Asana, Inc. Q3 FY2026 earnings call

• Dan Rogers discussed the future of work with AI collaboration, AI Studio and AI teammates, with customers using these in production. Q3 revenues exceeded guidance, non-GAAP operating income and free cash flow were strong. NRR was 96% with improved retention. • Anne Raimondi talked about enterprise motion scaling, international growth (EMEA and Japan), wins in healthcare, financial services, public sector, channel ecosystem momentum, and SMB challenges with top-of-funnel dynamics. • Focus on vertical growth, go-to-market execution, disciplined profitable growth, and AI platform investment.

Q3 revenues were $201 million, growing 9% year over year. Core customers (spending $5,000 or more) were 25,413, with revenues growing 10% year over year, representing 76% of Q3 revenues. Customers spending $100,000 or more were 785, growing 15% year over year. Non-GAAP operating income was $16.3 million or an 8% operating margin. Free cash flow was $13.4 million. NRR was 96%, with core customer NRR at 97% and $100k+ customer NRR at 96%.

• Q4 fiscal 2026: Revenues expected $204-206M (8-9% growth), non-GAAP operating income $14-16M (7-8% margin), non-GAAP net income per share 7¢. • Full-year 2026: Revenue updated to $789-791M (9% growth), non-GAAP operating income $52.5-54.5M (7% margin), non-GAAP net income per share 25¢-26¢.

• Uncertainties in AI adoption and market competition. • Economic factors affecting the tech vertical, which remains a headwind. • Risks related to forward-looking statements, including actual results differing from expectations.

Q: Matt Bullock asked about AI Studio self-serve launch and renewals.

A: Anne Raimondi said AI Studio self-serve launched, with wide adoption and use in renewal conversations.

Q: Steve Enders asked about tech vertical layoffs and Q4 impact.

A: Dan Rogers said tech vertical is stabilizing, with no follow-on downgrades, logo churn improvement, and AI Studio aiding mitigation.

Q: Josh Baer asked about Asana's competitive position vs other AI agents.

A: Dan Rogers explained Asana's differentiation with context, checkpoints, and controls vs other agent approaches.

Q: Rob Oliver asked about channel ecosystem and cost optimization.

A: Dan Rogers was excited about channel ecosystem, Sonalee Parekh said cost optimization has runway with margin upside.