Slide 1: Q4 FY25 Earnings
Q4 FY25 Earnings February 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
$334M 25% Strong revenue growth $334M Revenue YoY revenue growth $317M $299M 34% 116% $282M $268M YoY increase in customers Net dollar retention rate* of with $50k+ ARR* to 4,281*** customers with $50k+ ARR*** 89% $57M Adjusted free cash flow ** Gross margin** Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 represent
Slide 4: In this new era, our mission is transformed
d In this new era, — our mission is transtormed.
Slide 5: From managing work to doing the work
-_ From managing work to doing the work.
Slide 6: The best monday.com AI work platform
T h e best : monday.com Al work platform A | WoO r k Al-powered product suite a platform c) as es gs management compas sence dev Al work capabilities + end we Oo Sens” agents | Oa vor isehiel Unified context layer on ws S rent ta : |
Slide 7: Total customers
Total customers 245K 252K +17% 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 8: Customers spanning across 200+ industries
Customers spanning across 200+ industries > _ no Education Industrials Finance Marketing Retail Publishing « Ms. al. core
Slide 9: % of revenue by region
% of revenue Europe North 27% America 53% MEA 5% Latam APAC 6% 8% Note : dat a re pre se nt s % of Q4 FY25 re ve nue
Slide 10: $50k+, $100k+, $500k+ ARR customers
$50k+ ARR customers $100k+ ARR customers $500k+ ARR customers +34% YoY growth +45% YoY growth +74% YoY growth 4,281 1,756 87 3,993 1,603 78 3,702 1,472 3,444 68 1,328 3,201 1,207 57 50 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Note: for definition of A
Slide 11: % of total ARR by customer tier
% of total ARR $50k+ ARR customers $100k+ ARR customers $500k+ ARR customers 41% 28% 27% 6% 6% 40% 26% 38% 24% 24% 5% 5% 37% 36% 4% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Note: for definition of ARR, see Appendix Not e : dat a as of t he e nd of e a
Slide 12: Marketplace apps and channel partners
869 300 apps in the marketplace active channel partners 704 793 apps collecting payments new referral partners
Slide 13: Financial overview and update
Financial overview and update
Slide 14: Quarterly and annual revenue
Quarterly revenue Annual revenue +25% YoY growth ’20-’25 CAGR: 50% $1,232M $334M $317M $972M $299M $282M $268M $251M $236M $730M $217M $203M $519M $308M $161M Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25
Slide 15: Remaining performance obligations
Total remaining performance obligations Current remaining performance obligations (RPOs) (cRPOs) +37% YoY growth +31% YoY growth $839M $747M $676M $699M $620M $660M $568M $588M $614M $516M Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Note: for definitions of RPOs and c RPOs, se e Appe
Slide 16: Net dollar retention: all customers
All customers 125% 125% 123% 121% 121% 117% 114% 112% 112% 112% 110% 110% 110% 111% 111% 111% 110% Q4-21 Q1-22 Q2-22 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 Note: for definition of net dollar retention rate, see Appendix Not e : dat a as of t he e nd of e
Slide 17: Net dollar retention by customer segment
Customers with 10+ users $50k+ ARR customers $100k+ ARR customers 117% 117% 117% 117% 116% 116% 116% 116% 116% 115% 115% 115% 115% 115% 114% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Note: for definition of net dollar retention rate, see Appendix Not e
Slide 18: Expenses as a % of revenue
Quarterly expenses as a % of revenue Annual expenses as a % of revenue 15% 14% 15% 15% 13% (53%) (17%) (9%) 8% 14% 14% 48% 48% 47% 48% 48% 113% 79% 69% 57% 51% 48% 18% 19% 20% 18% 20% 19% 17% 18% 16% 17% 19% 9% 9% 9% 9% 9% 9% 11% 11% 9% 8% 9% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 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 39% 30% 28% 26% 29% 27% 21% 3% 2% 17% (25%) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 Adjusted free cash flow amounts to: $72.7M, $109.5M, $64.1M, $92.3M, Adjusted free cash flow amounts to: ($40.7
Slide 20: Appendix
Appendix Supplementary materials
Slide 21: Definitions
Definitions (1) Annual recurring revenue (“ARR”) is defined to mean, as of a measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms. (3) We calculate Net Dollar Retention Rate (NDR)
Slide 22: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ 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 23: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Net cash provided by operating activities 76.7 112.0 66.8 95.1 59.7 Purchase of PP&E (3.4) (3.7) (5.9) (4.0) (6.9) Capitalized software development costs (0.6) (0.8) (0.9) (0.9) (0.7)
Slide 24: 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 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 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 26: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 ✦ Reconciliation of gross profit: GAAP gross profit 237,474 253,445 267,841 281,067 296,545 Add: Share-based compensation 1,606 1,134 2,272 2,964 2,191 Non-GAAP gross profit 239,080 254,579 270,113 284,031 2
Slide 27: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Reconciliation of operating expenses (cont.): GAAP general and administrative 31,903 32,544 39,763 38,184 38,505 Less: Share-based compensation 8,945 8,445 13,200 11,213 9,258 Non-GAAP general and administra