TEAM Nasdaq Russell 1000 Earnings call
Atlassian (TEAM) · Q2 2026 results and valuation
Share price: $152.44 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 6 Aug 2026 and 30 Apr 2026
Net income turned to a profit from a loss last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Net income 139.1M vs -98.4M
Revenue −1.1%
2 · How management spoke
Typical
Less upbeat than 51% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Key theme
The company highlighted the "Always shareholder letter" as a key theme for this quarter.
Valuation
Is Atlassian undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-06-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $250.77 a share — the stock trades 39% below it. Today's price assumes 13.2% growth a year.
Current price
$152.44
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+13.2% for 10 yrs
Fair value / share
$250.77
Buy below
$188.08
Price vs fair value
Undervalued 39%
Price vs buy-below price
Undervalued 19%
Read between the lines
-
Figure
Total revenue grew 28% to $1.8 billion, which indicates the primary scale of the company's revenue growth for the quarter.
Source quote
“Total revenue grew 28% to $1.8 billion.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We're seeing longer customer commitments, larger deals, stronger seat expansion, great cross-sell momentum and higher NRR.”
“I'll give a huge shout out to all of our R&D teams who have been working on that cost to serve question for a long time in terms of getting...”
“As you read in our shareholder letter, we're executing well on our long-term strategy from a position of strength and we're seeing this play out each quarter in our strong...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.77B | 1.79B | −1.1% | 1.38B | +27.6% |
| Gross profit | 1.53B | 1.52B | +0.2% | 1.15B | +32.9% |
| Operating income | 210.7M | -56.3M | Turned profit | -28.5M | Turned profit |
| Net income | 139.1M | -98.4M | Turned profit | -23.9M | Turned profit |
| EPS | 0.52 | -0.38 | Turned profit | -0.09 | Turned profit |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- As you've already read in Atlassian's shareholder letter, Q4 was another outstanding quarter, capping off an incredible fiscal year for...
- During the call today, Atlassian will have a brief opening remarks and then focus its time on Q&A....
- Further information on these and other factors that could affect Atlassian's business performance and financial results is included in…
- With Atlassian's $3 million ARR customers growing over 50% year-on-year and its $5 million ARR customers growing over 70%.
Faded since Q1 2026
- Dropped The high level of user experience quality continues to be a strength.
- Fading This is because the Teamwork Graph connects knowledge, work, people and code, giving Atlassian's customers one of the richest enterprise...
- Fading Cloud revenue surpassed $1.1 billion and accelerated to 29% growth year-over-year, and RPO grew again 37% year-over-year to $4 billion.
- Fading If you have a huge amount of business processes running through Jira or the Service Collection, the agents that are...
Latest announcements
Official filings, newest first.
- Results of operations; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Restructuring costs; Director or officer change; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K