monday.com (MNDY) opened Q1 2026 with revenue of US$351.3 million and basic EPS of US$0.58, setting the tone for how the stock’s US$71.99 share price lines up with its recent profitability. Over the past year, the company has seen trailing twelve month revenue reach about US$1.3 billion with basic EPS of US$2.35, giving you a fuller picture of how the quarterly print fits into the broader earnings trend. With trailing net margins already higher than a year ago and earnings growth outpacing revenue, this set of results puts profitability front and center for investors.

See our full analysis for monday.com.

Next, the focus shifts to how these earnings stack up against the widely followed stories around monday.com, highlighting where the hard numbers back those narratives and where they start to pull in a different direction.

Net margin at 9.2% reshapes the story

• Over the last 12 months, monday.com generated US$1.3b in revenue and US$119.4 million in net income, which lines up with a trailing net margin of 9.2% compared with 5.1% a year earlier.
• Supporters of the bullish view point to this margin profile as a platform for long term earnings power, but the data introduces some tension:
  • Trailing earnings grew very quickly at 126.4% year over year and EPS over the last 12 months reached US$2.35. However, bullish forecasts still build in profit margins shrinking from 9.6% to 4.8% over the next few years.
  • Bulls also talk about faster margin expansion and free cash flow over time. In contrast, the current forecasts in the data expect earnings to decline by an average of 8.4% per year over the next three years, which is the opposite direction of the recent margin improvement.

Supporters who think the recent profitability shift matters more than the cautious forecasts often reference a more optimistic long term setup for monday.com, and you can see how that argument is built out in detail in the 🐂 monday.com Bull Case

TTM earnings growth vs 8.4% decline forecast

• Looking at the last four reported quarters, net income moved from US$23.0 million in Q4 2024 to US$27.4 million in Q1 2025, US$1.6 million in Q2 2025, US$13.1 million in Q3 2025, US$76.7 million in Q4 2025 and US$28.0 million in Q1 2026, feeding into that 126.4% trailing earnings growth rate.
• Skeptics focus on the forward picture and argue that heavy investment and competition could squeeze profits, and the figures on hand lean toward that cautious side:
  • The same dataset that shows strong trailing growth also states that earnings are forecast to decline by about 8.4% per year over the next three years, even as revenue is forecast to grow around 13.3% per year.
  • Bearish analysts also assume margins compress from 9.6% today to about 5.1% over three years, which lines up with the idea that higher R&D and sales and marketing spending could keep earnings under pressure despite revenue growth.

Investors who lean toward the more cautious take often frame Q1 as part of a pattern where revenue growth is still healthy but the path for profits looks less straightforward, and that argument is laid out in the 🐻 monday.com Bear Case

DCF fair value gap and a 30.6x P/E

• With the stock at US$71.99, the reported DCF fair value of US$155.16 implies a large gap, while the trailing P/E of 30.6x sits roughly in line with peers at 30.5x and only slightly above the wider US Software group at 28x.
• Consensus narrative comments that strong earnings growth and improving margins help explain why valuation models and analyst work can still point to upside, but the numbers also show why the market might be more cautious:
  • On one hand, the trailing net margin is at 9.2% and trailing EPS is US$2.35, which helps justify a profitability based multiple that sits close to peers even after the share price moved to US$71.99.
  • On the other hand, consensus forecasts in the data still call for earnings to move down from about US$118.7 million today to roughly US$102.9 million in a few years, so the strong trailing metrics are being weighed against a forecast earnings decline rather than a simple growth story.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for monday.com on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of strong recent earnings and cautious forecasts feels like a split verdict, take a closer look at the data and form your own stance with the 3 key rewards and 1 important warning sign.

See What Else Is Out There

While monday.com has reported solid trailing profitability, the current forecasts for an 8.4% annual earnings decline and margin compression make future returns look uncertain.

If shrinking profit expectations and that uncertainty around earnings put you on edge, compare this story with companies that score strongly on resilience using the 69 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.