MongoDB, Inc.
MDB · Nasdaq
Next quarter
Expected to report Nov 30, 2026 — estimated from last year’s reporting date.
Consensus is $0.07 EPS for Oct 2026 across 8 estimates, ranging $0.01 to $0.16.
MDB Jul 2026
- 575.00%
- -13.54%
- $0.08
- $0.54
- —
- $771.77M
Reported results
- $771.77M
- 73.83%
- $28.40M
- 3.68%
- $40.94M
- $0.50
Highlights
- Revenue: Q2 FY2027 revenue was $771.8 million, up 30% year over year from $591.4 million and 12% sequentially from $687.6 million.
- Earnings: Diluted GAAP EPS was $0.50 versus consensus of $0.08, a 575% surprise, while net income was $40.9 million versus a $47.0 million loss a year ago and $4.4 million in Q1.
- Atlas and enterprise: Atlas-related revenue rose 29% year over year to $565.9 million, while MongoDB Enterprise Advanced and other revenue increased 36% to $181.2 million.
- Operating leverage: GAAP operating income was $28.4 million, compared with a $65.3 million loss a year ago and a $24.8 million loss in Q1; non-GAAP operating margin expanded to 24% from 15% a year ago.
- Forward indicators: Remaining performance obligations increased 91% year over year to $1.52 billion, with current RPO up 73% to $797.3 million.
- Cash generation: Free cash flow nearly doubled to $137.6 million from $69.9 million a year ago, while operating cash flow rose to $141.9 million from $72.1 million.
- Customer expansion: Total customers reached more than 70,600, including more than 69,300 Atlas customers; customers with at least $100,000 of ARR rose to 2,999 from 2,564, and net ARR expansion was 122%.
- Outlook: MongoDB raised full-year FY2027 revenue guidance to $2.99 billion-$3.03 billion and non-GAAP EPS guidance to $6.39-$6.58, with management saying the second-half increase was mainly Atlas-driven.
Analysis
MongoDB's Q2 FY2027 was a broad-based acceleration print: revenue of $771.8 million grew 30% year over year, the company's highest growth rate in several years according to management, and exceeded the prior quarter's $687.6 million by 12%. GAAP diluted EPS of $0.50 was well above the $0.08 consensus expectation, while net income reached $40.9 million versus a $47.0 million loss in the year-ago quarter and $4.4 million in Q1. The result marked the third consecutive quarter of GAAP EPS profitability, although the $0.50 figure includes $17.5 million of net other income and the company recorded $148.9 million of stock-based compensation expense.
The print was defined by sustained Atlas consumption, stronger Enterprise Advanced growth and sharply improved leverage. Atlas-related revenue rose 29% to $565.9 million, while Enterprise Advanced and other revenue increased 36% to $181.2 million. Gross margin improved to 74% from 71% a year ago, and non-GAAP operating margin expanded to 24% from 15%. RPO growth of 91% and 122% net ARR expansion supported the raised outlook. MongoDB now expects FY2027 revenue of $2.99 billion-$3.03 billion and non-GAAP EPS of $6.39-$6.58, while guiding Q3 revenue to $756 million-$761 million.
Revenue and demand
Revenue growth reaccelerated across both major subscription categories. Total revenue increased $180.4 million year over year, with subscription revenue contributing $174.8 million of the increase. Management attributed the subscription performance primarily to higher Atlas consumption among large existing customers and continued Enterprise Advanced expansion. Services revenue also grew 29% to $24.6 million, though it remains only 3% of total revenue.
- Atlas: Atlas-related revenue rose 29% year over year to $565.9 million and represented 73% of total revenue, compared with 74% a year ago.
- Enterprise Advanced: MongoDB Enterprise Advanced and other revenue increased 36% to $181.2 million and represented 21% of subscription revenue.
- Geography: Revenue increased to $478.3 million in the Americas, $210.3 million in EMEA and $83.2 million in Asia Pacific, from $364.2 million, $161.0 million and $66.2 million, respectively, a year ago.
Profitability and cash flow
The quarter showed substantial operating leverage despite continued investment in product development. GAAP operating income was $28.4 million, or a 4% margin, versus a $65.3 million loss and an 11% negative margin a year ago. The company also generated $137.6 million of free cash flow, nearly twice the year-ago amount, although stock-based compensation remained significant at $148.9 million.
- Margins: GAAP gross margin rose to 74% from 71%, while non-GAAP gross margin increased to 76% from 74%. Subscription gross margin was 77%, aided by mix and Atlas scale efficiencies.
- Non-GAAP leverage: Non-GAAP operating income increased to $185.9 million from $86.8 million, lifting operating margin to 24% from 15%.
- Cash generation: Operating cash flow increased to $141.9 million from $72.1 million, and free cash flow rose to $137.6 million from $69.9 million.
- Investment: Research and development expense increased 18% to $213.9 million, including higher infrastructure and AI-tool spending; sales and marketing rose 4% to $253.1 million.
Customer expansion and backlog
The operating indicators point to continued land-and-expand activity. MongoDB's customer base passed 70,600, while the number of customers generating at least $100,000 of ARR reached 2,999. Net ARR expansion of 122% indicates that existing customers, in aggregate, were spending materially more than they had a year earlier.
- Customer base: Total customers increased from more than 59,900 at July 31, 2025 to more than 70,600, while Atlas customers rose from more than 58,500 to more than 69,300.
- Large accounts: Customers with at least $100,000 of ARR increased 17% year over year to 2,999 from 2,564.
- Contract visibility: RPO reached $1.52 billion, up 91% year over year; 52% is expected to be recognized over the next 12 months and 45% over the following 13 to 36 months, subject to customer consumption.
AI platform investments
MongoDB continued positioning its database as an infrastructure layer for AI applications, with product releases spanning both cloud and self-managed deployments. The company made Search and Vector Search generally available in Enterprise Advanced and introduced additional retrieval capabilities in Atlas, extending the same platform and APIs across cloud, private-cloud and hybrid environments.
- Retrieval: Automated Embeddings powered by Voyage AI, the Atlas Embedding and Reranking API, voyage-code-4 and Vector Search in Atlas Stream Processing became generally available in Atlas.
- Developer agents: The Atlas Managed MCP Server connects coding agents including Claude Code, Codex, Grok Build and Devin to live Atlas data without customers managing additional infrastructure.
- Product investment: Research and development spending rose 18% year over year to $213.9 million, including an $8.1 million increase in third-party infrastructure and a $7.0 million increase in software costs tied to AI tools.
Raised fiscal outlook
MongoDB raised its full-year FY2027 guidance, with the company saying the second-half increase was mainly attributable to Atlas. The new outlook implies continued growth but also a lower-revenue third quarter than Q2, consistent with the company's consumption-based Atlas model and normal quarterly variability.
- Q3 guidance: Revenue is expected at $756 million-$761 million, with GAAP EPS of $0.00-$0.05 and non-GAAP EPS of $1.57-$1.61.
- Full-year guidance: Revenue is expected at $2.99 billion-$3.03 billion, GAAP operating loss at $28 million-$8 million, non-GAAP operating income at $616.3 million-$636.3 million and non-GAAP EPS at $6.39-$6.58.
- Liquidity and capital allocation: MongoDB held $2.4 billion in cash, cash equivalents, short-term investments and restricted cash at quarter-end. It repurchased $200.0 million of stock in the first half, leaving $399.7 million of authorization.
