MONDAY.COM LTD., 20-F filed on 3/13/2026
Annual and Transition Report (foreign private issuer)
v3.25.4
Document and Entity Information
 12 Months Ended
Dec. 31, 2025
shares
Entity Addresses [Line Items]  
Entity Registrant Name monday.com Ltd.
Entity Central Index Key 0001845338
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus FY
Amendment Flag false
Document Period End Date Dec. 31, 2025
Document Type 20-F
Document Registration Statement false
Document Annual Report true
Document Transition Report false
Document Shell Company Report false
Entity File Number 001-40461
Entity Address, Address Line One 6 Yitzhak Sadeh Street
Entity Address, City or Town Tel Aviv
Entity Address, Postal Zip Code 6777506
Entity Address, Country IL
Entity Incorporation, State or Country Code IL
Entity Well-known Seasoned Issuer Yes
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Emerging Growth Company false
Entity Common Stock, Shares Outstanding 51,160,822
Title of 12(b) Security Ordinary shares
Trading Symbol MNDY
Security Exchange Name NASDAQ
ICFR Auditor Attestation Flag true
Document Accounting Standard U.S. GAAP
Document Financial Statement Error Correction [Flag] false
Entity Shell Company false
Auditor Name Brightman Almagor Zohar & Co.
Auditor Location Tel Aviv, Israel
Auditor Firm ID 1197
Security Reporting Obligation 15(d)
Auditor Opinion [Text Block]

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of monday. com Ltd. and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 13, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.
Business Contact [Member]  
Entity Addresses [Line Items]  
Contact Personnel Name Shiran Nawi, Adv.
Entity Address, Address Line One 6 Yitzhak Sadeh Street
Entity Address, City or Town Tel Aviv
Entity Address, Postal Zip Code 6777506
Entity Address, Country IL
City Area Code 972(55)
Local Phone Number 939-7720
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 1,503,149 $ 1,411,602
Marketable securities 162,308 50,004
Accounts receivable - net of allowance for credit losses of $889 and $296 as of December 31, 2025 and 2024, respectively 30,552 25,804
Prepaid expenses and other current assets 93,055 44,836
Total current assets 1,789,064 1,532,246
Property and equipment, net 53,888 41,576
Operating lease right-of-use assets 149,149 94,703
Deferred tax assets, net 58,682 0
Other long-term assets 55,817 16,983
Total long-term assets 317,536 153,262
Total assets 2,106,600 1,685,508
CURRENT LIABILITIES:    
Accounts payable 45,001 35,611
Accrued expenses and other current liabilities 234,377 171,040
Deferred revenue 409,677 339,951
Operating lease liabilities, current 25,819 29,013
Total current liabilities 714,874 575,615
Operating lease liabilities, non-current 142,948 77,023
Deferred revenue, non-current 1,942 2,639
Total long-term liabilities 144,890 79,662
Total liabilities 859,764 655,277
SHAREHOLDERS’ EQUITY:    
Ordinary shares, no par value - Authorized: 99,999,999 as of December 31, 2025, and 2024; Issued and Outstanding:51,160,822 and 50,773,337 as of December 31, 2025 and 2024, respectively 0 0
Founders’ shares, no par value: Authorized: 1 share as of December 31, 2025, and 2024; Issued and Outstanding: 1 share as of December 31, 2025 and 2024 0 0
Additional paid-in capital 1,662,029 1,579,074
Accumulated other comprehensive income 18,097 3,189
Accumulated deficit (433,290) (552,032)
Total shareholders’ equity 1,246,836 1,030,231
Total liabilities, and shareholders’ equity $ 2,106,600 $ 1,685,508
v3.25.4
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts receivable - net of allowance for credit losses $ 889 $ 296
Common Stock, No Par Value $ 0 $ 0
Common Stock, Shares Authorized 99,999,999 99,999,999
Common Stock, Shares, Issued 51,160,822 50,773,337
Common Stock, Shares, Outstanding 51,160,822 50,773,337
Founder Share, No Par Value $ 0 $ 0
Founder Shares, Authorized 1 1
Founder Shares, Issued 1 1
Founder Shares, Outstanding 1 1
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 1,231,997 $ 971,995 $ 729,695
Cost of revenue 133,099 103,691 80,645
Gross profit 1,098,898 868,304 649,050
OPERATING EXPENSES      
Research and development 320,799 213,709 156,500
Sales and marketing 630,851 533,539 438,402
General and administrative 148,996 142,090 92,733
Total operating expenses 1,100,646 889,338 687,635
Operating loss (1,748) (21,034) (38,585)
Financial income, net 61,065 55,500 41,911
Income before income taxes 59,317 34,466 3,326
Income tax benefit (expense) 59,425 (2,094) (5,203)
Net income (loss) $ 118,742 $ 32,372 $ (1,877)
Net income (loss) per share attributable to ordinary shareholders’, basic $ 2.31 $ 0.65 $ (0.04)
Net income (loss) per share attributable to ordinary shareholders’, diluted $ 2.24 $ 0.62 $ (0.04)
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, basic 51,444,028 49,908,423 48,366,378
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, diluted 53,086,984 52,420,826 48,366,378
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 118,742 $ 32,372 $ (1,877)
Change in unrealized gains (losses) on marketable securities, net of tax:      
Unrealized gains arising during the period 143 207 0
Losses (gains) reclassified into earnings 0 0 0
Change in unrealized gains (losses) on cash flow hedges, net of tax:      
Unrealized gains (losses) arising during the period 31,218 (961) 4,273
Losses (gains) reclassified into earnings (16,453) (5,861) 8,741
Net current-period other comprehensive income (loss) 14,908 (6,615) 13,014
Comprehensive income $ 133,650 $ 25,757 $ 11,137
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Number of Ordinary Shares
Number of Founder Share
Additional Paid-in Capital
Accumulated Other Comprehensive Income (loss)
 [1]
Accumulated Deficit
Total
Balance at Dec. 31, 2022     $ 1,265,477 $ (3,210) $ (582,527) $ 679,740
Balance, shares at Dec. 31, 2022 47,737,868 1        
Exercise of options     11,666 0 0 11,666
Exercise of options (in shares) 767,148 0        
Issuance of ordinary shares upon the vesting and settlement of restricted stock units     0 0 0 0
Issuance of ordinary shares upon the vesting and settlement of restricted stock units (in shares) 338,034 0        
Issuance of ordinary shares under employee share purchase plan     8,782 0 0 8,782
Issuance of ordinary shares under employee share purchase plan (in shares) 80,853 0        
Share-based compensation $ 0   102,183 0 0 102,183
Other comprehensive loss 0   0 13,014 0 13,014
Net Income (Loss) $ 0   0 0 (1,877) (1,877)
Balance at Dec. 31, 2023     1,388,108 9,804 (584,404) 813,508
Balance, shares at Dec. 31, 2023 48,923,903 1        
Exercise of options     29,421 0 0 29,421
Exercise of options (in shares) 1,220,551 0        
Issuance of ordinary shares upon the vesting and settlement of restricted stock units     0 0 0 0
Issuance of ordinary shares upon the vesting and settlement of restricted stock units (in shares) 483,508 0        
Issuance of ordinary shares under employee share purchase plan     13,284 0 0 13,284
Issuance of ordinary shares under employee share purchase plan (in shares) 77,375 0        
Share-based compensation $ 0   130,353 0 0 130,353
Share-based compensation – Foundation [2] 68,000   17,908 0 0 17,908
Other comprehensive loss 0   0 (6,615) 0 (6,615)
Net Income (Loss) $ 0   0 0 32,372 32,372
Balance at Dec. 31, 2024     1,579,074 3,189 (552,032) 1,030,231
Balance, shares at Dec. 31, 2024 50,773,337 1        
Exercise of options     19,134 0 0 $ 19,134
Exercise of options (in shares) 505,473 0       505,473
Issuance of ordinary shares upon the vesting and settlement of restricted stock units     0 0 0 $ 0
Issuance of ordinary shares upon the vesting and settlement of restricted stock units (in shares) 658,123 0        
Issuance of ordinary shares under employee share purchase plan     20,024 0 0 20,024
Issuance of ordinary shares under employee share purchase plan (in shares) 107,802 0        
Share-based compensation $ 0   178,825 0 0 178,825
Repurchase of ordinary shares (883,913)   (135,028) 0 0 (135,028)
Other comprehensive loss 0   0 14,908 0 14,908
Net Income (Loss) $ 0   0 0 118,742 118,742
Balance at Dec. 31, 2025     $ 1,662,029 $ 18,097 $ (433,290) $ 1,246,836
Balance, shares at Dec. 31, 2025 51,160,822 1        
[1] As of December 31, 2025 and 2024, accumulated other comprehensive income is comprised of unrealized gains on derivatives, net of tax of $17,747 and 2,982, respectively, and unrealized gains on marketable securities net of tax of $350 and $207, respectively.
[2] Represents the fair market value of 68,000 shares that the Company contributed to the monday.com foundation during 2024. See also Note 12.
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Unrealized gains on derivatives $ 17,747 $ 2,982
Unrealized gains on marketable securities $ 350 $ 207
Fair market value of shares 68,000  
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ 118,742 $ 32,372 $ (1,877)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 13,805 11,858 9,023
Loss from sale of property and equipment 290 576 0
Share-based compensation 177,011 129,209 100,186
Charitable share contribution to Foundation 0 17,908 0
Amortization of discount and accretion of interest on marketable securities (2,139) (227) 0
Changes in operating assets and liabilities:      
Accounts receivable, net (4,748) (7,893) (4,685)
Prepaid expenses and other assets (45,602) 16,280 11,840
Accounts payable 8,453 10,406 17,397
Accrued expenses and other liabilities 59,953 27,459 14,588
Deferred taxes, net (61,150) 0 0
Deferred revenue 69,029 73,117 68,932
Net cash provided by operating activities 333,644 311,065 215,404
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (20,362) (13,211) (7,901)
Purchase of marketable securities (187,829) (49,570) 0
Maturities of marketable securities 77,855 0 0
Investments in affiliated company 0 (6,000) 0
Capitalized software development costs (3,380) (2,024) (2,558)
Net cash used in investing activities (133,716) (70,805) (10,459)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from exercise of share options and employee share purchase plan 41,865 43,341 21,243
Receipt (repayment) of tax advance relating to exercises of share options and RSUs, net (15,218) 11,873 4,046
Repurchases of ordinary shares (135,028) 0 0
Net cash provided by (used in) financing activities (108,381) 55,214 25,289
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS 91,547 295,474 230,234
CASH, CASH EQUIVALENTS – Beginning of year 1,411,602 1,116,128 885,894
CASH, CASH EQUIVALENTS – End of year 1,503,149 1,411,602 1,116,128
SUPPLEMENTAL DISCLOSURE:      
Cash paid for income taxes, net 4,858 6,210 7,560
Cash paid for interest 0 0 25
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Non-cash purchases of property and equipment 937 368 105
Capitalized share-based compensation costs 1,814 1,144 1,997
Right-of-use asset recognized with corresponding lease liability $ 79,189 $ 68,743 $ 93
v3.25.4
ORGANIZATION AND DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1: ORGANIZATION AND DESCRIPTION OF BUSINESS

 

monday.com Ltd (“monday.com” and together with its subsidiaries collectively, “the Company”) was incorporated under the laws of Israel and commenced operations in 2012. The Company operates an artificial intelligence (“AI”) cloud-based work platform that consists of modular building blocks that can be easily used and assembled to create software applications and work management tools and serves as a connective layer to integrate with other systems and applications across an organization. On top of our platform, we have built a product suite to address the needs of specific industries and use cases. By using the Company’s AI work platform and products, customers can simplify and accelerate their digital transformation, enhance organizational agility, create a unifying workspace across departments, and increase operational efficiency and productivity through AI-powered workflows.

 

monday.com has ten wholly owned subsidiaries: monday.com Inc. (the “U.S. Subsidiary”), incorporated in the United States in 2016, monday.com UK 2020 Ltd., incorporated under the laws of England in 2020, monday.com PTY Ltd., incorporated in Australia in 2020, monday.com Ltda., incorporated in Brazil in 2021, monday.com K.K., incorporated in Japan in 2021, monday.com Sp.z o.o., incorporated in Poland in 2022, monday.com PTE., incorporated in Singapore in 2022, monday.com SAS., incorporated in France in 2024, monday.com GmbH., incorporated in Germany in 2024, and monday.com, S.A. DE C.V., incorporated in Mexico in 2025. The subsidiaries primarily engage in providing business development, presale, and customer success services to the Company’s existing and potential customers.
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

 

The accompanying consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), reflect the application of the significant accounting policies described below and elsewhere in the notes to the consolidated financial statements.

 
A. Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of monday.com and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

 

B. Use of estimates

 

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

 

The Company bases its estimates on historical experience and on assumptions that management considers to be reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.

 

C. Foreign Currency Translation and Transactions

 

The Company’s management has determined that the United States dollar is the currency in the primary economic environment in which monday.com and its subsidiaries operate. Thus, the Company reports its consolidated results in United States dollars. Transactions and balances that are denominated in other currencies have been remeasured into United States dollars in accordance with principles set forth in Accounting Standards Codification (“ASC”) Topic 830, “Foreign Currency Matters” (“ASC 830”).

 

At the end of each reporting period, financial assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are remeasured at historical exchange rates. Gains and losses related to remeasurement are recorded as financial income, net in the consolidated statements of operations as appropriate.

 
D. Cash and Cash Equivalents

 

The Company classifies all unrestricted highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents consist of bank deposits and money market funds.

 

E. Investment in marketable securities:

 

The Company accounts for investments in marketable securities in accordance with ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date. The Company classifies all of its debt securities as available-for-sale (“AFS”) as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within current assets on the consolidated balance sheet.

 

Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net and are derived using the specific identification method for determining the cost of securities sold.

 

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with accretion of interest on securities is included in financial income, net. At each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the company’s ability and intent to hold the investment until a forecasted recovery occurs in accordance with ASC Topic 326, “Financial Instrument-Credit losses” (“ASC 326”). Allowance for credit losses on AFS debt securities is recognized in the Company’s consolidated statements of operations, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in shareholders’ equity. No credit losses were recognized during the year ended December 31, 2025 and 2024.

 

F. Accounts Receivable

 

Accounts receivable are recorded at the invoiced amount, are unsecured and do not bear interest. The Company maintains an allowance for credit losses inherent in its accounts receivable including potential uncollectible amounts.

 

The allowance is based on the Company’s periodic assessment of the collectability of the accounts based on a combination of factors including the payment terms of each account, its age, the collection history of each customer, and the customer’s financial condition.

 

Expenses associated with credit losses for the years ended December 31, 2025, 2024 and 2023 were $4,467, $2,525 and $2,040, respectively. The Company wrote off bad debts in the amount of $5,060, $2,547 and $2,130 during 2025, 2024 and 2023, respectively.

 

G. Investment in affiliated company

 

The Company accounts for an equity method investment over which it has significant influence but does not own a majority of the equity interests or otherwise controls and the investment is either in common stock or in substance common stock using the equity method, in accordance with ASC Topic 323 “Investments – Equity Method and Joint Ventures” (“ASC 323”). The Company’s share of the investee’s profit and loss is recognized in the consolidated statements of operations.

 

Managment’s judgment regarding the level of influence over its equity method investee includes considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions.

 

The Company assesses its equity method investment for other-than-temporary impairment by considering factors as well as all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the affiliated company, including current earnings trends, and other affiliated company-specific information such as financing rounds. During 2025 and 2024, no impairment loss was recognized in the Company’s consolidated statements of operations.

 

The net carrying value of the investment in the affiliated company amounted to $6,000 as of both December 31, 2025 and 2024 and is presented as part of other-long term assets in the consolidated balance sheets. Equity gains (losses) were immaterial in 2025 and 2024.

 

H. Property and Equipment, Net

 

Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets (see Note 2j). Expenditures for maintenance and repairs are expensed as incurred. Disposals are removed at cost less accumulated depreciation and any gain or loss from disposals is reflected in the consolidated statements of operations in the period of disposition.

 

I. Internal Use Software Development Costs

 

The Company capitalizes certain internal use software development costs (“Capitalized software development costs”) related to its cloud-based platform (amortized over 3 years) or to back-office operating systems (amortized over six years). The costs consist of personnel costs incurred during the application development stage. Capitalization begins when the preliminary project stage is completed, and it is probable that the software will be completed and used for its intended function.

 

Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post implementation operating activities are expensed as incurred.

 

Capitalized software development costs are included in property and equipment, net in the consolidated balance sheets (see Note 5) and are amortized over the estimated useful life of the software, on a straight-line basis, which represents the manner in which the expected benefit will be derived. Amortization expenses are included in cost of revenue in the consolidated statement of operations. Management evaluates the useful lives

 

of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

 

J. Depreciation, Amortization and Impairment of Long-Lived Assets

 

Long-lived assets with definite lives consist of property and equipment. Long-lived assets are amortized over their estimated useful lives which are as follows:

 

  Years
Computers, software, patents and electronic equipment 3-5
Office furniture and equipment 10-14
Capitalized software development costs 3-6
Leasehold improvements Shorter of the remaining
term of the underlying
lease, or estimated useful
life of the asset

 

The Company reviews its long-lived assets for impairment whenever events or circumstances have occurred that indicate that the estimated useful lives of the long-lived assets may warrant revision or that the carrying value of these assets may be impaired. To compute whether assets have been impaired, the estimated undiscounted future cash flows of the assets or asset group are compared to the carrying value. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized based on the amount in which the carrying amount exceeds the fair value of the asset or asset group, based on discounted cash flows. There were no events or circumstances that required the Company’s long-lived assets to be tested for impairment during any of the periods presented.

 

K. Leases

 

The Company accounts for its leases in accordance with ASC Topic 842, “Leases” (“ASC 842”). The Company determines if an arrangement is a lease at inception by determining if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances.

 

The Company classifies leases at their inception as either capital or operating leases. A lease that transfers substantially all the risks and rewards incidental to ownership of the leased asset to the Company is classified as a finance lease. For finance leases, at the commencement of the lease term, the leased asset is measured at the lower of fair value or the present value of the minimum lease payments. The leased asset is depreciated over the shorter of its useful life and the lease term.

 

For operating leases, right-of-use (“ROU”) assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Company’s understanding of what its credit rating would be. The ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

 

The lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations and are not included in the operating lease ROU assets and lease liabilities. Certain lease agreements include rental payments adjusted periodically for the consumer price index (“CPI”). The ROU assets and lease liabilities were calculated using the initial CPI and will not be subsequently adjusted.

 

The Company’s lease agreements generally do not contain any residual value guarantees, restrictions, or covenants.

 

For operating leases that contain renewals, or other lease incentives, the Company recognizes the rent expense on a straight-line basis over the term of the lease. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.

 

The Company utilized the practical expedient in ASC 842 and elected not to record leases with an initial term of 12 months or less on the consolidated balance sheets. Therefore, for short-term leases with a term of 12 months or less, operating lease ROU assets and lease liabilities are not recognized, and the Company records such lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

 

Rent expenses for the years ended December 31, 2025, 2024 and 2023, were $34,040, $27,038 and $21,369, respectively. See also Note 9.

 

L. Employee Related Obligations

 

According to the Israeli Severance Pay Law, 1963 (“Severance Pay Law”), employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month salary for each year of employment, or a portion thereof. The Company’s liability for severance pay is covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”).

 

Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, contributed on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. Therefore, the Company does not recognize a liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s consolidated balance sheets. Severance expenses for the years ended December 31, 2025, 2024 and 2023, amounted to $15,636, $11,086 and $8,435, respectively.

 

The Company’s U.S. Subsidiary has a 401(K) defined contribution plan covering certain employees in the U.S. All eligible employees may elect to contribute up to 100% of their annual compensation to the plan through salary deferrals, subject to Internal Revenue Service limits. The expenses recorded by the U.S. subsidiary for employer’s contributions were $3,453, $2,493 and $1,898 for the years ended December 31, 2025, 2024 and 2023, respectively.

 

M. Contingent Liabilities

 

The Company accounts for its contingent liabilities in accordance with ASC Topic 450, “Contingencies” (“ASC 450”). A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

 

With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter.

 

N. Revenue Recognition

 

The Company generates revenue from the sale of subscriptions to customers to access its AI cloud-based work platform. The terms of the Company’s

 

subscription agreements are primarily monthly or annual, and a large portion of the arrangements are paid in full up-front at the outset of the arrangement. Customers may not take possession over the software and instead are granted continuous access to the platform over the contractual period and therefore the arrangements are accounted for as service contracts.

 

The Company’s contracts generally include a fixed number of users and fixed price per user. Revenue for these arrangements is recognized ratably over the contract term.

 

The Company’s subscription contracts are generally non-cancelable except for contracts with first-time customers whereby the contract terms provide rights to cancel the contract in the first 30 days for pro-rated refund for unutilized days. Historically, refunds have not been material, and therefore no provision for refunds was recorded to date.

 

In accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration the Company expects to be entitled to receive in exchange for these services.

 

The Company determines revenue recognition through the following steps:

 

1. Identification of the contract, or contracts, with the customer

 

The Company considers the terms and conditions of the contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance.

 

The Company applies certain judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer.

 

2. Identification of the contract, or contracts, with the customer

 

Performance obligations committed in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its

 

own or together with other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the services and the products is separately identifiable from other promises in the contract.

 

The Company’s performance obligations generally consist of access to the cloud-based platform and related support services which is considered one performance obligation.

 

The customers do not have the ability to take possession of the software, and through access to the platform the Company provides a series of distinct software-based services that are satisfied over the term of the subscription.

 

3. Determination of the transaction price

 

The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services to the customer.

 

Payment terms are generally upfront at the time of the transaction, except for enterprise customers which are generally net 30 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts generally do not include a significant financing component. The Company applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component.

 

The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price.

 

4. Allocation of the transaction price to the performance obligations in the contract

 

The Company’s contracts contain a single performance obligation. Therefore, the entire transaction price is allocated to the single performance obligation.

 

5. Recognition of the revenue when, or as, a performance obligation is satisfied

 

Revenue is recognized ratably over the term of the subscription agreement generally beginning on the date that the platform is made available to a customer.

 

Contract balances

 

Contract assets consist of unbilled accounts receivable, which occur when a right to consideration for the Company’s performance under the

 

customer contract occurs before invoicing to the customer. The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was immaterial for the periods presented.

 

Contract liabilities consist of deferred revenue. The Company records contract liabilities when cash payments are received in advance of performance to deferred revenue or to customer advances in case of refund rights.

 

The Company recognized $339,951, $266,284 and $198,099 of revenue during the years ended December 31, 2025, 2024 and 2023, respectively, that were included in the deferred revenue balance at the beginning of the respective year.

 

Remaining performance obligations

 

Remaining Performance Obligations (RPOs) are defined as the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the reporting date, including both deferred revenue and non-invoiced amounts expected to be billed and recognized in the future.

 

As of December 31, 2025, the Company’s RPOs from contracts with customers were $838,942, of which the Company expects to recognize approximately 81% as revenue over the next 12 months and the remainder thereafter.

 

Contract costs

 

The Company accounts for costs to obtain revenue contracts in accordance with ASC Topic 340-40, “Other assets and deferred costs” (“ASC 340-40”). Sales commissions earned by external partners and by internal salespersons are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized and amortized on a straight-line basis over the anticipated period of benefit, which is estimated to be three years, taking into consideration anticipated contract renewals. The Company determined the period of benefit by taking into consideration historical customer attrition rates, the useful life of the Company’s technology, and other factors.

 

The following table summarizes the activity of deferred contract acquisition costs:

 

      Year ended December 31,  
      2025       2024  
Beginning balance   $ 20,522     $ 3,675  
Capitalization of deferred contract costs     88,425       23,229  
Amortization     (23,139)     (6,382)
Ending balance   $ 85,808     $ 20,522  

 

Amounts expected to be recognized in excess of one year as of the balance sheet date are recorded as other long-term assets, in the consolidated balance sheets.

 

Deferred contract costs are periodically analyzed for impairment. There were no impairment losses recorded during the periods presented. Amortization is recorded within sales and marketing expense in the consolidated statements of operations.

 

The Company has elected to apply the practical expedient allowed by ASC 606 according to which incremental costs of obtaining a contract are recognized as an expense when incurred if the amortization period of the asset is one year or less, and the initial commission rate is commensurate with the commission rate on subsequent renewals.

 

O. Cost of Revenue

 

Cost of revenue primarily consists of costs related to providing subscription services to paying customers, including hosting costs, personnel-related expenses of customer support including share-based compensation, subcontractors costs, merchant and credit-cards processing fees, amortization of capitalized software development costs and allocated overhead costs.

 

P. Research and Development Costs

 

Research and development costs are expensed as incurred unless these costs qualify for capitalization as internal-use software development costs.

 

Research and development expenses consist primarily of personnel-related expenses, including share-based compensation, software costs and allocated overhead costs.

 

Q. Sales and Marketing

 

Sales and marketing expenses are primarily comprised of costs of the Company’s marketing personnel including share-based compensation, online marketing expenses and other advertising costs, sales commissions and allocated overhead costs. Sales and marketing expenses are expensed as incurred. Advertising costs amounted to $237,944, $218,415 and $203,235, in the years ended December 31, 2025, 2024 and 2023, respectively.

 

R. General and Administrative

 

General and administrative expenses primarily consist of personnel-related and share-based compensation expenses associated with the Company’s executives, as well as its finance, legal, human resources and other operational and administrative functions, professional fees for external legal, accounting, and other consulting services, directors and officer’s insurance expenses, donations, bad debt expenses, charitable contributions to the monday.com Foundation and allocated overhead costs.

 

S. Accounting for Share-Based Compensation

 

The Company accounts for share-based compensation under ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, non-employee consultants and directors, including options, restricted share units (“RSUs”), and shares issued pursuant to the 2021 Employee Share Purchase Plan (“ESPP”) based on the fair value of the awards on the date of grant as follows: (i) share options – the fair value is based on the Black-Scholes option-pricing model, (ii) RSUs – the fair value is based on the closing trading price of the underlying shares at the date of grant and, (iii) ESPP – the fair value is based on the Monte-Carlo simulation model due to certain limitation on the number of shares per employee.

 

The expense for share-based compensation cost is recognized over the requisite service period of each individual grant using the graded vesting attribution method for both service-based and performance-based awards. Forfeitures are accounted for as they occur.

 

The Company granted performance-based awards to its Co-Chief Executive Officers (“Co-CEOs”) and several other members of its senior management. The number of performance-based awards earned and eligible to vest are generally determined after a one-year performance period, based on achievement of certain Company financial performance measures and the recipient’s continued service.

 

The Company recognizes share-based compensation expense for the performance-based awards using the fair value at the date of grant over the requisite service when it is probable that the performance conditions will be achieved. The Company adjusts the number of units expected to vest based on estimates of performance against the pre-set objectives.

 

Valuation assumptions used in measuring compensation costs:

 

i. Options:

 

The Black-Scholes option-pricing model requires the Company to make several assumptions, including the value of the Company’s ordinary shares, expected volatility, expected term, risk-free interest rate and expected dividends.

 

The Company evaluates the assumptions used to value option awards upon each grant of share options.

 

Expected volatility was calculated based on the implied volatilities from market comparisons of certain publicly traded companies, as well as upon actual historical share price movements over the most recent periods ending on the grant date, equal to the expected term of the options. The expected option term was calculated based on the simplified method, which uses the midpoint between the vesting date and the contractual term, as the Company does not have sufficient historical data to develop an estimate based on participant behavior. The risk-free interest rate was based on the U.S. treasury bonds yield with an equivalent term. The Company has not paid dividends and has no foreseeable plans to pay dividends.

 

The assumptions used to determine the fair value of the share-based awards are management’s best estimates and involve inherent uncertainties and the application of judgment.

 

The following table summarizes the Black-Scholes assumptions used at the grant dates:

 

    Year ended December 31,
    2025   2024   2023
Risk-free interest rate   3.74%-4.11%   4.03%-4.77%   3.48%-4.49%
Expected dividend yield   0%   0%   0%
Expected term (in years)   2-7   5-7   5-7
Expected volatility   57%   58%   57%-65%
             

 

ii. ESPP:

 

The following table summarizes the Monte-Carlo model assumptions used at the grant dates:

 

    Year ended December 31,
    2025   2024   2023
Risk-free interest rate   3.95%-4.34%   4.34%-5.12%   4.92%-5.24%
Expected dividend yield   0%   0%   0%
Expected term (in years)   0.5   0.5   0.5
Expected volatility   50%-73%   48%-50%   54%-80%

 

T. Income Taxes

 

The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes” (“ASC 740”), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely-than-not to be realized.

 

As of December 31, 2024 and 2023, the Company recorded a full valuation allowance against its deferred tax assets due to significant negative evidence including an history of losses in previous years. During 2025, the Company reversed the valuation allowance and recognized a deferred tax benefit of $61,150 as it believes that the weight of the positive evidence, including the cumulative pre-tax income position in the three most recent years and forecasts for a sustained level of future taxable income, was sufficient to overcome the weight of the negative evidence.

 

The Company monitors the realizability of its deferred tax assets each reporting period taking into account all relevant factors. The Company considers its history of pre-tax income (loss) adjusted for permanent book-tax differences, volatility in actual earnings, excess tax benefits related to share-based compensation in recent prior years, and impacts of the timing of reversal of existing temporary differences. The Company also relies on its assessment of the Company’s projected future results of business operations, including uncertainty in future operating results relative to historical results, volatility in the market price of its ordinary shares and its performance over

 

time, variable macroeconomic conditions impacting its ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. The Company’s valuation allowance assessment is based on its best estimate of future results considering all available information.

 

The Company applies a more-likely-than-not recognition threshold to uncertain tax positions based on the technical merits of the income tax positions taken. The Company does not recognize a tax benefit unless it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

 

The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was recorded due to immateriality.

 

U. Net Income (Loss) Per Share

 

The Company’s basic net income (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities.

 

The diluted net income (loss) per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury shares method or the if-converted method based on the nature of such securities.

 

In periods in which the Company had a net loss, diluted net loss per share was the same as basic net loss per share since the effects of potentially dilutive shares of ordinary shares were anti-dilutive.

 

The Founder’s share is not a participating security and therefore excluded from the net income (loss) per share.

 

V. Concentration of Credit Risks

 

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents (including money market funds and bank deposits up to three months), marketable securities and accounts receivable.

 

For cash and cash equivalents, the Company is exposed to credit risk in the event of default by the financial institutions to the extent of the amounts recorded on the accompanying consolidated balance sheets exceed federally insured limits.

 

The Company places its cash and cash equivalents with financial institutions with high-quality credit ratings in the United States, Israel, Ireland, Cayman Islands, and Luxembourg and has not experienced any losses in such accounts.

 

The Company’s marketable securities consist of investments in U.S. government treasury bills. The Company’s investment policy limits the amount that the Company may invest in any one type of investment or issuer, thereby reducing credit risk concentrations.

 

For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying consolidated balance sheets. For each of the years ended December 31, 2025, and 2024, there were no individual customers that accounted for 10% or more of the Company’s revenues. The Company’s accounts receivable are geographically diversified and derived primarily from sales in the United States, EMEA, and APAC. To manage its accounts receivable risk, the Company evaluates the credit worthiness of its customers and maintains allowances for potential credit losses.

 

The Company has not historically experienced any material credit losses related to individual customers or groups of customers in any specific area or industry.

 

W. Segment Information

 

The Company has a single operating and reportable segment. The Company’s chief operating decision makers are its two Co-Chief Executive Officers (“Co-CEOs”), who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s long-lived assets and revenue by geographic area, as well as a summary of significant expense categories, see Note 16.

 

X. Fair Value measurements

 

Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

 

The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

 

Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

 

The carrying amount of cash and cash equivalents, accounts receivable, prepaid expenses, accounts payable, and accrued expenses, are stated at their carrying value, which approximates fair value due to the short maturities of these instruments.

 

Assets measured at fair value on a recurring basis as of December 31, 2025 and 2024, are comprised of money market funds, marketable securities, and derivative instruments (see Note 8).

 

Y. Derivative Financial Instruments

 

Derivatives are recognized at fair value as either assets or liabilities in the consolidated balance sheets in accordance with ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The gain or loss of derivatives which are designated and qualify as hedging instruments in a cash flow hedge, is recorded under accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

 

Derivatives are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments.

 

The Company’s primary objective for holding derivative instruments is to reduce its exposure to foreign currency rate changes. The Company reduces its exposure by entering into forward foreign exchange contracts and option contracts with respect to operating expenses that are forecasted to be incurred in currencies other than the U.S. dollar. A majority of the Company’s revenues and operating expenditures are transacted in U.S. dollars. However, certain operating expenditures are incurred in or exposed to other currencies, primarily the New Israeli Shekel (“NIS”).

 

The Company has established forecasted transaction currency risk management programs to protect against fluctuations in fair value and the volatility of future cash flows caused by changes in exchange rates. The Company’s currency risk management program includes foreign exchange contracts designated as cash flow hedges. These foreign exchange contracts generally mature within 12 months (see Note 7).

 

In addition, occasionally the Company enters into swaps, options and forward contracts to hedge a portion of its monetary items in the balance sheet, such as cash and cash equivalents balances, denominated in other currencies for short-term periods. The purpose of these contracts is to protect the fair value of the monetary assets from foreign exchange rate fluctuations. Gains and losses from derivatives related to these contracts are not designated as hedging instruments. The Company does not enter into derivative financial instruments for trading or speculative purposes.

 

Z. Recently Adopted Accounting Pronouncements:

 

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation, as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for annual periods beginning January 1, 2025. The Company adopted ASU 2023-09 during the year ended December 31, 2025 on a prospective basis, which resulted in updated income tax disclosures. See Note 14.

 

AA. Accounting pronouncements not yet effective

 

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), to amend the guidance in “Interim Reporting” (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for annual and interim periods beginning January 1, 2028. The Company is currently evaluating the impact the adoption of ASU 2025-11 will have on its consolidated financial statements and related disclosures.

 

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which requires software capitalization to begin when both of the following occur: (1) management has authorized and committed to funding the software project; and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the first annual and interim reporting periods beginning January 1, 2028, with early adoption permitted. The provisions of ASU 2025-06 allow for a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact the adoption of ASU 2025-06 will have on its consolidated financial statements and related disclosures.

 

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation of certain expenses in the financial statements notes, to provide enhanced transparency into the expense captions presented on the face of the consolidated statement of operations. ASU 2024-03 is effective for annual reporting periods beginning January 1, 2027 and interim periods beginning January 1, 2028 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, and the transition method.

 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life

 

of the asset. The ASU is effective for annual and interim periods beginning January 1, 2026, on a prospective basis, and early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-05 on its consolidated financial statements.
v3.25.4
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

NOTE 3: CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES.

 

      December 31,  
      2025       2024  
Cash and cash equivalents:                
Cash   $ 132,131     $ 98,392  
Bank deposits     331,370       21,936  
Money market funds     1,039,648       1,291,274  
Total cash and cash equivalents   $ 1,503,149     $ 1,411,602  
Marketable securities:                
U.S. Treasury bills     162,308       50,004  
Total marketable securities     162,308       50,004  
Total cash and cash equivalents and marketable securities   $ 1,665,457     $ 1,461,606  

 

The following is a summary of available-for-sale marketable securities as of December 31, 2025 and 2024, excluding securities classified within cash and cash equivalents on the consolidated balance sheets:

 

      December 31, 2025  
      Amortized
cost		       Gross
unrealized
gains		       Gross
unrealized
losses		       Fair
value		  
Contractual maturity year:                                
Within one year   $ 92,048     $ 141     $ (3)   $ 92,186  
After one year through five years     69,862       262       (2)     70,122  
Total   $ 161,910     $ 403     $ (5)   $ 162,308  

 

      December 31, 2024  
      Amortized
cost		       Gross
unrealized
gains		       Gross
unrealized
losses		       Fair
value		  
Contractual maturity year:                                
Within one year   $ 49,797     $ 207     $ —     $ 50,004  
After one year through five years     —       —       —       —  
Total   $ 49,797     $ 207     $ —     $ 50,004  

 

As of December 31, 2025 and 2024, interest receivable on marketable securities amounted to $690 and $86 and is included within marketable securities in the consolidated balance sheets.
v3.25.4
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 12 Months Ended
Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 4: PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets consisted of the following:

 

      December 31,  
      2025       2024  
Prepaid expenses   $ 21,619     $ 15,944  
Related parties’ receivable     109       1,587  
Government institutions     8,760       7,376  
Derivative instruments     20,168       2,984  
Interest receivable     3,918       4,864  
Short-term vendor deposits     558       335  
Deferred contract costs     36,775       10,409  
Other current assets     1,148       1,337  
Total prepaid expenses and other current assets   $ 93,055     $ 44,836  
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 5: PROPERTY AND EQUIPMENT, NET

 

      December 31,  
      2025       2024  
Computers, software, patents and electronic equipment   $ 23,509     $ 20,912  
Office furniture and equipment     11,888       9,804  
Leasehold improvements     33,855       22,000  
Capitalized software development costs     22,735       17,629  
Capital leases     —       254  
Property and equipment, gross     91,987       70,599  
Less accumulated depreciation and amortization     (38,099)     (29,023)
Property and equipment, net   $ 53,888     $ 41,576  

 

Depreciation and amortization expense was $13,805, $11,858 and $8,961, for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized capital losses of $290, $576 and $62, respectively.

 

The Company capitalized costs related to the development of internal-use software of $5,107, $3,013 and $4,019 for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization of capitalized software development costs was $3,840, $3,883 and $2,558 for the years ended December 31, 2025, 2024 and 2023, respectively. The net carrying value of capitalized software development costs was $10,090 and $8,823 as of December 31, 2025 and 2024, respectively.
v3.25.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]  
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 6: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

 

      December 31  
      2025       2024  
Accrued employee compensation and benefits   $ 132,264     $ 95,960  
Accrued expenses     76,481       56,528  
Advances from customers     5,735       3,431  
Income and indirect taxes payable     19,897       15,121  
Total   $ 234,377     $ 171,040  
v3.25.4
DERIVATIVES AND HEDGING
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING

NOTE 7: DERIVATIVES AND HEDGING

 

The Company uses derivative instruments primarily to manage exposures to foreign currency exchange rate and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates.

 

The fair values of derivative instruments and the balance sheet items to which they were recorded are summarized as follows:

 

    Balance sheet line            
    item     December 31  
          2025       2024  
Derivatives designated as hedging instruments:                
                 
Foreign exchange contracts   Prepaid expenses and other current assets   $ 20,168     $ 2,984  
        $ 20,168     $ 2,984  
Derivatives not designated as hedging instruments:                    
        $ —     $ —  
Total       $ 20,168     $ 2,984  

 

The effect of derivative instruments on cash flow hedging, as well as the effect of instruments not designated as hedge and the relationship between income and other comprehensive income for the years ended December 31, 2025 and December 31, 2024, are summarized below:

 

      Gain (Loss) Recognized
in Other Comprehensive
Income on Effective-
Portion of Derivative,
net		       Realized gains on
Derivative Reclassified
from Accumulated
Other Comprehensive
Income (*)		       Amount Excluded from
Effectiveness Testing
Recognized in Income
(Loss)		  
      Year ended       Year ended       Year ended  
      December 31       December 31       December 31  
      2025       2024       2025       2024       2025       2024  
                                                 
Derivatives designated as hedging instruments:              
               
Foreign exchange                                                
contracts   $ 31,218     $ (961)   $ 16,453     $ 5,861     $ (252)   $ —  
Total     31,218       (961)     16,453       5,861       (252)     —  
                                                 
Derivatives not designated as hedging instruments:                  
                   
      —       —       —       —       —       —  
Total     —       —       —       —       —       —  

 

(*) Classified in operating expenses in the consolidated statement of operations.

 

The notional amounts of the outstanding derivatives are summarized as follows:

 

      As of December 31,  
      2025       2024  
Derivatives designated as hedging instruments:                
Foreign exchange contracts:                
NIS   $ 188,088     $ 209,487  
    $ 188,088     $ 209,487  
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 8: FAIR VALUE MEASUREMENTS

 

In accordance with ASC 820, “Fair Value Measurement” (“ASC 820”) the Company measures its money market funds, marketable securities and foreign currency derivative contracts at fair value. The fair value of money market funds and marketable securities was determined using quoted prices in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosure guidance. Foreign currency derivative contracts are classified within Level 2, as the valuation inputs are based on quoted prices and market observable data of similar instruments.

 

The Company’s financial assets, which are measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates:

 

      As of December 31,  
      2025       2024  
      Level 1       Level 2       Total       Level 1       Level 2       Total  
Cash equivalents:                                                
Money market funds   $ 1,039,648     $ —     $ 1,039,648     $ 1,291,274     $ —     $ 1,291,274  
Marketable securities:                                                
U.S. Treasury bills     162,308       —       162,308       50,004       —       50,004  
Foreign currency                                                
derivative contracts:                                                
Foreign exchange                                                
contracts     —       20,168       20,168       —       2,984       2,984  
Total   $ 1,201,956     $ 20,168     $ 1,222,124     $ 1,341,278     $ 2,984     $ 1,344,262  
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES

NOTE 9: LEASES

 

A. Operating leases

 

The Company has entered into various non-cancellable operating leases for its offices expiring between fiscal 2026 and 2035. Certain lease agreements contain an option for the Company to extend the lease term or an option to terminate a lease early. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Additionally, the Company entered into certain cancellable monthly lease agreements for short-term periods of up to one year.

 

B. The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2025:

 

Years Ending December 31,       Amount  
2026     $ 28,516  
2027       33,936  
2028       34,051  
2029       32,017  
2030       31,697  
Thereafter       29,273  
Total undiscounted cash flows     $ 189,490  
Less: Imputed interest     $ (20,723)
Present value of lease liabilities     $ 168,767  

 

Refer to Note 10 for additional leases excluded from the table above.

 

Supplemental balance sheet information related to leases is as follows:

 

      Year ended December 31  
      2025       2024  
Weighted-average remaining lease term     5.8 years       5.2 years  
Weighted-average discount rate     4.0%       4.2%  
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 10: COMMITMENTS AND CONTINGENCIES

 

A. Guarantees:

 

As of December 31, 2025 and 2024, the Company has provided a bank guarantee in the amount of $19,793 and $8,264, respectively, to secure its lease agreement.

 

B. Indemnifications

 

The Company enters into standard indemnification provisions in the ordinary course of business, including certain customers, business partners, the Company’s officers, and directors.

 

Pursuant to these provisions, the Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by

 

the indemnified party from actual or threatened third-party claims because of the Company’s activities or non-compliance with certain representations and warranties made by the Company.

 

It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s consolidated statements of operations in connection with the indemnification provisions have not been material. There are no claims pending as of December 31, 2025 and 2024, related to indemnification agreements.

 

The Company has entered into service-level agreements with some of its enterprise customers defining levels of uptime reliability and performance and permitting those customers to receive credits for prepaid amounts related to unused subscription services if the Company fails to meet the defined levels of uptime in a certain calendar month. To date, the Company has not experienced any significant failures to meet defined levels of uptime reliability and performance. In addition, since the calculation is monthly for each calendar month, there is no uncertainty at the end of the reporting period. Therefore, the Company has not accrued any liabilities related to these agreements in the consolidated financial statements.

 

C. Legal Contingencies:

 

On March 10, 2026, an individual shareholder filed a putative class action asserting claims under Sections 10(b) and 20(a) of the Exchange Act concerning certain of the Company’s forward-looking earnings guidance. The case is pending in the U.S. District Court for the Southern District of New York and asserts claims against the Company and certain of its directors and officers. The case is currently in a preliminary stage. The Company believes the claims are without merit and intends to vigorously defend against them.

 

D. Other Commitments:

 

Other commitments include payments to third-party vendors for services related mainly to hosting-related services, software licenses and services. Future minimum payments under the Company’s other commitments, as of December 31, 2025, are as follows:

 

Years Ending December 31,       Amount  
2026     $ 55,729  
2027       17,468  
2028       0  
Total contractual obligations     $ 73,197  

 

Additionally, the Company entered into operating lease agreements for new offices in Israel and an additional floor in New York. The lease commencement dates have not yet occurred, and accordingly, these leases were not recognized on the consolidated balance sheet as of December 31, 2025. The total undiscounted future lease payments under these agreements amount to $51,748, with lease terms of 10 years and 5 years, respectively, and were excluded from the table above.
v3.25.4
FINANCIAL INCOME, NET
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
FINANCIAL INCOME, NET

NOTE 11: FINANCIAL INCOME, NET

 

      Year ended December 31,  
      2025       2024       2023  
                         
Financial expenses:                        
Bank charges and other   $ 900     $ 495     $ 443  
Exchange rate expense, net     3,068       4,796       —  
Total financial expenses     3,968       5,291       443  
                         
Financial income:                        
Exchange rate income, net     —       —       361  
Interest income on deposits, money market funds and marketable securities     63,447       60,659       41,993  
Accretion of discount on marketable securities     1,586       132       —  
Total financial income     65,033       60,791       42,354  
Financial income, net   $ 61,065     $ 55,500     $ 41,911  
v3.25.4
RELATED PARTIES
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 12: RELATED PARTIES

 

In August 2024, the Company granted 68,000 of the Company’s ordinary shares to the monday.com Foundation LTD. (“the Foundation”), an Israeli public benefit corporation (a non-for-profit organization) designated to support the Company’s social responsibility initiatives. The Foundation provides technology, education and essential skills to empower emergency response teams and youth from underserved communities, bridging the digital divide.

 

The shares were issued as a charitable contribution to the Foundation. The shares were fully vested on the date of grant without any performance obligations by the Foundation. The fair value of the shares totaled $17,908 at the date of grant and was recorded in general and administrative expense in the consolidated report of operations.

 

Additionally, the Company donated to the Foundation an amount of $6,300, which represented 1% of the gross IPO proceeds. This amount was recorded in general and administrative expense in the consolidated report of operations during 2024.

 

The Company’s Co-founder and the Company are both shareholders in the Foundation and each of them holds 14% of the voting rights in the Foundation. The Company does not control the Foundation, and accordingly, it does not consolidate the Foundation’s statement of activities with its financial results. Additionally, the Foundation’s shares do not have any economic rights and are not in substance to ordinary shares, therefore the Company does not apply the equity method with regards to the Foundation’s results.

 

In August 2024, the parties entered into a service agreement according to which the Company shall provide certain services necessary for the operation and activities of the Foundation, such as lease of office space, logistics, IT and HR. The cost of these services shall be charged and paid back to the Company by the Foundation. The fair value of these services was immaterial in each of 2025 and 2024.

 

Other than as detailed above, there were no material related party transactions in each of the years ended December 31, 2025, 2024 and 2023 that were outside of the normal course of business.
v3.25.4
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 13: SHAREHOLDERS’ EQUITY

 

A. Ordinary shares:

 

The holders of ordinary shares are entitled to one vote per share, to dividends as decided by the Board, and in the event of the Company’s liquidation, to the surplus assets of the Company. The Company has the following ordinary shares reserved for future issuance:

 

    As of December 31,  
    2025     2024  
Ordinary shares     51,160,822       50,773,337  
Outstanding share options and RSUs     2,653,964       3,164,395  
Shares available for future grants under the 2021 plan     10,841,262       8,941,243  
Shares available for future grants under the 2024 Foundation plan     14,498       15,000  
Shares subject to the employee share purchase plan     1,048,635       1,156,437  
Total     65,719,181       64,050,412  

 

B. Founder’s share:

 

Upon the consummation of its Initial Public Offering (“IPO”) on June 10, 2021, the Company issued one of its Co-Founders and Co-CEO one founder share. (i) The founder share will provide the Co-CEO with certain veto rights over the approval of certain transactions, such as merger, consolidation, acquisition, issuance of equity securities or debt securities convertible into equity securities or other similar transactions, that would result in any person becoming the owner of 25% or more of the ordinary shares immediately following the consummation of such transaction, (ii) sale, assignment, conveyance, transfer, lease or other disposition, in one transaction or a series of related transactions, of all or substantially all of the Company’s assets to any person and (iii) change to the Company’s strategy, policies and/or business plan in connection with its Equal Impact Initiative.

 

The founder share is not tradable and has no rights other than those described above, including no dividends rights or voting rights. The founder share will automatically convert to a deferred share with no rights, upon the earlier of (i) a transfer, pledge or other disposition of the founder share, (ii) the termination of the Co-CEO’s employment with the Company, (iii) the death of the Co-CEO, (iv) the dilution of the shares and options held by him below a certain percentage.

 

C. Share-based compensation:

 

In 2024, the board of directors adopted the 2024 Foundation equity incentive plan for Foundation’s employees. The maximum aggregate number of shares that may be issued pursuant to the plan shall be up to 15,000 ordinary shares, which amount may be increased or reduced at the discretion of the board of directors.

 

In 2021, the board of directors adopted the 2021 equity incentive plan for employees, officers, directors, and consultants (the “2021 Plan”). Following the IPO, the Company ceased granting awards under its old plans and all shares that remained available for issuance under these plans were transferred to the 2021 Plan. The 2021 Plan provides for the grant of options to purchase ordinary shares and RSUs. Each option granted under the 2021 Plan expires no later than 10 years from the date of grant. The vesting period of the options and RSUs is generally four years. As of December 31, 2025, the number of ordinary shares reserved and available for grant and issuance pursuant to the 2021 Plan (the “Share Reserve”) was 10,841,262.

 

The Share Reserve will automatically increase on January 1 of each year during the term of the 2021 Plan, commencing on January 1 of the year following the year in which the 2021 Plan became effective, in an amount equal to 5% of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year (hereafter: “ESOP evergreen”). In December 2023, the board approved to reduce the ESOP evergreen for 2024 by 778,500 shares.

 

Since January 1, 2022, the share reserve under the 2021 Plan has been automatically increased by an aggregate of 8,839,456 shares. Awards granted under the 2021 Plan generally vest over four years. Any award that is forfeited or canceled before expiration becomes available for future grants under the 2021 Plan.

 

Share option activity for the year ended December 31, 2025 is as follows:

 

    Number of Options       Weighted- Average Exercise Price     Weighted Average Remaining Contractual life       Aggregate Intrinsic Value  
                                 
Outstanding — January 1, 2025 (*)     1,768,230     $ 62.90       6.04     $ 305,379  
Granted (*)     42,897     $ 0.87                  
Exercised     (505,473)   $ 37.85                  
Expired and forfeited     (48,587)     $ 68.50                  
Outstanding — December 31, 2025     1,257,067     $ 70.64       5.17     $ 111,600  
Exercisable — December 31, 2025(*)     1,108,563     $ 71.39       4.93     $ 98,545  

 

(*) Includes 73,074 performance-based options granted to the Company’s Co-CEOs in 2022, 74,108 in 2023, 22,481 in 2024 and 20,217 in 2025, as applicable.

 

The aggregate intrinsic value was calculated as the difference between the exercise price of the share options and the fair value of the underlying common shares as of December 31, 2025 and 2024. The intrinsic value of options exercised in the years ended 2025, 2024, and 2023 was approximately $123,083, $265,405 and $112,799, respectively.

 

The weighted-average grant-date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 was $252.64, $217.99, and $86.26, respectively.

 

The following table summarizes the activity for the Company’s RSUs for the year ended December 31, 2025:

 

      Number of Units       Weighted-Average Fair Value  
Balance at January 1, 2025       1,396,165     $ 177.72  
Granted (*)       871,602     $ 258.17  
Vested       (658,123 )   $ 185.31  
Canceled       (212,747 )   $ 195.19  
Balance at December 31, 2025 (*)       1,396,897     $ 221.68  

 

(*) Includes 22,928 performance-based awards granted to the Company’s Co-CEOs in 2023, and 48,129 and 62,211 performance-based awards to the Company’s Co-CEOs and several executives in 2024 and 2025, respectively.

 

As of December 31, 2025, 2024 and 2023, there was $164,201, $137,265, and $96,112 of total unrecognized compensation cost related to unvested restricted share units, which is expected to be recognized over a weighted-average period of 1.77, 1.77 and 1.80 years, respectively.

 

Share-based compensation expense for the years ended December 31, 2025, 2024 and 2023, is as follows:

 

      Year ended December 31,  
      2025       2024       2023  
Cost of revenues   $ 8,561     $ 6,603     $ 6,307  
Research and development     82,250       50,995       38,737  
Sales and marketing     44,084       33,865       25,395  
General and administrative     42,116       55,654       29,747  
Share-based compensation, net of amounts capitalized   $ 177,011     $ 147,117     $ 100,186  
Capitalized share-based compensation costs     1,814       1,144       1,997  
Total share-based compensation   $ 178,825     $ 148,261     $ 102,183  

 

As of December 31, 2025, 2024, and 2023, unamortized share-based compensation expense was $170,313, $146,335 and $118,311, respectively, which is expected to be recognized over weighted average periods of 1.77, 1.76 and 1.75 years, respectively.

 

D. Employee Share Purchase Plan

 

Immediately prior to the IPO, the Company adopted the 2021 ESPP. As of December 31, 2021, a total of 194,625 shares were reserved for issuance under the ESPP. In addition, on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031, the number of shares available for issuance under the ESPP will be increased by the lesser of 1% of the shares outstanding on the final day of the immediately preceding calendar year, as determined on a fully diluted basis, and such smaller number of shares as determined by the Company’s board of directors (hereafter: “ESPP evergreen”). In 2023, the board of directors approved to cancel the ESPP evergreen for 2024. According to the ESPP, eligible employees may use up to 15% of their salaries to purchase ordinary shares.

 

The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the beginning of each offering period or on the purchase date.

 

As of December 31, 2025, 304,269 ordinary shares had been purchased under the ESPP. The ESPP is compensatory and, as such, results in recognition of compensation cost.

 

E. Share Repurchases

 

In September 2025, the Company’s board of directors authorized a share repurchase program of the Company’s ordinary shares in an aggregate amount of up to $870,000 and with no expiration date. The repurchases commenced in November 2025. Shares purchased under the plan are cancelled subsequent to their purchase, and are no longer outstanding. The cost of repurchased shares is deducted from total shareholders’ equity.

 

As of December 31, 2025, $734,972 remained available and authorized for repurchases under this program. In 2025, the Company repurchased and subsequently retired 883,913 shares for an aggregate amount of $135,028.

 

The timing and actual number of shares repurchased under the repurchase program depend on a variety of factors, including price, general business and market conditions, and other investment opportunities. Shares may be repurchased through open market purchases or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 14: INCOME TAXES

 

A. Income before income taxes:

 

The following are the domestic and foreign components of the Company’s income before income taxes:

 

      Year ended December 31,  
      2025       2024       2023  
Domestic (Israel)   $ 26,476     $ 15,004     $ (10,368)
Foreign     32,841       19,462       13,694  
Total   $ 59,317     $ 34,466     $ 3,326  

 

B. Income tax expense (benefit) are comprised as follows:

 

      Year ended December 31,  
      2025       2024       2023  
Current:                        
Domestic (Israel)   $ 456     $ 603     $ 557  
Foreign     1,269       1,491       4,646  
Total current     1,725       2,094       5,203  
Deferred:                        
Domestic (Israel)     (49,042 )     —       —  
Foreign     (12,108 )     —       —  
Total deferred     (61,150 )     —       —  
Total tax expense (benefit)   $ (59,425 )   $ 2,094     $ 5,203  

 

C. Deferred taxes:

 

The principal components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:

 

      As of December 31,  
Deferred tax assets:     2025       2024  
Share-based compensation   $ 41,725     $ 28,872  
Net operating loss carry forwards     13,892       25,779  
Research and development     3,565       2,457  
Reserves and allowances     8,804       6,820  
Deferred commission liability     4,506       —  
Property and equipment     411       —  
Carryforward tax credits     1,401       459  
Operating lease liabilities     18,434       18,319  
Gross deferred tax assets     92,738       82,706  
Valuation allowance     —       (62,227)
Total deferred tax assets   $ 92,738     $ 20,479  

 

      As of December 31,  
      2025       2024  
Deferred tax liabilities:                
Property and equipment   $ (1,214)   $ (1,946)
Operating lease right-of-use assets     (18,183)     (15,383)
Deferred contract costs asset     (12,035)     (2,767)
Derivative instruments (*)     (2,421)     (358)
Marketable securities (*)     (48)     (25)
Other     (155)     —  
Deferred tax liabilities   $ (34,056)   $ (20,479)
Net deferred tax assets   $ 58,682     $ —  

 

(*) Deferred taxes on derivatives and marketable securities are recorded in other comprehensive income.

 

In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on the available evidence, management believes that it is more likely than not that its deferred tax assets will be realized and accordingly, the valuation allowance was reversed in 2025.

 

D. Tax rate reconciliation:

 

A reconciliation of the theoretical tax rate at the Israeli statutory tax rate to the Company's effective tax rate for the years 2024 and 2023 is as follows:

 

      Year ended December 31,  
      2024       2023  
      Tax       Rate       Tax       Rate  
Theoretical tax benefit   $ 7,927       23%   $ 765       23%
Increase (decrease) in tax rate due to:                                
Taxes resulting from non-deductible expenses     2,023       6%     1,376       41%
Temporary differences for which no deferred taxes were created     7,893       23%     3,365       101%  
Tax credits     (1,629)     (5%)     (334)     (10%)
Utilization of losses     (12,340)       (36%)     (1,117)       (33%)
Adjustment for previous years taxes     (838)     (2%)     (523)       (16%)
Preferred technological enterprise and the effect of different tax rates in other jurisdictions     (1,651)     (5%)     1,158       35%
Currency differences     84       0%     (58)       (2%)  
Other     625       2%     571       17%
Effective tax   $ 2,094       6%     $ 5,203       156%

 

A reconciliation of the theoretical tax rate at the Israeli statutory tax rate to the Company's effective tax rate for the year 2025 in accordance with ASU 2023-09 is as follows:

 

      Year ended December 31, 2025  
      Tax       Rate  
Israel statutory tax rate   $ 13,643       23.0%  
Foreign tax effects                
United States                
Statutory tax rate difference between                
U.S. and Israel     (327)       (0.6%)  
Share-based compensation     (3,979)       (6.7%)  
Changes in valuation allowances     (7,255)       (12.2%)  
Others     768       1.3%  
United Kingdom                
Statutory tax rate difference between                
UK and Israel     152       0.3%  
Changes in valuation allowances     (2,204)       (3.7%)  
Tax credits     (2,046)       (3.4%)  
Others     247       0.4%  
Australia                
Statutory tax rate difference between                
Australia and Israel     239       0.4%  
Changes in valuation allowances     (2,215)       (3.7%)  
Others     526       0.9%  
Poland                
Statutory tax rate difference between                
Poland and Israel     (90)       (0.2%)  
Changes in valuation allowances     (989)       (1.7%)  
Tax credits     (1,040)       (1.8%)  
Others     137       0.2%  
Other foreign jurisdictions     (318)       (0.5%)  
Changes in valuation allowances     (53,919)       (90.9%)  
Non-taxable or non-deductible items                
Share-based compensation     2,857       4.8%  
Preferred technological enterprise     (4,471)       (7.5%)  
Other adjustments     859       1.4%  
Effective tax rate   $ (59,425)       (100.2%)  

 

As of December 31, 2025, the Company has gross operating loss carryforwards in Israel of $97,411, which may be carried forward indefinitely, and gross federal operating loss carryforwards of $10,487 in the USA, which may be carried forward indefinitely, but can only be used to offset 80% of the taxable income each year.

 

As of December 31, 2025 and 2024, the Company has not provided a deferred tax liability in respect of cumulative undistributed earnings relating to the Company’s foreign subsidiaries, as the Company intends to keep these earnings permanently invested.

 

Cash paid for income tax, net of refunds received:

 

E.    The following is a breakdown of cash paid for income tax, net of refunds received per location during 2025:

 

      Year ended December 31, 2025  
Israel   $ 508  
Foreign        
Australia     2,255  
UK     1,374  
Poland     449  
Others     272  
Income taxes paid, net of amounts refunded   $ 4,858  

 

F.    Tax assessments:

 

As of December 31, 2025, the Company had open tax years for the periods beginning in 2021 in Israel and 2022 for the U.S. subsidiary.

 

G.    Basis of taxation:

 

Ordinary taxable income in Israel is subject to a corporate tax rate of 23% in 2025 and 2024. However, the effective tax rate payable by a company may be considerably lower (as discussed below). Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence. Primarily, in 2025 and 2024, the Company’s U.S. subsidiary was subject to a tax rate of approximately 21%.

 

H.    The New Technological Enterprise Incentives Regime (Amendment 73 to the Investment Law)

 

In December 2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), 2016, which includes Amendment 73 to the Law for the Encouragement of Capital Investments (“the 2017 Amendment”) was published and was pending the publication of regulations, in May 2017 regulations were promulgated by the Finance Ministry to implement the “Nexus Principles” based on OECD guidelines published as part of the Base Erosion and Profit Shifting (BEPS) project. Following the publication of the regulations, the 2017 Amendment became fully effective.

 

According to the 2017 Amendment, a Preferred Technological Enterprise, as defined in the 2017 Amendment, with total consolidated revenues of less than NIS 10 billion, will be subject to a 12% tax rate on income derived from intellectual property (in development area A—a tax rate of 7.5%).

 

In order to qualify as a Preferred technological enterprise, certain criterion must be met, such as a minimum ratio of annual R&D expenditure and R&D employees, as well as having at least 25% of annual revenues derived from exports. Any dividends distributed from income from the preferred technological enterprises will be subject to tax at a rate of 20%. The 2017 Amendment further provides that, in certain circumstances, a dividend distributed to a foreign corporate shareholder, would be subject to a 4% tax rate (if the percentage of foreign investors exceeds 90%).

 

The Company assessed the criteria for qualifying as a “Preferred Technological Enterprise” status and concluded that the Company is eligible for the above-mentioned benefits. The Company is entitled to Preferred Technological Enterprise benefits starting in 2019. The Company did not utilize any benefits associated with the Preferred Technological Enterprise in 2025 and 2024.
v3.25.4
EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

NOTE 15: EARNINGS (LOSS) PER SHARE

 

The following table presents the calculation of basic and diluted net income (loss) per share:

 

      Year ended December 31,  
      2025       2024       2023  
Numerator:                  
Net income (loss) attributable to ordinary shareholders, basic and diluted   $ 118,742     $ 32,372     $ (1,877)
                         
Denominator:                        
Weighted-average ordinary shares outstanding, basic     51,444,028       49,908,423       48,366,378  
                         
Dilutive effect:                        
Employee share options, and RSUs     1,642,956       2,512,403       —  
Weighted-average ordinary shares outstanding, diluted     53,086,984       52,420,826       48,366,378  
Net income (loss) per share attributable to ordinary shareholders, basic   $ 2.31     $ 0.65     $ (0.04)
Net income (loss) per share attributable to ordinary shareholders, diluted   $ 2.24     $ 0.62     $ (0.04)

 

The potential Ordinary shares that were excluded from the computation of diluted income per share attributable to ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows:

 

      Year ended December 31,  
      2025       2024       2023  
Option     27,362       30,100       3,079,252  
RSU     274,368       105,091       1,215,601  
Total     301,730       135,191       4,294,853  
v3.25.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 16: SEGMENT REPORTING

 

ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding

 

how to allocate resources and in assessing performance.

 

The Company manages its business on the basis of one reportable segment and unit and derives revenues from service revenues (see Note 1 for a brief description of the Company’s business and Note 2n for details on the Company’s revenue recognition).

 

The CODM assesses the performance of the Company and decides how to allocate resources based upon consolidated net income (loss) that is also reported within the Consolidated Statements of Operations. The measure of segment assets that is reviewed by the CODM is reported within the Consolidated Balance Sheet as consolidated Total assets. The CODM uses consolidated net income (loss) to monitor period-over-period results and decides where to allocate and invest additional resources within the business to continue growth. The following is a summary of the significant expense categories and consolidated net loss details provided to the CODM:

 

      Year ended December 31,  
      2025       2024       2023  
Total revenues   $ 1,231,997     $ 971,995     $ 729,695  
                         
Share-based compensation     (177,011)     (129,209)     (100,186)
Charitable contribution to Foundation     -       (24,208)     —  
Income tax benefit related to valuation allowance reversal     61,150                  
Tax benefit related to share-based compensation     1,017       2,486       3,392  
Other segment items (*)     (998,411)     (788,692)     (634,778)
Net income (loss)   $ 118,742     $ 32,372     $ (1,877)

 

(*) Other segment expense items included within net income (loss) include payroll, financial income, net, advertising and marketing activities, overhead

 

and depreciation, travel and entertainment, income taxes, information technology and communication, sales commissions and other miscellaneous expenses. See the consolidated financial statements for other financial information regarding the Company’s operating segment.

 

Revenues are attributed to geographic areas based on location of the end customers as follows:

 

      Year ended December 31,  
      2025       2024       2023  
United States   $ 619,191     $ 484,523     $ 364,070  
EMEA     264,459       209,851       157,134  
United Kingdom     134,576       101,538       73,236  
Rest of the world     213,771       176,083       135,255  
    $ 1,231,997     $ 971,995     $ 729,695  

 

Long-lived assets and Operating lease right-of-use assets by geographical areas were as follows:

 

      As of December 31,  
      2025       2024  
Israel   $ 89,123     $ 72,613  
United States     59,618       17,896  
United Kingdom     49,548       43,031  
Rest of the world     4,748       2,739  
    $ 203,037     $ 136,279  
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 17: SUBSEQUENT EVENTS

 

During 2026, the Company repurchased and subsequently retired 7,269,499 shares for an aggregate amount of $552,758 under its existing share repurchase program (see Note 13e). The repurchases were executed in open market transactions. The share repurchases occurred after the reporting date and, accordingly, have not been reflected in the consolidated financial statements.
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 118,742 $ 32,372 $ (1,877)
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of our critical assets and information.

 

We design and assess our program based on the ISO 27001 and National Institute of Standards and Technology (NIST) frameworks. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use ISO 27001 and NIST frameworks as a guide to help us identify, assess, mitigate and manage cybersecurity risks relevant to our business, impacted by industry trends and threats, regulatory updates, technological changes and strategic business direction.

 

Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

 

Key aspects of our cybersecurity risk management program include:

 

● Conducting periodic risk assessments aimed at identifying significant cybersecurity risks to our critical assets, information, products, services, and the broader corporate environment;

 

● Overseeing the following: (i) our cybersecurity risk assessment processes and procedures, (ii) the implementation and management of our security controls, and (iii) our prevention, detection and response strategies to cybersecurity incidents;

 

● Engaging leading external service providers, when suitable, to evaluate, test, or support various aspects of our security posture and controls;

 

● Implementing cybersecurity awareness training programs for our employees (based on their role), incident response teams, and senior management;

 

● Developing a cybersecurity incident response plan outlining procedures for addressing cybersecurity incidents;

 

● Implementing a third-party cyber risk management process for assessing and managing risks associated with relevant vendors and suppliers; and

 

● Generating proactive alerts based on data analysis from platform usage.

 

All guidelines are documented in our Risk Management Policy, which includes transparent procedures and escalation paths. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Part 6 - Risk Factors – Risks Related to Privacy, Data, and Cybersecurity”.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of our critical assets and information.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

All guidelines are documented in our Risk Management Policy, which includes transparent procedures and escalation paths. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Part 6 - Risk Factors – Risks Related to Privacy, Data, and Cybersecurity”.
Cybersecurity Risk Board of Directors Oversight [Text Block]

Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to its audit committee oversight of cybersecurity and other information technology risks. Our audit committee oversees management’s implementation of our cybersecurity risk management program.

 

Our audit committee periodically receives reports from management on our cybersecurity risks. In addition, management updates our audit committee, as necessary, regarding cybersecurity project planning, headcount, and security risk-map status and significant cybersecurity incidents.

 

Our audit committee periodically receives reports from management on our cybersecurity risks. In addition, management updates our audit committee, as necessary, regarding cybersecurity project planning, headcount, and security risk-map status and cybersecurity incidents it considers to be significant.

 

Our management team, led by our SVP Data & Information, is primarily responsible for assessing and managing our materials risks from cybersecurity threats. Our SVP Data & Information has 29 years of relevant experience and is informed of and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to its audit committee oversight of cybersecurity and other information technology risks. Our audit committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our audit committee periodically receives reports from management on our cybersecurity risks. In addition, management updates our audit committee, as necessary, regarding cybersecurity project planning, headcount, and security risk-map status and significant cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]

Our audit committee periodically receives reports from management on our cybersecurity risks. In addition, management updates our audit committee, as necessary, regarding cybersecurity project planning, headcount, and security risk-map status and cybersecurity incidents it considers to be significant.

 

Our management team, led by our SVP Data & Information, is primarily responsible for assessing and managing our materials risks from cybersecurity threats. Our SVP Data & Information has 29 years of relevant experience and is informed of and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management team, led by our SVP Data & Information, is primarily responsible for assessing and managing our materials risks from cybersecurity threats. Our SVP Data & Information has 29 years of relevant experience
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Our audit committee periodically receives reports from management on our cybersecurity risks. In addition, management updates our audit committee, as necessary, regarding cybersecurity project planning, headcount, and security risk-map status and cybersecurity incidents it considers to be significant.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
A. Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of monday.com and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates
B. Use of estimates

 

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

 

The Company bases its estimates on historical experience and on assumptions that management considers to be reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.
Foreign Currency Translation and Transactions
C. Foreign Currency Translation and Transactions

 

The Company’s management has determined that the United States dollar is the currency in the primary economic environment in which monday.com and its subsidiaries operate. Thus, the Company reports its consolidated results in United States dollars. Transactions and balances that are denominated in other currencies have been remeasured into United States dollars in accordance with principles set forth in Accounting Standards Codification (“ASC”) Topic 830, “Foreign Currency Matters” (“ASC 830”).

 

At the end of each reporting period, financial assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are remeasured at historical exchange rates. Gains and losses related to remeasurement are recorded as financial income, net in the consolidated statements of operations as appropriate.
Cash and Cash Equivalents
D. Cash and Cash Equivalents

 

The Company classifies all unrestricted highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents consist of bank deposits and money market funds.
Investment in marketable securities
E. Investment in marketable securities:

 

The Company accounts for investments in marketable securities in accordance with ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date. The Company classifies all of its debt securities as available-for-sale (“AFS”) as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within current assets on the consolidated balance sheet.

 

Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net and are derived using the specific identification method for determining the cost of securities sold.

 

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with accretion of interest on securities is included in financial income, net. At each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the company’s ability and intent to hold the investment until a forecasted recovery occurs in accordance with ASC Topic 326, “Financial Instrument-Credit losses” (“ASC 326”). Allowance for credit losses on AFS debt securities is recognized in the Company’s consolidated statements of operations, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in shareholders’ equity. No credit losses were recognized during the year ended December 31, 2025 and 2024.
Accounts Receivable
F. Accounts Receivable

 

Accounts receivable are recorded at the invoiced amount, are unsecured and do not bear interest. The Company maintains an allowance for credit losses inherent in its accounts receivable including potential uncollectible amounts.

 

The allowance is based on the Company’s periodic assessment of the collectability of the accounts based on a combination of factors including the payment terms of each account, its age, the collection history of each customer, and the customer’s financial condition.

 

Expenses associated with credit losses for the years ended December 31, 2025, 2024 and 2023 were $4,467, $2,525 and $2,040, respectively. The Company wrote off bad debts in the amount of $5,060, $2,547 and $2,130 during 2025, 2024 and 2023, respectively.
Investment in affiliated company
G. Investment in affiliated company

 

The Company accounts for an equity method investment over which it has significant influence but does not own a majority of the equity interests or otherwise controls and the investment is either in common stock or in substance common stock using the equity method, in accordance with ASC Topic 323 “Investments – Equity Method and Joint Ventures” (“ASC 323”). The Company’s share of the investee’s profit and loss is recognized in the consolidated statements of operations.

 

Managment’s judgment regarding the level of influence over its equity method investee includes considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions.

 

The Company assesses its equity method investment for other-than-temporary impairment by considering factors as well as all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the affiliated company, including current earnings trends, and other affiliated company-specific information such as financing rounds. During 2025 and 2024, no impairment loss was recognized in the Company’s consolidated statements of operations.

 

The net carrying value of the investment in the affiliated company amounted to $6,000 as of both December 31, 2025 and 2024 and is presented as part of other-long term assets in the consolidated balance sheets. Equity gains (losses) were immaterial in 2025 and 2024.
Property and Equipment, Net
H. Property and Equipment, Net

 

Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets (see Note 2j). Expenditures for maintenance and repairs are expensed as incurred. Disposals are removed at cost less accumulated depreciation and any gain or loss from disposals is reflected in the consolidated statements of operations in the period of disposition.
Internal Use Software Development Costs
I. Internal Use Software Development Costs

 

The Company capitalizes certain internal use software development costs (“Capitalized software development costs”) related to its cloud-based platform (amortized over 3 years) or to back-office operating systems (amortized over six years). The costs consist of personnel costs incurred during the application development stage. Capitalization begins when the preliminary project stage is completed, and it is probable that the software will be completed and used for its intended function.

 

Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post implementation operating activities are expensed as incurred.

 

Capitalized software development costs are included in property and equipment, net in the consolidated balance sheets (see Note 5) and are amortized over the estimated useful life of the software, on a straight-line basis, which represents the manner in which the expected benefit will be derived. Amortization expenses are included in cost of revenue in the consolidated statement of operations. Management evaluates the useful lives

 

of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Depreciation, Amortization and Impairment of Long-Lived Assets
J. Depreciation, Amortization and Impairment of Long-Lived Assets

 

Long-lived assets with definite lives consist of property and equipment. Long-lived assets are amortized over their estimated useful lives which are as follows:

 

  Years
Computers, software, patents and electronic equipment 3-5
Office furniture and equipment 10-14
Capitalized software development costs 3-6
Leasehold improvements Shorter of the remaining
term of the underlying
lease, or estimated useful
life of the asset

 

The Company reviews its long-lived assets for impairment whenever events or circumstances have occurred that indicate that the estimated useful lives of the long-lived assets may warrant revision or that the carrying value of these assets may be impaired. To compute whether assets have been impaired, the estimated undiscounted future cash flows of the assets or asset group are compared to the carrying value. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized based on the amount in which the carrying amount exceeds the fair value of the asset or asset group, based on discounted cash flows. There were no events or circumstances that required the Company’s long-lived assets to be tested for impairment during any of the periods presented.
Leases
K. Leases

 

The Company accounts for its leases in accordance with ASC Topic 842, “Leases” (“ASC 842”). The Company determines if an arrangement is a lease at inception by determining if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances.

 

The Company classifies leases at their inception as either capital or operating leases. A lease that transfers substantially all the risks and rewards incidental to ownership of the leased asset to the Company is classified as a finance lease. For finance leases, at the commencement of the lease term, the leased asset is measured at the lower of fair value or the present value of the minimum lease payments. The leased asset is depreciated over the shorter of its useful life and the lease term.

 

For operating leases, right-of-use (“ROU”) assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Company’s understanding of what its credit rating would be. The ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

 

The lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations and are not included in the operating lease ROU assets and lease liabilities. Certain lease agreements include rental payments adjusted periodically for the consumer price index (“CPI”). The ROU assets and lease liabilities were calculated using the initial CPI and will not be subsequently adjusted.

 

The Company’s lease agreements generally do not contain any residual value guarantees, restrictions, or covenants.

 

For operating leases that contain renewals, or other lease incentives, the Company recognizes the rent expense on a straight-line basis over the term of the lease. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.

 

The Company utilized the practical expedient in ASC 842 and elected not to record leases with an initial term of 12 months or less on the consolidated balance sheets. Therefore, for short-term leases with a term of 12 months or less, operating lease ROU assets and lease liabilities are not recognized, and the Company records such lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

 

Rent expenses for the years ended December 31, 2025, 2024 and 2023, were $34,040, $27,038 and $21,369, respectively. See also Note 9.
Employee Related Obligations
L. Employee Related Obligations

 

According to the Israeli Severance Pay Law, 1963 (“Severance Pay Law”), employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month salary for each year of employment, or a portion thereof. The Company’s liability for severance pay is covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”).

 

Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, contributed on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. Therefore, the Company does not recognize a liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s consolidated balance sheets. Severance expenses for the years ended December 31, 2025, 2024 and 2023, amounted to $15,636, $11,086 and $8,435, respectively.

 

The Company’s U.S. Subsidiary has a 401(K) defined contribution plan covering certain employees in the U.S. All eligible employees may elect to contribute up to 100% of their annual compensation to the plan through salary deferrals, subject to Internal Revenue Service limits. The expenses recorded by the U.S. subsidiary for employer’s contributions were $3,453, $2,493 and $1,898 for the years ended December 31, 2025, 2024 and 2023, respectively.
Contingent Liabilities
M. Contingent Liabilities

 

The Company accounts for its contingent liabilities in accordance with ASC Topic 450, “Contingencies” (“ASC 450”). A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

 

With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter.
Revenue Recognition
N. Revenue Recognition

 

The Company generates revenue from the sale of subscriptions to customers to access its AI cloud-based work platform. The terms of the Company’s

 

subscription agreements are primarily monthly or annual, and a large portion of the arrangements are paid in full up-front at the outset of the arrangement. Customers may not take possession over the software and instead are granted continuous access to the platform over the contractual period and therefore the arrangements are accounted for as service contracts.

 

The Company’s contracts generally include a fixed number of users and fixed price per user. Revenue for these arrangements is recognized ratably over the contract term.

 

The Company’s subscription contracts are generally non-cancelable except for contracts with first-time customers whereby the contract terms provide rights to cancel the contract in the first 30 days for pro-rated refund for unutilized days. Historically, refunds have not been material, and therefore no provision for refunds was recorded to date.

 

In accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration the Company expects to be entitled to receive in exchange for these services.

 

The Company determines revenue recognition through the following steps:

 

1. Identification of the contract, or contracts, with the customer

 

The Company considers the terms and conditions of the contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance.

 

The Company applies certain judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer.

 

2. Identification of the contract, or contracts, with the customer

 

Performance obligations committed in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its

 

own or together with other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the services and the products is separately identifiable from other promises in the contract.

 

The Company’s performance obligations generally consist of access to the cloud-based platform and related support services which is considered one performance obligation.

 

The customers do not have the ability to take possession of the software, and through access to the platform the Company provides a series of distinct software-based services that are satisfied over the term of the subscription.

 

3. Determination of the transaction price

 

The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services to the customer.

 

Payment terms are generally upfront at the time of the transaction, except for enterprise customers which are generally net 30 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts generally do not include a significant financing component. The Company applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component.

 

The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price.

 

4. Allocation of the transaction price to the performance obligations in the contract

 

The Company’s contracts contain a single performance obligation. Therefore, the entire transaction price is allocated to the single performance obligation.

 

5. Recognition of the revenue when, or as, a performance obligation is satisfied

 

Revenue is recognized ratably over the term of the subscription agreement generally beginning on the date that the platform is made available to a customer.

 

Contract balances

 

Contract assets consist of unbilled accounts receivable, which occur when a right to consideration for the Company’s performance under the

 

customer contract occurs before invoicing to the customer. The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was immaterial for the periods presented.

 

Contract liabilities consist of deferred revenue. The Company records contract liabilities when cash payments are received in advance of performance to deferred revenue or to customer advances in case of refund rights.

 

The Company recognized $339,951, $266,284 and $198,099 of revenue during the years ended December 31, 2025, 2024 and 2023, respectively, that were included in the deferred revenue balance at the beginning of the respective year.

 

Remaining performance obligations

 

Remaining Performance Obligations (RPOs) are defined as the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the reporting date, including both deferred revenue and non-invoiced amounts expected to be billed and recognized in the future.

 

As of December 31, 2025, the Company’s RPOs from contracts with customers were $838,942, of which the Company expects to recognize approximately 81% as revenue over the next 12 months and the remainder thereafter.

 

Contract costs

 

The Company accounts for costs to obtain revenue contracts in accordance with ASC Topic 340-40, “Other assets and deferred costs” (“ASC 340-40”). Sales commissions earned by external partners and by internal salespersons are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized and amortized on a straight-line basis over the anticipated period of benefit, which is estimated to be three years, taking into consideration anticipated contract renewals. The Company determined the period of benefit by taking into consideration historical customer attrition rates, the useful life of the Company’s technology, and other factors.

 

The following table summarizes the activity of deferred contract acquisition costs:

 

      Year ended December 31,  
      2025       2024  
Beginning balance   $ 20,522     $ 3,675  
Capitalization of deferred contract costs     88,425       23,229  
Amortization     (23,139)     (6,382)
Ending balance   $ 85,808     $ 20,522  

 

Amounts expected to be recognized in excess of one year as of the balance sheet date are recorded as other long-term assets, in the consolidated balance sheets.

 

Deferred contract costs are periodically analyzed for impairment. There were no impairment losses recorded during the periods presented. Amortization is recorded within sales and marketing expense in the consolidated statements of operations.

 

The Company has elected to apply the practical expedient allowed by ASC 606 according to which incremental costs of obtaining a contract are recognized as an expense when incurred if the amortization period of the asset is one year or less, and the initial commission rate is commensurate with the commission rate on subsequent renewals.
Cost of Revenue
O. Cost of Revenue

 

Cost of revenue primarily consists of costs related to providing subscription services to paying customers, including hosting costs, personnel-related expenses of customer support including share-based compensation, subcontractors costs, merchant and credit-cards processing fees, amortization of capitalized software development costs and allocated overhead costs.
Research and Development Costs
P. Research and Development Costs

 

Research and development costs are expensed as incurred unless these costs qualify for capitalization as internal-use software development costs.

 

Research and development expenses consist primarily of personnel-related expenses, including share-based compensation, software costs and allocated overhead costs.
Sales and Marketing
Q. Sales and Marketing

 

Sales and marketing expenses are primarily comprised of costs of the Company’s marketing personnel including share-based compensation, online marketing expenses and other advertising costs, sales commissions and allocated overhead costs. Sales and marketing expenses are expensed as incurred. Advertising costs amounted to $237,944, $218,415 and $203,235, in the years ended December 31, 2025, 2024 and 2023, respectively.
General and Administrative
R. General and Administrative

 

General and administrative expenses primarily consist of personnel-related and share-based compensation expenses associated with the Company’s executives, as well as its finance, legal, human resources and other operational and administrative functions, professional fees for external legal, accounting, and other consulting services, directors and officer’s insurance expenses, donations, bad debt expenses, charitable contributions to the monday.com Foundation and allocated overhead costs.
Accounting for Share-Based Compensation
S. Accounting for Share-Based Compensation

 

The Company accounts for share-based compensation under ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, non-employee consultants and directors, including options, restricted share units (“RSUs”), and shares issued pursuant to the 2021 Employee Share Purchase Plan (“ESPP”) based on the fair value of the awards on the date of grant as follows: (i) share options – the fair value is based on the Black-Scholes option-pricing model, (ii) RSUs – the fair value is based on the closing trading price of the underlying shares at the date of grant and, (iii) ESPP – the fair value is based on the Monte-Carlo simulation model due to certain limitation on the number of shares per employee.

 

The expense for share-based compensation cost is recognized over the requisite service period of each individual grant using the graded vesting attribution method for both service-based and performance-based awards. Forfeitures are accounted for as they occur.

 

The Company granted performance-based awards to its Co-Chief Executive Officers (“Co-CEOs”) and several other members of its senior management. The number of performance-based awards earned and eligible to vest are generally determined after a one-year performance period, based on achievement of certain Company financial performance measures and the recipient’s continued service.

 

The Company recognizes share-based compensation expense for the performance-based awards using the fair value at the date of grant over the requisite service when it is probable that the performance conditions will be achieved. The Company adjusts the number of units expected to vest based on estimates of performance against the pre-set objectives.

 

Valuation assumptions used in measuring compensation costs:

 

i. Options:

 

The Black-Scholes option-pricing model requires the Company to make several assumptions, including the value of the Company’s ordinary shares, expected volatility, expected term, risk-free interest rate and expected dividends.

 

The Company evaluates the assumptions used to value option awards upon each grant of share options.

 

Expected volatility was calculated based on the implied volatilities from market comparisons of certain publicly traded companies, as well as upon actual historical share price movements over the most recent periods ending on the grant date, equal to the expected term of the options. The expected option term was calculated based on the simplified method, which uses the midpoint between the vesting date and the contractual term, as the Company does not have sufficient historical data to develop an estimate based on participant behavior. The risk-free interest rate was based on the U.S. treasury bonds yield with an equivalent term. The Company has not paid dividends and has no foreseeable plans to pay dividends.

 

The assumptions used to determine the fair value of the share-based awards are management’s best estimates and involve inherent uncertainties and the application of judgment.

 

The following table summarizes the Black-Scholes assumptions used at the grant dates:

 

    Year ended December 31,
    2025   2024   2023
Risk-free interest rate   3.74%-4.11%   4.03%-4.77%   3.48%-4.49%
Expected dividend yield   0%   0%   0%
Expected term (in years)   2-7   5-7   5-7
Expected volatility   57%   58%   57%-65%
             

 

ii. ESPP:

 

The following table summarizes the Monte-Carlo model assumptions used at the grant dates:

 

    Year ended December 31,
    2025   2024   2023
Risk-free interest rate   3.95%-4.34%   4.34%-5.12%   4.92%-5.24%
Expected dividend yield   0%   0%   0%
Expected term (in years)   0.5   0.5   0.5
Expected volatility   50%-73%   48%-50%   54%-80%
Income Taxes
T. Income Taxes

 

The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes” (“ASC 740”), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely-than-not to be realized.

 

As of December 31, 2024 and 2023, the Company recorded a full valuation allowance against its deferred tax assets due to significant negative evidence including an history of losses in previous years. During 2025, the Company reversed the valuation allowance and recognized a deferred tax benefit of $61,150 as it believes that the weight of the positive evidence, including the cumulative pre-tax income position in the three most recent years and forecasts for a sustained level of future taxable income, was sufficient to overcome the weight of the negative evidence.

 

The Company monitors the realizability of its deferred tax assets each reporting period taking into account all relevant factors. The Company considers its history of pre-tax income (loss) adjusted for permanent book-tax differences, volatility in actual earnings, excess tax benefits related to share-based compensation in recent prior years, and impacts of the timing of reversal of existing temporary differences. The Company also relies on its assessment of the Company’s projected future results of business operations, including uncertainty in future operating results relative to historical results, volatility in the market price of its ordinary shares and its performance over

 

time, variable macroeconomic conditions impacting its ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. The Company’s valuation allowance assessment is based on its best estimate of future results considering all available information.

 

The Company applies a more-likely-than-not recognition threshold to uncertain tax positions based on the technical merits of the income tax positions taken. The Company does not recognize a tax benefit unless it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

 

The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was recorded due to immateriality.
Net Income (Loss) Per Share
U. Net Income (Loss) Per Share

 

The Company’s basic net income (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders by the weighted-average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities.

 

The diluted net income (loss) per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury shares method or the if-converted method based on the nature of such securities.

 

In periods in which the Company had a net loss, diluted net loss per share was the same as basic net loss per share since the effects of potentially dilutive shares of ordinary shares were anti-dilutive.

 

The Founder’s share is not a participating security and therefore excluded from the net income (loss) per share.
Concentration of Credit Risks
V. Concentration of Credit Risks

 

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents (including money market funds and bank deposits up to three months), marketable securities and accounts receivable.

 

For cash and cash equivalents, the Company is exposed to credit risk in the event of default by the financial institutions to the extent of the amounts recorded on the accompanying consolidated balance sheets exceed federally insured limits.

 

The Company places its cash and cash equivalents with financial institutions with high-quality credit ratings in the United States, Israel, Ireland, Cayman Islands, and Luxembourg and has not experienced any losses in such accounts.

 

The Company’s marketable securities consist of investments in U.S. government treasury bills. The Company’s investment policy limits the amount that the Company may invest in any one type of investment or issuer, thereby reducing credit risk concentrations.

 

For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying consolidated balance sheets. For each of the years ended December 31, 2025, and 2024, there were no individual customers that accounted for 10% or more of the Company’s revenues. The Company’s accounts receivable are geographically diversified and derived primarily from sales in the United States, EMEA, and APAC. To manage its accounts receivable risk, the Company evaluates the credit worthiness of its customers and maintains allowances for potential credit losses.

 

The Company has not historically experienced any material credit losses related to individual customers or groups of customers in any specific area or industry.
Segment Information
W. Segment Information

 

The Company has a single operating and reportable segment. The Company’s chief operating decision makers are its two Co-Chief Executive Officers (“Co-CEOs”), who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For information regarding the Company’s long-lived assets and revenue by geographic area, as well as a summary of significant expense categories, see Note 16.
Fair Value measurements
X. Fair Value measurements

 

Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

 

The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

 

Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

 

The carrying amount of cash and cash equivalents, accounts receivable, prepaid expenses, accounts payable, and accrued expenses, are stated at their carrying value, which approximates fair value due to the short maturities of these instruments.

 

Assets measured at fair value on a recurring basis as of December 31, 2025 and 2024, are comprised of money market funds, marketable securities, and derivative instruments (see Note 8).
Derivative Financial Instruments
Y. Derivative Financial Instruments

 

Derivatives are recognized at fair value as either assets or liabilities in the consolidated balance sheets in accordance with ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The gain or loss of derivatives which are designated and qualify as hedging instruments in a cash flow hedge, is recorded under accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

 

Derivatives are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments.

 

The Company’s primary objective for holding derivative instruments is to reduce its exposure to foreign currency rate changes. The Company reduces its exposure by entering into forward foreign exchange contracts and option contracts with respect to operating expenses that are forecasted to be incurred in currencies other than the U.S. dollar. A majority of the Company’s revenues and operating expenditures are transacted in U.S. dollars. However, certain operating expenditures are incurred in or exposed to other currencies, primarily the New Israeli Shekel (“NIS”).

 

The Company has established forecasted transaction currency risk management programs to protect against fluctuations in fair value and the volatility of future cash flows caused by changes in exchange rates. The Company’s currency risk management program includes foreign exchange contracts designated as cash flow hedges. These foreign exchange contracts generally mature within 12 months (see Note 7).

 

In addition, occasionally the Company enters into swaps, options and forward contracts to hedge a portion of its monetary items in the balance sheet, such as cash and cash equivalents balances, denominated in other currencies for short-term periods. The purpose of these contracts is to protect the fair value of the monetary assets from foreign exchange rate fluctuations. Gains and losses from derivatives related to these contracts are not designated as hedging instruments. The Company does not enter into derivative financial instruments for trading or speculative purposes.
Recently Adopted Accounting Pronouncements
Z. Recently Adopted Accounting Pronouncements:

 

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation, as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for annual periods beginning January 1, 2025. The Company adopted ASU 2023-09 during the year ended December 31, 2025 on a prospective basis, which resulted in updated income tax disclosures. See Note 14.
Accounting Pronouncements Not Yet Effective
AA. Accounting pronouncements not yet effective

 

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), to amend the guidance in “Interim Reporting” (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for annual and interim periods beginning January 1, 2028. The Company is currently evaluating the impact the adoption of ASU 2025-11 will have on its consolidated financial statements and related disclosures.

 

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which requires software capitalization to begin when both of the following occur: (1) management has authorized and committed to funding the software project; and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the first annual and interim reporting periods beginning January 1, 2028, with early adoption permitted. The provisions of ASU 2025-06 allow for a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact the adoption of ASU 2025-06 will have on its consolidated financial statements and related disclosures.

 

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation of certain expenses in the financial statements notes, to provide enhanced transparency into the expense captions presented on the face of the consolidated statement of operations. ASU 2024-03 is effective for annual reporting periods beginning January 1, 2027 and interim periods beginning January 1, 2028 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, and the transition method.

 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life

 

of the asset. The ASU is effective for annual and interim periods beginning January 1, 2026, on a prospective basis, and early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-05 on its consolidated financial statements.
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of useful lives of long-lived assets
  Years
Computers, software, patents and electronic equipment 3-5
Office furniture and equipment 10-14
Capitalized software development costs 3-6
Leasehold improvements Shorter of the remaining
term of the underlying
lease, or estimated useful
life of the asset
Schedule activity of deferred contract acquisition costs
      Year ended December 31,  
      2025       2024  
Beginning balance   $ 20,522     $ 3,675  
Capitalization of deferred contract costs     88,425       23,229  
Amortization     (23,139)     (6,382)
Ending balance   $ 85,808     $ 20,522  
Schedule of black-scholes stock option assumptions used at the grant dates
    Year ended December 31,
    2025   2024   2023
Risk-free interest rate   3.74%-4.11%   4.03%-4.77%   3.48%-4.49%
Expected dividend yield   0%   0%   0%
Expected term (in years)   2-7   5-7   5-7
Expected volatility   57%   58%   57%-65%
             
Schedule of black-scholes ESPP assumptions used at the grant dates
    Year ended December 31,
    2025   2024   2023
Risk-free interest rate   3.95%-4.34%   4.34%-5.12%   4.92%-5.24%
Expected dividend yield   0%   0%   0%
Expected term (in years)   0.5   0.5   0.5
Expected volatility   50%-73%   48%-50%   54%-80%
v3.25.4
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of cash and cash equivalents and marketable securities
      December 31,  
      2025       2024  
Cash and cash equivalents:                
Cash   $ 132,131     $ 98,392  
Bank deposits     331,370       21,936  
Money market funds     1,039,648       1,291,274  
Total cash and cash equivalents   $ 1,503,149     $ 1,411,602  
Marketable securities:                
U.S. Treasury bills     162,308       50,004  
Total marketable securities     162,308       50,004  
Total cash and cash equivalents and marketable securities   $ 1,665,457     $ 1,461,606  
Schedule of available-for-sale marketable securities
      December 31, 2025  
      Amortized
cost		       Gross
unrealized
gains		       Gross
unrealized
losses		       Fair
value		  
Contractual maturity year:                                
Within one year   $ 92,048     $ 141     $ (3)   $ 92,186  
After one year through five years     69,862       262       (2)     70,122  
Total   $ 161,910     $ 403     $ (5)   $ 162,308  

 

      December 31, 2024  
      Amortized
cost		       Gross
unrealized
gains		       Gross
unrealized
losses		       Fair
value		  
Contractual maturity year:                                
Within one year   $ 49,797     $ 207     $ —     $ 50,004  
After one year through five years     —       —       —       —  
Total   $ 49,797     $ 207     $ —     $ 50,004  
v3.25.4
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of prepaid expenses and other current assets

 

      December 31,  
      2025       2024  
Prepaid expenses   $ 21,619     $ 15,944  
Related parties’ receivable     109       1,587  
Government institutions     8,760       7,376  
Derivative instruments     20,168       2,984  
Interest receivable     3,918       4,864  
Short-term vendor deposits     558       335  
Deferred contract costs     36,775       10,409  
Other current assets     1,148       1,337  
Total prepaid expenses and other current assets   $ 93,055     $ 44,836  
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment, net
      December 31,  
      2025       2024  
Computers, software, patents and electronic equipment   $ 23,509     $ 20,912  
Office furniture and equipment     11,888       9,804  
Leasehold improvements     33,855       22,000  
Capitalized software development costs     22,735       17,629  
Capital leases     —       254  
Property and equipment, gross     91,987       70,599  
Less accumulated depreciation and amortization     (38,099)     (29,023)
Property and equipment, net   $ 53,888     $ 41,576  
v3.25.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]  
Schedule of accrued expenses and other current liabilities
      December 31  
      2025       2024  
Accrued employee compensation and benefits   $ 132,264     $ 95,960  
Accrued expenses     76,481       56,528  
Advances from customers     5,735       3,431  
Income and indirect taxes payable     19,897       15,121  
Total   $ 234,377     $ 171,040  
v3.25.4
DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair values of derivative instruments
    Balance sheet line            
    item     December 31  
          2025       2024  
Derivatives designated as hedging instruments:                
                 
Foreign exchange contracts   Prepaid expenses and other current assets   $ 20,168     $ 2,984  
        $ 20,168     $ 2,984  
Derivatives not designated as hedging instruments:                    
        $ —     $ —  
Total       $ 20,168     $ 2,984  
Schedule of income and other comprehensive income
      Gain (Loss) Recognized
in Other Comprehensive
Income on Effective-
Portion of Derivative,
net		       Realized gains on
Derivative Reclassified
from Accumulated
Other Comprehensive
Income (*)		       Amount Excluded from
Effectiveness Testing
Recognized in Income
(Loss)		  
      Year ended       Year ended       Year ended  
      December 31       December 31       December 31  
      2025       2024       2025       2024       2025       2024  
                                                 
Derivatives designated as hedging instruments:              
               
Foreign exchange                                                
contracts   $ 31,218     $ (961)   $ 16,453     $ 5,861     $ (252)   $ —  
Total     31,218       (961)     16,453       5,861       (252)     —  
                                                 
Derivatives not designated as hedging instruments:                  
                   
      —       —       —       —       —       —  
Total     —       —       —       —       —       —  

 

(*) Classified in operating expenses in the consolidated statement of operations.
Schedule of notional amounts of outstanding derivative
      As of December 31,  
      2025       2024  
Derivatives designated as hedging instruments:                
Foreign exchange contracts:                
NIS   $ 188,088     $ 209,487  
    $ 188,088     $ 209,487  
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial assets and liabilities
      As of December 31,  
      2025       2024  
      Level 1       Level 2       Total       Level 1       Level 2       Total  
Cash equivalents:                                                
Money market funds   $ 1,039,648     $ —     $ 1,039,648     $ 1,291,274     $ —     $ 1,291,274  
Marketable securities:                                                
U.S. Treasury bills     162,308       —       162,308       50,004       —       50,004  
Foreign currency                                                
derivative contracts:                                                
Foreign exchange                                                
contracts     —       20,168       20,168       —       2,984       2,984  
Total   $ 1,201,956     $ 20,168     $ 1,222,124     $ 1,341,278     $ 2,984     $ 1,344,262  
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of operating leases future minimum lease payments
Years Ending December 31,       Amount  
2026     $ 28,516  
2027       33,936  
2028       34,051  
2029       32,017  
2030       31,697  
Thereafter       29,273  
Total undiscounted cash flows     $ 189,490  
Less: Imputed interest     $ (20,723)
Present value of lease liabilities     $ 168,767  
Schedule of supplemental balance sheet information
      Year ended December 31  
      2025       2024  
Weighted-average remaining lease term     5.8 years       5.2 years  
Weighted-average discount rate     4.0%       4.2%  
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum payments, other commitments, liability, fiscal year maturity
Years Ending December 31,       Amount  
2026     $ 55,729  
2027       17,468  
2028       0  
Total contractual obligations     $ 73,197  
v3.25.4
FINANCIAL INCOME, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of financial income (expenses)
      Year ended December 31,  
      2025       2024       2023  
                         
Financial expenses:                        
Bank charges and other   $ 900     $ 495     $ 443  
Exchange rate expense, net     3,068       4,796       —  
Total financial expenses     3,968       5,291       443  
                         
Financial income:                        
Exchange rate income, net     —       —       361  
Interest income on deposits, money market funds and marketable securities     63,447       60,659       41,993  
Accretion of discount on marketable securities     1,586       132       —  
Total financial income     65,033       60,791       42,354  
Financial income, net   $ 61,065     $ 55,500     $ 41,911  
v3.25.4
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of ordinary shares reserved for future issuance
    As of December 31,  
    2025     2024  
Ordinary shares     51,160,822       50,773,337  
Outstanding share options and RSUs     2,653,964       3,164,395  
Shares available for future grants under the 2021 plan     10,841,262       8,941,243  
Shares available for future grants under the 2024 Foundation plan     14,498       15,000  
Shares subject to the employee share purchase plan     1,048,635       1,156,437  
Total     65,719,181       64,050,412  
Schedule of share option activity
    Number of Options       Weighted- Average Exercise Price     Weighted Average Remaining Contractual life       Aggregate Intrinsic Value  
                                 
Outstanding — January 1, 2025 (*)     1,768,230     $ 62.90       6.04     $ 305,379  
Granted (*)     42,897     $ 0.87                  
Exercised     (505,473)   $ 37.85                  
Expired and forfeited     (48,587)     $ 68.50                  
Outstanding — December 31, 2025     1,257,067     $ 70.64       5.17     $ 111,600  
Exercisable — December 31, 2025(*)     1,108,563     $ 71.39       4.93     $ 98,545  

 

(*) Includes 73,074 performance-based options granted to the Company’s Co-CEOs in 2022, 74,108 in 2023, 22,481 in 2024 and 20,217 in 2025, as applicable.
Schedule of unvested restricted stock units
      Number of Units       Weighted-Average Fair Value  
Balance at January 1, 2025       1,396,165     $ 177.72  
Granted (*)       871,602     $ 258.17  
Vested       (658,123 )   $ 185.31  
Canceled       (212,747 )   $ 195.19  
Balance at December 31, 2025 (*)       1,396,897     $ 221.68  
Schedule of share-based compensation expense
      Year ended December 31,  
      2025       2024       2023  
Cost of revenues   $ 8,561     $ 6,603     $ 6,307  
Research and development     82,250       50,995       38,737  
Sales and marketing     44,084       33,865       25,395  
General and administrative     42,116       55,654       29,747  
Share-based compensation, net of amounts capitalized   $ 177,011     $ 147,117     $ 100,186  
Capitalized share-based compensation costs     1,814       1,144       1,997  
Total share-based compensation   $ 178,825     $ 148,261     $ 102,183  
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of domestic and foreign components of loss before income taxes
      Year ended December 31,  
      2025       2024       2023  
Domestic (Israel)   $ 26,476     $ 15,004     $ (10,368)
Foreign     32,841       19,462       13,694  
Total   $ 59,317     $ 34,466     $ 3,326  
Schedule of domestic and foreign components of income taxes
      Year ended December 31,  
      2025       2024       2023  
Current:                        
Domestic (Israel)   $ 456     $ 603     $ 557  
Foreign     1,269       1,491       4,646  
Total current     1,725       2,094       5,203  
Deferred:                        
Domestic (Israel)     (49,042 )     —       —  
Foreign     (12,108 )     —       —  
Total deferred     (61,150 )     —       —  
Total tax expense (benefit)   $ (59,425 )   $ 2,094     $ 5,203  
Schedule of deferred tax assets and liabilities
      As of December 31,  
Deferred tax assets:     2025       2024  
Share-based compensation   $ 41,725     $ 28,872  
Net operating loss carry forwards     13,892       25,779  
Research and development     3,565       2,457  
Reserves and allowances     8,804       6,820  
Deferred commission liability     4,506       —  
Property and equipment     411       —  
Carryforward tax credits     1,401       459  
Operating lease liabilities     18,434       18,319  
Gross deferred tax assets     92,738       82,706  
Valuation allowance     —       (62,227)
Total deferred tax assets   $ 92,738     $ 20,479  

 

      As of December 31,  
      2025       2024  
Deferred tax liabilities:                
Property and equipment   $ (1,214)   $ (1,946)
Operating lease right-of-use assets     (18,183)     (15,383)
Deferred contract costs asset     (12,035)     (2,767)
Derivative instruments (*)     (2,421)     (358)
Marketable securities (*)     (48)     (25)
Other     (155)     —  
Deferred tax liabilities   $ (34,056)   $ (20,479)
Net deferred tax assets   $ 58,682     $ —  

 

(*) Deferred taxes on derivatives and marketable securities are recorded in other comprehensive income.
Schedule of effective tax rate reconciliation
      Year ended December 31,  
      2024       2023  
      Tax       Rate       Tax       Rate  
Theoretical tax benefit   $ 7,927       23%   $ 765       23%
Increase (decrease) in tax rate due to:                                
Taxes resulting from non-deductible expenses     2,023       6%     1,376       41%
Temporary differences for which no deferred taxes were created     7,893       23%     3,365       101%  
Tax credits     (1,629)     (5%)     (334)     (10%)
Utilization of losses     (12,340)       (36%)     (1,117)       (33%)
Adjustment for previous years taxes     (838)     (2%)     (523)       (16%)
Preferred technological enterprise and the effect of different tax rates in other jurisdictions     (1,651)     (5%)     1,158       35%
Currency differences     84       0%     (58)       (2%)  
Other     625       2%     571       17%
Effective tax   $ 2,094       6%     $ 5,203       156%

 

      Year ended December 31, 2025  
      Tax       Rate  
Israel statutory tax rate   $ 13,643       23.0%  
Foreign tax effects                
United States                
Statutory tax rate difference between                
U.S. and Israel     (327)       (0.6%)  
Share-based compensation     (3,979)       (6.7%)  
Changes in valuation allowances     (7,255)       (12.2%)  
Others     768       1.3%  
United Kingdom                
Statutory tax rate difference between                
UK and Israel     152       0.3%  
Changes in valuation allowances     (2,204)       (3.7%)  
Tax credits     (2,046)       (3.4%)  
Others     247       0.4%  
Australia                
Statutory tax rate difference between                
Australia and Israel     239       0.4%  
Changes in valuation allowances     (2,215)       (3.7%)  
Others     526       0.9%  
Poland                
Statutory tax rate difference between                
Poland and Israel     (90)       (0.2%)  
Changes in valuation allowances     (989)       (1.7%)  
Tax credits     (1,040)       (1.8%)  
Others     137       0.2%  
Other foreign jurisdictions     (318)       (0.5%)  
Changes in valuation allowances     (53,919)       (90.9%)  
Non-taxable or non-deductible items                
Share-based compensation     2,857       4.8%  
Preferred technological enterprise     (4,471)       (7.5%)  
Other adjustments     859       1.4%  
Effective tax rate   $ (59,425)       (100.2%)  
Schedule of income taxes paid, net by location
      Year ended December 31, 2025  
Israel   $ 508  
Foreign        
Australia     2,255  
UK     1,374  
Poland     449  
Others     272  
Income taxes paid, net of amounts refunded   $ 4,858  
v3.25.4
EARNINGS (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of calculation of basic and diluted net income (loss) per share
      Year ended December 31,  
      2025       2024       2023  
Numerator:                  
Net income (loss) attributable to ordinary shareholders, basic and diluted   $ 118,742     $ 32,372     $ (1,877)
                         
Denominator:                        
Weighted-average ordinary shares outstanding, basic     51,444,028       49,908,423       48,366,378  
                         
Dilutive effect:                        
Employee share options, and RSUs     1,642,956       2,512,403       —  
Weighted-average ordinary shares outstanding, diluted     53,086,984       52,420,826       48,366,378  
Net income (loss) per share attributable to ordinary shareholders, basic   $ 2.31     $ 0.65     $ (0.04)
Net income (loss) per share attributable to ordinary shareholders, diluted   $ 2.24     $ 0.62     $ (0.04)
Schedule of potentially dilutive shares excluded from computation of diluted income (loss) per share attributable to ordinary shareholders
      Year ended December 31,  
      2025       2024       2023  
Option     27,362       30,100       3,079,252  
RSU     274,368       105,091       1,215,601  
Total     301,730       135,191       4,294,853  
v3.25.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of the significant expense categories and consolidated net loss details provided to the CODM
      Year ended December 31,  
      2025       2024       2023  
Total revenues   $ 1,231,997     $ 971,995     $ 729,695  
                         
Share-based compensation     (177,011)     (129,209)     (100,186)
Charitable contribution to Foundation     -       (24,208)     —  
Income tax benefit related to valuation allowance reversal     61,150                  
Tax benefit related to share-based compensation     1,017       2,486       3,392  
Other segment items (*)     (998,411)     (788,692)     (634,778)
Net income (loss)   $ 118,742     $ 32,372     $ (1,877)
Schedule of revenues attributed to geographic areas based on location of end customers
      Year ended December 31,  
      2025       2024       2023  
United States   $ 619,191     $ 484,523     $ 364,070  
EMEA     264,459       209,851       157,134  
United Kingdom     134,576       101,538       73,236  
Rest of the world     213,771       176,083       135,255  
    $ 1,231,997     $ 971,995     $ 729,695  
Schedule of property and equipment, net by geographical areas
      As of December 31,  
      2025       2024  
Israel   $ 89,123     $ 72,613  
United States     59,618       17,896  
United Kingdom     49,548       43,031  
Rest of the world     4,748       2,739  
    $ 203,037     $ 136,279  
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share 301,730 135,191 4,294,853
Doubtful accounts expense $ 4,467 $ 2,525 $ 2,040
Allowance for loan and lease loss, recovery of bad debts 5,060 2,547 2,130
Amount of investment in the affiliated company 6,000 6,000  
Rent expenses 34,040 27,038 21,369
Deferred costs 85,808 20,522 3,675
Severance Costs 15,636 11,086 8,435
Maximum annual contributions 3,453 2,493 1,898
Deferred revenue, revenue recognized 339,951 266,284 198,099
Total remaining performance obligations $ 838,942    
Percentage of expected performance obligations expected in next 12 months 81.00%    
Advertising Expense $ 237,944 218,415 203,235
Deferred tax benefit $ (61,150) $ 0 $ 0
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Details)
 12 Months Ended
Dec. 31, 2025
Computers, software, and electronic equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Computers, software, and electronic equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 5 years
Office furniture and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 10 years
Office furniture and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 14 years
Capitalized software development costs | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Capitalized software development costs | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 6 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives Shorter of the remainingterm of the underlyinglease, or estimated usefullife of the asset
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Movement Of Deferred Contract Costs [Roll Forward]    
Beginning balance $ 20,522 $ 3,675
Capitalization of deferred contract costs 88,425 23,229
Amortization (23,139) (6,382)
Ending balance $ 85,808 $ 20,522
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Details 2)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 57.00% 58.00%  
Employee stock purchase plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield 0.00% 0.00% 0.00%
Expected term (in years) 6 months 6 months 6 months
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 3.74% 4.03% 3.48%
Expected term (in years) 2 years 5 years 5 years
Expected volatility     57.00%
Minimum | Employee stock purchase plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 3.95% 4.34% 4.92%
Expected volatility 50.00% 48.00% 54.00%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.11% 4.77% 4.49%
Expected term (in years) 7 years 7 years 7 years
Expected volatility     65.00%
Maximum | Employee stock purchase plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.34% 5.12% 5.24%
Expected volatility 73.00% 50.00% 80.00%
v3.25.4
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Marketable Securities [Member]    
Marketable Securities [Line Items]    
Interest receivable on marketable securities $ 690 $ 86
v3.25.4
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash $ 132,131 $ 98,392
Bank deposits 331,370 21,936
Money market funds 1,039,648 1,291,274
Total cash and cash equivalents 1,503,149 1,411,602
Marketable Securities [Abstract]    
Total marketable securities 162,308 50,004
Total cash and cash equivalents and marketable securities 1,665,457 1,461,606
U.S. Treasury bills [Member]    
Marketable Securities [Abstract]    
Total marketable securities $ 162,308 $ 50,004
v3.25.4
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized cost    
Within one year $ 92,048 $ 49,797
After one year through five years 69,862 0
Total 161,910 49,797
Gross unrealized gains    
Within one year 141 207
After one year through five years 262 0
Total 403 207
Gross unrealized losses    
Within one year (3) 0
After one year through five years (2) 0
Total (5) 0
Fair value    
Within one year 92,186 50,004
After one year through five years 70,122 0
Total $ 162,308 $ 50,004
v3.25.4
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Prepaid expenses $ 21,619 $ 15,944
Related parties’ receivable 109 1,587
Government institutions 8,760 7,376
Derivative instruments 20,168 2,984
Interest receivable 3,918 4,864
Short-term vendor deposits 558 335
Deferred contract costs 36,775 10,409
Other current assets 1,148 1,337
Total prepaid expenses and other current assets $ 93,055 $ 44,836
v3.25.4
PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 13,805 $ 11,858 $ 8,961
Capital losses 290 576 62
Capitalized costs related to the development of internal-use software 5,107 3,013 4,019
Amortization of capitalized software development costs 3,840 3,883 $ 2,558
Net carrying value of capitalized internal-use software $ 10,090 $ 8,823  
v3.25.4
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 91,987 $ 70,599
Less accumulated depreciation and amortization (38,099) (29,023)
Property and equipment, net 53,888 41,576
Computer, software, and electronic equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 23,509 20,912
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 11,888 9,804
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 33,855 22,000
Capitalized internal use software development costs    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 22,735 17,629
Capital leases    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 0 $ 254
v3.25.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Accrued employee compensation and benefits $ 132,264 $ 95,960
Accrued expenses 76,481 56,528
Advances from customers 5,735 3,431
Income and indirect taxes payable 19,897 15,121
Total $ 234,377 $ 171,040
v3.25.4
DERIVATIVES AND HEDGING (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative instruments $ 20,168 $ 2,984
Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative instruments 20,168 2,984
Not Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative instruments 0 0
Foreign exchange contracts | Prepaid expenses and other current assets | Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Derivative instruments $ 20,168 $ 2,984
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current  
v3.25.4
DERIVATIVES AND HEDGING (Details 1) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Effective-Portion of Derivative, net $ 31,218 $ (961) $ 4,273
Realized Loss (gains) on Derivative Reclassified from Accumulated Other Comprehensive Income (16,453) (5,861) $ 8,741
Designated as hedging Instrument      
Derivative [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Effective-Portion of Derivative, net 31,218 (961)  
Realized Loss (gains) on Derivative Reclassified from Accumulated Other Comprehensive Income 16,453 5,861  
Amount Excluded from Effectiveness Testing Recognized in Income (Loss) (252) 0  
Not designated as hedging instrument      
Derivative [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Effective-Portion of Derivative, net 0 0  
Realized Loss (gains) on Derivative Reclassified from Accumulated Other Comprehensive Income 0 0  
Amount Excluded from Effectiveness Testing Recognized in Income (Loss) 0 0  
Foreign exchange contracts | Designated as hedging Instrument      
Derivative [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Effective-Portion of Derivative, net 31,218 (961)  
Realized Loss (gains) on Derivative Reclassified from Accumulated Other Comprehensive Income 16,453 5,861  
Amount Excluded from Effectiveness Testing Recognized in Income (Loss) (252) 0  
Foreign exchange contracts | Not designated as hedging instrument      
Derivative [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Effective-Portion of Derivative, net 0 0  
Realized Loss (gains) on Derivative Reclassified from Accumulated Other Comprehensive Income 0 0  
Amount Excluded from Effectiveness Testing Recognized in Income (Loss) $ 0 $ 0  
v3.25.4
DERIVATIVES AND HEDGING (Details 2)
₪ in Thousands, $ in Thousands
Dec. 31, 2025
ILS (₪)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
ILS (₪)
Dec. 31, 2024
USD ($)
Foreign exchange contracts        
Derivative [Line Items]        
Derivatives designated as hedging instruments ₪ 188,088 $ 188,088 ₪ 209,487 $ 209,487
v3.25.4
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 1,222,124 $ 1,344,262
U.S. Treasury bills [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 162,308 50,004
Money Market Funds [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,039,648 1,291,274
Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency derivative contracts 20,168 2,984
Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 1,201,956 1,341,278
Level 1 [Member] | U.S. Treasury bills [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 162,308 50,004
Level 1 [Member] | Money Market Funds [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 1,039,648 1,291,274
Level 1 [Member] | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency derivative contracts 0 0
Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 20,168 2,984
Level 2 [Member] | U.S. Treasury bills [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable securities 0 0
Level 2 [Member] | Money Market Funds [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents 0 0
Level 2 [Member] | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency derivative contracts $ 20,168 $ 2,984
v3.25.4
LEASES (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 28,516
2027 33,936
2028 34,051
2029 32,017
2030 31,697
Thereafter 29,273
Total undiscounted cash flows 189,490
Less: Imputed interest (20,723)
Present value of lease liabilities $ 168,767
v3.25.4
LEASES (Details 1)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term 5 years 9 months 18 days 5 years 2 months 12 days
Weighted-average discount rate 4.00% 4.20%
v3.25.4
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Bank guarantee to secure lease agreements $ 19,793 $ 8,264
Total undiscounted cash flows $ 51,748  
Israel office lease [Member]    
Lessee, Lease, Description [Line Items]    
Lease term 10 years  
New York office lease [Member]    
Lessee, Lease, Description [Line Items]    
Lease term 5 years  
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 55,729
2027 17,468
2028 0
Total contractual obligations $ 73,197
v3.25.4
FINANCIAL INCOME, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financial expenses:      
Bank charges and other $ 900 $ 495 $ 443
Exchange rate expense, net 3,068 4,796 0
Total financial expenses 3,968 5,291 443
Financial income:      
Exchange rate income, net 0 0 361
Interest income on deposits, money market funds and marketable securities 63,447 60,659 41,993
Accretion of discount on marketable securities 1,586 132 0
Total financial income 65,033 60,791 42,354
Financial income, net $ 61,065 $ 55,500 $ 41,911
v3.25.4
RELATED PARTIES (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2024
Dec. 31, 2025
Related Party Transactions [Abstract]    
Charitable share contribution to Foundation 68,000 68,000
Fair value of charitable share contribution to foundation   $ 17,908
Donated amount   $ 6,300
Voting rights percentage   14%
v3.25.4
SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2021
Sep. 30, 2025
Stockholders Equity Note [Line Items]            
Share-based compensation cost   $ 177,011 $ 147,117 $ 100,186    
Options granted [1]   42,897        
Share-based compensation   $ 178,825 $ 148,261 $ 102,183    
Percentage of ownership   25.00%        
Shares reserved for issuance under ESPP   1,048,635 1,156,437      
Shares reduce for issuance under ESPP     778,500      
Employee Share Purchase Plan [Member]            
Stockholders Equity Note [Line Items]            
Shares reserved for issuance under ESPP         194,625  
Ordinary shares repurchased 304,269 304,269        
Share Repurchase Program [Member]            
Stockholders Equity Note [Line Items]            
Share repurchase authorization amount           $ 870,000
Share repurchase program remaining authorized amount $ 734,972 $ 734,972        
Stock repurchased and retired during period, shares   883,913        
Amount of stock repurchased and retired 135,028          
Co-CEO            
Stockholders Equity Note [Line Items]            
Options granted   22,481 74,108 73,074    
2017 share option plan            
Stockholders Equity Note [Line Items]            
Weighted-average grant-date fair value of options granted   $ 252.64 $ 217.99 $ 86.26    
Intrinsic value of options exercised   $ 123,083 $ 265,405 $ 112,799    
Unamortized share-based compensation expense $ 170,313 $ 170,313 $ 146,335 $ 118,311    
Weighted average period for cost expected to be recognized   1 year 9 months 7 days 1 year 9 months 3 days 1 year 9 months    
2021 plan            
Stockholders Equity Note [Line Items]            
Number of ordinary shares reserved and available for grant and issuance 10,841,262 10,841,262 8,941,243      
Share reserve increased   8,839,456        
Unrecognized compensation cost related to unvested restricted share units $ 164,201 $ 164,201 $ 137,265 $ 96,112    
Weighted average period for cost expected to be recognized   1 year 9 months 7 days 1 year 9 months 7 days 1 year 9 months 18 days    
2024 Foundation plan            
Stockholders Equity Note [Line Items]            
Number of ordinary shares reserved and available for grant and issuance 14,498 14,498 15,000      
Restricted Stock Units (RSUs)            
Stockholders Equity Note [Line Items]            
Options granted [2]   871,602        
Weighted-average grant-date fair value of options granted [2]   $ 258.17        
Restricted Stock Units (RSUs) | Co-CEO            
Stockholders Equity Note [Line Items]            
Options granted   62,211 48,129 22,928    
[1] Includes 73,074 performance-based options granted to the Company's Co-CEOs in 2022, 74,108 in 2023, 22,481 in 2024 and 20,217 in 2025, as applicable.
[2] Includes 22,928 performance-based awards granted to the Company’s Co-CEOs in 2023, and 48,129 performance-based awards to the Company’s Co-CEOs and several executives in 2024.
v3.25.4
SHAREHOLDERS' EQUITY (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Shares subject to the employee share purchase plan 1,048,635 1,156,437
Total 65,719,181 64,050,412
Ordinary shares    
Class of Stock [Line Items]    
Ordinary shares reserved for future issuance 51,160,822 50,773,337
Employee Stock Option    
Class of Stock [Line Items]    
Ordinary shares reserved for future issuance 2,653,964 3,164,395
2021 plan    
Class of Stock [Line Items]    
Shares available for future grants under the plan 10,841,262 8,941,243
2024 Foundation plan    
Class of Stock [Line Items]    
Shares available for future grants under the plan 14,498 15,000
v3.25.4
SHAREHOLDERS' EQUITY (Details 1) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
 [1]
Number of Options outstanding    
Beginning balance [1] 1,768,230  
Granted [1] 42,897  
Exercised (505,473)  
Expired and forfeited (48,587)  
Ending balance 1,257,067 1,768,230
Exercisable [1] 1,108,563  
Weighted-Average Exercise Price    
Beginning balance [1] $ 62.9  
Granted [1] 0.87  
Exercised 37.85  
Expired and forfeited 68.5  
Ending balance 70.64 $ 62.9
Exercisable [1] $ 71.39  
Weighted Average Remaining Contractual life, Outstanding 5 years 2 months 1 day 6 years 14 days
Weighted Average Remaining Contractual life, Exercisable [1] 4 years 11 months 4 days  
Aggregate Intrinsic Value, outstanding $ 111,600 $ 305,379
Aggregate Intrinsic Value, exercisable [1] $ 98,545  
[1] Includes 73,074 performance-based options granted to the Company's Co-CEOs in 2022, 74,108 in 2023, 22,481 in 2024 and 20,217 in 2025, as applicable.
v3.25.4
SHAREHOLDERS' EQUITY (Details 2)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Granted 42,897 [1]
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Balance 1,396,165
Granted 871,602 [2]
Vested (658,123)
Canceled (212,747)
Balance 1,396,897 [2]
Weighted-Average Fair Value  
Balance | $ / shares $ 177.72
Weighted-average fair value granted | $ / shares 258.17 [2]
Weighted-average fair value vested | $ / shares 185.31
Weighted-average fair value canceled | $ / shares 195.19
Balance | $ / shares $ 221.68 [2]
[1] Includes 73,074 performance-based options granted to the Company's Co-CEOs in 2022, 74,108 in 2023, 22,481 in 2024 and 20,217 in 2025, as applicable.
[2] Includes 22,928 performance-based awards granted to the Company’s Co-CEOs in 2023, and 48,129 performance-based awards to the Company’s Co-CEOs and several executives in 2024.
v3.25.4
SHAREHOLDERS' EQUITY (Details 3) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation, net of amounts capitalized $ 177,011 $ 147,117 $ 100,186
Capitalized share-based compensation costs 1,814 1,144 1,997
Total share-based compensation 178,825 148,261 102,183
Cost of revenues      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation, net of amounts capitalized 8,561 6,603 6,307
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation, net of amounts capitalized 82,250 50,995 38,737
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation, net of amounts capitalized 44,084 33,865 25,395
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation, net of amounts capitalized $ 42,116 $ 55,654 $ 29,747
v3.25.4
INCOME TAXES (Narrative) (Details)
₪ in Billions
 12 Months Ended
Dec. 31, 2025
ILS (₪)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
USD ($)
Income Tax Disclosure [Abstract]        
Net operating loss carryforwards       $ 97,411
Federal operating loss carryforwards       $ 10,487,000
Percentage of carried forward indefinitely taxable income       80.00%
Corporate tax rate 23.00% 23.00% 23.00%  
Tax rate for non-israeli subsidiaries 21.00%      
Threshold limit of consolidated revenues subject to tax rate on income derived from intellectual property | ₪ ₪ 10      
Tax rate on income derived from intellectual property 12.00%      
Tax rate of development area 7.50%      
Minimum percentage of annual revenues derived from exports 25.00%      
Tax rate on dividends distributed from income from preferred technological enterprises 20.00%      
Tax rate on dividend distributed to foreign corporate shareholder 4.00%      
Maximum percentage of foreign investors defined for distribution of dividend to foreign corporate shareholder 90.00%      
v3.25.4
INCOME TAXES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic (Israel) $ 26,476 $ 15,004 $ (10,368)
Foreign 32,841 19,462 13,694
Income before income taxes $ 59,317 $ 34,466 $ 3,326
v3.25.4
INCOME TAXES (Details 1) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Domestic (Israel) $ 456 $ 603 $ 557
Foreign 1,269 1,491 4,646
Total current 1,725 2,094 5,203
Deferred:      
Domestic (Israel) (49,042) 0 0
Foreign (12,108) 0 0
Total deferred (61,150) 0 0
Total tax expense (benefit) $ (59,425) $ 2,094 $ 5,203
v3.25.4
INCOME TAXES (Details 2) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Share-based compensation $ 41,725 $ 28,872
Net operating loss carry forwards 13,892 25,779
Research and development 3,565 2,457
Reserves and allowances 8,804 6,820
Deferred commission liability 4,506 0
Property and equipment 411 0
Carryforward tax credits 1,401 459
Operating lease liabilities 18,434 18,319
Gross deferred tax assets 92,738 82,706
Valuation allowance 0 (62,227)
Total deferred tax assets 92,738 20,479
Deferred tax liabilities:    
Property and equipment (1,214) (1,946)
Operating lease right-of-use assets (18,183) (15,383)
Deferred contract costs asset (12,035) (2,767)
Derivative instruments [1] (2,421) (358)
Marketable securities [1] (48) (25)
Other (155) 0
Deferred tax liabilities (34,056) (20,479)
Net deferred tax assets $ 58,682 $ 0
[1] Deferred taxes on derivatives and marketable securities are recorded in other comprehensive income.
v3.25.4
INCOME TAXES (Details 3) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax      
Theoretical tax benefit   $ 7,927 $ 765
Increase (decrease) in tax rate due to:      
Taxes resulting from non-deductible expenses   2,023 1,376
Temporary differences for which no deferred taxes were created   7,893 3,365
Tax credits   (1,629) (334)
Utilization of losses   (12,340) (1,117)
Adjustment for previous years taxes   (838) (523)
Preferred technological enterprise and the effect of different tax rates in other jurisdictions   (1,651) 1,158
Currency differences   84 (58)
Other $ 859 625 571
Total tax expense (benefit) $ (59,425) $ 2,094 $ 5,203
Rate      
Theoretical tax benefit 23.00% 23.00% 23.00%
Taxes resulting from non-deductible expenses   6.00% 41.00%
Temporary differences for which no deferred taxes were created   23.00% 101.00%
Tax credits   (5.00%) (10.00%)
Utilization of losses   (36.00%) (33.00%)
Adjustment for previous years taxes   (2.00%) (16.00%)
Preferred technological enterprise and the effect of different tax rates in other jurisdictions   (5.00%) 35.00%
Currency differences   0.00% (2.00%)
Other 1.40% 2.00% 17.00%
Effective tax (100.20%) 6.00% 156.00%
v3.25.4
INCOME TAXES (Details 4) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Israel statutory tax rate   $ 7,927 $ 765
Share-based compensation $ 2,857    
Changes in valuation allowances (53,919)    
Tax credits   (1,629) (334)
Preferred technological enterprise (4,471)    
Others 859 625 571
Effective tax rate $ (59,425) $ 2,094 $ 5,203
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Israel statutory tax rate 23.00% 23.00% 23.00%
Statutory tax rate difference between 21.00%    
Share-based compensation 4.80%    
Changes in valuation allowances (90.90%)    
Tax credits   (5.00%) (10.00%)
Preferred technological enterprise (7.50%)    
Others 1.40% 2.00% 17.00%
Effective tax rate (100.20%) 6.00% 156.00%
ISRAEL      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Israel statutory tax rate $ 13,643    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Israel statutory tax rate 23.00%    
UNITED STATES      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory tax rate difference between $ (327)    
Share-based compensation (3,979)    
Changes in valuation allowances (7,255)    
Others $ 768    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference between (0.60%)    
Share-based compensation (6.70%)    
Changes in valuation allowances (12.20%)    
Others 1.30%    
UNITED KINGDOM      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory tax rate difference between $ 152    
Changes in valuation allowances (2,204)    
Tax credits (2,046)    
Others $ 247    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference between 0.30%    
Changes in valuation allowances (3.70%)    
Tax credits (3.40%)    
Others 0.40%    
AUSTRALIA      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory tax rate difference between $ 239    
Changes in valuation allowances (2,215)    
Others $ 526    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference between 0.40%    
Changes in valuation allowances (3.70%)    
Others 0.90%    
POLAND      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory tax rate difference between $ (90)    
Changes in valuation allowances (989)    
Tax credits (1,040)    
Others $ 137    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference between (0.20%)    
Changes in valuation allowances (1.70%)    
Tax credits (1.80%)    
Others 0.20%    
Other Foreign Jurisdictions [Member]      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory tax rate difference between $ (318)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory tax rate difference between (0.50%)    
v3.25.4
INCOME TAXES (Details 5)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Effective Income Tax Rate Reconciliation [Line Items]  
Income taxes paid, net of amounts refunded $ 4,858
ISRAEL  
Effective Income Tax Rate Reconciliation [Line Items]  
Income taxes paid, net of amounts refunded 508
AUSTRALIA  
Effective Income Tax Rate Reconciliation [Line Items]  
Income taxes paid, net of amounts refunded 2,255
UK  
Effective Income Tax Rate Reconciliation [Line Items]  
Income taxes paid, net of amounts refunded 1,374
POLAND  
Effective Income Tax Rate Reconciliation [Line Items]  
Income taxes paid, net of amounts refunded 449
Other  
Effective Income Tax Rate Reconciliation [Line Items]  
Income taxes paid, net of amounts refunded $ 272
v3.25.4
EARNINGS (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) attributable to ordinary shareholders, basic and diluted $ 118,742 $ 32,372 $ (1,877)
Denominator:      
Weighted-average ordinary shares outstanding, basic 51,444,028 49,908,423 48,366,378
Dilutive effect:      
Employee share options, and RSUs 1,642,956 2,512,403 0
Weighted-average ordinary shares outstanding, diluted 53,086,984 52,420,826 48,366,378
Net income (loss) per share attributable to ordinary shareholders, basic $ 2.31 $ 0.65 $ (0.04)
Net income (loss) per share attributable to ordinary shareholders, diluted $ 2.24 $ 0.62 $ (0.04)
v3.25.4
EARNINGS PER SHARE (Details 1) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Anti-dilutive shares excluded from computation of diluted net loss per share attributable to common stockholders 301,730 135,191 4,294,853
Restricted Stock Units (RSUs)      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Anti-dilutive shares excluded from computation of diluted net loss per share attributable to common stockholders 274,368 105,091 1,215,601
Options [Member]      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Anti-dilutive shares excluded from computation of diluted net loss per share attributable to common stockholders 27,362 30,100 3,079,252
v3.25.4
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Total revenues $ 1,231,997 $ 971,995 $ 729,695
Share-based compensation (177,011) (129,209) (100,186)
Charitable contribution to Foundation 0 (24,208) 0
Income tax benefit related to valuation allowance reversal 61,150    
Tax benefit related to share-based compensation 1,017 2,486 3,392
Other segment items [1] (998,411) (788,692) (634,778)
Net income (loss) $ 118,742 $ 32,372 $ (1,877)
[1] Other segment expense items included within net income (loss) include payroll, financial income, net, advertising and marketing activities, overhead and depreciation, travel and entertainment, income taxes, information technology and communication, sales commissions and other miscellaneous expenses. See the consolidated financial statements for other financial information regarding the Company’s operating segment.
v3.25.4
SEGMENT REPORTING (Details 1) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Major Customer [Line Items]      
Total revenues $ 1,231,997 $ 971,995 $ 729,695
Segment revenue benchmark | Geographic concentration risk      
Revenue, Major Customer [Line Items]      
Total revenues 1,231,997 971,995 729,695
United States | Segment revenue benchmark | Geographic concentration risk      
Revenue, Major Customer [Line Items]      
Total revenues 619,191 484,523 364,070
EMEA | Segment revenue benchmark | Geographic concentration risk      
Revenue, Major Customer [Line Items]      
Total revenues 264,459 209,851 157,134
United Kingdom | Segment revenue benchmark | Geographic concentration risk      
Revenue, Major Customer [Line Items]      
Total revenues 134,576 101,538 73,236
Rest of the world | Segment revenue benchmark | Geographic concentration risk      
Revenue, Major Customer [Line Items]      
Total revenues $ 213,771 $ 176,083 $ 135,255
v3.25.4
SEGMENT REPORTING (Details 2) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue, Major Customer [Line Items]    
Property and equipment, net $ 53,888 $ 41,576
Property and equipment | Geographic concentration risk    
Revenue, Major Customer [Line Items]    
Property and equipment, net 203,037 136,279
Israel | Property and equipment | Geographic concentration risk    
Revenue, Major Customer [Line Items]    
Property and equipment, net 89,123 72,613
United States | Property and equipment | Geographic concentration risk    
Revenue, Major Customer [Line Items]    
Property and equipment, net 59,618 17,896
United Kingdom | Property and equipment | Geographic concentration risk    
Revenue, Major Customer [Line Items]    
Property and equipment, net 49,548 43,031
Rest of the world | Property and equipment | Geographic concentration risk    
Revenue, Major Customer [Line Items]    
Property and equipment, net $ 4,748 $ 2,739
v3.25.4
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 02, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]        
Stock repurchased and retired during period, shares 7,269,499      
Repurchase of ordinary shares $ 552,758 $ 135,028 $ 0 $ 0