monday.com (MNDY) Q4 2024 earnings summary

Executive summary

• Achieved $1 billion in annual recurring revenue, with Q4 revenue at $268 million (32% YoY growth) and FY 2024 revenue at $972 million (33% YoY growth), highlighting strong demand and market leadership.

• Record operating margins, free cash flow, and non-GAAP profitability, with significant expansion in enterprise and upmarket segments.

• Customer base expanded to 245,000, with 22% CAGR since 2019 and strong growth in $50K+ and $100K+ ARR customers.

• Workforce increased by 35% in 2024 to over 2,500 employees, with further hiring planned for 2025.

• Product innovation included the launch of monday service, AI Agents, and mondayDB 2.0, driving adoption and cross-sell opportunities.

Financial highlights

• Q4 gross margin was 89% (non-GAAP 90%); Q4 net income was $57.3 million, and Q4 non-GAAP operating income was $40.3 million (15% margin).

• FY 2024 net income was $183.3 million; non-GAAP operating income was $132.4 million (14% margin).

• Diluted net income per share was $1.08 in Q4 and $3.50 for FY 2024; non-GAAP EPS was $1.08 (Q4) and $3.50 (FY).

• Free cash flow for Q4 was $72.7 million (27% margin); FY 2024 free cash flow was $295.8 million (30% margin).

• Ended Q4 with $1.41 billion in cash and equivalents.

Outlook and guidance

• Q1 2025 revenue expected at $274–$276 million, up 26–27% year-over-year.

• FY 2025 revenue guidance: $1,208–$1,221 million, up 24–26% year-over-year, with 100–200 bps negative FX impact.

• FY 2025 non-GAAP operating income expected at $134–$142 million (11–12% margin); free cash flow projected at $300–$308 million (25% margin).

• Headcount to grow by ~30% in 2025, with heavier investment in H1.

• Focus on expanding core product lines and cultivating a strong ecosystem.