TEAM · Research
Atlassian: Hold as 49.7% R&D Spend and $1.61B of Stock Pay Absorb Cloud Cash Flow
Atlassian scales TTM revenue 23.8% to $6.91B at an 84.8% gross margin, yet spending 49.7% of sales on R&D and $1.61B on stock pay leaves a 0.2% GAAP operating margin and -$287.5M of FY2026 owner cash.
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Elite Jira and Confluence franchise weighed down by software's heaviest R&D bill
- TTM revenue
- $6.91B
- Gross margin
- 84.8%
- GAAP operating margin
- 0.2%
- 1-Yr R&D payback
- 0.47x
Few enterprise platforms match Atlassian's viral bottom-up distribution: low sales-and-marketing spend paired with Data Center-to-Cloud seat upgrades drove FY2026 revenue (ended June 30, 2026) up 26.0% to $6.57B ($6.91B TTM) while expanding GAAP gross margin to 84.8%. [1] [2]
The stumbling block for equity holders is engineering cost discipline. Atlassian reinvests nearly fifty cents of every revenue dollar (49.7%
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