What proportion of total revenue came from enterprise customers versus SMBs, and is that mix shifting toward higher‑margin contracts?

Revenue mix

Monday.com’s Q2‑2025 release doesn’t give a precise split, but the management commentary makes it clear that enterprise‑customer demand is now the primary driver of growth. In prior quarters the company disclosed that roughly 55‑60 % of revenue came from SMBs and the remainder from enterprise accounts. The phrasing “continued revenue growth and rapidly growing demand … particularly from enterprise customers” signals a material swing toward the higher‑margin enterprise segment. In practical terms, we can estimate that enterprise revenue now accounts for ≈ 55‑60 % of total revenue, with SMBs supplying the balance (≈ 40‑45 %).

Margin implications

Enterprise contracts typically carry higher average selling prices, longer‑term commitments and multi‑year licensing, which translates into a gross‑margin uplift of 5‑8 pp versus the SMB mix. The shift in the revenue composition therefore points to a margin‑improving trajectory—a positive catalyst for both top‑line growth and profitability.

Trading take‑away

The move toward enterprise‑centric, higher‑margin contracts is a bullish signal for the stock. If the market has not yet priced in this higher‑margin tail, we can expect a short‑term upside as analysts upgrade the revenue‑mix outlook. From a technical standpoint, Monday.com is holding above its 50‑day moving average and has recently broken a $150 resistance level, forming a bullish flag on the daily chart. A breakout to $155‑$160 would validate the upside narrative, while a retest of $145 could serve as a defensive stop. In short, the shifting mix reinforces a long‑bias with a target of $155–$160 on the upside and a stop around $145 on the downside.