Atlassian's apps cover how a team's work gets organized. Jira tracks it: issues, workflows, boards and plans, for the software teams it was built for and for business teams that adopted it. Confluence records it: specs, decisions and documentation, linked to the Jira work. Jira Service Management handles requests and incidents for IT and support teams. Loom replaces meetings with short videos, Bitbucket hosts the code, and Rovo is the AI layer that searches across all of it and runs agents that pick up work in Jira.

The apps run on one cloud platform with a shared data layer, the Teamwork Graph, which records how people, projects, goals and documents relate. That graph is what Atlassian builds its AI on: an agent assigned a Jira issue can read the linked spec in Confluence, the Loom walkthrough and the code in Bitbucket. Atlassian now packages the apps into Collections (Teamwork, Service, Software, Strategy, Product), each a bundle for one kind of team.

The way it sells is unusual for enterprise software. Teams find the apps, start on free plans, and buy on the website with published prices; usage spreads from one team to many, and a sales force works mainly on expanding the largest customers. That model gave Atlassian more than 350,000 customers, from startups to over 85% of the Fortune 500, and it spends more on research and development than on sales and marketing.

Two shifts are under way. One is the cloud: in September 2025 Atlassian announced the end of its self-managed Data Center products over several years, and is moving those customers, many of them its largest, to its cloud editions. The other is AI: Rovo is included in paid cloud plans, and Atlassian is positioning its platform as the place where human and AI teammates are assigned and coordinate work. In fiscal 2026 it bought The Browser Company, maker of the Arc and Dia browsers, and DX, which measures engineering teams' productivity.

Years of work live in Atlassian. A large company's Jira holds every issue, workflow, custom field and report its teams have built up, and its Confluence holds the specs, decisions and runbooks; the links between them are the record of why the software is the way it is. Moving to Linear, Notion or ServiceNow means migrating that data, rebuilding workflows and automations, replacing the Marketplace apps teams depend on, and retraining thousands of people at once.

The apps hold each other. Jira links to Confluence, Bitbucket, Jira Service Management and Loom, so replacing one breaks the connections to the others, and Collections price them together. Security reviews, single sign-on, admin controls and audit settings are set up once for the whole platform. And almost every engineer already knows Jira, which makes it the safe choice for a growing company hiring new people.

What customers move to is usually a better tool for one team rather than a replacement for the platform: Linear for an engineering team that wants speed, Notion for a startup's documentation, ServiceNow for a global IT organization, GitHub for code. The Data Center end of life is the moment of greatest risk: every self-managed customer must move somewhere, and although Atlassian is working to bring them to its cloud, a forced migration is when some will price the alternatives.

Atlassian's years end in June, so fiscal 2026 is the year to June 30, 2026.

Revenue was $6.57B in fiscal 2026, up 26.0%, after 23.3% in fiscal 2024 and 19.7% in fiscal 2025. Over the five years to fiscal 2026 it grew about 25.8% a year, from $2.09B in fiscal 2021. Most of the growth comes from existing customers adding seats and moving to higher editions, and from price increases.

Software sold on the website with little implementation work costs little to deliver: the gross margin was 84.8% in fiscal 2026, up from 81.6% in fiscal 2024, even as the cloud's hosting bills grew.

The operating margin has hovered near zero: 6.8% in fiscal 2021, negative 9.8% in fiscal 2023, negative 2.5% in fiscal 2025 and 0.2% in fiscal 2026, an operating income of $10.4M. The main reason is research and development, Atlassian's largest cost, and equity pay of $1.61B, 24.4% of revenue. The net loss was $53.8M.

The cash looks different, because customers pay subscriptions in advance and equity pay is not paid in cash. Operating cash flow was $1.35B and free cash flow $1.32B in fiscal 2026, 20.1% of revenue, against $34.1M of capital spending. After equity pay, free cash flow was negative $287.5M. Cash fell to $1.24B at the end of fiscal 2026, from $2.51B a year earlier, after the purchases of The Browser Company and DX, with $990M of debt.

Atlassian is moving everyone to one cloud and putting AI at the center of it.

The cloud move is the near-term work. With Data Center ending over several years, Atlassian is migrating its largest self-managed customers to cloud editions, which it is building out for them: Atlassian Government Cloud for US agencies, Isolated Cloud for single-tenant needs, data residency, and Enterprise editions with stronger controls. Each migration moves a customer from a term licence to a cloud subscription, usually at a higher edition.

The AI move reaches further, into what work itself looks like. Atlassian's case is that as AI models become interchangeable, what makes an agent useful is context: who owns what, what the goal is, what was decided. The Teamwork Graph holds that context, Rovo turns it into search, chat and agents, and Jira becomes the place where work is assigned to people and to AI agents alike, with the audit trail a company needs. Rovo Dev, DX's engineering metrics and Bitbucket aim the same idea at software teams, where coding agents are changing fastest.

Collections are how it is sold: bundles that make a customer buy for a kind of team rather than an app at a time. The Browser Company points further out, at a browser for work built around the SaaS apps and AI agents teams use all day.

• The Data Center migration. Moving thousands of large, heavily customized self-managed installations to the cloud without losing them to ServiceNow, GitHub or others, and without breaking the Marketplace apps they depend on.
• AI that makes seats matter less. Per-user pricing rests on the number of people doing the work; if AI agents do more of it, Atlassian has to earn from the agents and the credits they use rather than from seats.
• Faster, simpler competitors. Linear for engineering teams, Notion for documentation, Monday.com and Asana for business teams, ServiceNow at the top of IT, and GitHub for code all win individual teams.
• The AI platforms. Microsoft, Google, OpenAI, Anthropic and Glean all want to be where a company's work is assigned and searched, with their own access to the same data.
• Keeping Jira fast and simple as it absorbs more products and more customization.
• Equity pay of $1.61B, 24.4% of revenue in fiscal 2026, which turns $1.32B of free cash flow negative once counted.