Atlassian

TEAM · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

TEAM · Last close · October 26, 2026

$223.41

Atlassian's revenue rose 26.0% to $6.6 billion in fiscal 2026. Its operating margin was 0.2%, up from −2.5% a year earlier. Free cash flow was $1.3 billion, down 6.8%. It paid out $1.8 billion in dividends and buybacks, 136% of free cash flow. The diluted share count fell 0.6%.

Atlassian Corporation Latest fiscal year ended June 30, 2026 10-K filed August 14, 2026 · 0001650372-26-000036 Updated October 23, 2026

Revenue

$6.6B

26.0%

Operating margin

0.2%

2.7 pts

Net income

−$54M

Free cash flow

$1.3B

6.8%

Return on equity

−4.5%

17.1 pts

Market cap

$58.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Atlassian does

Atlassian sells software that helps teams plan, track and carry out their work. It was founded in Sydney, Australia, in 2002. Its products serve software teams, IT operations and support teams, and business and leadership teams. Its best-known apps include Jira, Confluence and Jira Service Management. They run on a shared cloud platform, and the company has added artificial intelligence (AI) features, including an AI offering it calls Rovo.

Atlassian says it serves more than 350,000 customers, from small companies to over 85% of the Fortune 500, in over 200 countries and territories. It earns its revenue by selling subscriptions and licenses to its software. Many customers sign up on their own through self-service, and the company's sales force focuses mainly on deepening relationships with large business customers. It also runs the Atlassian Marketplace, where outside developers sell apps that work with its products.

The company says it derives a majority of its revenue from Jira, Confluence and Jira Service Management. It is moving its business toward its cloud offerings, and it competes in markets it describes as intensely competitive.

Its biggest risks, as it describes them

Customers not renewing their subscriptions or buying more, which would hurt its future results.
Its AI offerings and investments may not be successful.
Challenges as it shifts its business toward cloud offerings.
Its reliance on Jira, Confluence and Jira Service Management for a majority of its revenue.
Intense competition, and the need to keep launching new apps that keep pace with technology.

From Atlassian's annual report on Form 10-K, filed August 14, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Atlassian lost money in fiscal 2026: a net loss of $54 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Atlassian yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Atlassian's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Atlassian's fiscal 2026 free cash flow of $1.3B, net cash of $250M at June 30, 2026 and 260 million diluted shares, from its filings. The scenarios are fitted to Atlassian: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 23.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Application Software), plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Atlassian's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $223.41
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Atlassian's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,459	2,112	2,339	2,937	1,240
Debt incl. finance leases	999	1,000	986	988	990
Net debt (negative means net cash)	−459	−1,113	−1,353	−1,949	−250
Net debt to EBITDA	−3.8x	—	—	—	−1.7x
Debt to equity	3.0x	1.5x	0.9x	0.7x	0.9x
Interest coverage	1.7x	−11.4x	−3.4x	−4.3x	0.2x
Current ratio	1.2x	1.4x	1.2x	1.2x	0.8x
Quick ratio	1.2x	1.4x	1.2x	1.2x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $498,411 of Atlassian shares on the open market, and 9 insiders sold $144.9 million, $134.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 12, 2026	Gene LiuChief Accounting Officer	Sold plan	337	$210.00	$70,770	Form 4
Aug 28, 2026	Gene LiuChief Accounting Officer	Sold plan	939	$190.00	$178,410	Form 4
Aug 19, 2026	James ChuongChief Financial Officer	Sold	9,054	$172.45	$1.6 million	Form 4
Aug 19, 2026	Brian DuffyChief Revenue Officer	Sold	1,851	$172.45	$319,203	Form 4
Aug 19, 2026	Gene LiuChief Accounting Officer	Sold plan	1,125	$175.00	$196,875	Form 4
Aug 14, 2026	Brian DuffyChief Revenue Officer	Sold	7,617	$163.00	$1.2 million	Form 4
Aug 14, 2026	Gene LiuChief Accounting Officer	Sold plan	815	$163.00	$132,847	Form 4
Aug 13, 2026	Gene LiuChief Accounting Officer	Sold plan	737	$165.00	$121,605	Form 4
Jun 12, 2026	Brian DuffyChief Revenue Officer	Sold plan	3,000	$89.71	$269,130	Form 4
Jun 11, 2026	Brian DuffyChief Revenue Officer	Sold plan	1,432	$88.79	$127,147	Form 4
Jun 10, 2026	Brian DuffyChief Revenue Officer	Sold plan	1,813	$92.79	$168,228	Form 4
Jun 9, 2026	Brian DuffyChief Revenue Officer	Sold plan	1,454	$95.35	$138,639	Form 4

The latest 12 of 154 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 9	6 of 9	7 of 9
Accruals ratio	−37.5%	−30.5%	−23.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Atlassian side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Atlassian	FY26	26.0%	0.2%	20.1%	—	−1.7x	7
SS&C Technologies	FY25	6.6%	22.9%	26.5%	8.7%	3.3x	6	Compare
Synopsys	FY25	15.1%	13.0%	19.1%	4.0%	6.7x	3	Compare
Autodesk	FY26	17.5%	21.9%	33.4%	37.0%	−0.1x	8	Compare
Cadence Design Systems	FY25	14.1%	28.2%	30.0%	23.7%	−0.4x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	620	874	1,210	1,614	2,089	2,803	3,535	4,359	5,215	6,572
Revenue growth	35.6%	41.0%	38.5%	33.4%	29.4%	34.2%	26.1%	23.3%	19.7%	26.0%
Gross profit	508	708	1,000	1,345	1,757	2,350	2,901	3,555	4,320	5,576
Research and development	310	416	579	763	933	1,292	1,870	2,184	2,669	3,269
Operating income	−56	−46	−63	14	141	70	−345	−117	−130	10
Net income	−37	−113	−638	−351	−579	−520	−487	−300	−257	−54
Diluted EPS (US$)	−0.17	−0.49	−2.67	−1.43	−2.32	−2.05	−1.90	−1.16	−0.98	−0.21
Diluted shares (millions)	222	231	239	245	250	253	256	259	262	260
Cash flow
Cash from operations	199	312	466	574	790	821	868	1,448	1,460	1,353
Capital expenditure	1	30	44	36	32	71	26	33	45	34
Free cash flow	198	281	422	538	758	750	842	1,415	1,416	1,319
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	150	395	779	1,800
Acquisitions	381	0	419	53	92	19	6	848	14	1,229
Stock-based compensation	137	163	258	313	341	525	948	1,081	1,362	1,607
Balance sheet at fiscal year end
Cash and short-term investments	550	1,734	1,714	2,156	1,232	1,459	2,112	2,339	2,937	1,240
Debt incl. finance leases	0	820	854	889	349	999	1,000	986	988	990
Total assets	1,284	2,422	2,977	3,894	2,945	3,327	4,107	5,212	6,042	6,104
Total liabilities	390	1,514	2,412	3,319	2,650	3,000	3,452	4,179	4,696	5,045
Shareholders' equity	903	907	566	567	313	327	655	1,033	1,346	1,058
Margins and ratios
Gross margin	81.9%	81.0%	82.6%	83.3%	84.1%	83.8%	82.1%	81.6%	82.8%	84.8%
Operating margin	−9.0%	−5.3%	−5.2%	0.9%	6.8%	2.5%	−9.8%	−2.7%	−2.5%	0.2%
Net margin	−6.0%	−13.0%	−52.7%	−21.7%	−27.7%	−18.5%	−13.8%	−6.9%	−4.9%	−0.8%
Free cash flow margin	32.0%	32.2%	34.9%	33.4%	36.3%	26.8%	23.8%	32.5%	27.1%	20.1%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	—	−12.5%	−86.6%	−62.0%	−131.6%	−162.2%	−99.1%	−35.6%	−21.6%	−4.5%
Return on assets	—	−6.1%	−23.6%	−10.2%	−16.9%	−16.6%	−13.1%	−6.5%	−4.6%	−0.9%
Net debt to EBITDA	−96.3x	−27.4x	−124.9x	−16.6x	−4.5x	−3.8x	—	—	—	−1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Atlassian's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Atlassian.