Asana Inc (ASAN) Q2 2025: Asan

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Asana Inc

ASAN

$14.46 1.94%

Exchange: NYSE | Sector: Technology | Industry: Software Application

Q2 2025

Published: Sep 3, 2024

Earnings Highlights

Revenue of $179.21M up 10.3% year-over-year
EPS of $-0.31 increased by 6.1% from previous year
Gross margin of 88.8%
Net income of -72.19M
"AI, particularly Generative AI, has enormous potential to revolutionize work management and reshape the software industry." - Dustin Moskovitz

ASAN

Company ASAN

Period Q2 2025

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

Asana reported QQ2 2025 revenue of $179.2 million, up 10% year over year, driven by growth outside the technology vertical and an improving multi-year deal cadence. The quarter highlighted stabilization in retention metrics and a widening pipeline of enterprise deals, supported by early AI-driven offerings and the upcoming Asana AI Studio launch. The company reaffirmed its path toward positive free cash flow by end of Q4, while continuing to invest in AI capabilities and enterprise-grade functionality. Macro headwinds persist, particularly in tech verticals, which modestly weigh on overall growth, but management emphasized the AI-driven consolidation thesis and the portfolio’s potential to reaccelerate as AI adoption deepens across non-tech verticals and geographies.

Key Performance Indicators

Revenue

Increasing

179.21M

QoQ: 3.92% | YoY: 10.31%

Gross Profit

Increasing

159.23M

88.85% margin

QoQ: 2.96% | YoY: 8.89%

Operating Income

Decreasing

-76.80M

QoQ: -16.06% | YoY: -4.65%

Net Income

Decreasing

-72.19M

QoQ: -13.29% | YoY: -1.09%

EPS

Increasing

-0.31

QoQ: -10.71% | YoY: 6.06%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue: 179.212m, +10% YoY, +3.92% QoQ; Gross Margin: 88.8% (159.225m gross profit on 179.212m revenue); Operating Loss: -$76.798m, margin -42.85%; Net Income: -$72.189m, margin -40.28%; EPS: -$0.31; RPO: $394.5m, +18% YoY; Deferred Revenue: $289.2m, +11% YoY; Free Cash Flow: +$12.8m, 7% FCF margin; Cash/Investments: $521.6m in cash and marketable securities; Net Debt: $55.8m; Core customers (>$5k ARR): 22,948; $100k+ customers: 649, +17% YoY; Net Retention Rate (NRR): 98% total; Core NR: 99%; $100k+ NR: 103%; Shares (weighted avg): 229.8m; Guidance implies moderate near-term reacceleration and durable free cash flow by Q4; Alignment of AI strategy with revenue trajectory remains a key focus.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	179.21M	10.31%	3.92%
Gross Profit	159.23M	8.89%	2.96%
Operating Income	-76.80M	-4.65%	-16.06%
Net Income	-72.19M	-1.09%	-13.29%
EPS	-0.31	6.06%	-10.71%

Key Financial Ratios

Gross Profit Margin

Excellent

88.80%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Weak

-0.43%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-0.40%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.08%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.25%

Return on equity suggests inefficient capital allocation

Current Ratio

Healthy

1.63

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

Elevated

0.94

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Negative

-11.58x

Negative earnings make P/E ratio not meaningful

Price to Book

High Premium

11.45x

Very high premium suggests asset-light business model or lofty expectations

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2026	196.94	-0.20	+9.9%	View
Q1 2026	187.27	-0.17	+8.6%	View
Q4 2025	188.33	-0.27	+10.1%	View
Q3 2025	183.88	-0.25	+10.4%	View
Q2 2025	179.21	-0.31	+10.3%	View

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Asana Inc (ASAN) Q2 2025 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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