Atlassian vs monday.com: Revenue, Profit and Business Model
Atlassian reported $6.6B of revenue in FY2026 and a net loss of $53.8M. monday.com reported $1.2B of revenue in FY2025 and $233.6M of net income.
Latest financial snapshot
Atlassian
- Latest revenue
- $6.6B (FY2026)
- Net income
- -$53.8M
- Net margin
- -0.8%
- Revenue growth
- +30.5% a year, FY2016–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
Atlassian
Atlassian's fiscal 2026 revenue was $6.57 billion, up 26%, with Cloud at $4.41 billion (up 28%), Data Center at $1.83 billion (up 25%), and Marketplace and other at $330.7 million. Subscription annual recurring revenue reached $6.6 billion, up 23%. The company is still unprofitable under GAAP, but the gap is narrowing: the net loss fell to $53.8 million from $256.7 million, and GAAP operating income was positive for the first time, at $10.4 million. Stock-based compensation of $1.61 billion, 24% of revenue, is most of what separates that result from $1.32 billion of free cash flow. Research and development absorbed $3.27 billion, half of revenue, against $1.54 billion for marketing and sales. Cash and cash equivalents ended the year at $1.24 billion, after $1.23 billion of cash paid for the Browser Company and DX acquisitions and $1.81 billion of Class A share repurchases, against $989.6 million of long-term debt.
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
Atlassian
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $6.6B | -$53.8M | -0.8% | +26.0% | Source |
| FY2025 | $5.2B | -$256.7M | -4.9% | +19.7% | Source |
| FY2024 | $4.4B | -$300.5M | -6.9% | +23.3% | Source |
| FY2023 | $3.5B | -$486.8M | -13.8% | +26.1% | Source |
| FY2022 | $2.8B | -$519.5M | -18.5% | +34.2% | Source |
| FY2021 | $2.1B | -$579M | -27.7% | +29.4% | Source |
| FY2020 | $1.6B | -$350.7M | -21.7% | +33.4% | Source |
| FY2019 | $1.2B | -$637.6M | -52.7% | +38.5% | Source |
| FY2018 | $874M | -$113.4M | -13.0% | +41.0% | Source |
| FY2017 | $619.9M | -$37.4M | -6.0% | +35.6% | Source |
| FY2016 | $457.1M | $4.4M | 1.0% | — | 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
Atlassian
- Cloud subscriptions~67%
Per-user cloud subscriptions for Jira, Confluence, Jira Service Management, Trello, Bitbucket, Loom, and Rovo across Free, Standard, Premium, and Enterprise editions. Cloud revenue was $4.41 billion in fiscal 2026, up 28%, and reached $1.21 billion in the fourth quarter alone.
- Data Center subscriptions~28%
On-premises term licenses with bundled support for self-managed deployments of Jira, Confluence, and other products. Data Center revenue was $1.83 billion in fiscal 2026, up 25%, but Atlassian announced the end of life of the line in September 2025: no new customers from March 2026, no expansions for existing customers after March 2028, and no maintenance after March 2029.
- Marketplace and other~5%
Fees from third-party app sales through the Atlassian Marketplace, which carries more than 6,000 apps and integrations, plus premier support, advisory, and training services. Marketplace and other revenue was $330.7 million in fiscal 2026, up 10%.
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
Atlassian
How it makes money
Atlassian runs a land-and-expand B2B SaaS model. A small team, usually in engineering, adopts Jira, Confluence, Bitbucket, or Trello through a free edition or a self-service purchase. Because the tools connect to each other and to outside systems, use spreads to other departments such as IT, marketing, and HR.
Growth strategy
Atlassian's growth strategy has three parts. It pushes beyond engineering with Jira Service Management, aimed at the IT, HR, and customer-service desks that ServiceNow and Freshworks serve. It packages products into Collections, bundles sold around an outcome rather than per app, covering teamwork, software, service, and strategy.
Competitive advantage
Atlassian's moat is switching cost. Jira is often criticized for complexity, but it holds years of issue history, workflow configuration, and integrations with code repositories and CI systems, so replacing it means rebuilding how an engineering organization records its work.
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 Atlassian vs monday.com
Which company has higher revenue — Atlassian Corporation or monday.com?
Atlassian Corporation reported $6.6B (FY2026), while monday.com reported $1.2B (FY2025). By last reported revenue, Atlassian Corporation is the larger business, with monday.com 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 Atlassian Corporation vs monday.com?
Atlassian Corporation's market capitalisation stands at $45.4B, while monday.com's is $3.6B. Atlassian Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to monday.com.
Which is more financially efficient — Atlassian Corporation or monday.com?
Atlassian Corporation generates $494k / employee in revenue per employee, while monday.com generates $390k / employee. Atlassian Corporation 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 Atlassian Corporation and monday.com make money?
Atlassian Corporation and monday.com generate revenue in fundamentally different ways. Atlassian Corporation: Atlassian runs a land-and-expand B2B SaaS model. monday.com: monday.
Which company is valued higher relative to revenue — Atlassian Corporation or monday.com?
On a price-to-sales (P/S) basis, Atlassian Corporation trades at 6.9x P/S and monday.com at 2.9x P/S. Atlassian Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to monday.com. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Atlassian Corporation bigger than monday.com?
By last reported revenue, Atlassian Corporation ($6.6B (FY2026)) is the larger company compared to monday.com ($1.2B (FY2025)). 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 Atlassian vs monday.com overview