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Menstrual leave is a policy allowing menstruators to take paid or unpaid time off work if experiencing painful menstrual cycle-related symptoms or illnesses. Scholars have displayed an increased interest in menstrual leave, primarily owing to the rise in companies offering menstrual leave. Efforts have been made to theorise the potential benefits and drawbacks of menstrual leave. Building on prior work, this article conducts a thematic analysis of twelve menstrual leave policy announcements from companies in five countries. Guided by an intersectional feminist theoretical framework, the article uncovers two themes in menstrual leave policy announcements: (1) recognition of menstrual stigma and the potential to normalise menstruation and menstrual health; and (2) the potential for increased worker power. It subsequently develops two critical arguments: (1) menstrual leave may perpetuate (hetero)sexist beliefs and attitudes, and (2) menstrual leave may reify individual responsibility to manage menstruation and facilitate a positive culture around menstrual leave. This research adds to menstruation literature by being one of the few studies to investigate company-level menstrual leave policy announcements in a transnational context. A broader conceptualisation of menstrual leave, including the transition to 'menstrual flexibility' as an umbrella term, could help such policies become equity tools.