53 unchanged sentences
Large-scale international events in recent years, such as the geopolitical instability and war in regions including Ukraine and the Middle East and economic uncertainty regarding the imposition of and changes in trade policies (including trade wars, tariffs or other trade restrictions or the threat of such actions), have negatively impacted or may in the future negatively impact the global economy, including by disrupting global supply chains and creating volatility and disruption of financial markets.
−Removed: These impacts, as well as economic uncertainty from
−Removed: market, interest rate, and inflation volatility, have and may continue to cause us to experience decreased demand for our products and services, increases in our operating costs (including our labor costs), reduced liquidity, and limits on our ability to access credit or otherwise raise capital.
+Added: These impacts, as well as economic uncertainty from market, interest rate, and inflation volatility, have and may continue to cause us to experience decreased demand for our products and services, increases in our operating costs (including our labor costs), reduced liquidity, and limits on our ability to access credit or otherwise raise capital.
The impact our customers or potential customers experience from global economic and geopolitical volatility adversely affects demand for our offerings.
2 unchanged sentences
The continuing global economic and geopolitical volatility and uncertainty could cause customers to reduce the number of personnel providing development or engineering services and decrease technology spending (including for software products).
+Added: Changes in the macro IT spending environment may cause similar effects as well.
We may see declines in expected spending from new customers or renewals and reductions in paid seats from existing customers.
24 unchanged sentences
Our offerings seek to serve multiple markets, and we are subject to competition from a wide and varied field of competitors.
−Removed: Some competitors, particularly new and emerging companies with sizeable venture capital investment,
−Removed: could focus all their energy and resources on one product line or use case and, as a result, any one competitor could develop a more successful product or service in a particular market we serve which could decrease our market share in that market and harm our brand recognition and results of operations.
+Added: Some competitors, particularly new and emerging companies with sizeable venture capital investment, could focus all their energy and resources on one product line or use case and, as a result, any one competitor could develop a more successful product or service in a particular market we serve which could decrease our market share in that market and harm our brand recognition and results of operations.
For all of these reasons and others we cannot anticipate today, we may not be able to compete successfully against our current and future competitors, which could harm our business, results of operations, and financial condition.
8 unchanged sentences
Additionally, AI technology and services is a highly competitive and rapidly evolving market.
−Removed: Our competitors or other third parties may incorporate AI into their products and offerings more quickly or more successfully than we can.
+Added: Our competitors or other third parties may incorporate AI into their products and offerings more quickly or more successfully than we
Our ability to compete in this space will also depend in part on our ability to attract and retain employees with AI expertise.
8 unchanged sentences
Our strategy to provide our AI tools at no or low cost to the majority of our Cloud customers may further increase these hosting costs without corresponding revenue increases.
−Removed: Revenues recognized from our Cloud offerings are also typically lower in the initial year compared to our Data Center offerings, which may impact our near-term revenue growth rates and margins.
In September 2025, we announced plans to end-of-life our Data Center deployment offering via our Atlassian Ascend initiative.
3 unchanged sentences
The Atlassian Ascend initiative may impact purchasing patterns among our Data Center customers in ways that create fluctuations in our quarterly financial results and impacts the guidance we issue, including decisions regarding sizes of Data Center product renewals, expansions, timing of Cloud upgrades or decisions not to renew or upgrade.
−Removed: In our migration from Server, we offered discounts to certain of our enterprise-level Server customers as an incentive, which impacted our near-term revenue growth, and we expect to offer similar incentives
−Removed: in connection with Atlassian Ascend.
+Added: In our migration from Server, we offered discounts to certain of our enterprise-level Server customers as an incentive, which impacted our near-term revenue growth, and we will offer similar incentives in connection with Atlassian Ascend.
Additionally, we may also be subject to additional competitive and pricing pressures for our Cloud offerings compared to our Data Center offerings, which could harm our business.
+Added: Revenues recognized from our Cloud offerings are also typically lower in the initial year compared to our Data Center offerings, which may impact our near-term revenue growth rates and margins.
Our business depends on our customers renewing their subscriptions and purchasing additional licenses or subscriptions from us, and any decline in our customer retention or expansion could harm our future results of operations.
29 unchanged sentences
We plan to continue to invest in and grow our team and to expand our operations into other countries in the future, which will place additional demands on our resources and operations.
−Removed: As our business expands across numerous jurisdictions, we may experience difficulties, including in hiring, training, and managing a diffuse and growing employee base.
+Added: As our business expands across numerous
+Added: jurisdictions, we may experience difficulties, including in hiring, training, and managing a diffuse and growing employee base.
We have also experienced significant growth in the number of customers, users, transactions, and data that our offerings and our associated infrastructure support.
12 unchanged sentences
Adverse macroeconomic conditions have in the past, and may in the future, cause delays in our enterprise customers’ purchasing decisions.
−Removed: Due to these factors, we often must devote greater sales support to certain enterprise customers, which increases our costs and time required, without assurance that potential customers will
−Removed: ultimately purchase our solutions.
+Added: Due to these factors, we often must devote greater sales support to certain enterprise customers, which increases our costs and time required, without assurance that potential customers will ultimately purchase our solutions.
We also may be required to devote more resources to implementation, which increases our costs, without assurance that customers receiving these services will renew at the same level or at all.
12 unchanged sentences
Any decrease in our customers’ satisfaction with our offerings, either as a result of our own actions or due to factors outside of our control, could also harm word-of-mouth referrals and our brand.
−Removed: Historically, a majority of users do not convert from free trials or limited free versions to paid apps or products, and our strategy also relies on these users influencing broader adoption within their organizations.
+Added: Historically, a majority of users do not convert from free trials or limited free versions to paid apps or products, and our strategy also relies on these users influencing broader
+Added: adoption within their organizations.
Additionally, we have historically increased and will continue to increase prices from time to time, which may also hurt the efficacy of this strategy.
19 unchanged sentences
For fiscal year 2025, we derived over 50% of our revenue from channel partners’ sales efforts.
−Removed: At times in fiscal year 2025, one solution partner has represented more than 10% of our total accounts receivable.
+Added: At times in the past, one solution partner represented more than 10% of our total accounts receivable.
Successfully managing our indirect channel distribution efforts is a complex process across the broad range of geographies where we do business or plan to do business.
23 unchanged sentences
We believe a significant component of our value proposition to customers is the ability to optimize and configure our apps, agents, and products with these third-party applications through our respective APIs.
−Removed: If we are not permitted or able to integrate
−Removed: with these and other third-party applications in the future, demand for our offerings could decline and our business and results of operations could be harmed.
+Added: If we are not permitted or able to integrate with these and other third-party applications in the future, demand for our offerings could decline and our business and results of operations could be harmed.
In addition, an increasing number of organizations and individuals within organizations are utilizing mobile devices to access the internet and corporate resources and to conduct business.
9 unchanged sentences
Acquisitions of, or investments in, other businesses, products, or technologies could disrupt our business, and we may be unable to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions.
−Removed: We have completed a number of acquisitions and strategic investments and continue to evaluate and consider additional strategic transactions, including acquisitions of, or investments in, businesses, technologies, services, products, and other assets in the future.
+Added: We have completed a number of acquisitions and strategic investments and continue to evaluate and consider additional strategic transactions, including acquisitions of, or investments in, businesses, technologies,
+Added: services, products, and other assets in the future.
For example, we acquired Loom, Inc.
−Removed: in fiscal year 2024 and The Browser Company of New York Inc.
−Removed: in second quarter fiscal year 2026;
−Removed: we have also announced that we entered into a definitive agreement to acquire A Software Company.
+Added: in fiscal year 2024 and both The Browser Company of New York Inc.
+Added: and A Software Company in the second quarter of fiscal year 2026.
We also from time to time enter into strategic relationships with other businesses to expand our offerings, which could involve preferred or exclusive licenses, additional channels of distribution, discount pricing, or investments in other companies.
24 unchanged sentences
In addition, we believe that our values create an environment that drives and perpetuates our product strategy and low-cost distribution approach.
−Removed: As we undergo growth in our customers and employee base and maintain a remote-first “Team Anywhere” work environment, we may find it difficult to maintain our corporate values.
+Added: As we undergo growth in our customers and employee base and maintain a remote-first “Team Anywhere” work environment, we
+Added: may find it difficult to maintain our corporate values.
Any failure to preserve our values could harm our future success, including our ability to retain and recruit personnel, innovate and operate effectively, and execute on our business strategy.
20 unchanged sentences
Unauthorized or inappropriate access to, or security breaches of, our products could result in unauthorized or inappropriate access to data and information, and the loss, compromise or corruption of such data and information.
−Removed: In the event of a security breach, we could suffer loss of business, severe reputational damage, adversely affecting customer or investor confidence, regulatory investigations and orders, litigation, indemnity obligations, damages for contract breach, penalties for violation of applicable laws or regulations, significant costs for remediation, and other liabilities.
+Added: In the event of a security breach, we could suffer loss of business, severe reputational damage, adversely affecting customer or investor confidence, regulatory investigations and orders, litigation, indemnity obligations, damages for contract breach, penalties for violation of
+Added: applicable laws or regulations, significant costs for remediation, and other liabilities.
In addition, we rely on third-party service providers to host or otherwise process some of such data, and any failure by a third party, or any other entity in our collective supply chain, to prevent or mitigate data security breaches or improper access to, or use, acquisition, disclosure, alteration, or destruction of, such data could have similar adverse consequences for us.
5 unchanged sentences
Our products are at risk for future breaches and inappropriate access, including, without limitation, inappropriate access that may be caused by errors or breaches that may occur as a result of third-party action, or employee, vendor or contractor error or malfeasance, and other causes.
−Removed: We have in the past been, and may in the future be, a target of security threats, including from state actors.
+Added: These and other risks may be heightened by our remote-first “Team Anywhere” work environment.
+Added: We have also in the past been, and may in the future be, a target of security threats, including from state actors.
While these incidents have not materially affected our business, reputation or financial results, there is no guarantee they will not in the future.
−Removed: Third parties have in the past and may in the future also utilize our products and platforms for malicious purposes, such as to upload abhorrent content (including on our Loom app) or host malware, which could result in reputational harm to us and negatively impact our business.
−Removed: Our remote-first “Team Anywhere” work environment may pose additional data security risks.
−Removed: We also continue to build AI into our offerings, which may result in security incidents or otherwise increase cybersecurity risks.
−Removed: Further, AI technologies may be used in connection with certain cybersecurity attacks, resulting in heightened risks of security breaches and incidents.
+Added: In addition, third parties have in the past and may in the future also utilize our products and platforms for malicious purposes, such as to upload abhorrent content (including on our Loom app) or host malware, which could result in reputational harm to us and negatively impact our business, and this risk could be heightened as adoption of our AI offerings increase.
+Added: Building AI into our offerings may also result in security incidents or otherwise increase cybersecurity risks.
+Added: AI technologies may be used in connection with certain cybersecurity attacks, resulting in heightened risks of security breaches and incidents.
As we further transition to selling our apps, agents, and products via our Cloud offerings, continue to collect more personal and sensitive information, and operate in more countries, our risks continue to increase and evolve.
For instance, we rely on third-party partners to develop apps on the Atlassian Marketplace that connect with and enhance our Cloud offerings for our customers.
−Removed: These apps may not meet the same quality standards that we apply
−Removed: to our own development efforts and have in the past, and may in the future, contain bugs, vulnerabilities, or defects that pose data security risks to our customers or lead to the unauthorized access of user data.
+Added: These apps may not meet the same quality standards that we apply to our own development efforts and have in the past, and may in the future, contain bugs, vulnerabilities, or defects that pose data security risks to our customers or lead to the unauthorized access of user data.
Our ability to mandate security standards and ensure compliance by these third parties may be limited.
12 unchanged sentences
We are also contractually required to notify customers or other counterparties of certain security incidents, including certain data security breaches.
−Removed: Regardless of our contractual protections, any actual or perceived data security breach, or breach of our contractual obligations, could harm our reputation and brand, expose us to potential liability, or require us to expend significant resources on data security and in responding to any such actual or perceived breach.
+Added: Regardless of our contractual protections, any actual or perceived data security breach, or breach of our contractual obligations, could harm our reputation and brand, expose us to
+Added: potential liability, or require us to expend significant resources on data security and in responding to any such actual or perceived breach.
Interruptions or performance problems associated with our technology and infrastructure could harm our business and results of operations.
11 unchanged sentences
It is possible that large-scale outages in the future could materially and adversely impact our results of operations or financial condition.
−Removed: Further, disruptions, data loss and corruption, outages, and other performance problems in our cloud infrastructure may cause customers to delay or
−Removed: halt their transition to our Cloud offerings, to the detriment of our increased focus on our Cloud offerings, which could harm our business, results of operations and financial condition.
+Added: Further, disruptions, data loss and corruption, outages, and other performance problems in our cloud infrastructure may cause customers to delay or halt their transition to our Cloud offerings, to the detriment of our increased focus on our Cloud offerings, which could harm our business, results of operations and financial condition.
Additionally, we depend on services from various third parties, including cloud computing platform providers (such as Amazon Web Services) and other hardware and software providers, as well as general internet availability, to maintain our infrastructure and distribute our apps, agents, and products.
8 unchanged sentences
Any such errors, failures, vulnerabilities, or bugs have in the past not been, and in the future may not be, found until after they are deployed to our customers.
−Removed: Real or perceived errors, failures, vulnerabilities, or bugs in our apps, agents or products have and could result in negative publicity, loss of or unauthorized access to customer data, loss of or delay in market acceptance of our offerings, loss of competitive position, or claims by customers for losses sustained by them, all of which could harm our business and results of operations.
+Added: Real or perceived errors, failures, vulnerabilities, or bugs in our apps, agents or products have and could result in negative publicity, impacts to the confidentiality, integrity or availability of customer data, loss of or unauthorized access to customer data, loss of or delay in market acceptance
+Added: of our offerings, loss of competitive position, or claims by customers for losses sustained by them, all of which could harm our business and results of operations.
In addition, third-party apps on Atlassian Marketplace may not meet the same quality standards that we apply to our own development efforts and in the past, third-party apps have caused disruptions affecting multiple customers.
−Removed: To the extent these apps contain bugs, vulnerabilities, or defects, such apps may create disruptions in our customers’ use of our apps, lead to data loss or unauthorized access to customer data, they may damage our brand and reputation, and affect the continued use of our apps, which could harm our business, results of operations and financial condition.
+Added: To the extent these apps contain bugs, vulnerabilities, or defects, such apps may create disruptions in our customers’ use of our apps, negatively affect the confidentiality, integrity or availability of customer data, damage our brand and reputation, and affect the continued use of our apps, which could harm our business, results of operations and financial condition.
Privacy concerns and laws as well as evolving regulation of cloud computing, AI products and services, cross-border data transfer restrictions and other domestic or foreign regulations may limit the use and adoption of our services and adversely affect our business and results of operation.
4 unchanged sentences
In the European Economic Area (“EEA”) and the UK, data privacy laws and regulations, such as the European Union General Data Protection Regulation (“EU GDPR”) and United Kingdom General Data Protection Regulation and Data Protection Act 2018 (collectively, the “UK GDPR,” and, together with the EU GDPR, the “GDPR”), impose comprehensive obligations directly on Atlassian as both a data controller and a data processor, as well as on many of our customers, in relation to our collection, processing, sharing, disclosure and other use of personal data.
−Removed: Data privacy laws and regulations around the globe continue to evolve, and as various jurisdictions introduce similar legislation or regulation, we and our customers could be exposed to additional regulatory burdens that could increase our costs, reduce usage of our offerings, and adversely affect our business and results of operations.
+Added: Data privacy laws and regulations around the globe continue to evolve, and as various jurisdictions introduce legislation or regulation (such as India’s Digital Personal Data Protection Act), we and our customers could be exposed to additional regulatory burdens that could increase our costs, reduce usage of our offerings, and adversely affect our business and results of operations.
+Added: As our Cloud offerings continue to become more central to our distribution model, particularly in light of Project Ascend, we may face additional privacy risks, including risks stemming from regulation of cloud computing.
+Added: For example, the transition to Cloud offerings may be impacted by emerging EU cloud sovereignty requirements that could disadvantage our Cloud offerings in public sector organizations and regulated industries.
+Added: We may also be subject to increased data security risks as customers increasingly transition from self-managed environments to our Cloud platform.
We are also subject to evolving privacy laws on cookies, tracking technologies and e-marketing.
1 unchanged sentence
In addition, certain states and foreign jurisdictions, such as Australia, Canada, and the European Union (“EU”), have enacted laws that regulate sending email, and some of these laws are more restrictive than U.S.
−Removed: In the EU and UK, informed consent is required for the placement of certain cookies or similar tracking technologies on an individual’s device and for direct electronic marketing.
−Removed: Consent is tightly defined and includes a prohibition on pre-checked consents and a requirement to obtain separate consents for each type of cookie or similar technology.
−Removed: Recent European court and regulator decisions are driving increased attention to cookies and similar tracking technologies.
+Added: The placement of certain cookies or similar tracking technologies on an individual’s device and subsequent use are subject to consent requirements in certain jurisdictions, including several U.S.
+Added: states, the European Union and United Kingdom.
+Added: In particular, recent European court and regulator decisions are driving increased attention to compliance with these requirements, and companies in our industry have been named in civil litigation alleging improper data collection via these technologies.
In addition, various safe harbors have historically been provided to those who hosted content provided by others, such as safe harbors from monetary damages for copyright infringement arising from copyrighted content provided by customers and others, and for defamation and other torts arising from information provided by customers and others.
2 unchanged sentences
We monitor the regulatory, judicial, and legislative environment and have invested in addressing these developments.
−Removed: These new laws may require us to make additional changes to our practices and services to enable us or our customers to meet the new legal requirements, and may also increase our potential liability exposure through new or higher potential penalties for noncompliance.
+Added: These new laws may require us to make additional changes to our practices and services to enable us or our customers to meet the new legal requirements, and may also increase our potential liability exposure
+Added: through new or higher potential penalties for noncompliance.
In addition, changes to penalties, fines, and action related to data breaches could impact our potential liability exposure.
13 unchanged sentences
The validity of the EU-U.S.
−Removed: Data Privacy Framework recently survived a legal challenge in September 2025 before the CJEU but this outcome does not preclude future successful challenges on other grounds.
+Added: Data Privacy Framework has been legally challenged and may be challenged in the future.
Certain countries outside of the EEA have also passed or are considering passing laws requiring varying degrees of local data residency.
6 unchanged sentences
These services may enhance our ability to attract and retain customers operating in the relevant jurisdictions, but may also increase the cost and complexity of supporting those customers, the scope of our residency offering may not align with customer needs, and our customers may request similar offerings in other territories.
+Added: Our data residency controls may at times fail, exposing us to fines, penalties, civil actions, or other harm.
In addition to government activity, privacy advocates and other industry groups have established or may establish new self-regulatory standards that may place additional burdens on our ability to provide our services globally.
5 unchanged sentences
Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations and policies that are applicable to the businesses of our users may limit the adoption and use of, and reduce the overall demand for, our platform.
−Removed: Additionally, if third parties we work with violate applicable laws, regulations or agreements, such violations may put our users’ data at risk, could result in governmental investigations or enforcement actions, fines, litigation, claims, or public statements against us by consumer advocacy groups or others and could result in significant liability, cause our users to lose trust in us and otherwise materially and adversely affect our reputation and business.
+Added: Additionally, if third parties we work with violate applicable laws, regulations or agreements, such violations may put our users’ data at risk, could result in governmental investigations or enforcement actions, fines, litigation, claims, or public statements against us by consumer advocacy groups or
+Added: others and could result in significant liability, cause our users to lose trust in us and otherwise materially and adversely affect our reputation and business.
Further, public scrutiny of, or complaints about, our data handling or data protection practices, may also lead to increased regulatory scrutiny or cause our customers to seek alternative products or services.
13 unchanged sentences
Furthermore, the legal issues, including copyright and related rights, surrounding AI technologies and the data used for training such technologies or otherwise used as inputs into such technologies has not been fully addressed by courts or national or local laws or regulations, and the use or adoption of AI technologies into our apps and services may result in exposure to claims of copyright infringement, other intellectual property infringement or misappropriation, or other related claims.
−Removed: Any claims or litigation could cause us to incur significant expenses and, if successfully asserted against us, could
−Removed: require that we pay substantial damages or ongoing royalty or license payments, prevent us from offering our products or using certain technologies, require us to implement expensive workarounds, refund fees to customers or require that we comply with other unfavorable terms.
+Added: Any claims or litigation could cause us to incur significant expenses and, if successfully asserted against us, could require that we pay substantial damages or ongoing royalty or license payments, prevent us from offering our products or using certain technologies, require us to implement expensive workarounds, refund fees to customers or require that we comply with other unfavorable terms.
In the case of infringement, or misappropriation caused by technology that we obtain from third parties, any indemnification or other contractual protections we obtain from such third parties, if any, may be insufficient to cover the liabilities we incur as a result of such infringement or misappropriation.
5 unchanged sentences
Large indemnity payments or damage claims from contractual breach could harm our business, results of operations and financial condition.
−Removed: Although we generally contractually limit our liability with respect to such obligations, we may still incur substantial liability related to them.
−Removed: Any dispute with a customer with respect to such obligations could have adverse effects on our relationship with that customer and other current and prospective customers, reduce demand for our products, damage our reputation and harm our business, results of operations and financial condition.
+Added: Any dispute with a customer with
+Added: respect to such obligations could have adverse effects on our relationship with that customer and other current and prospective customers, reduce demand for our products, damage our reputation and harm our business, results of operations and financial condition.
We use open source software in our products that may subject our products to general release or require us to re-engineer our products, which could harm our business.
52 unchanged sentences
Consequently, a decline in new or renewed licenses and subscriptions or any challenges relating to accounts receivable collections or collection periods in any single quarter may only have a small impact on our revenue results for that quarter.
−Removed: However, such a decline will negatively affect our revenue in future quarters.
+Added: However, such a
+Added: decline will negatively affect our revenue in future quarters.
Accordingly, the effect of significant downturns in sales and market acceptance of our offerings, and potential changes in our pricing policies or rate of expansion or retention, may not be fully reflected in our results of operations until future periods.
7 unchanged sentences
Seasonality may cause fluctuations in our revenue.
−Removed: As we continue to invest in our sales-led motion and deepen our footprint with enterprise customer, we believe we have and may continue to see increased seasonal fluctuations in terms of the timing of when we enter into customer agreements.
+Added: As we continue to invest in our sales-led motion and deepen our footprint with enterprise customers, we believe we have and may continue to see increased seasonal fluctuations in terms of the timing of when we enter into customer agreements.
We believe we may have experienced in the past and may experience in the future seasonality effects due to enterprise customer budget cycles and our internal commission plans and quotas for our enterprise sales force.
9 unchanged sentences
and other regions, debt financing may become more expensive.
−Removed: The 2024 Credit Facility and the indenture governing our Notes (each defined below) contain certain restrictive covenants and any future debt financing obtained by us could involve restrictive covenants relating to financial and
−Removed: operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions.
+Added: The 2024 Credit Facility and the indenture governing our Notes (each defined below) contain certain restrictive covenants and any future debt financing obtained by us could involve restrictive covenants relating to financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions.
If we raise additional funds through issuances of equity, convertible debt securities or other securities convertible into equity, our existing stockholders could suffer significant dilution in their percentage ownership of Atlassian.
4 unchanged sentences
In August 2024, we amended and restated our prior credit facility to eliminate the senior unsecured delayed-draw term loan facility and provide for a $750 million senior unsecured revolving credit facility (the “2024 Credit Facility”).
−Removed: As of September 30, 2025, we had no outstanding revolving loans under the Credit Facility.
+Added: As of December 31, 2025, we had no outstanding revolving loans under the Credit Facility.
Our Credit Facility requires compliance with various financial and non-financial covenants, including affirmative covenants relating to the provision of periodic financial statements, compliance certificates and other notices, maintenance of properties and insurance, payment of taxes and compliance with laws and negative covenants, including, among others, restrictions on the incurrence of certain indebtedness, granting of liens and mergers, dissolutions, consolidations and dispositions.
17 unchanged sentences
Significant changes in the value of this portfolio could negatively impact our financial results.
−Removed: We have strategic investments in privately held and publicly traded companies, in both domestic and international markets, including in emerging markets.
+Added: We have strategic investments in privately held companies, and, in the past, publicly traded companies, in both domestic and international markets, including in emerging markets.
These companies range from early-stage companies to more mature companies with established revenue streams and business models.
6 unchanged sentences
Therefore, our investment strategy and portfolio have also expanded in the past to include public companies.
−Removed: In certain cases, our ability to sell these investments may be constrained by contractual obligations to hold the securities for a period of time after a public offering, including market standoff agreements and lock-up agreements.
+Added: certain cases, our ability to sell these investments may be constrained by contractual obligations to hold the securities for a period of time after a public offering, including market standoff agreements and lock-up agreements.
All of our investments, especially our investments in privately held companies, are subject to a risk of a partial or total loss of investment capital and a number of our investments have lost value in the past.
20 unchanged sentences
For example, in July 2025, the U.S.
−Removed: government enacted The One Big Beautiful Bill Act (“OBBBA”) which includes a broad range of tax reform
−Removed: provisions that may affect our financial results.
+Added: government enacted The One Big Beautiful Bill Act (“OBBBA”) which includes a broad range of tax reform provisions that may affect our financial results.
The OBBBA includes, among other provisions, the allowance of immediate expensing of qualifying domestic research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act, which was signed into law in 2017.
2 unchanged sentences
Certain government agencies in jurisdictions where we do business have had an extended focus on issues related to the taxation of multinational companies.
−Removed: In addition, the Organization for Economic Cooperation and Development (the “OECD”) has introduced various guidelines changing the way tax is assessed, collected, and governed.
+Added: In addition, the Organization for Economic Cooperation and Development (“OECD”) has introduced various guidelines changing the way tax is assessed, collected, and governed.
Of note are the efforts around base erosion and profit shifting which seek to establish certain international standards for taxing the worldwide income of multinational companies.
3 unchanged sentences
Notably, France, Italy, Austria, Spain, the UK, and Turkey have enacted this tax, generally 2% on specific in-scope sales above a revenue threshold.
−Removed: The EU and the UK have established a mandate that focuses on the transparency of cross-border arrangements concerning at least one EU member state through mandatory disclosure and exchange of cross-border arrangements rules.
+Added: The EU and the UK have established a
+Added: mandate that focuses on the transparency of cross-border arrangements concerning at least one EU member state through mandatory disclosure and exchange of cross-border arrangements rules.
The mandate is further extended to include certain domestic arrangements in Poland.
1 unchanged sentence
The OECD introduced significant changes to the international tax law framework through the Pillar Two guidelines.
−Removed: The framework outlines a coordinated set of rules to prevent multinational enterprises from shifting profits to low-tax jurisdictions by implementing a 15% global minimum tax.
+Added: These guidelines establish a coordinated set of rules intended to prevent multinational enterprises from shifting profits to low-tax jurisdictions by implementing a 15% global minimum tax.
Many countries in which we operate, including the member states of the EU, have enacted Pillar Two.
−Removed: Pillar Two rules began applying to us in fiscal year 2025.
−Removed: In January 2025, the United States issued an executive order announcing opposition to aspects of these rules.
−Removed: In late June 2025, a shared understanding of a new “side-by-side” solution to address U.S.
−Removed: concerns with Pillar Two was announced.
−Removed: If agreed upon and legislated by the OECD countries, this would exclude U.S.-parented groups from certain provisions of Pillar Two.
−Removed: The potential effects of Pillar Two may vary depending on the specific provisions and rules implemented by each country that adopts Pillar Two and may include tax rate changes, higher effective tax rates, potential tax disputes and adverse impacts to our cash flows, tax liabilities, results of operations and financial position.
+Added: Pillar Two rules became applicable to us in fiscal year 2025.
+Added: In response to U.S.
+Added: opposition to certain aspects of Pillar Two, in January 2026 the OECD introduced a new “side-by-side” safe harbor that is expected to apply to us beginning in fiscal year 2027.
+Added: This safe harbor would exclude U.S.-parent groups from certain provisions of Pillar Two;
+Added: however, locally enacted domestic minimum taxes would continue to apply.
+Added: The potential effects of Pillar Two may vary depending on the specific provisions and rules implemented by each country that adopts Pillar Two and may include changes in tax rates, higher effective tax rates, potential tax disputes and adverse impacts to our cash flows, tax liabilities, results of operations and financial position.
Global tax developments applicable to multinational companies may continue to result in new tax regimes or changes to existing tax laws, regulations, and taxation officer interpretations.
7 unchanged sentences
As a public company, we are required to maintain internal controls over financial reporting and to report any material weaknesses in such internal controls.
−Removed: We are required to furnish a report by management on the
−Removed: effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act (“Section 404”).
+Added: We are required to furnish a report by management on the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act (“Section 404”).
If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of Class A Common Stock could be negatively affected.
6 unchanged sentences
Moreover, our subsidiaries, other than our U.S.
−Removed: subsidiaries, maintain net assets that are denominated in currencies other than the U.S.
+Added: subsidiaries, maintain net assets and liabilities that are denominated in currencies other than the U.S.
In addition, we transact in non-U.S.
21 unchanged sentences
We are continually enhancing and expanding our platform and offerings with AI technology.
−Removed: Our development and use of AI technologies may expose us to operational challenges, legal claims, regulatory scrutiny, and reputational harm.
+Added: Our development and use of AI technologies may expose us to operational challenges and security risks, legal claims, regulatory scrutiny, and reputational harm.
AI models can be flawed, biased, or produce inaccurate or misleading outputs, which may not be easily detected.
28 unchanged sentences
sanctions or export control laws, it could result in substantial fines and penalties for us and for the individuals working for us.
−Removed: Changes in export or import laws or corresponding sanctions may delay the introduction and sale of our products in international markets, or, in some cases, prevent the export or import of our products to certain
−Removed: countries, regions, governments, persons or entities altogether, which could adversely affect our business, financial condition and results of operations.
+Added: Changes in export or import laws or corresponding sanctions may delay the introduction and sale of our products in international markets, or, in some cases, prevent the export or import of our products to certain countries, regions, governments, persons or entities altogether, which could adversely affect our business, financial condition and results of operations.
Changes in import and export laws are occurring in the jurisdictions in which we operate and we may fail to comply with new or changing regulations in a timely manner, which could result in substantial fines and penalties for us and could adversely affect our business, financial condition and results of operation.
37 unchanged sentences
They could impose a significant burden on our management and employees, prevent us from offering one or more of our apps or products to others, require us to change our technology or business practices, or result in monetary damages, fines, injunctive relief, civil or criminal penalties, reputational harm, or other adverse consequences.
−Removed: Any litigation and other claims are subject to inherent uncertainties and a material adverse impact in our financial statements could occur for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable.
+Added: Any litigation and
+Added: other claims are subject to inherent uncertainties and a material adverse impact in our financial statements could occur for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable.
Regulators’, investors’, customers’ and others’ expectations and scrutiny of our performance relating to environmental, social and governance efforts may impose additional costs and expose us to new risks.
16 unchanged sentences
Shares of our Class B Common Stock have ten votes per share and shares of our Class A Common Stock have one vote per share.
−Removed: As of September 30, 2025, stockholders who hold our Class B Common Stock collectively hold approximately 85% of the voting power of our outstanding share capital and entities affiliated with our Co-Founders, Michael Cannon-Brookes and Scott Farquhar, collectively hold substantially all of our Class B Common Stock.
+Added: As of December 31, 2025, stockholders who hold our Class B Common Stock collectively hold approximately 85% of the voting power of our outstanding share capital and entities affiliated with our Co-Founders, Michael Cannon-Brookes and Scott Farquhar, collectively hold substantially all of our Class B Common Stock.
The holders of our Class B Common Stock will collectively continue to control a majority of the combined voting power of our capital stock so long as the outstanding shares of our Class B Common Stock represent at least 10% of all shares of our outstanding Class A Common Stock and Class B Common Stock in the aggregate.
7 unchanged sentences
Cannon-Brookes’ case, as an executive officer, Messrs.
−Removed: Cannon-Brookes and Farquhar each owe statutory and fiduciary duties to Atlassian and must act in good faith and in a manner they consider would be most likely to promote the success of Atlassian for the benefit of stockholders as a whole.
+Added: Cannon-Brookes and Farquhar each owe
+Added: statutory and fiduciary duties to Atlassian and must act in good faith and in a manner they consider would be most likely to promote the success of Atlassian for the benefit of stockholders as a whole.
As stockholders, Messrs.
22 unchanged sentences
The market price of our Class A Common Stock could decline as a result of substantial sales of shares of our Class A Common Stock, particularly sales by our directors, executive officers and significant stockholders, or the perception in the market that holders of a large number of shares intend to sell their shares.
−Removed: As of September 30, 2025, we had 167,247,629 outstanding shares of Class A Common Stock and 96,049,867 outstanding shares of convertible Class B Common Stock.
+Added: As of December 31, 2025, we had 170,436,795 outstanding shares of Class A Common Stock and 95,068,747 outstanding shares of convertible Class B Common Stock.
We have also registered shares of Class A Common Stock that we issue under our employee equity incentive plans.
1 unchanged sentence
We cannot guarantee that our Share Repurchase Programs will be fully consummated or that they will enhance long-term stockholder value.
−Removed: Repurchases of shares of our Class A Common Stock could also increase the volatility of the trading price of our Class A Common Stock and could diminish our cash reserves.
+Added: Repurchases of shares of our Class A Common Stock could also
+Added: increase the volatility of the trading price of our Class A Common Stock and could diminish our cash reserves.
In September 2024, our board of directors authorized a share repurchase program to repurchase up to $1.5 billion of our outstanding shares of Class A Common Stock (the “2024 Share Repurchase Program”) and this program commenced in April 2025, following the completion of a prior share repurchase program.
11 unchanged sentences
Anti-takeover provisions contained in our amended and restated certificate of incorporation, amended and restated bylaws, our Senior Notes, as well as provisions of Delaware law, could impair a takeover attempt.
−Removed: Our amended and restated certificate of incorporation and amended and restated bylaws contain, and the General Corporation Law of the State of Delaware (the “Delaware General Corporation Law”) contains, provisions
−Removed: which could have the effect of rendering more difficult, delaying or preventing an acquisition deemed undesirable by our board of directors.
+Added: Our amended and restated certificate of incorporation and amended and restated bylaws contain, and the General Corporation Law of the State of Delaware (the “Delaware General Corporation Law”) contains, provisions which could have the effect of rendering more difficult, delaying or preventing an acquisition deemed undesirable by our board of directors.
These provisions provide for the following:
70 unchanged sentences
We rely on our leadership team and other key employees in the areas of research and development, products, strategy, operations, security, go-to-market, marketing, IT, support, and general and administrative functions.
−Removed: From time to time, there may be changes in our executive management team resulting from the hiring or departure of executives, which could disrupt our business.
+Added: From time to time, there may be changes in our executive management team resulting from the hiring or departure of executives,
+Added: which could disrupt our business.
For example, one of our former Co-Chief Executive Officers stepped down from his executive officer role and into an advisory role, effective August 2024.
−Removed: Additionally, in August 2025, we announced that our President will be stepping down, effective December 31, 2025, and in October 2025, we announced that our Chief Financial Officer will be stepping down, effective June 30, 2026.
+Added: Our former President stepped down from her executive officer role, effective December 2025, and in October 2025, we announced that our Chief Financial Officer will be stepping down, effective June 2026.
We do not have employment agreements with our executive officers or other key personnel that require them to continue to work for us for any specified period and, therefore, they are able to terminate their employment with us at any time.
1 unchanged sentence
In addition, in order to execute our growth plan, we must attract and retain highly qualified personnel.
−Removed: For example, we hired a new Chief Revenue Officer, effective January 1, 2025 and, in October 2025, we announced a new Chief Product and AI Officer.
+Added: For example, we hired a new Chief Revenue Officer, effective January 2025, and a new Chief Product and AI Officer, effective November 2025.
Competition for highly qualified personnel is intense, and many of the companies with which we compete for experienced personnel have greater resources than we have.
11 unchanged sentences
We have a large employee presence and operations in Australia and the San Francisco Bay Area of California.
−Removed: Australia has experienced significant wildfires and flooding
−Removed: that have impacted our employees.
+Added: Australia has experienced significant wildfires and flooding that have impacted our employees.
The west coast of the United States contains active earthquake zones and is often at risk from wildfires.
7 unchanged sentences
however, we recognize that there are inherent climate-related risks wherever business is conducted.
−Removed: Climate-related events, including but not limited to the increasing frequency of extreme weather events and their impact on critical infrastructure in the United States, Australia and elsewhere, have the potential to disrupt our businesses, our employees, our third-party suppliers, and/or the business of our customers, and may cause us to experience extended product downtimes, higher attrition, and losses and additional costs to maintain and resume operations.
+Added: Climate-related events, including but not limited to the increasing frequency of extreme weather events and their impact on critical infrastructure in the United States, Australia and elsewhere, have the potential to disrupt our businesses, our employees, our third-party suppliers, and/or the business of our customers, and may cause us to experience extended product downtimes, higher attrition, and losses and additional costs to maintain and resume
Furthermore, failure to achieve or advance towards our public sustainability commitments and objectives regarding climate action may have an adverse effect on our standing with investors, suppliers, and customers, as well as on our financial results and our capacity to attract and retain skilled individuals.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.