

Q2 — Alex Zukin

Topic: AI Studio用例可重复性及需求环境
Key points:
- 客户部署AI Studio后（尤其是跨职能用例），会主动发现更多工作流机会，形成扩展潜力
- 需求环境与上季度描述相同：买家审查加强、决策周期拉长，但未恶化
- 顶部漏斗流量因LLM驱动的搜索变化承受压力，但转化率上升，反映出更高意图的受众
Mgmt stance: 中性偏积极（虽有搜索端逆风，但付费转化改善，且通过智能工作流图库等举措推动使用）

Q3 — Steve Enders

Topic: SEO压力对指引的影响及量化
Key points:
- Q3及全年修订指引已纳入SMB和LLM干扰持续的可能性
- SMB业务Q2仍实现双位数增长，但AI搜索扰乱了低意图流量；宏观环比改善被AI搜索逆风部分抵消
- Q2净留存率受益于超出预期的扩张与降级活动，且Logo流失率持续改善；下半年通常有更大比例续约
Mgmt stance: 谨慎（指引已计入风险，团队通过内容策略和个性化等手段积极缓解）

Q4 — Matt Bullock

Topic: 技术垂直大客户续约进展及AI Studio对防止降级的帮助
Key points:
- 新设全球续约负责人，改善续约纪律和利用率干预，技术垂直趋于稳定，但非技术增长更快
- AI Studio和基础服务计划采用健康，帮助改善Logo流失和扩张
- 若剔除一笔1亿美元TCV的大额降级，NRR将比报告值高出约50个基点；非技术垂直NRR已接近不影响增长的水平
Mgmt stance: 乐观（续约管理改善，AI Studio采用使账户更健康）

Q5 — Rishi

Topic: 协作AI产品化思路与AI搜索下的品牌提升
Key points:
- 企业AI生产力解锁依赖上下文（任务、目标、依赖关系等），Asana的工作图（Work Graph）提供此基础
- 未来“AI队友”将基于工作图与人类协作，自主判断下一步并执行
- 在AI搜索场景中，希望通过思想领导力和路线图交付成为引用来源，驱动更高转化
Mgmt stance: 乐观（认为当前只是开始，AI队友将带来真正生产力释放）

Q&A Batch (6-10 of 12)

Q6 — Lucky Schreiner

Topic: Partner contribution to AI Studio and consolidation deals
Key points:
- Partners certified on AI Studio exceeded targets in the past quarter.
- Partner-managed accounts have higher net retention rates.
- Strong partner momentum in EMEA and Japan; partners are critical in many consolidation deals.
Mgmt stance: Bullish — partners are a critical growth driver, with underpenetration seen as an opportunity.

Q7 — Kincaid

Topic: AI Studio success metrics and forward outlook
Key points:
- AI Studio Basic (free trial credits) launched in June to all paid Asana customers, creating a path to paid adoption via plus or pro tiers.
- Key metrics: credit consumption, value-added use case adoption, self-serve pipeline development, conversion from basic to paid, and AI Studio mitigating downgrade risk (already observed).
- AI Studio ARR contribution expected to be more meaningful in fiscal year 2027.
Mgmt stance: Neutral — too early to provide guidance on AI Studio, but expect ramp in ARR and growth acceleration in FY27.

Q8 — Jackson Ader

Topic: Tech renewals performance and hiring timing
Key points:
- Tech renewals in 2025 are performing better compared to a year ago, driven by greater operational scrutiny, better management of utilization, and customers being more intentional about tech investments.
- Hiring pushed out of Q2 into the second half was due to timing, not a deliberate decision; fully reflected in the guidance provided.
Mgmt stance: Neutral — renewals healthier due to operational improvements; hiring delay is timing-related, not a strategic shift.

Q9 — Josh Baer

Topic: Go-to-market motion for AI Studio
Key points:
- Two motions: self-serve for SMB/smaller corporate accounts (try, get value, then engage account team) and targeted outreach to larger accounts (existing “builders” using rules/workflows).
- Successes with brand new customers adopting AI Studio from the start, especially in EMEA and Japan.
- Original motion was selling into the installed base; now also positioning for net new customers.
Mgmt stance: Bullish — both self-serve and installed-base expansion are showing success, with net new customer wins.

Q10 — John (for Brent Thill)

Topic: Differentiated technology and AI approach
Key points: (No specific numbers or facts provided in the input; Dan Rogers’ response is cut off.)
Mgmt stance: Neutral — no substantive response captured in the input.

Q&A Batch (11-12 of 12)

Q11 — John

Topic: 下半年降级压力分布与规模
Key points:
- 下半年续约基数更大（季节性因素）
- 技术行业降级存在，但规模远小于上季度
- 降级数量更多，但单笔影响较小
Mgmt stance: 谨慎（承认降级压力，但强调幅度可控）

Q12 — Taylor McGinnis

Topic: 企业及SMB需求趋势与自助措施影响
Key points:
- 需求环境与上季度一致，新业务活动强劲（企业+ SMB）
- 顶部漏斗存在压力，对SMB下半年转化持保守看法
- 多产品策略（如AI Studio、Mastercard合作）是重点方向
Mgmt stance: 中性偏谨慎（SMB前景保守，但多产品策略提供支撑）