Asana vs monday.com: Revenue, Profit and Business Model
Asana reported $790.8M of revenue in FY2026 and a net loss of $189M. monday.com reported $1.2B of revenue in FY2025 and $233.6M of net income.
Latest financial snapshot
Asana
- Latest revenue
- $790.8M (FY2026)
- Net income
- -$189M
- Net margin
- -23.9%
- Revenue growth
- +39.5% a year, FY2019–FY2026
monday.com
- Latest revenue
- $1.2B (FY2025)
- Net income
- $233.6M
- Net margin
- 19.0%
- Revenue growth
- +58.4% a year, FY2019–FY2025
Financial summary
Asana
Asana's fiscal year ends January 31. Revenue grew from $76.8 million in fiscal 2019 to $790.8 million in fiscal 2026, but growth has slowed every year since fiscal 2022, from 66.7% to 9.2%. The trade has been margin for growth: gross profit was $704.0 million in fiscal 2026, an 89% margin, non-GAAP operating income turned positive at $56.7 million against a $40.8 million loss a year earlier, and adjusted free cash flow jumped to $84.5 million from $2.6 million. The GAAP net loss was still $189.0 million, down 26% from fiscal 2025, mostly because of stock-based compensation. Asana held $434.0 million in cash, cash equivalents and marketable securities at January 31, 2026, plus an undrawn senior secured credit facility it entered into with Silicon Valley Bank in November 2022. In the second quarter of fiscal 2027, reported September 3, 2026, revenue rose 10% to $216.4 million and non-GAAP operating margin reached about 10%, and the company raised its full-year guidance.
monday.com
monday.com's revenue grew from $78.1 million in 2019 to $972.0 million in 2024 and $1.232 billion in 2025 (+27%). The company moved from a $136.9 million net loss in 2022 to GAAP profit in 2024 ($32.4 million) and reported 2025 net income of $233.6 million, which included a $61.2 million non-cash tax benefit. Adjusted free cash flow reached $322.7 million in 2025 (26% margin), and the company ended the year with about $1.5 billion in cash. Growth slowed to 22% in Q2 2026 ($364.6 million revenue), while non-GAAP operating margin improved to 17%. Heavy performance-marketing spend has historically been the largest cost line, and softer self-serve demand drove a steep share-price decline in 2026.
Revenue and profit by year
Asana
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $790.8M | -$189M | -23.9% | +9.2% | Source |
| FY2025 | $723.9M | -$255.5M | -35.3% | +10.9% | Source |
| FY2024 | $652.5M | -$257M | -39.4% | +19.2% | Source |
| FY2023 | $547.2M | -$407.8M | -74.5% | +44.6% | Source |
| FY2022 | $378.4M | -$288.3M | -76.2% | +66.7% | Source |
| FY2021 | $227M | -$211.7M | -93.3% | +59.2% | Source |
| FY2020 | $142.6M | -$118.6M | -83.2% | +85.8% | Source |
| FY2019 | $76.8M | -$50.9M | -66.3% | — | Source |
monday.com
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.2B | $233.6M | 19.0% | +26.7% | Source |
| FY2024 | $972M | $32.4M | 3.3% | +33.2% | Source |
| FY2023 | $729.7M | -$1.9M | -0.3% | +40.6% | Source |
| FY2022 | $519M | -$136.9M | -26.4% | +68.4% | Source |
| FY2021 | $308.1M | -$129.3M | -42.0% | +91.3% | Source |
| FY2020 | $161.1M | -$152.2M | -94.5% | +106.3% | Source |
| FY2019 | $78.1M | -$91.6M | -117.3% | — | Source |
Where the revenue comes from
Asana
No segment breakdown is published.
monday.com
- monday Work Management Subscriptions
Not disclosed
Per-seat recurring subscriptions for cross-functional project tracking and workflow automation.
- monday CRM Subscriptions
Not disclosed
Dedicated sales pipeline management, lead scoring, and automated customer tracking tiers.
- monday dev Subscriptions
Not disclosed
Specialized agile software development roadmapping, sprint planning, and GitHub sync tiers.
- monday Service & WorkCanvas
Not disclosed
ITSM service desk subscriptions and collaborative infinite-canvas digital whiteboards.
Business model and strategy
Asana
How it makes money
Asana sells subscriptions. Its core work management product comes in five tiers, listed in its 10-K as Personal, Starter, Advanced, Enterprise and Enterprise+, priced per seat; Starter lists at $10.99 per user per month billed annually and Advanced at $24.99, while Enterprise and Enterprise+ are quoted by the sales team.
Growth strategy
Asana grows by moving accounts upmarket and by attaching AI. The company reports Core customers, those spending $5,000 or more a year, separately because they carried 76% of revenue in the fourth quarter of fiscal 2026: there were 25,928 of them at January 31, 2026, and 26,778 by July 31, 2026, while customers spending $100,000 or more grew from 817 to 890 over the same period.
Competitive advantage
Asana's defensible piece is the Work Graph, the data model it describes in its SEC filings as the institutional memory of the platform. Because work is stored as a network rather than as rows, one task can live in several projects at once with no duplicate copies, so a launch task can appear in the marketing plan, the engineering sprint and the executive portfolio and stay in sync.
monday.com
How it makes money
monday.com operates a highly fluid, greatly customizable B2B SaaS (Software as a Service) subscription model. The core product is a 'Board' (a grid of columns and rows). However, the absolute skill of the model is that the board can become anything. A user can instantly configure it to be a CRM for sales, an editorial calendar for marketing, or a bug tracker for engineering.
Growth strategy
Having dominated the 'SMB' (Small and Medium Business) market with aggressive marketing, monday.com's large growth strategy is the highly difficult pivot to 'The Enterprise' (Fortune 500) and highly specialized product suites. They are aggressively building large security and compliance features to satisfy terrified corporate IT managers. they are moving away from just selling 'blank boards';
Competitive advantage
monday.com's absolute competitive advantage is its large superiority in 'No-Code Flexibility' and its highly aggressive User Experience (UX). A traditional software tool forces a company to change its workflow to match the software. monday.com allows the user to instantly change the software to match their weird, specific workflow.
Questions about Asana vs monday.com
Which company has higher revenue — Asana, Inc. or monday.com?
Asana, Inc. reported $790.8M (FY2026), while monday.com reported $1.2B (FY2025). By last reported revenue, monday.com is the larger business, with Asana, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Asana, Inc. vs monday.com?
Asana, Inc.'s market capitalisation stands at $2.2B, while monday.com's is $3.6B. monday.com carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Asana, Inc..
Which is more financially efficient — Asana, Inc. or monday.com?
Asana, Inc. generates $448k / employee in revenue per employee, while monday.com generates $390k / employee. Asana, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Asana, Inc. and monday.com make money?
Asana, Inc. and monday.com generate revenue in fundamentally different ways. Asana, Inc.: Asana sells subscriptions. monday.com: monday.
Which company is valued higher relative to revenue — Asana, Inc. or monday.com?
On a price-to-sales (P/S) basis, Asana, Inc. trades at 2.8x P/S and monday.com at 2.9x P/S. monday.com commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Asana, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Asana, Inc. bigger than monday.com?
By last reported revenue, monday.com ($1.2B (FY2025)) is the larger company compared to Asana, Inc. ($790.8M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Asana vs monday.com overview