MongoDB, Inc.

What they do

MongoDB sells subscriptions (97% of total revenue in the quarters ended July 31, 2026 and 2025) to a document-oriented database that handles unstructured data and is designed to combine performance, scalability, flexibility and reliability with relational strengths. Customers can run it fully managed as Atlas, its multi-cloud database-as-a-service, or self-managed via MongoDB Enterprise Advanced in the cloud, on-premises or hybrid. The platform also bundles adjacent capabilities including Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing.

Revenue drivers

• Atlas (hosted DBaaS) — Atlas is run and managed by MongoDB in the cloud and includes Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing. It was 73% of total revenue in the quarter ended July 31, 2026 and 74% in the six months then ended, with self-serve customers billed monthly in arrears by usage and sales-force customers typically on annual contracts.
• MongoDB Enterprise Advanced — The proprietary commercial self-managed database offering, which MongoDB describes as part of its 'run anywhere' strategy. The company reported EA other revenue up approximately 36% year-over-year in the second quarter of fiscal 2027.
• Subscription revenue overall — Subscriptions were $747.1 million in the quarter ended July 31, 2026, up 31% year-over-year, and accounted for 97% of total revenue in both the three and six months ended July 31, 2026 and 2025.
• Services revenue — Services revenue was $24.6 million in the second quarter of fiscal 2027, up 29% year-over-year, and represents the remaining 3% of total revenue.

Recent performance

Second quarter fiscal 2027 total revenue was $771.8 million, up 30% year-over-year, with subscription revenue of $747.1 million (up 31%) and services revenue of $24.6 million (up 29%). Gross margin was 74% GAAP and 76% non-GAAP, versus 71% and 74% a year ago; GAAP income from operations was $28.4 million against a $65.3 million loss a year earlier. Net income was $40.9 million, or $0.50 per diluted share, compared with a net loss of $47.0 million, or $0.58 per share, in the year-ago quarter. RPO was $1,519.2 million, up 91%, and cRPO was $797.3 million, up 73%. Cash from operations was $141.9 million and free cash flow was $137.6 million, versus $69.9 million a year earlier.

Strategy

MongoDB positions itself as 'the intelligent data platform for the AI era,' saying AI workloads need a database that handles source data, vector data, metadata and generated data alongside live operational data without multiple systems. It emphasizes a 'run anywhere' strategy spanning Atlas and Enterprise Advanced, and said MongoDB Search and Vector Search are now generally available in Enterprise Advanced. The company also cites investments in retrieval innovations and in simplifying how developers connect coding agents to operational data. Management frames these as mission-critical capabilities intended to drive durable growth, alongside a focus on operating leverage.

Risks

• Atlas concentration — MongoDB states it derives more than the majority of revenue from Atlas, so any failure of Atlas to satisfy customer demands could adversely affect the business and growth prospects.
• Renewals and expansion — Results depend substantially on customers renewing subscriptions and broadening usage; a decline in renewals or failure to expand usage could harm results.
• History of losses — The company notes a history of losses and that as costs increase it may not generate sufficient revenue to achieve or sustain profitability.
• Macro and IT spending — MongoDB cites unfavorable industry or global economic conditions and reductions in information technology spending as factors that could limit growth, and also flags exposure to trade tariffs and geopolitical instability.

Outlook

MongoDB raised full year fiscal 2027 guidance, saying the second-half raise was mainly due to Atlas, and expressed confidence in driving durable growth. CEO CJ Desai cited strength in core enterprise workloads and 'early momentum with AI use cases' spanning Atlas and Enterprise Advanced. CFO Mike Berry highlighted operating leverage, with non-GAAP operating margin of 24% in the quarter, up from 15% a year earlier, and a third consecutive quarter of GAAP EPS profitability.