| Metric | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.4B | $1.4B | $1.4B | $1.6B | $1.8B | $1.8B |
| Rev Growth (YoY) | 21.5% | 21.4% | 14.1% | 22.3% | 20.6% | 23.3% | 31.7% | ▼ 27.6% |
| Gross Margin | 81.7% | 82.7% | 83.8% | 83.1% | 82.0% | 85.0% | 84.9% | ▲ 86.9% |
| Operating Margin | -2.7% | -4.5% | -0.9% | -2.1% | -6.7% | -3.1% | -3.1% | ▲ 12.0% |
| EV/Sales | 34.1x | 48.6x | 40.0x | 37.6x | 28.6x | 27.1x | 10.0x | 11.1x |
Atlassian's Q4 FY2026 call was unambiguously bullish in tone, with management projecting confidence across every strategic dimension and analysts largely validating the narrative with congratulatory framing before probing durability. The dominant theme was that AI adoption—specifically through Rovo and the Teamwork Graph—is now a measurable, compounding growth driver rather than a speculative bet, with management repeatedly citing concrete metrics to defend this claim. Cannon-Brookes was notably assertive in positioning the Teamwork Graph as a structural moat against commoditization, framing context as the scarce resource in an era where model intelligence is fungible. The one area of analyst skepticism was around the deceleration implied in the FY27 ARR guide, though management deflected with macro prudence and DX acquisition lap effects rather than any admission of demand softness. Overall, the call reinforced Atlassian as a software company that has successfully monetized AI without margin deterioration—a posture that stands in contrast to peers and would be of direct competitive interest to Cerebras.