In the increasingly crowded work management software space, two platforms have emerged as clear category leaders: Asana and Monday.com. Both companies went public within a year of each other (Asana in September 2020, Monday.com in June 2021), but their growth stories couldn’t be more different at scale.
The Bottom Line: Monday.com Pulls Decisively Ahead
Monday.com generated $972M in revenue for 2024 compared to Asana’s $653M – a gap of $319M that represents Monday.com’s commanding 49% revenue advantage. More importantly, Monday.com’s Q1 2025 revenue hit $282.3M with 30% year-over-year growth, while Asana’s Q1 2026 came in at $187.3M with just 9% growth – meaning Monday.com is generating 51% more quarterly revenue and growing more than 3x faster.
But the numbers only tell part of the story. The real question for SaaS operators is: how did Monday.com execute this dramatic revenue separation?
The Revenue Growth Tale: Different Strategies, Different Outcomes
Monday.com: The Land-and-Expand Powerhouse
Monday.com’s revenue trajectory shows two distinct phases of acceleration: $13M (2017) → $39M (2018) → $70M (2019) → $100M (2020) → $236M (2021) → $519M (2022) → $730M (2023) → $972M (2024). This represents an 8-year CAGR of approximately 79% since 2017.
The real inflection point came in 2018 with Monday’s annualized revenue growing from $18 million to $50 million in 2018 – a 200% year-over-year jump that signaled their breakthrough moment. This was followed by sustained triple-digit growth through 2022.
Asana: The Steady Growth Story
Asana’s growth pattern shows more consistent, measured expansion: estimated $35M (2017) → ~$50M (2018) → $77M (2019) → $143M (2020) → $227M (2021) → $378M (2022) → $547M (2023) → $724M (2024). While impressive, this represents an 8-year CAGR of approximately 51% since 2017.
Asana’s Q1 2026 dollar-based net retention rate was 95%, indicating they’re successfully retaining customers but struggling with the expansion velocity that Monday.com has mastered. Their $100K+ customer growth was 20% year-over-year, still trailing Monday.com’s 46% pace. More concerning, Asana’s revenue growth decelerated sharply to just 19% in 2024, compared to Monday.com’s consistent 33%.
Product Strategy: Platform vs. Workflow
Monday.com’s Multi-Product Bet Monday.com has aggressively expanded beyond work management into CRM (monday sales), development (monday dev), and service management. This platform approach is paying dividends with enterprise customers, as evidenced by their new enterprise work management capabilities launched in Q1 2025.
Asana’s AI-First Vision Asana is betting heavily on AI integration with their Work Graph architecture, positioning themselves as the platform where “people and AI collaborate to reach new levels of productivity”. While compelling, this remains more vision than proven revenue driver.
Market Dynamics: The Enterprise Shift
The most telling difference lies in enterprise adoption. Monday.com now serves customers generating over $100K in ARR with 46% year-over-year growth, while Asana’s customers spending $100K+ grew 20% year-over-year. Monday.com is simply winning more enterprise deals faster, while Asana’s overall growth has decelerated to just 19% in 2024.
Monday.com now serves approximately 245,000 customers, demonstrating both broad market appeal and successful enterprise penetration.
Financial Health: Profitability Race
Monday.com’s Path to Profitability Monday.com achieved GAAP operating income of $9.8M in Q1 2025 compared to a loss of $5.0M in Q1 2024, with non-GAAP operating margin hitting 14%. They’re not just growing faster – they’re doing it profitably.
Asana’s Efficiency Gains Asana achieved its first positive non-GAAP operating margin in company history in Q1 2026 at 4%, with non-GAAP operating income of $8.1M. However, their 9% revenue growth significantly trails Monday.com’s 30% pace.
What This Means for SaaS Operators
- Land-and-Expand Execution Matters: Monday.com’s superior net dollar retention (112% vs 96%) translates directly to faster growth. Their ability to expand within existing accounts is the key differentiator.
- Enterprise Strategy Wins: Monday.com’s focused enterprise push is generating larger deal sizes and higher customer lifetime value. Their appointment of Casey George as Chief Revenue Officer signals continued investment in enterprise sales.
- Platform Beats Point Solution: Monday.com’s multi-product platform strategy is enabling them to capture more wallet share per customer compared to Asana’s more focused approach.
The Verdict: Monday.com Takes the Crown
While both companies remain strong players, Monday.com has executed a near-flawless SaaS playbook: rapid revenue growth, expanding enterprise footprint, improving unit economics, and achieving profitability. With trailing twelve-month revenue hitting $1.04B and 32% year-over-year growth, Monday.com has established itself as the clear category leader.
For Asana, the path forward requires accelerating their land-and-expand motion and proving that their AI-first strategy can drive material revenue acceleration. With growth slowing to 19% in 2024 and just 9% in Q1 2026, Asana faces an urgent need to reignite their growth engine. The work management space is large enough for multiple winners, but Monday.com has claimed the pole position.
For B2B operators, the lesson is clear: execution trumps vision, land-and-expand beats new logo acquisition, and enterprise customers drive sustainable growth. Monday.com mastered all three while Asana excelled at only one.
Revenue Growth Comparison: 2017-2025
Here’s how the two companies stack up:
Key Takeaway: Monday.com’s explosive 200% growth in 2018 marked the beginning of its category leadership, while Asana’s more measured approach ultimately left it trailing in the revenue race. The revenue gap has grown from $166M in 2022 to $319M in 2024, with Monday.com now 49% larger than Asana.
And perhaps even more importantly, Monday is worth 4.4x more.
