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Asana beat its revenue guidance with 10% growth in Q2 fiscal 2027 and raised its full-year outlook. Weeks later, co-founder Dustin Moskovitz handed the board chair to CEO Dan Rogers. Here are the numbers and what they mean for Asana customers.
September brought Asana's two biggest pieces of corporate news this year. On 3 September it reported results for its second quarter of fiscal 2027, the three months to 31 July 2026. On 28 September it announced that co-founder Dustin Moskovitz had stepped down as chair of the board, and that CEO Dan Rogers had taken the role as well.
Asana's fiscal year starts in February, so fiscal 2027 roughly matches calendar 2026. All figures below come from Asana's press releases unless noted otherwise.
| Metric | Q2 FY2027 | Q2 FY2026 |
|---|---|---|
| Revenue | $216.4M (+10% year on year) | — |
| GAAP operating loss | $41.2M (19% of revenue) | $49.5M (25% of revenue) |
| Non-GAAP operating income | $21.8M (10% margin) | $14.0M (7% margin) |
| GAAP net loss per share | $0.17 | $0.20 |
| Non-GAAP net income per share | $0.10 | $0.06 |
| Operating cash flow | $46.0M | $39.8M |
| Adjusted free cash flow | $42.3M | $35.4M |
Revenue came in above the top of Asana's own guidance. The company also bought back $96.5 million of its shares in the first half of the fiscal year.
Customers:
A net retention rate below 100% means existing customers, taken together, are still spending slightly less each year than they were. Asana says retention is improving, and its biggest customers are growing fastest.
This is the part of the report that ties in with the product news. According to Asana:
The quarter's other highlights included the StackAI acquisition, FedRAMP Moderate authorisation for Asana Gov, and the June unveiling of the products that shipped in September.
"With Agentic Work Management, we're bringing those capabilities to every paid customer, enabling people and AI agents to work together from the same plan and shared context," Rogers said.
| Period | Revenue | Non-GAAP operating margin |
|---|---|---|
| Q3 FY2027 | $217M–$219M (+8–9%) | 8–9% |
| Full year FY2027 | $858.5M–$863.5M (+9%) | about 10% |
Asana raised its full-year revenue and margin guidance. Growth still slows in Q3. On the earnings call, as summarised by Yahoo Finance, management pointed to weakness in its product-led growth business (self-serve, lower-priced customers). It also said gross margin will drift toward the mid-80s by year-end as AI infrastructure costs grow. Separately, putting AI into every paid plan without raising list prices is expected to cost about $1.2 million in revenue and about 150 basis points of gross margin in the second half.
CFO Aziz Megji described the direction: Asana sees "a meaningful opportunity to build consumption- and outcome-based revenue streams alongside seats". In practice, more of what customers pay will depend on how much AI work they run, not only on how many seats they buy.
Asana announced on 28 September that, effective 25 September:
Asana linked the appointments directly to its multi-product, agentic strategy. The profiles fit: one new director built and sold an AI company, and the other is a finance executive with long experience of software businesses.
For uptime, none of this changes day to day. Asana's live status is still the place to check when tasks, rules or the API stop responding.
Sources
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