Asana, Inc. (ASAN)

NYSEInformation TechnologySoftware - ApplicationSnapshot 2026-10-23

$12.02+4.52%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Asana, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

0.0%

+10% or more+5%0%−5%−10% or less

0.45 → 0.45 EPS · FY ending Jan 31, 2028 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2027 · Q3
Revenue	—	218.12M
EPS	—	0.08
Operating margin	About 10%non-GAAP	—
FY 2027 · Annual
Revenue	—	861.6M
EPS	—	0.373
FY 2028 · Annual
Revenue	—	929.37M
EPS	—	0.455

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Increase stock repurchase program by $160 million	A supporting condition in Asana, Inc.'s published investment case. The stated target is Maintain or increase share repurchase program by at least $160 million.	Intact	Stock repurchase program is reduced or canceled	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Achieve positive non-GAAP net income per share in FY 2027	The company is improving profit margins and aims to reach positive net income per share in fiscal 2027.	Improving	Non-GAAP net income per share remains below $0.37 in FY 2027	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Management consistently guides to non-GAAP net income per share of $0.37 for fiscal 2027. Actual GAAP net loss per share improved from -$0.20 in 2026-Q2 to -$0.17 in 2027-Q2, but remains negative, indicating progress toward profitability but not yet delivering the target. Delivery assessment Oct 24, 2026
Revenue growth of 8.2% to 9.2% for fiscal year 2027	A primary condition in Asana, Inc.'s published investment case. The stated target is >= $855.5 million revenue for FY 2027.	Intact	Revenue falls below $855 million in FY 2027	Revenue: $216.429M FY2027-Q2; GAAP. Published target: >= $855.5 million revenue for FY 2027. Target period is not explicitly aligned with this observation. Source published Sep 3, 2026216,429,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: aa594310-11cb-4a1c-830b-a4d8eb9a3c4a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $188.3 million in 2025-Q4 to $216.4 million in 2026-Q3, a 10% year-over-year increase, slightly exceeding the guided 8.2% to 9.2% growth range. The trajectory is delivering consistent revenue growth aligned with management's guidance. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-01-31 · fmp

FY2028 EPS$0.45

$0.47 → $0.45 · observed estimates

FY2028 revenue$0.93B

$0.93B → $0.93B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.47	$929,174,025	7 / 11
2026-07-25	$0.47	$929,174,025	7 / 11
2026-07-26	$0.47	$929,174,025	7 / 11
2026-07-27	$0.47	$929,174,025	7 / 11
2026-07-28	$0.47	$929,174,025	7 / 11
2026-07-29	$0.47	$929,176,625	7 / 11
2026-07-30	$0.47	$929,176,625	7 / 11
2026-07-31	$0.47	$929,176,625	7 / 11
2026-08-01	$0.47	$929,176,625	7 / 11
2026-08-02	$0.47	$929,176,625	7 / 11
2026-08-03	$0.47	$929,176,625	7 / 11
2026-08-04	$0.47	$929,176,625	7 / 11
2026-08-05	$0.47	$929,176,625	7 / 11
2026-08-06	$0.47	$929,176,625	7 / 11
2026-08-07	$0.47	$929,176,625	7 / 11
2026-08-08	$0.47	$929,176,625	7 / 11
2026-08-09	$0.47	$929,176,625	7 / 11
2026-08-10	$0.47	$929,176,625	7 / 11
2026-08-11	$0.47	$929,176,625	7 / 11
2026-08-12	$0.47	$929,176,625	7 / 11
2026-08-13	$0.47	$929,176,625	7 / 11
2026-08-14	$0.47	$929,176,625	7 / 11
2026-08-15	$0.47	$929,176,625	7 / 11
2026-08-16	$0.47	$929,176,625	7 / 11
2026-08-17	$0.47	$929,176,625	7 / 11
2026-08-18	$0.47	$929,176,625	7 / 11
2026-08-19	$0.47	$929,176,625	7 / 11
2026-08-20	$0.47	$929,176,625	7 / 11
2026-08-21	$0.47	$929,176,625	7 / 11
2026-08-22	$0.47	$929,176,625	7 / 11
2026-08-23	$0.47	$929,176,625	7 / 11
2026-08-24	$0.47	$929,176,625	7 / 11
2026-08-25	$0.47	$929,176,625	7 / 11
2026-08-26	$0.47	$929,176,625	7 / 11
2026-08-27	$0.47	$929,176,625	7 / 11
2026-08-28	$0.47	$929,176,625	7 / 11
2026-08-29	$0.47	$929,176,625	7 / 11
2026-08-30	$0.47	$929,176,625	7 / 11
2026-08-31	$0.47	$929,176,625	7 / 11
2026-09-01	$0.47	$929,176,625	7 / 11
2026-09-02	$0.47	$929,176,625	7 / 11
2026-09-03	$0.47	$929,176,625	7 / 11
2026-09-04	$0.46	$929,648,919	7 / 11
2026-09-05	$0.45	$929,301,644	7 / 11
2026-09-06	$0.45	$929,301,644	7 / 11
2026-09-07	$0.45	$929,301,644	7 / 11
2026-09-08	$0.46	$928,894,619	7 / 11
2026-09-09	$0.46	$928,894,619	7 / 11
2026-09-10	$0.45	$929,368,311	7 / 10
2026-09-11	$0.45	$929,368,311	7 / 11
2026-09-12	$0.45	$929,368,311	7 / 11
2026-09-13	$0.45	$929,368,311	7 / 11
2026-09-14	$0.45	$929,368,311	7 / 11
2026-09-15	$0.45	$929,368,311	7 / 11
2026-09-16	$0.45	$929,368,311	7 / 11
2026-09-17	$0.45	$929,368,311	7 / 11
2026-09-18	$0.45	$929,368,311	7 / 11
2026-09-19	$0.45	$929,368,311	7 / 11
2026-09-20	$0.45	$929,368,311	7 / 11
2026-09-21	$0.45	$929,368,311	7 / 11
2026-09-22	$0.45	$929,368,311	7 / 11
2026-09-23	$0.45	$929,368,311	7 / 11
2026-09-24	$0.45	$929,368,311	7 / 11
2026-09-25	$0.45	$929,368,311	7 / 11
2026-09-26	$0.45	$929,368,311	7 / 11
2026-09-27	$0.45	$929,368,311	7 / 11
2026-09-28	$0.45	$929,368,311	7 / 11
2026-09-29	$0.45	$929,368,311	7 / 11
2026-09-30	$0.45	$929,368,311	7 / 11
2026-10-01	$0.45	$929,368,311	7 / 11
2026-10-02	$0.45	$929,368,311	7 / 11
2026-10-03	$0.45	$929,366,511	7 / 11
2026-10-04	$0.45	$929,366,511	7 / 11
2026-10-05	$0.45	$929,366,511	7 / 11
2026-10-06	$0.45	$929,366,511	7 / 11
2026-10-07	$0.45	$929,366,511	7 / 11
2026-10-08	$0.45	$929,366,511	7 / 11
2026-10-09	$0.45	$929,366,511	7 / 11
2026-10-10	$0.45	$929,366,511	7 / 11
2026-10-11	$0.45	$929,366,511	7 / 11
2026-10-12	$0.45	$929,366,511	7 / 11
2026-10-13	$0.45	$929,366,511	7 / 11
2026-10-14	$0.45	$929,366,511	7 / 11
2026-10-15	$0.45	$929,366,511	7 / 11
2026-10-16	$0.45	$929,367,844	7 / 11
2026-10-17	$0.45	$929,367,844	7 / 11
2026-10-18	$0.45	$929,367,844	7 / 11
2026-10-19	$0.45	$929,367,844	7 / 11
2026-10-20	$0.45	$929,367,844	7 / 11
2026-10-21	$0.45	$929,367,844	7 / 11
2026-10-22	$0.45	$929,367,844	7 / 11
2026-10-23	$0.45	$929,367,844	7 / 11
2026-10-24	$0.45	$929,367,844	7 / 11

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	5	8	2
2026-06-01	5	8	2
2026-07-01	5	8	2
2026-08-01	5	8	2
2026-09-01	5	8	2
2026-10-01	5	8	2

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 5 Buy / Strong Buy · 8 Hold · 2 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Increase stock repurchase program by $160 millionDirect metric needs a verified mapping
Achieve positive non-GAAP net income per share in FY 2027Direct metric needs a verified mapping
Revenue growth of 8.2% to 9.2% for fiscal year 2027Revenue: $216.429M

Next proof point

Dec 1, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

3.0%Typical daily move · historical

Downside history

-63.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Asana, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a higher-risk growth business, not yet a profitable compounder. The long-term thesis is in a watch state: revenue and product priorities are progressing, but the latest earnings miss and falling company momentum weaken the near-term picture.

What's priced into Asana, Inc.

The evidence labels ASAN cheap versus peers, with an expectations gap of -0.08, but valuation confidence is low. The priced-in assessment is “justified” and fragility is low, so the snapshot does not point to especially stretched expectations; it also gives no clear basis for treating the valuation signal as decisive.

What the fundamentals likely do

Near term, revenue growth has been consistent and slightly above management’s stated range, while GAAP losses have narrowed but remain losses. AI product expansion is underway, though its revenue contribution is not reported separately. The latest earnings miss, weaker momentum, and leadership transitions add execution risk, even as the estimated miss risk is described as low.

What Asana, Inc. hinges on

Over the next few quarters, the thesis depends on revenue growth continuing and progress toward management’s FY 2027 non-GAAP earnings goal, while the business moves toward GAAP profitability. A guidance cut would be a meaningful negative; stronger results from software peers or lower interest rates could provide a more favorable sector backdrop, but these are external factors rather than proof of ASAN’s own execution.