AI, particularly Generative AI, has enormous potential to revolutionize work management and reshape the software industry.
— Dustin Moskovitz
03Detailed Report
ASAN
Company ASAN
Period
Q2 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 21, 2026
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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