What happened
The company abandoned the seat-based model for agents that automate tasks and make decisions without human input.
Attribution and company response
Revenue held, staff cut. The published revenue comparison held or grew — $1.23bn in 2025, up 26.7%. This clears the tracker’s revenue screen; it does not prove AI substitution, completed departures or the absence of financial pressure.
Not a replacement. Co-founder and co-CEO Eran Zinman wrote that the decision was not made to reduce costs or replace people with AI. The driver is disputed inside the company’s own communications.
— Eran Zinman, co-CEO Read the denial ↗
What the figures show
WHO BENEFITS?
Payments to shareholders are documented; gains for workers from this change are not established.
- Business performance
- $1.23bn in 2025, up 26.7%
- Worker pay
- Comparable employee pay not yet verified
- Workforce impact
- 630 · 20%JUL 2026 · Scope of the reported event, not net job losses.
- Where the money went
- $135m share repurchases2025 · Reported payout; no causal link to AI established.
Two-year history · 8 quarters
Jul 2024–Jun 2026 · USD millions · 4 of 6 measures cover every quarter. Checked 2026-09-22.
Each chart uses its own scale. Financial gains do not establish gains for workers or an effect caused by AI.
| Quarter ended | Revenue | Net profit / loss | Operating cash | Cash investment (PP&E) | Buybacks paid | Dividends paid |
|---|---|---|---|---|---|---|
| 251 | -12 | 86.6 | 3.8 | — | — | |
| 268 | 23 | 76.7 | 3.4 | 0 | — | |
| 282.3* | 27.4* | 112* | 3.7* | 0* | — | |
| 299 | 1.6 | 66.8 | 5.9 | 0 | — | |
| 316.9 | 13.1 | 95.1 | 4 | — | — | |
| 333.9 | 76.7 | 59.7 | 6.8 | 135 | — | |
| 351.3* | 28* | 104.7* | 2.4* | 552.6* | — | |
| 364.6 | 3.5 | 55.4 | 3.8 | 182.4 | — |
GAAP results. Q4 2025 profit includes a $61.15m non-cash tax benefit. Q1 values are calculated as half year minus Q2 in the same release. A complete quarterly series of worker pay is not established.
* Calculated by subtracting reported periods: usually cumulative total minus the previous cumulative total, or full year minus nine months for Q4. Monday.com Q1 is half year minus Q2. Click a value for its source; click * for the subtracted period. Some calculations use different filings and may be affected by restatements. Fiscal dates differ between companies; compare the same season a year earlier.
Worker pay remains annual in the compensation table. Missing quarterly pay or headcount is not interpolated. This is financial-history coverage, not a complete assessment of who benefits.
Sources & limits
Revenue is not profit. These figures may cover different periods and do not isolate the effects of AI. Median pay includes more than salary and can change with workforce composition; it does not track raises for the same employees.
That AI replaced the eliminated roles — the company says the opposite. Nor is it established that customers accepted the shift to agents, or that agents match the prior output.
Allocation evidence: Completed purchases under the program as of year-end. Predates the July 2026 workforce event; does not resolve the company's denial of replacement. Checked 22 September 2026. Allocation source ↗
Workforce and outcome context
The 2025 report records 3,155 employees, up 26%. The annual baseline precedes the restructuring and does not establish its cause.
Sources and dates
- Company statement · TechCrunch · JUL 2026.
- Company response: Eran Zinman, co-CEO ↗
- Workforce context checked 20 September 2026. Source ↗
- Financial record: Source ↗