Oppenheimer Forecasts Atlassian Q1 Revenue $68 Million Above Outlook

Atlassian heads into its fiscal first-quarter report with Oppenheimer projecting $1.783 billion in revenue, a forecast that is $68 million above the high end of the company’s outlook.

The estimate is about 24.5% above revenue in the year-earlier quarter and 3% to 5% higher than the $1.714 billion consensus figure. Atlassian’s Q1 FY27 revenue outlook was $1.705 billion to $1.715 billion. Oppenheimer’s projection exceeds management’s upper target as well as the consensus estimate, though Atlassian has not yet reported its actual September-quarter results. The consensus figure is $1 million below the top of the company’s range, while Oppenheimer’s estimate is $68 million above it.

The September quarter ended Sept. 30. It is Atlassian’s first fiscal quarter because the company’s fiscal year runs from July 1 to June 30. The $1.783 billion estimate would mark a 24.5% increase from the $1.4326 billion reported for the same period a year earlier, or roughly $350 million more. That comparison uses Oppenheimer’s projection and Atlassian’s reported result from the prior-year quarter; it is not a confirmed figure for Q1 FY27.

Oppenheimer cited steady seat growth and continued customer migrations from Data Center to support its view. Atlassian’s subscription revenue grew 27% in FY26, primarily as existing customers added paid seats and the company raised prices. That full-year increase provides context for the subscription business but does not establish the drivers of Q1 FY27 revenue.

Atlassian’s latest cloud list price changes took effect Oct. 13, after the quarter ended. The annual price for 100 Jira Cloud Standard users rose to $9,700 from $9,050. The new rates therefore began after the period covered by the September-quarter forecast.

In Q4 FY26, Atlassian recorded $1.766 billion in total revenue, up 28% year over year. Cloud revenue was $1.213 billion, a 31% gain. Oppenheimer’s Q1 estimate is $17 million above that prior-quarter total, though the figures cover different fiscal quarters.

Atlassian plans to release Q1 FY27 results after market close Nov. 5. Its earnings call is scheduled for 5 p.m. ET (22:00 UTC).