monday.com (MNDY) Q3 2025 earnings summary

Executive summary

• Achieved Q3 revenue of $317 million, up 26% year-over-year, with record non-GAAP operating and net income, and 100% of revenue from subscriptions.

• Significant upmarket momentum, with 37% YoY growth in $50K+ ARR customers and 48% YoY growth in $100K+ ARR customers, and robust multi-product and AI-powered offering adoption.

• Customer base expanded to 245,000 across 200+ industries and 200+ global markets, with a 22% CAGR from 2019–2024.

• Hosted major Investor Day and Elevate User Conferences, boosting engagement and pipeline for 2026.

• New products now account for over 10% of total ARR, with rapid adoption of AI-powered solutions.

Financial highlights

• Q3 revenue reached $317 million, up 26% year-over-year, with a gross margin of 90%.

• Non-GAAP operating income was $47.5 million (15% margin); net income was $61.9 million; diluted EPS was $1.16.

• Adjusted free cash flow was $92.3 million (29% margin); net cash from operations was $95.1 million.

• Ended Q3 with $1.53 billion in cash and $211.7 million in marketable securities.

• Remaining performance obligations reached $747 million, up 36% year-over-year.

Outlook and guidance

• Q4 2025 revenue expected between $328–$330 million (22–23% YoY growth); non-GAAP operating income of $36–$38 million (11–12% margin).

• FY2025 revenue guidance of $1,226–$1,228 million (26% YoY growth); non-GAAP operating income of $167–$169 million (14% margin).

• FY2025 adjusted free cash flow expected at $330–$334 million (27% margin).

• Reaffirmed FY2027 revenue target of $1.8 billion, with confidence in achieving consensus for FY2026.

• Strategic focus on leveraging AI-driven solutions to automate and execute work, closing the adoption gap.