Monday.com Earnings Beat, Outlook Disappoints

Monday.com Ltd. (NASDAQ: MNDY) reported third-quarter earnings on Nov. 10, 2025, showing record profitability but issuing fourth-quarter revenue guidance below Wall Street estimates. The outlook shortfall triggered a negative market reaction and pressured the shares.

Third-Quarter Results and Profitability

Monday.com’s third-quarter revenue rose 26.2% year over year to $317 million, surpassing the consensus estimate of $312 million. Non-GAAP earnings per share (EPS) reached $1.16, beating estimates by $0.28. New product launches, including Monday Campaigns, now contribute more than 10% of total annual recurring revenue. The company counted 3,993 customers paying over $50,000 annually and held a market capitalization near $9.8 billion.

Adjusted operating income was $47 million, representing a 15.0% operating margin, while GAAP operating margin improved to −0.8% from −10.9% a year earlier. Free cash flow margin increased to 28.5% from 21.4% sequentially. Net revenue retention remained steady at 115%.

Outlook and Market Reaction

For the fourth quarter, Monday.com set revenue guidance with a midpoint of $329 million, about 1.4% below the Street consensus and implying 22.8% year-over-year growth. Management cited ongoing upmarket momentum and product-suite expansion but did not update full-year 2025 guidance or alter long-term strategy or capital allocation plans.

Co-CEOs Roy Mann and Eran Zinman said the results “reflect the strength of our execution and the continued success of our strategy to move upmarket while expanding our product suite.” The guidance miss prompted a negative market reaction following the release.