Snapshot
MongoDB, Inc. reported $695M of revenue in Q4 2026, up 26.7% year over year, with diluted EPS of $0.18 and an operating margin of 0.0%.
- Revenue
- $695M
- YoY growth
- +26.7%
- Diluted EPS
- $0.18
- Operating margin
- 0.0%
What management said
- •Please refer to the tables in our earnings release on the investor relations portion of our website for a reconciliation of these measures to the most directly comparable GAAP financial measures.
- •We generated total revenue of $695 million, up 27% year-over-year, beating the high end of the guidance by 4%.
- •Top-line strength was driven by Atlas, which grew 29% year-over-year, crossing the $2 billion run rate mark for the first time and generating a record $114 million in net new revenue in the quarter.
- •Non-Atlas grew 20% year-over-year, our best growth quarter in the last two years.
- •We delivered a non-GAAP operating margin of 23%, more than 100 basis points above the high end of guidance.
- •While AI is not yet a material driver to our results, we are encouraged by the growth we are seeing with customers leveraging our AI capabilities.
- •The number of customers leveraging Vector Search has nearly doubled year-over-year, and the number of customers using Voyage embedding models has also doubled since the acquisition last February.
- •This growth is across a diverse range of customers, AI natives, digital natives, and large enterprises.
- •We finished fiscal 2026 on a high note, with strength in Q4 driven by our continued go-to-market execution and the broad-based demand we have seen across the business.
- •Our teams generated record new ARR in Q4, an acceleration of that metric in fiscal 2026.
- •Our EMEA team had an especially strong Q4, generating record new ARR driven by wins at major financial institutions, large retailers, and leading tech companies.
- •We outperform on operating margin, achieving above our Rule of 40 performance and demonstrating that we can drive durable revenue growth while simultaneously expanding margin.
What went well
- •Total revenue was $695 million, up 27% year-over-year, beating the high end of guidance by 4%.
- •Atlas grew 29% year-over-year, crossing the $2 billion run rate mark for the first time and generating a record $114 million in net new revenue in the quarter.
- •Non-Atlas grew 20% year-over-year, the best growth quarter in the last two years, with non-Atlas ARR up 13% year-over-year.
- •The company signed several large deals including an approximately $90 million Atlas transaction with a large tech company and a greater-than-$100 million EA deal with a large financial institution, the largest TCV deal in MongoDB's history.
- •Non-GAAP operating margin was 23%, more than 100 basis points above the high end of guidance and above Rule of 40 performance, with GAAP operating income positive.
- •Operating cash flow was $180 million and free cash flow was $177 million, compared to $51 million and $23 million respectively a year ago; RPO grew 97% year-over-year to $1.47 billion.
What went wrong
- •A large bundled deal caused more revenue to be attributed to EA versus Atlas, taking about a point off Atlas growth (which would have been approximately 30% otherwise).
- •CRO leadership transition was underway with Paul departing, while the search for a new chief revenue officer remained ongoing.
Guidance changes
| Metric | Period | Previous | Current | Change |
|---|---|---|---|---|
| Long-term financial model | FY2027 / medium-term | Investor Day September model | reiterated: Atlas >20% growth, Rule of 40 company, high-teens total revenue growth | reiterated |
| Q1 and full-year revenue and margin | Q1 / FY2027 | — | strong guidance across Atlas and non-Atlas, continued margin expansion | — |
Performance breakdown
| Metric | YoY change | Reason |
|---|---|---|
| Total revenue | +27% | Top-line strength driven by Atlas, beating the high end of guidance by 4%. |
| Atlas revenue | +29% | Strength with largest customers in North America and Europe and growth of new and existing applications; would have been ~30% absent a large bundled deal attributed more to EA. |
| Non-Atlas revenue | +20% | Strong multi-year revenue from financial services, public sector, and technology customers building long-term; best growth quarter in two years. |
| Non-Atlas ARR | +13% | Momentum from customers committing to MongoDB long-term for mission-critical applications. |
| Operating margin | 23% vs 21% | Benefited entirely from revenue outperformance. |
| Net ARR expansion rate | 121% vs 119% a year ago | Success with existing customers. |
| $1M+ ARR customers | +26% | 402 customers with at least $1 million in ARR, with ARR growing even faster. |
Earnings call themes & trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Atlas scale | approaching $2 billion business | crossed $2 billion run rate for the first time, record $114 million net new revenue | improving |
| EA / on-premises importance | non-Atlas single-digit ARR growth concerns | renewed strategic importance of on-prem in regulated industries; largest TCV deal in company history; investing to bring EA to parity with Atlas | improving |
| AI adoption metrics | encouraging but early | Vector Search customers nearly doubled YoY, Voyage embedding customers doubled since acquisition; AI not yet material to results | improving/early |
| Atlas-EA bundling | routine bundle deals | one exceptionally large bundled deal shifted revenue attribution to EA, lowering reported Atlas growth | noted |
| Go-to-market leadership | stable team | Erica appointed Chief Customer Officer; CRO search ongoing with Paul transitioning through Q1/Q2 | transition |
| Enterprise agentic AI in production | many pilots | still early; few customer-facing agents at scale; not expected to move the needle yet but seen as inevitable | stable/early |
Q&A summary
What were impressions of developer buy-in at the January San Francisco event, and was EA second-half strength early renewals?
CJ Desai called the January 15 .local a great success with strong attendance and around 70% non-MongoDB users, and they will repeat it in August; Mike Berry said there was no material change to early-renewal cadence and no major cohort impact next year.
What is the status of the CRO search and the attributes sought?
Desai said they are in the final stages and want an excellent candidate focused on the high end of the enterprise who understands consumption-based models and EA, with relationships into the high end of the market; Erica will serve as Chief Customer Officer focused on post-sale value.
Should investors recalibrate EA growth expectations given strong Q4 and on-prem importance?
Berry said EA will continue to be important and they are investing to bring it to parity with Atlas, hoping to grow and even accelerate it; Desai cited a clear customer trend toward keeping mission-critical data estates on-prem across financial services, healthcare, and government.
Why was Atlas Q4 growth not higher given EA momentum, and what drove the bundling impact?
Berry explained one exceptionally large transaction had to be attributed more to EA than Atlas, taking a bit off the growth rate; it was not expected entering the quarter and Atlas would have been approximately 30% otherwise.
Is the medium-term high-teens total revenue growth target still on the table?
Berry confirmed they have not backed off the total revenue growth target from the September Investor Day.
How is go-to-market strategy changing for the agentic era?
Desai said the North Star is for agents to love MongoDB the way developers do, requiring machine-friendly APIs, auto-scaling, auto-sharding, and protocol integrations to be delivered throughout the year, announced at .local conferences.