Free cash flow totaled $163 million (17% margin). Atlassian’s cloud revenue in FQ1 represented 62% of total revenue. The number of users migrating to the cloud over the past year is up nearly 50%.

Atlassian’s cloud revenue grew 30% year-over-year, and it now has 49,449 cloud customers who spend over $10,000 annually. A record-breaking number of $1 million+ deals were signed in Q2.

Analysts project that Atlassian will maintain a compound annual growth rate (CAGR) of over 20% through fiscal year 2026, driven by continued cloud adoption and expansion of its enterprise customer ...