MNDY 1Q26 Earnings First Look - Happy Monday!

Research evidence excerpt

MNDY 1Q26 Earnings First Look - Happy Monday!

Enterprise Software

MONDAY.COM LTD (MNDY) May 11, 2026

MNDY 1Q26 Earnings First Look - Happy Monday! Rating:

OutperformJust The Facts. Total revenue of $351.3M grew 24% Y/Y (vs. 25% LQ), a 3.6% beat, Price:

up from 1.5% in 4Q and 1.7% in 3Q. Non-GAAP operating income hit $49.0M with $72.07

14% margin (vs. 38M guided), while adj. FCF was $102.8M / 29% margin. On the Price Target:

$95FY guide, MNDY raised FY26 revenue guidance to $1,466-1,474M (+19-20% Y/Y,

% Upside:

vs prior $1,457M), effectively passing through 100%+ of the Q1 beat, in-line with 31.8%

the approach they took last year while 2Q guide of +18.7% Y/Y came in-line with

consensus. FY26 non-GAAP op margin was raised to ~13% (from 11.7%, a +130bps Source: FactSet, Wolfe Research

Priced as of 05/08/26

step-up) with continued FX headwind. Mgmt. also noted significant AI-driven internal

productivity gains and noted expectation that headcount remains flat from current Alex Zukin

levels by the end of the year. On Friday, MNDY launched the AI Work Platform azukin@wolferesearch.com (415) 878-6420

with native agents and seats-plus-credits pricing for new customers (existing base View Alex’s Research

transitions gradually, Enterprise gets complimentary AI packages) and announced View MNDY Model

acquisition of OneAI for enterprise voice agents. Finally, ~10% of net new ARR in Q1 View Comp Table

was AI-driven, the first explicit AI revenue disclosure from mgmt and a number they Joshua Tilton, CFA

expect to expand. JTilton@wolferesearch.com

(415) 878-6430

Other KPIs. Overall NDR was stable at 110%, with $50K+ ARR NDR holding at View Joshua’s Research

116%, $100K+ at 115% (down 1pt from 116% LQ), and customers with 10+ users Ivan Radojicic

stable at 114%.