Prepared Highlights
FY 2025 total revenue exceeded $5.2 billion (CEO).
FY 2025 free cash flow exceeded $1.4 billion (CEO).
Company delivered “balanced Rule of 40 plus performance” in FY 2025 (CEO).
Cloud net revenue retention rate was 120% (CEO).
Record number of deals greater than $1 million in ACV signed in Q4, up over 2x year-on-year (CEO).
2.3 million AI users, up 50% from last quarter (CEO).Teamwork Collection (launched with Team ’25) “exceeding our expectations” in less than a full quarter (CEO).
Core apps (Jira, Confluence, Jira Service Management, Loom) all growing “in line or faster than total company revenue” (CEO).
Over 300,000 customers globally (CEO).
50% of users of core apps are now business users (CEO).
No official guidance ranges for next quarter or full year FY 2026 were provided in the prepared remarks.
Management Quotes
“We closed out FY ’25 with stellar execution from our enterprise sales teams and partner teams.” (CEO)
“We are making significant progress on our key strategic priorities of serving the enterprise, delivering game hedging innovation in AI to our customers and connecting all teams through the Atlassian system of work.” (CEO)
“In the AI-era, we believe the need for collaboration increases significantly as more people are able to create and more ideas can be brought to life.” (CEO)
“We’re playing offense and relentlessly innovating in order to further strengthen our competitive position, delivering differentiated customer experiences and value.” (CEO)
“I love my job, and this is the most exciting time to be at Atlassian.” (CEO)
Prepared Metrics
Metric Value Speaker/Context FY 2025 Total Revenue >$5.2 billion CEO FY 2025 Free Cash Flow >$1.4 billion CEO Cloud Net Revenue Retention Rate 120% CEO Q4 Deals >$1M ACV Record, up >2x YoY CEO AI Users 2.3 million CEO AI Users QoQ Growth +50% CEO Total Customers >300,000 CEO Business Users as % of Core App Users 50% CEO
Q&A Batch (1-5 of 5)
Q1 — Keith Weiss
Topic : AI对开发者角色及Atlassian业务的影响Key points :
未看到任何数字受影响：扩展率、增长率、技术产品采用率均无变化；客户集成代码生成AI工具后产品使用量未变，用户健康增长。
早期数据显示：连接代码生成工具的客户，其业务用户增长率高于未连接的客户。
管理层假设：5年后开发者不会减少，反而会增加；更多非技术职能人员将创建软件，软件总量将大幅增长。
Mgmt stance : 看涨，认为AI是巨大顺风，Atlassian的协作和工作流工具需求将因此扩大。
Q2 — Alex Mulan (Jefferies)
Topic : 自由现金流（FCF）趋势及2026年展望Key points :
Q4 FCF为3.6亿美元，同比下降13%，主要因为上年同期有强劲收款（与服务器/支持动态相关）。
短期存在临时逆风：多年协议从预付款转为年度账单，以及企业云业务导致销售后载。
长期来看，FCF与非GAAP营业利润趋势相关；预计非GAAP营业利润率与FCF利润率之间约有500个基点的差距。
Mgmt stance : 中性，强调短期波动由时间性差异造成，长期指引维持不变。
Q3 — Kash Rangan
Topic : 长期增长目标（FY24–FY27 20%复合增长）的实现路径与加速度Key points :
FY25已实现20%增长，为长期目标奠定基础；维持FY24–FY27 20%复合年增长率不变。
增长杠杆包括：付费席位扩张、交叉销售、定价、新客户增长以及AI投资。
Teamwork Collection上市前3个月表现强劲，已有大型客户（如一家世界级汽车制造商、一家领先芯片公司）采购，涉及数万用户。
Mgmt stance : 看涨，对实现长期增长目标充满信心，认为多个增长向量（企业、AI、系统 of work）正在协同驱动。
Q4 — Michael Turrin
Topic : FY26指引中的企业go-to-market风险与Q4实际表现对比Key points :
Q4执行强劲：RPO达到33亿美元，同比增长38%；其中74%将在12个月内确认收入（同比+29%），剩余部分同比+71%（受大型云多年协议推动）。
云收入超预期，主要驱动力为付费席位扩张、交叉销售和迁移；数据中心收入符合预期（受定价和大型客户续约推动）。
FY26指引继续采用保守、风险调整的方法（考虑宏观不确定性和企业销售转型）。
Mgmt stance : 看涨，指出现实执行结果优于保守假设，订单和账单数据显示客户信心和平台承诺。
Q5 — Arsenije Matovic
Topic : AI新功能推出节奏与云迁移贡献展望Key points :
AI用户达230万（上季度约为150万）；令牌使用量环比增长5倍；Confluence中AI用户创建页面数增加15%，编辑次数增加33%。
AI视为最大顺风，将继续推出新功能（如Rovo Dev CLI、MCP服务器、与OpenAI合作等）。
FY25云迁移
Q&A Batch (6-10 of 10)
Q6 — Arjun Rohit Bhatia
Topic : Enterprise go-to-market acceleration timelineKey points :
Q4 had strong $1M+ ACV deals; hundreds of customers north of $1M run rate already.
Brian (new sales head) has been on board 6 months; sales transformation is a multiyear journey (1–3 years).
$14B addressable market within existing customer base; over 80% of Fortune 500 are customers but represent only ~10% of business.
Data Center to Cloud migration up 60% YoY; Google Cloud partnership announced as multi-cloud milestone.
Mgmt stance : Bullish — enterprise transformation “picking up speed,” with continued improvements expected over next 1–3 years.
Q7 — Karl Emil Keirstead
Topic : Q1 Data Center guidance step-down to ~8% growthKey points :
Q1 Data Center guidance is ~8%, a step down from Q4; Q4 benefited from several large renewals (larger expiration base).
Q1 has a smaller expiration base, less opportunity for expansion and price increases.
Headwinds include 1-year deal terms from a programmatic change a year ago, and slowly lapping migration from server and support.
Mgmt stance : Neutral/cautious — driven by seasonal expiration base dynamics and modest incremental headwinds.
Q8 — Gregg Steven Moskowitz
Topic : Driving wall-to-wall deployments for nontechnical employeesKey points :
~50% of licensees are in nontechnical roles; consolidation momentum has “picked up” in the last quarter.
Teamwork Collection, Loom, Trello, and Rovo are key to expanding business user segment; business user growth “accelerating.”
Technology team usage continues to grow simultaneously (not one at expense of the other).
Mgmt stance : Bullish — sees “great momentum” in attacking the business user market, with multiple product vectors driving adoption.
Q9 — David E. Hynes
Topic : Rovo monetization timeline and path (MAU growth → revenue)Key points :
FY ’26 plan includes some consumption-based Rovo revenue, but guidance assumes “very nominal” amounts to incent adoption.
Broader benefits expected: seed expansion, upgrades to premium/enterprise editions (40% YoY growth in those editions).
Rovo usage metrics: 5x token growth QoQ, ~50% growth rate in AI tools; Teamwork Collection uplift partially AI-driven.
Consumption-based pricing in Forge, Bitbucket pipelines, JSM virtual service agents, AI credits.
Mgmt stance : Bullish — focus remains on deployment/usage/engagement first; monetization is “longer-term,” but multiple vectors already showing traction.
Q10 — Jason Vincent Celino
Topic : FY ’26 operating margin guidance (24%) and investment prioritiesKey points :
FY ’26 operating margin guide is 24%, slightly lower than FY ’25; gross margins expected to be relatively stable YoY.
Investments primarily in sales & marketing and R&D for Enterprise Cloud, AI, and System of Work.
Sales hiring ahead of target in Q4; FY ’27 non-GAAP operating margin target remains >25%.
Framework: manage costs carefully, invest in highest-return opportunities, blend revenue/gross margin outperformance to bottom line.
Mgmt stance : Neutral/bullish — confident in FY ’27 >25% margin target; disciplined investment approach with upside reinvestment or flow-through to profit.