Asana delivered a solid QQ2 2026 performance highlighted by 10% year-over-year revenue growth to $196.9 million, a gross margin of 89.7%, and a non-GAAP operating margin of 7%—an almost 1,600 basis point year-over-year expansion. The quarter showcased meaningful progress in AI Studio adoption, with AI-powered workflows and AI Studio ARR growth more than doubling QoQ, reinforcing management’s view that AI-enabled workflows are becoming a core driver of operating efficiency and customer value. Despite near-term macro and SMB demand headwinds, Asana maintained strong balance-sheet health, generated $35.4 million of adjusted free cash flow (18% margin), and executed a disciplined capital allocation program including $27.8 million of share repurchases.
Management also guided for a constructive second half, with Q3 revenue guidance of $197.5–$199.5 million and full-year revenue guidance raised to $780–$790 million, implying 8–9% growth on a reported basis. Non-GAAP operating income is guided to $46–$50 million for the full year (6% margin), with non-GAAP EPS of $0.23–$0.25. The guidance acknowledges ongoing SMB top-of-funnel pressure and potential downgrades, but also reflects the company’s confidence in AI Studio-driven expansion, cross-sell within existing customers, and a stronger international contribution. Overall, the QQ2 results position Asana to execute on its AI-first product strategy while continuing to scale profitable growth, supported by a robust cash position and high-quality ARR backlog (RPO).