AtlassianTEAM

10-K · 14 aug 2026 · for the period to 30 jun 2026

accession 0001650372-26-000036

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Atlassian's land-and-expand model converts initial small-footprint adoptions into durable, expanding revenue streams. The combination of 27% subscription revenue growth driven primarily by existing customer expansion, plus over 90% of revenue from pre-existing accounts, indicates that once teams adopt Atlassian tools, they deepen usage over time. This creates compounding revenue growth with lower incremental customer acquisition costs. The thesis depends on expansion economics remaining favorable relative to acquisition costs.

switching costsis wired into how the customer already works

holdsread 8 sep 2026

02Atlassian has built a unified platform architecture where Jira, Confluence, Jira Service Management, and newer products share a common data model and cloud infrastructure. This structural integration creates cross-product network effects within customer organizations—as more teams adopt different Atlassian tools, the value of the shared context and workflows increases for all users. Unlike competitors offering point solutions, this integrated system makes it costly for enterprises to replicate the cross-functional visibility by switching to a patchwork of alternatives.

network effectsis wired into how the customer already works

holdsread 8 sep 2026

03In September 2025, we announced plans to end-of-life our Data Center offering. As of March 2026, we no longer sell term licenses to new customers, and we will stop selling term licenses and expansions to existing customers in March 2028Subject to limited exceptions, we also plan to end maintenance and support for on-premises versions of our products in March 2029We expect subscription revenue, specifically from our Cloud offerings, to increase and continue to be our primary driver of revenue growthFor Cloud offerings, subscription revenue is recognized ratably as services are performed

structural tailwinda reason to hold, not a barrier

holdsread 8 sep 2026

04In the second quarter of fiscal year 2026, we completed the acquisitions of The Browser Company of New York Inc. and A Software Company. BCNY has built a browser for enterprises optimized for SaaS applications in the AI-era. DX offers market-leading engineering intelligence that provides leaders with data-driven insightsAs an AI-first company, we have embedded AI capabilities across every surface of our platform, enabling organizations to orchestrate work effectively across both human and AI teammatesResearch and development expenses increased $599.9 million, or 22%, in fiscal year 2026 compared to fiscal year 2025We continue to focus our research and development efforts on building new apps and AI agents, adding new features and services, integrating acquired technologies, increasing functionality, enhancing our Cloud infrastructure, and advancing our artificial intelligence capabilities

data moatis wired into how the customer already works

holdsread 8 sep 2026

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