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Jun 30, 2025
Monday.com Q2 2025 Earnings Report
Delivered 27% YoY revenue growth to $299.0M, generated $1.6M GAAP net income, and posted $64.1M adjusted free cash flow in Q2 2025.
Key Takeaways
monday.com reported strong top-line growth in Q2 2025 with revenue of $299.0M, modest GAAP profitability, and solid cash generation, while GAAP operating results showed a small loss and non-GAAP margins remained healthy.
Revenue reached $299.0M, up 27% YoY.
GAAP net income was $1.6M ($0.03 diluted EPS); non-GAAP diluted EPS was $1.09.
Adjusted free cash flow was $64.1M for the quarter.
Paid customers with >$100k ARR grew to 1,472; NDR was 111%.
Forward Guidance
For Q3 2025, revenue is expected to be $311–$313M with non-GAAP operating margin of 11%–12%. For FY2025, revenue is expected to be $1.224–$1.229B, non-GAAP operating income of $154–$158M (~13% margin), and adjusted FCF of $320–$326M (26%–27% margin).
Positive Outlook
- Q3 revenue growth guided to 24%–25% YoY.
- Q3 non-GAAP operating income guided to $34–$36M (11%–12% margin).
- FY25 revenue guided to ~$1.224–$1.229B (~26% YoY).
- FY25 non-GAAP operating income guided to $154–$158M (~13% margin).
- FY25 adjusted FCF guided to $320–$326M (26%–27% margin).
Challenges Ahead
- No GAAP EPS or net cash from operating activities guidance provided.
- Management unable to forecast GAAP operating income due to variability in SBC.
- Sequential margin compression implied for Q3 vs. Q2 non-GAAP operating margin.
- Guidance relies on non-GAAP measures that exclude significant expenses such as SBC.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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