MDB — MongoDB, Inc.

MongoDB Q4 Fiscal Year 2026 Earnings Call Summary

1. Key Financial Results and Metrics:

• Total Revenue: $695 million, up 27% year-over-year, exceeding guidance by 4%.
• Atlas Revenue: Grew 29% year-over-year, crossing a $2 billion run rate, contributing 72% of total revenue.
• Non-Atlas Revenue: Grew 20% year-over-year, marking the best growth quarter in two years.
• Operating Margin: Non-GAAP operating margin of 23%, exceeding guidance by over 100 basis points.
• Net Income: $143 million, or $1.65 per share, compared to $108 million or $1.28 per share in the prior year.
• Customer Growth: Over 65,200 customers, adding 2,700 in Q4, with a 60% year-over-year increase in customer additions.

2. Strategic Updates and Business Highlights:

• Leadership Changes: Erica Volini appointed as Chief Customer Officer; Cedric Pech and Paul Keppambesis to transition out of their roles.
• AI Integration: Continued growth in AI capabilities, with significant customer interest in features like vector search and embeddings.
• Large Deals: Notable transactions included a $90 million deal with a tech company and a $100 million deal with a financial institution, marking the largest total contract value (TCV) deal in MongoDB's history.
• Market Positioning: MongoDB is increasingly seen as a strategic data platform for enterprises, with a focus on both core applications and emerging AI workloads.

3. Forward Guidance and Outlook:

• Q1 FY27 Revenue Guidance: Expected between $659 million and $664 million, representing 20% to 21% year-over-year growth.
• FY27 Revenue Guidance: Projected revenue between $2.86 billion and $2.9 billion, indicating growth of 16% to 18%.
• Atlas Growth Expectations: Anticipated growth of approximately 26% in Q1 and 21% to 23% for FY27.
• Non-Atlas Growth Expectations: Forecasted mid- to upper single-digit growth in Q1 and low to mid-single-digit growth for FY27.

4. Bad News, Challenges, or Points of Concern:

• Visibility Concerns: There is less visibility for the second half of FY27 due to the consumption-based nature of the business and potential variability from large deals.
• AI Revenue Impact: While AI is a growing focus, it has not yet become a material revenue driver, with many AI-native customers still early in their MongoDB journey.
• Leadership Transition Risks: Changes in go-to-market leadership could introduce uncertainty, although management expressed confidence in the current team.

5. Notable Q&A Insights:

• Developer Engagement: CJ Desai noted high attendance at a recent developer event, indicating strong interest from non-customers, which could enhance future growth.
• EA and Atlas Bundling: The bundling of EA and Atlas products impacted revenue attribution, with a significant deal leading to more revenue being attributed to EA than initially expected.
• Customer Modernization Trends: Customers are increasingly looking to modernize their infrastructure, with a preference for on-prem solutions in regulated industries, which could benefit MongoDB's EA business.
• Future Product Strategy: The focus will be on ensuring MongoDB remains attractive to both developers and AI agents, with ongoing enhancements to product capabilities.

Overall, MongoDB reported strong financial results and strategic positioning, with a positive outlook despite some visibility challenges and the need to further capitalize on AI opportunities.