Revenue growth has decelerated from 34.4% in 2024Q2 to 21.9% in 2026Q2, while gross margins remain stable at 88.3% and operating margins improved to 5.5% from -10.9% in 2024Q3, though net income is heavily supported by interest income.
monday.com Ltd. (MNDY) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.37B | 1.23B | 972M | 729.7M | 519.03M | 308.15M | 161.12M | 78.09M |
| Revenue Growth % | 24.21% | 26.75% | 33.21% | 40.59% | 68.43% | 91.25% | 106.33% | - |
| Cost of Goods Sold | 153.91M | 133.1M | 103.69M | 80.64M | 66.53M | 39.01M | 22.49M | 11.98M |
| COGS % of Revenue | - | 10.8% | 10.67% | 11.05% | 12.82% | 12.66% | 13.96% | 15.34% |
| Gross Profit | 1.21B | 1.1B | 868.3M | 649.05M | 452.5M | 269.14M | 138.63M | 66.11M |
| Gross Margin % | 88.74% | 89.2% | 89.33% | 88.95% | 87.18% | 87.34% | 86.04% | 84.66% |
| Gross Profit Growth % | - | 26.56% | 33.78% | 43.44% | 68.13% | 94.13% | 109.7% | - |
| Operating Expenses | 1.17B | 1.1B | 889.34M | 687.63M | 604.52M | 395.26M | 289.17M | 158.63M |
| OpEx % of Revenue | - | 89.34% | 91.5% | 94.24% | 116.47% | 128.27% | 179.47% | 203.14% |
| Selling, General & Admin | 817.36M | 779.85M | 675.63M | 531.13M | 477.47M | 321.58M | 245.69M | 133.99M |
| SG&A % of Revenue | - | 63.3% | 69.51% | 72.79% | 91.99% | 104.36% | 152.49% | 171.59% |
| Research & Development | 355.7M | 320.8M | 213.71M | 156.5M | 127.05M | 73.69M | 43.48M | 24.64M |
| R&D % of Revenue | - | 26.04% | 21.99% | 21.45% | 24.48% | 23.91% | 26.99% | 31.55% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 39.65M | -1.75M | -21.03M | -38.59M | -152.01M | -126.13M | -150.54M | -92.52M |
| Operating Margin % | 2.9% | -0.14% | -2.16% | -5.29% | -29.29% | -40.93% | -93.43% | -118.48% |
| Operating Income Growth % | - | 91.69% | 45.49% | 74.62% | -20.53% | 16.22% | -62.71% | - |
| EBITDA | 54.65M | 12.06M | -9.18M | -29.56M | -143.45M | -123.38M | -148.65M | -91.94M |
| EBITDA Margin % | 4% | 0.98% | -0.94% | -4.05% | -27.64% | -40.04% | -92.26% | -117.74% |
| EBITDA Growth % | 936.75% | 231.4% | 68.96% | 79.39% | -16.27% | 17% | -61.68% | - |
| D&A (Non-Cash Add-back) | 14.99M | 13.8M | 11.86M | 9.02M | 8.57M | 2.75M | 1.89M | 579K |
| EBIT | 79.34M | 59.32M | 39.76M | 3.77M | -128.67M | -125.99M | -149M | -90.16M |
| Net Interest Income | 50.62M | 65.03M | 55.5M | 41.55M | 17.87M | -96K | 34K | 1.48M |
| Interest Income | 50.62M | 65.03M | 55.5M | 41.99M | 18.66M | 875K | 1.04M | 2.24M |
| Interest Expense | 0 | 0 | 0 | 443K | 792K | 971K | 1.01M | 769K |
| Other Income/Expense | 25.22M | 61.06M | 55.5M | 41.91M | 22.55M | -838K | 526K | 1.59M |
| Pretax Income | 64.87M | 59.32M | 34.47M | 3.33M | -129.46M | -126.96M | -150.01M | -90.93M |
| Pretax Margin % | 4.75% | 4.81% | 3.55% | 0.46% | -24.94% | -41.2% | -93.1% | -116.44% |
| Income Tax | -56.37M | -59.42M | 2.09M | 5.2M | 7.41M | 2.33M | 2.19M | 683K |
| Effective Tax Rate % | -86.9% | -100.18% | 6.08% | 156.43% | -5.72% | -1.84% | -1.46% | -0.75% |
| Net Income | 121.24M | 118.74M | 32.37M | -1.88M | -136.87M | -129.29M | -152.2M | -91.61M |
| Net Margin % | 8.87% | 9.64% | 3.33% | -0.26% | -26.37% | -41.96% | -94.46% | -117.32% |
| Net Income Growth % | 203.27% | 266.8% | 1824.67% | 98.63% | -5.86% | 15.05% | -66.14% | - |
| Net Income (Continuing) | 121.24M | 118.74M | 32.37M | -1.88M | -136.87M | -129.29M | -152.2M | -91.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.73 | 2.24 | 0.62 | -0.04 | -2.99 | -3.09 | -3.92 | -2.36 |
| EPS Growth % | 213.25% | 261.29% | 1697.94% | 98.7% | 3.24% | 21.17% | -66.1% | - |
| EPS (Basic) | - | 2.31 | 0.65 | -0.04 | -2.99 | -3.09 | -3.92 | -2.36 |
| Diluted Shares Outstanding | 44.44M | 53.09M | 52.42M | 48.37M | 45.8M | 44.5M | 38.79M | 38.79M |
| Basic Shares Outstanding | 43.7M | 51.44M | 49.91M | 48.37M | 45.8M | 44.5M | 38.79M | 38.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MNDY stock.
For fiscal year 2025, monday.com Ltd. (MNDY) reported total revenue of $1.23B. This represents a 1477.7% increase compared to $78.1M in 2019.
monday.com Ltd. (MNDY) is profitable, generating $118.7M in net income for the fiscal year ending 2025 with a net profit margin of 9.6%.
monday.com Ltd. (MNDY) reported an operating income of $-1.7M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
monday.com Ltd. (MNDY) generated $1.10B in gross profit for the year, representing a gross profit margin of 89.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
S&M spend scalability
Growth Deceleration Amid Multi-Product Push
Revenue growth has steadily decelerated from 34.4% in 2024Q2 to 21.9% in 2026Q2, per reported quarterly data, suggesting a maturing core Work OS despite the multi-product expansion.
The sequential deceleration of roughly 12.5 percentage points over eight quarters indicates that the land-and-expand engine is losing some velocity, likely due to market saturation in the SMB segment and the inherent difficulty of upselling specialized products like CRM and Dev. While the 26.7% YoY growth in the latest quarter remains robust relative to peers like Asana (9.2%), the trend line suggests that sustaining above-20% growth will require the multi-product suite to gain meaningful traction, which is not yet evident in the revenue mix. Investors should monitor whether the deceleration stabilizes around 20% or accelerates as new products mature.
Gross Margin Stability Masks Pricing Power
Gross margin has remained remarkably stable between 88.3% and 89.9% over the past ten quarters, as disclosed in financial statements, indicating strong pricing power and efficient cloud infrastructure despite competitive pressures.
The narrow band of gross margin variation suggests that the company has not needed to discount aggressively to drive growth, which is a positive signal for the durability of its low-code architecture advantage. However, the slight dip to 88.3% in 2026Q2, the lowest in the series, may indicate initial cost pressures from scaling infrastructure or a shift toward lower-margin enterprise deals. This stability is a key differentiator versus Atlassian's 84.8% gross margin, but the near-term trend warrants monitoring for any structural erosion as the product mix evolves.
Operating Leverage Elusive as S&M Scales
Operating margin swung from -10.9% in 2024Q3 to 5.5% in 2026Q2, per reported figures, yet the latest quarter's improvement appears driven by SG&A efficiency rather than sustained operating leverage.
The path to operating profitability has been choppy, with SG&A consuming 55.6% of revenue in 2026Q2, down from 78.0% in 2024Q3, indicating that management is gaining some efficiency in sales and marketing spend. However, the 5.5% operating margin in 2026Q2 is still thin, and the sequential improvement from -0.8% in 2025Q3 to 5.5% suggests that the company is approaching a inflection point where revenue growth can outpace fixed cost growth. The key question is whether this leverage is sustainable or a result of temporary marketing spend discipline, as the 2025Q4 operating margin of 0.7% shows how quickly it can compress.
Net Income Bolstered by Interest Income
Net margin of 9.6% in 2026Q2, as reported, is heavily supported by interest income from the $1.5B cash pile, masking an operating margin near breakeven and raising questions about earnings quality.
The gap between operating margin (-0.1% in 2026Q2) and net margin (9.6%) is almost entirely attributable to non-operating income, likely interest on cash reserves, which is not a sustainable driver of profitability. Additionally, stock-based compensation has ranged from $26.5M to $56.6M per quarter, representing a significant non-cash expense that dilutes shareholders and is excluded from adjusted metrics. Investors should focus on the adjusted operating margin, which likely shows a more favorable picture, but the reliance on interest income for GAAP profitability is a yellow flag for earnings quality.
R&D Investment Accelerates as S&M Stabilizes
R&D spend has grown from $44.4M in 2024Q1 to $99.3M in 2026Q2, a 124% increase per financial statements, while SG&A grew only 32% over the same period, signaling a strategic shift toward product innovation.
The disproportionate growth in R&D relative to SG&A suggests that management is prioritizing product development to support the multi-product transition, likely investing in AI capabilities and the 'Big Brain' engine to differentiate from competitors. This shift may be a response to the decelerating revenue growth, as the company seeks to deepen its moat rather than just expand sales capacity. However, the absolute level of R&D spend, now at 27.2% of revenue, is high and could pressure margins if growth continues to slow, making the efficiency of this investment a critical monitorable.
2024Q3: The Trough That Reshaped Strategy
The 2024Q3 operating loss of -$27.4M, the deepest in the series per reported data, marked a strategic inflection point, after which SG&A efficiency improved and operating margins turned positive.
The 2024Q3 quarter saw a spike in SG&A to $195.9M, likely due to aggressive marketing spend that failed to generate proportional revenue growth, resulting in a -10.9% operating margin. This appears to have triggered a recalibration of sales and marketing strategy, as subsequent quarters show SG&A as a percentage of revenue declining from 78.0% to 55.6% by 2026Q2. The lasting impact is a more disciplined growth approach, but the question remains whether this efficiency gain is a one-time adjustment or a sustainable shift in the company's cost structure.
S&M Efficiency Gains May Be Unsustainable
The improvement in operating margin from -10.9% to 5.5% over eight quarters, per reported data, may reflect temporary marketing discipline rather than structural leverage, as revenue growth continues to decelerate.
Short-sellers could argue that the recent operating margin expansion is a result of under-investing in growth, which would explain the decelerating revenue growth from 34.4% to 21.9%. If the company reverts to aggressive S&M spend to reignite growth, operating margins could compress again, as seen in the volatile swings between 2024Q3 and 2025Q2. Additionally, the reliance on interest income for net profitability and the heavy SBC dilution provide further ammunition for bears, who may view the stock as overvalued given the slowing growth and thin operational profits.