Asana delivered strong Q3 fiscal 2026 results on December 2, 2025, with revenue reaching $201 million, a 9% year-over-year increase that exceeded analyst expectations.
The work management platform reported adjusted earnings of $0.07 per share, beating estimates while demonstrating continued momentum in its AI offerings, particularly with its newly announced AI Teammates and AI Studio products.
“This was a solid quarter, with continued improvement in NRR and momentum with AI Studio,” said Dan Rogers, Chief Executive Officer of Asana.
However, the positive earnings narrative came with an unexpected twist. Just two days before the earnings announcement, Asana’s Chief Operating Officer Anne Raimondi and General Counsel Eleanor Lacey both notified the Board of their decisions to resign, effective December 31, 2025.
The simultaneous departure of two senior leaders raises questions about organizational stability. For investors evaluating Asana’s trajectory, understanding both the strong financial performance and the leadership changes is essential to assessing the company’s near-term prospects.
Strong Q3 Performance Driven by AI Innovation
Asana’s Q3 fiscal 2026 results demonstrated several positive trends across key metrics. The company grew its Core customer base—those spending $5,000 or more annually—to 25,413, an 8% year-over-year increase. Customers spending $100,000 or more annually grew to 785, a 15% year-over-year increase, indicating stronger traction with enterprise clients.
As Rogers noted, net retention rate (NRR), a critical SaaS metric measuring revenue growth from existing customers, continued to improve. Overall NRR reached 96%, while Core customers maintained a 97% retention rate.
This retention is attributed in part to Asana’s innovation in AI, underscored by its Work Innovation Summit events in London and New York, where it showcased its AI vision to more than 1,600 attendees. Asana was also named a Leader in the Gartner Magic Quadrant for both Adaptive Project Management and Reporting and Collaborative Work Management, validating its competitive positioning.
Given these positive results, the timing of the executive departures appears counterintuitive. Senior leaders typically leave ahead of disappointing results rather than on the heels of a strong quarter. The timing raises questions about the underlying motivations, even as the company maintains the departures were amicable and unrelated to operational issues.
Senior Executive Resignations: Who’s Leaving and Their Legacy
Anne Raimondi joined Asana’s Board in February 2019 before being appointed Chief Operating Officer and Head of Business in September 2021.
In her COO role, Raimondi led Asana’s growth and global business operations, overseeing sales, marketing, customer operations, partner programs, and business development. Her tenure coincided with Asana’s public market debut in 2020 and its efforts to scale enterprise adoption.
Raimondi brought more than 20 years of SaaS experience to Asana, having previously served as Chief Customer Officer at Guru, Senior Vice President of Operations at Zendesk, and Chief Revenue Officer at TaskRabbit.
Eleanor Lacey joined Asana as General Counsel in July 2019. As General Counsel and Corporate Secretary, she oversaw Asana’s global legal department across public company reporting, corporate matters, equity, commercial agreements, and product legal issues. She also guided the company through its direct listing in 2020 and the accompanying public company requirements.
Before Asana, Lacey served as Chief Legal Officer for cybersecurity software company Sophos and led legal teams at SurveyMonkey.
Under both executives’ tenures, Asana achieved major milestones. Its customer base grew from under 100,000 paying customers when they joined to more than 169,000 today. The company expanded internationally, launched multiple product lines, and invested heavily in AI capabilities.
Both executives will remain employees in advisory roles until March 31, 2026, under transition services agreements. For the General Counsel position, the Board appointed Katie Colendich as successor effective January 1, 2026. Colendich has served in senior legal leadership roles at Asana since April 2020, most recently as Deputy General Counsel.
However, no successor for the COO role has been announced, creating uncertainty about how Asana will structure its business operations leadership going forward.
Leadership Changes Amid Positive Results: What It Means for Businesses
The juxtaposition of strong Q3 results with simultaneous senior executive departures creates a complex narrative for investors evaluating Asana’s prospects. On one hand, the company showed clear operational momentum, beating revenue expectations, improving margins, and expanding its enterprise customer base. On the other hand, losing two executives with deep institutional knowledge raises legitimate questions about organizational stability.
Leadership continuity is particularly important in B2B technology companies during transformative periods such as the current AI integration phase. Both Raimondi and Lacey were present during Asana’s evolution from a private company to a public entity navigating enterprise sales cycles, regulatory requirements, and product innovation challenges. Their simultaneous departure removes substantial experience from the executive team at a pivotal moment.
Past leadership transitions highlight why investors may be especially sensitive. In March 2025, when co-founder and CEO Dustin Moskovitz announced his intention to step down, Asana’s stock fell more than 25%. While his departure represented a more significant change, the reaction underscored how closely investors watch management stability at Asana. Dan Rogers ultimately succeeded Moskovitz in July 2025, but the episode demonstrated the importance of leadership continuity to the company’s valuation.
Asana has attempted to frame the current transitions positively. The company stated there were no disagreements and the departures are unrelated to operations, policies, or practices. The three-month advisory period is intended to support knowledge transfer.
Investors, however, will likely monitor several indicators in the coming quarters. First, whether Asana can maintain or improve its NRR trajectory, which reflects the effectiveness of customer-facing operations Raimondi oversaw. Second, who the company appoints as COO and what their background signals about strategic priorities. Third, whether Asana’s AI product roadmap—particularly AI Teammates, which Rogers highlighted as critical for long-term growth—continues progressing on schedule.
