Income Statement Snapshot

monday.com Ltd.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

41.4% CAGR

$1.2B

CAGR 41.4% (FY2021 to FY2025)

Gross Profit

FY2025

42.1% CAGR

$1.1B

CAGR 42.1% (FY2021 to FY2025)

Operating Income

FY2025

Latest filing

-$1.7M

Latest annual filing: FY2025

Net Income

FY2025

Latest filing

$118.7M

Latest annual filing: FY2025

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for monday.com Ltd..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$1,232	$972	$730	$519	$308
Cost of Revenue	$133	$104	$81	$67	$39
Gross Profit	$1,099	$868	$649	$453	$269
Research & Development	$321	$214	$157	$127	$74
Selling, General & Administrative	$631	$534	$438	$392	$268
Operating Expenses	$1,101	$889	$688	$605	$395
Operating Income	-$2	-$21	-$39	-$152	-$126
Interest Income	$63	$61	$42	$19	$1
Other Non-Operating Income (Expense)	$61	$56	$42	$23	-$1
Pretax Income	$59	$34	$3	-$129	-$127
Income Tax Expense (Benefit)	-$59	$2	$5	$7	$2
Net Income	$119	$32	-$2	-$137	-$129
Basic EPS	$2.31	$0.65	-$0.04	-$2.99	-$4.53
Diluted EPS	$2.24	$0.62	-$0.04	-$2.99	-$4.53
Basic Average Shares	51.4M	49.9M	48.4M	45.8M	30.3M
Diluted Average Shares	53.1M	52.4M	48.4M	45.8M	30.3M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for monday.com Ltd.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

89.2%

Change vs FY2021: +186 bps

Operating Margin

FY2025

vs FY2021

-0.1%

Change vs FY2021: +4079 bps

Net Margin

FY2025

vs FY2021

9.6%

Change vs FY2021: +5160 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+26.7%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+26.6%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

-91.7%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

+266.8%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+26.7%	+33.2%	+40.6%	+68.4%	N/A
Gross Profit Growth %	+26.6%	+33.8%	+43.4%	+68.1%	N/A
Operating Income Growth %	-91.7%	-45.5%	-74.6%	+20.5%	N/A
Net Income Growth %	+266.8%	-1824.7%	-98.6%	+5.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

41.4%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

42.1%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

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Income Statement Snapshot

monday.com Ltd.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

41.4% CAGR

$1.2B

CAGR 41.4% (FY2021 to FY2025)

Gross Profit

FY2025

42.1% CAGR

$1.1B

CAGR 42.1% (FY2021 to FY2025)

Operating Income

FY2025

Latest filing

-$1.7M

Latest annual filing: FY2025

Net Income

FY2025

Latest filing

$118.7M

Latest annual filing: FY2025

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for monday.com Ltd..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$1,232	$972	$730	$519	$308
Cost of Revenue	$133	$104	$81	$67	$39
Gross Profit	$1,099	$868	$649	$453	$269
Research & Development	$321	$214	$157	$127	$74
Selling, General & Administrative	$631	$534	$438	$392	$268
Operating Expenses	$1,101	$889	$688	$605	$395
Operating Income	-$2	-$21	-$39	-$152	-$126
Interest Income	$63	$61	$42	$19	$1
Other Non-Operating Income (Expense)	$61	$56	$42	$23	-$1
Pretax Income	$59	$34	$3	-$129	-$127
Income Tax Expense (Benefit)	-$59	$2	$5	$7	$2
Net Income	$119	$32	-$2	-$137	-$129
Basic EPS	$2.31	$0.65	-$0.04	-$2.99	-$4.53
Diluted EPS	$2.24	$0.62	-$0.04	-$2.99	-$4.53
Basic Average Shares	51.4M	49.9M	48.4M	45.8M	30.3M
Diluted Average Shares	53.1M	52.4M	48.4M	45.8M	30.3M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for monday.com Ltd.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

89.2%

Change vs FY2021: +186 bps

Operating Margin

FY2025

vs FY2021

-0.1%

Change vs FY2021: +4079 bps

Net Margin

FY2025

vs FY2021

9.6%

Change vs FY2021: +5160 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+26.7%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+26.6%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

-91.7%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

+266.8%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+26.7%	+33.2%	+40.6%	+68.4%	N/A
Gross Profit Growth %	+26.6%	+33.8%	+43.4%	+68.1%	N/A
Operating Income Growth %	-91.7%	-45.5%	-74.6%	+20.5%	N/A
Net Income Growth %	+266.8%	-1824.7%	-98.6%	+5.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

41.4%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

42.1%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

N/A

Compounded annual growth across FY2021 to FY2025.

Commentary on monday.com Ltd. Performance

Over the past five years, monday.com has experienced robust revenue growth, expanding from USD 308.15 million in 2021 to approximately USD 1232 million in 2025. This growth is accompanied by a consistent improvement in gross profit, which increased from USD 269.14 million to nearly USD 1099 million, suggesting that the company has been able to scale its operations while maintaining its cost structure to a reasonable degree. However, operating income tells a more nuanced story. The company reported steadily negative operating income through 2021 to 2023, with a particularly sharp decline in 2022 to negative USD 152.02 million before showing substantial recovery, improving to nearly break-even at negative USD 1.75 million in 2025. This swing, exceeding 20% year-over-year between 2022 and 2023, could stem from operational efficiencies, cost restructuring, or shifts in investment strategy. Net income trends further reinforce the narrative of gradual financial stabilization. After incurring losses in 2021 and 2022, the net income figure improved sharply from a slight loss of USD 1.88 million in 2023 to positive USD 32.37 million in 2024, and further to USD 118.74 million in 2025. These data points indicate that despite early profitability challenges, monday.com is managing to convert its revenue expansion into bottom-line improvements. Overall, while the company has navigated a volatile period with significant swings—particularly in operating income—the data-driven trend of rapid revenue growth paired with improving net income suggests a movement toward sustained financial health and operational stability in a competitive software-as-a-service industry.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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MNDY Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on monday.com Ltd. Performance

Commentary on monday.com Ltd. Performance