Atlassian (48D) Q4 2026 Earnings Report

The call emphasized strong, broad-based operational momentum: double-digit revenue and cloud growth, large-deal acceleration, significant AI adoption (Rovo) with measurable efficiency gains, robust RPO and NRR, and maintained Q4 GAAP profitability. Management set a more prudent full-year ARR guide (18%) and lowered near-term margin guidance relative to Q4 (FY27 GAAP ~4.5%) due to macro uncertainty and cautious planning, and consumption-based AI monetization is still nascent. Overall the positive growth, enterprise traction and AI-driven upside materially outweigh the conservative guidance and early-stage monetization risks.

Atlassian set initial fiscal 2027 guidance calling for subscription ARR growth of 18% (down from FY26’s 23% subs ARR growth) while taking a prudent stance as they lap the DX acquisition (which added ~1 point to FY26 ARR) and weigh macro uncertainty; they guided a Q1 GAAP operating margin of 6.5% and a full‑year FY27 GAAP operating margin of 4.5%. For context, management closed FY26 with total revenue up 28% to $1.8B, cloud revenue $1.2B (+31% YoY), RPO up 44% to $4.8B, Q4 GAAP operating margin of 12%, and NRR north of 120%; they said DC‑to‑cloud migrations contributed mid‑to‑high single digits to cloud growth, Teamwork customers have 4–5x more paid seats per instance, $3M ARR customers grew ~50% YoY (164 customers), $5M+ ARR customers grew ~70% YoY (69 customers) on a $6.6B ARR base, Rovo is used by >80% of the Fortune 500 with Rovo‑assisted actions +50% QoQ and adopters growing ARR >2x non‑adopters, MCP/server users exceeded 1M with MCP calls up ~400% QoQ — all cited as drivers behind the company’s cautious but confident FY27 outlook.