In short: AI mix jumps, growth decelerates. Q2 revenue +22% Y/Y to $365M ($9M beat), adjusted EPS $1.48 ($0.37 beat), non-GAAP operating margin expanded to 17% despite a ~210bps FX headwind, RPO +34% to $937M. ARR from AI products doubled Q/Q and was 17% of net-new ARR, up from 10% in Q1, with customers consuming beyond their included credits under the new seats-plus-credits model; $100K+ ARR customers +37% and $500K+ customers +68%. Monday is "leaning harder into the pivot," cutting roughly 20% of its workforce to concentrate investment on the AI Work Platform, CRM and service management. But despite the stronger quarter, FY26 revenue guidance stayed at $1.466–$1.474B and Q3 guidance implies growth slowing to 16%–17%, slightly below consensus. Bottom Line: "The harder question now is whether that momentum can offset the broader growth deceleration as Monday restructures around AI." A disclosed author holding.
Monday.com sells work-management software — the boards and workflows teams use to run projects, plus CRM and IT service products built on the same platform. Revenue grew 22% and it beat handily on profit, with operating margin expanding to 17%.
The encouraging part is AI adoption showing up as money rather than talk: recurring revenue from AI products doubled quarter-over-quarter and made up 17% of all new recurring revenue, up from 10%. Its pricing model gives customers a bundle of AI credits with their seats, and they are consuming past the bundle — the clearest sign the features are actually used.
The problem is everything else is slowing. Despite beating this quarter, management left full-year guidance unchanged and guided next quarter to 16–17% growth — a real step down from 22%. It also cut roughly a fifth of its workforce to concentrate on AI, CRM and service management. So the AI lever is working; it just isn't yet big enough to offset the deceleration in the core, which is exactly why this reads neutral.
In short: Cohen: modular work-management software platform down 74% since Jul 2025, near the bottom of its $58–$315 52-week range; management used the software selloff to repurchase shares at an average ~$73. ~13x 2027E; thinner analyst coverage than NOW/SAP.
A work-management software platform (think flexible project-tracking building blocks) down 74% in a year and sitting near the very bottom of its 52-week range. Cohen's tell: management is aggressively buying back its own stock at ~$73 average — a signal the people with the best information think it's too cheap. At ~13x 2027 earnings with thin analyst coverage, it's her contrarian software pick alongside the big two.
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