Hello everyone, and welcome to Asana's third quarter fiscal year 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate, you will need to press star 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 11 again. Please be advised that today's conference is being recorded. Now I will pass the call over to the Head of Investor Relations, Catherine Buan. Please proceed.
Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's third quarter fiscal year 2025. With me on today's call are Dustin Moskovitz, Asana's co-founder and CEO, Anne Raimondi, our Chief Operating Officer and Head of Business, and Sonalee Parekh, our Chief Financial Officer. Today's call will include forward-looking statements, including statements regarding the expected benefits of our product offerings, including AI Studio, and our expectations for revenue to be generated by AI Studio, our expectation for free cash flow, our financial outlook, strategic plans, our market position, and growth opportunities. Forward-looking statements involve risks, uncertainties, and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements.
Please refer to our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, for additional information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements. In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are an addition to, and not a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release, which is posted on our investor relations webpage at investors.asana.com. And with that, I'd like to turn the call over to Dustin.
Thank you, Catherine, and thank you all for joining us on the call today. This quarter marks a transformative moment for Asana. With the launch of AI Studio, we're officially entering a new era as a multi-product company. This represents more than just a new revenue stream. It's an entirely new way to create value for customers as AI transforms how work gets done. We believe AI Studio has the potential to eclipse our current revenue scale over time. The early momentum has been exciting, with significant customer demand across various sectors, including media, financial services, manufacturing, healthcare, professional services, and technology. We're seeing customers experience meaningful productivity gains as they integrate AI directly into their everyday workflows, where it can drive measurable impact at scale.
Beyond these product achievements, we delivered a solid quarter, exceeding our guidance on top and bottom line, highlighted by stability across the board and pockets of acceleration in our most strategic areas. Total revenues were up over 10% year- over- year, above our guidance and reflecting stabilization of the growth rate versus last quarter. As you know, our tech vertical has been disproportionately impacted by the macro, and our efforts to diversify more broadly into a diverse array of industry verticals are paying off. Non-tech verticals grew faster than overall growth and were up 15% year- over- year, a slight acceleration from last quarter and accounted for over two-thirds of our business. Some of our fastest-growing verticals this quarter included manufacturing and energy, consumer retail, and media. Customer growth showed improving trends.
Our core customer base, as well as our $100,000 and over customers, grew 11% and 18% respectively, both accelerating over last quarter. Retention is also a good story, with stability in gross retention and an uptick in our in-quarter NRR across all customer cohorts. Non-GAAP operating margins improved year- over- year, from an operating loss margin of 6% to an operating loss margin of 4% as we continue to progress towards non-GAAP profitability. During the quarter, we continued to execute on our enterprise strategy. We accelerated growth in key verticals, and we marked a significant milestone as we established ourselves as a multi-product company. Now let me turn to our progress with customers and the momentum we're seeing with AI Studio. In October, we hosted our Work Innovation Summit in New York, which was a landmark event for Asana.
As our largest and most strategic executive event to date, we hosted nearly 1,000 attendees, representing almost 4X growth in attendance since our inaugural Work Innovation Summit a year ago. The major announcement at this event was, of course, AI Studio, an AI-powered workflow builder that empowers teams to design any workflow, embed AI agents without code, and deploy these workflows where their teams are already working. The enthusiasm was palpable, with lines of customers stretching around the room, eager to learn about potential use cases and engage with our team of workflow specialists. AI Studio leverages our unique Work Graph to deliver AI capabilities exactly where teams work, providing the essential context and structure that AI needs to be effective.
Unlike standalone chatbots, with AI Studio, teams can seamlessly coordinate work between humans and AI teammates within their existing workflows, all powered by our deep understanding of the relationships between people, work, and processes. The key thing to understand about AI Studio is that these are not chatbots. You don't talk to them. These are workflows with AI agents embedded within them that are automatically initiated in reaction to things people are doing, like filling out forms or changing task statuses. While other AI Studios focus on creating agents that are expected to take on a wide variety of tasks and autonomously execute plans, Asana gives you a way to outline an explicit step-by-step workflow that includes pieces that are completed by AI while being heavily anchored by the human intention from start to finish. This ensures consistent, high-quality results.