Asana, Inc. · NYSE:ASAN
Asana — Q2 2026 Earnings Presentation
49 slides from Asana's earnings presentation, Sep 3, 2025
Slide 1: Asana Investor Overview Q2'26
Q2ʼ26 Asana Investor Overview
Slide 2: Forward-Looking Statements; Use of Non-GAAP Financial Information
Forward-Looking Statements This presentation and the accompanying oral presentation include express and implied “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, product d
Slide 3: Asana's Mission
ASANAʼS MISSION Help humanity thrive by enabling the world's teams to work together effortlessly
Slide 4: Asana at a glance
Asana at a glance R AA
Slide 5: The way we work is broken
The way we work is broken See email for new dates Refer to comments on V6 5
Slide 6: We still can't answer the basic question
We still can’t answer the basic question Who by when and why is doing what how 6
Slide 7: The coordination tax is costing you
The coordination tax is costing you 53% 64% 83% of knowledge workersʼ of executives struggle to of workers report slow time is spent on busywork track individual or team approval processes delay performance their work 7 Source: Asana Work Innovation Lab | 2024 State of Work Innovation
Slide 8: Bolting AI on top of a broken system doesn't work
Bolting AI on top of a broken system doesn’t work 10 Summarizing meeting... Proposing email response... Refer to Searching for comments on V6 the right doc... 8
Slide 9: The missing piece is coordination
The missing piece is coordination CONTENT COORDINATION COMMUNICATION 9
Slide 10: Asana: The platform for Human + AI collaboration
Asana: The platform for Get nearly 40% Human + AI collaboration increase in gross productivity1 Drive clarity and accountability Know what to prioritize and how itʼs getting done Maximize impact Let AI take on work to increase productivity Scale with confidence Support 200K+ users with enterprise se
Slide 11: Work Graph: The intelligent foundation for how work happens
Work Graph: Mission The intelligent foundation for how work happens Goals IT Comms Portfolios Operations Projects R&D HR Marketing Tasks Workflows Automation Resource Management Reporting Security AI 11
Slide 12: Coordinate work at every level
Coordinate work at every level Mission For organizations Goal management Strategic planning QBRs Goals T Comms For teams Portfolios Process automation Work reviews and approvals Project management Operations Projects For individuals HR Marketing Manager/Peer 11s Task management Work prioritization
Slide 13: Coordinate work across teams
Coordinate work across teams Operations / PMO → Goal management → Project management → Process optimization → Resource planning → Business reviews Marketing IT HR R&D → Campaign management → Vendor management → Employee onboarding → Product roadmapping → Creative production → Offboarding employees →
Slide 14: Coordinate work between humans and AI
Coordinate work between humans and AI Who by when and why is doing what how 14
Slide 15: A platform you can trust
A platform you can trust Private and secure 100,000 of the world's most innovative enterprises trust Asana to keep their data safe GLBA SOC 2 CSA STAR HIPAA GDPR ISO International CCPA FERPA Privacy Shield Type 2 Level 1 Standards Connected Connected to hundreds of pre-built integrations with you
Slide 16: Asana is recognized as a work and project management leader
Asana is recognized as a work and project management leader 90% rate Asana ‘Easy to useʼ Leader in the Gartner® Magic Asana Received a Gartner® Leader in the Gartner® Magic Quadrant™ for Collaborative Peer Insights™ Customerʼs Quadrant™ for Adaptive Work Management 1 Choice distinction 2 Project Man
Slide 17: Asana Named as a Leader in The Forrester Wave
Asana Named as a Leader in The Forrester Wave™ Collaborative Work Management Tools, Q2 2025 The Forrester Wave™: Collaborative Work Management Tools, Q2 2025, Margo Visitacion, 3 June 2025. Forrester does not endorse any company, product, brand, or service included in its research publications and d
Slide 18: Large and global customer footprint
Large and global customer footprint >170K >200 41% Paying customers Countries and territories of revenue outside US Note: All metrics as of the quarter ended July 31, 2025. 18
Slide 19: The world's leading companies trust Asana
The world’s leading companies trust Asana 19
Slide 20: Asana AI
Asana Al &asana
Slide 21: AI Vision: defining platform for human + AI collaboration
AI Vision: defining platform for human + AI collaboration Our AI differentiation stems from three key advantages: Asanaʼs Work GraphⓇ - Sophisticated human-AI Enterprise-ready security Essential foundation collaboration and governance Well-engineered access Clear boundaries and Inspectable actions a
Slide 22: Meet Asana AI
Meet Asana AI AI is no longer just a tool–it's a teammate Enhance the way your teams Scale best practices with Design AI workflows to pass work with AI prebuilt AI workflows off your teamsʼ busywork Smart assists Smart workflow gallery AI Studio 22
Slide 23: Transform your work with AI
Transform your work with AI Move faster with out-of-the-box actions Out-of-the-box actions Smart assists Out-of-the-box workflows Smart Workflow Gallery Design your own AI Studio Supercharged with AI Smart status LIVE Smart projects LIVE Smart fields LIVE Smart goals LIVE Smart summaries LIVE Smart
Slide 24: Transform your work with AI
Transform your work with AI Scale best practice with prebuilt AI workflows Out-of-the-box actions Smart assists Out-of-the-box workflows Smart Workflow gallery Design your own AI Studio OPS MARKETING IT Request tracking LIVE Creative requests LIVE Event planning Q4 Ticketing LIVE Work intake LIVE Ca
Slide 25: Transform your work with AI
Transform your work with AI Design and control AI to fit your unique needs Out-of-the-box actions Smart assists Out-of-the-box workflows Smart Workflow Gallery Design your own AI Studio
Slide 26: AI Studio solves customer pain points across key use cases
AI Studio solves customer pain points across key use cases Pain points AI capabilities PROJECT ● Tedious, time-consuming information gathering Check work Categorize tasks or INTAKE ● Error-prone work to structure and categorize requirements work PRODUCT ● Inefficient coordination between teams Pull
Slide 27: Top AI Studio use cases by ICP
Top AI Studio use cases by ICP MARKETING OPERATIONS IT Project / initiative intake Strategic planning Campaign management Ticketing & goal management Compliance Creative production Sprint management & risk management Product launches Note: Top use cases are based on customer examples and best practi
Slide 28: Top AI Studio capabilities
Top AI Studio capabilities Smart naming QA/duplicate check Auto discovery Auto SLA Resource management Automatically standardizes Checks each request for Follows up on incomplete Sets appropriate response Suggest staffing based on request names complete info & duplicates requests automatically times
Slide 29: Unique protection and governance for data shared with AI partners
Unique protection and governance for data shared with AI partners Data encryption Data usage Data retention Asana ensures your data is AI partners do not use your AI partners do not retain encrypted in transit and at rest data to train their models your data after a response or query is completed As
Slide 30: AI Studio packages
AI Studio packages AI Studio tiers Included: Paid: Paid: Basic Plus Pro Rate-limited Credits only Platform + Credits Paid: Services + additional credits Core Licenses Personal Starter Advanced Enterprise Enterprise+ 30
Slide 31: $758,600 saved annually
$758,600 saved annually by streamlining workflows and scaling efficiencies with Asana Morningstar transforms their work intake and roadmapping processes Accelerated work AI Studio helps speed up the PMO intake process—driving more efficient roadmapping and faster launches “ Previously, it took two w
Slide 32: AI Studio beta results for the intake stage of the creative production process
AI Studio beta results for the intake stage of the creative production process: Clear Channel Outdoor transforms the creative request intake process with AI Studio 60% reduction in manual work “ As part of our participation in the AI Studio beta, we’ve seen promising time-saving results on a small t
Slide 33: Early traction of AI Studio
Early traction of AI Studio 1 2 3 4 AI Studio total ARR Millions in pipeline, with Available to all paying Multi-product revenue more than doubled significant customer demand customers with tens of stream emerging. Instances quarter over quarter across industries - thousands of customers where AI St
Slide 34: Financials
Q2ʼ26 Financials
Slide 35: Financial highlights - Q2'26
Financial highlights - Q2’26 $756M Total revenue TTM 10% Total revenue growth TTM 90% Non-GAAP gross margin 18% Adjusted free cash flow margin 19% Customer growth from $100K+ customers Note: Growth rate is year-over-year. TTM is the sum of last 4 quarters. All metrics as of quarter ended July 31, 20
Slide 36: Revenue growth
Revenue growth Annual revenue: FY25 Quarterly revenue: Q2ʼ26 11% Y|Y 10% Y|Y $724M $197M $188M $187M $653M $184M $179M 36
Slide 37: Dollar-based net retention rate
Dollar-based net retention rate 96% 95% Customers spending ≥ $100K Core customers Notes: We calculate our dollar-based net retention rate by comparing our revenues from the same set of customers in a given quarter, relative to the comparable prior-year period. Our reported rate equals the average of
Slide 38: Customer growth
Customer growth Number of Core customers Number of customers spending $100K+ 9% Y|Y 19% Y|Y 770 25,006 22,948 649 Notes: Asana defines Core customers as those organizations on a paid subscription plan that had $5,000 or more in annualized GAAP revenues in a given quarter, inclusive of discounts. Asa
Slide 39: Non-GAAP margins
Non-GAAP margins Gross margin 90% 90% 89% 89% 90% 90% 90% Operating margin (9%) (6%) 7% 4% (9%) (4%) (1%) Notes: We utilize certain non-GAAP financial measures to assist in understanding and evaluating our core operating performance, which are not intended to be used in lieu of GAAP presentations of
Slide 40: Raised FY26 non-GAAP operating margin to 6%; levers to drive further improvement
Raised FY26 non-GAAP operating margin to 6%; levers to drive further improvement Non-GAAP operating margin Operating leverage as we scale our business given our 90% → gross margin 6% Prioritizing efficient labor spend and improve productivity of → our workforce (9%) (6%) Focusing on routes to market
Slide 41: Update on capital allocation
Update on capital allocation 1 Q2FY26 - repurchased $27.8 million of Class A common Stock, or 2.0 million shares. 2 In May 2025 - our board increased our share repurchase authorization by $100 million and removed the programʼs previous expiration date. 3 As of July 31, Asana had $128.2 million avail
Slide 42: Guidance Summary
Guidance Summary Q3FY26 Guidance Revenue $197.5 M $199.5 M QUARTERLY Revenue growth 7.4% 8.5% Non-GAAP operating income $12.0 M $14.0 M Non-GAAP operating margin 6% 7% FY26 Guidance Revenue $780.0 M $790.0 M ANNUAL Revenue growth 8% 9% Non-GAAP operating income $46.0 M $50.0 M Non-GAAP
Slide 43: FY26 Priorities to drive growth & retention
FY26 Priorities to drive growth & retention Customer Customer Customer health acquisition value → Invest in success and support to → Drive new customers and seats → Align price to value to improve drive deeper engagement → Scale channel program, vertical conversion and retention → Improve customer a
Slide 44: Asana's Mission
ASANAʼS MISSION Help humanity thrive by enabling the world's teams to work together effortlessly
Slide 45: Appendix
Q2ʼ26 Appendix
Slide 46: Environmental, Social, and Governance
Environmental, Social, and Governance We aim to build a resilient, sustainable business that will deliver impact for years to come Sustainability performance measured by leading ESG ratings Access our ESG report and AI ESG helpbot, conversant in our ESG strategy and metrics, at https://investors.asa
Slide 47: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation FY24 FY25 FY26 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Reconciliation of gross margin GAAP gross margin 90.1% 89.7% 88.8% 89.2% 89.6% 89.3% 89.7% 89.7% Non-GAAP adjustments 0.3% 0.1% 0.3% 0.2% 0.2% 0.2% 0.2% 0.3% Non-GAAP gross margin 90.4% 89.8% 89.1% 89.4% 89.8% 89.5% 89.9% 90.0%
Slide 48: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation FY24 FY25 FY26 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Reconciliation of adjusted free cash flow Net cash provided by (used in) operating 17,931 1,898 15,858 14,890 15,855 14,925 6,764 39,835 activities Purchase of property and equipment 7,721 1,002 1,690 1,372 1,505
Slide 49: Thank you
OPTIONS Thank you Thank you