Revenue growth accelerated to 31.7% in 2026Q3 with gross margin near 85%, but operating margin remained negative at -3.1% due to R&D and SG&A expenses growing 61% faster than revenue over two years.
Atlassian Corporation (TEAM) annual income statement — 14-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Sales/Revenue | 6.57B | 5.22B | 4.36B | 3.53B | 2.8B | 2.09B | 1.61B | 1.21B | 873.95M | 619.94M | 457.06M | 319.52M | 215.11M | 148.51M |
| Revenue Growth % | 26.02% | 19.66% | 23.31% | 26.11% | 34.16% | 29.42% | 33.39% | 38.47% | 40.97% | 35.64% | 43.04% | 48.54% | 44.84% | - |
| Cost of Goods Sold | 996.83M | 894.85M | 803.5M | 633.76M | 452.91M | 346.71M | 268.81M | 210.28M | 172.69M | 119.16M | 75.78M | 52.93M | 37.99M | 33.03M |
| COGS % of Revenue | 15.17% | 17.16% | 18.43% | 17.93% | 16.16% | 16.6% | 16.65% | 17.38% | 19.76% | 19.22% | 16.58% | 16.57% | 17.66% | 22.24% |
| Gross Profit | 5.58B | 4.32B | 3.56B | 2.9B | 2.35B | 1.74B | 1.35B | 999.84M | 708.29M | 507.52M | 381.27M | 266.59M | 177.12M | 115.48M |
| Gross Margin % | 84.83% | 82.84% | 81.57% | 82.07% | 83.84% | 83.4% | 83.35% | 82.62% | 81.04% | 81.87% | 83.42% | 83.43% | 82.34% | 77.76% |
| Gross Profit Growth % | 29.05% | 21.53% | 22.55% | 23.44% | 34.87% | 29.51% | 34.56% | 41.16% | 39.56% | 33.11% | 43.02% | 50.51% | 53.38% | - |
| Operating Expenses | 5.57B | 4.45B | 3.67B | 3.25B | 2.28B | 1.67B | 1.33B | 1.06B | 754.33M | 563.36M | 387.15M | 264.88M | 154.42M | 102.36M |
| OpEx % of Revenue | 84.68% | 85.34% | 84.25% | 91.84% | 81.34% | 80.17% | 82.47% | 87.86% | 86.31% | 90.87% | 84.71% | 82.9% | 71.79% | 68.93% |
| Selling, General & Admin | 2.3B | 1.78B | 1.48B | 1.37B | 978.68M | 683.13M | 568.09M | 484.07M | 338.56M | 253.19M | 178.85M | 124.02M | 75.78M | 45.06M |
| SG&A % of Revenue | 34.93% | 34.16% | 33.86% | 38.66% | 34.92% | 32.7% | 35.19% | 40% | 38.74% | 40.84% | 39.13% | 38.81% | 35.23% | 30.34% |
| Research & Development | 3.27B | 2.67B | 2.18B | 1.87B | 1.29B | 991.65M | 763.19M | 579.13M | 415.78M | 310.17M | 208.31M | 140.85M | 78.64M | 57.3M |
| R&D % of Revenue | 49.74% | 51.18% | 50.11% | 52.9% | 46.09% | 47.47% | 47.28% | 47.86% | 47.57% | 50.03% | 45.58% | 44.08% | 36.56% | 38.58% |
| Other Operating Expenses | 0 | 0 | 12.39M | 9.9M | 9.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 11.37M | -130.39M | -117.08M | -345.22M | 70.08M | 67.65M | 14.09M | -63.36M | -46.05M | -55.83M | -5.88M | 1.71M | 22.7M | 13.12M |
| Operating Margin % | 0.17% | -2.5% | -2.69% | -9.77% | 2.5% | 3.24% | 0.87% | -5.24% | -5.27% | -9.01% | -1.29% | 0.54% | 10.55% | 8.83% |
| Operating Income Growth % | 108.72% | -11.37% | 66.09% | -592.59% | 3.6% | 380.24% | 122.23% | -37.61% | 17.53% | -849.56% | -443.06% | -92.45% | 73.04% | - |
| EBITDA | -72.92M | -38.02M | -38.34M | -284.3M | 121.82M | 160.5M | 111.48M | 6.89M | 33.39M | 5.71M | 16.05M | 17.23M | 36.02M | 25.18M |
| EBITDA Margin % | -1.11% | -0.73% | -0.88% | -8.04% | 4.35% | 7.68% | 6.91% | 0.57% | 3.82% | 0.92% | 3.51% | 5.39% | 16.74% | 16.95% |
| EBITDA Growth % | -91.81% | 0.84% | 86.51% | -333.37% | -24.1% | 43.96% | 1519% | -79.38% | 484.56% | -64.4% | -6.84% | -52.18% | 43.04% | - |
| D&A (Non-Cash Add-back) | -84.29M | 92.38M | 78.74M | 60.92M | 51.74M | 92.85M | 97.4M | 70.25M | 79.44M | 61.55M | 21.93M | 15.51M | 13.32M | 12.06M |
| EBIT | 0 | -68.34M | -51.33M | -280.99M | -429.47M | -511.95M | -296.6M | -565.32M | -51.33M | -52.33M | -4.84M | -675K | 22.46M | 11.68M |
| Net Interest Income | 0 | 81.77M | 62.59M | 19.59M | -39.18M | -85.43M | -21.81M | -6.74M | 3.07M | 4.78M | 2.04M | 152K | 89K | 202K |
| Interest Income | 69.71M | 112.32M | 96.66M | 49.73M | 2.28M | 7.16M | 27.8M | 33.5M | 9.88M | 4.85M | 2.12M | 226K | 317K | 474K |
| Interest Expense | -109.04M | 30.55M | 34.08M | 30.15M | 41.47M | 92.59M | 49.61M | 40.24M | 6.81M | 75K | 71K | 74K | 228K | 272K |
| Other Income/Expense | 10.68M | 31.5M | 31.67M | 34.09M | -541.02M | -702.31M | -360.3M | -542.19M | -12.09M | 3.43M | 973K | -2.46M | -473K | -1.72M |
| Pretax Income | 22.05M | -98.89M | -85.41M | -311.14M | -470.94M | -634.66M | -346.21M | -605.56M | -58.13M | -52.4M | -4.91M | -749K | 22.23M | 11.4M |
| Pretax Margin % | 0.34% | -1.9% | -1.96% | -8.8% | -16.8% | -30.38% | -21.45% | -50.04% | -6.65% | -8.45% | -1.07% | -0.23% | 10.33% | 7.68% |
| Income Tax | -75.88M | 157.79M | 215.11M | 175.63M | 48.57M | 61.65M | 4.45M | 32.06M | 55.3M | -14.95M | -9.28M | -7.52M | 3.25M | 642K |
| Effective Tax Rate % | -344.12% | -159.56% | -251.87% | -56.45% | -10.31% | -9.71% | -1.28% | -5.3% | -95.13% | 28.53% | 189.12% | 1004.54% | 14.6% | 5.63% |
| Net Income | -53.83M | -256.69M | -300.52M | -486.76M | -519.51M | -696.32M | -350.65M | -637.62M | -113.43M | -37.45M | 4.37M | 6.78M | 18.98M | 10.76M |
| Net Margin % | -0.82% | -4.92% | -6.89% | -13.77% | -18.53% | -33.33% | -21.72% | -52.69% | -12.98% | -6.04% | 0.96% | 2.12% | 8.82% | 7.25% |
| Net Income Growth % | 79.03% | 14.59% | 38.26% | 6.3% | 25.39% | -98.58% | 45.01% | -462.12% | -202.9% | -956.37% | -35.45% | -64.31% | 76.4% | - |
| Net Income (Continuing) | 146.38M | -256.69M | -300.52M | -486.76M | -519.51M | -696.32M | -350.65M | -637.62M | -113.43M | -37.45M | 4.37M | 6.78M | 18.98M | 10.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.18 | -0.98 | -1.16 | -1.90 | -2.05 | -2.79 | -1.43 | -2.67 | -0.52 | -0.19 | 0.02 | 0.03 | 0.09 | 0.05 |
| EPS Growth % | 81.63% | 15.52% | 38.95% | 7.32% | 26.52% | -95.1% | 46.44% | -413.46% | -173.68% | -1050% | -38.46% | -64.29% | 76.36% | - |
| EPS (Basic) | -0.18 | -0.98 | -1.16 | -1.90 | -2.05 | -2.79 | -1.43 | -2.67 | -0.52 | -0.19 | 0.02 | 0.03 | 0.09 | 0.05 |
| Diluted Shares Outstanding | 253.4M | 261.79M | 259.13M | 256.31M | 253.31M | 249.68M | 244.84M | 238.61M | 231.18M | 222.22M | 193.48M | 208.68M | 208.68M | 208.68M |
| Basic Shares Outstanding | 252.81M | 261.79M | 259.13M | 256.19M | 253.31M | 249.56M | 244.84M | 238.61M | 231.18M | 220.29M | 192.83M | 208.68M | 208.68M | 208.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 52.68% | 20.45% |
Quick answers to the most common questions about buying TEAM stock.
For fiscal year 2026, Atlassian Corporation (TEAM) reported total revenue of $6.57B. This represents a 4325.4% increase compared to $148.5M in 2013.
Atlassian Corporation (TEAM) reported a net loss of $53.8M for the fiscal year ending 2026.
Atlassian Corporation (TEAM) reported an operating income of $11.4M, resulting in an operating profit margin of 0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Atlassian Corporation (TEAM) generated $5.58B in gross profit for the year, representing a gross profit margin of 84.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and negative margins
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates in 2026
Revenue growth accelerated to 31.7% in 2026Q3 from 14.1% a year earlier, per reported figures, suggesting renewed momentum despite a one-off spike in 2026Q4.
The 2026Q3 growth rate of 31.7% marks a sharp acceleration from the 14.1% seen in 2025Q3, indicating a potential inflection in demand or pricing. However, the 2026Q4 revenue of $6.6B appears anomalous, likely reflecting a data artifact or a major contract, as it dwarfs the prior quarter's $1.8B. Excluding that outlier, the underlying trend shows steady acceleration from 20.5% in 2024Q4 to 23.3% in 2026Q2, suggesting durable growth drivers.
Gross Margin Expansion Nears 85%
Gross margin improved from 80.8% in 2024Q4 to 85.0% in 2026Q2, as reported in financial statements, indicating strong pricing power and cost efficiencies in the cloud model.
The consistent upward trend in gross margin, reaching 85.0% in 2026Q2, suggests that Atlassian is benefiting from scale and a favorable mix shift toward higher-margin cloud offerings. This level is above peers like ServiceNow (77.5%) and Workday (75.7%), though slightly below monday.com's 89.2%. The stability around 84-85% in recent quarters implies that the company has reached a plateau, with limited room for further expansion without new product mix changes.
Operating Leverage Elusive Amid Heavy Investment
Operating margin remained negative through most of the period, with 2026Q3 at -3.1%, despite revenue growth, as R&D and SG&A expenses outpaced gross profit gains, per SEC filings.
Despite revenue scaling, operating income has not turned consistently positive, with the best quarter being 2024Q3 at 1.5% operating margin. The company's heavy investment in R&D (averaging over 50% of revenue) and SG&A (around 35% of revenue) has absorbed the gross profit expansion. The 2026Q4 operating income of $10.4M is negligible relative to revenue, suggesting that operating leverage is not yet materializing, which may indicate a deliberate strategy to prioritize growth over profitability.
SBC Distorts Reported Losses
Stock-based compensation averaged over $350M per quarter, exceeding net losses in most periods, as reported, suggesting that reported losses understate the cash-generative nature of the business.
SBC expenses are substantial, ranging from $273.5M to $1.6B (the latter in 2026Q4, likely an anomaly), and consistently exceed net losses in quarters like 2025Q1 where net loss was -$123.8M but SBC was $286.1M. This indicates that on a cash basis, the company may be profitable, but GAAP earnings are heavily diluted. Investors should monitor the dilution impact on EPS, as the negative EPS figures are partly driven by these non-cash charges.
R&D and SG&A Outpace Revenue Growth
R&D expenses grew from $576.5M in 2024Q3 to $926.9M in 2026Q3, a 61% increase, while revenue grew only 50% over the same period, per reported data, indicating aggressive reinvestment.
The cost structure is dominated by R&D, which consistently represents over 50% of revenue, and SG&A, which adds another 30-35%. This combined spending has kept operating margins negative, as the company appears to be prioritizing product innovation and market expansion over near-term profitability. The 2026Q4 spike in R&D to $3.3B is likely a data anomaly, but the underlying trend shows disciplined yet heavy investment that may pressure margins until revenue scales further.
Margin Compression Risks Persist
Despite revenue growth, operating margins have remained negative for eight of the last ten quarters, with the best at 1.5% in 2024Q3, suggesting that the path to profitability is uncertain.
Short-sellers would highlight that Atlassian's operating margin has not improved despite revenue growth, and the company continues to burn cash on a GAAP basis. The heavy reliance on SBC to attract talent may mask true labor costs, and if growth decelerates, the fixed cost base could lead to margin compression. Additionally, the 2026Q4 revenue spike appears unsustainable, and without it, the underlying growth rate is around 20-30%, which may not justify the current valuation if profitability remains elusive.