The revenue miss vs consensus is the headline negative, but the EPS beat, record margins, and accelerating cash flow provide a counterbalance. The StackAI acquisition adds a small growth tailwind (~50bps). Watch for NRR inflection above 96% and AI product monetization as key catalysts. The FY2027 guidance raise at the midpoint ($856.5M vs prior $854M) is modest and unlikely to drive significant upside.
Price Chart
Executive Summary
Asana reported Q1 FY2027 revenue of $205.1M (+9.5% YoY), slightly above the high end of guidance but below the $214.2M consensus estimate. Non-GAAP EPS of $0.10 beat the $0.09 consensus by 14.3%, driven by record non-GAAP operating margins of 11.5% (up 720 bps YoY). The company announced the acquisition of StackAI and guided Q2 revenue of $213-215M and FY2027 revenue of $855.5-863.5M, both implying ~8-9% growth and below prior consensus expectations, which is a modest negative.
Key Financial Metrics
Key Facts
- Q1 revenue $205.1M, +9.5% YoY, exceeded high end of guidance ($202.5-204.5M) but missed consensus of $214.2M
- Non-GAAP EPS $0.10 vs consensus $0.09 (14.3% beat); GAAP net loss per share -$0.06 vs -$0.17 YoY
- Record Q1 non-GAAP operating margin of 11.5%, up 720 bps YoY from 4.3%
- Operating cash flow $40.2M vs $6.8M YoY; adjusted FCF $34.4M vs $9.9M YoY
- Announced acquisition of StackAI to expand cross-system workflow orchestration capabilities
- Q2 FY2027 guidance: revenue $213-215M (8.2-9.2% YoY growth, ~50bps from StackAI); FY2027 guidance: revenue $855.5-863.5M (8.2-9.2% growth), non-GAAP operating margin at least 9.75%, non-GAAP EPS $0.37
- Core customers grew 7% YoY to 26,103; $100K+ customers grew 12% YoY to 817; NRR flat at 96% for 4th consecutive quarter
- Board authorized additional $160M share repurchase in prior quarter; company repurchased $45M in Q1
Financial Impact
Revenue beat guidance by ~$0.6M but missed consensus by ~$9.1M (4.3% miss). EPS beat consensus by $0.01 (14.3%). FY2027 revenue guidance of $855.5-863.5M implies ~8-9% growth, below the prior FY2027 guidance of $850-858M (raised slightly at midpoint).
Risk Factors
- Revenue growth decelerating to ~8-9% in FY2027, below historical ~9% trajectory
- NRR flat at 96% — any further decline would signal weakening customer retention
- StackAI acquisition integration risk and potential dilution from deal structure (undisclosed terms)
- GAAP net loss continues, though narrowing; SBC remains high at $36.3M (17.7% of revenue)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001477720-26-000037 |
| Document: asan-20260528.htm | 0001477720-26-000037 |
| Document: 0001477720-26-000037-index-headers.html | 0001477720-26-000037 |
| Document: 0001477720-26-000037-index.html | 0001477720-26-000037 |
| Document: 0001477720-26-000037.txt | 0001477720-26-000037 |
| 8-K Data (Synthetic) | 0001477720-26-000037 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | 144 | $9.58 $9.51 | ▼ −0.73% | ▼ −0.45% | $8.62 (−10.02%) |
Aug 7, 2026 8w ago | Institutional Cluster | $9.26 $8.81 | ▼ −4.86% | ▼ −4.46% | $8.62 (−6.91%) |
Jun 30, 2026 13w ago | Insider Cluster | $7.31 $8.51 | ▲ +16.42% | ▲ +18.60% | $8.62 (+17.92%) |
May 28, 2026 18w ago | 8-K | $7.70 $7.00 | ▼ −9.09% | ▼ −7.30% | $8.62 (+11.95%) |
Apr 20, 2026 23w ago | DEFA14A | $6.36 $6.56 | ▲ +3.14% | ▼ −1.77% | $8.62 (+35.53%) |
Apr 20, 2026 23w ago | 8-K | $6.36 $6.56 | ▲ +3.14% | ▼ −1.77% | $8.62 (+35.53%) |
Mar 20, 2026 28w ago | Insider Cluster | $6.65 $6.29 | ▲ +5.41% | ▲ +14.73% | $8.62 (−29.62%) |
Mar 20, 2026 28w ago | Insider Cluster | $6.65 $6.29 | ▼ −5.41% | ▼ −14.73% | $8.62 (+29.62%) |
Mar 20, 2026 28w ago | Insider Cluster | $6.65 $6.29 | ▼ −5.41% | ▼ −14.73% | $8.62 (+29.62%) |
US Market Status
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