Asana Inc Financials

ASAN

Source SEC Filings (10-K/10-Q) Updated Oct 31, 2025 Currency USD FYE January

Financial Health Signals

Financial Profile 23/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Asana Inc has an operating margin of -36.9%, meaning the company retains $-37 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -41.4% the prior year.

Growth

Asana Inc's revenue grew 10.9% year-over-year to $723.9M, a solid pace of expansion. This earns a growth score of 60/100.

Leverage

Asana Inc has elevated debt relative to equity (D/E of 2.71), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 11/100, reflecting increased financial risk.

Liquidity

Asana Inc's current ratio of 1.47 indicates adequate short-term liquidity, earning a score of 39/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Asana Inc's free cash flow margin of 1.3% results in a low score of 6/100. Capital expenditures of $5.6M absorb a large share of operating cash flow.

Piotroski F-Score Weak

3/9

Asana Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.06x

For every $1 of reported earnings, Asana Inc generates $-0.06 in operating cash flow ($14.9M OCF vs -$255.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-72.4x

Asana Inc earns $-72.4 in operating income for every $1 of interest expense (-$266.7M vs $3.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Asana Inc (ASAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$723.9M

YoY+10.9%

5Y CAGR+38.4%

Asana Inc generated $723.9M in revenue in fiscal year 2025. This represents an increase of 10.9% from the prior year.

EBITDA

-$249.2M

YoY+2.5%

Asana Inc's EBITDA was -$249.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.5% from the prior year.

Free Cash Flow

$9.4M

YoY+136.5%

Asana Inc generated $9.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 136.5% from the prior year.

Net Income

-$255.5M

YoY+0.6%

Asana Inc reported -$255.5M in net income in fiscal year 2025. This represents an increase of 0.6% from the prior year.

EPS (Diluted)

$-1.11

YoY+5.1%

Asana Inc earned $-1.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.1% from the prior year.

Cash & Debt

$193.8M

YoY-12.7%

5Y CAGR-9.3%

Asana Inc held $193.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

89.3%

YoY-0.8pp

5Y CAGR+3.3pp

Asana Inc's gross margin was 89.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.

Operating Margin

-36.9%

YoY+4.5pp

5Y CAGR+47.0pp

Asana Inc's operating margin was -36.9% in fiscal year 2025, reflecting core business profitability. This is up 4.5 percentage points from the prior year.

Net Margin

-35.3%

YoY+4.1pp

5Y CAGR+47.9pp

Asana Inc's net profit margin was -35.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$341.5M

YoY+5.2%

5Y CAGR+30.7%

Asana Inc invested $341.5M in research and development in fiscal year 2025. This represents an increase of 5.2% from the prior year.

Share Buybacks

$78.4M

5Y CAGR+299.5%

Asana Inc spent $78.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$5.6M

YoY-27.9%

5Y CAGR-4.1%

Asana Inc invested $5.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 27.9% from the prior year.

ASAN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$723.9M+10.9%	$652.5M+19.2%	$547.2M+44.6%	$378.4M+66.7%	$227.0M+59.2%	$142.6M
Cost of Revenue	$77.2M+19.6%	$64.5M+14.1%	$56.6M+45.4%	$38.9M+35.3%	$28.7M+44.6%	$19.9M
Gross Profit	$646.7M+10.0%	$588.0M+19.8%	$490.7M+44.5%	$339.5M+71.3%	$198.3M+61.6%	$122.7M
R&D Expenses	$341.5M+5.2%	$324.7M+9.2%	$297.2M+46.3%	$203.1M+67.7%	$121.1M+35.1%	$89.7M
SG&A Expenses	$152.0M+7.5%	$141.3M-15.0%	$166.3M+40.1%	$118.7M+55.8%	$76.2M+62.7%	$46.8M
Operating Income	-$266.7M+1.2%	-$270.0M+33.8%	-$407.8M-53.8%	-$265.2M-51.0%	-$175.6M-46.8%	-$119.6M
Interest Expense	$3.7M-6.8%	$4.0M+97.6%	$2.0M-89.1%	$18.4M-49.2%	$36.2M+46282.1%	$78K
Income Tax	$4.8M+28.6%	$3.7M-24.0%	$4.9M+50.6%	$3.2M+111.2%	$1.5M+525.7%	$245K
Net Income	-$255.5M+0.6%	-$257.0M+37.0%	-$407.8M-41.4%	-$288.3M-36.2%	-$211.7M-78.5%	-$118.6M
EPS (Diluted)	$-1.11+5.1%	$-1.17+42.6%	$-2.04-25.2%	$-1.63+18.1%	$-1.99-17.8%	$-1.69

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Revenue	$201.0M+2.1%	$196.9M+5.2%	$187.3M+1.8%	$183.9M+2.6%	$179.2M+3.9%	$172.4M+0.8%	$171.1M+2.8%	$166.5M
Cost of Revenue	$22.3M+10.3%	$20.2M+5.2%	$19.2M-2.9%	$19.8M-0.9%	$20.0M+12.3%	$17.8M+2.4%	$17.4M+8.3%	$16.1M
Gross Profit	$178.7M+1.1%	$176.7M+5.2%	$168.0M+2.4%	$164.1M+3.1%	$159.2M+3.0%	$154.6M+0.6%	$153.7M+2.2%	$150.4M
R&D Expenses	$73.8M-7.0%	$79.4M+5.7%	$75.1M-9.8%	$83.3M-8.6%	$91.2M+10.1%	$82.8M-0.2%	$83.0M+2.4%	$81.0M
SG&A Expenses	$74.7M+86.1%	$40.1M+8.5%	$37.0M+1.9%	$36.3M+0.1%	$36.2M+7.5%	$33.7M-3.2%	$34.8M+0.9%	$34.5M
Operating Income	-$70.0M-41.5%	-$49.5M-12.6%	-$43.9M+27.0%	-$60.2M+21.6%	-$76.8M-16.1%	-$66.2M+2.6%	-$67.9M-7.1%	-$63.4M
Interest Expense	$767K-3.8%	$797K+0.8%	$791K-15.3%	$934K-2.2%	$955K+1.4%	$942K-6.3%	$1.0M-0.7%	$1.0M
Income Tax	$1.3M-8.8%	$1.4M+22.6%	$1.2M-0.7%	$1.2M-3.0%	$1.2M+23.3%	$971K+27.9%	$759K-4.6%	$796K
Net Income	-$68.4M-41.5%	-$48.4M-20.8%	-$40.0M+30.2%	-$57.3M+20.6%	-$72.2M-13.3%	-$63.7M-2.1%	-$62.4M-1.0%	-$61.8M
EPS (Diluted)	$-0.29-45.0%	$-0.20-17.6%	$-0.17+32.0%	$-0.25+19.4%	$-0.31-10.7%	$-0.280.0%	$-0.280.0%	$-0.28

ASAN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$877.1M-10.3%	$978.2M-0.6%	$984.3M+42.4%	$691.1M-7.6%	$747.6M+2.3%	$731.1M
Current Assets	$588.5M-12.7%	$674.1M+0.5%	$670.5M+68.9%	$397.0M-11.7%	$449.6M+0.9%	$445.8M
Cash & Equivalents	$193.8M-12.7%	$222.0M-41.9%	$382.2M+93.7%	$197.3M-25.2%	$263.9M-16.4%	$315.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$68.1M-31.8%	$99.8M+0.9%	$98.9M+47.7%	$67.0M+79.4%	$37.3M+16.0%	$32.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$640.8M-2.6%	$658.3M+3.5%	$636.2M+18.9%	$535.1M-32.7%	$795.3M-12.3%	$906.7M
Current Liabilities	$399.4M+1.5%	$393.5M+11.4%	$353.3M+22.1%	$289.3M+56.3%	$185.1M+13.2%	$163.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$236.3M-26.1%	$319.9M-8.1%	$348.1M+123.2%	$156.0M+427.0%	-$47.7M+72.8%	-$175.6M
Retained Earnings	-$1.9B-20.9%	-$1.6B-20.0%	-$1.3B-39.9%	-$928.7M-54.2%	-$602.1M-11.2%	-$541.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Total Assets	$840.4M-4.8%	$883.2M+0.7%	$877.1M+0.3%	$874.2M-7.5%	$945.4M-3.4%	$978.2M+1.7%	$962.0M+1.5%	$947.7M
Current Assets	$587.4M-1.9%	$598.5M+1.7%	$588.5M+3.0%	$571.4M-10.8%	$640.3M-5.0%	$674.1M+2.2%	$659.7M+2.4%	$644.1M
Cash & Equivalents	$183.5M-0.4%	$184.1M-5.0%	$193.8M-1.5%	$196.8M-10.3%	$219.4M-1.2%	$222.0M-6.2%	$236.7M-11.8%	$268.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$72.3M+4.4%	$69.2M+1.7%	$68.1M+1.8%	$66.9M+2.8%	$65.1M-34.8%	$99.8M+13.0%	$88.3M+29.8%	$68.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$652.1M-1.0%	$658.6M+2.8%	$640.8M+0.9%	$634.9M-2.8%	$653.5M-0.7%	$658.3M+3.6%	$635.6M+3.3%	$615.5M
Current Liabilities	$420.9M-0.7%	$424.1M+6.2%	$399.4M+4.3%	$383.0M-2.6%	$393.1M-0.1%	$393.5M+7.2%	$367.2M+7.1%	$343.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$188.4M-16.1%	$224.6M-5.0%	$236.3M-1.2%	$239.3M-18.0%	$291.9M-8.7%	$319.9M-2.0%	$326.4M-1.7%	$332.2M
Retained Earnings	-$2.1B-5.1%	-$2.0B-4.0%	-$1.9B-6.9%	-$1.8B-6.8%	-$1.7B-5.9%	-$1.6B-4.3%	-$1.5B-4.4%	-$1.4B

ASAN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$14.9M+183.2%	-$17.9M+88.8%	-$160.1M-91.0%	-$83.8M+9.8%	-$92.9M-131.4%	-$40.1M
Capital Expenditures	$5.6M-27.9%	$7.7M+44.3%	$5.4M-87.1%	$41.6M-27.5%	$57.3M+733.7%	$6.9M
Free Cash Flow	$9.4M+136.5%	-$25.7M+84.5%	-$165.4M-31.9%	-$125.4M+16.5%	-$150.2M-219.5%	-$47.0M
Investing Cash Flow	-$6.1M+97.9%	-$289.1M-548.3%	$64.5M+134.0%	$27.6M+117.3%	-$158.9M-1355.9%	$12.7M
Financing Cash Flow	-$58.1M-446.3%	$16.8M-95.6%	$381.4M+925.0%	$37.2M-81.5%	$201.0M-35.5%	$311.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$78.4M	$0-100.0%	$9K-77.5%	$40K+21.2%	$33K-57.1%	$77K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Operating Cash Flow	$16.2M-59.4%	$39.8M+488.9%	$6.8M+145.4%	-$14.9M-193.9%	$15.9M+935.5%	-$1.9M+87.6%	-$15.3M-86.3%	-$8.2M
Capital Expenditures	$669K-48.4%	$1.3M+103.3%	$638K-53.5%	$1.4M-18.8%	$1.7M+68.7%	$1.0M+100.4%	$500K-60.2%	$1.3M
Free Cash Flow	$15.5M-59.8%	$38.5M+529.1%	$6.1M+137.7%	-$16.3M-214.8%	$14.2M+588.6%	-$2.9M+81.7%	-$15.8M-66.9%	-$9.5M
Investing Cash Flow	$9.3M+149.0%	-$18.9M-553.0%	$4.2M-89.9%	$41.5M+74035.7%	$56K+100.3%	-$21.4M-12.8%	-$18.9M+86.5%	-$140.7M
Financing Cash Flow	-$26.0M+14.9%	-$30.6M-453.3%	-$5.5M+88.7%	-$48.9M-154.4%	-$19.2M-293.3%	$9.9M+2670.8%	$359K-94.6%	$6.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$30.8M+6.6%	$28.9M+98.8%	$14.5M-73.5%	$54.8M+188.3%	$19.0M	$0	$0	$0

ASAN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	89.3%-0.8pp	90.1%+0.5pp	89.7%-0.1pp	89.7%+2.4pp	87.3%+1.3pp	86.1%
Operating Margin	-36.9%+4.5pp	-41.4%+33.1pp	-74.5%-4.5pp	-70.1%+7.3pp	-77.3%+6.6pp	-83.9%
Net Margin	-35.3%+4.1pp	-39.4%+35.1pp	-74.5%+1.7pp	-76.2%+17.1pp	-93.3%-10.1pp	-83.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-29.1%-2.9pp	-26.3%+15.2pp	-41.4%+0.3pp	-41.7%-13.4pp	-28.3%-12.1pp	-16.2%
Current Ratio	1.47-0.2	1.71-0.2	1.90+0.5	1.37-1.1	2.43-0.3	2.73
Debt-to-Equity	2.71+0.7	2.06+0.2	1.83-1.6	3.43+20.1	-16.67-11.5	-5.16
FCF Margin	1.3%+5.2pp	-3.9%+26.3pp	-30.2%+2.9pp	-33.1%+33.0pp	-66.2%-33.2pp	-33.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Gross Margin	88.9%-0.8pp	89.7%0.0pp	89.7%+0.5pp	89.2%+0.4pp	88.8%-0.8pp	89.7%-0.2pp	89.8%-0.5pp	90.4%
Operating Margin	-34.8%-9.7pp	-25.1%-1.7pp	-23.4%+9.3pp	-32.7%+10.1pp	-42.9%-4.5pp	-38.4%+1.3pp	-39.7%-1.6pp	-38.1%
Net Margin	-34.0%-9.5pp	-24.6%-3.2pp	-21.4%+9.8pp	-31.2%+9.1pp	-40.3%-3.3pp	-37.0%-0.5pp	-36.5%+0.6pp	-37.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-8.1%-2.7pp	-5.5%-0.9pp	-4.6%+2.0pp	-6.6%+1.1pp	-7.6%-1.1pp	-6.5%-0.0pp	-6.5%+0.0pp	-6.5%
Current Ratio	1.40-0.0	1.41-0.1	1.47-0.0	1.49-0.1	1.63-0.1	1.71-0.1	1.80-0.1	1.88
Debt-to-Equity	3.46+0.5	2.93+0.2	2.71+0.1	2.65+0.4	2.24+0.2	2.06+0.1	1.95+0.1	1.85
FCF Margin	7.7%-11.9pp	19.6%+16.3pp	3.3%+12.1pp	-8.8%-16.8pp	7.9%+9.6pp	-1.7%+7.6pp	-9.3%-3.5pp	-5.7%

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Frequently Asked Questions

What is Asana Inc's annual revenue?

Asana Inc (ASAN) reported $723.9M in total revenue for fiscal year 2025. This represents a 10.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Asana Inc's revenue growing?

Asana Inc (ASAN) revenue grew by 10.9% year-over-year, from $652.5M to $723.9M in fiscal year 2025.

Is Asana Inc profitable?

No, Asana Inc (ASAN) reported a net income of -$255.5M in fiscal year 2025, with a net profit margin of -35.3%.

What is Asana Inc's earnings per share (EPS)?

Asana Inc (ASAN) reported diluted earnings per share of $-1.11 for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Asana Inc's EBITDA?

Asana Inc (ASAN) had EBITDA of -$249.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Asana Inc's gross margin?

Asana Inc (ASAN) had a gross margin of 89.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Asana Inc's operating margin?

Asana Inc (ASAN) had an operating margin of -36.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Asana Inc's net profit margin?

Asana Inc (ASAN) had a net profit margin of -35.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Asana Inc's free cash flow?

Asana Inc (ASAN) generated $9.4M in free cash flow during fiscal year 2025. This represents a 136.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Asana Inc's operating cash flow?

Asana Inc (ASAN) generated $14.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Asana Inc's total assets?

Asana Inc (ASAN) had $877.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Asana Inc's capital expenditures?

Asana Inc (ASAN) invested $5.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Asana Inc spend on research and development?

Asana Inc (ASAN) invested $341.5M in research and development during fiscal year 2025.

Does Asana Inc buy back shares?

Yes, Asana Inc (ASAN) spent $78.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Asana Inc's current ratio?

Asana Inc (ASAN) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.

What is Asana Inc's debt-to-equity ratio?

Asana Inc (ASAN) had a debt-to-equity ratio of 2.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Asana Inc's return on assets (ROA)?

Asana Inc (ASAN) had a return on assets of -29.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Asana Inc's Piotroski F-Score?

Asana Inc (ASAN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Asana Inc's earnings high quality?

Asana Inc (ASAN) has an earnings quality ratio of -0.06x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Asana Inc cover its interest payments?

Asana Inc (ASAN) has an interest coverage ratio of -72.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Asana Inc?

Asana Inc (ASAN) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.