Atlassian Jumped More Than 30% After Guiding Next Year's Growth Down to 18%. The Market Bought the Margins.

Atlassian's stock surged over 30% despite guiding fiscal 2027 subscription ARR growth down to 18% from 23%, as investors focused on the company's achievement of GAAP profitability. The company reported Q4 revenue of $1.77 billion (up 28% YoY) with a 12% operating margin and $139 million net income, swinging from prior-year losses. Cloud revenue accelerated to $1.2 billion (up 31%), and management expects cloud growth to continue at mid-20% rates in fiscal 2027, though total revenue growth is expected to slow to 13%.