The work platform where every large customer spends 16% more year after year — and AI agents haven't started billing yet

The Israeli work management platform closed fiscal 2025 with 1.232 billion dollars in revenue, up 27% year on year, a 90% gross margin, non-GAAP operating income of 175.3 million dollars at a 14% margin and, for the first time, a GAAP net profit of 233.6 million dollars, completing the transition from heavily loss-making startup to profitable scale-up in four years. The enterprise cohort is pulling the story forward: customers spending more than 100,000 dollars in ARR grew 45% to 1,756, those above 500,000 dollars grew 74% to 87, and the net dollar retention rate for customers above 50,000 dollars ARR hit 116%, meaning the average large customer organically spends 16% more each year without the company signing a single new logo.

For 2026, management guided 1.452–1.462 billion dollars in revenue, 18–19% growth, with non-GAAP operating income of 165–175 million dollars and a compressed margin of 11–12%, reflecting deliberate reinvestment in AI product development rather than further…