Asana
Asana makes work management and task tracking software for teams and projects.
On the record
Checkpoint: Q2 FY2027 earnings, testing if StackAI and human-agent teams lift growth past 9%
The call
Asana sells the seats that bundled suites can copy and AI agents can replace, with founder control buying time but not proof its pivot works.
Asana helps teams organize and track projects, but it is getting squeezed from two sides. Microsoft, Atlassian, and Salesforce are already adding similar features inside their bigger software packages where they have millions of customers, making Asana easy to replace. At the same time, new AI systems like Claude can do much of the work that Asana's software tracks, which means companies may not need to pay for as many Asana seats per person. Asana is trying to shift its strategy toward working with AI agents, but the real question is whether that pivot can speed up its growth from 9 percent to 15 percent or higher by next fall, or if it stays slow while competitors keep copying its features.
Why
01
AI pressure: Anthropic's Claude Cowork. Claude Cowork automates the tasks Asana's seats are built to track, hitting the per-seat pricing model directly. Could AI do the core job? Yes, likely.
02
Bigger players: Microsoft (Planner/Teams/Copilot) and Atlassian. Microsoft bundles work tracking into Office it already sells, and Atlassian grew 32% YoY versus Asana's 9%. Could a giant copy it? Yes, easily.
03
What protects it. Dustin Moskovitz's roughly 53% voting stake keeps Asana independent and free to keep betting on its own AI pivot.
What would change this call
Asana's Q2 FY2027 earnings (~Sep 2, 2026) revenue growth rate versus prior 9% pace. Shows whether StackAI and AI pivot are reversing decline or growth keeps decelerating.
Atlassian or Microsoft announce deeper AI work-management bundling in their suites within the year. Confirms incumbents are copying Asana's features without needing to buy the product.
Change in Asana's count of $100k+/yr customers (currently 817) in next two quarterly reports. Indicates whether large accounts are staying or shifting spend to rivals.
Atlassian or Microsoft announce deeper AI work-management bundling in their suites within the year. Confirms incumbents are copying Asana's features without needing to buy the product.
Change in Asana's count of $100k+/yr customers (currently 817) in next two quarterly reports. Indicates whether large accounts are staying or shifting spend to rivals.
Key numbers
- Q1 FY27 revenue $205.1M, up 9.5% YoY
- Atlassian grew 32% YoY vs Asana's 9%
- Stock at $6.88, down from $145.79 ATH
Named risks
- Agentic AI (e.g. Claude Cowork) automates seat-tracked work, undermining per-seat pricing model.
- Microsoft, Atlassian, Salesforce can freely bundle or copy work-management features with no structural barrier.
- Announced securities-law investigation into Asana and officers over financial-statement disclosures, status unresolved.
- Stock down roughly 95% from its $145.79 all-time high to ~$6.88 as of July 22, 2026.
- Billings volatility, including a ~12% YoY decline in Q1 FY2026 billings tied to a deferred large renewal.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Atlassian | gaining on | 32% YoY revenue growth in FY2026 Q3 (ended Mar 31, 2026) vs Asana's ~9% |
| Microsoft | contesting | Bundles Planner, Teams, and Copilot into existing suites, undercutting Asana's standalone seat model |
| Anthropic (Claude Cowork) | losing to | Jan 2026 launch wiped ~$285B off software valuations in 48 hours, threatening per-seat pricing |
| monday.com | contesting | Named Gartner CWM Leader; claims (vendor-stated) strongest 2025 Vision/Execution positioning |
| ClickUp | contesting | Markets itself directly as an all-in-one Asana alternative in 2026 comparison content |
Questions people ask
- Is Asana profitable in 2026?
- Asana posted a record non-GAAP operating margin of 11.5% in Q1 FY2027 (quarter ended April 30, 2026), with revenue of $205.1 million, up 9.5% YoY, reported May 28, 2026. This is a non-GAAP figure; the company has a history of GAAP net losses.
- Who owns Asana?
- Asana is publicly traded (NYSE: ASAN) after a September 2020 direct listing at an initial ~$5.5B valuation. Co-founder Dustin Moskovitz held about 53% of voting power as of mid-2025 and remains Board Chair after stepping down as CEO on July 21, 2025.
- Could AI replace Asana?
- Asana's per-seat task-tracking model is directly threatened by agentic AI: Anthropic's Claude Cowork launch around January 2026 reportedly erased ~$285 billion in software valuations in 48 hours. Asana responded by acquiring AI-agent orchestration startup StackAI in May 2026 to reposition as infrastructure for 'human-agent teams.'
- Who is Asana's biggest competitor?
- Atlassian is outpacing Asana sharply, posting 32% YoY revenue growth in its fiscal Q3 2026 (ended March 31, 2026) versus Asana's roughly 9%, per a July 8, 2026 analyst report. Microsoft also bundles competing Planner, Teams, and Copilot features into its existing suites.
- Is Asana stock a good buy right now?
- Asana shares traded around $6.88 on July 22, 2026, near a 52-week low of $5.38 and far below the all-time high of $145.79 from its 2021 peak. Market cap was roughly $1.7 billion, and the company faces an announced securities-law investigation over financial disclosures.
- Has Asana had layoffs?
- Yes. Asana cut 9% of its workforce in November 2022 to reduce operating costs, and filed a WARN notice for 77 additional San Francisco layoffs effective February 4, 2025.
Timeline
- 2026-05-29Asana acquires no-code AI agent startup StackAI (~55 employees, ~$20M raised)
- 2026-05-28Q1 FY2027 earnings: revenue $205.1M (+9.5% YoY), record 11.5% non-GAAP operating margin
- 2026-01Anthropic's Claude Cowork launch triggers ~$285B software valuation wipeout in 48 hours
- 2025-08-25Summer 2025 release adds deeper Microsoft 365 Copilot and Tableau integrations
- 2025-06-25Dan Rogers named CEO effective July 21, 2025; Moskovitz becomes Board Chair
- 2025-05-27Spring 2025 release bundles AI Studio Basic into all paid plans starting June 2025
- 2025-02-04WARN notice filed for 77 additional layoffs in San Francisco
- 2024-10-22Asana launches AI Studio, a no-code AI agent builder
- 2022-11-15Asana cuts 9% of workforce to reduce operating costs
- 2020-09Asana goes public via direct listing at ~$5.5B initial valuation
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Asana Q1 FY27 revenue $205M (2026-05-28)
- ASAN Q1 2027 Earnings Report (2026-05-27)
- Revenue, Customers & AI ARR (2026-07-17)
- gurufocus.com (2026-07-22)
- Dustin Moskovitz (2026-06-07)
- Asana was battered by the AI boom (2026-05-29)
- Asana, Braze, and Akamai Shares Plummet (2026-06-09)
- Here's Why You Shouldn't Buy the Asana Dip (2026-07-08)
- Asana appoints Dan Rogers as new CEO (2025-06-25)
- Asana launches AI Studio (2024-10-22)
- Unlock Speed and Scale with AI workflows (2025-05-27)
- Launch AI workflows tailored to your team's needs (2025-08-25)