monday.com (MNDY) investor relations material

Executive summary

• Achieved 27% year-over-year revenue growth in FY2025, reaching $1.23B, with strong upmarket momentum and rapid AI product adoption, especially among enterprise customers with over $50K and $500K in ARR.

• Q4 FY25 revenue was $334M, up 25% year-over-year, with record net adds in customers exceeding $100K in ARR.

• Non-GAAP operating margin for FY2025 was 14%, with record non-GAAP operating profit and strong cash generation despite FX headwinds.

• AI-driven product innovation accelerated, with Monday Vibe surpassing $1M ARR faster than any prior product and strong early adoption of AI Agents and Sidekick.

• Annual revenue growth maintained a 50% CAGR from 2020 to 2025.

Financial highlights

• Q4 revenue reached $334M (up 25% year-over-year); FY2025 revenue was $1.232B (up 27%).

• Q4 gross margin was 89%; FY2025 gross margin was 90% (non-GAAP).

• Q4 non-GAAP operating income was $41.9M (13% margin); FY2025 non-GAAP operating income was $175.3M (14% margin).

• Q4 net income was $55M; FY2025 net income was $233.6M, up from $183.3M in FY2024.

• Adjusted free cash flow for FY2025 was $322.7M (26% margin); Q4 adjusted free cash flow was $56.7M (17% margin).

• Ended FY2025 with $1.5B in cash and equivalents after $135M in share repurchases.

Outlook and guidance

• FY2026 revenue expected at $1.452B–$1.462B (18–19% growth); Q1 FY2026 revenue guidance is $338M–$340M (20% growth).

• FY2026 non-GAAP operating income projected at $165M–$175M (11–12% margin), with adjusted free cash flow of $275M–$290M (19–20% margin).

• Guidance assumes continued choppiness in no-touch/small business segment and negative FX impact of 100–200 basis points.

• No longer providing 2027 targets due to macro uncertainty; focus is on achievable 2026 execution.

• Management highlights ongoing upmarket momentum and expects continued growth in enterprise segments.