In the growing work management software arena, two platforms, Asana and Monday.com, have become top contenders. Both went public within a year of each other (Asana in September 2020, Monday.com in June 2021), but their scale-up journeys differ greatly.
**The Bottom Line: Monday.com Takes the Lead**
In 2024, Monday.com generated $972M in revenue compared to Asana’s $653M—showcasing Monday.com’s 49% revenue lead. Monday.com’s Q1 2025 revenue reached $282.3M with a 30% year-over-year rise, while Asana’s Q1 2026 was $187.3M with only 9% growth. This indicates Monday.com makes 51% more quarterly revenue and is growing over three times faster.
The numbers only partially tell the story. For SaaS operators, the critical question is: *how* did Monday.com achieve this revenue gap?
**The Revenue Growth Story: Different Strategies, Different Results**
**Monday.com: The Land-and-Expand Master**
The revenue of Monday.com accelerated in two phases: from $13M in 2017 to $972M in 2024, marking an 8-year CAGR of roughly 79%. Their significant growth spike occurred in 2018 when annualized revenue jumped 200% to $50 million—a turning point followed by consistent triple-digit growth till 2022.
**Asana: A Steady Growth Trend**
Asana exhibits consistent growth: from an estimated $35M in 2017 to $724M in 2024, representing an 8-year CAGR of around 51%. In Q1 2026, Asana retained 95% of its customers but lagged in expansion speed compared to Monday.com. Asana’s $100K+ customer growth stood at 20% year-over-year, behind Monday.com’s 46%. Alarmingly, Asana’s revenue growth slowed to 19% in 2024, against Monday.com’s 33%.
**Product Strategy: Platform vs. Workflow**
**Monday.com’s Multi-Product Approach**
Monday.com diversified into CRM, development, and service management, yielding positive results with enterprise clients, demonstrated by its new enterprise work management tools launched in Q1 2025.
**Asana’s AI-Centric Strategy**
Asana focuses on AI integration with its Work Graph architecture to enhance productivity. Despite being a compelling concept, it remains more vision than tangible revenue generator.
**Market Dynamics: The Enterprise Shift**
Enterprise adoption starkly differentiates the two. Monday.com boasts 46% year-over-year growth among customers generating over $100K in ARR, while Asana grew by 20%. Asana’s overall growth dropped to 19% in 2024, illustrating Monday.com’s dominance in enterprise deals.
**Financial Health: Profitability Battle**
**Monday.com’s Profit Quest**
By Q1 2025, Monday.com achieved a GAAP operating income of $9.8M from a $5.0M loss in Q1 2024, with a non-GAAP operating margin of 14%. They’re not just growing faster—they’re doing so profitably.
**Asana’s Efficiency Gains**
Asana reported its first positive non-GAAP operating margin of 4% in Q1 2026, with an operating income of $8.1M. However, with only 9% revenue growth, it lags behind Monday.com’s 30%.
**What This Means for SaaS Operators**
1. **Land-and-Expand Execution Matters**: Monday.com’s 112% net dollar retention beats Asana’s 96%, translating to rapid growth. Their ability to grow within existing accounts stands out.
2. **Enterprise Strategy Wins**: Focused on enterprise sales, Monday.com generated bigger deals with higher lifetime customer value, appointing Casey George as Chief Revenue Officer to further bolster this area.
3. **Platform Dominates Point Solutions**: Monday.com’s multi-product approach helps capture more customer spending than Asana’s narrower focus.
**The Verdict: Monday.com Crowned the Leader**
While Asana remains strong, Monday.com has excelled in executing a SaaS playbook: fast revenue growth, expanding enterprise reach, improved unit economics, and profitability. With revenue hitting $1.04B and 32% growth, Monday.com is the clear category leader.
For Asana, revitalizing growth through the land-and-expand model and demonstrating AI as a significant revenue driver are crucial. With growth down to 19% in 2024 and 9% in Q1 2026, Asana must boost its growth dynamics. The work management sector could accommodate multiple frontrunners, but Monday.com now leads the race.
**For B2B operators, the lesson is clear**: effective execution outshines vision, land-and-expand strategies beat acquiring new logos, and enterprise customers drive sustainable growth. Monday.com mastered