monday.com Ltd. · NASDAQ:MNDY
monday.com — Q3 2026 Earnings Presentation
28 slides from monday.com's earnings presentation, Nov 9, 2026
Slide 1: Q3 FY26 Earnings
Q3 FY26 Earnings November 2026
Slide 2: Safe harbor
Safe harbor This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking state
Slide 3: Strong revenue growth
$378M 19% Strong revenue growth $378M Revenue YoY revenue growth $365M $351M 26% 114% $334M $317M YoY increase in customers Net dollar retention rate* of with $50k+ ARR* to 5,038*** customers with $50k+ ARR*** 88% $63M Adjusted free cash flow** Gross margin** Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 represents
Slide 4: In this new era, our mission is transformed
, In this new era, — our mission is transtormed.
Slide 5: From managing work to doing the work
From managing work to doing the work. + “monday...
Slide 6: The best AI workspace
The best Al workspace monday.com Al work platform Al-powered product suite monday work monday monday monday monday management CRM campaigns service dev ) Al work capabilities 7 monday monday sidekick workflows i monday monday | | Vv vibe & agents r | | Unified context layer on \¢ mondayDB | |
Slide 7: AI usage metrics: agent interactions, AI blocks actions
6M+ 122M+ Agent interactions AI blocks actions 4.7M+ 375K+ Conversations Notetaker hours Note: Based on data at the end of Q3 since the product feature launch
Slide 8: Total customers
Total customers 252K +17% 245K 225K 186K 152K Customers CAGR 114K 2020 – 2025 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 Note: data as of the end of each year
Slide 9: Customers spanning 200+ industries
Customers spanning 200+ industries > _ 0 Education Industrials Finance Marketing Retail Publishing « Ms. ah
Slide 10: % of revenue by region
% of revenue Europe North 28% America 53% MEA 5% LatAm APAC 6% 8% Note: data represents % of Q3 FY26 revenue
Slide 11: $50k+, $100k+, $500k+ ARR customers
$50k+ ARR customers $100k+ ARR customers $500k+ ARR customers +26% YoY growth +33% YoY growth +58% YoY growth 2,127 123 5,038 4,834 2,019 114 4,547 1,844 4,281 1,756 99 3,993 1,603 87 78 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Note: for definition of
Slide 12: Share of total ARR by customer tier
% of total ARR $50k+ ARR customers $100k+ ARR customers $500k+ ARR customers 31% 7% 7% 44% 43% 30% 42% 6% 6% 6% 29% 41% 28% 40% 27% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Note: for definition of ARR, see App end ix Note: data as of the end of each q
Slide 13: Financial overview and update
Financial overview and update
Slide 14: Quarterly and annual revenue
Quarterly revenue Annual revenue +19% YoY growth ’20-’25 CAGR: 50% $1,232M $378M $365M $351M $334M $317M $972M $299M $282M $268M $251M $730M $519M $308M $161M Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25
Slide 15: Remaining performance obligations (RPOs and cRPOs)
Total remaining performance obligations Current remaining performance obligations (RPOs) (cRPOs) +27% YoY growth +22% YoY growth $937M $946M $750M $759M $880M $716M $839M $676M $620M $747M Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Note: for definitions of RPO s and cRPO s, see Ap p
Slide 16: Net dollar retention rate: all customers
All customers 123% 121% 117% 114% 112% 111% 112% 112% 111% 111% 110% 110% 110% 110% 110% 109% 108% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Note: for definition of net dollar retention rate, see A ppendix Note: data as of the end of each q
Slide 17: Net dollar retention by customer segment
Customers with 10+ users $50k+ ARR customers $100k+ ARR customers 115% 117% 116% 116% 117% 114% 114% 116% 115% 113% 115% 115% 114% 112% 113% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Note: for definition of net dollar retention rate, see A ppendix Note
Slide 18: Expenses as a % of revenue
Quarterly expenses as a % of revenue Annual expenses as a % of revenue 15% 13% 14% 17% 24% (53%) (17%) (9%) 8% 14% 14% 48% 45% 41% 48% 39% 113% 79% 69% 57% 51% 48% 18% 20% 22% 23% 19% 19% 17% 18% 16% 19% 17% 9% 9% 8% 8% 8% 11% 11% 9% 9% 8% 9% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 FY-20 FY-21 FY-22 FY-23 FY-
Slide 19: Adjusted free cash flow margin
Quarterly adjusted free cash flow margin Annual adjusted free cash flow margin 30% 29% 29% 28% 26% 17% 17% 3% 2% 14% (25%) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 Adjusted free cash flow amounts to: $92.3M, $56.7M, $102.8M, $52.3M, Adjusted free cash flow amounts to: ($40.7
Slide 20: Appendix
Appendix Supplementary materials
Slide 21: Definitions
Definitions (1) Annual recurring revenue (“ARR”) is defined to mean, as of a measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms. (2) We calculate Net Dollar Retention Rate (NDR)
Slide 22: Definitions
Definitions (5) Remaining Performance Obligations (RPOs) are the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the reporting date. RPOs include both deferred revenues and non-invoiced amounts expected to be billed and reco
Slide 23: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions) FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Net cash provided by (used in) operating (37.2) 16.4 27.1 215.4 311.1 333.6 activities Purchase of PP&E (4.4) (11.6) (16.0) (7.9) (13.2) (20.3) Capitalized software development c
Slide 24: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net cash provided by operating activities 95.1 59.7 104.7 55.4 20.4 Purchase of PP&E (4.0) (6.8) (2.4) )3.8( (4.2) Capitalized software development costs (0.9) (0.7) (0.5) (1.1) (0.4)
Slide 25: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 ✦ Reconciliation of gross profit: GAAP gross profit 138,635 269,137 452,501 649,050 868,304 1,098,898 Add: Share-based compensation 2,720 7,681 10,406 6,307 6,603 8,561 Non-GAAP gross profit 141,355 27
Slide 26: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Reconciliation of operating expenses (cont.): GAAP general and administrative 54,339 53,493 85,401 92,733 142,090 148,996 Less: Share-based compensation 39,415 20,934 28,100 29,747 37,746 42,116 Less:
Slide 27: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 ✦ Reconciliation of gross profit: GAAP gross profit 281,067 296,545 313,141 321,960 332,194 Add: Share-based compensation 2,964 2,191 1,049 2,262 1,628 Non-GAAP gross profit 284,031 298,736 314,190 324,222 3
Slide 28: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Reconciliation of operating expenses (cont.): GAAP general and administrative 38,184 38,505 35,972 40,359 56,299 Less: Share-based compensation 11,213 9,258 7,413 9,694 9,183 Less: Charitable contribution to