0001628280-26-016799
SEC filingMongoDB's FY26 revenue grew 23% YoY to $2.46B, driven by Atlas consumption and a 121% net ARR expansion rate.
MongoDB, Inc. describes itself as the developer data platform company. Its mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of the platform is a modern general-purpose database built on document-based architecture, designed to handle unstructured data while maintaining the strengths of relational databases. MongoDB competes in the worldwide database management software market, which IDC estimated at $93 billion in 2024, growing to approximately $169 billion in 2029 (13% CAGR).
The company does not formally report operating segments but discloses three revenue streams: Atlas (73% of total revenue in fiscal 2026), MongoDB Enterprise Advanced (20%), and Professional Services (3%). Atlas is the managed multi-cloud DBaaS offering, available in over 130 regions across AWS, GCP, and Azure. MongoDB Enterprise Advanced is a self-managed commercial subscription for enterprise customers, including the Enterprise Database Server, management tools (Cloud Manager Premium or Ops Manager), and analytics integrations. Professional Services include consulting and training.
Key products include Atlas, MongoDB Enterprise Advanced, Community Server (free download, over 700 million downloads), and various integrated capabilities: Atlas Search, Atlas Vector Search, Atlas Data Federation, Atlas Charts, Atlas Stream Processing, and queryable encryption. In February 2025, MongoDB acquired Voyage AI, whose embedding and reranking models are integrated into Atlas to improve AI application accuracy. MongoDB Enterprise Advanced includes the Enterprise Database Server, Cloud Manager Premium, and Ops Manager.
MongoDB’s go-to-market model focuses on driving developer awareness and usage through free offerings (Community Server and Atlas free tier) and developer evangelism. The sales organization includes sales development, inside sales, field sales, and sales engineering. The partner ecosystem includes three major cloud providers (AWS, GCP, Azure), systems integrators (Accenture, Deloitte, IBM, etc.), and value-added resellers. As of January 31, 2026, MongoDB had over 65,200 customers across more than 100 countries. No single customer accounted for more than 10% of revenue. Revenue outside the United States was 46% in each of the last three fiscal years.
MongoDB faces intense competition from legacy database providers (IBM, Microsoft, Oracle), public cloud providers (AWS, GCP, Microsoft Azure), and other database software companies. Competitive factors include developer mindshare, product capabilities (flexibility, scalability, performance, security, reliability), deployment options, ease of use, breadth of use cases, generative AI capabilities, and brand awareness. MongoDB believes it competes favorably based on these factors, but recognizes that competitors have advantages such as longer operating histories, greater financial resources, and broader distribution.
MongoDB’s growth strategy consists of six pillars: (1) expanding sales within the existing customer base (net ARR expansion rate of 121% in Q4), (2) acquiring new customers through developer community and direct sales, (3) extending product leadership with new innovations (e.g., Voyage AI integration, Vector Search for self-managed, Automated Embeddings in public preview), (4) fostering the MongoDB developer community (over 3 million MongoDB University registrations), (5) growing the partner ecosystem (including the MongoDB AI Applications Program MAAP), and (6) expanding internationally.
As of January 31, 2026, MongoDB had 5,636 employees, with 2,927 located outside the United States. The company reports no work stoppages and considers employee relations good. MongoDB emphasizes its Leadership Commitment framework and six values (Think big, go far; Build together; Embrace the power of differences; Make it matter; Be intellectually honest; Own what you do). The company offers competitive compensation, benefits (including health, financial, emotional, and family well-being), and development programs. Employee engagement is monitored through anonymous surveys.
For the fiscal year ended January 31, 2026, MongoDB reported total revenue of $2,463.8 million, a 23% increase from $2,006.4 million in FY25. The growth was primarily driven by increased consumption of Atlas by large existing customers, evidenced by a net ARR expansion rate of 121% as of January 31, 2026. Subscription revenue grew 23% to $2,386.0 million, while services revenue increased 24% to $77.8 million.
Gross profit rose 20% to $1,767.7 million, but gross margin declined slightly to 72% from 73% in the prior year. Subscription gross margin fell to 76% from 77%, reflecting the higher mix of Atlas revenue, which carries associated hosting costs. Services gross margin worsened to -60% from -50%, impacted by higher third-party consultant and training costs and increased headcount.
Operating loss improved to $136.9 million (6% of revenue) from $216.1 million (11% of revenue) in FY25, driven by revenue growth outpacing expense increases. Sales and marketing expense grew only 8% to $944.4 million, while research and development increased 20% to $716.3 million and general and administrative rose 11% to $244.0 million. Net loss narrowed to $71.2 million from $129.1 million, benefiting from higher other income and a lower loss from operations.
Subscription revenue remains the dominant segment, accounting for 97% of total revenue in FY26, consistent with prior years. Within subscriptions, Atlas revenue represented 73% of total revenue, up from 70% in FY25, reflecting the continued shift toward the hosted DBaaS offering. MongoDB Enterprise Advanced revenue declined as a percentage of subscription revenue, falling to 21% in FY26 from 24% in FY25 and 26% in FY24, indicating a mix shift toward Atlas.
Customer growth accelerated, with total customers reaching over 65,200 as of January 31, 2026, compared to over 54,500 a year earlier. Atlas customers grew to over 63,900. The number of customers with $100,000 or more in ARR increased to 2,799 from 2,396 in FY25, demonstrating strong land-and-expand dynamics.
MongoDB expects to continue investing in product development, sales and marketing, and international expansion to capture its large market opportunity. The company highlighted macroeconomic headwinds that may affect growth rates for existing Atlas applications in the short term. Management intends to maintain product leadership through investments in engineering and marketing, with a focus on converting free-tier users to commercial customers. The share repurchase program remains active with $599.7 million in remaining authorization as of January 31, 2026. No specific forward guidance was provided in the MD&A section.
As of January 31, 2026, MongoDB’s short-term investments (all U.S. government treasury securities) totaled $1,303.7 million at fair value. Cash and cash equivalents are not explicitly disclosed in the Notes, but Note 3 reports money market funds of $381.7 million. The company had no outstanding debt following the full redemption of its 2026 convertible notes in December 2024. Deferred revenue stood at $470.7 million, with $387.1 million current and $83.6 million non-current.
Note 9 discloses total non-cancelable commitments of $897.9 million, including a $300.0 million cloud infrastructure renewal (October 2025 – October 2028) and $597.9 million for subscription, marketing, and other services. Annual obligations: $382.1 million within 1 year, $392.6 million in 1-3 years, and $123.3 million in 3-5 years.
During FY2026, MongoDB repurchased 1,576,109 shares for $400.3 million (average price $306.87). The Board authorized a $1.0 billion repurchase program ($200 million in February 2025 and an additional $800 million in June 2025), with $599.7 million remaining as of January 31, 2026. No dividends were paid. The company had no debt issuance or repayment in the period; the only debt activity was the final redemption of the 2026 Notes in December 2024, which was settled primarily with stock. Capital expenditures are not disclosed in the Notes.
MongoDB operates as a single reportable segment. Note 14 provides geographic revenue split: Americas $1,497.5M (60.8%), EMEA $680.8M (27.6%), Asia Pacific $285.5M (11.6%). By product, Atlas-related revenue was $1,807.9M (73.4%), other subscription $578.1M (23.5%), and services $77.8M (3.2%). These figures are from the Notes and take precedence over MD&A in downstream analysis.
MongoDB's risk factors extensively cover macroeconomic headwinds, including inflation, rising interest rates, and geopolitical conflicts (Russia-Ukraine, Israel-Hamas, Iran, Venezuela). These factors could reduce global IT spending, lengthen sales cycles, and pressure customer budgets. The company notes that trade policies and tariffs, particularly U.S.-China tensions, add uncertainty. While not quantified, the impact is described as potentially material to revenue growth.
The most critical business risk is MongoDB's heavy reliance on Atlas, which generates more than half of revenue. Slower adoption or usage declines could directly harm financial results. The company also highlights risks from its open-source licensing strategy: the SSPL for Community Server is not OSI-approved, creating legal uncertainty that may deter developer adoption and reduce the pipeline of paying customers. Additionally, the freemium model may not convert users effectively.
MongoDB faces intense competition from legacy database vendors (Oracle, Microsoft, IBM) and cloud providers (AWS, GCP, Azure). These competitors have greater resources, brand recognition, and ability to bundle products, potentially eroding MongoDB's market share. The risk is heightened as competitors offer low-cost or free alternatives.
Security breaches are a significant concern, with a past phishing incident disclosed. Compliance with evolving data privacy laws (GDPR, CCPA, NIS2, DORA) imposes substantial costs and potential fines up to 4% of global turnover. The company also depends on third-party cloud infrastructure (AWS, Azure, GCP) for Atlas; any service disruption could trigger credits and damage customer trust.
MongoDB has a history of net losses ($71.2M in FY2026) and an accumulated deficit of $1.9B. Increasing costs for sales, marketing, R&D, and cloud capacity commitments may prevent achieving profitability. The company also notes risks from tax law changes (e.g., OECD Pillar Two, U.S. tax reform) and potential limitations on NOL utilization.
International operations expose MongoDB to foreign tax laws, trade barriers, currency fluctuations, and anti-corruption regulations (FCPA, UK Bribery Act). Intellectual property claims could require costly licenses or product redesigns. The company also faces risks from export controls and sanctions, particularly related to encryption technology.
The provided document excerpt does not include the Consolidated Statements of Cash Flows. The only financial figure present is subscription revenue of $2,386.0 million for the year ended January 31, 2026, as noted in the audit opinion. Without cash flow data such as operating cash flow, capital expenditures, or free cash flow, a meaningful analysis of cash generation quality, CFO versus net income, or capex intensity is not possible. The excerpt consists primarily of the audit report and table of contents, lacking the actual cash flow statement table. To perform the requested analysis, the full cash flow statement with numerical values for fiscal years 2026, 2025, and 2024 would be required.