Asana Q2 FY27 10-Q: Revenue Up 10%, Non-GAAP Operating Margin Hits 10%, $96.5M in Buybacks
ASAN sits 64% above its 52-week low of $5.38 on elevated volume (1.8× avg).
Summary
Asana's Q2 FY27 10-Q confirms 10% revenue growth, 10% non-GAAP operating margin, and $40M quarterly free cash flow, while detailing the StackAI acquisition and $96.5M in share repurchases.
Key Events · Earnings and Guidance · ASAN
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Q2 Revenue Beats, Margin Expands
Revenue of $216.4M grew 10% YoY; non-GAAP operating margin expanded ~300 bps to 10%; non-GAAP net income was $23.8M vs $15.1M a year ago.
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Free Cash Flow Strength
Q2 free cash flow was $40.0M, up from $35.4M a year ago; H1 FY27 free cash flow reached $74.4M vs $39.4M in H1 FY26.
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StackAI Acquisition Accounting
The $74.6M acquisition of StackAI (closed May 27, 2026) allocated $56.6M to goodwill and $18.2M to intangible assets; 4.5M RSUs and 3.0M PSUs granted to acquired employees.
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Aggressive Buyback Execution
Asana repurchased 14.8M shares for $96.5M in H1 FY27 at an average $6.52/share; $102.9M remains authorized under the expanded repurchase program.
Analysis · ASAN · Technology
Asana's Q2 FY27 10-Q confirms the strong results previewed in today's 8-K: revenue grew 10% year over year to $216.4 million, non-GAAP operating margin expanded to 10%, and free cash flow reached $40 million for the quarter. The filing adds granular detail on the $74.6 million StackAI acquisition, showing $56.6 million in goodwill and $18.2 million in intangible assets, and reveals aggressive capital return — $96.5 million spent on buybacks in the first half at an average price of $6.52, well below today's $8.85. The balance sheet remains solid with $339.9 million in cash and marketable securities against $36.9 million in term loan debt, though the credit facility matures in November 2026 and will need refinancing.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.2% of the 2009 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ASAN was trading at $8.85 on NYSE in the Technology sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $5.38 to $15.71. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.