Monday.com Overview
monday.com is an Israeli-domiciled, Nasdaq-listed enterprise software company that has repositioned itself during 2026 from a horizontal "Work OS" into what it now calls an AI Work Platform. Its core asset is a schemaless, no-code/low-code data infrastructure — mondayDB — on which four end-customer products (work management, CRM, service, dev) and a native agentic execution layer are assembled from common modular components. The commercial model is pure subscription SaaS, historically seat-based, now migrating toward hybrid seat-plus-consumption pricing as AI usage is monetised. The company crossed one billion dollars of revenue in 2025 and 1.5 billion dollars of ARR in July 2026, with a structural gross margin near 89 percent, zero financial debt, and consistent free cash flow generation. Its defining strategic tension in 2026 is deliberate: management has traded near-term growth optics and roughly a fifth of its workforce for an aggressive, capital-intensive bet that agentic AI, not seat expansion, is the durable growth engine.
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total employees (period end) | 1,854 | 2,500 | 3,155 |
FY2023 headcount per third-party compilation of the FY2023 20-F (electroiq); FY2024 headcount of approximately 2,500 per Calcalist/Ctech reporting of the FY2024 results call, which described 35% headcount growth in 2024; FY2025 headcount of 3,155 is taken directly from the FY2025 20-F and is the only figure in this table confirmed against a primary filing.
FY2025 employee distribution by region (FY2025 20-F)
| Region | Employees |
|---|---|
| Israel | 1,729 |
| Americas | 755 |
| Europe | 514 |
| APAC | 157 |
| Total | 3,155 |
The company's own characterisation
The FY2025 20-F describes the business as follows: "With the monday.com AI work platform, organizations can build software applications and work management tools to fit their needs and execute on their behalf. Our no-code and low-code platform consists of modular building blocks that are simple enough for anyone to assemble, yet powerful enough to build solutions that drive the core business of any organization in any vertical."
The corporate boilerplate used in all 2026 press releases is materially different from that used in 2024, and the change is itself a datapoint. The FY2024 descriptor read: "The monday.com Work OS is a low-code/no-code platform that democratizes the power of software so organizations can easily build work management tools and software applications to fit their every need." The August 2026 descriptor reads: "monday.com is the AI work platform that not only helps manage and orchestrate work, but also does the work for you… where AI doesn't just assist, it executes."
Note 1 to the Q2 2026 interim financial statements confirms the shift at the accounting-disclosure level: "The Company operates an artificial intelligence ('AI') Work Platform that consists of modular building blocks that can be easily used and assembled to create software applications and work management tools and serves as a connective layer to integrate with other systems and applications across an organization."
Independent characterisation
monday.com is best understood not as a project-management application vendor but as a general-purpose relational workspace with a shallow adoption curve. Three structural features explain both its historical growth rate and its current strategic position:
First, a single codebase across all products. The 20-F is explicit that products "share a common code base." monday work management, monday CRM, monday campaigns, monday service and monday dev are configurations of the same primitives — boards, items, columns, views, automations, dashboards — rather than separately engineered applications. This produces very high incremental gross margin on new product launches and explains how the company added CRM, dev, service and campaigns inside roughly four years without a corresponding step-change in R&D intensity. It also explains why cross-sell is the dominant expansion mechanic: as of 31 December 2025, 29% of enterprise customers (those above $50,000 ARR) had multiple products, versus only 6% of sub-$50,000 customers.
Second, a two-motion go-to-market. The company runs a self-serve, performance-marketing-fed funnel alongside a direct enterprise sales organisation under a Chief Revenue Officer, supplemented by 300 channel partners across approximately 50 countries. The self-serve funnel is what made the business capital-efficient historically; it is also the source of the company's most acute current vulnerability, since management confirmed on the Q2 2026 call that guidance "does not assume a rebound in performance marketing or top-of-funnel activity."
Third, the data layer as the AI moat. Management's central argument in 2026 is that agents that operate on live, permissioned, typed operational data are structurally more useful than agents operating on documents and chat logs. The 20-F states that mondayDB "was natively built in a manner to deliver this context, and offers a unique competitive advantage." Independent commentary has echoed this — Moor Insights & Strategy and Greyhound Research analysts, quoted by CIO in July 2026, described monday.com's "structured substrate" of boards, permissions and typed workflows as giving agents "something firmer to act on than just documents and chat history."
Revenue model
| Revenue model component | Characteristics |
|---|---|
| Subscription (seat-based) | Historic core. Free plan limited to two users; 14-day free trial of the Pro plan; four paid tiers |
| Subscription (product-based) | Separate SKUs per product (work management, CRM, campaigns, service, dev), enabling multi-product attach |
| Add-ons | Guardian security add-on (tenant-level encryption, bring-your-own-key, multiple SSO); monday sidekick monetised as an add-on for most tiers from 2026 |
| Consumption / usage-based | Introduced 2025–2026. AI actions were initially bundled (500 free actions per customer) then metered; monday vibe pricing launched mid-October 2025; broader shift to consumption-based pricing announced with Q1 2026 results |
| Marketplace | 869 apps at 31 December 2025, of which 704 with native monetisation; partners monetise via in-platform payment processing. monday.com's own revenue share is not separately disclosed |
| Agent marketplace | Agentalent.ai (launched March 2026), a managed marketplace for enterprise AI agents. Constellation Research reported pricing "from $2,000 a month and up" with 17 agents available at launch |
Revenue is derived, per the 20-F, "mainly from monthly or annual subscription agreements with our customers for access to our cloud-based Work OS products." There is no perpetual licence, no hardware, and no material professional-services line — implementation and training services are deliberately pushed to the partner ecosystem. Customers do not take possession of the software.
Customer base and end markets
The company defines a "customer" as a unique web-domain-based account on a paid subscription plan. Concentration is negligible: no single customer accounts for more than 1% of revenue, and the top 100 customers accounted for less than 10% of revenue in both FY2025 and H1 2026.
Verticals are deliberately horizontal. The 20-F notes that "a majority of them work[s] in traditionally non-tech industries, such as real estate, banking, journalism, and construction," alongside IT management, software development and e-commerce customers. Marketing materials cite over 200 industries and over 200 countries and territories.
Value chain position
monday.com sits in the application layer, above cloud infrastructure (AWS and Google Cloud Platform, multi-region) and increasingly above third-party foundation models. The 2026 AI Platform Gateway makes this explicit: rather than vertically integrating model development, monday.com brokers access to multiple large language models and offers one-click connectors to Anthropic's Claude, OpenAI's ChatGPT, Microsoft Copilot and Google Gemini. This is a deliberate decision to compete on data context, workflow governance and distribution rather than on model capability — with the corresponding consequence that AI compute has become a cost-of-revenue line item and a stated cause of gross margin compression.
Strategy
Stated corporate strategy (FY2025 20-F, verbatim strategy headings)
The 20-F sets out eight growth strategies. Reproduced as stated:
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"Evolve the Work OS platform." Continued significant R&D investment "to enable new use cases, serve more verticals, increase enterprise-grade features on our platform, and provide the latest AI technology."
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"Enhance our offerings with AI that is easy to use and executes work for our customers." The core thesis is what management calls "the adoption advantage": "We recognize that, across the industry, AI adoption remains a major barrier to realizing value… Our AI capabilities are built directly into the products and platform components our customers already know. So even though these are new features, they feel familiar and easy to use."
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"Augment our vision with a versatile suite of Work OS-based, interoperable products."
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"Provide more value to and increase the number of large accounts" — including a dedicated Product Alignment Team building from enterprise-customer feedback.
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"Scale our go-to-market." Expand the sales-led motion while scaling the self-serve funnel; deploy AI agents to improve onboarding and engagement.
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"Drive increased adoption and expansion within our existing customer base."
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"Drive growth by acquiring new customers." Notably: "In 2026, leads generated by AI sales agents will be in full effect."
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"Grow and invest in our ecosystem strategy" and "Expand our global footprint."
The 2026 proxy states the transformation thesis more starkly: "During 2026, the Company has rebuilt its platform from the ground up around a single organizing principle: people and AI agents working together to get work done."
Strategic initiatives, last 24 months
| Date | Initiative | Detail and strategic intent |
|---|---|---|
| Feb 2025 | Digital Workforce of AI Agents | Announced alongside AI Blocks and Product Power-ups as the 2025 AI roadmap |
| 2,025 | Customer success re-segmentation | High-touch CSM coverage for strategic accounts; new AI-first, human-supported tier for mid-sized clients |
| 2,025 | Commissions model change | Sales commissions fell from 5% to 2% of revenue |
| Sept 2025 | Elevate 2025 | monday agents no-code builder; GA of magic, vibe and sidekick; monday campaigns launch; enterprise-grade platform capabilities |
| Sept 2025 | Capital return programme | 870 million USD repurchase authorisation, no expiry |
| Oct 2025 | monday vibe monetisation | Pricing launched; fastest product to 1 million USD ARR |
| Feb 2026 | Withdrawal of 2027 targets | Citing AI-landscape uncertainty and persistent self-serve weakness |
| Mar 2026 | AI agent infrastructure | External agents can sign up, authenticate and operate natively within the platform |
| Mar 2026 | monday agent labs / Agentalent.ai | Incubation engine plus a managed marketplace for hiring enterprise AI agents; built with AWS and Anthropic; two-sided model with onboarding, contract management, billing and qualification for agent builders |
| May 2026 | AI Work Platform relaunch | Native agents; one-click connectors to Claude, ChatGPT, Copilot and Gemini; monday AI Platform Gateway providing multi-LLM access; new AI development tools in vibe; redesigned mobile app; expanded agent experiences in Slack |
| May 2026 | Consumption-based pricing | Shift announced with Q1 2026 results: "As AI takes on more work for our customers, our business grows with it" |
| May 2026 | OneAI acquisition | Native voice AI capability, accelerating go-to-market timeline |
| Jun 2026 | EMEA leadership consolidation | Single accountable GM for the fastest-growing region |
| Jul 2026 | Share cancellation | 10,875,000 unissued shares cancelled from the 2021 plan reserve to limit dilution |
| Jul 2026 | 2026 Restructuring Plan | 20% workforce reduction; flatter organisation; smaller autonomous teams; new go-to-market model with deeper implementation support, increased on-site presence and forward-deployed engineers. Approximately 100 million USD of annualised savings, "the vast majority" to be reinvested in product, AI and growth |
| Aug 2026 | Foundation donation | 196,829 shares (approximately 18 million USD), pursuant to the stated intention to contribute up to 10% of equity to the Foundation over ten years |
Management's medium-term financial targets
| Guidance item | Q3 2026 | FY2026 |
|---|---|---|
| Total revenue (USD M) | 368 to 370 | 1466 to 1474 |
| Year-over-year revenue growth (%) | 16 to 17 | 19 to 20 |
| Non-GAAP operating income (USD M) | 57 to 59 | 230 to 234 |
| Non-GAAP operating margin (%) | approximately 16 | approximately 16 |
| Adjusted free cash flow (USD M) | not guided | 280 to 290 |
| Adjusted free cash flow margin (%) | not guided | 19 to 20 |
All margin guidance assumes an adverse FX impact of 100–200 basis points and excludes restructuring charges. Management explicitly states the outlook "does not assume a rebound in performance marketing or top-of-funnel activity" and reflects potential near-term disruption from the workforce reduction plus NDR pressure from lapping 2024–2025 pricing actions. Blended NDR is expected to be stable at approximately 110% for FY2026 (guided at Q4 2025), though it printed 109% in Q2 2026 with management flagging "modest pressure" ahead.
Evolution of FY2026 guidance — a useful record
| Date guided | Revenue (USD Mn) | Growth (%) | Non-GAAP operating margin (%) | Non-GAAP operating income (USD Mn) |
|---|---|---|---|---|
| 9 February 2026 | 1452 to 1462 | 18 to 19 | 11 to 12 | 165 to 175 |
| 11 May 2026 | 1466 to 1474 | 19 to 20 | approximately 13 | 185 to 191 |
| 22 July 2026 | 1466 to 1474 | 19 to 20 | approximately 15 | not restated |
| 10 August 2026 | 1466 to 1474 | 19 to 20 | approximately 16 | 230 to 234 |
This table is the single clearest summary of the 2026 story: revenue guidance has been raised once and then held flat through two subsequent quarters despite beats, while margin guidance has been raised at every single update, from 11–12% to approximately 16%. Management has, in effect, converted a growth story into an efficiency story over six months.
Products & Services
Core end-customer products
monday work management. The originating and still-dominant product. Purpose: building workflows, projects and portfolios for team collaboration and productivity at scale. Target customer: any department in any organisation from two-person teams to Fortune 500 business units; the majority of users work in non-technical industries. Latest material development: mondayDB 3.0 entered beta in 2025, expected to enable work management customers to host five times more projects within a single portfolio. Pricing model: seat-based across four paid tiers plus a free tier limited to two users. Flagship characteristic: it is the product from which the company derives a majority of revenue, a fact carried as a standing risk factor in every filing.
monday CRM. Purpose: tracking and managing all aspects of the sales cycle. In 2025 it was expanded from a single product into a CRM suite. Target customer: sales organisations, initially SMB and mid-market, increasingly enterprise. Disclosed milestone: crossed 100 million USD ARR (announced with Q2 2025 results). Pricing: seat-based, separate SKU from work management.
monday campaigns. Launched at Elevate 2025 in September 2025. Purpose: creating and sending marketing campaigns with AI at its core. Target customer: marketing teams inside existing CRM accounts. Positioned explicitly as an "AI-powered product within the monday CRM suite" — that is, as a cross-sell vehicle rather than a standalone land motion. Revenue not disclosed.
monday service. Generally available to all customers from Q4 2024. Purpose: "a seamless connection between service desks and their data" — IT service management and enterprise service management. Target customer: IT, HR and internal-operations service desks. Competitive positioning: directly against Freshworks Freshservice and Atlassian Jira Service Management. Management noted on the Q4 2025 call that service and CRM "continue to grow and are expected to become larger revenue contributors in 2026."
monday dev. Generally available from Q1 2024. Purpose: agile product and software development workflows. Target customer: engineering and product teams. Competitive positioning: directly against Atlassian Jira.
AI work capabilities (all four introduced during 2025; unified in 2026)
monday sidekick. An AI assistant with full context of the customer's workspace. The 20-F describes it as able to "bring insights from outside of the workspace into projects where relevant," giving "more direct, customized, and accurate responses" because it has native context. Commercial model: monetised as an add-on for most tiers from 2026. Reached general availability at Elevate 2025.
monday vibe. A natural-language application builder — "vibe coding" — that lets users construct applications on top of their monday data using plain English, combining frontier LLMs with mondayDB's data infrastructure. Adoption metrics: more than 60,000 apps built within approximately three months of launch (disclosed Q3 2025); surpassed 1 million USD ARR within 2.5 months of pricing launch in mid-October 2025, the fastest of any product in company history. New AI-powered development tools added in May 2026.
monday agents. A no-code agent builder allowing any team member to design and deploy AI specialists without technical background. Agents are built directly into the platform's data layer and operate within existing permission, security and governance structures. Functional scope per the 2026 proxy: "They draft, qualify, close, onboard, and process, around the clock, under human supervision."
monday workflows. The "work execution layer." Optimises automations and allows construction of complex cross-team, cross-product workflows, "leveraging AI agents within them to execute work autonomously and with pre-set guardrails."
Platform components (the modular substrate)
| Component | Function |
|---|---|
| Boards | Core primitive; schemaless database with a customisable interface |
| Items | Rows within a board representing any entity, workstream or campaign |
| Columns | Typed data fields; extensible via the column store; AI Blocks operate at column level |
| Views | Interactive interfaces over board data (calendar, location, timeline and others via the views store) |
| monday workdocs | Real-time collaborative documents with embeddable boards, dashboards, images and video |
| WorkForms | Web-based forms capturing structured data from non-users; each submission generates a board item |
| Automations | Trigger-action recipes, predefined or custom |
| Integrations | Native connections including Gmail, Outlook, Jira, Salesforce, Google Drive, Dropbox, Stripe, Slack, GitHub and Zendesk |
| Dashboards and dashboard widgets | Cross-board aggregation and visualisation |
| Workspaces | Organisational containers for boards, dashboards and docs |
| My Work | Personal aggregation of assigned items across boards |
| monday magic | Native AI solutions builder: describe a workflow in a prompt and it is constructed; also leveraged by sidekick |
| AI Blocks | Column-level AI for task generation, formula building, email composition and content generation |
| AI Notetaker | Automatically joins meetings and generates recordings, transcripts and summaries |
| Mobile application | Native iOS and Android; redesigned in May 2026 so Sidekick and agents operate in a single interface |
| mondayDB 3.0 | Flagship data-infrastructure initiative; entered beta in 2025; targets 5x portfolio capacity and elasticity at scale |
| monday code | API and no-code/low-code framework for external developers |
| monday marketplace | 869 apps at 31 December 2025, of which 704 with native monetisation; in-platform payment processing for partners |
| Guardian add-on | Security and governance: tenant-level encryption, bring-your-own-key, multiple SSO |
| BigBrain | Internal business-intelligence platform processing approximately 2 billion events per workday; not sold externally |
| monday AI Platform Gateway | Introduced May 2026; provides access to multiple large language models |
| Agentalent.ai | Managed marketplace for discovering, evaluating and hiring enterprise AI agents; launched March 2026 by monday agent labs |
| Voice AI | Acquired capability via the OneAI asset purchase, May 2026; not yet a separately marketed SKU |
| WorkCanvas | Digital whiteboard product; carried in third-party company descriptions, no longer emphasised in 2026 materials |
Pricing structure
| Tier | Terms as disclosed |
|---|---|
| Free | Limited to two users |
| Trial | 14-day free trial of the Pro plan for the relevant product |
| Paid tiers | Four paid subscription plans (the FY2025 20-F confirms the count; tier names Basic; Standard) |
| AI actions | Initially 500 free AI actions per customer, then usage-based pricing (announced with FY2024 results) |
| Consumption pricing | Broader shift to consumption-based pricing announced with Q1 2026 results |
| Sidekick | Add-on pricing for most tiers |
| Agentalent.ai | Reported by Constellation Research at from 2,000 USD per month |
Financial Narrative
Income statement: notes and sources
FY2024 and FY2025 lines are taken directly from the audited statements in the Q4/FY2025 earnings release and the FY2025 20-F. Share-based compensation for FY2021–FY2023 is per Macrotrends. FY2024 SBC of 129.2 million USD excludes a separate 17.9 million USD equity grant to the monday.com Foundation.
Margins: notes and sources
R&D, S&M and G&A percentages for FY2023–FY2025 are as stated in the FY2025 20-F management discussion.
Revenue CAGR, FY2021 to FY2025: 41.4%. (Computed: 1,232.0 / 308.2 = 3.998; fourth root less one.)
Balance sheet: notes and sources
FY2023 cash of 1,116.1 million USD is the opening balance shown in the FY2024 cash-flow statement. monday.com carries no borrowings of any kind; "total debt" is genuinely zero, and the only balance-sheet leverage is operating leases (present value of lease liabilities 237.5 million USD at 30 June 2026, weighted-average remaining term 7.7 years, weighted-average discount rate 4.14%).
Ratio analysis: notes and sources
ROE computed on average equity of 1,138.5 million USD; ROA on average assets of 1,896.1 million USD; asset turnover on the same average asset base. ROIC is not meaningful because invested capital, defined as equity plus debt less cash and marketable securities, is negative in every period (FY2025: 1,246.8 less 1,665.5 equals negative 418.7 million USD). Days sales outstanding computed as period-end receivables divided by revenue times 365. The cash conversion cycle is structurally negative: there is no inventory, receivables turn in roughly nine days, and deferred revenue of 411.6 million USD at FY2025 represents customer prepayment funding the working-capital cycle.
Commentary on trends, inflections and drivers
The 2023 inflection. FY2023 is the pivot year in this dataset. Operating cash flow multiplied roughly eightfold, from 27.1 million USD to 215.4 million USD, and adjusted free cash flow rose from 8.1 million USD to 204.9 million USD. Two things drove this: S&M discipline (sales and marketing fell from an implied high-fifties percentage of revenue toward 60% and then downward each subsequent year) and the natural operating leverage of a subscription model with 89% gross margins and negative working capital. Net loss collapsed from 136.9 million USD to 1.9 million USD.
The interest-income subsidy. A material and frequently overlooked feature of monday.com's earnings quality is that GAAP profitability has been substantially delivered by the balance sheet, not the income statement. Financial income, net rose from 17.9 million USD (FY2022) to 61.1 million USD (FY2025) as the post-IPO cash pile earned rising short-term rates. In FY2025 the company reported a GAAP operating loss of 1.7 million USD and pre-tax income of 59.3 million USD — meaning 100% of pre-tax profit and more came from interest on cash. This subsidy is now reversing on two fronts simultaneously: rates are falling (H1 2026 interest income of 22.7 million USD versus 31.3 million USD in H1 2025, a 28% decline), and the cash balance has been deliberately halved by buybacks (from 1,665.5 million USD of cash and securities at December 2025 to 1,072.8 million USD at June 2026). Financial income, net fell from 31.7 million USD in H1 2025 to 17.3 million USD in H1 2026 — a 45% decline. This is a structural, multi-year headwind to GAAP EPS that has nothing to do with operations.
The FY2025 tax distortion. FY2025 GAAP net income of 118.7 million USD is not comparable to any prior or subsequent year. It includes a 61.15 million USD non-cash income tax benefit from the reversal of a valuation allowance on deferred tax assets following sustained profitability. Management excludes it from non-GAAP net income as "a discrete item that is not indicative of the Company's ongoing operating performance," and the 2026 proxy discloses it explicitly to shareholders. Stripping it out, underlying FY2025 GAAP net income was approximately 57.6 million USD. The Q4 2025 quarter is where this lands: GAAP net income of 76.7 million USD on GAAP operating income of just 2.4 million USD.
Gross margin has peaked. GAAP gross margin held at 89% for FY2023 through FY2025 but fell to 88% in Q2 2026 (89% non-GAAP versus 90% a year earlier). The FY2025 20-F is unusually direct about the cause and the trajectory: cost of revenue now explicitly includes "costs associated with AI compute, model usage and data processing," and management states, "As adoption of our AI-powered offerings increases, we expect associated infrastructure and compute costs to increase. As a result, we expect our gross margin to decline modestly in the mid-term, before stabilizing over the long term as we drive efficiencies and scale." For a company whose entire equity story rests on AI adoption, this is a direct and admitted trade-off: AI revenue carries structurally lower gross margin than seat revenue.
R&D intensity has stepped up sharply. GAAP R&D rose from 22% of revenue in FY2024 to 26% in FY2025 and to 23% of revenue in Q2 2026 on a non-GAAP basis (versus 20% a year earlier). In absolute terms GAAP R&D grew 50% in FY2025 against 27% revenue growth. This is the financial signature of the platform rebuild.
Sales and marketing efficiency is improving structurally. GAAP S&M fell from 60% of revenue (FY2023) to 55% (FY2024) to 51% (FY2025), and non-GAAP S&M fell from 47% of revenue in Q2 2025 to 41% in Q2 2026. Sales commissions fell from 6% of revenue (FY2023) to 5% (FY2024) to 2% (FY2025) following a change in the commissions model. Critically, deferred contract acquisition costs rose from 20.5 million USD (opening H1 2025) to 126.5 million USD (30 June 2026) — a sixfold increase — as the company capitalises enterprise sales commissions over a three-year benefit period. This flatters current-period S&M expense and is a leading indicator of enterprise-deal volume rather than of cost discipline alone.
FX is a persistent, structural margin drag. Because the majority of headcount is in Israel (1,729 of 3,155 employees) while nearly all revenue is USD-denominated, shekel appreciation compresses margin mechanically. Disclosed FX impacts: negative 180 basis points on Q4 2025 non-GAAP operating margin, negative 110 basis points for FY2025, negative 190 basis points in Q1 2026, negative 210 basis points in Q2 2026. Guidance for the remainder of 2026 assumes 100–200 basis points of continued adverse impact. The company hedges with NIS forward contracts (notional 195.8 million USD at 30 June 2026) but the hedges cover cost exposure, not the underlying structural mismatch.
Free cash flow quality is deteriorating at the margin. Adjusted FCF margin fell from 30% (FY2024) to 26% (FY2025), then to 22% in H1 2026 and 14% in Q2 2026 alone. Q4 2025 was particularly weak at 17% versus 27% a year earlier. Management attributed the FY2026 outlook reduction to FX, increased investment, lower interest rates, potential cash taxes as profitability persists, and share-repurchase effects. Deferred revenue growth — the engine of the negative working-capital cycle — decelerated sharply: 69.0 million USD added in FY2025 versus 73.1 million USD in FY2024, and negative 3.5 million USD in Q2 2026 versus positive 18.4 million USD in Q2 2025.
Capital structure has been transformed in nine months. Between November 2025 and Q2 2026, monday.com repurchased 10,486,207 shares for 870.0 million USD, approximately 20% of shares outstanding, at an average price of roughly 83 USD per share. Total shareholders' equity fell from 1,246.8 million USD to 618.0 million USD; basic weighted-average shares fell from 51.4 million (FY2025) to 43.7 million (Q2 2026). The programme was fully exhausted by 30 June 2026. Whether this proves shrewd or premature depends entirely on where the shares trade in three years; what is unambiguous is that it consumed 40% of the company's liquid balance sheet, and with it the interest-income earnings subsidy described above.
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Revenue by Segment
| Metric (USD K) | H1 2025 | H1 2026 |
|---|---|---|
Total revenues | 581,264 | 715,886 |
Share-based compensation | -87,603 | -70,501 |
Tax benefit (expense) related to share-based compensation | -78 | 1,791 |
Restructuring charges | 0 | -21,436 |
Other segment items | -464,585 | -594,246 |
Net income | 28,998 | 31,494 |
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View Subscription PlansProducts
| Product | Status | Disclosed economics |
|---|---|---|
monday work management | Core; originating product | Not separately disclosed. Filings repeatedly warn that the company "continue[s] to derive a majority of revenue from monday work management" |
monday CRM (suite) | Second product line; monday campaigns added 2025 | Crossed 100 million USD ARR as disclosed with Q2 2025 results |
monday campaigns | Launched September 2025 within the CRM suite | — |
monday service | Generally available from Q4 2024 | — |
monday dev | Generally available from Q1 2024 | — |
New products (aggregate) | — | Exceeded 10% of total ARR as of Q3 2025 |
monday vibe | Pricing launched mid-October 2025 | Surpassed 1 million USD ARR within 2.5 months — fastest product in company history to that mark |
AI products (aggregate) | — | ARR doubled from Q1 2026 to Q2 2026; represented 10% of net new ARR in Q1 2026 and 17% of net new ARR in Q2 2026 |
“—” = not publicly disclosed.
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 | Q2 2026 |
|---|---|---|---|---|
Paid customers with more than 10 users | 55,515 | 59,214 | 63,914 | 65,783 |
Paid customers with more than 50000 USD ARR | 2,295 | 3,201 | 4,281 | 4,834 |
Paid customers with more than 100000 USD ARR | 833 | 1,207 | 1,756 | 2,019 |
Paid customers with more than 500000 USD ARR | — | 50 | 87 | 114 |
Share of ARR from customers with more than 10 users (%) | — | 79 | 81 | 82 |
Share of ARR from customers above 50000 USD ARR (%) | — | 36 | 41 | 43 |
Share of ARR from customers above 100000 USD ARR (%) | — | 24 | 28 | 30 |
Share of ARR from customers above 500000 USD ARR (%) | — | 4 | 6 | 7 |
Net dollar retention — all customers (%) | 110 | 112 | 110 | 109 |
Net dollar retention — above 50000 USD ARR (%) | 115 | 115 | 116 | 115 |
Net dollar retention — above 100000 USD ARR (%) | 114 | 116 | 116 | 115 |
Total remaining performance obligations (USD Mn) | — | 614 | 839 | 937 |
Current remaining performance obligations (USD Mn) | — | 516 | 676 | 750 |
Income Statement and Margin Analysis (%)
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 308.2 | 519.0 | 729.7 | 972.0 | 1,232.0 |
Revenue growth (%) | 91 | 68 | 41 | 33 | 27 |
Cost of revenue | — | 66.5 | 80.7 | 103.7 | 133.1 |
Gross profit | — | 452.5 | 649.1 | 868.3 | 1,098.9 |
Research and development (GAAP) | — | 127.0 | 156.5 | 213.7 | 320.8 |
Sales and marketing (GAAP) | — | — | 438.4 | 533.5 | 630.9 |
General and administrative (GAAP) | — | — | — | 142.1 | 149.0 |
Total operating expenses | — | 604.5 | 687.6 | 889.3 | 1,100.6 |
GAAP operating income (loss) | — | -152.0 | -38.6 | -21.0 | -1.7 |
Non-GAAP operating income | — | — | — | 132.4 | 175.3 |
Depreciation and amortisation | — | — | — | 11.9 | 13.8 |
GAAP EBITDA | — | — | — | -9.2 | 12.1 |
Adjusted EBITDA (non-GAAP OI plus D&A) | — | — | — | 144.2 | 189.1 |
Financial income, net | — | 17.9 | 41.6 | 55.5 | 61.1 |
Income (loss) before income taxes | — | -129.5 | 3.3 | 34.5 | 59.3 |
Income tax benefit (expense) | — | -7.4 | -5.2 | -2.1 | 59.4 |
GAAP net income (loss) | -129.3 | -136.9 | -1.9 | 32.4 | 118.7 |
Non-GAAP net income | — | — | — | 183.3 | 233.6 |
GAAP EPS — basic (USD) | — | — | — | 0.65 | 2.31 |
GAAP EPS — diluted (USD) | — | — | — | 0.62 | 2.24 |
Non-GAAP EPS — basic (USD) | — | — | — | 3.67 | 4.54 |
Non-GAAP EPS — diluted (USD) | — | — | — | 3.50 | 4.40 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Share-based compensation | 74 | 105 | 100 | 129.2 | 177.0 |
Advertising costs | — | 181.4 | 203.2 | 218.4 | 237.9 |
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View Subscription PlansMargin Analysis (%)
| Metric (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
GAAP gross margin | 87.2 | 89.0 | 89.3 | 89.2 |
Non-GAAP gross margin | — | — | 90 | 90 |
GAAP operating margin | -29.3 | -5.3 | -2.2 | -0.1 |
Non-GAAP operating margin | — | — | 14 | 14 |
Adjusted EBITDA margin | — | — | 14.8 | 15.3 |
GAAP net margin | -26.4 | -0.3 | 3.3 | 9.6 |
Non-GAAP net margin | — | — | 18.9 | 19.0 |
Adjusted free cash flow margin | 1.6 | 28.1 | 30 | 26 |
R&D as percentage of revenue (GAAP) | 24.5 | 21 | 22 | 26 |
S&M as percentage of revenue (GAAP) | — | 60 | 55 | 51 |
G&A as percentage of revenue (GAAP) | — | 13 | 15 | 12 |
Share-based compensation as percentage of revenue | 20.2 | 13.7 | 13.3 | 14.4 |
Balance Sheet
| Metric (USD Mn) | FY2023 | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|---|
Cash and cash equivalents | 1,116.1 | 1,411.6 | 1,503.1 | 853.4 |
Marketable securities | — | 50.0 | 162.3 | 219.4 |
Total cash and marketable securities | — | 1,461.6 | 1,665.5 | 1,072.8 |
Accounts receivable, net | — | 25.8 | 30.6 | 32.9 |
Total current assets | — | 1,532.2 | 1,789.1 | 1,210.2 |
Property and equipment, net | — | 41.6 | 53.9 | 50.3 |
Operating lease right-of-use assets | — | 94.7 | 149.1 | 202.9 |
Goodwill | 0 | 0 | 0 | 9.9 |
Intangible assets, net | 0 | 0 | 0 | 3.2 |
Deferred tax assets, net | 0 | 0 | 58.7 | 54.3 |
Total assets | — | 1,685.5 | 2,106.6 | 1,619.9 |
Accounts payable | — | 35.6 | 45.0 | 62.9 |
Deferred revenue, current | — | 340.0 | 409.7 | 451.6 |
Deferred revenue, non-current | — | 2.6 | 1.9 | 2.1 |
Total current liabilities | — | 575.6 | 714.9 | 789.9 |
Operating lease liabilities, non-current | — | 77.0 | 142.9 | 210.0 |
Total liabilities | — | 655.3 | 859.8 | 1,001.9 |
Total shareholders' equity | — | 1,030.2 | 1,246.8 | 618.0 |
Accumulated deficit | — | -552.0 | -433.3 | -401.8 |
Short-term financial debt | 0 | 0 | 0 | 0 |
Long-term financial debt | 0 | 0 | 0 | 0 |
Total financial debt | 0 | 0 | 0 | 0 |
Net cash (negative net debt) | — | 1,461.6 | 1,665.5 | 1,072.8 |
Working capital | — | 956.6 | 1,074.2 | 420.4 |
Cash Flow
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash provided by operating activities | 16.4 | 27.1 | 215.4 | 311.1 | 333.6 |
Purchase of property and equipment | — | — | — | -13.2 | -20.4 |
Capitalised software development costs | — | — | — | -2.0 | -3.4 |
Headquarters build-out add-back | 0 | 0 | 0 | 0 | 12.8 |
Adjusted free cash flow | 9.9 | 8.1 | 204.9 | 295.8 | 322.7 |
Purchases of marketable securities, net | — | — | — | -49.6 | -110.0 |
Acquisitions and strategic investments | — | — | — | -6.0 | 0 |
Proceeds from option exercises and ESPP | — | — | — | 43.3 | 41.9 |
Share repurchases | 0 | 0 | 0 | 0 | -135.0 |
Dividends paid | 0 | 0 | 0 | 0 | 0 |
Net change in cash | — | — | — | 295.5 | 91.5 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 | H1 2026 (annualised where relevant) |
|---|---|---|---|
Return on equity (%) | — | 10.4 | — |
Return on assets (%) | — | 6.3 | — |
Current ratio | 2.66 | 2.50 | 1.53 |
Debt to equity | 0 | 0 | 0 |
Net debt to EBITDA
| Net debt to EBITDA | net cash | net cash | net cash |
|---|---|---|---|
Asset turnover | — | 0.65 | — |
Days sales outstanding | 9.7 | 9.1 | 8.2 |
Cash conversion cycle | structurally negative | structurally negative | structurally negative |
Revenue by Region
| Region (USD Mn) | FY2023 | H1 2025 | H1 2026 |
|---|---|---|---|
United States | 364.1 | 293.3 | 356.9 |
EMEA excluding United Kingdom | 157.1 | 124.9 | 152.6 |
United Kingdom | 73.2 | 62.3 | 82.1 |
Rest of the world | 135.3 | 100.7 | 124.3 |
Total | 729.7 | 581.3 | 715.9 |
Revenue by Region (%)
| Metric | H1 2025 | H1 2026 | Growth (%) |
|---|---|---|---|
United States share of revenue (%) | 50.5 | 49.9 | 21.7 |
EMEA excluding UK share of revenue (%) | 21.5 | 21.3 | 22.2 |
United Kingdom share of revenue (%) | 10.7 | 11.5 | 31.7 |
Rest of world share of revenue (%) | 17.3 | 17.4 | 23.4 |
Revenue by Region (Annual)
| Region (USD Mn) | FY2025 | H1 2026 |
|---|---|---|
United States | 59.6 | 118.6 |
Israel | 89.1 | 86.9 |
United Kingdom | 49.5 | 46.4 |
Rest of the world | 4.7 | 4.5 |
Total | 203.0 | 256.4 |
Share Price History
| Date | Share price (USD) | Market capitalisation (USD Bn) | Note |
|---|---|---|---|
10 June 2021 | — | 6.78 | IPO |
9 November 2021 | 450.00 | — | All-time high |
22 April 2025 | 289.53 | 14.70 | — |
6 June 2025 | 305.29 | 15.50 | — |
24 October 2025 | 197.41 | 10.02 | — |
9 November 2025 | 189.59 | 9.76 | — |
23 December 2025 | 145.09 | 7.40 | — |
10 April 2026 | 57.50 | — | All-time low |
19 May 2026 | — | 3.96 | — |
10 August 2026 | 88.52 intraday | 3.79 | Q2 2026 results day, down 4.95% |
19 August 2026 | — | 3.85 | Enterprise value 3.01 billion USD |
22 August 2026 | 90.73 | approximately 3.99 | Latest close; previous close 91.30; day range 88.51–93.62 |
Share Price & Returns
| Period | Return |
|---|---|
One year | Approximately negative 74% (Investing.com reported negative 73.50% over the trailing year) |
Five years / since IPO | Market capitalisation fell from 6.78 billion USD at IPO to approximately 3.96 billion USD in May 2026, a decline of approximately 42%, a compound annual rate of approximately negative 10.3% (stockanalysis.com). Note this understates the per-share decline, since 20% of shares were retired |
From all-time high | Approximately negative 80% from 450.00 USD (November 2021) |
52-week range | 57.50 to 220.80 USD |
Beta | 1.12 (5-year monthly, Yahoo Finance); 1.42 (TradingView) |
Average daily volume | Approximately 1.59 million shares (Yahoo Finance) to 3.08 million (Investing.com, longer window) |
Valuation Multiples
| Multiple | monday.com (August 2026) |
|---|---|
Trailing P/E | 38.6 to 40.2 |
Forward P/E (next twelve months) | 15.5 to 16.0 |
Price to sales (TTM) | 3.33 |
EV to sales (TTM revenue 1.367 billion USD) | approximately 2.2 |
EV to EBITDA | Not meaningful — GAAP EBITDA TTM of 54.6 million USD produces a distorted multiple |
Price to book (equity 618.0 million USD at 30 June 2026) | approximately 6.5 |
PEG (5-year expected) | 0.28 (Yahoo Finance) |
Return on equity (TTM) | 13.39% |
Net margin (TTM) | 8.87% |
Gross margin (TTM) | 88.74% |
Share Count (M) and Dividends & Capital Returns
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Weighted-average shares, basic (M) | 49.908 | 51.444 | 45.899 |
Weighted-average shares, diluted (M) | 52.421 | 53.087 | 46.752 |
Shares outstanding, period end (M) | 50.773 | 51.161 | 42.274 |
Share repurchases (USD Mn) | 0 | 135.0 | 735.0 |
Shares repurchased (M) | 0 | 0.884 | 9.602 |
Dividends paid (USD Mn) | 0 | 0 | 0 |
Capital Markets
| Item | Status |
|---|---|
Dividend history | None. No dividend has ever been paid |
Dividend policy | "We do not expect to pay dividends for the foreseeable future" — standing risk factor |
Moody's rating | None. Not publicly disclosed and not applicable |
S&P rating | None. Not publicly disclosed and not applicable |
Fitch rating | None. Not publicly disclosed and not applicable |
Debt maturity profile | Not applicable — zero financial debt. The only long-dated obligations are operating leases: 13.2 million USD for the remainder of 2026, 35.6 million USD in 2027, 42.1 million USD in 2028, 40.0 million USD in 2029, 39.7 million USD in 2030 and 110.0 million USD thereafter (280.6 million USD undiscounted, 237.5 million USD present value) |
Valuation Snapshot
| Metric | Value |
|---|---|
Consensus rating | "Buy" across 25 analysts (stockanalysis.com); Yahoo Finance shows a similar distribution across 17 twelve-month targets |
Average 12-month price target | 110.04 USD (stockanalysis.com); 109.00 USD (Yahoo Finance) |
Target range | 90.00 USD low to 165.00 USD high |
Implied upside to consensus | Approximately 21% to 24% from 90.73 USD |
Analyst Conclusions
Management guidance
| Item | Q3 2026 | FY2026 |
|---|---|---|
| Revenue (USD M) | 368 to 370 | 1466 to 1474 |
| Growth (%) | 16 to 17 | 19 to 20 |
| Non-GAAP operating income (USD M) | 57 to 59 | 230 to 234 |
| Non-GAAP operating margin (%) | approximately 16 | approximately 16 |
| Adjusted free cash flow (USD M) | not guided | 280 to 290 |
| Adjusted free cash flow margin (%) | not guided | 19 to 20 |
| NDR assumption (%) | — | approximately 110 for FY2026, guided down to "modest pressure" at Q2 |
Guidance assumes 100–200 basis points of adverse FX, excludes restructuring charges, and assumes no rebound in performance marketing or top-of-funnel activity. Medium-term targets beyond FY2026 do not exist — the 2027 framework was withdrawn on 9 February 2026 and has not been reinstated.
Consensus expectations
Sell-side consensus implies approximately 21–24% upside to a 110 USD average target. One published third-party model (Simply Wall St community narrative) projects 2.1 billion USD of revenue and 83.3 million USD of earnings by 2029, requiring 16.6% annual revenue growth — a materially decelerating trajectory from the current 22%. Analysts cited by Simply Wall St expect earnings to decline by an average of 8.4% per year over the next three years, which is consistent with the reversal of the interest-income subsidy and the tax-benefit non-recurrence rather than with operating deterioration.
Bull case
1. The AI attach curve is inflecting, and it is barely priced. AI ARR doubled from Q1 to Q2 2026, moving from 10% to 17% of net new ARR. Critically, Eran Zinman confirmed on the Q1 call that this revenue came from "NAA blocks and sidekick" — not from agents or token-based consumption, which management said it did not yet know how to model. If agentic consumption revenue arrives on top of a base already growing 22%, the deceleration embedded in guidance and consensus is wrong. At 2.2 times EV to sales for a 22%-growth, 89%-gross-margin business with 1.07 billion USD of net cash, the market is pricing near-zero option value on this.
2. The upmarket transition is working, and it is the higher-quality half of the business. Customers above 500,000 USD ARR grew 68% to 114; their ARR grew 66%; enterprise-cohort NDR has held at 115–116% for eight consecutive quarters while blended NDR fell. RPO grew 34% against 22% revenue growth — contracted future revenue is compounding faster than recognised revenue, which is what a genuine enterprise transition looks like. If the low-value tail continues to decay while the enterprise cohort compounds at these rates, mix alone re-accelerates growth in 2028.
3. The cost structure has been permanently reset at the exact moment the multiple bottomed. The restructuring converts approximately 100 million USD into annualised flexibility; non-GAAP operating margin guidance moved from 11–12% to approximately 16% in six months while revenue guidance was raised, not cut. Simultaneously, management retired 20% of the share count at an average of approximately 83 USD. If revenue merely tracks guidance, 2027 non-GAAP EPS on a 20% smaller share count against a materially leaner cost base is substantially above where consensus sat in February.
Bear case
1. The volume engine is broken and management has stopped pretending otherwise. Customers with more than 10 users grew 6% year on year in Q2 2026. Guidance explicitly assumes no recovery in performance marketing or top-of-funnel. The self-serve funnel was the source of monday.com's historic capital efficiency and its category-leading growth; enterprise sales is a structurally slower, more expensive and more competitive motion where Atlassian, Microsoft and ServiceNow are entrenched. Q3 guidance of 16–17% growth is the first sub-20% quarter in the company's public history, and it is guided, not surprised.
2. Reported profitability is substantially non-operating and it is unwinding. FY2025 GAAP net income of 118.7 million USD comprised a 61.15 million USD one-off tax benefit and 61.1 million USD of interest income against a GAAP operating loss. Both legs are reversing: financial income fell 45% year on year in H1 2026, and the cash generating it has been halved by buybacks. Meanwhile share-based compensation ran at 177.0 million USD in FY2025 — 14.4% of revenue — and gross margin has been guided down on AI compute. Adjusted FCF margin has fallen from 30% to 22% to 14% in the most recent quarter. The quality of earnings is deteriorating on four independent axes at once.
3. The AI pivot may be existentially correct and commercially unrewarding. monday.com is betting that owning the structured data layer beats owning the model. But the platform is now a broker of Claude, ChatGPT, Copilot and Gemini — passing through compute cost at lower gross margin while the frontier labs capture the value and Microsoft bundles a competing workflow layer into an agreement customers have already signed. Simultaneously, monday vibe explicitly teaches customers to generate their own applications — a capability that, taken to its logical conclusion, erodes the seat-based subscription it is embedded in. The 20% workforce reduction was taken during this transition, not after it, which means the company is executing the most complex repositioning in its history with four-fifths of the team that built the current business.
Key catalysts and monitorables, next twelve months
| Catalyst | Date | What to watch |
|---|---|---|
| Q3 2026 results | Approximately 9 November 2026 | Whether revenue exceeds the 368–370 million USD guide; AI ARR as a percentage of net new ARR (10% to 17% trajectory); whether NDR holds at 109% or breaks below |
| Restructuring completion | Second half 2026 | Actual charges against the 45–55 million USD estimate; attrition beyond the planned 620; whether the approximately 100 million USD of savings is genuinely reinvested or falls to margin |
| Agentic consumption revenue | Q3–Q4 2026 | Management promised "more color next quarter" on token-based and agent revenue. First quantification is the single highest-information event on the calendar |
| Q4/FY2026 results and FY2027 guidance | February 2027 | Whether a 2027 or medium-term framework is reinstated; the first clean read on the post-restructuring cost base |
| Gross margin trajectory | Every quarter | 88% GAAP in Q2 2026, down from 90%. The rate of decline determines whether AI revenue is accretive or dilutive to gross profit dollars |
| Buyback re-authorisation | Any time | 870 million USD exhausted; 1.07 billion USD net cash remains. A new authorisation would signal board confidence; its absence would signal capital preservation |
| Securities litigation | Ongoing | Motion to dismiss ruling in SDNY |
| ">10 users" cohort growth | Every quarter | 6% in Q2 2026. If this goes to low single digits or negative, the enterprise cohort must carry the entire company |
| Co-CEO compensation implementation | 2027 grant cycle | Whether the phased package is implemented at the approved caps given the depressed share price |
| Competitive response | Ongoing | Asana AI Teammates and StackAI integration; Atlassian post-restructuring AI roadmap; ServiceNow agent-role offering; any Microsoft Planner-Copilot bundling escalation |
Analyst verdict
monday.com in August 2026 is a company that has done something rare and uncomfortable: it has voluntarily destroyed the narrative that made it valuable in order to build the one it believes will matter. The February guidance reset, the withdrawal of 2027 targets, the 20% workforce reduction and the exhaustion of an 870 million USD buyback at an average price 80% below the peak are not the actions of a management team optimising quarterly optics. They are the actions of a founder-controlled business with no debt, a decade of operating history and a genuine conviction that seat-based work management is a decaying asset.
The fundamentals do not support the 74% one-year drawdown. Revenue grew 22% in the most recent quarter against Asana's 9%. Enterprise cohorts above 100,000 USD and 500,000 USD ARR grew 37% and 68%. RPO grew 34% against 22% revenue growth. Non-GAAP operating margin hit a record 17% while absorbing a 210 basis point FX headwind. This is not a business in distress.
But the bear case is not about distress; it is about architecture. The self-serve engine that made monday.com capital-efficient has stalled, AI-mediated search is eroding its discovery motion, gross margin is guided down, and the interest income that manufactured GAAP profitability is disappearing on both price and volume. The company must now win enterprise deals against Atlassian, Microsoft and ServiceNow with a smaller team, a rebuilt product and an unproven pricing model.
At 2.2 times EV to sales and roughly 16 times forward earnings, the market is pricing failure as the base case. That is too harsh for a business with these retention metrics and this balance sheet. The rational stance is constructive but conditional: this is a call option on agentic consumption revenue that requires evidence, and the Q3 2026 print is where that evidence must first appear.
End of dossier.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | Tenure in role | Prior background | Education |
|---|---|---|---|---|---|
Roy Mann | Co-Founder, Co-CEO, Director | 47 | Co-CEO since 1 June 2012; director since February 2012 | Senior technology leader at Wix.com Ltd. (2010–2012); co-founder and technology lead at SaveAnAlien.com (2006–2010) | B.A. Computer Science, Interdisciplinary Center Herzliya |
Eran Zinman | Co-Founder, Co-CEO, Director | 42 | Co-CEO since November 2020; CTO 2012–2020; director since March 2018 | R&D Manager on the founding team of Conduit Mobile (now Como) at Conduit Ltd. (2010–2012); co-founder and CEO of Othersay (2009–2010) | B.Sc. Computer Science and Electrical Engineering, Tel Aviv University |
Eliran Glazer | Chief Financial Officer | 54 | Since March 2021 | CFO of Lightricks Ltd. (2019–2021); CFO of Nex Markets (2012–2018) and of Nex Markets as a CME Group company (2018–2019) | B.A. Business and Accounting, College of Management Academic Studies; LL.M., Bar Ilan University; licensed CPA |
Daniel Lereya | Chief Product and Technology Officer | 41 | CPTO since 2023; VP R&D from October 2016; VP Product from December 2020 | Software team leader at IBM (2012–2016); software engineer at SAP SE (2011–2012) | B.Sc. Computer Science and Economics, Tel Aviv University |
Casey George | Chief Revenue Officer | 54 | Since 2025 | EVP Global Sales at Qlik; CRO at Talend (acquired by Qlik); SVP and GM at Verint; over two decades at IBM, latterly GM of North American cybersecurity | B.Sc. Management of Technology, Southern Polytechnic State University; M.Sc. Management, Mercer University; MBA, Georgia Institute of Technology (Scheller) |
Shiran Nawi | Chief People and Legal Officer | 42 | CPLO since 2023; General Counsel from June 2018 | Senior legal counsel at Wix.com Ltd. (2014–2018); associate at Israeli, Ben-Zvi (2009–2014) | LL.B. and Master of Business Taxation, College of Management Academic Studies; member, Israel Bar Association |
Harris Beber | Chief Marketing Officer | 46 | Since 2025 | Global marketing lead for Google Workspace; CMO at Waze and at Vimeo; CMO of The Nature's Bounty Co.; senior marketing roles at Amazon and Shutterfly | Bachelor's degree and MBA, Binghamton University School of Management |
Adi Dar | Chief Customer Officer | 54 | CCO since 2025; COO from 2024 | CEO of ELOP (Elbit Systems electro-optics subsidiary); founder and head of Elbit Systems' Intelligence and Cyber division; founder of Cyberbit | B.Sc. Industrial Engineering, Technion; MBA, Tel Aviv University |
Board of Directors
| Name | Role | Age | Class / term expiry | Committee memberships |
|---|---|---|---|---|
Jeff Horing | Independent Director; Chairperson of the Board | 62 | Class III; 2027 | — |
Roy Mann | Co-Founder, Co-CEO, Director | 47 | Class I; 2028 | Corporate Responsibility and Sustainability |
Eran Zinman | Co-Founder, Co-CEO, Director | 42 | Class II; re-elected 2026, expires 2029 | — |
Aviad Eyal | Independent Director | 55 | Class II; re-elected 2026, expires 2029 | Audit; Compensation; Nominating and Corporate Governance; Corporate Responsibility and Sustainability |
Avishai Abrahami | Independent Director | 54 | Class III; 2027 | — |
Gili Iohan | Independent Director | 50 | Class I; 2028 | Audit; Compensation; Nominating and Corporate Governance |
Ronen Faier | Independent Director | 55 | Class I; 2028 | Audit; Compensation; Nominating and Corporate Governance; Corporate Responsibility and Sustainability |
Petra Jenner | Independent Director | 61 | Class II; re-elected 2026, expires 2029 | — |
Governance Overview
| Feature | Status |
|---|---|
Chair/CEO separation | Yes — Jeff Horing is an independent, non-executive Chair; the CEO role is split between two co-founders |
Board independence | Majority independent (six of eight directors); the 2026 proxy confirms the board "is majority independent" |
Board classification | Three staggered classes with three-year terms |
Standing committees | Four: Audit; Compensation; Nominating and Corporate Governance; Corporate Responsibility and Sustainability (renamed from "Environmental, Social and Corporate Governance Committee" in 2026), each under a formal charter |
Audit committee financial expert | Aviad Eyal satisfies SEC and Nasdaq audit and compensation committee requirements |
Board attendance | All directors attended at least 80% of aggregate board and applicable committee meetings during 2025 |
Founder share | One founders' share is outstanding, providing certain veto rights — carried as a standing risk factor |
Say-on-pay | Under Israeli law, compensation policy votes are binding, not advisory |
Clawback | Nasdaq-compliant clawback policy, revised in 2026 for alignment |
Repricing | Any repricing of equity awards is subject to shareholder approval (added 2026) |
Auditor | Brightman Almagor Zohar & Co. (Deloitte network) |
Directors' Remuneration
| Item | Detail |
|---|---|
Co-CEO total compensation, FY2025 | Approximately 6.81 million USD each, comprising approximately 4.2% salary and 95.8% variable/equity (Simply Wall St; sourced from company filings) |
Historic Co-CEO framework | A self-imposed 3% annual salary increase cap and a fixed annual equity grant of 7 million USD each, held constant since IPO regardless of company performance or market movement |
Co-CEO market position | Each Co-CEO's total compensation falls below the 25th percentile of the peer group, while one-year and three-year revenue growth ranks at the 70th and 76th percentile respectively (Meridian analysis, April 2026) |
Co-CEO annual bonus structure | Target 100% of base salary; maximum 200% for above-target performance |
Performance award outcomes | Over 2023–2025 the uncapped formulaic earning rate on Co-CEO performance awards averaged 113.5%, but payouts were limited by a 100% cap |
Audit fees | 830 thousand USD (2025); 725 thousand USD (2024) |
Tax fees | 76 thousand USD (2025); 65 thousand USD (2024) |
Other fees | 66 thousand USD (2025); nil (2024) |
Total auditor fees | 972 thousand USD (2025); 790 thousand USD (2024) |
Directors' Remuneration (Annual)
| Component | 2027 | 2028 | 2029 |
|---|---|---|---|
Monthly salary cap (NIS) | 110,000 | 115,000 | 120,000 |
Monthly salary cap (USD approximate) | 37,415 | 39,116 | 40,816 |
Annual equity grant cap (USD Mn) | 9.5 | 13.0 | 13.65 |
Total target compensation each (USD Mn) | 10.4 | 13.9 | 14.6 |
Major Shareholders
| Holder | Shares | Percentage |
|---|---|---|
Roy Mann (Co-Founder, Co-CEO) | 4,952,413 | 11.5 |
Capital World Investors | 3,286,461 | 7.7 |
Eran Zinman (Co-Founder, Co-CEO) | 1,756,123 | 4.1 |
Avishai Abrahami (Director) | 364,469 | below 1 |
Aviad Eyal (Director) | 220,572 | below 1 |
Jeff Horing (Chair) | 204,961 | below 1 |
Daniel Lereya (CPTO) | 77,562 | below 1 |
Shiran Nawi (CPLO) | 49,008 | below 1 |
Eliran Glazer (CFO) | 40,434 | below 1 |
Casey George (CRO) | 7,755 | below 1 |
Ronen Faier (Director) | 4,773 | below 1 |
Gili Iohan (Director) | 4,773 | below 1 |
Petra Jenner (Director) | 1,207 | below 1 |
All executive officers and directors as a group (12 persons) | 7,683,350 | 17.9 |
Board & Management Changes
| Date | Change |
|---|---|
| 2023 | Daniel Lereya elevated to Chief Product and Technology Officer; Shiran Nawi elevated to Chief People and Legal Officer |
October 2023 | Regional GM structure created: Jamison Powell (North America), Dean Swan (Asia-Pacific & Japan) |
30 April 2024 | Pierre Berlin appointed first GM of EMEA, reporting to then-CRO Yoni Osherov |
| 2024 | Adi Dar joins as Chief Operating Officer |
| 2025 | Casey George appointed Chief Revenue Officer (succeeding Yoni Osherov); Harris Beber appointed Chief Marketing Officer; Adi Dar transitions from COO to Chief Customer Officer |
March 2026 | Pierre Berlin departs as GM EMEA |
9 June 2026 | Ben Barnett promoted from UK and Ireland lead to General Manager, EMEA, based in London, reporting to Casey George |
22 July 2026 | Organisation flattened: management layers removed, smaller autonomous teams created, approximately 620 roles eliminated |
Competitive Landscape
Key Competitors
| Competitor | Scale and status | Relative position versus monday.com |
|---|---|---|
Atlassian (NASDAQ: TEAM) | Revenue 6.190 billion USD TTM to 31 March 2026, up 24.7%; FY2025 revenue 5.215 billion USD; approximately 13,800 employees; 350,000-plus customers | Five times larger and growing faster in absolute terms. Owns the developer and ITSM beachheads monday.com is attacking with dev and service. Cut 1,600 jobs and replaced its CTO in March 2026 — running the same AI-pivot playbook |
Asana (NYSE: ASAN) | FY2026 (ended 31 January 2026) Q4 revenue 205.6 million USD, up 9%; FY2026 net loss 189.0 million USD; NRR 96%; core customers 25,928, up 8%; 1,819 employees | The clearest head-to-head comparison and the clearest evidence of monday.com's execution advantage. Asana grew 9% in its most recent quarter against monday.com's 22%, with NRR of 96% against 109%. Asana acquired StackAI in May 2026 and launched AI Teammates; CEO Dan Rogers succeeded founder Dustin Moskovitz |
Smartsheet | — | No longer a public comparable. Retains strength in construction, manufacturing and grid-native, data-heavy enterprise workflows |
Microsoft | Not separately quantifiable | The most dangerous competitor precisely because it is the least visible in win/loss data. Planner and Copilot are bundled into an existing enterprise agreement at near-zero incremental cost |
Notion Labs | Private | Strong mindshare in docs-plus-database workspaces; competes for the same "flexible primitives" positioning |
ClickUp | Private | All-in-one positioning at aggressive price points; competes hardest in SMB and mid-market self-serve, the exact channel where monday.com's top-of-funnel has weakened |
HubSpot | Public; monday.com compensation peer | Competes against monday CRM in mid-market; substantially deeper CRM functionality |
Freshworks (NASDAQ: FRSH) | Public; monday.com compensation peer | Competes on two fronts — work management and Freshservice against monday service |
Airtable, Wrike, Zoho, Pipedrive, SugarCRM, ServiceNow | Various | Point competitors by use case and geography |
Peer Comparison FY2025
| Metric | monday.com | Atlassian | Asana |
|---|---|---|---|
Most recent annual revenue (USD Mn) | 1232.0 (FY2025) | 5215 (FY2025, June year-end) | 723.9 (FY2025, January year-end) |
Latest reported quarterly revenue (USD Mn) | 364.6 (Q2 2026) | — | 205.6 (Q4 FY2026) |
Latest quarterly revenue growth (%) | 22 | approximately 25 (TTM to March 2026) | 9 |
Latest gross margin (%) | 88 GAAP / 89 non-GAAP | — | — |
Latest non-GAAP operating margin (%) | 17 | — | 9 (Q4 FY2026) |
Most recent annual GAAP net income (USD Mn) | 118.7 | -257 (FY2025) | -189.0 (FY2026) |
Net dollar retention (%) | 109 | not disclosed in comparable form | 96 |
R&D intensity (percentage of revenue, GAAP) | 26 (FY2025) | — | — |
Employees | 3155 at end-2025, reduced approximately 20% in July 2026 | 13813 (2025), reduced by 1600 in March 2026 | 1819 (2025) |
Balance-sheet debt | zero | — | — |
