monday.com Q3 2026 earnings review

Revenue rose 19.2% and beat consensus, but the Q4 revenue guide sat below the Street.

monday.com Ltd. · Q3 2026 · Published Nov 9, 2026 · By DeepCell AI · Sources

monday.com Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · monday.com (MNDY) Q3 2026 earnings review

Revenue rose 19.2% and beat consensus, but the Q4 revenue guide sat below the Street

  1. 1.Revenue of $377.5M beat the $368.2M consensus and the $370M top of guidance
  2. 2.Non-GAAP diluted EPS of $2.14 beat the $1.37 consensus; GAAP diluted EPS was $0.80
  3. 3.The Q4 revenue guidance midpoint of $381M was 1.2% below the $385.7M consensus
  4. 4.Operating cash flow fell 78.6% to $20.4M, after $47.2M of restructuring payments
  5. 5.Shares fell 9.6% pre-market by 8:40 AM ET; Seeking Alpha cited the weaker guidance

Note: Consensus is from Seeking Alpha. The pre-market price is not a close.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; Seeking Alpha, Nov 9, 2026; Nasdaq, Nov 9, 2026 8:40 AM ET

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2 · Executive summary

Q3 non-GAAP EPS beat consensus by $0.77, but Q4 revenue guidance missed

Q3 2026 results and Q4 2026 guidance vs. Seeking Alpha consensus (Nov 9, 2026)

MetricActualConsensusVarianceResult
Q3 revenue$377.5M$368.2M+$9.4M / +2.5%Beat
Q3 non-GAAP diluted EPS$2.14$1.37+$0.77 / +56.2%Beat
Q4 revenue guidance midpoint$381.0M$385.7M-$4.7M / -1.2%Miss

Share price, Nov 6 close to Nov 9 pre-market

monday.com (Nasdaq)Nov 6 closeNov 9, 8:40 AM ETChange ($)Change (%)
MNDY$87.93$79.50-$8.43-9.6%

Both prices are from the Nasdaq quote page. The Nov 9 price is a pre-market trade, not a close.

Note: Seeking Alpha cites an adjusted EPS estimate; Investing.com also cites $1.37.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; Seeking Alpha, Nov 9, 2026 7:45 AM ET; Nasdaq, Nov 9, 2026 8:40 AM ET

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3 · Q3 results vs. consensus

2026 non-GAAP operating income guidance rose $37.0M at the midpoint, while revenue rose $4.0M

2026 guidance, Nov 9 vs. Aug 10

MetricAug 10 outlookNov 9 outlookMidpoint change
Revenue$1,466M to $1,474M$1,473M to $1,475M+$4M
Non-GAAP operating income$230M to $234M$268M to $270M+$37M
Adjusted free cash flow$280M to $290M$282M to $288MUnchanged; range narrowed

Q4 2026 guidance (first issued Nov 9)

MetricLowHighMidpoint
Revenue$380M$382M$381M
Non-GAAP operating income$68M$70M$69M

Note: The company puts Q4 revenue growth at about 14% and 2026 growth at about 20%, with a 100–200 bps FX headwind to margins.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; monday.com Form 6-K Ex. 99.1, Aug 10, 2026 (prior guidance); analysis of company data

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4 · Q4 and 2026 guidance

Revenue rose 19.2% and GAAP operating income turned positive at $31.2M

  1. Revenue beat its own guideRevenue was $7.5M above the top of the Q3 guidance range.
  2. Non-GAAP profit roseNon-GAAP operating income rose 88.2% to $89.4M.
  3. Net income roseNet income rose to $35.2M from $13.1M.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$316.9M$377.5M19.2%
Gross profit$281.1M$332.2M18.2%
GAAP operating income (loss)-$2.4M$31.2Mn.m.
GAAP diluted EPS ($)$0.25$0.80220.0%

Note: n.m. means not meaningful, as Q3 2025 was an operating loss.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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5 · Q3 key financials

Customers above $100K ARR rose 32.7%, while net dollar retention was 108%

Paid customers by size

Count, Sep 30, 2025 vs. Sep 30, 2026

Customer cohortSep 30, 2025Sep 30, 2026YoY
Above 10 users63,07565,9654.6%
Above $50K ARR3,9935,03826.2%
Above $100K ARR1,6032,12732.7%
Above $500K ARR7812357.7%
AI ARR from AI credits, agents and vibe reached $36M“Our business is undergoing a fundamental evolution, and we took significant steps this quarter to become an AI-first company.” Roy Mann and Eran Zinman, co-CEOs

Note: ARR is annual recurring revenue; AI ARR is the part from AI offerings.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

6

6 · Customer metrics

7 · Remaining performance obligations

8 · Large customers

GAAP operating income rose to $31.2M as lower S&M added $16.7M

GAAP operating income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: -$2.4M$M · Revenue: $60.7M$M · Cost of revenue: -$9.6M$M · Sales and marketing: $16.7M$M · Other costs: -$34.2M$M · Q3 2026: $31.2MQ3 2025RevenueCost ofrevenueSales andmarketingOther costsQ3 2026-$20M$0M$25M$50M$80M-$2.4M$60.7M-$9.6M$16.7M-$34.2M$31.2M
Higher G&A cut operating income by $18.1M, including an $18.0M foundation gift

Note: Higher costs are shown as reductions. Other costs are R&D, G&A and restructuring charges.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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9 · Operating income bridge

Non-GAAP operating margin rose to 23.7% from 15.0%, while gross margin edged down

Gross and operating margins

% of revenue, Q3 2025 vs. Q3 2026

Gross margin · Q3 2025: 88.7%Gross margin · Q3 2026: 88.0%Non-GAAP operating margin · Q3 2025: 15.0%Non-GAAP operating margin · Q3 2026: 23.7%Q3 2025Q3 20260%25%50%75%100%88.7%88.0%15.0%23.7%
GAAP operating margin was 8.3%, up from a negative 0.8%

Note: Non-GAAP excludes share-based compensation, restructuring and the foundation contribution.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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10 · Margin analysis

Adjusted free cash flow fell 31.7% to $63.0M, a 16.7% margin

Operating cash flow to adjusted free cash flow

$M, Q3 2026

$M · Operating cash flow: $20.4M$M · Capex: -$4.2M$M · Capitalized software: -$0.4M$M · Restructuring payments: $47.2M$M · Adjusted FCF: $63.0MOperating cashflowCapexCapitalizedsoftwareRestructuringpaymentsAdjusted FCF$0M$25M$50M$80M$20.4M-$4.2M-$0.4M$47.2M$63.0M
Unadjusted free cash flow was $15.8M, down from $90.2M

Note: Adjusted FCF adds back restructuring payments and headquarters build-out capex to free cash flow.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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11 · Cash flow

S&M fell to 39.5% of revenue from 52.3%, a drop of 1,283 bps

Operating expenses as a share of revenue

GAAP, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026Expense YoY
S&M / revenue52.3%39.5%-10.1%
R&D / revenue25.1%22.7%+7.7%
G&A / revenue12.1%14.9%+47.4%
Share-based compensation ($M)$49.9M$30.2M-39.4%
Restructuring charges were $10.0M in Q3 under the 2026 Restructuring Plan

Note: Ratios are each GAAP expense line divided by revenue. Expense YoY is the change in the dollar amount.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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12 · Operating cost ratios

Cash and securities fell $566.1M since December after $735.0M of buybacks

Cash, securities and equity

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$1,503.1M$869.6M
Marketable securities$162.3M$229.8M
Cash and securities$1,665.5M$1,099.4M
Deferred revenue, current$409.7M$448.8M
Total shareholders equity$1,246.8M$688.6M
No shares were repurchased in Q3; all nine-month buybacks came earlier in 2026

Note: Cash and securities is cash and cash equivalents plus marketable securities.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

13

13 · Balance sheet and cash

The Q4 guide implies growth slowing to about 14%, as the AI-first shift brings near-term headwinds

Indicator
What to watch
Implication
Latest reading
Revenue growth
Q4 growth vs. Q3 pace
Slower top line in Q4
Q4 guide about 14%
Net dollar retention
Expansion within accounts
Upsell drives growth
108% overall
AI monetisation
AI credits and agents
New revenue stream
AI ARR $36M
Cash conversion
Restructuring cash costs
Lower reported cash flow
OCF $20.4M in Q3

ARR is annual recurring revenue. Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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14 · Key risks to guidance

Appendix: net dollar retention by cohort

ClaimEvidenceCalculation
Overall108%Trailing 12-month weighted average
Customers above 10 users112%Company-reported
Customers above $50K ARR114%Company-reported
Customers above $100K ARR113%Company-reported

ARR is annual recurring revenue. Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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15 · Appendix: Retention detail

Appendix: GAAP to non-GAAP operating income

ClaimEvidenceCalculation
GAAP operating income$31.2MIncome statement
Share-based compensation$30.2MAdded back
Foundation contribution$18.0M196,829 shares contributed
Restructuring charges$10.0M2026 Restructuring Plan
Non-GAAP operating income$89.4MSum of the above

Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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16 · Appendix: Non-GAAP items

17 · Appendix: Guidance detail

Appendix: cash flow and restructuring detail

ClaimEvidenceCalculation
Restructuring payments, employees$32.0MQ3 2026 cash
Restructuring payments, leases$15.2MSettlement and exit of offices
Capex and capitalized software$4.2M and $0.4MInvesting cash flow
Diluted shares53.3M to 43.8MLower after 2026 buybacks

Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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18 · Appendix: Cash detail

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Revenue$316.9M$377.5M19.2%
Cost of revenue$35.8M$45.3M26.7%
Research and development$79.5M$85.6M7.7%
Sales and marketing$165.8M$149.1M(10.1%)
General and administrative$38.2M$56.3M47.4%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Financial income, net$15.8M$12.5M(20.6%)
Net income$13.1M$35.2M169.7%
Non-GAAP net income$61.9M$93.6M51.2%

Note: Restructuring charges were nil in Q3 2025.Source: monday.com Form 6-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: monday.com Form 6-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1845338/000117891326005085/0001178913-26-005085-index.htm
  • Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1845338/000117891326005085/exhibit_99-1.htm
  • Investor relations release, Nov 9, 2026 — https://ir.monday.com/news-and-events/news-releases/news-details/2026/monday-com-Announces-Third-Quarter-2026-Results-new/default.aspx
  • Prior guidance: Q2 2026 release (Form 6-K Ex. 99.1), Aug 10, 2026 — https://www.sec.gov/Archives/edgar/data/1845338/000117891326003971/exhibit_99-1.htm
  • Consensus: Seeking Alpha, Nov 9, 2026, 7:45 AM ET — https://seekingalpha.com/news/4668906-monday-com-shares-sink-as-weak-guidance-overshadows-q3-results
  • Share price: Nasdaq MNDY quote, pre-market last sale at Nov 9, 2026 8:40 AM ET; Nov 6 close — https://www.nasdaq.com/market-activity/stocks/mndy
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's reconciliation tables.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

Built with DeepCell / deepcell.net

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from monday.com's Form 6-K of November 9, 2026 (Exhibit 99.1) and, for prior guidance, its Form 6-K of August 10, 2026. Consensus estimates (Seeking Alpha) and share prices (Nasdaq) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by monday.com Ltd. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The share price is the Nasdaq pre-market last sale at 8:40 AM ET on November 9, 2026, compared with the November 6 close. It is not a closing price.

Built with DeepCell / deepcell.net

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21 · Disclosures

Sources

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