Monday.com (MNDY) Q3 2025 Earnings: Revenue Jumps 26% to $316.9M, EPS $1.16; Stock Whipsaws on Softer Q4 Outlook

• Revenue: $316.9M, +26% YoY, topping consensus. Non‑GAAP diluted EPS: $1.16. ^[1]
• Guidance: Q4 revenue $328M–$330M; FY25 revenue $1.226B–$1.228B; profitable on a non‑GAAP basis. ^[2]
• Enterprise momentum: Customers ≥$100K ARR up 48% YoY to 1,603; RPO $747M (+36%). ^[3]
• Product mix: New products (CRM, dev, service, campaigns) now >10% of ARR; monday campaigns launched; ~60,000 apps built on monday vibe since launch. ^[4]
• Market reaction: Shares swung sharply as Q4 revenue outlook trailed street estimates, despite a headline beat. ^[5]

By the numbers: Q3 FY2025 (ended Sept. 30)

• Revenue:$316.9M (+26% YoY).
• Profitability:Non‑GAAP operating income $47.5M (15% margin); GAAP operating loss $(2.4)M (~‑1% margin).
• EPS:GAAP EPS $0.25; Non‑GAAP diluted EPS $1.16.
• Cash flow:Operating cash flow $95.1M; adjusted FCF $92.3M. ^[6]

Customer & demand metrics

• Net Dollar Retention:111% overall; 115% (10+ users); 117% ($50K+ ARR; $100K+ ARR).
• Customer counts:63,075 (10+ users, +7% YoY); 3,993 ($50K+ ARR, +37% YoY); 1,603 ($100K+ ARR, +48% YoY); 78 ($500K+ ARR, +73% YoY).
• RPO:$747M, +36% YoY.
• Mix: Customers with 10+ users now 81% of ARR; $50K+ ARR customers 40% of ARR; $100K+ ARR customers 27% of ARR; $500K+ ARR customers 6% of ARR. ^[7]

Product & platform updates driving the beat

• New products cross 10% of ARR: monday CRM, monday dev, monday service—and now monday campaigns—are expanding the suite beyond work management.
• AI & extensibility: Users have built 60,000+ apps on monday vibe in roughly three months; the company also updated pricing for vibe and AI credits. ^[8]

Why it matters: A broader product suite and upmarket wins can deepen wallet share and reduce churn, while higher RPO and retention suggest durable demand even as the company calibrates growth versus margins. ^[9]

Guidance: Strong growth with a cautious near‑term top line

• Q4 FY2025: Revenue $328M–$330M; non‑GAAP operating income $36M–$38M (11%–12% margin).
• FY2025: Revenue $1.226B–$1.228B (~26% YoY); non‑GAAP operating income $167M–$169M (~14% margin); adjusted FCF $330M–$334M (~27% margin). ^[10]

Street context: Ahead of today’s report, consensus centered on $312M revenue and $0.88 EPS for Q3; the company cleared both. The Q4 guide landed below some models—one widely‑cited figure was ~$333–$334M—which helped explain the initial stock downdraft despite the beat. ^[11]

What moved the stock

Even with record non‑GAAP operating profit and broad‑based customer growth, traders focused on the Q4 revenue outlook versus expectations—a common post‑earnings dynamic when shares are priced for perfection. Early headlines flagged a double‑digit percentage drop on the print; subsequent trading saw a rebound as investors parsed retention, RPO, and product traction. ^[12]

What to watch next

1. Large‑customer mix: Continued growth in $100K+ ARR accounts and the new share of ARR from 10+ seat customers. ^[13]
2. New products’ contribution: Whether monday CRM / dev / service / campaigns continue to expand ARR >10% share and aid net expansion. ^[14]
3. AI & platform economics: Adoption and monetization of monday vibe apps and updated AI credit pricing. ^[15]
4. Margins & cash: Trajectory of non‑GAAP operating margin and adjusted FCF as growth moderates. ^[16]

Earnings call details

Management scheduled a public webcast at 8:30 a.m. ET today (Nov. 10, 2025), with an archived replay to follow on the company’s IR site. ^[17]

Sources (Nov. 10, 2025 coverage)

• Company press release: Full Q3 FY2025 results, KPIs, and guidance. ^[18]
• Investor relations page: Mirror of today’s release. ^[19]
• Investors Business Daily: Earnings beat and early stock reaction; Q4 consensus context. ^[20]
• Seeking Alpha (news): “Shares slump despite beat; Q4 outlook below estimates.” ^[21]
• Seeking Alpha (preview): Q3 consensus estimates ahead of the print. ^[22]

Disclosure: This article is for informational purposes only and is not investment advice. Always do your own research.

References

1. www.businesswire.com, 2. www.businesswire.com, 3. www.businesswire.com, 4. www.businesswire.com, 5. www.investors.com, 6. www.businesswire.com, 7. www.businesswire.com, 8. www.businesswire.com, 9. www.businesswire.com, 10. www.businesswire.com, 11. seekingalpha.com, 12. seekingalpha.com, 13. www.businesswire.com, 14. www.businesswire.com, 15. www.businesswire.com, 16. www.businesswire.com, 17. www.businesswire.com, 18. www.businesswire.com, 19. ir.monday.com, 20. www.investors.com, 21. seekingalpha.com, 22. seekingalpha.com