On this page of StockholderLetter.com we present the latest annual shareholder letter from Atlassian Corp — ticker symbol TEAM. Reading current and past TEAM letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025 @TEAM
FY25 HIGHLIGHTS $3.4B $5.2B 120% $1.5B $1.4B 300K+ 2.3M Revenue Cash flow from operations Cloud customers Cloud revenue Cloud net revenue retention rate1 Free cash flow2 AI monthly active users 1 Cloud net revenue rate is calculated by dividing monthly recurring revenue (MRR) from Cloud customers at the end of the period by the MRR from cloud customers at the end of the prior 12-month period. Current period MRR includes existing customer expansion net of existing customer contraction and attrition but excludes MRR from new customers in the current period. 2 Free cash flow is defined as net cash provided by operating activities less capital expenditures, which consists of purchases of property and equipment. Refer to page 58 of the Annual Report for a reconciliation of GAAP to non-GAAP financial measures.
To our stockholders, customers, partners, and Atlassians Fiscal 2025 was another big step forward in Atlassian s mission to unleash the potential of every team. We closed out the year with strong execution, surpassing $5.2 billion in revenue and generating $1.4 billion in free cash flow1. We are making significant progress on our key strategic priorities of serving the enterprise, delivering game-changing AI capabilities to our customers, and connecting all teams through the Atlassian System of Work. These strategies amplify each other and unlock multiple growth vectors across our business, resulting in $3.4 billion of Cloud revenue and a cloud net revenue retention rate of 120%2. This past year, we reached many significant milestones. We signed a record number of deals over $1 million in annual contract value more than 1.5x last year s total. Our AI capabilities empower 2.3 million monthly active users to enhance their workflows. We shifted from selling stand-alone products to offering apps and agents, purchasable standalone or grouped in a carefully curated Collection, with Rovo at the center. We increased the scale of our cloud apps - supporting up to 100,000 and 150,000 users on a single site of Jira and Confluence, respectively. We entered into strategic partnerships with organizations like AWS, enabling us to streamline complex customer migrations, and with the Formula 1 team, Atlassian Williams Racing, increasing our global brand recognition. We also made strides on our multicloud strategy: achieving FedRAMP Moderate authorization for Atlassian Government Cloud, announcing Atlassian Isolated Cloud, and entering a multi-year strategic partnership with Google Cloud to accelerate cloud transformation and deliver advanced AI solutions to more users. We believe Atlassian is the platform for human and AI collaboration. We are a teamwork and collaboration company at our core (that s why we chose TEAM as our ticker symbol), and in the AI era, we believe the demand for collaboration will increase significantly as more people are able to create and bring more ideas to life. Key differentiators like our world-class R&D engine, unified platform, unique depth and breadth of data in our Teamwork Graph, over two decades of domain expertise in team collaboration, and our distribution power with over 300k customers put us in a strong position to seize the opportunities ahead of us. We will continue to deliver powerful AI capabilities that delight and create value for customers positioning the Atlassian platform to be the orchestrator of human and AI collaboration. Our AI-powered System of Work accelerates teamwork, business processes, and workflows across all types of teams. Enterprises increasingly are choosing to go wall-to-wall with our System of Work and consolidating from a variety of other tools onto the Atlassian platform. Approximately 50% of core apps users are business users, underscoring our platform s mission-critical role in facilitating crossfunctional collaboration between technology teams and business teams like marketing, HR, legal, finance, and many others. As we look ahead, we are seizing the massive opportunities ahead of us by continuing to play offense and innovating rapidly, while maintaining our fiscal 2027 non-GAAP operating margin target. Our position across the markets we play in has never been stronger, and our strategic bets across Enterprise, AI, and System of Work are paying off. To the entire Atlassian team, thank you for your hard work, perseverance, and dedication to our mission to unleash the power of every team. Thank you all for your continued trust and support on this journey. Sincerely, Mike Cannon-Brookes CEO and Co-founder 1 Free cash flow is a non-GAAP financial measure. Refer to page 58 of this Annual Report for a reconciliation of GAAP to non-GAAP financial measures. 2 See prior page of this Annual Report for a description of Cloud net revenue retention rate.
 • shareholder letter icon 10/15/2025 Letter Continued (Full PDF)
 • stockholder letter icon 10/18/2023 TEAM Stockholder Letter
 • stockholder letter icon 10/23/2024 TEAM Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon TEAM Benford's Law Stock Score = 65


TEAM Shareholder/Stockholder Letter Transcript:

Annual Report 2025
@TEAM

FY25
HIGHLIGHTS
$3.4B
$5.2B
120%
$1.5B
$1.4B
300K+
2.3M
Revenue
Cash flow from operations
Cloud customers
Cloud revenue
Cloud net revenue retention rate1
Free cash flow2
AI monthly active users
1 Cloud
net revenue rate is calculated by dividing monthly recurring revenue (MRR) from Cloud customers at the end of the period by
the MRR from cloud customers at the end of the prior 12-month period. Current period MRR includes existing customer expansion
net of existing customer contraction and attrition but excludes MRR from new customers in the current period.
2 Free
cash flow is defined as net cash provided by operating activities less capital expenditures, which consists of purchases of
property and equipment. Refer to page 58 of the Annual Report for a reconciliation of GAAP to non-GAAP financial measures.

To our stockholders,
customers, partners,
and Atlassians    
Fiscal 2025 was another big step forward in
Atlassian   s mission to unleash the potential of every
team. We closed out the year with strong execution,
surpassing $5.2 billion in revenue and generating
$1.4 billion in free cash flow1. We are making
significant progress on our key strategic priorities of
serving the enterprise, delivering game-changing AI
capabilities to our customers, and connecting all
teams through the Atlassian System of Work. These
strategies amplify each other and unlock multiple
growth vectors across our business, resulting in
$3.4 billion of Cloud revenue and a cloud net
revenue retention rate of 120%2.
This past year, we reached many significant
milestones. We signed a record number of deals
over $1 million in annual contract value   more than
1.5x last year   s total. Our AI capabilities empower
2.3 million monthly active users to enhance their
workflows. We shifted from selling stand-alone
products to offering apps and agents, purchasable
standalone or grouped in a carefully curated
Collection, with Rovo at the center. We increased
the scale of our cloud apps - supporting up to
100,000 and 150,000 users on a single site of Jira
and Confluence, respectively. We entered into
strategic partnerships with organizations like AWS,
enabling us to streamline complex customer
migrations, and with the Formula 1 team, Atlassian
Williams Racing, increasing our global brand
recognition. We also made strides on our multicloud strategy: achieving FedRAMP   Moderate
authorization for Atlassian Government Cloud,
announcing Atlassian Isolated Cloud, and entering a
multi-year strategic partnership with Google Cloud
to accelerate cloud transformation and deliver
advanced AI solutions to more users.
We believe Atlassian is the platform for human and
AI collaboration. We are a teamwork and
collaboration company at our core (that   s why we
chose TEAM as our ticker symbol), and in the AI era,
we believe the demand for collaboration will
increase significantly as more people are able to
create and bring more ideas to life. Key
differentiators like our world-class R&D engine,
unified platform, unique depth and breadth of data
in our Teamwork Graph, over two decades of
domain expertise in team collaboration, and our
distribution power with over 300k customers put us
in a strong position to seize the opportunities ahead
of us. We will continue to deliver powerful AI
capabilities that delight and create value for
customers positioning the Atlassian platform to be
the orchestrator of human and AI collaboration.
Our AI-powered System of Work accelerates
teamwork, business processes, and workflows
across all types of teams. Enterprises increasingly
are choosing to go wall-to-wall with our System of
Work and consolidating from a variety of other tools
onto the Atlassian platform. Approximately 50% of
core apps users are business users, underscoring our
platform   s mission-critical role in facilitating crossfunctional collaboration between technology teams
and business teams like marketing, HR, legal,
finance, and many others.
As we look ahead, we are seizing the massive
opportunities ahead of us by continuing to play
offense and innovating rapidly, while maintaining
our fiscal 2027 non-GAAP operating margin target.
Our position across the markets we play in has
never been stronger, and our strategic bets across
Enterprise, AI, and System of Work are paying off.
To the entire Atlassian team, thank you for your hard
work, perseverance, and dedication to our mission
to unleash the power of every team.
Thank you all for your continued trust and support
on this journey.
Sincerely,
Mike Cannon-Brookes
CEO and Co-founder
1 Free cash flow is a non-GAAP financial measure. Refer to page 58 of this Annual Report for a reconciliation of GAAP to non-GAAP financial measures.
2 See prior page of this Annual Report for a description of Cloud net revenue retention rate.



shareholder letter icon 10/15/2025 Letter Continued (Full PDF)
 

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