Summary
Atlassian: This Is Not 2016 Anymore
Atlassian faces severe YTD underperformance, down 53%, despite accelerating Q2 FY26 revenue growth, backlog, and improved net retention rates. TEAM's AI-driven Collections and “System of Work” strategies have not yet offset rising commoditization risks in the Agentic AI era as the software tech stack gets rewritten. Consensus estimates point to declining forward revenue and earnings growth, with markets awaiting evidence of stable retention and backlog before a potential re-rating can occur.
Atlassian: One Of The Biggest Casualties Of The SaaS-Pocalypse
Atlassian has been one of the biggest casualties of what is now called the SaaS-pocalypse, and it is precisely why I decided to look into it. We are not even two months into 2026 and Atlassian's stock is already down by more than 50% on a year-to-date basis. Despite a share price under significant pressure, Atlassian reported its highest top-line growth in six quarters, which is something I was not expecting given current market sentiment.
Atlassian: Trust Growth Acceleration And RPO Buildup (Upgrade)
Atlassian is upgraded to a "Strong Buy" as recent stock declines are driven by sentiment, not deteriorating fundamentals. TEAM demonstrates accelerating revenue growth, with Q2 revenue up 23% y/y and RPO (backlog) surging 44% y/y to $3.8 billion. Gross margins remain in the high 80%s, and pro forma operating margins rose to 27%, supporting a Rule of 40 score of 50.
Atlassian Corporation (TEAM) FAQ
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Atlassian Corporation Profile
| Software Industry | Information Technology Sector | Michael Cannon-Brookes CEO | NASDAQ (NGS) Exchange | 049468101 CUSIP |
| AU Country | 12,157 Employees | - Last Dividend | - Last Split | 10 Dec 2015 IPO Date |
Overview
Atlassian Corporation operates globally, providing a broad spectrum of software products designed, developed, licensed, and maintained by its subsidiaries. The company's product offerings span across project management, team collaboration, and software development tools, designed to cater to both technical and business teams. Atlassian's solutions aim at enhancing productivity, managing work and projects efficiently, and fostering team collaboration. Established in 2002, Atlassian has its headquarters in Sydney, Australia and has grown to serve customers worldwide with its innovative software solutions.
Products and Services
- Jira Software and Jira Work Management: This suite includes project management systems that bridge technical and business teams, enabling them to plan, organize, track, and manage work and projects effectively.
- Confluence: A connected workspace that helps in organizing knowledge across teams, thereby advancing work execution by keeping all team members on the same page.
- Trello: Offers teams a collaboration and organization tool that provides structure to quickly forming work processes, making project management and completion more streamlined.
- Jira Service Management: An intuitive service desk product that allows the creation and management of service experiences, catering to a diverse range of service providers such as IT, legal, and HR teams.
- Jira Align: Serves as Atlassian's enterprise agility solution, aiding businesses to adapt to dynamic conditions with a focus on maximizing value creation.
- Bitbucket: An enterprise-ready Git solution that supports professional development teams in managing, collaborating on, and deploying code effectively.
- Atlassian Access: Provides enhanced security and centralized administration across all Atlassian cloud products, ensuring enterprise-wide protection and governance.
- Jira Product: A tool for prioritizing and road mapping that aids teams in defining product development direction and ensuring alignment with business objectives.
- Additional Tools: Atlassian's portfolio also includes Atlas, Bamboo, Crowd, Crucible, Fisheye, and Compass among others. These tools present a range of functionalities from teamwork directories, continuous delivery pipelines, single sign-on capabilities, collaborative code review, code change tracking and visualization, to developer experience enhancements.
- Opsgenie: An on-call and alert management software designed to ensure IT incident responses are swift and efficient.
- Sourcetree: A free Git client for Windows and Mac that simplifies how developers interact with their Git repositories.
- Statuspage: Enables organizations to communicate real-time service status to their users, enhancing transparency and trust.
- Beacon: Offers intelligent threat detection, providing an added layer of security against potential cybersecurity threats.
