Atlassian delivered a solid QQ2 2025 performance characterized by accelerating revenue growth fueled by cloud adoption and AI-enabled products, alongside continued enterprise execution. Revenue rose to $1.287B in Q2 2025, up ~21% YoY and ~8% QoQ, with gross profit of $1.063B and a robust gross margin around 83%. Despite a cloud-led mix shift pressuring operating margins, the company posted a net loss of $38.2M and a negative but improving operating margin of about -4.5%, underscoring the company’s ongoing transition from a primarily on-premises/data-center posture to a higher-growth cloud ecosystem. Management underscored the scale of the AI stack (Atlassian Intelligence, Rovo) and the Loom video collaboration product as key accelerants for monetization and premium/enterprise adoption. The enterprise go-to-market engine is expanding with hundreds of new sales reps and a record cadence of large deals, including more than 500 customers spending $1M+ in ARR. The company remains confident in long-term profitability and margins, with guidance signaling stable near-term margins and a pathway to >25% non-GAAP operating margin in FY2027. The combination of a broad platform (Jira, Confluence, Trello, JSM, Jira Align, Bitbucket, Forge, etc.), significant AI investments, and a growing enterprise customer base positions Atlassian to reach its long-term aspiration of $10B+ in revenue, albeit with a measured, risk-aware approach to near-term profitability and timing of cloud profitability improvements.