ASAN

MKT CAP:$1B

Asana, Inc.

Market Cap

$1B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$6.25-$6.71 (-51.74%)

Apr 24, 2026

Company Details

Asana, Inc., together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks...

CEO

Justin Rosenstein

IPO Date

Sep 30, 2020

Website

asana.com

Key Metrics TTM

Revenue

$782M

+13.5% YoY

Net Income

-$203M

EPS (Diluted)

-$0.87

Free Cash Flow

$60M

Revenue / Share

$3.28

Gross Margin

89.0%

Operating Margin

-27.0%

Net Margin

-25.9%

FCF Margin

7.7%

P/S

1.9x

P/E

—

Earnings Reports

FY 2026

Mar 13, 2026

$791M+9.2%EPS -$0.80

Q4 2026

Mar 13, 2026

$206M+9.2%EPS -$0.14

Q3 2026

Dec 2, 2025

$201MEPS -$0.29

Q1 2026

Jun 3, 2025

$187M+8.6%EPS -$0.17

FY 2025

Mar 18, 2025

$724M+10.9%EPS -$1.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$100M	$91M	-$68M
Q4 22	$112M	$100M	-$87M
Q1 23	$121M	$108M	-$96M
Q2 23	$135M	$121M	-$111M
Q3 23	$141M	$126M	-$101M
Q4 23	$150M	$135M	-$99M
Q1 24	$152M	$138M	-$65M
Q2 24	$162M	$146M	-$73M
Q3 24	$167M	$150M	-$63M
Q4 24	$171M	$154M	-$68M
Q1 25	$172M	$155M	-$66M
Q2 25	$179M	$159M	-$77M
Q4 25	$188M	$169M	-$64M
Q1 26	$187M	$168M	-$44M
Q3 26	$201M	$179M	-$39M
Q4 26	$206M	$181M	-$65M

Valuation

Quarter	P/S	P/E
Q3 22	4.5x	—
Q4 22	3.9x	—
Q1 23	3.5x	—
Q2 23	3.2x	—
Q3 23	2.9x	—
Q4 23	2.7x	—
Q1 24	2.6x	—
Q2 24	2.5x	—
Q3 24	2.4x	—
Q4 24	2.3x	—
Q1 25	2.2x	—
Q2 25	2.2x	—
Q4 25	2.1x	—
Q1 26	2.1x	—
Q3 26	2.0x	—
Q4 26	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	-$29M	-$39M
Q4 22	-$39M	-$41M
Q1 23	-$41M	-$42M
Q2 23	-$42M	-$42M
Q3 23	-$46M	-$49M
Q4 23	-$31M	-$34M
Q1 24	-$15M	-$17M
Q2 24	$20M	$15M
Q3 24	-$8M	-$11M
Q4 24	-$15M	-$17M
Q1 25	-$2M	-$4M
Q2 25	$16M	$13M
Q4 25	$16M	$14M
Q1 26	$7M	$4M
Q3 26	$16M	$16M
Q4 26	$28M	$26M

Capital Expenditures

Quarter	CapEx
Q3 22	$11M
Q4 22	$2M
Q1 23	$1M
Q2 23	$635.0K
Q3 23	$2M
Q4 23	$3M
Q1 24	$3M
Q2 24	$6M
Q3 24	$3M
Q4 24	$2M
Q1 25	$2M
Q2 25	$3M
Q4 25	$2M
Q1 26	$3M
Q3 26	$669.0K
Q4 26	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+70.3%	+39.4%
Q4 22	+63.7%	+66.8%
Q1 23	+57.4%	+71.2%
Q2 23	+50.8%	+64.6%
Q3 23	+41.0%	+44.0%
Q4 23	+34.2%	+25.3%
Q1 24	+26.3%	+0.4%
Q2 24	+20.4%	-4.2%
Q3 24	+17.7%	-5.2%
Q4 24	+13.9%	-4.2%
Q1 25	+13.1%	+9.6%
Q2 25	+10.3%	+8.6%
Q4 25	+13.1%	+9.6%
Q1 26	+9.4%	-3.3%
Q3 26	+16.6%	+0.7%
Q4 26	+14.7%	+5.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$26M	25.8%
Q4 22	$42M	37.8%
Q1 23	$40M	33.1%
Q2 23	$48M	35.5%
Q3 23	$48M	33.9%
Q4 23	$53M	35.4%
Q1 24	$41M	27.2%
Q2 24	$56M	34.6%
Q3 24	$53M	31.8%
Q4 24	$52M	30.3%
Q1 25	$49M	28.2%
Q2 25	$60M	33.5%
Q4 25	$51M	26.9%
Q1 26	$48M	25.7%
Q3 26	$0	0.0%
Q4 26	$50M	24.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 22	$54M	$32M	$73M	—
Q4 22	$61M	$38M	$89M	—
Q1 23	$65M	$43M	$96M	—
Q2 23	$75M	$47M	$110M	—
Q3 23	$76M	$38M	$114M	—
Q4 23	$81M	$38M	$115M	—
Q1 24	$76M	$33M	$93M	—
Q2 24	$84M	$55M	$80M	—
Q3 24	$81M	$34M	$98M	—
Q4 24	$83M	$35M	$104M	—
Q1 25	$83M	$34M	$104M	—
Q2 25	$91M	$36M	$109M	—
Q4 25	$84M	$46M	$102M	—
Q1 26	$75M	$37M	$100M	—
Q3 26	$74M	—	—	$144M
Q4 26	$73M	$41M	$100M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 22	70.3%	-65.2%	5.2
Q4 22	63.7%	-72.8%	-9.1
Q1 23	57.4%	-78.3%	-21.0
Q2 23	50.8%	-80.1%	-29.4
Q3 23	41.0%	-65.4%	-24.5
Q4 23	34.2%	-59.2%	-25.0
Q1 24	26.3%	-33.5%	-7.2
Q2 24	20.4%	-40.4%	-20.0
Q3 24	17.7%	-33.9%	-16.2
Q4 24	13.9%	-33.1%	-19.2
Q1 25	13.1%	-33.5%	-20.4
Q2 25	10.3%	-36.7%	-26.4
Q4 25	13.1%	-29.3%	-16.2
Q1 26	9.4%	-17.7%	-8.3
Q3 26	16.6%	-30.1%	-13.6
Q4 26	14.7%	-10.5%	4.2

Rule of 40

Revenue by Geography

Quarter	Non-US	United States
Q3 22	$42M	$59M
Q4 22	$46M	$65M
Q1 23	$49M	$71M
Q2 23	$54M	$81M
Q3 23	$55M	$86M
Q4 23	$59M	$92M
Q1 24	$59M	$93M
Q2 24	$63M	$99M
Q3 24	$65M	$101M
Q4 24	$66M	$105M
Q1 25	$68M	$104M
Q2 25	$71M	$108M
Q4 25	$76M	$113M
Q3 26	$83M	$118M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$197M	$84M	$281M
Q2 23	$148M	$90M	$239M
Q3 23	$509M	$36M	$545M
Q4 23	$527M	$3M	$529M
Q1 24	$382M	$141M	$524M
Q2 24	$414M	$124M	$538M
Q3 24	$268M	$262M	$530M
Q4 24	$237M	$283M	$519M
Q1 25	$222M	$302M	$524M
Q2 25	$219M	$302M	$522M
Q3 25	$197M	$259M	$455M
Q4 25	$185M	$282M	$467M
Q1 26	$194M	$277M	$471M
Q2 26	$184M	$291M	$475M
Q3 26	$184M	$280M	$464M
Q4 26	$200M	$234M	$434M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	185M	+8.5%	+63.4%
Q4 22	187M	+1.3%	+17.7%
Q1 23	190M	+1.1%	+17.0%
Q2 23	191M	+0.9%	+12.2%
Q3 23	205M	+7.0%	+10.6%
Q4 23	214M	+4.7%	+14.3%
Q1 24	216M	+1.0%	+14.1%
Q2 24	219M	+1.2%	+14.5%
Q3 24	222M	+1.3%	+8.4%
Q4 24	224M	+1.1%	+4.7%
Q1 25	227M	+1.2%	+4.9%
Q2 25	230M	+1.2%	+4.9%
Q4 25	231M	+0.7%	+4.3%
Q1 26	235M	+1.5%	+4.7%
Q3 26	238M	+1.2%	+4.7%
Q4 26	238M	+0.2%	+3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$92.9K	1K
Q4 22	$67.2K	2K
Q1 23	$72.4K	2K
Q2 23	$81.0K	2K
Q3 23	$84.9K	2K
Q4 23	$84.3K	2K
Q1 24	$85.5K	2K
Q2 24	$91.2K	2K
Q3 24	$93.4K	2K
Q4 24	$93.0K	2K
Q1 25	$93.7K	2K
Q2 25	$97.4K	2K
Q4 25	$103.5K	2K
Q1 26	$103.0K	2K
Q3 26	$110.5K	2K
Q4 26	$116.3K	2K

Revenue / Employee