MongoDB, Inc. Q4 2026 earnings call

Thank you, operator. Good afternoon. Thank you for joining us today to review MongoDB's fourth quarter and full year fiscal 2026 financial results, which we announced in our press release issued after the close of market today. Joining me on the call today are CJ Desai, President and CEO of MongoDB, and Mike Berry, CFO of MongoDB. During this call, we will make forward-looking statements, including statements related to our market and future growth opportunities, our opportunity to win new business, our expectations regarding Atlas consumption growth, the impact of non-Atlas business and multi-year license revenue, the long-term opportunity of AI, our financial guidance, and underlying assumptions in our investments and growth opportunities in AI. These statements are subject to a variety of risks and uncertainties, including the results of operations and financial conditions that could cause actual results to differ materially from our expectations.

For a discussion of material risks and uncertainties that could affect our actual results, please refer to the risks described in our quarterly report on Form 10-Q for the quarter ended October 31, 2025, filed with the SEC on December 2nd, 2025. Any forward-looking statements made on this call reflect our views only as of today, and we undertake no obligation to update them except as required by law. Additionally, we will discuss non-GAAP financial measures on this conference call. 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. With that, I'll turn the call over to CJ.

Thank you, Jess, and thank you everyone for joining us today. To begin, I would like to provide some observations from my first full quarter at MongoDB. Over the last 100 days, I have spoken to more than 200 customers globally, spanning from AI natives to Fortune 500 enterprise customers that are leveraging the MongoDB platform to drive innovation that is critical to their business. Whether it's an AI or digital native looking for a highly performant solution that dynamically scales, a large enterprise looking for multi-cloud resiliency for their modern mission-critical applications, or a customer seeking an integrated offering for AI agents with features such as search, Vector Search, and embeddings in a single intelligent data layer, customers are excited about the strength of the MongoDB platform.

My key takeaway is that MongoDB's foundation is in great shape. The company is well on its way to become the generational data platform of choice in the AI and multi-cloud era. On to this quarter's results. 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 signed several large deals in the quarter, including an approximately $90 million transaction with a large tech company that plans to expand both core and AI workloads on Atlas, and a greater than $100 million transaction with a large financial institution for Enterprise Advanced, referred as EA, representing the largest TCV deal in the history of MongoDB. We delivered a non-GAAP operating margin of 23%, more than 100 basis points above the high end of guidance. We ended the quarter with over 65,200 customers, adding 2,700 customers in Q4, growing both year-over-year and quarter-over-quarter. This brings our full-year customer additions to 60% year-over-year increase. 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. Highlighting the strength of both our upmarket and self-service motions. 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. Through my conversations with customers, a clear theme emerged. Large enterprises are increasingly standardizing on MongoDB to power a wide spectrum of workloads, including both core mission-critical applications and emerging agentic AI applications. Rather than treating AI as a standalone initiative, many are expanding their use of us as a strategic data platform that supports both foundational workloads and the next generation of intelligent applications. For example, MongoDB continues to power a wide range of workloads, including high volume transactional systems, real-time applications, and emerging AI workloads across multiple lines of business at JPMorgan Chase & Co., the world's largest financial institution.

The scale and breadth of our partnership with them reinforces our ability to serve as a strategic data platform for the most demanding enterprises. We see tremendous opportunity to expand within our existing Fortune 500, Global 2000, and AI-native customer base, where I'm actively leveraging my relationships to open new doors, engage the C-suite, and drive strategic expansion conversations top-down. MongoDB is increasingly recognized as the architectural foundation powering innovation for frontier model companies, leading digital natives expanding into AI, and AI-native organizations scaling globally. The database layer has endured through multiple technology shifts over the past 60 years, and it is even more critical in this AI shift. AI and agentic applications require memory, state, and high-quality retrieval, capabilities native to our modern OLTP platform, which powers real-time applications without ETL or bolt-on systems through integrated search, Vector Search, and embeddings.

In this platform shift, OLTP is the high ground and MongoDB is purpose-built to win. Notably, Emergent Labs, a leading AI vibe coding platform in India that just crossed $100 million run rate, selected Atlas over PostgreSQL to power AI agents that build production-ready applications from natural language prompts. They power nearly six million applications built across 190 countries and handle applications that average 35,000 lines of code, with some reaching 300K, all made possible with Atlas's flexible document architecture and reliable scale. We are also fueling innovation at AI native customer ElevenLabs, which is redefining conversational AI with its new enterprise agentic platform. ElevenLabs selected Atlas to power the critical long-term memory and knowledge base for their autonomous agents.

By leveraging Atlas Search and Vector Search, they enable their agents to retain complex context and deliver highly personalized interactions in real time and at global scale, supporting their rapid expansion to $330 million of ARR and $11 billion valuation. Another tailwind is the renewed importance of on-premises deployment in enterprise architectures. Many large customers, particularly in regulated industries such as financial services, telecommunications, and government, view EA as mission-critical and are making long-term commitments that reflect the need for operational resilience and support for data that will not move to the public cloud. I'm confident in the durability of our EA business. Pursuing feature parity to Atlas and continued go-to-market momentum are key priorities as we move forward.

Thank you, CJ. Good afternoon to everyone on the call. I will begin with a review of our fourth quarter fiscal 2026 results, then finish with the outlook for the first quarter and full year fiscal 2027. In order to spend more time on the fiscal 2027 outlook, I'll be a little more concise on my fourth quarter comments. I will be discussing both GAAP and non-GAAP results. As CJ mentioned, we had another strong quarter as we exceeded all of our guidance ranges and finished our fiscal year on a high note. In the fourth quarter, total revenue was $695 million, up 27% year-over-year and above the high end of our guidance. Our income from operations was $159 million for a 23% operating margin compared to 21% in the year ago period.

We achieved positive GAAP operating income in the fourth quarter. We are very pleased with our stronger than expected operating margin results, which benefited entirely from our revenue outperformance. Net income in the fourth quarter was $143 million or $1.65 per share based on 86.5 million diluted shares outstanding. This compares to net income of $108 million or $1.28 per share on 84.6 million diluted shares outstanding in the year ago period. Shifting to our product mix, Atlas revenue momentum remained strong with year-over-year growth of 29% in the fourth quarter, which accounted for 72% of total revenue, up from 71% in the year ago period.

Atlas growth was driven by continued strength with our largest customers in North America and Europe, where we saw strong momentum with growth of new and existing applications. We believe this strength reflects the growing strategic importance of Atlas to many existing customers and is a positive indicator of future growth. You can see this success with existing customers in our total company net ARR expansion rate, which increased to 121% in the fourth quarter, up from 120% last quarter and 119% a year ago. Turning to non-Atlas, we experienced strong momentum during the fourth quarter, driven by strength with financial services, public sector, and technology customers that are choosing to build with MongoDB long-term for their most mission-critical applications.

This resulted in strong multiyear revenue and non-Atlas ARR, which reflects the underlying revenue growth of this product without the impact of changes in duration. Non-Atlas ARR grew 13% year-over-year, reflecting the momentum we are seeing in the business. The strength in non-Atlas also resulted in a higher than expected number of larger deals with bundled Atlas and EA products. This resulted in a greater than expected attribution of revenue to EA versus Atlas in the fourth quarter. Adding back this impact, Atlas growth would have been approximately 30%. We are encouraged to see more of our customers growing on both Atlas and EA, and believe these deals illustrate the strategic importance of having both cloud and on-prem solutions for many of our largest customers.

You can see this strength in the growth of deferred revenue as well as the growth in RPO, which grew from $748 million at the end of fiscal 2025 to $1.47 billion at the end of fiscal 2026, a year-over-year growth of 97%. We ended the quarter with 2,799 customers with at least $100,000 in ARR and 402 customers with at least $1 million in ARR, representing 17% and 26% year-over-year growth, respectively. For each of these cohorts, ARR is growing even faster, reinforcing the benefit of our upmarket focus. Of our Atlas customers generating at least $100,000 in ARR, 44% are leveraging two or more features of our platform, which is up from 36% in the year-ago quarter.

Average revenue from these platform customers is meaningfully higher on average as compared to the rest of the Atlas base, illustrating the benefit of our platform capabilities. Turning to the balance sheet and cash flow, we ended the fourth quarter with nearly $2.4 billion in cash equivalents, short-term investments, and restricted cash. We spent $55 million to repurchase approximately 133,000 shares and used $60 million for the cash settlement of taxes on employee RSUs. Operating cash flow remains strong at $180 million, and free cash flow was $177 million, which compares to $51 million and $23 million respectively in the year-ago periods.

Our cash flow results were driven primarily by strong operating profit and improving working capital dynamics, particularly related to higher cash collections, mainly driven by the higher than expected multiyear EA deals. I'd like to share a few guiding principles and some of the assumptions underlying our outlook for Q1 in fiscal 2027. To begin, we continue to believe in the long-term model presented at Investor Day last September, and remain committed to growing Atlas by greater than 20% and being a Rule of 40 company. We will achieve this goal through a combination of revenue growth and margin expansion. To be clear, revenue growth will be the main driver of improved profitability. Our outlook assumes the business environment remains relatively stable and we operate under similar conditions to what we experienced over the course of the past fiscal year.

As I mentioned at our Investor Day in September, we have not changed our guidance philosophy, as we will provide an outlook with more upsides than downsides, specifically related to the EA business. We are early in the year, and we want to be mindful there could be risks that we do not have line of sight to at this time. Let's get into the details. Starting with Atlas. We have continued to see strong momentum and experience relatively consistent consumption growth through the course of the past year. We expect these trends to continue through fiscal 2027 and would also note that as Atlas has grown larger, this has helped limit the volatility from specific customer cohorts.

Hey, thank you. Congrats, great fourth quarter. two quick questions. One for you, CJ. At your big event in January in San Francisco, what were your impressions about developer buy-in? You know, part of the, the reason for doing it is like to increase mindshare again. Share a little bit your experiences there. One for Mike. On EA next year had a bigger cohort than this year. I'm just wondering if the strength in the second half this year, was that earlier renewals for next year or is the cohort still in place? Thank you.

Thank you, Raimo. Appreciate it. January 15th event, our MongoDB.local San Francisco, I would consider a great success, and I would put that in two buckets. Number one, we exceeded, even though it was a weekday, many founders, builders who came to the event, and there was a long line outside for people to get into the conference. That gave me really good feeling that we invested in the right area. Number two, when we looked at the attendees, Raimo, I would say compared to other typical MongoDB.local events, where people who are already customers or builders of MongoDB, here, around 70% had not used MongoDB.

That's what gave me a lot of conviction that it was a successful event where we are increasing the mind share of the builders in the San Francisco Bay Area, where a lot of AI native companies are being built. The last thing that I'll touch on is that because of the success of that event and continue to make sure that we are on top of mind for all these AI native companies, whether they are in security, whether they are in FinTech, whether they are in domain-specific AI, we are going to repeat our Dot Local in San Francisco again in August this year, which we have not done before based on the success. Mike?

Thank you, CJ. Raimo, thanks for the question. On EA, couple things. We're super excited about the year we had. Fiscal 2026 was a very strong year and especially Q4, not only in the run rate business, but obviously all the multi-year deals. It's a big business, thankfully. There's always some puts and takes in terms of renewals. I would say there's no material change to the cadence of early renewals. Keep in mind that even if there is one, you won't see it in revenue until that deal comes up. You shouldn't see any major impact in cohorts next year.

Okay, perfect. Thank you. Well done.

Yeah, thanks for taking the questions. CJ, maybe to start with you. You noted the transition for Cedric and Paul has been in the works for some time. Given that visibility, can you provide more color on the current status of the CRO search? Specifically, what are the primary attributes you're looking for in a successor that led you to announce Erica's appointment today while the search for a new revenue lead remains ongoing?

Absolutely. Matt, here is how I would describe it. Personally, being here, as you have seen, that I've spent a lot of time with not only our customers, but with our go-to-market team. We are in the final stages, but we want to grade, make sure that we get an excellent candidate for our chief revenue officer. Erica's focus will be as a Chief Customer Officer to ensure that customers who purchase or decide to use MongoDB platform, they get to value by providing all the post-sale support functions, whether it's technical success, technical support, many other things like professional services. One, Erica is gonna focus on customers who have already bought MongoDB, are expanding with MongoDB, how do they get to value and how do they get to success?

In terms of the CRO search, Paul is staying fully through Q1 and help us transition through Q2. From the attributes perspective, I want somebody who is very focused on high end of the enterprise, understands how things work at MongoDB from a Main Street perspective, but also working with the management team as we expand into both the AI natives as well as enterprises who are building more mission-critical workloads on MongoDB, including AI. That's the mix I would say, is somebody who is strategic, who understands consumption-based models on how MongoDB really operates, of course, our Enterprise Advanced business, and has relationships into the high end of the market where we are getting significant traction besides AI native companies, which is early.

Okay. Very clear. Then, Mike, maybe for you, just a couple major EA deals were announced this quarter. CJ talked about the renewed importance of on-prem. I guess under that backdrop, you know, should investors be recalibrating expectations around growth for the EA business as we look out over the next couple of years? Thank you.

Yeah. Thanks for the question, Matt. As we talked about, two things I think of importance in the prepared remarks. One was CJ walked through some very large deals. As you look especially at regulated industries, governments, it is a very important product that we have, and those are some of the largest customers at MongoDB. In addition, we're starting to see more of the bundled deals. The on-prem piece is a huge part of it. What I would say is, yes, it will continue to be of importance. We are actually investing in EA to bring it to parity to Atlas. Certainly our expectation and hope is that we continue to grow that and can even accelerate it in the future.

Thank you both.

Matt, I would say in speaking to customers, because this conviction is over a large set of very important customers. There is definitely, the trend that I'm speaking from our customers is number one, that because of variety of issues related to also AI, for mission-critical application, there is this trend I'm seeing where they do want to keep their critical data estates on-prem. This is not just only in financial services. We are seeing that in healthcare and other verticals like government. When I was in Europe and even in Asia, I'm also seeing there that there is a preference for those industries to also use MongoDB potentially with EA and only certain workloads in the cloud.

This will play out, and all we wanted to outline in today's call is to say, this is strategically very important as in the product line for our customers, and we need to invest in it because it is strategically very important.

Thank you.

Yeah, thank you, guys. For CJ, my main question is, how is your product and go-to-market strategy changing, if at all, ahead of the growing reality that agents are gonna be the things that are spinning up most databases and not humans in the future?

I would say, Jason, I have a very simple philosophy here. The philosophy also was validated by one of the AI native companies that has completely built on MongoDB. They had many choices in many clouds, and they chose MongoDB. My initial intuition was the same as you outlined, is that MongoDB's success over the last many years since the company was founded in 2007 was that builders or developers love MongoDB. If that's the premise, there was a lot of work done in the product to ensure that it's a very natural way, flexible way while keeping the business agile, as in the database agile, so that it can move with the business. We want to do the exactly same thing for agents. Agents also need to love MongoDB.

That requires to ensure that we have all the right integration with the right places, whether it's GCP or whether we are looking at making sure that our APIs in how we manage, how we auto-scale, how we auto-perform during this peaks and valleys. All of that truly needs to be autonomous and driven by machines. That requires absolutely the focus from the engineering team that how would machines look at this if they want to provision an additional node or if they wanna manage cluster because of resiliency across multiple clouds. That will be the North Star for us, that our agents will love MongoDB as much as today human developers love MongoDB.

Okay, great. Just one quick follow-up on that. Just is that gonna come in a future release of the database? Or how should we be thinking about sort of the deliverables on that vision, CJ?

Jason, we do have ambitious roadmap, of course. Today, we are already leveraged by some of the AI native companies. I outlined this time and also last time, and we are learning a lot from them. We have ambitious roadmap in terms of truly machine-friendly APIs or making sure that our, you know, protocol integration across a variety of protocols that machines demand and how do we auto scale, auto shard. All of that will be throughout this coming year. What we are gonna do is at our MongoDB.local conferences throughout this year, we will use that as an opportunity to announce new innovations that will show you that machines should also love MongoDB. It'll be throughout this year.

Thank you.

Thanks for the question. CJ, great to hear about Anthropic as a customer at the MongoDB.local event. Love to hear how you think about the opportunity for Mongo to grow within large AI natives from here. There was also mention at the event that agentic workflows require heavier storage and memory requirements. Would love to hear why you think MDB architecturally is best suited for these growing types of AI use cases. Thanks.

Absolutely. Ryan, you know, one of the things I would say is Mike and I look at the entire cohort, AI natives, frontier model companies, others, many of them choose MongoDB for performance, scale, security, and other things. I would say that the good news here from my standpoint is that we are not concentrated in any one customer when it comes to AI native cohort. That's number one. As they scale, we will scale with them. We are not concentrated. Even when I look at the growth as a percent of total, we were not concentrated.

The thing that I'm seeing, Ryan, very specifically, is that people are making initially database decisions in these AI native companies, without realizing that they will run into scale issues or potentially there was, you know, one of the choices that people could have gone with as an AI native company's founders had a massive security concern over the weekend, where a couple of governments blocked them from being used. What I find is that truly enterprise class database that can scale, and when I say scale specifically, as for these AI native companies, as their weekly active users or monthly active users continue to grow, like the example we had with Emergent or ElevenLabs and so on.

They find that MongoDB scales better with them, write performance as well as query performance really matters, and us being a native JSON with search, Vector Search and embeddings in one rather than multiple moving pieces. If I have to just simplify that is the strength. It's an integrated platform that scales both for read and writes, that as you scale your AI native company, they can rely that MongoDB will scale with them.

Excellent. A follow-up for Mike. The Atlas seasonality in the fourth quarter seemed a bit lighter than typical. Were there any holiday impacts to the fourth quarter for Atlas revenue or any other one-time items in the quarter besides the Atlas and EA bundling? Thanks.

Yeah. Thanks, Ryan. Looking back at Q4, the holiday season seasonality played out largely as we expected. There were really no surprises or deviations from the historical trends. It largely played out as we expected.

Great. Thanks, Mike. Appreciate it guys.

Yep.

Thank you, Mike. Let's stick to Atlas in the fourth quarter. A couple of questions. One, was the two-point beat roughly the framework you would advise the street to think about, going forward? Secondly, if you could just perhaps describe the bundling impact that, as you said, nicked one point off of Atlas. Just maybe you could explain why that happened and were you anticipating that?

Sure. All right, let's take a step back, Karl, on Atlas. Q4 played out largely as we expected. As Ryan's question was, there were really no big surprises during the holiday season. We feel good about Q4 with 29% growth. Again, with the bundle thing, I'll talk about that in a second, would've been a little bit higher. As Atlas has gotten bigger, we are seeing less variability in the business. In addition, we're getting better every day at forecasting the Atlas business. From that perspective, the size as well as customer cohorts don't make as much of a difference in variability has helped. On the bundling thing, entering Q4, we certainly have our forecast as it relates to how we think Atlas will do. There's. We always do bundle deals in a quarter, absolutely.

This was a little unique in that we had one large transaction that once it closed, and thank goodness again, it's a really good thing that it did, we had to attribute more of that revenue to EA versus Atlas, and that took a little bit off the growth rate. We did not expect that entering the quarter. We typically won't walk through those kinda details 'cause we always do bundled deals. This was an exceptionally large transaction, Karl, that did move the needle.

Okay. That's helpful. Yep. Then maybe, Mike, as a quick follow-up, you reiterated the medium-term guidance that you gave at the Investor Day. Maybe I missed it. I didn't hear the reiteration of the high teens total revenue growth. Is that still on the table, just to be crystal clear?

Thank you for asking the question. Yes. We have not backed off on that total revenue growth from September. Sorry we missed it.

That's all right. Thanks, Mike.

Thank you.

Hey, guys. Mike, I wanna follow up on the last questions here, mainly around EA. Clearly you had a very strong fourth quarter here with two very large deals and also the bundle that you mentioned that weighed a little bit more towards EA rather than Atlas. I guess I'm trying to think about your guidance for fiscal 2027. It seems like you have a lot of momentum there. You're closing some feature gaps. I'm kinda wondering why low mid is still the target for 2027, why with all this momentum in the fourth quarter and in the bundling and the feature parity you hope to achieve, that number is not higher?

Thank you for the question. We did have a very strong year in EA and Q4 especially. As we look out to the rest of the year, keep in mind that the product enhancements in bringing EA to parity with Atlas will occur throughout fiscal 2027, so we are excited about that. There was an earlier question about the cohorts. Keep in mind, it is a large business. There's lots of moving parts here. The biggest variability to the business is not the cohorts, it's what ends up closing as a multi-year deal versus a one-year deal. That still is difficult to forecast. As we have said repeatedly, and we'll continue to say it, we will always bake in more upsides than downsides in that number.

We sure hope to do better than that, but we don't want a negative surprise because a deal does not close on a multi-year basis, and that has such a big swing factor. We feel great about the business. We're gonna continue, as CJ talked about it, a lot of big customers are asking about it. It's a key part of our portfolio, and we certainly hope to do better.

Fair enough. Then maybe as a follow-up, just for both of you with the changes in the leadership, on the go-to-market side and the CRO and the field. I guess to you, Mike, A, is there any more level of conservatism built in your guide because of this transition? B, to you, CJ, year-end, any changes to com structure that you're thinking about, also in light of who you're looking for, as far as the CRO is concerned?

Yeah. I'll answer it first. When we do guidance, we obviously take into account a lot of things, the economy, all kinds of different things. We have tried to bake everything in. It certainly while it adds a level of uncertainty, I wanna underline what CJ said in his prepared remarks. We've been working on this for a while. We feel very good about the team that's in place, and we don't expect any material disruptions. Certainly that is a factor that we took into account when we did guidance.

Ittai, what I would tell you is that personally, after joining MongoDB, I have spent disproportionate amount of my time with our go-to-market teams to really understand what is working really well and of course, where we can improve. I would say that the bench we have, so our leaders for Americas, our leaders for Europe, Middle East and Africa, as well as our leader for now, APJ, I have very high confidence in them as we go through this transition. These are the folks that really executed very well in fiscal 2026 when you look at the regional performance, and I am really optimistic about their ability to execute as we move forward.

In terms of, you know, overall go to market, how, you know, sellers are motivated, what we are looking for in the candidate to work on the Main Street with all these sellers and serve our customers, what I said to Matt is just remains the same, that no changes. We want disruption to be minimum. With these three theater leads, who exceeded even that number in Q4 greatly, from a net new business perspective, I have confidence in them.

Thank you.

Hey, guys. Thanks for taking the question. CJ, maybe first for you, given some of the increasing inflection points that we're seeing in kind of the agentic coding space and autonomous coding that's happening, has that in any way changed the dynamic of how fast or how quickly you think that the enterprise modernization could start occurring? Maybe just a quick follow-up for Mike. To the point about the increased, maybe some of the surprising bundling, particularly with a large deal in the quarter, is there maybe a little bit less visibility on specifically the Atlas guide for both Q1 and the full year, given that increased potential for variability around bundling?

Yeah. Alex, I'll touch on the first one. What I would like to say, I was talking to a large financial institution in the U.K. The head of transformation, she told me that, "Hey, CJ, I have 50% of my real estate that I want to modernize. I know that some of the AI tools can get me to some level, I really need your help and your team's help to make sure that for this mission-critical applications, we take help from MongoDB to help us land once you prove this out for the first workload, a very critical workload that is moving to MongoDB." The same thing happened, Alex, with a large customer in Spain when I was there a couple of weeks ago. This individual said, "Hey, we are relying on MongoDB as we are modernizing.

This is extremely critical, workload. Once you do that, we are gonna open up the aperture, and I know that AI will help us modernize, but we still need your help because the destination we want is absolutely MongoDB." What I'm seeing is the feedback is the modernization and the need for modernization is still very much relevant in the high end of the enterprise, whether it's a healthcare company, financial services, or even government for that matter, or healthcare. Number two, they know that AI tools can help you to some extent, but they definitely want to get there on a modern database to get AI ready, where they want help from MongoDB to be on MongoDB.

The last thing I would say is that even with some of the use cases, they try it and they're like, "Hey, sometimes this is too hard to assure the reliability, security, and all of those things for the application we built." I consider this as an opportunity in early stages. This is definitely a top-down work that we have to do as MongoDB with the CTOs and head of transformation. The opportunity still exists and it's massive.

Hey, Alex, thanks for the question. It's something that we will certainly watch. What I reiterate is we always do bundle deals. It's part of what we do. Q4 was unique given the size of that. I'd love to sit here and tell you that there's a whole bunch of those that we'll do every year. I do think right now it's unique. We'll watch it. We get better and better at forecasting the Atlas number every quarter. At this point, we don't think it adds variability, but it's something we'll watch going forward. Great. Thank you, guys.

Operator, we'll take two more questions.

Yeah, thank you for taking the question. Just going back to the EA and Atlas bundling, I guess I'm wondering, were these existing workloads that moved from Atlas to EA or was it sort of plans for new workloads, just a higher bias on EA? Just curious, like, why do you think that customer in particular chose to do more on EA as opposed to Atlas?

It's always gonna be customer specific, Tyler, and a lot of these transactions will have renewal as well as upsell also. It's very specific to the customer, and it really depends on their internal plans as it relates to how they want to use MongoDB going forward. There's no pattern there. It's very specific.

Tyler, what I would say is that with this specific customer is that they have in the past moved up some of their EA workloads to Atlas. Some of their Atlas workloads are growing incredibly well, and they want to continue to do that. They are currently also getting ready for some of their workloads, AI ready, where they are using Vector Search and embeddings in the future. It is a kind of classic case of truly hybrid infrastructure on how they are dealing with their core product strategy, and some is built on EA and some is on Atlas.

From my standpoint, when we look at the numbers and the transaction, which was meaningful as Mike said, very meaningful, is that what we also saw was the expansion because this customer, besides making a long-term commitment, continues to grow their data estate with MongoDB.

Great. Thank you. CJ, a follow-up on the go-to-market changes. And I, you know, clearly with your background at ServiceNow has one of the more successful partner ecosystems out there. I think on the, you know, on the database side, particularly for Mongo, you know, the partner ecosystem I think has been tried, but certainly is not nearly as robust. And given that being more of a focus on some of the new go-to-market leaders bringing in, can you just help us understand maybe some of the challenges with the prior approach that didn't lead out to as robust of a partner ecosystem and what makes you and gives you the confidence that this approach is gonna be successful?

Yes. Tyler, absolutely, I have been told what you just outlined. I would put this in three buckets, Tyler. First bucket, which is super important, is our hyperscaler relationship and how we work with them. As you know that we work with them very closely because when we win, they win, whether we are running on GCP or AWS or Azure or others, okay? One bucket is just continue to still stay focused on hyperscaler. In today's world, the multi-cloud resiliency, whether it's on-prem and cloud or between multiple public cloud, which is an advantage we have, it is proving out more and more important between the outages that happened last year with some of the hyperscalers and the geopolitical issues that we are seeing being played out. That's number one.

Number two, system integrators, which is where we scale at my previous company. That is definitely when you think about the modernization and the real estate on modernization to move to MongoDB, we could definitely benefit by focusing on two or three of them to start with, and that is something that our teams are saying we do need help as we think about this two or three system integrators. Make no mistake, the third bucket is also equally important, is this AI native ecosystem. There are framework providers, there are other providers like LLM providers. What can we do with them and truly create partnerships that really matter. Those are the three buckets. That will allow us to scale for a long time.

hyperscalers, a few system integrators who wants to lean in on the modernization and the AI ecosystem where we really need to make strong technology friends is how I look about it, and I think it is extremely essential to do that. This is the inflection point.

Thank you, CJ.

Great. Thank you for squeezing me in before the IR question. CJ, I wanted to just get your latest thoughts on a couple of topics. Given that, you know, the business has been, you know, accelerating, execution's been improving the past several quarters. As we look forward, do we start to need to see like the kind of AI part of the story start to play a bigger role in terms of the growth equation? You guys have a number of AI customers as sort of we discussed on this call. In terms of contributing growth, has that become more important as we think about potential upside to this guidance that you laid out? Kinda feel like over the last couple of weeks we've seen a step up in terms of agentic momentum.

Not necessarily in the enterprise, still feels kind of consumer personal productivity, but just wanted to gut check your thoughts on the importance of the AI app story coming to fruition maybe a little bit earlier than you maybe anticipate.

Yeah. I would tell you, it's not if but when. Okay? Right now we do consider. I mean, Sanjit, you know, one of the advantages that I have in speaking to all these customers, I ask them that simple question, "Where are you on your agentic workloads?" I'm talking about Fortune 500, okay? Or big retail companies, healthcare companies, pick one. Ask them, "Where are you on agentic workloads, and are they really scaling?" The answer is still not yet. Yes, they have done few productivity types of apps internally, but nothing of scale that is customer-facing, even including with a large retailer on agentic commerce and so on.

My first thing is, one day it is going to hit in a positive way, where you will have agents making a meaningful difference to the growth of our customers, for either new product lines or existing product lines. We are not seeing that today in the large enterprises, across pretty much most of the verticals that we speak to, because as you know, MongoDB is across every vertical. My simple answer is it will be someday. Not seeing that yet, and don't want to predict it because it was supposed to be the 2025 was supposed to be that year, and what we saw in 2025, it was only mainly around coding and some vertical specific AI, but nothing meaningful in the enterprises. Mike, what do you. Yeah.

Just as a follow-up, and maybe, Mike, you can hit on this. It sounds like Atlas consumption more or less came in line with your expectations, controlling for this large deal. You mentioned this potentially lower visibility in the second half, and I wanted to assess that comment in context of how the sort of calendar year 2025, fiscal year 2026 applications and workloads, how are they ramping relative to your expectations? Maybe the, if we look at the first half of last year and those applications we're at the into this year. Are you satisfied with the quality of that growth in that cohort of applications?

Yeah. Thanks for the question. I think a couple questions in there. One is, yes, Q4 largely came in as we expected, except for that small thing that we talked about. There were really no abnormal things in Q4, which is great. On the comment about the second half, that's just more of a general macro comment, Sanjit, and that it is a consumption business. While visibility is always a little bit better earlier, we're also cognizant of, hey, it's harder to forecast the back half of the year. That does not tie directly to any concern around the workloads that we've signed in the last couple years. Yes, those continue to perform as expected.

As we've talked about, the strength that we've seen is really in the larger customers, especially in the U.S. and Europe. All that is going as expected. That second half was more of a general comment, not specific to any set of workloads that were signed in the past.

Appreciate the thoughts, Mike. Thank you very much.

Thank you.

Thank you, operator. In summary, we delivered an exceptional fourth quarter, highlighted by strong Atlas and non-Atlas growth, robust customer additions, and operating margin outperformance. We are issuing strong guidance for Q1 and full year fiscal 2027 across Atlas and non-Atlas revenue. We expect to continue expanding profitability while investing for growth, all in line with our long-term financial model. Our results demonstrate MongoDB's foundation is in great shape, and the company is well on its way to become the generational data platform of choice in the AI and multi-cloud era. Thank you very much for everyone joining. We'll see you soon.