Atlassian reported fourth-quarter results that exceeded guidance, with revenue up 28.0% year over year to $1.766 billion and a non-GAAP operating margin of 36.0%, versus the high end of guidance of $1.661 billion and 30.5%. Revenue upside was driven by cloud acceleration, broad-based seat expansion, and cross-selling, not revenue pull-forwards. Cloud revenue accelerated to 31% year-over-year growth to $1.214 billion, while data center grew 21% to $462 million and marketplace grew 20% to $91 million. Data center migrations did not contribute to cloud strength, unlike last quarter. Rovo users are growing their spending at more than 2 times the rate of nonadopters. Morningstar maintains its fair value estimate for narrow-moat Atlassian at $220.00 per share, with a five-star rating and very high uncertainty rating. Management called for 13% revenue growth for fiscal 2027 and a non-GAAP operating margin of 25%, which Morningstar views as conservative. The first-quarter outlook includes total revenue of $1.71 billion and a non-GAAP operating margin of 28.5% at the midpoints.