ATLASSIAN CORP, 10-K filed on 8/15/2025
Annual Report
v3.25.2
Cover - USD ($)
$ in Billions
 12 Months Ended
Jun. 30, 2025
Aug. 08, 2025
Dec. 31, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jun. 30, 2025    
Current Fiscal Year End Date --06-30    
Document Transition Report false    
Entity File Number 001-37651    
Entity Registrant Name Atlassian Corporation    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 88-3940934    
Entity Address, Address Line One 350 Bush Street    
Entity Address, Address Line Two Floor 13    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94104    
City Area Code 415    
Local Phone Number 701-1110    
Title of 12(b) Security Class A Common Stock, par value $0.00001 per share    
Trading Symbol TEAM    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 39.6
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement relating to its 2025 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the registrant’s fiscal year ended June 30, 2025, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part of this Annual Report on Form 10-K.
    
Entity Central Index Key 0001650372    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location San Francisco, California    
Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   166,284,669  
Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   96,049,867  
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Current assets:    
Cash and cash equivalents $ 2,512,874 $ 2,176,930
Marketable securities 424,268 161,973
Accounts receivable, net 778,302 628,049
Prepaid expenses and other current assets 175,793 109,312
Total current assets 3,891,237 3,076,264
Non-current assets:    
Property and equipment, net 105,118 86,315
Operating lease right-of-use assets 169,127 172,468
Strategic investments 221,942 223,221
Intangible assets, net 244,840 299,057
Goodwill 1,304,445 1,288,756
Deferred tax assets 3,762 3,934
Other non-current assets 101,499 62,118
Total assets 6,041,970 5,212,133
Current liabilities:    
Accounts payable 222,092 177,545
Accrued expenses and other current liabilities 681,601 577,359
Deferred revenue, current portion 2,227,002 1,806,269
Operating lease liabilities, current portion 50,164 48,953
Total current liabilities 3,180,859 2,610,126
Non-current liabilities:    
Deferred revenue, net of current portion 254,252 308,467
Operating lease liabilities, net of current portion 201,483 214,474
Long-term debt 987,684 985,911
Deferred tax liabilities 23,881 20,387
Other non-current liabilities 48,157 39,917
Total liabilities 4,696,316 4,179,282
Commitments and contingencies (Note 11)
Stockholders’ equity    
Additional paid-in capital 5,574,290 4,212,064
Accumulated other comprehensive income (loss) 13,226 25,300
Accumulated deficit (4,241,865) (3,204,516)
Total stockholders’ equity 1,345,654 1,032,851
Total liabilities and stockholders’ equity 6,041,970 5,212,133
Class A    
Stockholders’ equity    
Common stock, value issued 2 2
Class B    
Stockholders’ equity    
Common stock, value issued $ 1 $ 1
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Jun. 30, 2024
Class A    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 165,949,196 159,544,123
Common stock, shares outstanding (in shares) 165,949,196 159,544,123
Class B    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 230,000,000 230,000,000
Common stock, shares issued (in shares) 97,030,987 101,012,393
Common stock, shares outstanding (in shares) 97,030,987 101,012,393
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Revenues:      
Total revenues $ 5,215,304 $ 4,358,603 $ 3,534,647
Cost of revenues [1],[2] 894,851 803,495 633,765
Gross profit 4,320,453 3,555,108 2,900,882
Operating expenses:      
Research and development [1],[2] 2,669,312 2,184,111 1,869,881
Marketing and sales [1],[2] 1,134,535 877,497 769,861
General and administrative [2] 646,998 610,577 606,362
Total operating expenses 4,450,845 3,672,185 3,246,104
Operating loss (130,392) (117,077) (345,222)
Other income (expense), net (50,277) (30,916) 14,501
Interest income 112,324 96,663 49,732
Interest expense (30,550) (34,077) (30,147)
Loss before provision for income taxes (98,895) (85,407) (311,136)
Provision for income taxes (157,792) (215,112) (175,625)
Net loss $ (256,687) $ (300,519) $ (486,761)
Net loss per share attributable to Class A and Class B common stockholders:      
Basic (in dollars per share) $ (0.98) $ (1.16) $ (1.90)
Diluted (in dollars per share) $ (0.98) $ (1.16) $ (1.90)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 261,787,000 259,133,000 256,307,000
Diluted (in shares) 261,787,000 259,133,000 256,307,000
Subscription      
Revenues:      
Total revenues $ 4,930,604 $ 3,924,389 $ 2,922,576
Other      
Revenues:      
Total revenues $ 284,700 $ 434,214 $ 612,071
[1]
(2)    Amounts include amortization of acquired intangible assets, as follows:
Cost of revenues$40,508 $36,988 $22,853 
Research and development374 374 374 
Marketing and sales14,635 12,386 9,900 
[2]
(1)    Amounts include stock-based compensation, as follows:
Cost of revenues$83,017 $71,691 $63,913 
Research and development937,440 712,409 604,301 
Marketing and sales168,270 137,347 131,739 
General and administrative173,495 159,986 148,134 
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Amortization expense for intangible assets $ 55,500 $ 49,700 $ 33,100
Cost of revenues      
Stock based compensation expense 83,017 71,691 63,913
Amortization expense for intangible assets 40,508 36,988 22,853
Research and development      
Stock based compensation expense 937,440 712,409 604,301
Amortization expense for intangible assets 374 374 374
Marketing and sales      
Stock based compensation expense 168,270 137,347 131,739
Amortization expense for intangible assets 14,635 12,386 9,900
General and administrative      
Stock based compensation expense $ 173,495 $ 159,986 $ 148,134
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (256,687) $ (300,519) $ (486,761)
Other comprehensive income (loss), net of reclassification adjustments:      
Foreign currency translation adjustment 3,639 (2,270) (5,283)
Net change in unrealized gain (loss) on marketable and privately held debt securities 1,032 314 1,753
Net gain (loss) on cash flow hedging derivative instruments (16,745) (6,746) 23,668
Other comprehensive income (loss), before tax (12,074) (8,702) 20,138
Income tax effect 0 0 0
Other comprehensive income (loss), net of tax (12,074) (8,702) 20,138
Total comprehensive income (loss), net of tax $ (268,761) $ (309,221) $ (466,623)
v3.25.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Class A
Class B
Common Stock
Class A
Common Stock
Class B
Additional paid in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Shares, beginning balance (in shares) at Jun. 30, 2022       144,820,000 110,036,000      
Beginning balance at Jun. 30, 2022 $ 327,372     $ 1 $ 1 $ 2,182,536 $ 13,864 $ (1,869,030)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued (in shares)       3,684,000        
Common stock issued 9     $ 1   8    
Conversion from Class B Common Stock to Class A Common Stock (in shares)       4,912,000 (4,912,000)      
Stock-based compensation 948,087         948,087    
Repurchased of Class A Common Stock (in shares)       (979,000)        
Repurchases of Class A Common Stock (154,173)             (154,173)
Other comprehensive income (loss), net of tax 20,138           20,138  
Net loss (486,761) $ (283,907) $ (202,854)         (486,761)
Shares, ending balance (in shares) at Jun. 30, 2023       152,437,000 105,124,000      
Ending balance at Jun. 30, 2023 654,672     $ 2 $ 1 3,130,631 34,002 (2,509,964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued (in shares)       5,000,000        
Conversion from Class B Common Stock to Class A Common Stock (in shares)       4,112,000 (4,112,000)      
Stock-based compensation 1,081,433         1,081,433    
Repurchased of Class A Common Stock (in shares)       (2,161,000)        
Repurchases of Class A Common Stock (394,033)             (394,033)
Other comprehensive income (loss), net of tax (8,702)           (8,702)  
Net loss (300,519) $ (181,587) $ (118,932)         (300,519)
Shares, ending balance (in shares) at Jun. 30, 2024   159,544,123 101,012,393 159,388,000 101,012,000      
Ending balance at Jun. 30, 2024 1,032,851     $ 2 $ 1 4,212,064 25,300 (3,204,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued (in shares)       6,473,000        
Common stock issued 4         4    
Conversion from Class B Common Stock to Class A Common Stock (in shares)       3,981,000 (3,981,000)      
Stock-based compensation 1,362,222         1,362,222    
Repurchased of Class A Common Stock (in shares)       (3,982,000)        
Repurchases of Class A Common Stock (780,662)             (780,662)
Other comprehensive income (loss), net of tax (12,074)           (12,074)  
Net loss (256,687) $ (160,050) $ (96,637)         (256,687)
Shares, ending balance (in shares) at Jun. 30, 2025   165,949,196 97,030,987 165,860,000 97,031,000      
Ending balance at Jun. 30, 2025 $ 1,345,654     $ 2 $ 1 $ 5,574,290 $ 13,226 $ (4,241,865)
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:      
Net loss $ (256,687) $ (300,519) $ (486,761)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 92,375 78,738 60,923
Stock-based compensation 1,362,222 1,081,433 948,087
Impairment charges for leases and leasehold improvements 0 0 61,098
Deferred income taxes 4,050 119 10,613
Gain on a non-cash sale of a controlling interest of a subsidiary 0 (1,378) (45,158)
Amortization of interest rate swap contracts (26,344) (4,166) 0
Net loss on strategic investments 22,994 13,337 19,407
Net foreign currency loss (gain) (2,494) 2,301 (10,613)
Other (532) 1,305 1,959
Changes in operating assets and liabilities, net of business combinations:      
Accounts receivable, net (150,035) (148,469) (169,526)
Prepaid expenses and other assets (85,385) (3,122) (38,230)
Accounts payable 42,873 18,150 78,902
Accrued expenses and other liabilities 90,988 158,123 74,611
Deferred revenue 366,368 552,307 362,799
Net cash provided by operating activities 1,460,393 1,448,159 868,111
Cash flows from investing activities:      
Business combinations, net of cash acquired (14,245) (847,767) (5,775)
Purchases of property and equipment (44,850) (33,112) (25,812)
Purchases of strategic investments (27,430) (14,400) (19,450)
Purchases of marketable securities (411,635) (248,897) (24,800)
Proceeds from maturities of marketable securities 144,878 116,537 73,950
Proceeds from sales of marketable securities 5,893 41,514 0
Proceeds from sales of strategic investments 5,067 22,379 629
Net cash used in investing activities (342,322) (963,746) (1,258)
Cash flows from financing activities:      
Repayment of Term Loan 0 (1,000,000) 0
Proceeds from issuance of debt, net of issuance cost 0 987,039 0
Repurchases of Class A Common Stock (779,439) (395,256) (150,006)
Other (3,143) 0 1,585
Net cash used in financing activities (782,582) (408,217) (148,421)
Effect of foreign exchange rate changes on cash and cash equivalents 151 (1,989) (1,805)
Net increase in cash, cash equivalents, and restricted cash 335,640 74,207 716,627
Cash, cash equivalents, and restricted cash at beginning of period 2,178,122 2,103,915 1,386,686
Net decrease in cash and cash equivalents included in assets held for sale 0 0 602
Cash, cash equivalents, and restricted cash at end of period 2,513,762 2,178,122 2,103,915
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:      
Cash and cash equivalents 2,176,930 2,102,550  
Restricted cash included in other non-current assets 888 1,192 1,365
Total cash, cash equivalents, and restricted cash 2,513,762 2,178,122 2,103,915
Supplemental disclosures of cash flow information:      
Income taxes paid, net of refunds 180,470 253,828 102,156
Interest paid 54,268 61,339 46,247
Received from interest rate swap contracts 0 (65,734) (17,754)
Non-cash investing and financing activities:      
Purchase of property and equipment included in accrued expenses and other current liabilities 10,523 1,263 844
Repurchases of Class A Common Stock included in accrued expenses and other current liabilities 4,167 2,943 4,167
Debt issuance costs included in accrued expenses and other current liabilities $ 0 $ 1,344 $ 0
v3.25.2
Description of Business
 12 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
1. Description of the Business
Atlassian Corporation (the “Company”) is a global technology company with a mission to unleash the potential of every team. The Company’s team collaboration software enables organizations to connect all teams through a system of work that unlocks productivity at scale. The Company’s portfolio of interconnected apps, AI agents, and products, each with discrete value propositions, delivers solutions for software teams, IT operations and support teams, and business teams.
The Company’s fiscal year ends on June 30 of each year. References to fiscal year 2025, for example, refer to the fiscal year ended June 30, 2025.
v3.25.2
Summary of Significant Accounting Policies
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies
Basis of Preparation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These principles are established primarily by the Financial Accounting Standards Board (“FASB”).
Certain reclassifications have been made to prior period balances to conform to the current period presentation. “Maintenance” revenues have been reclassified to “Other” revenues on the Company’s Consolidated Statements of Operations. This reclassification had no impact on previously reported total revenues.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions in the Company’s consolidated financial statements. These estimates are based on information available as of the date of the consolidated financial statements. Such management estimates and assumptions include, but are not limited to the determination of:
•the standalone selling price (“SSP”) of performance obligations for revenue contracts with multiple performance obligations;
•the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions.
Actual results could differ materially from these estimates.
Segment
The Company operates as a single operating segment and derives revenue primarily from fees earned from subscription-based arrangements for providing customers software in a cloud-based-infrastructure that the Company provides, and from the sale of on-premises term license agreements.
An operating segment is defined as a component of an entity for which discrete financial information is available and whose results of operations are regularly reviewed by the chief operating decision maker (“CODM”). Effective August 31, 2024. Scott Farquhar stepped down from his role as Co-CEO, at that time, Mike Cannon-Brookes became the sole CEO, and in conjunction with that change, became the sole CODM. The CODM manages the Company using consolidated financial information. Further, the Company offers a connected portfolio of apps that are built on a single Atlassian platform and data model. Accordingly, the Company has determined it operates as a single operating and reportable segment.
The CODM uses consolidated net loss to allocate resources, including headcount, and make business investment decisions during the Company’s budgeting process. The CODM also uses consolidated net loss to assess performance by comparing the consolidated results to forecasts. Significant segment expenses are organized by function and are presented on the Consolidated Statements of Operations. Other segment items
included in consolidated net loss are: other income and expense, net, interest income, interest expense and the provision for income taxes, which are reflected in the Consolidated Statements of Operations.
Foreign Currency
The Company’s consolidated financial statements are presented using the U.S. dollar, which is its reporting currency. The functional currency for certain of the Company’s foreign subsidiaries is the U.S. dollar, while others use local currencies. The Company translates the foreign functional currency financial statements to U.S. dollars for those entities that do not have the U.S. dollar as their functional currency using the exchange rates at the balance sheet date for assets and liabilities, the period average exchange rates for revenues and expenses, and the historical exchange rates for equity transactions. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income in the Consolidated Statements of Comprehensive Income (Loss). Foreign currency transaction gains and losses are included in other income (expense), net on the Consolidated Statements of Operations.
Revenue from Contracts with Customers
Policies, Estimates and Judgments
Revenues are generally recognized upon the transfer of control of promised products or services provided to customers, reflecting the amount of consideration the Company expects to receive for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of sales and other similar taxes collected from customers, which are subsequently remitted to governmental authorities.
Revenues are recognized upon the application of the following steps:
1.Identification of the contract or contracts with a customer;
2.Identification of the performance obligations in the contract;
3.Determination of the transaction price;
4.Allocation of the transaction price to the performance obligations in the contract; and
5.Recognition of revenue when, or as, the performance obligation is satisfied.
The timing of revenue recognition may differ from the timing of billing to its customers. The Company receives payments from customers based on a billing schedule as established in its contracts. Contract assets are recognized when performance is completed in advance of billings. Deferred revenue is recorded when billings are in advance of performance under the contract. The Company’s revenue arrangements include standard warranty provisions that the products and services will perform and operate in all material respects with the applicable published specifications, the financial impacts of which have historically been and are expected to continue to be insignificant. The Company’s contracts do not include a significant financing component.
Customer contracts often include promises to transfer multiple products and services to a customer.
The Company allocates the transaction price for each customer contract to each performance obligation based on the relative SSP for each distinct performance obligation. Judgment is required in determining the SSP for each distinct performance obligation. The Company typically determines an SSP range for its products and services, which is reassessed on a periodic basis or when facts and circumstances change. In most cases, the Company is able to determine SSP based on the observable prices of products or services sold separately. In instances where performance obligations do not have observable standalone sales, the Company utilizes available information that may include market conditions, pricing strategies, the life of the software, and other observable inputs to estimate the price that it would charge if the products and services were sold separately.
Recognition of Revenue
Revenue recognized from contracts with customers is disaggregated into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company reports revenues in two categories: (i) subscription, (ii) other. In addition, revenue is presented by geographic region and deployment option in Note 12, “Revenue.”
Subscription Revenues
Subscription revenues consist primarily of fees earned from subscription-based arrangements for providing customers the right to use the Company’s software in a cloud-based-infrastructure that the Company provides (“Cloud offerings”). The Company also sells on-premises term license agreements for its Data Center products (“Data Center offerings”), consisting of software licensed for a specified period and support and maintenance services that are bundled with the license for the term of the license period. Subscription revenues are driven primarily by the number and size of active licenses, the type of product and the price of the licenses. Subscription-based arrangements generally have a contractual term of one to twelve months. For Cloud offerings, subscription revenue is recognized ratably as services are delivered, commencing with the date the service is made available to customers. For Data Center offerings, the Company recognizes revenue upfront for the portion that relates to the delivery of the term license and the support revenue is recognized ratably as the services are delivered over the term of the arrangement. The revenue recognition policy is consistent for subscription sales generated directly with customers and sales generated indirectly through solution partners and resellers.
Other Revenues
Other revenues primarily include fees received for sales of third-party apps in the Atlassian Marketplace. Advisory services and training services are also included in other revenues. Revenue from the sale of third-party apps via the Atlassian Marketplace is recognized on the date of product delivery given that all of the Company’s obligations have been met at that time and on a net basis as the Company functions as the agent in the relationship. Revenue from advisory services is recognized over the time period that the customer has access to the service. Revenue from advisory and training is recognized over time as the services are performed. Maintenance revenue related to the Company’s Server offerings is immaterial after the Server end of support date and has been classified in other revenues within its Consolidated Statements of Operations for all periods presented.
Deferred Contract Acquisition Costs
Deferred contract acquisition costs are costs incurred to obtain a contract, if such costs are recoverable, and consist primarily of sales commissions and related payroll taxes. Incremental costs of obtaining a contract are earned on new and expansion contracts which are capitalized and amortized over the average period of benefit, which the Company estimates to be four years. The Company does not pay sales commissions upon contract renewal.
The Company determines the period of benefit for commissions paid for the acquisition of the customer contract by taking into consideration the initial estimated customer life, anticipated renewals, and the technological life of its software. The Company includes the deferred contract costs in prepaid expense and other current assets and other non-current assets on the Consolidated Balance Sheets and the amortization of deferred contract acquisition costs in marketing and sales expense on the Consolidated Statements of Operations.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. Cash equivalents also include amounts due from third-party credit card processors as they are both short-term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. Cash and cash equivalents are stated at fair value.
As of June 30, 2025 and 2024, the Company had restricted cash of $0.9 million and $1.2 million, respectively, primarily used for the benefit of employees through a deferred compensation plan, and such amounts were not available for use in the Company’s operations. Restricted cash is included in other non-current assets in the Consolidated Balance Sheets.
Accounts Receivable, net
The Company records trade accounts receivable at the invoice value, and such receivables are non-interest bearing. The Company considers receivables past due based on the contractual payment terms. The Company makes estimates of expected credit and collectability trends based on an assessment of various factors including historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment that may affect the Company’s ability to collect from customers. The allowance for credit losses and write offs were not material for each of the periods ended June 30, 2025, 2024 and 2023.
Fair Value Measurements
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories of inputs:
•Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
•Level 2 - Observable inputs (other than Level 1 prices) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or examination.

Marketable Securities
The Company classifies all marketable debt securities that have original stated maturities of greater than three months as marketable securities on its Consolidated Balance Sheets. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable debt securities as available-for-sale (“AFS”). After consideration of its risk versus reward objectives, as well as its liquidity requirements, the Company may sell these debt securities prior to their stated maturities. The Company considers all of its marketable securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as current assets on the Consolidated Balance Sheets.
The Company evaluates AFS securities with unrealized loss positions for credit loss by assessing whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors, whether the Company expects to recover the entire amortized cost basis of the security, its intent to sell and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. The Company carries these securities at fair value, and reports the unrealized gains and losses, net of taxes, as a component of accumulated other comprehensive income except for the changes in allowance for expected credit losses, which are recorded in other income (expense), net. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net on the Consolidated Statements of Operations.
Strategic Investments
The Company holds strategic investments in privately held debt and equity securities. Investments in privately held debt securities are classified as AFS securities. Investments in privately held equity securities without readily determinable fair values in which the Company does not own a controlling interest or have significant influence over are measured in accordance with the measurement alternative. In applying the measurement alternative, the carrying value of the investment is measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes from orderly transactions for the identical or a similar investment of the same issuer in the period of occurrence. Changes to the carrying value of these investments are recorded through other income (expense), net on the Consolidated Statements of Operations.
In determining adjustments to the carrying value of its strategic investments in privately held companies, the Company uses the most recent data available to the Company. Valuations of privately held securities are inherently complex and the determination of whether an orderly transaction is for an identical or similar investment requires judgment. In its evaluation, the Company considers factors such as differences in the rights and preferences of the investments and the extent to which those differences would affect the fair values of those investments. The Company’s impairment analysis encompasses an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, general market conditions, and liquidity considerations.
Equity Method Investments
Privately held equity securities in which the Company does not have a controlling financial interest but does exercise significant influence over the investment are accounted for under the equity method. The Company records a proportionate share of the investment’s earnings or losses, and impairment, if any, as a component of other income (expense), net in the Consolidated Statements of Operations. These investments are included in strategic investments in the Consolidated Balance Sheets.
For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of June 30, 2025, the Company has one investment in an unconsolidated VIE for which it exercises significant influence over their operations and accordingly accounts for it as an equity method investment.
Derivative Financial Instruments
The Company enters into foreign exchange forward contracts with the objective to mitigate certain currency risks associated with cost of revenues and operating expenses denominated in foreign currencies. These foreign exchange forward contracts are designated as cash flow hedges. The Company also enters into foreign exchange forward contracts to hedge a portion of certain foreign currency denominated as monetary assets and liabilities to reduce the risk that such foreign currency will be adversely affected by changes in exchange rates. The Company does not enter into derivative instrument transactions for trading or speculative purposes.
Hedging derivative instruments are recognized as either assets or liabilities and are measured at fair value. For derivative instruments designated as cash flow hedges, the gains (losses) on the derivatives are initially reported as a component of other comprehensive income and are subsequently recognized in earnings when the hedged exposure is recognized in earnings. For derivative instruments that are not designated as hedges, gains (losses) from changes in fair values are primarily recognized in other income (expense), net. The Company enters into master netting agreements with financial institutions to execute its hedging program. The master netting agreements are with select financial institutions to reduce the Company’s credit risk, as well as to reduce its concentration of risk with any single counterparty.
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method to allocate the cost over the estimated useful lives. The estimated useful lives for each asset class are as follows:
Equipment
3 years
Computer hardware and computer-related software
3 years
Furniture and fittings
5 years
Leasehold improvements
Shorter of the remaining lease term or 7 years
Leases
The Company determines if an arrangement is a lease at inception. The Company’s lease agreements generally contain lease and non-lease components. Payments under the Company’s lease arrangements are primarily fixed. Non-lease components primarily include payments for maintenance and utilities. The Company combines fixed payments for non-lease components with lease payments and accounts for them together as a single lease component, which increases the amount of its lease assets and liabilities.
Certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease assets and liabilities. These amounts include payments affected by the Consumer Price Index and payments for maintenance and utilities.
Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily
determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally uses the base, non-cancelable, lease term when determining the lease assets and liabilities. The Company reassesses the lease term if and when a significant event or change in circumstances occurs. Lease assets also include any prepaid lease payments and lease incentives. Operating lease expense (excluding variable lease costs) is recognized on a straight-line basis over the lease term.
The Company applies the short-term lease recognition exemption for short-term leases, which are leases with a lease term of 12 months or less. Payments associated with short-term leases are recognized on a straight-line basis over the lease term.
The Company did not have any finance lease arrangements for fiscal years 2025, 2024, and 2023.
Business Combinations
The Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. Assumptions used to estimate the fair value of the intangible assets include, but are not limited to, projected revenue growth, projected operating expenses, and technology migration curves. These estimates are inherently uncertain and subject to refinement and, as a result, actual results may differ from estimates.
During the measurement period, which may not be later than one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations.
Intangible Assets
The Company acquires intangible assets separately or in connection with business combinations. Intangible assets are measured at cost initially. Intangible assets with finite lives are amortized over their estimated useful life using the straight-line method. The amortization expense on intangible assets is recognized in the Consolidated Statements of Operations in the expense category consistent with the function of the intangible asset.
The estimated useful lives for each intangible asset class are as follows:
Patents, trademarks, and other rights
5 - 12 years
Customer relationships
5 - 10 years
Acquired developed technology
4 - 7 years
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. When the projected undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts, the assets are adjusted to their estimated fair value and an impairment loss is recorded as a component of operating income (expense).
Goodwill
Goodwill is the excess of the aggregate of the consideration transferred over the identifiable assets acquired and liabilities assumed.
Goodwill is tested for impairment at least annually during the fourth quarter of the Company’s fiscal year and more often if and when circumstances indicate that the carrying value may be impaired. The Company’s reporting unit is at the operating segment level. The Company performs its goodwill impairment test at the level of its
operating segment, as there are no levels below the operating segment level for which discrete financial information is prepared and regularly reviewed by the Company’s CODM. A qualitative assessment is performed to determine whether it is more likely than not that the fair value of its operating segment is less than its carrying amount. If the operating segment does not pass the qualitative assessment, the carrying amount of the operating segment, including goodwill, is compared to fair value and goodwill is considered impaired if the carrying value exceeds its fair value. Any excess is recognized as an impairment loss in the current period earnings.
Stock-based Compensation
The Company recognizes compensation expense related to all stock-based awards, including restricted stock units (“RSU”) and restricted stock awards (“RSA”) issued to the Company’s employees in exchange for their service, based on the estimated fair value of the awards on the grant date. The fair value of each RSU or RSA is based on the fair value of the Company’s Class A Common Stock on the date of grant.
The Company recognizes costs related to stock-based awards, net of estimated forfeitures, over the awards’ requisite service period on a straight-line basis, which is generally four years. The Company estimates forfeitures based on historical experience. The respective expenses are recognized as employee benefits and classified in the Consolidated Statements of Operations according to the activities that the employees perform.
Defined Contribution Plan
The Company offers various defined contribution plans for its U.S. and non-U.S. employees. The Company matches a portion of employee contributions each pay period, subject to maximum aggregate matching amounts, or contributes based on local legislative rates for eligible employees. Total defined contribution plan expense was $114.5 million, $96.3 million, and $78.2 million for fiscal years 2025, 2024, and 2023, respectively.
Advertising Costs
Advertising costs are expensed as incurred as a component of marketing and sales expense in the Consolidated Statements of Operations. Advertising expense was $153.1 million, $100.2 million, and $89.5 million for fiscal years 2025, 2024, and 2023, respectively.
Research and Development
Research and development costs are expensed as incurred and consist of the employee, software, and hardware costs incurred for the development of new apps, AI agents and products, enhancements and updates of existing offerings and quality assurance activities. The costs incurred for the development of the Company’s cloud-based platform and internal use software are evaluated for capitalization during the development phase. Capitalized software development costs on the Company’s Consolidated Balance Sheet were not material for the periods presented.
Concentration of Credit Risk and Significant Customers
Financial instruments potentially exposing the Company to credit risk consist primarily of cash, cash equivalents, accounts receivable, derivative contracts and investments. The Company holds cash at financial institutions that management believes are high credit, quality financial institutions and invests in investment grade securities rated A- and above and debt securities. The Company’s derivative contracts expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company enters into master netting agreements with select financial institutions to reduce its credit risk and trades with several counterparties to reduce its concentration risk with any single counterparty. The Company does not have significant exposure to counterparty credit risk at this time. In addition, the Company does not require nor is required to post collateral of any kind related to any foreign currency derivatives.
Credit risk arising from accounts receivable is mitigated to a certain extent due to the Company’s large number of customers and their dispersion across various industries and geographies. The Company’s customer base is highly diversified, thereby limiting credit risk. The Company manages credit risk with customers by closely monitoring its receivables and contract assets. The Company continuously monitors outstanding receivables locally to assess whether there is objective evidence that outstanding accounts receivables and contract assets are credit-impaired. As of June 30, 2025 and June 30, 2024, no customer represented more than 10% of the total accounts receivable balance. For fiscal years ended June 30, 2025, 2024, and 2023, no customer represented more than 10% of the total revenues.
Income Taxes
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates within the provision for income taxes as expense and income in the period that includes the enactment date. The Company accounts for the tax impact of including Global Intangible Low-Taxed Income in U.S. taxable income as a period cost. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.
Changes in deferred tax assets or liabilities are recognized as a component of benefit from (provision for) income taxes in the Consolidated Statements of Operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Deferred tax assets are regularly evaluated for future realization and reduced by a valuation allowance to an amount for which realization is more likely than not. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future taxable income, tax planning strategies, carry back potential if permitted under the tax law, and results of recent operations. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the amount of future taxable income, together with future tax-planning strategies. Assumptions about the generation of future taxable income depend on management’s estimates of future cash flows, future business expectations, capital expenditures, dividends, and other capital management transactions. Management judgment is also required in relation to the application of income tax legislation, which involves complexity and an element of uncertainty. In the event there is a change in the Company’s assessment of its ability to recover deferred tax assets, the income tax provision would be adjusted accordingly, resulting in a corresponding adjustment to the Consolidated Statements of Operations.
Uncertain tax positions are recorded in accordance with Accounting Standards Codification Topic 740 Income Taxes (“ASC 740”), Income Taxes. ASC 740 specifies a two-step process in which (1) the Company determines whether it’s more likely than not that tax positions will be sustained on the basis of the technical merits of the position, and (2) for those positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with the related tax authority. The Company considers many factors when evaluating uncertain tax positions, which involve significant judgment and may require periodic reassessment. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. For details of taxation, please refer to Note 16, “Income Taxes.”
New Accounting Standards Not Yet Adopted in Fiscal Year 2025
In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance and does not expect it to have a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” This ASU requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities,” which amends ASC 326-20 to provide a practical expedient and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. This ASU is effective for fiscal years beginning after December 15, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted and requires retrospective application to all prior periods. The Company adopted ASU 2023-07 for the year ended June 30, 2025. The adoption of the standard did not result in significant change to the Company’s consolidated financial statement disclosures. Refer to the Segment section of Note 2, “Summary of Significant Accounting Policies” for further information.
v3.25.2
Fair Value Measurements
 12 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, by level within the fair value hierarchy (in thousands):
Level 1Level 2Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds$1,774,138 $— $1,774,138 
Corporate debt securities— 382 382 
Marketable securities:
U.S. treasury securities— 176,661 176,661 
Agency securities— 3,216 3,216 
Certificates of deposit and time deposits— 10,000 10,000 
Commercial paper— 19,697 19,697 
Corporate debt securities— 214,694 214,694 
Derivative financial instruments— 23,234 23,234 
Total assets measured at fair value$1,774,138 $447,884 $2,222,022 
Liabilities measured at fair value
Derivative financial instruments$— $2,445 $2,445 
Total liabilities measured at fair value$— $2,445 $2,445 
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024, by level within the fair value hierarchy (in thousands):
Level 1Level 2Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds$1,563,234 $— $1,563,234 
Marketable securities:
U.S. treasury securities— 52,517 52,517 
Agency securities— 3,199 3,199 
Certificates of deposit and time deposits— 10,000 10,000 
Commercial paper— 20,010 20,010 
Corporate debt securities— 76,247 76,247 
Derivative financial instruments— 9,292 9,292 
Total assets measured at fair value$1,563,234 $171,265 $1,734,499 
Liabilities measured at fair value
Derivative financial instruments$— $1,701 $1,701 
Total liabilities measured at fair value$— $1,701 $1,701 
Due to the short-term nature of accounts receivables, net, contract assets, accounts payable, accrued expenses, and other current liabilities, their carrying amount is assumed to approximate their fair value.
Determination of Fair Value
The Company uses quoted prices in active markets for identical assets to determine the fair value of the Company’s Level 1 investments. The fair value of the Company’s Level 2 investments is determined based on quoted market prices or alternative market observable inputs.
Strategic Investments Measured and Recorded at Fair Value on a Non-Recurring Basis
The Company’s investments in privately held companies are not included in the tables above and are discussed in Note 4, “Investments.” The carrying value of the Company’s privately held equity securities are adjusted on a non-recurring basis upon observable price changes in orderly transactions for identical or similar investments of the same issuer, or impairment (referred to as the measurement alternative). Privately held equity securities that have been remeasured during the period based on observable price changes in orderly transactions are classified within Level 2 or Level 3 in the fair value hierarchy because the Company estimates the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights and preferences of the investments, and obligations of the securities the Company holds. The fair value of privately held equity securities that have been remeasured due to impairment are classified within Level 3. The Company’s privately held debt and equity securities amounted to $168.8 million and $148.7 million as of June 30, 2025 and June 30, 2024, respectively.
v3.25.2
Investments
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments
4. Investments
Marketable Securities
The Company’s investments of marketable securities as of June 30, 2025, consisted of the following (in thousands):
 Amortized CostUnrealized GainsUnrealized LossesFair Value
Marketable securities
U.S. treasury securities$176,338 $388 $(65)$176,661 
Agency securities3,197 19 — $3,216 
Certificates of deposit and time deposits10,000 — — $10,000 
Commercial paper19,697 — — $19,697 
Corporate debt securities214,190 527 (23)$214,694 
Total marketable securities$423,422 $934 $(88)$424,268 
The Company’s investments of marketable securities as of June 30, 2024, consisted of the following (in thousands):
 Amortized CostUnrealized GainsUnrealized LossesFair Value
Marketable debt securities
U.S. treasury securities$52,570 $30 $(83)$52,517 
Agency securities3,194 5 — 3,199 
Certificates of deposit and time deposits10,000 — — 10,000 
Commercial paper20,010 — — 20,010 
Corporate debt securities76,386 7 (146)76,247 
Total marketable securities$162,160 $42 $(229)$161,973 
The table below summarizes the Company’s marketable securities by remaining contractual maturity (in thousands):
June 30, 2025June 30, 2024
Due in one year or less$271,923 $101,543 
Due in one year through five years152,345 60,430 
Total marketable debt investments$424,268 $161,973 
The Company regularly reviews the changes to the rating of its marketable securities by rating agencies and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of June 30, 2025 and 2024, unrealized losses and the related risk of expected credit losses were not material.
Strategic Investments

Carrying value of privately held debt securities

The Company’s investments of privately held debt securities as of June 30, 2025, consisted of the following (in thousands):
Amortized CostUnrealized GainsUnrealized LossesFair Value
Privately held debt securities$7,780 $— $(3,350)$4,430 
The Company’s investments of privately held debt securities as of June 30, 2024, consisted of the following (in thousands):
Amortized CostUnrealized GainsUnrealized LossesFair Value
Privately held debt securities$6,800 $— $(3,350)$3,450 
Carrying value of privately held equity securities
Privately held equity securities are measured using the measurement alternative. The carrying value is measured as the total initial cost plus the cumulative net gain (loss).
The carrying values of privately held equity securities as of June 30, 2025 are summarized below (in thousands):
Privately held equity securities
Initial total cost$166,302 
Cumulative net losses(1,909)
Carrying value$164,393 
Privately held equity securities’ cumulative net losses were comprised of downward adjustments and impairment of $8.5 million and upward adjustments of $6.6 million as of June 30, 2025.
The carrying values of privately held equity securities as of June 30, 2024 are summarized below (in thousands):
Privately held equity securities
Initial total cost$147,752 
Cumulative net losses(2,491)
Carrying value$145,261 
Privately held equity securities’ cumulative net losses were comprised of downward adjustments and impairment of $7.5 million and upward adjustments of $5.0 million as of June 30, 2024.
Gains and Losses on Strategic Investments
The components of gains and losses on strategic investments were as follows (in thousands):
Fiscal Year Ended June 30,
202520242023
Unrealized losses recognized on publicly traded equity securities$— $— $(11,437)
Unrealized gains recognized on privately held equity securities1,549 2,084 307 
Unrealized losses recognized on privately held equity securities including impairment(967)(1,628)(7,642)
Unrealized losses on privately held debt securities— (500)(350)
Unrealized gains (losses), net$582 $(44)$(19,122)
Realized gains recognized on publicly traded equity securities— 515 — 
Realized losses recognized on privately held equity securities(3,142)(2,546)— 
Realized losses on privately held debt securities— — (285)
Losses on strategic investments, net$(2,560)$(2,075)$(19,407)
Unrealized gains (losses) recognized during the reporting period on privately held equity securities still held at the reporting date$582 $456 $(6,986)
Unrealized gains recognized on privately held equity securities include upward adjustments from equity securities accounted for under the measurement alternative, while unrealized losses recognized on privately held equity securities includes downward adjustments and impairment.
Realized gains on sales of securities, net, reflect the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.
Equity Method Investment
Vertical First Trust (“VFT”) was established for the construction project associated with the Company’s new global headquarters in Sydney, Australia (the “Australian HQ Property”). In fiscal year 2023, the Company completed a non-cash sale of the controlling interest of VFT to a third-party buyer as part of the contemplated transactions for the buyer to invest in and develop the Australian HQ Property. As of the date of sale, the Company used a discounted cash flow model to calculate the fair value of its retained equity interest. The fair value of the retained interest at the date of sale was $88.9 million, and is classified as a Level 3 investment in the fair value hierarchy. The inputs to the valuation included observable inputs, including capitalization rate, discount rate, and other management inputs, including the underlying building’s practical completion date. The maximum exposure to loss related to the Company’s investment in VFT equals the Company’s capital investment.
The Company retained a minority equity interest of 13% in the form of ordinary units in VFT and has significant influence in VFT. The Company’s interest in VFT is accounted for using the equity method in the consolidated financial statements. Under the equity method, the Company records its proportionate share of VFT’s earnings or losses.
The following table sets forth the carrying amounts of the equity method investment and the movements during fiscal years 2024 and 2025 (in thousands):
Equity Method Investment
Balance as of June 30, 2023$85,436 
Share of losses(11,262)
Effect of change in exchange rates336 
Balance as of June 30, 2024$74,510 
Share of losses
(20,433)
Effect of change in exchange rates(958)
Balance as of June 30, 2025$53,119 
The carrying amount of the Company’s investment in VFT was reported within strategic investments in the Company’s Consolidated Balance Sheets.
v3.25.2
Derivative Contracts
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Contracts
5. Derivative Contracts
The Company has derivative instruments that are used for hedging activities as discussed below.
The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of June 30, 2025 (in thousands):
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
Forward contracts$1,064,280 $79,858$1,144,138$765,613$378,525 $1,144,138
The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of June 30, 2024 (in thousands):
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
Forward contracts$837,182 $71,701$908,883$651,303$257,580 $908,883
During fiscal year 2024, the Company settled its then existing interest rate swap contracts prior to their stated termination dates as a result of the repayment of the Term Loan (defined in Note 10, “Debt.”) and received cash proceeds of $37.7 million from the counterparties. The cash proceeds are reported within net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows in fiscal year 2024. Gains resulting from the early termination of interest rate swap contracts were deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap contracts.
The fair value of the Company’s derivative instruments were as follows (in thousands):
As of June 30,
Balance Sheet Location20252024
Derivative assets
Derivatives designated as hedging instruments:
Foreign exchange forward contractsPrepaid expenses and other current assets$16,210 $8,255 
Foreign exchange forward contractsOther non-current assets3,715 867 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsPrepaid expenses and other current assets3,309 170 
Total derivative assets$23,234 $9,292 
Derivative liabilities
Derivatives designated as hedging instruments:
Foreign exchange forward contractsAccrued expenses and other current liabilities$2,409 $1,197 
Foreign exchange forward contractsOther non-current liabilities— 7 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsAccrued expenses and other current liabilities36 497 
Total derivative liabilities$2,445 $1,701 
The pre-tax effects of derivatives designated as cash flow hedging instruments on the consolidated financial statements were as follows (in thousands):
Fiscal Year Ended June 30,
202520242023
Beginning balance of accumulated gains (losses) in accumulated other comprehensive income$41,424 $48,170 $24,502 
Gross unrealized gains (losses) recognized in other comprehensive income (loss)(1,897)10,826 17,952 
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss:
Recognized in cost of revenues1,447 1,072 1,831 
Recognized in research and development7,194 7,718 16,890 
Recognized in marketing and sales1,027 1,264 1,337 
Recognized in general and administrative1,828 2,320 5,563 
Recognized in interest(26,344)(29,946)(19,905)
Ending balance of accumulated gains in accumulated other comprehensive income (loss)$24,679 $41,424 $48,170 
v3.25.2
Property and Equipment
 12 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment
6. Property and Equipment
Property and equipment, net consisted of the following (in thousands):
As of June 30,
20252024
Equipment$15,008 $11,200 
Computer hardware and software58,559 40,824 
Furniture and fittings25,217 25,172 
Leasehold improvements and other154,113 129,575 
Property and equipment, gross252,897 206,771 
Less: accumulated depreciation(147,779)(120,456)
Property and equipment, net$105,118 $86,315 
Depreciation expense was $36.9 million, $29.0 million, and $27.8 million for fiscal years 2025, 2024, and 2023, respectively. During fiscal year 2023, the Company recorded an $8.4 million impairment charge to leasehold improvements as a result of the Company’s restructuring efforts, this charge is shown as a reduction of the gross cost.
v3.25.2
Goodwill and Intangible Assets
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
7. Goodwill and Intangible Assets
Goodwill
Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized but rather tested for impairment at least annually during the fourth quarter, or when indicators of impairment exist.
Goodwill consisted of the following (in thousands):
 Goodwill
Balance as of June 30, 2023$727,211 
Additions561,372 
Effect of change in exchange rates173 
Balance as of June 30, 20241,288,756 
Additions14,022 
Effect of change in exchange rates1,667 
Balance as of June 30, 2025$1,304,445 
During fiscal year 2025, the Company completed two acquisitions to expand the Company’s product and service offerings. These transactions were accounted for as business combinations and were not material individually or collectively to the consolidated financial statements.
Intangible Assets
Intangible assets consisted of the following as of June 30, 2025 (in thousands):
Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$466,932 $(278,525)$188,407 
Patents, trade names, and other rights70,928 (37,337)33,591 
Customer relationships135,687 (112,845)22,842 
Total Intangible Assets$673,547 $(428,707)$244,840 
Intangible assets consisted of the following as of June 30, 2024 (in thousands):
Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$469,752 $(242,137)$227,615 
Patents, trade names, and other rights70,928 (31,427)39,501 
Customer relationships135,687 (103,746)31,941 
Total Intangible Assets$676,367 $(377,310)$299,057 
The weighted-average remaining useful lives of the Company’s acquired intangible assets as of June 30, 2025 are as follows:
Weighted-Average Remaining Useful Lives (Years)
Acquired developed technology5
Patents, trade names, and other rights6
Customer relationships3
Amortization expense for intangible assets was approximately $55.5 million, $49.7 million, and $33.1 million for fiscal years 2025, 2024, and 2023, respectively.
The following table presents the estimated future amortization expense related to intangible assets held as of June 30, 2025 (in thousands):
Fiscal Years:
2026$53,030 
202747,861 
202845,634 
202940,128 
203037,708 
Thereafter20,479 
Total future amortization expense$244,840 
v3.25.2
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Accrued Expenses and Other Current Liabilities
8. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
As of June 30,
 20252024
Accrued expenses$180,197 $149,046 
Employee benefits422,986 332,518 
Tax liabilities36,726 55,203 
Customer deposits16,396 19,279 
Other payables25,296 21,313 
Total accrued expenses and other current liabilities$681,601 $577,359 
v3.25.2
Leases
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
9. Leases
The Company rents office space and equipment under non-cancelable operating leases with various expiration dates through fiscal year 2034. Certain lease agreements include varying terms, escalation clauses and renewal rights. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.
The components of lease costs and other information related to leases were as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Operating lease costs
$43,720 $41,426 $50,134 
Variable lease costs14,781 11,908 13,094 
Total lease costs$58,501 $53,334 $63,228 
Weighted average remaining lease term (in years)567
Weighted average discount rate3.1 %2.9 %2.5 %

Supplemental cash flow information related to operating leases were as follows (in thousands):
Fiscal Year Ended June 30,
 202520242023
Cash payments for operating leases$52,981 $49,803 $41,493 
Right-of-use assets obtained in exchange for new operating lease liabilities$34,717 $23,265 $3,580 
Future lease payments under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of June 30, 2025 were as follows (in thousands):
Fiscal years:Operating Lease Payments
2026$57,056 
202757,224 
202856,667 
202946,237 
203016,188 
Thereafter38,743 
Total future operating lease payments272,115 
Less: imputed interest(20,468)
Total lease liability balance$251,647 
During fiscal year 2023, in addition to operating lease costs disclosed above, the Company recorded an impairment charge of $52.7 million in aggregate for operating lease right-of-use assets as part of the Company’s lease consolidation efforts.
The Company entered into an Agreement for Lease (the “AFL”) for the Australian HQ Property in March 2022. Following the completion of the development of the Australian HQ Property, the AFL requires the Company to enter into a lease agreement for the planned headquarters office space. The lease is expected to commence in fiscal year 2027 and will continue for fifteen years, with the Company’s option to extend the term for up to two additional ten-year periods. Future lease payments are approximately $912.3 million as of June 30, 2025, for the initial term of fifteen years. Please refer to Note 4, “Investments,” for details of the transaction.
v3.25.2
Debt
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt
10. Debt
Credit Facility
In August 2024, the Company’s principal U.S. operating subsidiary, Atlassian US, Inc., entered into an amended and restated credit agreement (the “2024 Credit Agreement”) which eliminated a term loan facility and provides for a $750 million senior unsecured revolving credit facility (the “2024 Credit Facility”). The 2024 Credit Agreement replaced the Company’s prior credit agreement entered into in October 2020 (“2020 Credit Agreement”) which provided for a $1 billion senior unsecured delayed-draw term loan facility (the “Term Loan”) and a $500 million senior unsecured revolving credit facility.
The 2024 Credit Facility bears interest, at the Company’s option, at a base rate or the Secured Overnight Financing Rate, plus, in each case, a spread of 0.875% to 1.50% per annum. In each case, the applicable margin will be determined by the consolidated leverage ratio of the Company and its subsidiaries, or, following the Company’s one time option, the Company’s credit rating. The Company may repay outstanding loans under the 2024 Credit Facility at any time, without premium or penalty, and the Company has the option to request an increase of $250 million in certain circumstances. The 2024 Credit Facility matures in August 2029. As of June 30, 2025, there were no borrowings under the 2024 Credit Facility.
The Company is also obligated to pay a commitment fee on the undrawn amounts of the 2024 Credit Facility at an annual rate ranging from 0.075% to 0.20%, determined by the Company’s consolidated leverage ratio, or, following the Company’s one time option, the Company’s credit rating.
The 2024 Credit Facility requires compliance with various financial and non-financial covenants, including affirmative and negative covenants. The financial covenants include a maximum consolidated leverage ratio of 3.5x, which increases to 4.5x during the period of four fiscal quarters immediately following a material acquisition. As of June 30, 2025, the Company was in compliance with all covenants associated with the 2024 Credit Facility.
Senior Notes
On May 15, 2024, the Company issued $500.0 million aggregate principal amount of 5.250% senior notes due 2029 (the “2029 Notes”) and $500.0 million aggregate principal amount of 5.500% senior notes due 2034 (the “2034 Notes,” and together with the 2029 Notes, the “Notes”). The Notes will mature on May 15, 2029, and May 15, 2034, respectively. The 2029 Notes bear interest at a rate of 5.250% per year. The 2034 Notes bear interest at a rate of 5.500% per year. Interest on the Notes is paid semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2024.
The Notes are senior unsecured obligations of the Company. The Company may redeem either series of the Notes, in whole or in part, at any time or from time to time at the applicable redemption price. Upon the occurrence of a change of control event, the Company will be required to make an offer to repurchase all outstanding notes from their holders at a price equal to 101% of their principal amount thereof, plus accrued and unpaid interest to, but not including, the date of repurchase. The indenture governing the Notes also includes covenants (including certain limited covenants restricting the Company’s ability to incur certain liens and enter into certain sale and leaseback transactions), events of default, and other customary provisions. As of June 30, 2025, the Company was in compliance with all covenants associated with the Notes.
The Company incurred debt discount and issuance costs of approximately $14.3 million in connection with the Notes offering, which were allocated on a pro rata basis to the 2029 Notes and 2034 Notes. The debt discount and issuance costs are amortized on an effective interest rate method to interest expense over the contractual term of the Notes. The proceeds from this offering, net of debt discounts and issuance costs, was $985.7 million. The net proceeds were used primarily to repay the Term Loan.
The carrying values of the Notes were as follows (in thousands, except percentage data):
InstrumentExpected Remaining Term (years)Contractual Interest RateEffective Interest RateJune 30, 2025June 30, 2024
2029 Notes3.95.25 %5.55 %$500,000 $500,000 
2034 Notes8.95.50 %5.71 %500,000 500,000 
Unamortized debt discount and issuance costs(12,316)(14,089)
Long-term debt$987,684 $985,911 
As of June 30, 2025, the total estimated fair value of the Notes was approximately $1.0 billion. The estimated fair value of the Notes, which the Company deems Level 2 financial instruments, was determined based on quoted bid prices in an over-the-counter market on the last trading day of the reporting period.
v3.25.2
Commitment and Contingencies
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11. Commitments and Contingencies
Noncancellable Purchase Obligations
The Company has contractual commitments for services with third-parties related to its cloud services platform, marketing related contracts and other services. These commitments are non-cancellable and expire within two to seven years. There were no material contractual commitments that were entered into during fiscal year 2025 that were outside the ordinary course of business.
The following table sets forth contractual commitments as of June 30, 2025 and 2024 (in thousands):

Fiscal Year Ended June 30,
20252024
Contractual purchase obligations$1,814,106 $1,415,724 
Obligations for leases that have not yet commenced912,344 964,825 
Total purchase obligation$2,726,450 $2,380,549 
Maturities of purchase obligations as of June 30, 2025 were as follows (in thousands):
 Other contractual
commitments		Leases not commencedTotal
Fiscal Years: 
2026$473,895 $— $473,895 
2027516,731 26,579 543,310 
2028219,147 46,627 265,774 
202979,333 48,492 127,825 
2030140,000 50,431 190,431 
Thereafter385,000 740,215 1,125,215 
Total commitments$1,814,106 $912,344 $2,726,450 
Please refer to Note 9, “Leases,” for discussion of lease commitments that the Company has entered but the leases have not yet commenced.
Legal Proceedings
From time to time, the Company is party to litigation and other legal proceedings in the ordinary course of business. While the Company does not believe the ultimate resolutions of these pending legal matters are likely to have a material adverse effect on the Company’s financial position, the results of any litigation or other legal proceedings are uncertain and as such the resolution of such legal proceedings, either individually or in the aggregate, could have a material adverse effect on its business, results of operations, financial condition or cash flows. The Company accrues for loss contingencies when it is both probable that it will incur the loss and when it can reasonably estimate the amount of the loss or range of loss. For the periods presented, the Company has not recorded any liabilities as a result of the litigation or other legal proceedings in the consolidated financial statements.
Indemnification Provisions
The Company’s agreements include provisions indemnifying customers against intellectual property and other third-party claims. In addition, the Company has entered into indemnification agreements with its directors, executive officers, and certain other officers that will require the Company to, among other things, indemnify these individuals for certain liabilities that may arise as a result of their affiliation with the Company. For the periods presented, the Company has not incurred any costs as a result of such indemnification obligations and has not recorded any liabilities related to such obligations in the consolidated financial statements.
v3.25.2
Revenue
 12 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
12. Revenue
Remaining Performance Obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenue in future periods. Transaction price allocated to the remaining performance obligations is influenced by several factors, including the timing of renewals, the timing of delivery of software licenses, average contract terms, and foreign currency exchange rates. Unbilled portions of the remaining performance obligations are subject to future economic, risks including bankruptcies, regulatory changes, and other market factors.
As of June 30, 2025, approximately $3.3 billion of revenue is expected to be recognized from transaction price allocated to remaining performance obligations. The Company expects to recognize revenue on approximately 74% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter.
Disaggregated Revenue
The Company’s revenues by geographic region based on end-users who purchased the Company’s offerings are as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Americas
United States$2,182,073 $1,847,194 $1,537,328 
Other Americas334,828 278,240 227,838 
Total Americas2,516,901 2,125,434 1,765,166 
EMEA
Germany539,550 442,063 330,046 
Other EMEA1,584,421 1,308,847 1,036,693 
Total EMEA2,123,971 1,750,910 1,366,739 
Asia Pacific574,432 482,259 402,742 
Total revenues$5,215,304 $4,358,603 $3,534,647 
The Company provides different deployment options for its offerings. Cloud offerings provide customers the right to use the Company’s software in a cloud-based infrastructure that the Company provides. Data Center offerings are on-premises term license agreements for the Company’s Data Center products, which are software licensed for a specified period, and include support and maintenance services that are bundled with the license for the term of the license period. Marketplace and other offerings mainly include fees received for sales of third-party apps in the Atlassian Marketplace and services like premier support, advisory services, and training services. Premier support consists of subscription-based arrangements for a higher level of support across different deployment options, and revenues from this offering are included in Subscription revenues within the Company’s Consolidated Statements of Operations.
The revenues from Server offerings consists of revenue from maintenance services since the Company no longer sells perpetual licenses for its Server offerings. The Company generally ended maintenance and support for these Server offerings in February 2024.
The Company’s revenues by deployment options are as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Cloud$3,447,427 $2,698,899 $2,085,498 
Data Center1,467,167 1,208,498 819,251 
Server— 177,645 400,519 
Marketplace and other300,710 273,561 229,379 
Total revenues$5,215,304 $4,358,603 $3,534,647 
Deferred Revenue
The Company records deferred revenues when cash payments are received or due in advance of the Company satisfying its performance obligations, including amounts that are refundable. The changes in the deferred revenue are as follows (in thousands):
Fiscal Year Ended June 30,
20252024
Balance, beginning of period$2,114,736 $1,545,479 
Additions5,581,822 4,927,860 
Revenue(5,215,304)(4,358,603)
Balance, end of period$2,481,254 $2,114,736 
For fiscal years 2025 and 2024, approximately 34% and 31% of revenue recognized was from the deferred revenue balances at the beginning of each fiscal year, respectively.
Deferred Contract Acquisition Costs
The changes in the balances of deferred contract acquisition costs are as follows (in thousands):
Fiscal Year Ended June 30,
20252024
Balance, beginning of period$79,711 $53,604 
Additions96,869 51,326 
Amortization expense(40,240)(25,219)
Balance, end of period$136,340 $79,711 
Deferred contract acquisition costs included in:
Prepaid expenses and other current assets$50,233 $29,170 
Other non-current assets86,107 50,541 
Total$136,340 $79,711 
The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented.
v3.25.2
Geographic Information
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Geographic Information
13. Geographic Information
The Company’s long-lived assets by geographic regions are as follows (in thousands):
As of June 30,
20252024
United States$168,841 $189,468 
Australia54,073 47,082 
India34,909 6,522 
All other countries 16,422 15,712 
Total long-lived assets$274,245 $258,784 
Long-lived assets for this purpose consist of property and equipment and operating lease right-of-use assets.
v3.25.2
Stockholder's Equity
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity
14. Stockholders' Equity
Common Stock
As of June 30, 2025, the Company’s common stock consists of Class A Common Stock and Class B Common Stock, each of which has a par value of $0.00001. Each share of Class B Common Stock will convert automatically into one share of Class A Common Stock in the following circumstances: (1) upon the written consent of the holders
of at least 66.66% of the total number of outstanding shares of Class B Common Stock; (2) if the aggregate number of shares of Class B Common Stock then outstanding comprises less than ten percent (10%) of the total number of shares of Class A Common Stock and Class B Common Stock then outstanding; and (3) upon any transfer to a person that is not a permitted transferee described in the Company’s amended and restated certificate of incorporation.
Any dividend declared by the Company must be paid on the Class A Common Stock and the Class B Common Stock pari passu as if they were all stock of the same class. Additionally, upon the liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, holders of Class A Common Stock and Class B Common Stock will be entitled to receive ratably on a per share basis all assets of the Company available for distribution to its stockholders, unless disparate or different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A Common Stock and by the affirmative vote of the holders of a majority of the outstanding shares of Class B Common Stock, each voting separately as a class.
Each share of Class A Common Stock is entitled to one vote. Each share of Class B Common Stock is entitled to 10 votes.
Preferred Stock
The Company’s board of directors has the authority to issue up to 10 million shares of preferred stock in one or more series. The Company’s board of directors may designate the rights, preferences, privileges, and restrictions of the preferred stock, including voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences, the right to elect directors to and increase or decrease the number of shares of any series. As of June 30, 2025 and 2024, no shares of preferred stock were outstanding.
Stock-based Compensation
The Company maintains the Atlassian Corporation Amended and Restated 2015 Share Incentive Plan (the “2015 Plan”), and the Atlassian Corporation Amended and Restated 2015 Employee Share Purchase Plan (the “ESPP” and, together with the 2015 Plan, the “Incentive Plans”). At June 30, 2025, the Company had 28,121,651 shares of its common stock available for future issuance under the 2015 Plan. The Company currently does not have common stock outstanding or open offering periods under the ESPP.
RSU grants generally vest evenly over four years on a quarterly basis. Prior to April 2021 for existing employees and September 2023 for new employees, RSU grants generally vested over four years with 25% vesting on the one year anniversary of the grant date and 1/12th of the remaining RSUs vesting on a quarterly basis over the remaining three years.
A summary of RSU activity for fiscal year 2025 is as follows (in thousands except share and per share data):
Number of SharesWeighted Average Grant Date Fair ValueAggregate Intrinsic Value
Balance as of June 30, 202412,696,964 $213.13 $2,245,839 
Granted12,579,661 179.10 — 
Vested(6,400,145)207.38 $1,537,447 
Forfeited or cancelled(2,298,460)195.96 — 
Balance as of June 30, 202516,578,020 $190.98 $3,366,830 
The weighted-average grant date fair value of RSUs granted in fiscal years 2024 and 2023 was $199.66 and $221.87, respectively. The total intrinsic value of the RSUs vested in fiscal years 2024 and 2023 was $950.3 million and $617.0 million, respectively. The income tax benefit recognized related to awards vested in fiscal years 2025, 2024 and 2023 was $335.1 million, $218.7 million, and $156.5 million, respectively. As of June 30, 2025, total compensation cost not yet recognized in the consolidated financial statements related to employee and director RSU awards was $2.4 billion, which is expected to be recognized over a weighted-average period of 2.6 years.
During fiscal year 2025, the Company did not grant any RSAs. During fiscal year 2024, the Company granted RSAs for 301,751 shares of Class A Common Stock in connection with a business combination. As of June 30, 2025 and 2024, there were RSAs for 90,083 and 156,856 shares of Class A Common Stock outstanding, respectively. These outstanding RSAs are subject to forfeiture or repurchase at the original exercise price during the repurchase period following employee termination, as applicable. The total aggregate intrinsic value of outstanding RSAs was $18.3 million and $27.7 million as of June 30, 2025 and 2024, respectively.
Of the total stock-based compensation expense, costs recognized for awards granted to non-employees were immaterial for all periods presented.
Share Repurchase Program
In January 2023, the Board of Directors authorized a program to repurchase up to $1.0 billion of the Company’s outstanding Class A Common Stock (the “2023 Repurchase Program”).
In September 2024, the Board of Directors authorized a new program under which the Company may repurchase up to an additional $1.5 billion of the Company’s outstanding Class A Common Stock (the “2024 Repurchase Program” and, together with the 2023 Repurchase Program, the “Repurchase Programs”). The 2024 Repurchase Program commenced in April 2025 following the completion of the 2023 Repurchase Program.
The 2024 Repurchase Program does not have a fixed expiration date, may be suspended or discontinued at any time, and does not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares. The Company may repurchase shares of Class A Common Stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion and will depend on a variety of factors, including business, economic, and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations.
During fiscal year 2025, the Company repurchased and subsequently retired approximately 4.0 million shares of its Class A Common Stock for approximately $780.7 million at an average price per share of $196.02. All repurchases were made in open market transactions. As of June 30, 2025, $1.2 billion of the Company’s Class A Common Stock remained available for repurchase under the 2024 Repurchase Program.
v3.25.2
Net Loss Per Share
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share
15. Net Loss Per Share
The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. As the liquidation and dividend rights for both Class A and Class B Common Stock are identical, the net loss is allocated on a proportionate basis to the weighted-average number of shares of common stock outstanding for the period. Basic net loss per share attributable to Class A and Class B stockholders is computed by dividing the net loss by the weighted-average number of Class A and Class B Common Stock outstanding during the period.
For the calculation of diluted net loss per share, net loss for basic EPS is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. The dilutive potential shares of common stock are computed using the treasury stock method or the as-if converted method, as applicable. Since the Company is in a loss position for all periods reported, basic and diluted net loss per share are the same for all periods as the inclusion of potential dilutive shares would have been anti-dilutive.
The following tables present the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):
 Fiscal Year Ended June 30,
 202520242023
Class AClass BClass AClass BClass AClass B
Numerator:   
Net Loss$(160,050)$(96,637)$(181,587)$(118,932)$(283,907)$(202,854)
Denominator:
Weighted-average shares outstanding, basic and diluted163,23098,557156,580102,553149,493106,814
Net loss per share, basic and diluted$(0.98)$(0.98)$(1.16)$(1.16)$(1.90)$(1.90)
The potential weighted average dilutive securities that were not included in the dilutive earnings per share calculation because the effect would be anti-dilutive are as follows (shares in thousands):
Fiscal Year Ended June 30,
202520242023
Class A Common Stock RSU awards7,4238,3207,426
Class A Common Stock restricted stock awards292317
Total potentially dilutive securities7,4528,3437,443
v3.25.2
Income Taxes
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
16. Income Taxes
The components of loss before provision for income taxes by U.S. and foreign jurisdictions consist of the following (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Domestic$(137,403)$(139,687)$(25,250)
Foreign38,508 54,280 (285,886)
Total$(98,895)$(85,407)$(311,136)
The provision for income taxes consists of the following (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Current:
Federal$(1,249)$2,134 $4,327 
State4,534 3,969 1,045 
Foreign149,908 209,002 162,072 
Total153,193 215,105 167,444 
Deferred:
Federal927 (14,030)1,467 
State1,814 3,680 (1,066)
Foreign1,858 10,357 7,780 
Total4,599 7 8,181 
Total provision for income taxes$157,792 $215,112 $175,625 
The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Tax at federal statutory rate$(20,768)$(17,935)$(65,339)
State, net of the federal benefit28,097 16,362 13,042 
Effects of non-U.S. operations7,332 (14,575)15,163 
Tax credits(233,946)(151,912)(99,398)
Stock-based compensation94,305 123,719 80,471 
Non-deductible executive compensation10,462 6,721 6,022 
Australian R&D deductions forgone in lieu of R&D credit29,169 29,502 30,303 
Foreign taxes1,159 (131)2,457 
Basis difference in investments(34,562)14,615 (43,564)
Change in reserves29,886 32,505 132,528 
Change in valuation allowance239,975 174,994 98,613 
Other6,683 1,247 5,327 
Provision for income taxes$157,792 $215,112 $175,625 
Effective Tax Rate (%)(160)%(252)%(56)%
Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands). Where necessary, a valuation allowance has been recognized to offset the Company’s deferred tax assets by the amount of any tax benefits that are not expected to be realized.
 As of June 30,
 20252024
Deferred tax assets:
Property and equipment$11,028 $7,748 
Loss carryforwards
615,687 779,554 
Credit carryforwards401,629 252,444 
Operating lease liabilities56,962 62,300 
Basis differences in investments2,040,203 1,811,999 
Provisions, accruals, and prepayments
66,735 58,820 
Deferred revenue317,761 306,629 
Capitalized research and development113,489 81,503 
Other, net571 717 
Total deferred tax assets3,624,065 3,361,714 
Less valuation allowance(3,549,451)(3,268,643)
Total deferred tax assets, net of valuation allowance74,614 93,071 
Deferred tax liabilities:
Unrealized foreign currency exchange losses1,522 2,705 
Unrealized investment gains4,163 1,007 
Operating right of use assets46,348 47,825 
Stock-based compensation7,205 5,526 
Intangible assets35,495 52,461 
Total deferred tax liabilities94,733 109,524 
Net deferred tax liabilities$(20,119)$(16,453)
The Company recorded a valuation allowance of $3.5 billion, $3.3 billion and $3.0 billion as of June 30, 2025, 2024, and 2023, respectively, primarily relating to the basis difference of the U.S. investment in a wholly owned partnership, U.S. net operating loss and credit carryforwards, and the deferred revenue deferred tax assets. The change in valuation allowance as of June 30, 2025, 2024 and 2023, was primarily related to an increase in the basis difference of the US investment in a wholly owned partnership, certain credit carryforwards, and the deferred revenue deferred tax assets, offset by the utilization of U.S. federal and state net operating losses. The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all of its deferred tax assets will not be realized. The Company evaluates and weighs all positive and negative evidence such as historic results, future reversals of deferred tax liabilities, projected future taxable income, as well as prudent and feasible tax planning strategies. The assessment requires significant judgment and is performed in each of the applicable jurisdictions. The Company intends to maintain a full valuation allowance on its federal deferred tax assets in the U.S. and Australia until there is sufficient positive evidence to support their reversal.
As of June 30, 2025, the Company had U.S. federal, state, and foreign net operating loss carryforwards of $633.4 million tax effected. Of the $538.1 million tax effected U.S. federal net operating loss carryforwards, $537.9 million may be carried forward indefinitely, and the remaining $0.2 million will begin to expire in 2032. The state net operating loss carryforwards of $95.1 million tax effected begin to expire in 2026. The foreign net operating loss carryforwards may be carried forward indefinitely. As of June 30, 2025, the Company also had research and development U.S. federal and state tax credits of $244.7 million and $117.9 million, respectively, and U.S. federal foreign tax credits of $50.6 million. The U.S. federal research and development credits will begin expiring in 2036 if not utilized, and the U.S. federal foreign tax credits will begin expiring in 2034. The state tax credit carryforwards do not expire except for the state research and development credits of Texas which will begin to expire in June 2038.
Utilization of the Company’s US net operating loss and tax credit carryforwards may be subject to annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such an annual limitation could result in the expiration of the net operating loss and tax credit
carryforwards before utilization. As of June 30, 2025, the Company also had Polish R&D credits of $13.2 million, which will begin to expire in 2028.
On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act (“OBBBA”) which includes, among other provisions, changes to the U.S. corporate income tax system such as allowing of immediate expensing of qualifying domestic research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for the Company beginning in fiscal year 2026. The Company is currently evaluating the future impact of these tax law changes on its consolidated financial statements.
The Organization for Economic Co-operation and Development released Pillar Two model rules defining a 15% global minimum tax for multinational corporations. Many countries in which the Company operates, including the member states of the EU, have enacted Pillar Two. Pillar Two rules began to apply to the Company in fiscal year 2025. Based on enacted laws, Pillar Two is not expected to materially impact the Company’s effective tax rate or cash flows. New legislation or guidance could change the Company’s current assessment.

U.S. income tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investment in foreign subsidiaries that is indefinitely reinvested outside the United States. Un-remitted earnings become taxable upon repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such un-remitted earnings is approximately $1,072.6 million as of June 30, 2025, and the corresponding unrecognized deferred tax liability is not material.
The Company recognizes the tax benefit of an uncertain tax position only if it concludes it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is greater than 50 percent likely to be realized upon settlement with the taxing authority. A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Beginning of the period$104,453 $122,302 $53,483 
Tax positions taken in prior period:
Gross increases105 10,887 112,781 
Gross decreases(4,547)— (198)
Tax positions taken in current period:
Gross increases36,871 25,707 15,171 
Settlements— (53,648)(57,004)
Lapse of statute of limitations— — (32)
Currency translation effect— (795)(1,899)
End of period$136,882 $104,453 $122,302 
As of June 30, 2025, 2024, and 2023, the Company had gross unrecognized tax benefits of approximately $0.4 million, $10.9 million, and $113.2 million, respectively, that would impact the effective tax rate if recognized.
The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, Australia, and in various other international jurisdictions. Tax years 2013 and forward generally remain open for examination for U.S. federal and state tax purposes. Tax years 2018 and forward generally remain open for examination for non-U.S. tax purposes. To the extent utilized in future years’ tax returns, net operating loss carryforwards as of June 30, 2025, and 2024 will remain subject to examination until the respective tax year is closed.
There are differing interpretations of tax laws and regulations, and as a result, disputes may arise with tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations. It is reasonably possible that an immaterial decrease in unrecognized tax benefits may occur during the next 12 months.
During the year ended June 30, 2024, the Company finalized an Advanced Pricing Arrangement with the Australian Taxation Office with respect to its transfer pricing arrangements between Australia and the U.S. that
covers the tax years ended June 30, 2019 to June 30, 2025. Pursuant to the terms of the agreement, the Company made a cash settlement payment of approximately $60.5 million of taxes and interest.
The Company believes it is reasonably possible that the balance of unrecognized tax benefits could change in the next 12 months due to the completion of ongoing income tax audits. The estimated range of the change is a decrease of $4.2 million to an increase of $5.2 million.
The Company has not recognized any interest and penalties related to unrecognized tax benefits in the income tax provision during fiscal year 2025 and recognized approximately $0.6 million and $5.8 million during fiscal years 2024 and 2023, respectively. As of June 30, 2025 and 2024, there were no accrual balances, and as of June 30, 2023 the accrual balances were $5.8 million.
v3.25.2
Subsequent Events
 12 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events
17. Subsequent Events
xxxx
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Scott Belsky [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 29, 2025, Scott Belsky, a member of the Company’s Board of Directors, through a family trust, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the purchase of up to the equivalent of $1,075,000 in shares of the Company’s Class A Common Stock, pursuant to the terms of the plan, until August 31, 2026.
Name Scott Belsky
Title Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 29, 2025
Expiration Date August 31, 2026
Arrangement Duration 459 days
Aggregate Available 1,075,000
v3.25.2
Insider Trading Policies and Procedures
 12 Months Ended
Jun. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”) and Secure Software Development Framework (“SSDF”). This does not imply that we meet any particular technical standards, specifications, or requirements; we use NIST CSF and SSDF as guides to help us identify, assess, and manage risks from cybersecurity threats relevant to our business.
Cybersecurity risks are incorporated into our overall enterprise risk management program. Our Chief Trust Officer (“CTrO”) reports to our Chief Technology Officer and oversees our trust and overarching security strategy.
Our Chief Information Security Officer (“CISO”) reports to our CTrO and oversees the technical identification, assessment and management of cybersecurity risks relevant to our business.
Our cybersecurity risk management program includes, among other elements:
•Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment.
•A Security team, principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents.
•The use of external service providers, where appropriate, to assess, test, respond to or otherwise assist with aspects of our security controls, as well as maturity assessments of our cybersecurity program.
•Implementation of new hire and annual data privacy and cybersecurity training of all employees, including senior management; annual role-based training for employees in specific incident response roles, as well as for employees with specific access to systems, devices, or locations, and targeted cybersecurity incident simulation training held on a recurring basis.
•Incident response playbooks and standard operating procedures outlining procedures for detecting, responding to, and mitigating cybersecurity incidents. Depending on the nature and severity of an incident, responses may involve escalating notification to our Chief Executive Officer and our board of directors.
•Post-incident reviews are conducted for major incidents, and to determine steps that may be taken to mitigate identified risks and reduce the likelihood of reoccurrence.
•Internal policies designed to protect our systems and operations, including (1) a data classification and labelling standard to evaluate the confidentiality level of internal information, (2) a cloud continuity policy to address experience disruption for cloud customers, and (3) a business resilience policy to provide a framework for operations during and after disruption events.
•A third-party risk management process for service providers, suppliers, and vendors. Such service providers are subject to risk tiering, security risk assessments, and recurring reviews, as applicable. When third-party provider incidents occur, we assess their materiality to our operations and investigate accordingly.
We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, whether individually or in the aggregate, have materially affected or are reasonably likely to materially affect us, our business, and our results of operations in Part I, Item 1A in this Annual Report on Form 10-K, which disclosures are incorporated by reference herein.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”) and Secure Software Development Framework (“SSDF”). This does not imply that we meet any particular technical standards, specifications, or requirements; we use NIST CSF and SSDF as guides to help us identify, assess, and manage risks from cybersecurity threats relevant to our business.
Cybersecurity risks are incorporated into our overall enterprise risk management program. Our Chief Trust Officer (“CTrO”) reports to our Chief Technology Officer and oversees our trust and overarching security strategy.
Our Chief Information Security Officer (“CISO”) reports to our CTrO and oversees the technical identification, assessment and management of cybersecurity risks relevant to our business.
Our cybersecurity risk management program includes, among other elements:
•Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment.
•A Security team, principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents.
•The use of external service providers, where appropriate, to assess, test, respond to or otherwise assist with aspects of our security controls, as well as maturity assessments of our cybersecurity program.
•Implementation of new hire and annual data privacy and cybersecurity training of all employees, including senior management; annual role-based training for employees in specific incident response roles, as well as for employees with specific access to systems, devices, or locations, and targeted cybersecurity incident simulation training held on a recurring basis.
•Incident response playbooks and standard operating procedures outlining procedures for detecting, responding to, and mitigating cybersecurity incidents. Depending on the nature and severity of an incident, responses may involve escalating notification to our Chief Executive Officer and our board of directors.
•Post-incident reviews are conducted for major incidents, and to determine steps that may be taken to mitigate identified risks and reduce the likelihood of reoccurrence.
•Internal policies designed to protect our systems and operations, including (1) a data classification and labelling standard to evaluate the confidentiality level of internal information, (2) a cloud continuity policy to address experience disruption for cloud customers, and (3) a business resilience policy to provide a framework for operations during and after disruption events.
•A third-party risk management process for service providers, suppliers, and vendors. Such service providers are subject to risk tiering, security risk assessments, and recurring reviews, as applicable. When third-party provider incidents occur, we assess their materiality to our operations and investigate accordingly.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to its audit committee (the “Audit Committee”) oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, and it reports to the full board of directors regarding its activities, including those related to cybersecurity. Our CTrO and CISO provide updates on significant risks to the Audit Committee quarterly and also provide updates to the full board of directors at least biannually. Outside of regular meetings, depending on the nature and severity of an incident, our CTrO and CISO will also inform the Audit Committee, Chief Executive Officer, and the rest of the board of directors of significant cybersecurity incidents.
Our CTrO leads our Trust and Security organization, focusing on maintaining customer trust and overseeing the overall security posture of the company. The CTrO’s role involves managing cybersecurity risks and reviewing whether the company’s security practices align with customer expectations and industry standards. Our CISO leads our Security organization and is responsible for all security-related activities and controls at Atlassian. This includes defining the security strategy, developing, and enforcing security standards, and managing security technologies. The CISO also oversees security operations, incident response, and reviews compliance with legal and regulatory requirements. Our CTrO has served in his role since October 2023 and has extensive experience in the cybersecurity space, including previously serving as Chief Trust Officer of a large publicly-traded enterprise software company. Our CISO has served in his role since December 2024 and also has extensive experience in cybersecurity, including serving as Chief Information Security Officer of a large publicly-traded enterprise software company. Our CTrO and CISO oversee our efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal personnel, threat intelligence, and
other information obtained from governmental, public, or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to its audit committee (the “Audit Committee”) oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, and it reports to the full board of directors regarding its activities, including those related to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to its audit committee (the “Audit Committee”) oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, and it reports to the full board of directors regarding its activities, including those related to cybersecurity. Our CTrO and CISO provide updates on significant risks to the Audit Committee quarterly and also provide updates to the full board of directors at least biannually. Outside of regular meetings, depending on the nature and severity of an incident, our CTrO and CISO will also inform the Audit Committee, Chief Executive Officer, and the rest of the board of directors of significant cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]
Within the Trust and Security organizations, we implement a structured approach to proactively manage cybersecurity risks. Our Security Governance, Risk and Compliance team monitors, assesses, and coordinates proactive identification and remediation efforts for cybersecurity risks impacting Atlassian. This team partners cross-functionally with others in the Security organization and individuals from our legal, internal audit, engineering, and product development teams. Our Security team includes individuals with experience across a broad range of cybersecurity areas, including, but not limited to: product security; cloud security; infrastructure security; security monitoring and incident response; identity and access management; vulnerability management; and governance, risk, and compliance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CTrO leads our Trust and Security organization, focusing on maintaining customer trust and overseeing the overall security posture of the company. The CTrO’s role involves managing cybersecurity risks and reviewing whether the company’s security practices align with customer expectations and industry standards. Our CISO leads our Security organization and is responsible for all security-related activities and controls at Atlassian. This includes defining the security strategy, developing, and enforcing security standards, and managing security technologies. The CISO also oversees security operations, incident response, and reviews compliance with legal and regulatory requirements. Our CTrO has served in his role since October 2023 and has extensive experience in the cybersecurity space, including previously serving as Chief Trust Officer of a large publicly-traded enterprise software company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has served in his role since December 2024 and also has extensive experience in cybersecurity, including serving as Chief Information Security Officer of a large publicly-traded enterprise software company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee oversees management’s implementation of our cybersecurity risk management program, and it reports to the full board of directors regarding its activities, including those related to cybersecurity. Our CTrO and CISO provide updates on significant risks to the Audit Committee quarterly and also provide updates to the full board of directors at least biannually.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Preparation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These principles are established primarily by the Financial Accounting Standards Board (“FASB”).
Certain reclassifications have been made to prior period balances to conform to the current period presentation. “Maintenance” revenues have been reclassified to “Other” revenues on the Company’s Consolidated Statements of Operations. This reclassification had no impact on previously reported total revenues.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions in the Company’s consolidated financial statements. These estimates are based on information available as of the date of the consolidated financial statements. Such management estimates and assumptions include, but are not limited to the determination of:
•the standalone selling price (“SSP”) of performance obligations for revenue contracts with multiple performance obligations;
•the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions.
Actual results could differ materially from these estimates.
Segment
The Company operates as a single operating segment and derives revenue primarily from fees earned from subscription-based arrangements for providing customers software in a cloud-based-infrastructure that the Company provides, and from the sale of on-premises term license agreements.
An operating segment is defined as a component of an entity for which discrete financial information is available and whose results of operations are regularly reviewed by the chief operating decision maker (“CODM”). Effective August 31, 2024. Scott Farquhar stepped down from his role as Co-CEO, at that time, Mike Cannon-Brookes became the sole CEO, and in conjunction with that change, became the sole CODM. The CODM manages the Company using consolidated financial information. Further, the Company offers a connected portfolio of apps that are built on a single Atlassian platform and data model. Accordingly, the Company has determined it operates as a single operating and reportable segment.
The CODM uses consolidated net loss to allocate resources, including headcount, and make business investment decisions during the Company’s budgeting process. The CODM also uses consolidated net loss to assess performance by comparing the consolidated results to forecasts. Significant segment expenses are organized by function and are presented on the Consolidated Statements of Operations. Other segment items
included in consolidated net loss are: other income and expense, net, interest income, interest expense and the provision for income taxes, which are reflected in the Consolidated Statements of Operations.
Foreign Currency
The Company’s consolidated financial statements are presented using the U.S. dollar, which is its reporting currency. The functional currency for certain of the Company’s foreign subsidiaries is the U.S. dollar, while others use local currencies. The Company translates the foreign functional currency financial statements to U.S. dollars for those entities that do not have the U.S. dollar as their functional currency using the exchange rates at the balance sheet date for assets and liabilities, the period average exchange rates for revenues and expenses, and the historical exchange rates for equity transactions. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income in the Consolidated Statements of Comprehensive Income (Loss). Foreign currency transaction gains and losses are included in other income (expense), net on the Consolidated Statements of Operations.
Revenue from Contracts with Customers And Recognition of Revenue
Policies, Estimates and Judgments
Revenues are generally recognized upon the transfer of control of promised products or services provided to customers, reflecting the amount of consideration the Company expects to receive for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of sales and other similar taxes collected from customers, which are subsequently remitted to governmental authorities.
Revenues are recognized upon the application of the following steps:
1.Identification of the contract or contracts with a customer;
2.Identification of the performance obligations in the contract;
3.Determination of the transaction price;
4.Allocation of the transaction price to the performance obligations in the contract; and
5.Recognition of revenue when, or as, the performance obligation is satisfied.
The timing of revenue recognition may differ from the timing of billing to its customers. The Company receives payments from customers based on a billing schedule as established in its contracts. Contract assets are recognized when performance is completed in advance of billings. Deferred revenue is recorded when billings are in advance of performance under the contract. The Company’s revenue arrangements include standard warranty provisions that the products and services will perform and operate in all material respects with the applicable published specifications, the financial impacts of which have historically been and are expected to continue to be insignificant. The Company’s contracts do not include a significant financing component.
Customer contracts often include promises to transfer multiple products and services to a customer.
The Company allocates the transaction price for each customer contract to each performance obligation based on the relative SSP for each distinct performance obligation. Judgment is required in determining the SSP for each distinct performance obligation. The Company typically determines an SSP range for its products and services, which is reassessed on a periodic basis or when facts and circumstances change. In most cases, the Company is able to determine SSP based on the observable prices of products or services sold separately. In instances where performance obligations do not have observable standalone sales, the Company utilizes available information that may include market conditions, pricing strategies, the life of the software, and other observable inputs to estimate the price that it would charge if the products and services were sold separately.
Revenue recognized from contracts with customers is disaggregated into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company reports revenues in two categories: (i) subscription, (ii) other. In addition, revenue is presented by geographic region and deployment option in Note 12, “Revenue.”
Subscription Revenues
Subscription revenues consist primarily of fees earned from subscription-based arrangements for providing customers the right to use the Company’s software in a cloud-based-infrastructure that the Company provides (“Cloud offerings”). The Company also sells on-premises term license agreements for its Data Center products (“Data Center offerings”), consisting of software licensed for a specified period and support and maintenance services that are bundled with the license for the term of the license period. Subscription revenues are driven primarily by the number and size of active licenses, the type of product and the price of the licenses. Subscription-based arrangements generally have a contractual term of one to twelve months. For Cloud offerings, subscription revenue is recognized ratably as services are delivered, commencing with the date the service is made available to customers. For Data Center offerings, the Company recognizes revenue upfront for the portion that relates to the delivery of the term license and the support revenue is recognized ratably as the services are delivered over the term of the arrangement. The revenue recognition policy is consistent for subscription sales generated directly with customers and sales generated indirectly through solution partners and resellers.
Other Revenues
Other revenues primarily include fees received for sales of third-party apps in the Atlassian Marketplace. Advisory services and training services are also included in other revenues. Revenue from the sale of third-party apps via the Atlassian Marketplace is recognized on the date of product delivery given that all of the Company’s obligations have been met at that time and on a net basis as the Company functions as the agent in the relationship. Revenue from advisory services is recognized over the time period that the customer has access to the service. Revenue from advisory and training is recognized over time as the services are performed. Maintenance revenue related to the Company’s Server offerings is immaterial after the Server end of support date and has been classified in other revenues within its Consolidated Statements of Operations for all periods presented.
Deferred Contract Acquisition Costs
Deferred contract acquisition costs are costs incurred to obtain a contract, if such costs are recoverable, and consist primarily of sales commissions and related payroll taxes. Incremental costs of obtaining a contract are earned on new and expansion contracts which are capitalized and amortized over the average period of benefit, which the Company estimates to be four years. The Company does not pay sales commissions upon contract renewal.
The Company determines the period of benefit for commissions paid for the acquisition of the customer contract by taking into consideration the initial estimated customer life, anticipated renewals, and the technological life of its software. The Company includes the deferred contract costs in prepaid expense and other current assets and other non-current assets on the Consolidated Balance Sheets and the amortization of deferred contract acquisition costs in marketing and sales expense on the Consolidated Statements of Operations.
Cash Cash Equivalents and Restricted Cash Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. Cash equivalents also include amounts due from third-party credit card processors as they are both short-term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. Cash and cash equivalents are stated at fair value.
Accounts Receivable, net The Company records trade accounts receivable at the invoice value, and such receivables are non-interest bearing. The Company considers receivables past due based on the contractual payment terms. The Company makes estimates of expected credit and collectability trends based on an assessment of various factors including historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment that may affect the Company’s ability to collect from customers.
Fair Value Measurements
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories of inputs:
•Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
•Level 2 - Observable inputs (other than Level 1 prices) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or examination.
Marketable Securities
The Company classifies all marketable debt securities that have original stated maturities of greater than three months as marketable securities on its Consolidated Balance Sheets. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable debt securities as available-for-sale (“AFS”). After consideration of its risk versus reward objectives, as well as its liquidity requirements, the Company may sell these debt securities prior to their stated maturities. The Company considers all of its marketable securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as current assets on the Consolidated Balance Sheets.
The Company evaluates AFS securities with unrealized loss positions for credit loss by assessing whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors, whether the Company expects to recover the entire amortized cost basis of the security, its intent to sell and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. The Company carries these securities at fair value, and reports the unrealized gains and losses, net of taxes, as a component of accumulated other comprehensive income except for the changes in allowance for expected credit losses, which are recorded in other income (expense), net. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net on the Consolidated Statements of Operations.
Strategic Investments
The Company holds strategic investments in privately held debt and equity securities. Investments in privately held debt securities are classified as AFS securities. Investments in privately held equity securities without readily determinable fair values in which the Company does not own a controlling interest or have significant influence over are measured in accordance with the measurement alternative. In applying the measurement alternative, the carrying value of the investment is measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes from orderly transactions for the identical or a similar investment of the same issuer in the period of occurrence. Changes to the carrying value of these investments are recorded through other income (expense), net on the Consolidated Statements of Operations.
In determining adjustments to the carrying value of its strategic investments in privately held companies, the Company uses the most recent data available to the Company. Valuations of privately held securities are inherently complex and the determination of whether an orderly transaction is for an identical or similar investment requires judgment. In its evaluation, the Company considers factors such as differences in the rights and preferences of the investments and the extent to which those differences would affect the fair values of those investments. The Company’s impairment analysis encompasses an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, general market conditions, and liquidity considerations.
Equity Method Investments
Privately held equity securities in which the Company does not have a controlling financial interest but does exercise significant influence over the investment are accounted for under the equity method. The Company records a proportionate share of the investment’s earnings or losses, and impairment, if any, as a component of other income (expense), net in the Consolidated Statements of Operations. These investments are included in strategic investments in the Consolidated Balance Sheets.
Variable Interest Entities For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events.
Derivative Financial Instruments
The Company enters into foreign exchange forward contracts with the objective to mitigate certain currency risks associated with cost of revenues and operating expenses denominated in foreign currencies. These foreign exchange forward contracts are designated as cash flow hedges. The Company also enters into foreign exchange forward contracts to hedge a portion of certain foreign currency denominated as monetary assets and liabilities to reduce the risk that such foreign currency will be adversely affected by changes in exchange rates. The Company does not enter into derivative instrument transactions for trading or speculative purposes.
Hedging derivative instruments are recognized as either assets or liabilities and are measured at fair value. For derivative instruments designated as cash flow hedges, the gains (losses) on the derivatives are initially reported as a component of other comprehensive income and are subsequently recognized in earnings when the hedged exposure is recognized in earnings. For derivative instruments that are not designated as hedges, gains (losses) from changes in fair values are primarily recognized in other income (expense), net. The Company enters into master netting agreements with financial institutions to execute its hedging program. The master netting agreements are with select financial institutions to reduce the Company’s credit risk, as well as to reduce its concentration of risk with any single counterparty.
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method to allocate the cost over the estimated useful lives. The estimated useful lives for each asset class are as follows:
Equipment
3 years
Computer hardware and computer-related software
3 years
Furniture and fittings
5 years
Leasehold improvements
Shorter of the remaining lease term or 7 years
Leases
The Company determines if an arrangement is a lease at inception. The Company’s lease agreements generally contain lease and non-lease components. Payments under the Company’s lease arrangements are primarily fixed. Non-lease components primarily include payments for maintenance and utilities. The Company combines fixed payments for non-lease components with lease payments and accounts for them together as a single lease component, which increases the amount of its lease assets and liabilities.
Certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease assets and liabilities. These amounts include payments affected by the Consumer Price Index and payments for maintenance and utilities.
Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily
determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally uses the base, non-cancelable, lease term when determining the lease assets and liabilities. The Company reassesses the lease term if and when a significant event or change in circumstances occurs. Lease assets also include any prepaid lease payments and lease incentives. Operating lease expense (excluding variable lease costs) is recognized on a straight-line basis over the lease term.
The Company applies the short-term lease recognition exemption for short-term leases, which are leases with a lease term of 12 months or less. Payments associated with short-term leases are recognized on a straight-line basis over the lease term.
Business Combinations
The Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. Assumptions used to estimate the fair value of the intangible assets include, but are not limited to, projected revenue growth, projected operating expenses, and technology migration curves. These estimates are inherently uncertain and subject to refinement and, as a result, actual results may differ from estimates.
During the measurement period, which may not be later than one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations.
Intangible Assets
The Company acquires intangible assets separately or in connection with business combinations. Intangible assets are measured at cost initially. Intangible assets with finite lives are amortized over their estimated useful life using the straight-line method. The amortization expense on intangible assets is recognized in the Consolidated Statements of Operations in the expense category consistent with the function of the intangible asset.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. When the projected undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts, the assets are adjusted to their estimated fair value and an impairment loss is recorded as a component of operating income (expense).
Goodwill
Goodwill is the excess of the aggregate of the consideration transferred over the identifiable assets acquired and liabilities assumed.
Goodwill is tested for impairment at least annually during the fourth quarter of the Company’s fiscal year and more often if and when circumstances indicate that the carrying value may be impaired. The Company’s reporting unit is at the operating segment level. The Company performs its goodwill impairment test at the level of its
operating segment, as there are no levels below the operating segment level for which discrete financial information is prepared and regularly reviewed by the Company’s CODM. A qualitative assessment is performed to determine whether it is more likely than not that the fair value of its operating segment is less than its carrying amount. If the operating segment does not pass the qualitative assessment, the carrying amount of the operating segment, including goodwill, is compared to fair value and goodwill is considered impaired if the carrying value exceeds its fair value. Any excess is recognized as an impairment loss in the current period earnings.
Stock-based Compensation
The Company recognizes compensation expense related to all stock-based awards, including restricted stock units (“RSU”) and restricted stock awards (“RSA”) issued to the Company’s employees in exchange for their service, based on the estimated fair value of the awards on the grant date. The fair value of each RSU or RSA is based on the fair value of the Company’s Class A Common Stock on the date of grant.
The Company recognizes costs related to stock-based awards, net of estimated forfeitures, over the awards’ requisite service period on a straight-line basis, which is generally four years. The Company estimates forfeitures based on historical experience. The respective expenses are recognized as employee benefits and classified in the Consolidated Statements of Operations according to the activities that the employees perform.
Defined Contribution Plan The Company offers various defined contribution plans for its U.S. and non-U.S. employees. The Company matches a portion of employee contributions each pay period, subject to maximum aggregate matching amounts, or contributes based on local legislative rates for eligible employees.
Advertising Costs
Advertising costs are expensed as incurred as a component of marketing and sales expense in the Consolidated Statements of Operations. Advertising expense was $153.1 million, $100.2 million, and $89.5 million for fiscal years 2025, 2024, and 2023, respectively.
Research and Development
Research and development costs are expensed as incurred and consist of the employee, software, and hardware costs incurred for the development of new apps, AI agents and products, enhancements and updates of existing offerings and quality assurance activities. The costs incurred for the development of the Company’s cloud-based platform and internal use software are evaluated for capitalization during the development phase. Capitalized software development costs on the Company’s Consolidated Balance Sheet were not material for the periods presented.
Concentration of Credit Risk and Significant Customers
Financial instruments potentially exposing the Company to credit risk consist primarily of cash, cash equivalents, accounts receivable, derivative contracts and investments. The Company holds cash at financial institutions that management believes are high credit, quality financial institutions and invests in investment grade securities rated A- and above and debt securities. The Company’s derivative contracts expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company enters into master netting agreements with select financial institutions to reduce its credit risk and trades with several counterparties to reduce its concentration risk with any single counterparty. The Company does not have significant exposure to counterparty credit risk at this time. In addition, the Company does not require nor is required to post collateral of any kind related to any foreign currency derivatives.
Credit risk arising from accounts receivable is mitigated to a certain extent due to the Company’s large number of customers and their dispersion across various industries and geographies. The Company’s customer base is highly diversified, thereby limiting credit risk. The Company manages credit risk with customers by closely monitoring its receivables and contract assets. The Company continuously monitors outstanding receivables locally to assess whether there is objective evidence that outstanding accounts receivables and contract assets are credit-impaired.
Income Taxes
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates within the provision for income taxes as expense and income in the period that includes the enactment date. The Company accounts for the tax impact of including Global Intangible Low-Taxed Income in U.S. taxable income as a period cost. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.
Changes in deferred tax assets or liabilities are recognized as a component of benefit from (provision for) income taxes in the Consolidated Statements of Operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Deferred tax assets are regularly evaluated for future realization and reduced by a valuation allowance to an amount for which realization is more likely than not. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future taxable income, tax planning strategies, carry back potential if permitted under the tax law, and results of recent operations. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the amount of future taxable income, together with future tax-planning strategies. Assumptions about the generation of future taxable income depend on management’s estimates of future cash flows, future business expectations, capital expenditures, dividends, and other capital management transactions. Management judgment is also required in relation to the application of income tax legislation, which involves complexity and an element of uncertainty. In the event there is a change in the Company’s assessment of its ability to recover deferred tax assets, the income tax provision would be adjusted accordingly, resulting in a corresponding adjustment to the Consolidated Statements of Operations.
Uncertain tax positions are recorded in accordance with Accounting Standards Codification Topic 740 Income Taxes (“ASC 740”), Income Taxes. ASC 740 specifies a two-step process in which (1) the Company determines whether it’s more likely than not that tax positions will be sustained on the basis of the technical merits of the position, and (2) for those positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with the related tax authority. The Company considers many factors when evaluating uncertain tax positions, which involve significant judgment and may require periodic reassessment. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.
New Accounting Standards Not Yet Adopted And Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance and does not expect it to have a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” This ASU requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities,” which amends ASC 326-20 to provide a practical expedient and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. This ASU is effective for fiscal years beginning after December 15, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.
In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted and requires retrospective application to all prior periods. The Company adopted ASU 2023-07 for the year ended June 30, 2025. The adoption of the standard did not result in significant change to the Company’s consolidated financial statement disclosures. Refer to the Segment section of Note 2, “Summary of Significant Accounting Policies” for further information.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives The estimated useful lives for each asset class are as follows:
Equipment
3 years
Computer hardware and computer-related software
3 years
Furniture and fittings
5 years
Leasehold improvements
Shorter of the remaining lease term or 7 years
Property and equipment, net consisted of the following (in thousands):
As of June 30,
20252024
Equipment$15,008 $11,200 
Computer hardware and software58,559 40,824 
Furniture and fittings25,217 25,172 
Leasehold improvements and other154,113 129,575 
Property and equipment, gross252,897 206,771 
Less: accumulated depreciation(147,779)(120,456)
Property and equipment, net$105,118 $86,315 
Schedule of Estimated Useful Lives for Intangible Assets
The estimated useful lives for each intangible asset class are as follows:
Patents, trademarks, and other rights
5 - 12 years
Customer relationships
5 - 10 years
Acquired developed technology
4 - 7 years
Intangible assets consisted of the following as of June 30, 2025 (in thousands):
Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$466,932 $(278,525)$188,407 
Patents, trade names, and other rights70,928 (37,337)33,591 
Customer relationships135,687 (112,845)22,842 
Total Intangible Assets$673,547 $(428,707)$244,840 
Intangible assets consisted of the following as of June 30, 2024 (in thousands):
Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$469,752 $(242,137)$227,615 
Patents, trade names, and other rights70,928 (31,427)39,501 
Customer relationships135,687 (103,746)31,941 
Total Intangible Assets$676,367 $(377,310)$299,057 
The weighted-average remaining useful lives of the Company’s acquired intangible assets as of June 30, 2025 are as follows:
Weighted-Average Remaining Useful Lives (Years)
Acquired developed technology5
Patents, trade names, and other rights6
Customer relationships3
v3.25.2
Fair Value Measurements (Tables)
 12 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, by level within the fair value hierarchy (in thousands):
Level 1Level 2Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds$1,774,138 $— $1,774,138 
Corporate debt securities— 382 382 
Marketable securities:
U.S. treasury securities— 176,661 176,661 
Agency securities— 3,216 3,216 
Certificates of deposit and time deposits— 10,000 10,000 
Commercial paper— 19,697 19,697 
Corporate debt securities— 214,694 214,694 
Derivative financial instruments— 23,234 23,234 
Total assets measured at fair value$1,774,138 $447,884 $2,222,022 
Liabilities measured at fair value
Derivative financial instruments$— $2,445 $2,445 
Total liabilities measured at fair value$— $2,445 $2,445 
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024, by level within the fair value hierarchy (in thousands):
Level 1Level 2Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds$1,563,234 $— $1,563,234 
Marketable securities:
U.S. treasury securities— 52,517 52,517 
Agency securities— 3,199 3,199 
Certificates of deposit and time deposits— 10,000 10,000 
Commercial paper— 20,010 20,010 
Corporate debt securities— 76,247 76,247 
Derivative financial instruments— 9,292 9,292 
Total assets measured at fair value$1,563,234 $171,265 $1,734,499 
Liabilities measured at fair value
Derivative financial instruments$— $1,701 $1,701 
Total liabilities measured at fair value$— $1,701 $1,701 
v3.25.2
Investments (Tables)
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation
The Company’s investments of marketable securities as of June 30, 2025, consisted of the following (in thousands):
 Amortized CostUnrealized GainsUnrealized LossesFair Value
Marketable securities
U.S. treasury securities$176,338 $388 $(65)$176,661 
Agency securities3,197 19 — $3,216 
Certificates of deposit and time deposits10,000 — — $10,000 
Commercial paper19,697 — — $19,697 
Corporate debt securities214,190 527 (23)$214,694 
Total marketable securities$423,422 $934 $(88)$424,268 
The Company’s investments of marketable securities as of June 30, 2024, consisted of the following (in thousands):
 Amortized CostUnrealized GainsUnrealized LossesFair Value
Marketable debt securities
U.S. treasury securities$52,570 $30 $(83)$52,517 
Agency securities3,194 5 — 3,199 
Certificates of deposit and time deposits10,000 — — 10,000 
Commercial paper20,010 — — 20,010 
Corporate debt securities76,386 7 (146)76,247 
Total marketable securities$162,160 $42 $(229)$161,973 
Schedule of Investments Classified by Contractual Maturity Date
The table below summarizes the Company’s marketable securities by remaining contractual maturity (in thousands):
June 30, 2025June 30, 2024
Due in one year or less$271,923 $101,543 
Due in one year through five years152,345 60,430 
Total marketable debt investments$424,268 $161,973 
Schedule of Strategic Investments
The Company’s investments of privately held debt securities as of June 30, 2025, consisted of the following (in thousands):
Amortized CostUnrealized GainsUnrealized LossesFair Value
Privately held debt securities$7,780 $— $(3,350)$4,430 
The Company’s investments of privately held debt securities as of June 30, 2024, consisted of the following (in thousands):
Amortized CostUnrealized GainsUnrealized LossesFair Value
Privately held debt securities$6,800 $— $(3,350)$3,450 
The carrying values of privately held equity securities as of June 30, 2025 are summarized below (in thousands):
Privately held equity securities
Initial total cost$166,302 
Cumulative net losses(1,909)
Carrying value$164,393 
The carrying values of privately held equity securities as of June 30, 2024 are summarized below (in thousands):
Privately held equity securities
Initial total cost$147,752 
Cumulative net losses(2,491)
Carrying value$145,261 
Schedule of Unrealized Gain (Loss) on Investments
The components of gains and losses on strategic investments were as follows (in thousands):
Fiscal Year Ended June 30,
202520242023
Unrealized losses recognized on publicly traded equity securities$— $— $(11,437)
Unrealized gains recognized on privately held equity securities1,549 2,084 307 
Unrealized losses recognized on privately held equity securities including impairment(967)(1,628)(7,642)
Unrealized losses on privately held debt securities— (500)(350)
Unrealized gains (losses), net$582 $(44)$(19,122)
Realized gains recognized on publicly traded equity securities— 515 — 
Realized losses recognized on privately held equity securities(3,142)(2,546)— 
Realized losses on privately held debt securities— — (285)
Losses on strategic investments, net$(2,560)$(2,075)$(19,407)
Unrealized gains (losses) recognized during the reporting period on privately held equity securities still held at the reporting date$582 $456 $(6,986)
Schedule of Equity Method Investments
The following table sets forth the carrying amounts of the equity method investment and the movements during fiscal years 2024 and 2025 (in thousands):
Equity Method Investment
Balance as of June 30, 2023$85,436 
Share of losses(11,262)
Effect of change in exchange rates336 
Balance as of June 30, 2024$74,510 
Share of losses
(20,433)
Effect of change in exchange rates(958)
Balance as of June 30, 2025$53,119 
v3.25.2
Derivative Contracts (Tables)
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of June 30, 2025 (in thousands):
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
Forward contracts$1,064,280 $79,858$1,144,138$765,613$378,525 $1,144,138
The following table sets forth the notional amounts of the Company’s hedging derivative instruments as of June 30, 2024 (in thousands):
Notional Amounts of Derivative Instruments
Notional Amount by Term to MaturityClassification by Notional Amount
Under 12 monthsOver 12 monthsTotalCash Flow HedgeNon HedgeTotal
Forward contracts$837,182 $71,701$908,883$651,303$257,580 $908,883
Schedule of Fair Value of Derivative Instruments
The fair value of the Company’s derivative instruments were as follows (in thousands):
As of June 30,
Balance Sheet Location20252024
Derivative assets
Derivatives designated as hedging instruments:
Foreign exchange forward contractsPrepaid expenses and other current assets$16,210 $8,255 
Foreign exchange forward contractsOther non-current assets3,715 867 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsPrepaid expenses and other current assets3,309 170 
Total derivative assets$23,234 $9,292 
Derivative liabilities
Derivatives designated as hedging instruments:
Foreign exchange forward contractsAccrued expenses and other current liabilities$2,409 $1,197 
Foreign exchange forward contractsOther non-current liabilities— 7 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsAccrued expenses and other current liabilities36 497 
Total derivative liabilities$2,445 $1,701 
Schedule of Pre-Tax Effects of Derivatives Designated as Cash Flow Hedging Instruments
The pre-tax effects of derivatives designated as cash flow hedging instruments on the consolidated financial statements were as follows (in thousands):
Fiscal Year Ended June 30,
202520242023
Beginning balance of accumulated gains (losses) in accumulated other comprehensive income$41,424 $48,170 $24,502 
Gross unrealized gains (losses) recognized in other comprehensive income (loss)(1,897)10,826 17,952 
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss:
Recognized in cost of revenues1,447 1,072 1,831 
Recognized in research and development7,194 7,718 16,890 
Recognized in marketing and sales1,027 1,264 1,337 
Recognized in general and administrative1,828 2,320 5,563 
Recognized in interest(26,344)(29,946)(19,905)
Ending balance of accumulated gains in accumulated other comprehensive income (loss)$24,679 $41,424 $48,170 
v3.25.2
Property and Equipment (Tables)
 12 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net The estimated useful lives for each asset class are as follows:
Equipment
3 years
Computer hardware and computer-related software
3 years
Furniture and fittings
5 years
Leasehold improvements
Shorter of the remaining lease term or 7 years
Property and equipment, net consisted of the following (in thousands):
As of June 30,
20252024
Equipment$15,008 $11,200 
Computer hardware and software58,559 40,824 
Furniture and fittings25,217 25,172 
Leasehold improvements and other154,113 129,575 
Property and equipment, gross252,897 206,771 
Less: accumulated depreciation(147,779)(120,456)
Property and equipment, net$105,118 $86,315 
v3.25.2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill consisted of the following (in thousands):
 Goodwill
Balance as of June 30, 2023$727,211 
Additions561,372 
Effect of change in exchange rates173 
Balance as of June 30, 20241,288,756 
Additions14,022 
Effect of change in exchange rates1,667 
Balance as of June 30, 2025$1,304,445 
Schedule of Finite-Lived Intangible Assets
The estimated useful lives for each intangible asset class are as follows:
Patents, trademarks, and other rights
5 - 12 years
Customer relationships
5 - 10 years
Acquired developed technology
4 - 7 years
Intangible assets consisted of the following as of June 30, 2025 (in thousands):
Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$466,932 $(278,525)$188,407 
Patents, trade names, and other rights70,928 (37,337)33,591 
Customer relationships135,687 (112,845)22,842 
Total Intangible Assets$673,547 $(428,707)$244,840 
Intangible assets consisted of the following as of June 30, 2024 (in thousands):
Gross Carrying AmountAccumulated AmortizationNet
Acquired developed technology$469,752 $(242,137)$227,615 
Patents, trade names, and other rights70,928 (31,427)39,501 
Customer relationships135,687 (103,746)31,941 
Total Intangible Assets$676,367 $(377,310)$299,057 
The weighted-average remaining useful lives of the Company’s acquired intangible assets as of June 30, 2025 are as follows:
Weighted-Average Remaining Useful Lives (Years)
Acquired developed technology5
Patents, trade names, and other rights6
Customer relationships3
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents the estimated future amortization expense related to intangible assets held as of June 30, 2025 (in thousands):
Fiscal Years:
2026$53,030 
202747,861 
202845,634 
202940,128 
203037,708 
Thereafter20,479 
Total future amortization expense$244,840 
v3.25.2
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
As of June 30,
 20252024
Accrued expenses$180,197 $149,046 
Employee benefits422,986 332,518 
Tax liabilities36,726 55,203 
Customer deposits16,396 19,279 
Other payables25,296 21,313 
Total accrued expenses and other current liabilities$681,601 $577,359 
v3.25.2
Leases (Tables)
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease, Cost
The components of lease costs and other information related to leases were as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Operating lease costs
$43,720 $41,426 $50,134 
Variable lease costs14,781 11,908 13,094 
Total lease costs$58,501 $53,334 $63,228 
Weighted average remaining lease term (in years)567
Weighted average discount rate3.1 %2.9 %2.5 %

Supplemental cash flow information related to operating leases were as follows (in thousands):
Fiscal Year Ended June 30,
 202520242023
Cash payments for operating leases$52,981 $49,803 $41,493 
Right-of-use assets obtained in exchange for new operating lease liabilities$34,717 $23,265 $3,580 
Schedule of Lessee, Operating Lease, Liability, Maturity
Future lease payments under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of June 30, 2025 were as follows (in thousands):
Fiscal years:Operating Lease Payments
2026$57,056 
202757,224 
202856,667 
202946,237 
203016,188 
Thereafter38,743 
Total future operating lease payments272,115 
Less: imputed interest(20,468)
Total lease liability balance$251,647 
v3.25.2
Debt (Tables)
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The carrying values of the Notes were as follows (in thousands, except percentage data):
InstrumentExpected Remaining Term (years)Contractual Interest RateEffective Interest RateJune 30, 2025June 30, 2024
2029 Notes3.95.25 %5.55 %$500,000 $500,000 
2034 Notes8.95.50 %5.71 %500,000 500,000 
Unamortized debt discount and issuance costs(12,316)(14,089)
Long-term debt$987,684 $985,911 
v3.25.2
Commitment and Contingencies (Tables)
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Commitments
The following table sets forth contractual commitments as of June 30, 2025 and 2024 (in thousands):

Fiscal Year Ended June 30,
20252024
Contractual purchase obligations$1,814,106 $1,415,724 
Obligations for leases that have not yet commenced912,344 964,825 
Total purchase obligation$2,726,450 $2,380,549 
Schedule of Contractual Obligation, Fiscal Year Maturity
Maturities of purchase obligations as of June 30, 2025 were as follows (in thousands):
 Other contractual
commitments		Leases not commencedTotal
Fiscal Years: 
2026$473,895 $— $473,895 
2027516,731 26,579 543,310 
2028219,147 46,627 265,774 
202979,333 48,492 127,825 
2030140,000 50,431 190,431 
Thereafter385,000 740,215 1,125,215 
Total commitments$1,814,106 $912,344 $2,726,450 
v3.25.2
Revenue (Tables)
 12 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue from External Customers by Geographic Areas
The Company’s revenues by geographic region based on end-users who purchased the Company’s offerings are as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Americas
United States$2,182,073 $1,847,194 $1,537,328 
Other Americas334,828 278,240 227,838 
Total Americas2,516,901 2,125,434 1,765,166 
EMEA
Germany539,550 442,063 330,046 
Other EMEA1,584,421 1,308,847 1,036,693 
Total EMEA2,123,971 1,750,910 1,366,739 
Asia Pacific574,432 482,259 402,742 
Total revenues$5,215,304 $4,358,603 $3,534,647 
Schedule of Revenue from External Customers by Products and Services
The Company’s revenues by deployment options are as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Cloud$3,447,427 $2,698,899 $2,085,498 
Data Center1,467,167 1,208,498 819,251 
Server— 177,645 400,519 
Marketplace and other300,710 273,561 229,379 
Total revenues$5,215,304 $4,358,603 $3,534,647 
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable The changes in the deferred revenue are as follows (in thousands):
Fiscal Year Ended June 30,
20252024
Balance, beginning of period$2,114,736 $1,545,479 
Additions5,581,822 4,927,860 
Revenue(5,215,304)(4,358,603)
Balance, end of period$2,481,254 $2,114,736 
Schedule of Capitalized Contract Cost
The changes in the balances of deferred contract acquisition costs are as follows (in thousands):
Fiscal Year Ended June 30,
20252024
Balance, beginning of period$79,711 $53,604 
Additions96,869 51,326 
Amortization expense(40,240)(25,219)
Balance, end of period$136,340 $79,711 
Deferred contract acquisition costs included in:
Prepaid expenses and other current assets$50,233 $29,170 
Other non-current assets86,107 50,541 
Total$136,340 $79,711 
v3.25.2
Geographic Information (Tables)
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Long-Lived Assets by Geographic Areas
The Company’s long-lived assets by geographic regions are as follows (in thousands):
As of June 30,
20252024
United States$168,841 $189,468 
Australia54,073 47,082 
India34,909 6,522 
All other countries 16,422 15,712 
Total long-lived assets$274,245 $258,784 
v3.25.2
Stockholder's Equity (Tables)
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Unvested Restricted Stock Units Roll Forward
A summary of RSU activity for fiscal year 2025 is as follows (in thousands except share and per share data):
Number of SharesWeighted Average Grant Date Fair ValueAggregate Intrinsic Value
Balance as of June 30, 202412,696,964 $213.13 $2,245,839 
Granted12,579,661 179.10 — 
Vested(6,400,145)207.38 $1,537,447 
Forfeited or cancelled(2,298,460)195.96 — 
Balance as of June 30, 202516,578,020 $190.98 $3,366,830 
v3.25.2
Net Loss Per Share (Tables)
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share
The following tables present the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):
 Fiscal Year Ended June 30,
 202520242023
Class AClass BClass AClass BClass AClass B
Numerator:   
Net Loss$(160,050)$(96,637)$(181,587)$(118,932)$(283,907)$(202,854)
Denominator:
Weighted-average shares outstanding, basic and diluted163,23098,557156,580102,553149,493106,814
Net loss per share, basic and diluted$(0.98)$(0.98)$(1.16)$(1.16)$(1.90)$(1.90)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The potential weighted average dilutive securities that were not included in the dilutive earnings per share calculation because the effect would be anti-dilutive are as follows (shares in thousands):
Fiscal Year Ended June 30,
202520242023
Class A Common Stock RSU awards7,4238,3207,426
Class A Common Stock restricted stock awards292317
Total potentially dilutive securities7,4528,3437,443
v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of loss before provision for income taxes by U.S. and foreign jurisdictions consist of the following (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Domestic$(137,403)$(139,687)$(25,250)
Foreign38,508 54,280 (285,886)
Total$(98,895)$(85,407)$(311,136)
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Current:
Federal$(1,249)$2,134 $4,327 
State4,534 3,969 1,045 
Foreign149,908 209,002 162,072 
Total153,193 215,105 167,444 
Deferred:
Federal927 (14,030)1,467 
State1,814 3,680 (1,066)
Foreign1,858 10,357 7,780 
Total4,599 7 8,181 
Total provision for income taxes$157,792 $215,112 $175,625 
Schedule of Effective Income Tax Rate Reconciliation
The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Tax at federal statutory rate$(20,768)$(17,935)$(65,339)
State, net of the federal benefit28,097 16,362 13,042 
Effects of non-U.S. operations7,332 (14,575)15,163 
Tax credits(233,946)(151,912)(99,398)
Stock-based compensation94,305 123,719 80,471 
Non-deductible executive compensation10,462 6,721 6,022 
Australian R&D deductions forgone in lieu of R&D credit29,169 29,502 30,303 
Foreign taxes1,159 (131)2,457 
Basis difference in investments(34,562)14,615 (43,564)
Change in reserves29,886 32,505 132,528 
Change in valuation allowance239,975 174,994 98,613 
Other6,683 1,247 5,327 
Provision for income taxes$157,792 $215,112 $175,625 
Effective Tax Rate (%)(160)%(252)%(56)%
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands). Where necessary, a valuation allowance has been recognized to offset the Company’s deferred tax assets by the amount of any tax benefits that are not expected to be realized.
 As of June 30,
 20252024
Deferred tax assets:
Property and equipment$11,028 $7,748 
Loss carryforwards
615,687 779,554 
Credit carryforwards401,629 252,444 
Operating lease liabilities56,962 62,300 
Basis differences in investments2,040,203 1,811,999 
Provisions, accruals, and prepayments
66,735 58,820 
Deferred revenue317,761 306,629 
Capitalized research and development113,489 81,503 
Other, net571 717 
Total deferred tax assets3,624,065 3,361,714 
Less valuation allowance(3,549,451)(3,268,643)
Total deferred tax assets, net of valuation allowance74,614 93,071 
Deferred tax liabilities:
Unrealized foreign currency exchange losses1,522 2,705 
Unrealized investment gains4,163 1,007 
Operating right of use assets46,348 47,825 
Stock-based compensation7,205 5,526 
Intangible assets35,495 52,461 
Total deferred tax liabilities94,733 109,524 
Net deferred tax liabilities$(20,119)$(16,453)
Schedule of Unrecognized Tax Benefits A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):
 Fiscal Year Ended June 30,
 202520242023
Beginning of the period$104,453 $122,302 $53,483 
Tax positions taken in prior period:
Gross increases105 10,887 112,781 
Gross decreases(4,547)— (198)
Tax positions taken in current period:
Gross increases36,871 25,707 15,171 
Settlements— (53,648)(57,004)
Lapse of statute of limitations— — (32)
Currency translation effect— (795)(1,899)
End of period$136,882 $104,453 $122,302 
v3.25.2
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Product Information [Line Items]      
Average period of benefit 4 years    
Restricted cash included in other non-current assets $ 888 $ 1,192 $ 1,365
Defined contribution plan expense 114,500 96,300 78,200
Advertising expense $ 153,100 $ 100,200 $ 89,500
Class A Common Stock RSU awards      
Product Information [Line Items]      
Cost not yet recognized, period for recognition 4 years    
Class A Common Stock restricted stock awards      
Product Information [Line Items]      
Cost not yet recognized, period for recognition 4 years    
Minimum      
Product Information [Line Items]      
Subscription-based arrangements, contractual term 1 month    
Maximum      
Product Information [Line Items]      
Subscription-based arrangements, contractual term 12 months    
v3.25.2
Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details)
Jun. 30, 2025
Equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Computer hardware and computer-related software  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Furniture and fittings  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 7 years
v3.25.2
Summary of Significant Accounting Policies - Estimated Useful Lives for Intangible Asset Classes (Details)
Jun. 30, 2025
Minimum | Patents, trademarks, and other rights  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 5 years
Minimum | Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 5 years
Minimum | Acquired developed technology  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 4 years
Maximum | Patents, trademarks, and other rights  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 12 years
Maximum | Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 10 years
Maximum | Acquired developed technology  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 7 years
v3.25.2
Fair Value Measurements - Financial assets and liabilities measured at fair value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Assets measured at fair value    
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Liabilities measured at fair value    
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
U.S. treasury securities    
Assets measured at fair value    
Marketable securities: $ 176,661 $ 52,517
Agency securities    
Assets measured at fair value    
Marketable securities: 3,216 3,199
Certificates of deposit and time deposits    
Assets measured at fair value    
Marketable securities: 10,000 10,000
Commercial paper    
Assets measured at fair value    
Marketable securities: 19,697 20,010
Fair value, recurring    
Assets measured at fair value    
Derivative financial instruments 23,234 9,292
Total assets measured at fair value 2,222,022 1,734,499
Liabilities measured at fair value    
Derivative financial instruments 2,445 1,701
Total liabilities measured at fair value 2,445 1,701
Fair value, recurring | U.S. treasury securities    
Assets measured at fair value    
Marketable securities: 176,661 52,517
Fair value, recurring | Agency securities    
Assets measured at fair value    
Marketable securities: 3,216 3,199
Fair value, recurring | Certificates of deposit and time deposits    
Assets measured at fair value    
Marketable securities: 10,000 10,000
Fair value, recurring | Commercial paper    
Assets measured at fair value    
Marketable securities: 19,697 20,010
Fair value, recurring | Corporate debt securities    
Assets measured at fair value    
Cash and cash equivalents: 382  
Marketable securities: 214,694 76,247
Level 1 | Fair value, recurring    
Assets measured at fair value    
Derivative financial instruments 0 0
Total assets measured at fair value 1,774,138 1,563,234
Liabilities measured at fair value    
Derivative financial instruments 0 0
Total liabilities measured at fair value 0 0
Level 1 | Fair value, recurring | U.S. treasury securities    
Assets measured at fair value    
Marketable securities: 0 0
Level 1 | Fair value, recurring | Agency securities    
Assets measured at fair value    
Marketable securities: 0 0
Level 1 | Fair value, recurring | Certificates of deposit and time deposits    
Assets measured at fair value    
Marketable securities: 0 0
Level 1 | Fair value, recurring | Commercial paper    
Assets measured at fair value    
Marketable securities: 0 0
Level 1 | Fair value, recurring | Corporate debt securities    
Assets measured at fair value    
Cash and cash equivalents: 0  
Marketable securities: 0 0
Level 2 | Fair value, recurring    
Assets measured at fair value    
Derivative financial instruments 23,234 9,292
Total assets measured at fair value 447,884 171,265
Liabilities measured at fair value    
Derivative financial instruments 2,445 1,701
Total liabilities measured at fair value 2,445 1,701
Level 2 | Fair value, recurring | U.S. treasury securities    
Assets measured at fair value    
Marketable securities: 176,661 52,517
Level 2 | Fair value, recurring | Agency securities    
Assets measured at fair value    
Marketable securities: 3,216 3,199
Level 2 | Fair value, recurring | Certificates of deposit and time deposits    
Assets measured at fair value    
Marketable securities: 10,000 10,000
Level 2 | Fair value, recurring | Commercial paper    
Assets measured at fair value    
Marketable securities: 19,697 20,010
Level 2 | Fair value, recurring | Corporate debt securities    
Assets measured at fair value    
Cash and cash equivalents: 382  
Marketable securities: 214,694 76,247
Money market funds | Fair value, recurring    
Assets measured at fair value    
Cash and cash equivalents: 1,774,138 1,563,234
Money market funds | Level 1 | Fair value, recurring    
Assets measured at fair value    
Cash and cash equivalents: 1,774,138 1,563,234
Money market funds | Level 2 | Fair value, recurring    
Assets measured at fair value    
Cash and cash equivalents: $ 0 $ 0
v3.25.2
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Fair Value Disclosures [Abstract]    
Equity securities without readily determinable fair value and other investments $ 168.8 $ 148.7
v3.25.2
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
U.S. treasury securities    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost $ 176,338 $ 52,570
Unrealized Gains 388 30
Unrealized Losses (65) (83)
Fair Value 176,661 52,517
Agency securities    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 3,197 3,194
Unrealized Gains 19 5
Unrealized Losses 0 0
Fair Value 3,216 3,199
Certificates of deposit and time deposits    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 10,000 10,000
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 10,000 10,000
Commercial paper    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 19,697 20,010
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 19,697 20,010
Corporate debt securities    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 214,190 76,386
Unrealized Gains 527 7
Unrealized Losses (23) (146)
Fair Value 214,694 76,247
Total marketable securities    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 423,422 162,160
Unrealized Gains 934 42
Unrealized Losses (88) (229)
Fair Value 424,268 161,973
Privately held debt securities    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 7,780 6,800
Unrealized Gains 0 0
Unrealized Losses (3,350) (3,350)
Fair Value $ 4,430 $ 3,450
v3.25.2
Investments - Schedule of Marketable Debt Securities by Remaining Contractual Maturity (Details) - Total marketable securities - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Debt and Equity Securities, FV-NI [Line Items]    
Due in one year or less $ 271,923 $ 101,543
Due in one year through five years 152,345 60,430
Marketable securities: $ 424,268 $ 161,973
v3.25.2
Investments - Carrying Values for Publicly Traded and Privately Held Equity Securities (Details) - Privately held equity securities - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Debt and Equity Securities, FV-NI [Line Items]    
Initial total cost $ 166,302 $ 147,752
Cumulative net losses (1,909) (2,491)
Carrying value $ 164,393 $ 145,261
v3.25.2
Investments - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Debt and Equity Securities, FV-NI [Line Items]    
Downward price adjustment $ 8.5 $ 7.5
Upward price adjustment 6.6 $ 5.0
Vertical First Trust    
Debt and Equity Securities, FV-NI [Line Items]    
Fair value of retained interest $ 88.9  
Retained minority equity interest (as a percentage) 13.00%  
v3.25.2
Investments - Gains and Losses on Strategic Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]      
Unrealized losses recognized on publicly traded equity securities $ 0 $ 0 $ (11,437)
Unrealized gains recognized on privately held equity securities 1,549 2,084 307
Unrealized losses recognized on privately held equity securities including impairment (967) (1,628) (7,642)
Unrealized losses on privately held debt securities 0 (500) (350)
Unrealized gains (losses), net 582 (44) (19,122)
Realized gains recognized on publicly traded equity securities 0 515 0
Realized losses recognized on privately held equity securities (3,142) (2,546) 0
Realized losses on privately held debt securities 0 0 (285)
Losses on strategic investments, net (2,560) (2,075) (19,407)
Unrealized gains (losses) recognized during the reporting period on privately held equity securities still held at the reporting date $ 582 $ 456 $ (6,986)
v3.25.2
Investments - Carrying Amounts of Equity Method Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Equity Method Investments, Effect Of Foreign Currency Translation [Roll Forward]    
Beginning balance $ 74,510 $ 85,436
Share of losses (20,433) (11,262)
Effect of change in exchange rates (958) 336
Ending balance $ 53,119 $ 74,510
v3.25.2
Derivative Contracts - Notional Amounts of Hedging Derivative Instruments (Details) - Foreign exchange forward contracts - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount $ 1,144,138 $ 908,883
Cash Flow Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount 765,613 651,303
Non Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount 378,525 257,580
Under 12 months    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount 1,064,280 837,182
Over 12 months    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount $ 79,858 $ 71,701
v3.25.2
Derivative Contracts - Narrative (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative, cash received on hedge $ 37.7
v3.25.2
Derivative Contracts - Fair Value of Company's Derivative Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative assets $ 23,234 $ 9,292
Total derivative liabilities 2,445 1,701
Prepaid expenses and other current assets | Foreign exchange forward contracts | Cash Flow Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative assets 16,210 8,255
Prepaid expenses and other current assets | Foreign exchange forward contracts | Non Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative assets 3,309 170
Foreign exchange forward contracts | Foreign exchange forward contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative assets 3,715 867
Accrued expenses and other current liabilities | Foreign exchange forward contracts | Cash Flow Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative liabilities 2,409 1,197
Accrued expenses and other current liabilities | Foreign exchange forward contracts | Non Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative liabilities 36 497
Other non-current liabilities | Foreign exchange forward contracts | Cash Flow Hedge    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total derivative liabilities $ 0 $ 7
v3.25.2
Derivative Contracts - Pre-Tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward]      
Beginning balance $ 41,424 $ 48,170 $ 24,502
Gross unrealized gains (losses) recognized in other comprehensive income (loss) (1,897) 10,826 17,952
Ending balance 24,679 41,424 48,170
Recognized in cost of revenues      
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward]      
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss: 1,447 1,072 1,831
Recognized in research and development      
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward]      
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss: 7,194 7,718 16,890
Recognized in marketing and sales      
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward]      
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss: 1,027 1,264 1,337
Recognized in general and administrative      
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward]      
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss: 1,828 2,320 5,563
Recognized in interest      
Derivative Instruments, Pre-Tax Effects Of Derivatives Designated As Cash Flow Hedging Instruments [Roll Forward]      
Net losses (gains) reclassified from cash flow hedge in accumulated other comprehensive income (loss) into profit or loss: $ (26,344) $ (29,946) $ (19,905)
v3.25.2
Property and Equipment - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 252,897 $ 206,771
Less: accumulated depreciation (147,779) (120,456)
Property and equipment, net 105,118 86,315
Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 15,008 11,200
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 58,559 40,824
Furniture and fittings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 25,217 25,172
Leasehold improvements and other    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 154,113 $ 129,575
v3.25.2
Property and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 36.9 $ 29.0 $ 27.8
Impairment of leasehold     $ 8.4
v3.25.2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 1,288,756 $ 727,211
Additions 14,022 561,372
Effect of change in exchange rates 1,667 173
Goodwill, ending balance $ 1,304,445 $ 1,288,756
v3.25.2
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 673,547 $ 676,367
Accumulated Amortization (428,707) (377,310)
Total future amortization expense 244,840 299,057
Acquired developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 466,932 469,752
Accumulated Amortization (278,525) (242,137)
Total future amortization expense 188,407 227,615
Patents, trademarks, and other rights    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 70,928 70,928
Accumulated Amortization (37,337) (31,427)
Total future amortization expense 33,591 39,501
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 135,687 135,687
Accumulated Amortization (112,845) (103,746)
Total future amortization expense $ 22,842 $ 31,941
v3.25.2
Goodwill and Intangible Assets - Schedule of Weighted-Average Remaining Useful Lives (Details)
Jun. 30, 2025
Acquired developed technology  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 5 years
Patents, trademarks, and other rights  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 6 years
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Lives (Years) 3 years
v3.25.2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense for intangible assets $ 55.5 $ 49.7 $ 33.1
v3.25.2
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 53,030  
2027 47,861  
2028 45,634  
2029 40,128  
2030 37,708  
Thereafter 20,479  
Total future amortization expense $ 244,840 $ 299,057
v3.25.2
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]    
Accrued expenses $ 180,197 $ 149,046
Employee benefits 422,986 332,518
Tax liabilities 36,726 55,203
Customer deposits 16,396 19,279
Other payables 25,296 21,313
Total accrued expenses and other current liabilities $ 681,601 $ 577,359
v3.25.2
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]      
Operating lease costs $ 43,720 $ 41,426 $ 50,134
Variable lease costs 14,781 11,908 13,094
Total lease costs $ 58,501 $ 53,334 $ 63,228
Weighted average remaining lease term (in years) 5 years 6 years 7 years
Weighted average discount rate 3.10% 2.90% 2.50%
v3.25.2
Leases - Supplemental Cash Flow Table (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]      
Cash payments for operating leases $ 52,981 $ 49,803 $ 41,493
Right-of-use assets obtained in exchange for new operating lease liabilities $ 34,717 $ 23,265 $ 3,580
v3.25.2
Leases - Future Lease Payments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Leases [Abstract]  
2026 $ 57,056
2027 57,224
2028 56,667
2029 46,237
2030 16,188
Thereafter 38,743
Total future operating lease payments 272,115
Less: imputed interest (20,468)
Total lease liability balance $ 251,647
v3.25.2
Leases - Additional Information (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2025
USD ($)
extension_option
Lessee, Lease, Description [Line Items]    
Term of future lease payment   15 years
Number of extension options | extension_option   2
Length of additional extension periods   10 years
Lease not yet commenced   $ 912.3
Facility Closing    
Lessee, Lease, Description [Line Items]    
Impairment charge $ 52.7  
v3.25.2
Debt - Credit Facility (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
May 15, 2024
USD ($)
Aug. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Oct. 31, 2020
USD ($)
Line of Credit Facility [Line Items]            
Unamortized discount (premium) and debt issuance costs, net     $ 12,316 $ 14,089    
Proceeds from issuance of debt, net of issuance cost $ 985,700   $ 0 $ 987,039 $ 0  
Line of Credit | The 2024 Credit Agreement            
Line of Credit Facility [Line Items]            
Consolidated leverage ratio   3.5        
Consolidated leverage ration in event of a material acquisition   4.5        
Line of Credit | The 2024 Credit Agreement | Minimum            
Line of Credit Facility [Line Items]            
Variable rate   0.875%        
Commitment fee, as a percentage   0.075%        
Line of Credit | The 2024 Credit Agreement | Maximum            
Line of Credit Facility [Line Items]            
Variable rate   1.50%        
Commitment fee, as a percentage   0.20%        
Line of Credit | The 2024 Credit Agreement | Unsecured Debt            
Line of Credit Facility [Line Items]            
Borrowing capacity   $ 750,000        
Line of Credit | The 2024 Credit Agreement | Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Amount of increase available   $ 250,000        
Line of Credit | Twenty Twenty Credit Facility | Unsecured Debt            
Line of Credit Facility [Line Items]            
Borrowing capacity           $ 1,000,000
Line of Credit | Twenty Twenty Credit Facility | Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Borrowing capacity           $ 500,000
Senior Notes            
Line of Credit Facility [Line Items]            
Percentage of face amount 101.00%          
Unamortized discount (premium) and debt issuance costs, net $ 14,300          
Senior Notes | Senior Note 2029            
Line of Credit Facility [Line Items]            
Contractual Interest Rate 5.25%          
Senior Notes | Senior Note 2034            
Line of Credit Facility [Line Items]            
Contractual Interest Rate 5.50%          
v3.25.2
Debt - Senior Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 15, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Debt Instrument [Line Items]        
Unamortized discount (premium) and debt issuance costs, net   $ 12,316 $ 14,089  
Proceeds from issuance of debt, net of issuance cost $ 985,700 0 $ 987,039 $ 0
Senior Notes        
Debt Instrument [Line Items]        
Percentage of face amount 101.00%      
Unamortized discount (premium) and debt issuance costs, net $ 14,300      
Senior Notes | Level 2        
Debt Instrument [Line Items]        
Estimated fair value   $ 1,000,000    
2029 Notes | Senior Notes        
Debt Instrument [Line Items]        
Aggregate principal amount $ 500,000      
Contractual Interest Rate 5.25% 5.25%    
2034 Notes | Senior Notes        
Debt Instrument [Line Items]        
Aggregate principal amount $ 500,000      
Contractual Interest Rate 5.50% 5.50%    
v3.25.2
Debt - The Notes Carrying Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
May 15, 2024
Debt Instrument [Line Items]      
Unamortized debt discount and issuance costs $ (12,316) $ (14,089)  
Long-term debt $ 987,684 985,911  
Senior Notes      
Debt Instrument [Line Items]      
Unamortized debt discount and issuance costs     $ (14,300)
2029 Notes | Senior Notes      
Debt Instrument [Line Items]      
Expected Remaining Term (years) 3 years 10 months 24 days    
Contractual Interest Rate 5.25%   5.25%
Effective Interest Rate 5.55%    
Aggregate principal amount $ 500,000 500,000  
2034 Notes | Senior Notes      
Debt Instrument [Line Items]      
Expected Remaining Term (years) 8 years 10 months 24 days    
Contractual Interest Rate 5.50%   5.50%
Effective Interest Rate 5.71%    
Aggregate principal amount $ 500,000 $ 500,000  
v3.25.2
Commitment and Contingencies - Additional Information (Details) - Cloud Services Platform And Other Services
 12 Months Ended
Jun. 30, 2025
Minimum  
Long-Term Purchase Commitment [Line Items]  
Purchase commitment period 2 years
Maximum  
Long-Term Purchase Commitment [Line Items]  
Purchase commitment period 7 years
v3.25.2
Commitment and Contingencies - Schedule of Purchase Obligations (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]    
Contractual purchase obligations $ 1,814,106 $ 1,415,724
Obligations for leases that have not yet commenced 912,344 964,825
Total purchase obligation $ 2,726,450 $ 2,380,549
v3.25.2
Commitment and Contingencies - Schedule of Future Commitments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Other contractual commitments    
2026 $ 473,895  
2027 516,731  
2028 219,147  
2029 79,333  
2030 140,000  
Thereafter 385,000  
Total commitments 1,814,106 $ 1,415,724
Leases not commenced    
2026 0  
2027 26,579  
2028 46,627  
2029 48,492  
2030 50,431  
Thereafter 740,215  
Total commitments 912,344 964,825
Total    
2026 473,895  
2027 543,310  
2028 265,774  
2029 127,825  
2030 190,431  
Thereafter 1,125,215  
Total purchase obligation $ 2,726,450 $ 2,380,549
v3.25.2
Revenue - Remaining Performance Obligations (Details)
$ in Billions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 3.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, percentage 74.00%
Revenue remaining performance obligation, expected timing of satisfaction period 12 months
v3.25.2
Revenue - Disaggregation of Revenue by Geographic Region and Deployment Options (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]      
Total revenues $ 5,215,304 $ 4,358,603 $ 3,534,647
Cloud      
Disaggregation of Revenue [Line Items]      
Total revenues 3,447,427 2,698,899 2,085,498
Data Center      
Disaggregation of Revenue [Line Items]      
Total revenues 1,467,167 1,208,498 819,251
Server      
Disaggregation of Revenue [Line Items]      
Total revenues 0 177,645 400,519
Marketplace and other      
Disaggregation of Revenue [Line Items]      
Total revenues 300,710 273,561 229,379
Americas      
Disaggregation of Revenue [Line Items]      
Total revenues 2,516,901 2,125,434 1,765,166
United States      
Disaggregation of Revenue [Line Items]      
Total revenues 2,182,073 1,847,194 1,537,328
Other Americas      
Disaggregation of Revenue [Line Items]      
Total revenues 334,828 278,240 227,838
EMEA      
Disaggregation of Revenue [Line Items]      
Total revenues 2,123,971 1,750,910 1,366,739
Germany      
Disaggregation of Revenue [Line Items]      
Total revenues 539,550 442,063 330,046
Other EMEA      
Disaggregation of Revenue [Line Items]      
Total revenues 1,584,421 1,308,847 1,036,693
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Total revenues $ 574,432 $ 482,259 $ 402,742
v3.25.2
Revenue - Change in Contract Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Contract With Customer, Liability [Roll Forward]    
Balance, beginning of period $ 2,114,736 $ 1,545,479
Additions 5,581,822 4,927,860
Revenue (5,215,304) (4,358,603)
Balance, end of period $ 2,481,254 $ 2,114,736
v3.25.2
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue recognized, as a percentage 34.00% 31.00%
Impairment losses $ 0.0 $ 0.0
v3.25.2
Revenue - Changes in Balance of Deferred Commission (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Capitalized Contract Cost [Roll Forward]    
Balance, beginning of period $ 79,711 $ 53,604
Additions 96,869 51,326
Amortization expense (40,240) (25,219)
Balance, end of period 136,340 79,711
Deferred contract acquisition costs included in:    
Prepaid expenses and other current assets 50,233 29,170
Other non-current assets 86,107 50,541
Capitalized Contract Cost, Net, Total $ 136,340 $ 79,711
v3.25.2
Geographic Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]    
Total long-lived assets $ 274,245 $ 258,784
United States    
Segment Reporting Information [Line Items]    
Total long-lived assets 168,841 189,468
Australia    
Segment Reporting Information [Line Items]    
Total long-lived assets 54,073 47,082
India    
Segment Reporting Information [Line Items]    
Total long-lived assets 34,909 6,522
All other countries    
Segment Reporting Information [Line Items]    
Total long-lived assets $ 16,422 $ 15,712
v3.25.2
Stockholder's Equity - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 30, 2025
USD ($)
vote
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
Dec. 31, 2015
Sep. 30, 2024
USD ($)
Jan. 31, 2023
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Consent required to convert, percentage 66.66%          
Conversion threshold percentage (less than) 10.00%          
Preferred stock, authorized (in shares) | shares 10,000,000          
Preferred stock, outstanding (in shares) | shares 0 0        
Number of shares available for grant (in shares) | shares 28,121,651          
Treasury stock, shares, acquired (in shares) | shares 4,000,000.0          
Treasury stock, value, acquired, cost method | $ $ 780,700          
Shares acquired, average cost per share (in dollars per share) | $ / shares $ 196.02          
Stock repurchase program, remaining authorized repurchase amount | $ $ 1,200,000          
Share Repurchase Program 2023            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock repurchase program, authorized amount | $         $ 1,500,000 $ 1,000,000
Restricted Stock Units (RSUs)            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period       4 years    
Granted, weighted average grant date fair value (in dollars per share) | $ / shares $ 179.10 $ 199.66 $ 221.87      
Aggregate intrinsic value, vested | $ $ 1,537,447 $ 950,300 $ 617,000      
Tax benefit | $ 335,100 $ 218,700 $ 156,500      
Cost not yet recognized | $ $ 2,400,000          
Cost not yet recognized, period for recognition 4 years          
Granted (in shares) | shares 12,579,661          
Shares outstanding (in shares) | shares 16,578,020 12,696,964        
Aggregate intrinsic value, outstanding | $ $ 3,366,830 $ 2,245,839        
Restricted Stock Units (RSUs) | Weighted Average            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Cost not yet recognized, period for recognition 2 years 7 months 6 days          
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche One            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period       1 year    
Award vesting rights, percentage       25.00%    
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche Two            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period       3 years    
Award vesting rights, percentage       75.00%    
Award vesting rights, quarterly vesting percentage       8.30%    
Restricted Stock            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Cost not yet recognized, period for recognition 4 years          
Granted (in shares) | shares 0 301,751        
Shares outstanding (in shares) | shares 90,083 156,856        
Aggregate intrinsic value, outstanding | $ $ 18,300 $ 27,700        
Class A            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Common stock, par value (in dollars per share) | $ / shares $ 0.00001 $ 0.00001        
Voting rights, number | vote 1          
Class B            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Common stock, par value (in dollars per share) | $ / shares $ 0.00001 $ 0.00001        
Conversion ratio 1          
Voting rights, number | vote 10          
v3.25.2
Stockholder's Equity - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Number of Shares      
Beginning balance (in shares) 12,696,964    
Granted (in shares) 12,579,661    
Vested (in shares) (6,400,145)    
Forfeited or cancelled (in shares) (2,298,460)    
Ending balance (in shares) 16,578,020 12,696,964  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 213.13    
Granted, weighted average grant date fair value (in dollars per share) 179.10 $ 199.66 $ 221.87
Vested, weighted average grant date fair value (in dollars per share) 207.38    
Forfeited or cancelled, weighted average grant date fair value (in dollars per share) 195.96    
Ending balance (in dollars per share) $ 190.98 $ 213.13  
Aggregate intrinsic value, outstanding beginning balance $ 2,245,839    
Aggregate intrinsic value, vested 1,537,447 $ 950,300 $ 617,000
Aggregate intrinsic value, outstanding ending balance $ 3,366,830 $ 2,245,839  
v3.25.2
Net Loss Per Share - Basic and Diluted Net Loss (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Numerator:      
Net loss $ (256,687) $ (300,519) $ (486,761)
Denominator:      
Weighted-average shares outstanding, basic (in shares) 261,787,000 259,133,000 256,307,000
Weighted-average shares outstanding, diluted (in shares) 261,787,000 259,133,000 256,307,000
Net loss per share, basic (in USD per share) $ (0.98) $ (1.16) $ (1.90)
Net loss per share, diluted (in USD per share) $ (0.98) $ (1.16) $ (1.90)
Class A      
Numerator:      
Net loss $ (160,050) $ (181,587) $ (283,907)
Denominator:      
Weighted-average shares outstanding, basic (in shares) 163,230,000 156,580,000 149,493,000
Weighted-average shares outstanding, diluted (in shares) 163,230,000 156,580,000 149,493,000
Net loss per share, basic (in USD per share) $ (0.98) $ (1.16) $ (1.90)
Net loss per share, diluted (in USD per share) $ (0.98) $ (1.16) $ (1.90)
Class B      
Numerator:      
Net loss $ (96,637) $ (118,932) $ (202,854)
Denominator:      
Weighted-average shares outstanding, basic (in shares) 98,557,000 102,553,000 106,814,000
Weighted-average shares outstanding, diluted (in shares) 98,557,000 102,553,000 106,814,000
Net loss per share, basic (in USD per share) $ (0.98) $ (1.16) $ (1.90)
Net loss per share, diluted (in USD per share) $ (0.98) $ (1.16) $ (1.90)
v3.25.2
Net Loss Per Share - Antidilutive Securities (Details) - shares
shares in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive securities (in shares) 7,452 8,343 7,443
Class A Common Stock RSU awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive securities (in shares) 7,423 8,320 7,426
Class A Common Stock restricted stock awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potentially dilutive securities (in shares) 29 23 17
v3.25.2
Income Taxes - Components of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (137,403) $ (139,687) $ (25,250)
Foreign 38,508 54,280 (285,886)
Loss before provision for income taxes $ (98,895) $ (85,407) $ (311,136)
v3.25.2
Income Taxes - Current and Deferred Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Current:      
Federal $ (1,249) $ 2,134 $ 4,327
State 4,534 3,969 1,045
Foreign 149,908 209,002 162,072
Total 153,193 215,105 167,444
Deferred:      
Federal 927 (14,030) 1,467
State 1,814 3,680 (1,066)
Foreign 1,858 10,357 7,780
Total 4,599 7 8,181
Total provision for income taxes $ 157,792 $ 215,112 $ 175,625
v3.25.2
Income Taxes - Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]      
Tax at federal statutory rate $ (20,768) $ (17,935) $ (65,339)
State, net of the federal benefit 28,097 16,362 13,042
Effects of non-U.S. operations 7,332 (14,575) 15,163
Tax credits (233,946) (151,912) (99,398)
Stock-based compensation 94,305 123,719 80,471
Non-deductible executive compensation 10,462 6,721 6,022
Australian R&D deductions forgone in lieu of R&D credit 29,169 29,502 30,303
Foreign taxes 1,159 (131) 2,457
Basis difference in investments (34,562) 14,615 (43,564)
Change in reserves 29,886 32,505 132,528
Change in valuation allowance 239,975 174,994 98,613
Other 6,683 1,247 5,327
Total provision for income taxes $ 157,792 $ 215,112 $ 175,625
Effective Tax Rate (%) (160.00%) (252.00%) (56.00%)
v3.25.2
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Deferred tax assets:      
Property and equipment $ 11,028 $ 7,748  
Loss carryforwards 615,687 779,554  
Credit carryforwards 401,629 252,444  
Operating lease liabilities 56,962 62,300  
Basis differences in investments 2,040,203 1,811,999  
Provisions, accruals, and prepayments 66,735 58,820  
Deferred revenue 317,761 306,629  
Capitalized research and development 113,489 81,503  
Other, net 571 717  
Total deferred tax assets 3,624,065 3,361,714  
Less valuation allowance (3,549,451) (3,268,643) $ (3,000,000)
Total deferred tax assets, net of valuation allowance 74,614 93,071  
Deferred tax liabilities:      
Unrealized foreign currency exchange losses 1,522 2,705  
Unrealized investment gains 4,163 1,007  
Operating right of use assets 46,348 47,825  
Stock-based compensation 7,205 5,526  
Intangible assets 35,495 52,461  
Total deferred tax liabilities 94,733 109,524  
Net deferred tax liabilities $ (20,119) $ (16,453)  
v3.25.2
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2025
Jun. 30, 2022
Tax Credit Carryforward [Line Items]        
Valuation allowance $ 3,268,643,000 $ 3,000,000,000.0 $ 3,549,451,000  
Operating loss carryforwards     633,400,000  
Federal foreign tax credits     50,600,000  
Unrecognized tax benefits 104,453,000 122,302,000 136,882,000 $ 53,483,000
Undistributed earnings of domestic subsidiaries     1,072,600,000  
Unrecognized tax benefits that would impact effective tax rate 10,900,000 113,200,000 400,000  
Income tax examination, penalties and interest expense 600,000 5,800,000    
Income tax examination, penalties and interest accrued $ 0 $ 5,800,000 0  
Settlement with Taxing Authority        
Tax Credit Carryforward [Line Items]        
Decrease in unrecognized tax benefits is reasonably possible     4,200,000  
Increase in unrecognized tax benefits is reasonably possible     5,200,000  
Australian Taxation Office | Settlement with Taxing Authority        
Tax Credit Carryforward [Line Items]        
Decrease in unrecognized tax benefits is reasonably possible     60,500,000  
Domestic Tax Jurisdiction        
Tax Credit Carryforward [Line Items]        
Federal foreign tax credits     95,100,000  
Polish R&D Credits        
Tax Credit Carryforward [Line Items]        
Unrecognized tax benefits     13,200,000  
Tax Credit Carried Forward Indefinitely        
Tax Credit Carryforward [Line Items]        
Operating loss carryforwards     537,900,000  
Tax Credit Carried Forward Expire Date        
Tax Credit Carryforward [Line Items]        
Operating loss carryforwards     200,000  
Foreign Tax Jurisdiction        
Tax Credit Carryforward [Line Items]        
Federal foreign tax credits     244,700,000  
State and Local Jurisdiction        
Tax Credit Carryforward [Line Items]        
Operating loss carryforwards     538,100,000  
Federal foreign tax credits     $ 117,900,000  
v3.25.2
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 104,453 $ 122,302 $ 53,483
Gross increases 105 10,887 112,781
Gross decreases (4,547) 0 (198)
Gross increases 36,871 25,707 15,171
Settlements 0 (53,648) (57,004)
Lapse of statute of limitations 0 0 (32)
Currency translation effect 0 (795) (1,899)
Ending balance $ 136,882 $ 104,453 $ 122,302