Strong 1Q Though Outlook Still Measured; Leaning In With New AI First Platform

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Strong 1Q Though Outlook Still Measured; Leaning In With New AI First Platform

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Monday.com

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $76.91 (05/11/2026) Strong 1Q Though Outlook Still Measured;

Price Target: $110.00 (Prior $100.00) Leaning In With New AI First Platform

BUY (1)

ESG SCORE: 59/100

Derrick Wood, CFA THE TD COWEN INSIGHT

415 646 7370

MNDY posted a stronger 1Q beat vs. TTM avg levels, showing stability in growth execution

derrick.wood@tdsecurities.com

(incl. no ME disruption) and against a guide framework that has been re-calibrated for the new

Andrew Sherman, CFA norm on top-of-funnel conditions. Significant platform/pricing changes are unfolding, but the

617 946 3728 migration for the base will be gradual. More to prove to drive a bigger re-rate, but solid start to

andrew.sherman@tdsecurities.com

the year. PT to $110.

Cole Erskine

646 562 1467 Key Takes

cole.erskine@tdsecurities.com

■Strong 1Q; FY26 Guide Raised by 1Q Beat: Rev growth of 24% was above Street at 20%,

Jared Jungjohann w/ the ~3.5% $ beat up from last yr's ~1% avg given mgmt's re-calibration of top-of-funnel

646 562 1416 conditions, which remain soft but are now stable. Billings grew 22% vs. Street at 19%.

jared.jungjohann@tdsecurities.com NDR held flat Q/Q at 110%; mgmt expects a slight decline in FY26 as pricing tailwinds

Key Data (contributed 1-2pps in FY25) begin to roll-off in Q2. Midpoint of FY26 guide raised by ~$13m

Symbol NYSE: MNDY (or ~1pp) to 19-20%, flowing through the 1Q beat. Op income beat Street by ~$11m & FY26

Beta: 1.16 guide was raised by ~$18m at midpoint as mgmt has moderated headcount growth plans

52-Week Range: $314.48-$58.81 from mid-teens to low single-digits (due to AI efficiency gains), partially offset by increasing