Research on leader-member exchange (LMX) has been central to the leadership literature, emphasizing high-quality relationships between leaders and followers as desirable for a range of outcomes. While LMX literature traditionally views the quality of LMX relationships as stable over time, this perspective is increasingly being challenged. Accordingly, this study aims to (1) examine the evolution of LMX relationships over a 6-month period among established dyads and identify profiles of LMX trajectories; (2) assess the impact of the current hybrid work context on the LMX trajectories by focusing on teleworking intensity, frequency and amount of leader-member interactions, monitoring practices (observational or interactional), and leader response expectations (e.g., pressure to remain available and respond rapidly to solicitations outside work hours); and (3) analyze the implications of these trajectories for established LMX outcomes (i.e., emotional exhaustion, performance, and turnover intentions). Using three-wave longitudinal data from 769 workers across various industries, we identified five distinct profiles over a period of six months (i.e., High and Increasing; Moderate and Decreasing; Moderately Low and Decreasing; Moderate and Steady; Very Low and Increasing). These profiles had differing implications for the studied outcomes, further supporting their validity. The results demonstrated that teleworking intensity and frequency and amount of leader-member interactions did not impact profile membership. However, monitoring practices played a critical role: observational monitoring was linked to the least desirable profiles, while interactional monitoring was associated with the most desirable ones. Moreover, all three managerial practices examined in this study impacted LMX trajectories, regardless of profile membership. The implications for LMX theory and managerial practices in the hybrid work context are discussed.