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Atlassian cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$463M in Q1 FY27 · $1.7B over twelve months

Operating cash flow$469M
Capital spending−$6.0M
Free cash flow+$463M
Cash / net income5.2×
Cash conversion cycle-30 days

Analysis

In Q1 FY27, Atlassian generated $469M of operating cash flow and spent $6.0M on capital projects, leaving free cash flow of $463M. That is $348M more than in Q1 FY26 ($115M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.7B; the largest uses were buybacks ($2.1B), acquisitions ($1.2B), capital spending ($25.9M); besides operations, cash came from other investing ($488M); the cash balance fell by $1.2B.

Operating cash flow was $469M against net income of $90.7M — 5.2× profit, cash ran ahead of reported earnings. The largest differences: receivables +$458M, stock-based pay +$356M, deferred revenue −$267M.

Its cash conversion cycle was -30 days (receivables 54 + inventory 0 − payables 84): suppliers fund its working capital.

Free cash flow

Atlassian: free cash flow by quarterAtlassian: free cash flow by quarter$343MQ2 FY25$638MQ3 FY25$360MQ4 FY25$115MQ1 FY26$169MQ2 FY26$561MQ3 FY26$475MQ4 FY26$463MQ1 FY27
Operating cash flow less capital spending.
Atlassian: operating cash flow against capital spendingAtlassian: operating cash flow against capital spendingOperating cash flowCapital spending$352M$9.3MQ2 FY25$653M$14.4MQ3 FY25$375M$15.0MQ4 FY25$129M$14.1MQ1 FY26$178M$9.3MQ2 FY26$567M$6.2MQ3 FY26$479M$4.4MQ4 FY26$469M$6.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow $469M, Capital spending $6.0M.

Capital allocation, year by year

Atlassian: where the cash came from (up) and went (down), by fiscal yearAtlassian: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $821MFY22: Net borrowing −$549MFY22: Capital spending −$70.6MFY22: Acquisitions −$19.4M$821MFY22FY23: Operating cash flow $868MFY23: Capital spending −$25.8MFY23: Acquisitions −$5.8MFY23: Buybacks −$150M$868MFY23FY24: Operating cash flow $1.4BFY24: Net borrowing −$13.0MFY24: Capital spending −$33.1MFY24: Acquisitions −$848MFY24: Buybacks −$395M$1.4BFY24FY25: Operating cash flow $1.5BFY25: Capital spending −$44.9MFY25: Acquisitions −$14.2MFY25: Buybacks −$779M$1.5BFY25FY26: Operating cash flow $1.4BFY26: Capital spending −$34.1MFY26: Acquisitions −$1.2BFY26: Buybacks −$1.8B$1.4BFY26
Over these 5 years operating cash flow totalled $6.0B; the largest uses were buybacks ($3.1B) and acquisitions ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$990M
Net cash$130M

Atlassian funds itself: free cash flow was $1.7B over the last twelve months, and $1.1B of cash and investments stands against $990M of debt.

Where the cash came from and went

Atlassian: sources (+) and uses (−) of cash, Q1 FY27Atlassian: sources (+) and uses (−) of cash, Q1 FY27Buybacks−$588MOperating cash flow$469MCash drawn (+) / kept (−)$128MCapital spending−$6.0MExchange rates−$2.3MAcquisitions−$700KOther investing$600K
Atlassian: sources (+) and uses (−) of cash, TTM to Q1 FY27Atlassian: sources (+) and uses (−) of cash, TTM to Q1 FY27Buybacks−$2.1BOperating cash flow$1.7BAcquisitions−$1.2BCash drawn (+) / kept (−)$1.2BOther investing$488MCapital spending−$25.9MExchange rates−$6.6M

From profit to cash

Atlassian: net income to operating cash flow, Q1 FY27Atlassian: net income to operating cash flow, Q1 FY27Net income$90.7MDepreciation & amortization$39.7MStock-based pay$356MDeferred taxes$1.8MGains on investments$6.8MOther non-cash$680KReceivables$458MPayables−$48.4MAccrued liabilities−$121MDeferred revenue−$267MPrepaid and other assets−$41.5MOperating cash flow$469M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2754—84-30
Q4 FY2656—90-34
Q3 FY2646—75-29
Q2 FY2642—83-41
Q1 FY2642—74-32
Q4 FY2547—81-34
Q3 FY2544—79-34
Q2 FY2542—74-32

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksCash drawn (+) / kept (−)Free cash flow
Q1 FY27$469M−$6.0M−$700K−$588M$128M$463M
Q4 FY26$479M−$4.4M—−$359M−$112M$475M
Q3 FY26$567M−$6.2M—−$991M$21.9M$561M
Q2 FY26$178M−$9.3M−$1.2B−$197M$1.2B$169M
Q1 FY26$129M−$14.1M−$15.7M−$253M$191M$115M
Q4 FY25$375M−$15.0M−$8.3M−$392M$148M$360M
Q3 FY25$653M−$14.4M−$994K−$134M−$443M$638M
Q2 FY25$352M−$9.3M—−$69.2M−$162M$343M

Atlassian: income statement and cash flow

Atlassian, Q1 FY27: revenue $1.8B (+24% year over year), operating margin 10.7%. The chart follows the revenue to costs, profit and cash.

Atlassian: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.