Revenue growth has slowed to 9.5% as of 2027Q1, while the company continues to struggle with a -7.2% operating margin despite maintaining a robust 87.6% gross margin.
Asana, Inc. (ASAN) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 |
|---|
| Sales/Revenue | 828.13M | 790.81M | 723.88M | 652.5M | 547.21M | 378.44M | 227M | 142.61M | 76.77M |
| Revenue Growth % | 9.48% | 9.25% | 10.94% | 19.24% | 44.6% | 66.71% | 59.18% | 85.76% | - |
| Cost of Goods Sold | 103.05M | 86.76M | 77.19M | 64.52M | 56.56M | 38.9M | 28.74M | 19.88M | 13.83M |
| COGS % of Revenue | - | 10.97% | 10.66% | 9.89% | 10.34% | 10.28% | 12.66% | 13.94% | 18.02% |
| Gross Profit | 725.08M | 704.05M | 646.68M | 587.98M | 490.65M | 339.54M | 198.26M | 122.72M | 62.94M |
| Gross Margin % | 87.56% | 89.03% | 89.34% | 90.11% | 89.66% | 89.72% | 87.34% | 86.06% | 81.98% |
| Gross Profit Growth % | - | 8.87% | 9.98% | 19.84% | 44.51% | 71.26% | 61.55% | 94.99% | - |
| Operating Expenses | 884.96M | 901.38M | 913.42M | 857.98M | 898.48M | 604.72M | 373.83M | 242.36M | 114.95M |
| OpEx % of Revenue | - | 113.98% | 126.18% | 131.49% | 164.19% | 159.8% | 164.68% | 169.95% | 149.73% |
| Selling, General & Admin | 590.15M | 599.88M | 571.95M | 533.29M | 601.27M | 401.6M | 252.69M | 152.68M | 72.37M |
| SG&A % of Revenue | - | 75.86% | 79.01% | 81.73% | 109.88% | 106.12% | 111.32% | 107.06% | 94.26% |
| Research & Development | 294.81M | 301.5M | 341.47M | 324.69M | 297.21M | 203.12M | 121.14M | 89.67M | 42.59M |
| R&D % of Revenue | - | 38.13% | 47.17% | 49.76% | 54.31% | 53.67% | 53.36% | 62.88% | 55.47% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -1.78M | -1.09M | -30K | -390K | -177K |
| Operating Income | -159.88M | -197.33M | -266.74M | -270M | -407.83M | -265.18M | -175.57M | -119.63M | -52.01M |
| Operating Margin % | -19.31% | -24.95% | -36.85% | -41.38% | -74.53% | -70.07% | -77.34% | -83.89% | -67.75% |
| Operating Income Growth % | - | 26.02% | 1.21% | 33.8% | -53.79% | -51.04% | -46.76% | -130% | - |
| EBITDA | -135.28M | -175.29M | -249.19M | -255.65M | -395.16M | -256.72M | -172.08M | -117.4M | -47.78M |
| EBITDA Margin % | -16.34% | -22.17% | -34.42% | -39.18% | -72.21% | -67.84% | -75.81% | -82.32% | -62.24% |
| EBITDA Growth % | 31.6% | 29.65% | 2.53% | 35.3% | -53.93% | -49.19% | -46.58% | -145.69% | - |
| D&A (Non-Cash Add-back) | 24.61M | 22.04M | 17.54M | 14.34M | 12.67M | 8.46M | 3.49M | 2.23M | 4.23M |
| EBIT | -148.43M | -181.02M | -247.09M | -249.37M | -400.89M | -266.72M | -174M | -118.27M | -50.9M |
| Net Interest Income | 10.88M | 12.66M | 16.17M | 17.18M | 5.91M | -17.88M | -35.22M | 1.68M | 1.11M |
| Interest Income | 13.73M | 15.81M | 19.85M | 21.13M | 7.91M | 506K | 956K | 1.75M | 1.11M |
| Interest Expense | 2.85M | 3.15M | 3.68M | 3.95M | 2M | 18.39M | 36.18M | 78K | 0 |
| Other Income/Expense | 8.6M | 13.16M | 15.96M | 16.67M | 4.93M | -19.92M | -34.61M | 1.29M | 1.11M |
| Pretax Income | -151.29M | -184.17M | -250.77M | -253.32M | -402.89M | -285.11M | -210.18M | -118.34M | -50.9M |
| Pretax Margin % | -18.27% | -23.29% | -34.64% | -38.82% | -73.63% | -75.34% | -92.59% | -82.99% | -66.3% |
| Income Tax | 2.95M | 4.86M | 4.76M | 3.71M | 4.88M | 3.24M | 1.53M | 245K | 28K |
| Effective Tax Rate % | -1.95% | -2.64% | -1.9% | -1.46% | -1.21% | -1.14% | -0.73% | -0.21% | -0.06% |
| Net Income | -154.24M | -189.02M | -255.54M | -257.03M | -407.77M | -288.34M | -211.71M | -118.59M | -50.93M |
| Net Margin % | -18.63% | -23.9% | -35.3% | -39.39% | -74.52% | -76.19% | -93.26% | -83.16% | -66.34% |
| Net Income Growth % | 25.85% | 26.03% | 0.58% | 36.97% | -41.42% | -36.2% | -78.52% | -132.86% | - |
| Net Income (Continuing) | -154.24M | -189.02M | -255.54M | -257.03M | -407.77M | -288.34M | -211.71M | -118.59M | -50.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -0.80 | -1.11 | -1.17 | -2.04 | -1.63 | -1.31 | -0.75 | -0.34 |
| EPS Growth % | 25.79% | 27.93% | 5.13% | 42.65% | -25.15% | -24.43% | -74.67% | -120.59% | - |
| EPS (Basic) | - | -0.80 | -1.11 | -1.17 | -2.04 | -1.63 | -1.31 | -0.75 | -0.34 |
| Diluted Shares Outstanding | 230.82M | 236.82M | 229.47M | 220.41M | 200.03M | 176.4M | 161.48M | 158.7M | 149.59M |
| Basic Shares Outstanding | 230.82M | 236.82M | 229.47M | 220.41M | 200.03M | 176.4M | 161.48M | 158.7M | 149.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ASAN stock.
For fiscal year 2026, Asana, Inc. (ASAN) reported total revenue of $790.8M. This represents a 930.1% increase compared to $76.8M in 2019.
Asana, Inc. (ASAN) reported a net loss of $189.0M for the fiscal year ending 2026.
Asana, Inc. (ASAN) reported an operating income of $-197.3M, resulting in an operating profit margin of -25.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Asana, Inc. (ASAN) generated $704.0M in gross profit for the year, representing a gross profit margin of 89.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Growth Facing Structural Headwinds
As reported in recent financial statements, Asana's year-over-year revenue growth has decelerated to 9.25%, signaling that the company's previous volume-driven expansion is encountering significant market saturation and potential headwinds from corporate headcount reductions across its core enterprise and self-service customer segments.
The consistent decline in growth rates suggests that the company's land-and-expand model is struggling to maintain momentum in a more cost-conscious IT spending environment. Investors should monitor whether this deceleration represents a permanent shift toward a lower-growth maturity phase or a temporary pause in enterprise adoption.
High Gross Margins Mask Inefficiency
Based on the provided income statement data, Asana maintains a robust gross margin of 89.03%, yet this structural efficiency is currently overshadowed by an operating margin of -24.95%, indicating that the company's core software delivery remains highly profitable while its operational overhead remains excessive.
The disparity between gross and operating profitability suggests that the company has not yet achieved the necessary scale to absorb its heavy investment in sales and marketing. This persistent gap warrants further investigation into whether the current go-to-market strategy can ever yield sustainable GAAP profitability.
Operating Leverage Remains Elusive
According to historical income statement filings, Asana's operating expenses, particularly SG&A, continue to consume a vast majority of gross profit, preventing the company from scaling its operating income in proportion to its revenue growth despite the high-margin nature of its SaaS delivery model.
The lack of meaningful operating leverage implies that each incremental dollar of revenue is still accompanied by a disproportionate increase in customer acquisition costs. This trend suggests that the company's current organizational structure may be fundamentally misaligned with the requirements of a self-sustaining, profitable enterprise software business.
Stock-Based Compensation Distorts Profitability
As evidenced by the quarterly data, Asana frequently utilizes significant stock-based compensation, with figures reaching as high as $60.1M in a single quarter, which obscures the true economic cost of operations and complicates the assessment of the company's path toward genuine GAAP net income.
The reliance on equity-based incentives as a primary component of the cost structure suggests that reported non-GAAP metrics may significantly flatter the company's underlying financial health. Analysts should be wary of the dilutive impact these practices have on long-term shareholder value, especially given the persistent negative net margins.
Sustainability of Current Growth Model
Based on an analysis of the income statement, short-sellers may focus on the company's inability to achieve positive operating income despite a high gross margin, arguing that the current growth trajectory is unsustainable without a fundamental reduction in the cost to acquire enterprise-level contracts.
The reliance on expensive human-led sales to drive growth in a competitive landscape appears to be a structural vulnerability that could lead to further margin compression. If the company fails to pivot toward a more efficient product-led growth model, the current valuation may face significant downward pressure.