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% increase in full-year customer additions.

2. Strategic Updates and Business Highlights

• Customer Engagement: CEO CJ Desai emphasized strong customer interest in MongoDB’s platform, particularly among AI natives and large enterprises.
• 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.
• AI Capabilities: Growth in AI-related features, with significant increases in customers using vector search and embedding models.
• Leadership Changes: Erica Volini appointed as Chief Customer Officer to enhance customer experience; transition in other go-to-market leadership roles is ongoing.

3. Forward Guidance and Outlook

• Q1 Fiscal 2027 Guidance: Revenue expected between $659 million and $664 million, representing 20-21% growth year-over-year.
• Fiscal 2027 Guidance: Total revenue projected between $2.86 billion and $2.9 billion, indicating 16-18% growth. Non-GAAP operating margin expected to reach approximately 19.5%.
• Atlas Growth: Anticipated growth of approximately 26% in Q1 and 21-23% for the full fiscal year.
• Non-Atlas Growth: Expected mid- to upper single-digit growth in Q1 and low to mid-single-digit growth for fiscal 2027.

4. Bad News, Challenges, or Points of Concern

• AI Contribution: While AI is gaining traction, it is not yet a significant revenue driver, with many AI-native customers still early in their journey with MongoDB.
• Visibility Issues: There is limited visibility regarding consumption trends in the second half of fiscal 2027, which could pose forecasting challenges.
• Leadership Transition: Changes in go-to-market leadership could introduce uncertainty, although management expressed confidence in the existing team’s capabilities.

5. Notable Q&A Insights

• Developer Engagement: CJ Desai noted a successful local event in January, with 70% of attendees being new to MongoDB, indicating growing interest among developers.
• EA and Atlas Bundling: The bundling of EA and Atlas products was discussed, with some large deals leading to revenue attribution shifts that impacted Atlas growth rates.
• Market Dynamics: Desai highlighted a trend among enterprises to keep critical data on-premises, particularly in regulated industries, which could bolster the EA business.
• AI Workloads: There is optimism about future AI workloads, but current enterprise adoption remains limited, with significant potential for growth as enterprises modernize.

Overall, MongoDB demonstrated strong financial performance in Q4 2026, with promising growth in both Atlas and non-Atlas segments, while also navigating leadership changes and the evolving landscape of AI applications.