“Monday.com delivered a strong start to 2026. Q1 revenue grew 24% year-over-year reflecting sustained demand for our platform as enterprises consolidate their work infrastructure.” (CEO Roy Mann)
“Adjusted free cash flow margin expanded to 29%, underscoring the financial durability of our business model.” (CEO Roy Mann)
“Approximately 3% of our net new ARR in Q1 was driven by AI, a figure we expect to grow as our AI offering expand and mature.” (CEO Roy Mann)
“We are not managing monday.com as a company defending its position. We are rebuilding it as the company that defines what an AI work platform means for businesses.” (联席CEO Eran Zinman)
“For the second quarter of fiscal year 2026, we expect our revenue to be in the range of $354 million to $356 million, representing a growth rate of 18% to 19% year-over-year.” (CFO Eliran Glazer)
Prepared Metrics
Metric
Value
Speaker/Context
Q1总收入
3.51亿美元
CFO (revenue result)
运营利润
4900万美元
CFO (非GAAP operating income)
调整后自由现金流
1.028亿美元
CEO (ad. FCF)
毛利率
89%
CFO (non-GAAP gross margin)
整体净留存率 (NDR)
110%
CFO (Q1 NDR)
现金及有价证券
12.1亿美元
CFO (end of Q1)
Q&A Batch (1-5 of 5)
Q1 — Damon Kogan
Topic: Updated NDR guide and top-of-funnel demand
Key points:
Gross retention at historical highs; double-digit fee growth YoY in mid-market and enterprise; 34% of 50,000 customers adopted >1 product (vs. 29% in Q4).
Lapping 2024 pricing actions that increased NDR by 12%; lapping ends at end of Q2; expansion/new adoption not expected to fully offset past pricing growth.
Top-of-funnel environment remains soft, in line with initial 2026 guide; ACV of new lands increasing across touch and no touch; performance marketing managed cautiously.
Mgmt stance: Neutral — positive on retention/expansion but cautious on top-of-funnel softness and pricing lap headwind.
Q2 — Josh Baer
Topic: New seats + credits pricing model and 2026 impact
Key points:
New customers have two expansion vectors: seats (as before) and AI credits (consumption-based); existing customers have opt-in motion over next couple of years, with incentives for touch customers.
No degradation in seat demand; seat demand strong, acceleration in some emerging markets; ACV grew 22% YoY; gross retention at historical highs; March was one of strongest months ever.
For 2026, no significant impact assumed from new model; still early stage, clearer picture in coming months.
Mgmt stance: Bullish — excited about model change, strong seat demand, and upmarket momentum; cautious on near-term financial impact.
Q3 — Mark Murphy
Topic: AI competition (Claude) and AI revenue contribution
Key points:
Customers use Claude; monday platform open to external agents (agents get seats); vision is agents and people working together on same platform.
10% of new ARR in Q1 driven by AI (direct contribution, not AI-enabled); excludes agent product (released ~1 week ago); driven by existing AI blocks/psychic.
Mgmt stance: Bullish — AI adoption aligns with platform vision; direct AI revenue contribution already visible.
Q4 — Howard Ma
Topic: Pricing model adoption timeline and head count outlook
Key points:
New customers buy seats + AI credits; adoption of agents expected to be very gradual; precise packaging for Wana acquisition still being worked out, will be part of AI credit consumption model.
Head count expected flattish this year, staged throughout year; benefit from shekel strength vs. dollar will be seen more in next year than this year.
Mgmt stance: Neutral — gradual adoption expected; head count flat provides cushion but benefits delayed.
Q5 — Steven Enders
Topic: Q1 revenue upside drivers and agent monetization
Key points:
Q1 outperformance broad-based, not driven by any single segment; record net adds of 500,000; upmarket growth continues; 10% of net new ARR from AI.
Agents expected to be everywhere; monday’s own agents excel at execution, analysis, and collaboration with people; third-party agents allowed on platform to help manage work.
Mgmt stance: Bullish — broad-based strength and AI contribution; confident in first-party agent value for collaborative work.
Q&A Batch (6-10 of 11)
Q6 — John (on for Brent Thill)
Topic: AI credit pricing model reception and NDR dynamics
Key points:
Customers want transparency, control, and governance over AI credits; platform shows who uses credits and for what.
Enterprise deals landing larger with multiyear agreements, causing 100k NDR to be slightly below 501; growth retention is at all-time high.
Expect 1%–2% temporary pressure on upmarket metrics for remainder of fiscal year 2026 due to pricing benefit lapping.
Mgmt stance: Neutral – pricing model meets customer demands, but NDR faces near-term headwinds from deal structure and lapping.
Q7 — David Hynes
Topic: Usage-based pricing and gross margin impact; voice capabilities
Key points:
Gross margin expected to be mid-80s (previously 90%) due to AI computing costs; no significant impact yet but additional costs anticipated.
Voice capabilities integrated into CRM and work platform; hardest part is customization, not technology.
monday.com helps customers adopt agents and voice agents in an intuitive way.
Mgmt stance: Neutral – gross margin pressured by AI costs; bullish on voice/agent adoption as differentiator.
Q8 — Aleksandr Zukin
Topic: New product ARR and upmarket performance
Key points:
New products account for over 11% of ARR; CRM surpassed $100 million, growing mostly in SMB.
Service product: 70% of ARR from mid-market and enterprise; highest ACV across products; growth driven by seat expansion and cross-sell.
50k and 500k customer net adds healthy; 500k net adds at historical highs; Q4 had record 100k net adds, possibly pulling forward Q1.
Positive surprise: AI product contributed almost 10% of net add ARR.
Upmarket momentum continues; enterprise customers growing with 500k net adds.
FX tailwinds in Q1 were small and did not impact reported growth rate.
Mgmt stance: Bullish – AI product driving incremental ARR; broad-based strength with no material FX effect.
Q10 — Allan M. Verkhovski
Topic: MCP engagement and Q2 guidance moderation
Key points:
MCP protocol usage is small; agents signing up but not significant numbers; users have stronger retention profile.
Q2 revenue guide implies lower sequential growth vs Q1; guidance based on known factors.
Investing in AI product and GTM; AI compute costs expected to increase through year; inherent uncertainty on revenue ramp; guidance implies moderation in H2.
Mgmt stance: Cautious – MCP early stage; guidance reflects prudent expectation of H2 moderation due to AI investment and cost uncertainty.