Asana's Q4 2025 Earnings Call: Contradictions in AI Studio Impact, Business Stability, and NRR Expectations

These are the key contradictions discussed in Asana's latest 2025Q4 earnings call, specifically including: AI Studio's impact on existing customers, the stability of the business in the non-tech sector, NRR expectations and strategic focus, and AI Studio adoption and its impact:



Financial Performance and Profitability:
- Asana reported revenues of $188.3 million for Q4, up 10% year-on-year, and exceeded guidance when adjusted for currency.
- The company reached a non-GAAP operating loss margin of 1%, improving by over 800 basis points year-over-year, and expects to achieve non-GAAP profitability in Q1.
- Growth was driven by stabilization in revenue growth and improved operating efficiency.

AI Studio and Product Expansion:
- AI Studio has seen significant enthusiasm, with hundreds of large customers actively running smart workflows powered by the AI Studio.
- Asana plans to launch AI Studio self-serve around mid-year and is building a dedicated sales team to capitalize on this opportunity.
- The product's potential lies in its ability to transform how organizations coordinate and execute work at scale, enabling more autonomous AI capabilities.

Customer and Vertical Growth:
- Asana's non-tech verticals grew faster than overall growth, up 15% year-on-year, with notable strength in sectors like manufacturing, energy, and consumer retail.
- The company's $100,000 and over customers grew 20% year-on-year, and enterprise customer acquisition accelerated.
- Growth in these areas was driven by strong product adoption and strategic investments in vertical-specific product use cases.

Operational Efficiency and Margin Expansion:
- Asana reduced its full-time workforce by approximately 5% to align its cost base with strategic priorities, leading to expected meaningful cost improvements in fiscal year '26.
- The company achieved an operating loss margin of 1%, with a guidance for an operating margin of 1% to 2% for Q1, indicating continued sequential improvement.
- Margin expansion is expected due to operating leverage, disciplined labor spend, and strategic resource reallocation.