monday.com (NASDAQ: MNDY) is pushing deeper into the enterprise market even as its stock trades down 56% over the past year.
The company’s share price sat at $84.88 as of September 11, 2026, reflecting market concern over slowing growth and a significant pricing model shift.
Revenue reached $365 million in Q2 2026, representing a 22% year-over-year increase that underscores continued demand for its Work OS platform.
The number of customers spending more than $100,000 in annual recurring revenue grew 37% year over year, reaching 2,019 by the end of Q2 2026.
Monday.com turned a corner on profitability in fiscal 2025, posting $119 million in net income and $334 million in operating cash flow.
The company’s marketplace now includes 869 apps, deepening customer integration and raising switching costs for enterprise teams that rely on the platform daily.
A 20% workforce reduction signals ongoing tension between aggressive AI investment and the need to deliver consistent bottom-line performance.
AI revenue doubled quarter over quarter and now accounts for 17% of net new annual recurring revenue, a figure that will shape the company’s trajectory over the next five years.
Monday.com is acquiring OneAI to add voice capabilities, further expanding its AI-driven product offering as competition intensifies across the broader software industry.
Net dollar retention came in at 109%, meaning existing customers grew their spending even as the company navigated a complex transition to a seats-plus-credits pricing model.
Management repurchased approximately 7.27 million shares for roughly $553 million during the stock’s decline, a move that signals leadership believes the current valuation underrepresents the company’s long-term potential.
Operating margins improved significantly from -41% in 2021 to near break-even in 2025, reflecting a sustained push toward financial discipline after years of high-burn growth investment.
The central risk for monday.com remains whether AI-driven expansion can outpace competitive bundling from larger software suites that are absorbing standalone workflow tools into their existing platforms.
Revenue growth slowed from 27% to 22%, and ongoing securities lawsuits add further uncertainty for investors weighing an entry point into the stock at current levels.
The company’s new pricing architecture, while disruptive in the short term, positions it to monetize AI agents more directly as enterprise adoption of agentic tools continues to accelerate through 2026 and beyond.
