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    Earnings call· Jan 2026(Q4 FY26)

    MongoDB Q4 FY26 earnings call MDB

    Mar 2, 2026 Source

    Executive summary

    MongoDB Q4 FY26 — Strong Growth Across Atlas and Non-Atlas, Exceeding Guidance

    MongoDB delivered a strong Q4 FY26, exceeding revenue and operating margin guidance, driven by robust Atlas and non-Atlas growth. The company is strategically investing in AI capabilities and Enterprise Advanced, while navigating leadership transitions in its go-to-market team. Management remains committed to long-term growth and profitability, focusing on expanding its platform for AI and multi-cloud environments.

    Highlights

    5

    • Total revenue reached $695 million, up 27% year-over-year, beating the high end of guidance by 4%.

    • Atlas revenue grew 29% year-over-year, crossing the $2 billion run rate for the first time.

    • Non-Atlas revenue grew 20% year-over-year, marking its best growth quarter in the last 2 years.

    • Non-GAAP operating margin was 23%, more than 100 basis points above the high end of guidance.

    • The total company net ARR expansion rate increased to 121% in Q4, up from 120% last quarter and 119% a year ago.

    Concerns

    3

    • The President of Field Operations and Chief Revenue Officer are departing, necessitating a leadership transition and search for a new CRO.

    • Atlas growth was impacted by a large bundled deal, which attributed more revenue to Enterprise Advanced (EA), reducing Atlas growth by approximately 1% (from 30% to 29%).

    • Non-Atlas growth guidance for FY27 is set at low to mid-single-digit, reflecting the inherent difficulty in forecasting large multi-year deals.

    Guidance & targets

    16
    CategoryTargetConfidence
    Q1 FY27 Revenue
    $659 million to $664 million
    high materiality
    High
    Q1 FY27 Non-GAAP Income from Operations
    $105 million to $109 million
    medium materiality
    High
    Q1 FY27 Non-GAAP Net Income per Share
    $1.15 to $1.19
    high materiality
    High
    Full-year FY27 Revenue
    $2.86 billion to $2.9 billion
    high materiality
    High
    Full-year FY27 Non-GAAP Income from Operations
    $545 million to $565 million
    high materiality
    High
    Full-year FY27 Non-GAAP Net Income per Share
    $5.75 to $5.93
    high materiality
    High
    Full-year FY27 Atlas Revenue Growth
    approximately 21% to 23%
    high materiality
    Medium
    Q1 FY27 Atlas Revenue Growth
    approximately 26%
    medium materiality
    High
    Full-year FY27 Non-Atlas Revenue Growth
    low to mid-single-digit growth
    medium materiality
    Medium
    Q1 FY27 Non-Atlas Revenue Growth
    mid- to upper single-digit growth
    medium materiality
    Medium
    FY27 Operating Margin Expansion
    100 basis points
    high materiality
    High
    FY27 Cash Conversion
    80% to 100%
    medium materiality
    High
    FY27 Free Cash Flow Commitment
    100% of free cash flow
    medium materiality
    High
    Long-term Atlas Growth
    greater than 20%
    high materiality
    High
    Long-term Rule of 40
    Rule of 40 company
    high materiality
    High
    Long-term Total Revenue Growth
    high teens
    high materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Atlas
    Atlas growth was driven by continued strength with largest customers in North America and Europe, reflecting its growing strategic importance. Would have been approximately 30% growth without the impact of a large bundled deal attributing more revenue to EA.
    Percent of total revenue: 72%
    		—29%——
    Non-Atlas
    Best growth quarter in the last 2 years, driven by strength with financial services, public sector, and technology customers choosing MongoDB for mission-critical applications.
    		—20%——

    Operational metrics

    15
    Total Revenue
    $695 millionup 27% year-over-year
    Q4 FY26

    Exceeded high end of guidance by 4%.

    Non-GAAP Operating Margin
    23%up from 21% in year-ago period
    Q4 FY26

    More than 100 basis points above the high end of guidance.

    GAAP Operating Income
    $159 million
    Q4 FY26

    Achieved positive GAAP operating income in Q4.

    Non-GAAP Net Income
    $143 millioncompared to $108 million in year-ago period
    Q4 FY26
    Non-GAAP EPS
    $1.65compared to $1.28 in year-ago period
    Q4 FY26
    Total Customers
    over 65,200added 2,700 in Q4
    Q4 FY26

    Full year customer additions increased 60% year-over-year.

    Customers leveraging Vector Search
    nearly doubledyear-over-year
    Q4 FY26

    Growth seen across diverse range of customers: AI natives, digital natives, and large enterprises.

    Customers using Voyage embedding models
    doubledsince acquisition last February
    Q4 FY26

    Growth seen across diverse range of customers: AI natives, digital natives, and large enterprises.

    Non-Atlas ARR Growth
    13%year-over-year
    Q4 FY26

    Reflects underlying revenue growth without impact of changes in duration.

    Deferred Revenue Growth
    strong
    Q4 FY26

    Indicates strength, particularly from higher-than-expected multiyear EA deals.

    Cash and Investments Balance
    nearly $2.4 billion
    Q4 FY26

    Balance at the end of the fourth quarter.

    Shares Repurchased
    133,000 shares
    Q4 FY26

    Part of share buyback program to partially offset dilution.

    Cash Settlement for Employee RSUs
    $60 million
    Q4 FY26

    Used for cash settlement of taxes on employee RSUs instead of issuing new shares.

    Operating Cash Conversion
    exceeding 100%up significantly from approximately 50% in FY24 and FY25
    FY26

    Meaningful progress in cash management during fiscal '26.

    Non-GAAP Tax Provision
    20%
    Q1 FY27 and FY27

    Assumption for non-GAAP net income per share guidance.

    Industry KPIs

    8
    MetricValueDetails
    Rpo current rpo$1.47 billionUSD
    Rule of 40 marginsabove a Rule of 40 performance
    Customer logo metrics65,200customers
    Large customer cohorts2,799customers
    Bookings tcv book to billgreater than $100 millionUSD
    Genai ai book of businessnearly doubled
    Net revenue dollar retention121%%
    Ai agentic channel product adoption44%%

    Orderbook & backlog

    1
    Remaining Performance Obligations (RPO)$1.47 billionend of fiscal '26

    97% year-over-year growth

    Grew from $748 million at the end of fiscal '25.

    Deals & partnerships

    4
    large tech companycustomer contractapproximately $90 million

    Plans to expand both core and AI workloads on Atlas.

    large financial institutioncustomer contractgreater than $100 million

    For Enterprise Advanced (EA), representing the largest TCV deal in MongoDB's history.

    Adobestrategic partnershiplong-term commitment

    MongoDB underpins a range of Adobe's key initiatives, including Agentic experiences powered by Atlas Vector Search and soon Voyage embeddings. Adobe leverages Atlas for large fleets and always-on database deployments, and partners for self-managed business-critical workloads on EA.

    Axon Networkscustomer contract

    Selected EA as the foundation for its Operator as a Service platform, delivering a real-time digital twin and API-first architecture for massive data peaks and high-volume time series workloads. EA provides flexibility across hyperscalers and bare metal, with enterprise-grade security for Axon's AI-first autonomous networking platform.

    Risks & headwinds

    4
    Departure of President of Field Operations and Chief Revenue OfficerQ1 and Q2 FY27

    Leadership transition

    Mitigation: Planned transition; Erica Volini appointed Chief Customer Officer; Paul Capombassis to remain CRO through Q1 and advisor through Q2; deep bench of go-to-market talent; search for new CRO underway.

    Limited visibility for Atlas consumption business in the back half of the fiscal yearH2 FY27

    Consumption business visibility

    Mitigation: Acknowledged as inherent to consumption model; company is getting better at forecasting Atlas; Atlas growth expected to be 21-23% for FY27.

    Difficulty in predicting multi-year EA dealsFY27

    Forecasting variability

    Mitigation: Guidance includes only closed deals or those with high probability to limit negative surprises; company hopes to outperform but maintains conservative forecast.

    AI not yet a material driver to overall resultsCurrent

    AI revenue contribution not material

    Mitigation: Encouraged by growth in customers leveraging AI capabilities (Vector Search, Voyage embeddings); many AI native customers are early in their MongoDB journey; continued investment in AI capabilities.

    Q&A highlights

    7

    What were CJ's impressions of developer buy-in at the January San Francisco event, especially regarding increasing mindshare?

    CJ noted the event was a great success, exceeding expectations with a long line of attendees. Approximately 70% of attendees were new to MongoDB, indicating increased mindshare among builders, particularly AI native companies. Due to its success, another DotLocal event is planned for August.

    “Here, around 70% had not used MongoDB. And that's what gave me a lot of conviction that it was a successful event where we are increasing the mindshare of the builders in the San Francisco Bay area where a lot of AI native companies are being built.”

    asked by Raimo Lenschow · answered by Chirantan Desai

    2 min read6 chapters

    Detailed Narrative

    01

    CEO's First Quarter Observations

    CJ Desai, in his first full quarter, engaged with over 200 customers globally, spanning AI natives to Fortune 500 enterprises. His key takeaway is that MongoDB's foundation is robust, positioning it as a generational data platform for the AI and multi-cloud era. Customers are leveraging the platform for high-performing, dynamically scaling solutions, multi-cloud resiliency, and integrated AI features like search, vector search, and embeddings.

    02

    Strategic Importance of Enterprise Advanced (EA)

    The company noted a renewed importance of on-premises deployment, particularly in regulated industries such as financial services, telecommunications, and government. These customers view EA as mission-critical for operational resilience and for data that will not migrate to the public cloud. MongoDB is actively investing in EA to achieve feature parity with Atlas, reinforcing its commitment to supporting hybrid infrastructure needs for its largest customers.

    03

    AI Native Customer Momentum

    MongoDB is driving innovation at AI-native companies like Emergent Labs and 11 Labs. Emergent Labs selected Atlas over PostgreSQL to power AI agents for building production-ready applications, handling massive codebases. 11 Labs utilizes Atlas Search and Vector Search for long-term memory and knowledge bases for autonomous agents, enabling personalized interactions at global scale. This highlights MongoDB's architectural suitability for evolving AI use cases.

    04

    Go-to-Market Leadership Transition

    MongoDB announced a planned transition in its go-to-market leadership, with Cedric Pech (President of Field Operations) and Paul Capombassis (Chief Revenue Officer) departing. Erica Volini joins as Chief Customer Officer, focusing on accelerating partner growth, deepening enterprise footprint, and enhancing customer experience. The search for a new CRO is in its final stages, with a focus on candidates experienced in high-end enterprise and consumption-based models.

    05

    Platform Strategy and Customer Expansion

    MongoDB is increasingly recognized as an architectural foundation for frontier model companies and leading digital natives. The platform's flexibility, performance, scale, multi-cloud capability, and integrated AI functionality resonate with customers. Adobe, for example, expanded its strategic partnership, leveraging Atlas for AI-driven innovation with Vector Search and future embeddings, while also using EA for self-managed business-critical workloads, demonstrating seamless operation across cloud and on-prem environments.

    06

    Developer Mindshare and Agentic Workflows

    The company successfully hosted a "DotLocal" event in San Francisco, attracting a significant number of non-MongoDB users, indicating increased mindshare among builders, especially in the AI native space. Management aims to make MongoDB equally appealing to AI agents as it is to human developers, focusing on machine-friendly APIs and autonomous scaling capabilities for future releases, with further innovations to be announced throughout the year.

    AI-generated summary of the company’s earnings call. Not investment advice.