Asana Inc Q2 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brent Bracelin - Piper Jaffray Inc - Analyst : Dan, you have a diverse background senior leadership roles here at several marquee growth companies, Rubrik, ServiceNow, Salesforce, AWS, and Microsoft. Why Asana, why now? And has there been any surprises since you joined the firm here in July? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 8:30PM, ASAN.N - Q2 2026 Asana Inc Earnings Call

Question: Alex Zukin - Wolfe Research LLC - Analyst : Maybe just a two-parter quickly. You mentioned a meaningful expansion of the service with the AI foundation model company. Can you maybe just dive into how you've seen that use case expand, kind of maybe conceptually size it for us? And how repeatable is that within the other AI companies? Along just on the demand environment, how are you seeing the demand environment given some of the cost (technical difficulty) you mentioned some of the changes in top-of-funnel activity. You mentioned some of the persistent -- (technical difficulty)

Question: Alex Zukin - Wolfe Research LLC - Analyst : No problem. Can you guys hear me now? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 8:30PM, ASAN.N - Q2 2026 Asana Inc Earnings Call

Question: Alex Zukin - Wolfe Research LLC - Analyst : Yes. Sorry. Just a comment on the second part of the question was just the demand environment. You mentioned the top-of-funnel headwinds that you saw, presumably in the SMB. And then you mentioned on the -- maybe just the enterprise deals, the pace, how they're progressing and kind of how you're seeing that for the rest of the year?

Question: Steven Enders - Citibank Cameroon SA - Analyst : I guess I just want to ask in terms of those pressures or headwinds that you're seeing on the SEO side. And it sounds like maybe some downsell pressure is maybe being accounted for as well in the outlook. But just maybe how are you accounting for that versus kind of what you're seeing today? Is there any way maybe to, I guess, quantify between those impacts, what's actually being accounted for in the numbers here?

Question: Matthew Bullock - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I wanted to ask about the visibility into those larger renewal deals approaching in the second half in the tech vertical. Maybe just talk about how those conversations are progressing, what you're seeing in terms of utilization in those larger accounts? And then how we should think about AI Studio as a potential lever to prevent downsell?

Question: Matthew Bullock - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Super helpful. And then just one quick follow-up, if I could. Obviously, encouraging to see the NRR inflect positively and tech is stable. Is there a way you can help us frame how NRR would have looked like and the tech vertical ex that $100 million TCV renewal deal?

Question: Rishi Jaluria - RBC Capital Markets Inc - Analyst : Maybe just two here and really appreciate all the detail that you've provided. Dan, as you talk about maybe the potential for collaborative AI, which is super important because it really feels like enterprises have maybe not really cracked the code on coordinating some of these efficiency gains that we talked about. Can you maybe help us understand, are there ways for you to not only benefit from that, but even start to productize that? You've had success with templates in the past, maybe you have AI-focused templates or playbooks to help your customers actually realize some of the benefits of coordinated and collaborative AI. And then Anne, not to keep beating too much of a drum on the hole, AI search summaries and the impacts there. But you've talked about you've seen better pipeline conversion. What do you think about investments that you can make that not only you surface better in some of these AI searches? And obviously, there's higher intent and better conversion on that. But maybe even Asana through some level of thought leadership starts to be viewed as more of actual resource or citation, which maybe drives even higher conversion than what you've seen so far?

Question: Josh Baer - Morgan Stanley - Analyst : I was hoping you could talk a little bit more about the go-to-market for AI Studio. I know you're referencing self-serve and some other successful examples. But I was hoping you could talk about how much of it is back to the base type of expansion within existing customers? Is it helping to land new customers? And then for existing customers, if you could talk a little bit about kind of the conversations and the motion, how much of it is inbound demand from customers versus like focused outreach? Any context there would be great.

Question: Taylor McGinnis - UBS AG - Analyst : Maybe just one for me. I'd love if you guys could talk about the demand trends that you're seeing across enterprise and SMB so far at the start of 3Q. And the reason I ask is because it looks like (inaudible) SMB, I know you guys announced this partnership with Mastercard, it seems like that could be a tailwind that potentially offsets potentially some of what you're seeing on the SEO side. You have AI Studio, right, that could help on the retention side in some of these enterprise deals. So could you just kind of walk us through the puts and takes? And how some of these self-help initiatives have the potential to translate to good growth in the second half?