Atlassian : Second Quarter 2026 Shareholder letter

the CEO

From

Shareholder letter

Q2 FY26 | February 5, 2026

Fellow shareholders,

We had a fantastic Q2. We're building a bloody great business.

I'm convinced AI is great for Atlassian. Others think software is dead.

In this environment, it seems that noise swamps signal, nuance gets lost.

So this quarter I'm going to give you straight signal. The Q2 facts that make me bullish. And let our customers do the talking.

1. Revenue grew 23% YoY to $1.6 billion. Cloud revenue grew 26% YoY to $1.1 billion - our first ever $1 billion+ cloud quarter.

2. RPO up 44% YoY to $3.8 billion, continuing to accelerate - reflecting enterprise adoption and long-term customer commitments to us as a strategic platform.

3. Rovo sailed past 5 million MAU. Teamwork Graph now well past 100 billion+ objects & connections - our AI transformation continues to deliver for our customers' workflows, with record agent & token use.

4. Record number of $1 million+ ACV deals, up nearly 2x YoY. 600+ customers with >$1 million of ARR, up almost 40% YoY - our enterprise transformation is delivering, with us becoming an ever-more strategic partner to customers.

5. Cloud net revenue retention rate (NRR) is 120%+, ticking up for the third consecutive quarter - customers are expanding use of our enterprise AI platform with more users, apps, and upgrades.

6. Over 350,000 customers, including 80% of the Fortune 500 and 60% of the Forbes AI 50 - with 50% of our users in finance, HR, marketing, ops, and other non-technical teams.

7. Teamwork Collection, our primary AI monetization, passed 1 million seats and 1,000 customers - exceeding our expectations, consolidating tools, and expanding seat counts by 10%+ over their standalone app footprint.

8. Service Collection launched Customer Service Management and passed 65,000 customers, including half of the Fortune 500 - while our enterprise business grew 60% YoY in Q2.

9. Software Collection launched, DX joined the team, and had a record Q2 - customers are choosing us for their AI-native software development lifecycle.

10. Accelerating our pace of buybacks, plans for H2 up ~2-3X vs H1 - we believe our shares are significantly undervalued. We're using our strong free cash flow to opportunistically repurchase our stock.

We just celebrated the 10-year anniversary of our IPO. What Scott and I wrote in our F-1 remains true today:

We've run this company with a long-term mindset... We don't seek to maximize growth in any one year. We are focused on sustainable growth year after year. We're passionate about the long-term welfare of our customers, our employees, and our shareholders.

Sustainable growth? Over the last decade, we've had a revenue CAGR of 30%+.

In complex times, I focus on the simple things. Listen to customers. Anchor in facts. Adapt to reality. Execute with discipline. Give a sh*t. Work hard. Build with heart and balance.

I believe you can't fight uncertainty with certainty - you fight it with clarity and conviction. Back to work. LFG

-Mike

Mike Cannon-Brookes

CEO and Co-founder

Q2 FY26 1

AI

Words from our customers

Across thousands of Jira customers, those using AI code-gen tools create approximately

5% more tasks in Jira, have 5% higher MAU, & expand seats 5% faster than those that don't.

In probably 8 weeks, we saw full adoption [of Rovo]. It's used by 70% of our company. In about six weeks, we created 200 Rovo agents, and they're not only helping employees but also increasing productivity and capacity.

The power for some of the AI capabilities is how it flows and the context shifting that employees and people have to do with all of that choice. When you have a system that goes across the stack, that is incredibly powerful, and we're not having to retrain every single time on a new tool or new technology. There's a familiarity there for our employees.

Chris Burgess

CIO

With Atlassian Teamwork Collection and Rovo, we're automating incident documentation, streamlining help desk responses, and enabling seamless project updates. We're moving towards our goal to reduce manual work by 30%, empowering every team to focus on higher value outcomes.

Vladislav Tsapko

Q2 FY26

VP, Business Operations

Our teams are using Rovo to search across apps, summarize information, improve their writing, and speed up tedious tasks, like grouping ideas in Confluence whiteboards. They're also eager to build custom agents with Rovo Studio that can automate processes and save even more time.

Tina Weber

Product Owner, Collaborative Tool Solutions

2

Enterprise

Words from our customers

Q2 DEAL

HIGHLIGHTS

Delivery Hero, one of the world's leading delivery platforms, recently migrated 40,000 users to Atlassian cloud in a matter of months, achieving a 40% faster migration than planned by using our tooling. By consolidating onto the Atlassian Platform, they've realized 69% cost and time savings, including more than 1,000 hours of maintenance work.

FASTSHIFT POWERED MIGRATIONS

After comparing collaboration and productivity tools, I knew Atlassian should be our #1 platform. Everything else felt too simple or too complex. Atlassian was intuitive enough for our basic users and advanced enough for our power users.

Jousef Waggad

Atlassian Administrator

Q2 FY26

3

System of work

Words from our customers

Having a System of Work built on a great data platform with common ways of working allows us to make AI very effective and enable AI at scale.

Jason Andrews

VP of Strategy & Planning - Engineering Operations

With Teamwork Collection, Strategy Collection, and Guard, Synchrony is moving towards a centralized, secure System of Work where strategy and execution are seamlessly connected. Our vision is for every team to plan, deliver, and support work on a unified, governed platform-enabling proactive, data-driven decisions, preventing customer-impacting issues before they occur, and empowering over 15,000 knowledge workers to collaborate safely at scale while upholding the highest standards of financial data protection.

Sudhanva Ramesh

VP, Office of Agile Tools Lead

Q2 FY26

4

Words from our customers

Customers such as Globant, Optimizely, Asurion, and Paysafe upgraded to ensure seamless collaboration across all teams in their organizations. All of this gives us even more confidence that our strategy is working.

Atlassian's Teamwork Collection helps our global teams move faster and stay better connected. By bringing Jira, Confluence, and Loom together with the power of AI-and integrating them into our Sapient Slingshot platform-we're able to link ideas to customer value more seamlessly. The tools give us scale and automation, but they also keep human creativity front and center

-which is how we deliver

real impact for our clients.

Sheldon Monteiro

EVP, Chief Product Officer

With the Atlassian Teamwork Collection, we have improved our meeting culture and transformed the way we collaborate and communicate. Connecting our teams and data with the Teamwork Collection is saving us valuable time and money -a key enabler on our mission to help our customers do the same. With Loom, our teams have replaced unnecessary meetings and long Confluence pages with quick Loom videos -making communication faster, more engaging, and more digestible.

Laura Bennett

Atlassian Suite Administrator

With Teamwork Collection, LPL Financial plans to unify our platform to modernize collaboration, reduce unnecessary meetings, and centralize communication-allowing us to work faster and smarter together. I look forward to breaking down silos, gaining deeper project insights, and empowering our teams to adopt new technologies like AI, all backed by strong executive alignment and a shared vision for the future.

Camila Haselwood

VP, Delivery Enablement

Q2 FY26

5

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