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    Earnings call· Apr 2026(Q1 FY27)

    MongoDB Q1 FY27 earnings call MDB

    May 28, 2026 Source

    Executive summary

    MongoDB Q1 FY27 — Strong Atlas Growth and Operating Margin Expansion

    MongoDB delivered strong Q1 FY27 results, driven by accelerating Atlas consumption and robust operating margin expansion. The company is strategically positioning itself as a foundational data platform for AI and agentic workloads, leveraging its flexible architecture and integrated capabilities. Management is confident in its ability to capture future growth while maintaining profitability, as evidenced by raised full-year guidance.

    Highlights

    5

    • Total revenue reached $688 million, up 25% year-over-year, beating guidance and accelerating from 22% growth in prior years.

    • Atlas revenue grew 29.4% year-over-year, adding a record $117 million in dollar growth.

    • Non-GAAP operating margin was 18%, above guidance, and the company achieved GAAP profitability for the second consecutive quarter.

    • The total company net ARR expansion rate increased to 121% for the quarter, up from 119% a year ago.

    • Operating cash flow was $202 million and free cash flow was $198 million, significantly up from $110 million and $106 million respectively last year.

    Concerns

    1

    • EA and other revenue is expected to be approximately flat in the second half of FY27 due to tougher prior-year comparisons.

    Guidance & targets

    13
    CategoryTargetConfidence
    Q2 FY27 Revenue
    $729 million to $734 million
    high materiality
    High
    Q2 FY27 Non-GAAP Income from Operations
    $152 million to $156 million
    high materiality
    High
    Q2 FY27 Non-GAAP Net Income per Share
    $1.58 to $1.61
    high materiality
    High
    FY27 Revenue
    $2.92 billion to $2.96 billion
    high materiality
    High
    FY27 Non-GAAP Income from Operations
    $571 million to $591 million
    high materiality
    High
    FY27 Non-GAAP Net Income per Share
    $5.95 to $6.14
    high materiality
    High
    FY27 Operating Margin Expansion
    100 to 150 basis points
    medium materiality
    High
    Q2 FY27 Atlas Revenue Growth
    approximately 26%
    medium materiality
    High
    FY27 Atlas Revenue Growth
    23% to 25%
    medium materiality
    High
    Q2 FY27 EA and other Revenue Growth
    approximately 20%
    medium materiality
    High
    FY27 EA and other Revenue Growth
    mid-single-digit growth
    medium materiality
    High
    FY27 Non-GAAP Tax Provision
    20%
    low materiality
    High
    FY27 Rule of 40 Performance
    40%
    high materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Atlas
    Strong consumption, exceeding guidance. Main growth driver was strength in use cases at established enterprise customers (financial services, technology, media). Smaller but accelerating growth from early AI deployments, frontier labs, and AI-native companies. Particular strength in North America, driven by larger customers and self-serve business.
    Record year-over-year dollar growth: $117 millionRun rate: $2 billionAccounts for approximately 75% of total Q1 revenueCustomers: 66,400 (up from 55,800 a year ago)
    		—29.4%——
    EA & other
    Solid results driven by existing customers across all industries, particularly finance and technology, expanding on-prem footprint for traditional and AI applications.
    ARR growth: 11% YoY
    		—13%——

    Operational metrics

    17
    Total Revenue
    $688 million25% YoY growth
    Q1 FY27

    Accelerating from 22% growth in the year-ago quarter.

    Non-GAAP Operating Margin
    18%vs 16% in year ago period
    Q1 FY27

    Above the high end of guidance, benefiting primarily from strength in revenue driven by Atlas.

    Non-GAAP Gross Margin
    74.5%expanded by approximately 40 bps YoY
    Q1 FY27

    Approximately 100 basis points below Q4 FY26. Subscription gross margin was 60 bps below Q1 FY26 and 170 bps lower than Q4 FY26, driven by product mix and seasonality.

    GAAP Profitability
    second quarter in a row
    Q1 FY27

    A positive trend for the company.

    Non-GAAP Net Income
    $112 millionvs $86 million in year ago period
    Q1 FY27

    Reported for the first quarter.

    Non-GAAP EPS
    $1.32vs $1.00 in year ago period
    Q1 FY27

    Based on 85.3 million diluted shares outstanding.

    Cash, Cash Equivalents and Short-Term Investments
    $2.4 billion
    Q1 FY27 end

    Total balance at the end of the first quarter.

    Share Repurchases
    $100 million
    Q1 FY27

    Allocated towards share repurchases during the quarter.

    Taxes on Employee RSUs
    $58 million
    Q1 FY27

    Amount allocated to settle taxes on employee RSUs.

    Total Customer Count
    67,700up from 57,100 in year ago period
    Q1 FY27 end

    Growth driven primarily by Atlas.

    Customers with at least $100K in ARR
    2,89516% YoY growth
    Q1 FY27 end

    Revenue growth from this cohort outpaced total company revenue growth, consistent with the move upmarket.

    Atlas Customers leveraging 2+ features
    45%up from 37% in year-ago quarter
    Q1 FY27

    Reflects strong Atlas platform adoption among customers generating at least $100,000 in ARR.

    MongoDB 8.3 Performance Improvement
    up to 45% more reads
    Q1 FY27

    Performance improvement over MongoDB 8.0 without changing application code, enhancing capabilities for agentic workloads.

    Voyage Customers
    more than doubledQoQ
    Q1 FY27

    Reflecting early but encouraging demand for AI embedding capabilities.

    Vector Search Adoption
    far outpacing overall company growth
    Q1 FY27

    Indicates strong momentum for AI-related features.

    Net ARR Expansion Rate
    121%compared to 119% a year ago
    Q1 FY27

    Total company net ARR expansion rate, with Atlas being higher than the company average.

    Clarity Business Solutions Services Revenue
    $10 million
    annually

    Financial impact of the Clarity Business Solutions acquisition, already reflected in updated guidance.

    Industry KPIs

    9
    MetricValueDetails
    Rpo current rpo$1.46 billionUSD
    Rule of 40 margins40%%
    Customer logo metrics67,700customers
    Large customer cohorts2,895customers
    Software recurring arr11%%
    Genai ai book of business—
    Consumption revenue growth29.4%%
    Net revenue dollar retention121%%
    Ai agentic channel product adoption—

    Orderbook & backlog

    1
    Remaining Performance Obligations (RPO)$1.46 billionQ1 FY27 end

    88% YoY growth

    Represents obligations for contracts with a duration greater than 12 months; the current portion grew 69% YoY.

    Product announcements

    4
    ProductTypeDetails
    MongoDB 8.3launch
    Automated Voyage AI embeddingslaunch
    MongoDB Checkpointer for LangSmith deploymentlaunch
    MongoDB Plugin and agent skills on the Claude Code marketplacelaunch

    Deals & partnerships

    1
    Clarity Business Solutionsacquisition

    Acquired to accelerate U.S. federal vertical strategy, bringing deep domain expertise and high-level security clearances for highly classified workloads within the U.S. government. MongoDB previously held a small equity stake.

    Risks & headwinds

    1
    EA and other revenue growth deceleration in H2 FY27second half of the year

    approximately flat

    Mitigation: Management guides conservatively due to uncertainty around deal timing, only including closed or high-probability deals, and acknowledges tougher prior-year comparisons.

    Q&A highlights

    7

    Is the industry at an inflection point where agentic workloads will genuinely drive MongoDB consumption, or is the bigger impact still ahead?

    CJ Desai stated it's still early but sees very encouraging signs, especially with large financial services and healthcare companies. MongoDB is ready to scale customer-facing agentic workloads, offering a single platform for search, vectorization, and operational data. The architecture is well-suited for AI, and customers are excited about its potential as a long-term memory and intelligence layer.

    “early but I'm seeing very encouraging signs, and we are ready.”

    asked by Matthew Martino · answered by Chirantan Desai

    2 min read7 chapters

    Detailed Narrative

    01

    Strategic Platform Evolution

    MongoDB is increasingly becoming a strategic platform decision for large customers, moving beyond workload-by-workload evaluation. This shift is driven by its high performance, cloud-agnostic deployment, and integrated AI capabilities, which simplify polyglot data estates and reduce total cost of ownership. Zoom, for example, standardized its mission-critical workloads on MongoDB Enterprise Advanced for low latency and high availability across its collaboration services.

    02

    AI Opportunity & Momentum

    The company sees a dual opportunity in core workloads and AI, with AI-driven applications reinforcing existing data. MongoDB is gaining momentum across frontier labs, AI-native companies like Endor Labs, and enterprises deploying AI such as Zomato. These early customers are moving from experimentation to production, building AI applications on top of their operational data layers.

    03

    MongoDB as Memory Layer for AI Agents

    A significant emerging pattern is MongoDB being chosen as the memory layer for AI agents, which require transactional, high-velocity data retrieval. Adobe's Journey Agent, a multimodal AI agent, leverages MongoDB, Atlas Search, and Atlas Vector Search to power sub-100 millisecond hybrid search for real-time actions. This positions MongoDB as a critical component for agentic workloads.

    04

    Architectural Strengths for AI

    MongoDB's flexible schema is uniquely suited for prompt-driven development and unstructured document-shaped data, which is the 'lingua franca' for LLMs. Its transactional, high-performance data platform is built for how agents work, with MongoDB 8.3 delivering up to 45% more reads, 35% more writes, and 15% more ACID transactions over version 8.0 without application code changes.

    05

    Integrated AI Capabilities & Ecosystem

    MongoDB provides best-in-class retrieval accuracy through integrated Vector Search and Voyage embeddings. Automated Voyage AI embeddings entered public preview, simplifying semantic search for developers. The platform also integrates deeply with developer tools like LangChain, including the MongoDB Checkpointer for LangSmith deployment, and has launched plugins on the Claude Code marketplace, ensuring its presence wherever agents are built.

    06

    Go-to-Market and Product Leadership

    MongoDB has strengthened its leadership team with key appointments, including Ben Cefalo as CPO for core products and Pablo Stern-Plaza as CPO for AI and Emerging Products. Additionally, Erica Volini joined as Chief Customer Officer and Ryan Mac Ban as Chief Revenue Officer. This unified leadership team is focused on accelerating customer-driven innovation and capturing the market opportunity.

    07

    Federal Vertical Expansion

    The acquisition of Clarity Business Solutions is a strategic move to increase investment in the U.S. federal vertical. Clarity provides specialized support for highly classified workloads, and combined with the upcoming FedRAMP high certification, MongoDB aims to significantly expand its presence in this large and underserved market, which presents substantial unstructured data opportunities.

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