MongoDB, Inc. Announces First Quarter Fiscal 2026 Financial Results
First Quarter Fiscal 2026 Total Revenue of
Added 2,600 Customers, with Over 57,100 Total Customers as of
Additional Share Repurchase Authorization of
"
"Looking ahead, we see an incredible opportunity for customers to take advantage of
First Quarter Fiscal 2026 Financial Highlights
-
Revenue: Total revenue was
$549.0 million for the first quarter of fiscal 2026, an increase of 22% year-over-year. Subscription revenue was$531.5 million , an increase of 22% year-over-year, and services revenue was$17.5 million , an increase of 28% year-over-year. -
Gross Profit: Gross profit was
$391.0 million for the first quarter of fiscal 2026, representing a 71% gross margin compared to 73% in the year-ago period. Non-GAAP gross profit was$406.5 million , representing a 74% non-GAAP gross margin, compared to a non-GAAP gross margin of 75% in the year-ago period. -
Loss from Operations: Loss from operations was
$53.6 million for the first quarter of fiscal 2026, compared to a loss from operations of$98.2 million in the year-ago period. Non-GAAP income from operations was$87.4 million , compared to non-GAAP income from operations of$32.8 million in the year-ago period. -
Net Loss: Net loss was
$37.6 million , or$0.46 per share, based on 81.1 million weighted-average shares outstanding, for the first quarter of fiscal 2026. This compares to a net loss of$80.6 million , or$1.10 per share, in the year-ago period. Non-GAAP net income was$86.3 million , or$1.00 per share, based on 86.3 million fully diluted weighted-average shares outstanding. This compares to a non-GAAP net loss of$42.7 million , or$0.51 , per share in the year-ago period. -
Cash Flow: As of
April 30, 2025 ,MongoDB had$2.5 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months endedApril 30, 2025 ,MongoDB generated$109.9 million of cash from operations, compared to$63.6 million of cash from operations in the year-ago period.MongoDB used$1.6 million of cash in capital expenditures and used$2.4 million of cash in principal payments of finance leases, leading to free cash flow of$105.9 million , compared to free cash flow of$61.0 million in the year-ago period.
A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
First Quarter Fiscal 2026 and Recent Business Highlights
-
MongoDB is announcing an increase to its share repurchase program, under which the company may repurchase up to an additional$800 million of common stock. This is in addition to the$200 million buyback announced last quarter, bringing the total authorization to$1 billion .
- Voyage AI by
MongoDB released two new retrieval models, voyage 3.5 and voyage 3.5 lite, which offer improved retrieval quality and price performance over previous models, enabling organizations to build more trustworthy, accurate AI applications.
- The MongoDB Model Context Protocol (MCP) Server was launched in public preview, which connects
MongoDB deployments to MCP-supported clients like Windsurf, Cursor, GitHub Copilot in Visual Studio Code, and Anthropic's Claude, making it easy for developers to interact with data using natural language and perform database operations with their favorite agentic AI tools, assistants, and platforms.
-
Mike Berry was appointed asMongoDB's Chief Financial Officer. Mike is a 7-time CFO with over 30 years of experience in technology and software, and has a proven track record of driving profitable growth.
Second Quarter and Full Year Fiscal 2026 Guidance
Based on information available to management as of today,
|
Second Quarter Fiscal 2026 |
Full Year Fiscal 2026 |
Revenue |
million |
|
Non-GAAP Income from |
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Non-GAAP Net Income per |
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Reconciliations of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in
Conference Call Information
Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning
Non-GAAP Financial Measures
This press release includes the following financial measures defined as non-GAAP financial measures by the
- expenses associated with stock-based compensation including employer payroll taxes upon the vesting and exercising of stock-based awards and expenses related to stock appreciation rights previously issued to our employees in
China ; - amortization of intangible assets for the acquired technology and acquired customer relationships associated with prior acquisitions;
- certain acquisition-related costs and other, including due diligence costs, professional fees in connection with an acquisition and certain integration-related expenses. These expenses are unpredictable, and dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired business or our Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs; and
- in the case of non-GAAP net income and non-GAAP net income per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on our financial instruments;
- additionally, non-GAAP net income and non-GAAP net income per share are adjusted for an assumed provision for income taxes based on an estimated long-term non-GAAP tax rate. The non-GAAP tax rate was calculated utilizing a three-year financial projection that excludes the direct impact of the GAAP to non-GAAP adjustments and considers other factors such as operating structure and existing tax positions in various jurisdictions. We intend to periodically reevaluate the projected long-term tax rate, as necessary, for significant events and our ongoing analysis of relevant tax law changes.
Free cash flow represents net cash from/used in operating activities, less capital expenditures, principal payments of finance lease liabilities and capitalized software development costs, if any.
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, free cash flow or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of
About
Headquartered in
Investor Relations
ICR for
646-277-1251
ir@mongodb.com
Media Relations
press@mongodb.com
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|
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Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 657,809 |
|
$ 490,133 |
Short-term investments |
1,796,129 |
|
1,846,444 |
Accounts receivable, net of allowance for doubtful accounts of |
313,215 |
|
393,099 |
Deferred commissions |
116,291 |
|
112,632 |
Prepaid expenses and other current assets |
89,086 |
|
81,214 |
Total current assets |
2,972,530 |
|
2,923,522 |
Property and equipment, net |
43,718 |
|
46,377 |
Operating lease right-of-use assets |
33,702 |
|
34,607 |
|
189,641 |
|
69,679 |
Intangible assets, net |
45,919 |
|
24,597 |
Deferred tax assets |
22,410 |
|
20,810 |
Other assets |
316,500 |
|
310,701 |
Total assets |
$ 3,624,420 |
|
$ 3,430,293 |
Liabilities and Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 8,562 |
|
$ 10,467 |
Accrued compensation and benefits |
102,725 |
|
120,354 |
Operating lease liabilities |
8,914 |
|
9,126 |
Other accrued liabilities |
89,062 |
|
87,659 |
Deferred revenue |
295,735 |
|
334,381 |
Total current liabilities |
504,998 |
|
561,987 |
Deferred tax liability |
577 |
|
262 |
Operating lease liabilities |
28,086 |
|
27,374 |
Deferred revenue |
24,327 |
|
25,404 |
Other liabilities |
33,482 |
|
33,042 |
Total liabilities |
591,470 |
|
648,069 |
Stockholders' equity: |
|
|
|
Common stock, par value of |
80 |
|
78 |
Additional paid-in capital |
4,899,504 |
|
4,625,093 |
|
(1,319) |
|
(1,319) |
Accumulated other comprehensive income (loss) |
13,015 |
|
(924) |
Accumulated deficit |
(1,878,330) |
|
(1,840,704) |
Total stockholders' equity |
3,032,950 |
|
2,782,224 |
Total liabilities and stockholders' equity |
$ 3,624,420 |
|
$ 3,430,293 |
|
|||
|
Three Months Ended |
||
|
2025 |
|
2024 |
Revenue: |
|
|
|
Subscription |
$ 531,455 |
|
$ 436,896 |
Services |
17,559 |
|
13,665 |
Total revenue |
549,014 |
|
450,561 |
Cost of revenue: |
|
|
|
Subscription(1) |
129,585 |
|
100,762 |
Services(1) |
28,456 |
|
21,935 |
Total cost of revenue |
158,041 |
|
122,697 |
Gross profit |
390,973 |
|
327,864 |
Operating expenses: |
|
|
|
Sales and marketing(1) |
220,923 |
|
219,444 |
Research and development(1) |
168,829 |
|
146,060 |
General and administrative(1) |
54,775 |
|
60,546 |
Total operating expenses |
444,527 |
|
426,050 |
Loss from operations |
(53,554) |
|
(98,186) |
Other income, net |
20,230 |
|
20,174 |
Loss before provision for income taxes |
(33,324) |
|
(78,012) |
Provision for income taxes |
4,302 |
|
2,581 |
Net loss |
$ (37,626) |
|
$ (80,593) |
Net loss per share, basic and diluted |
$ (0.46) |
|
$ (1.10) |
Weighted-average shares used to compute net loss per share, basic and diluted |
81,060,822 |
|
72,990,141 |
|
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(1) Includes stock‑based compensation expense as follows: |
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|
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|
Three Months Ended |
||
|
2025 |
|
2024 |
Cost of revenue—subscription |
$ 8,395 |
|
$ 6,163 |
Cost of revenue—services |
3,894 |
|
3,255 |
Sales and marketing |
39,102 |
|
39,613 |
Research and development |
66,405 |
|
55,173 |
General and administrative |
14,635 |
|
16,559 |
Total stock‑based compensation expense |
$ 132,431 |
|
$ 120,763 |
|
|||
|
Three Months Ended |
||
|
2025 |
|
2024 |
Cash flows from operating activities |
|
|
|
Net loss |
$ (37,626) |
|
$ (80,593) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
5,309 |
|
4,826 |
Stock-based compensation |
132,431 |
|
120,763 |
Amortization of debt discount and issuance costs |
— |
|
852 |
Amortization of finance right-of-use assets |
993 |
|
993 |
Amortization of operating right-of-use assets |
2,758 |
|
2,479 |
Deferred income taxes |
25 |
|
7 |
Amortization of premium and accretion of discount on short-term investments, net |
(3,800) |
|
(7,781) |
Realized and unrealized loss (gain) on financial instruments, net |
272 |
|
(479) |
Unrealized foreign exchange loss |
1,970 |
|
115 |
Change in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
79,895 |
|
59,326 |
Prepaid expenses and other current assets |
(4,973) |
|
1,233 |
Deferred commissions |
7,772 |
|
(4,820) |
Other long-term assets |
(12,593) |
|
166 |
Accounts payable |
(2,478) |
|
(547) |
Accrued liabilities |
(19,353) |
|
6,526 |
Operating lease liabilities |
(2,688) |
|
(2,185) |
Deferred revenue |
(39,624) |
|
(37,431) |
Other liabilities, non-current |
1,639 |
|
163 |
Net cash provided by operating activities |
109,929 |
|
63,613 |
Cash flows from investing activities |
|
|
|
Purchases of property, equipment and other assets |
(1,611) |
|
(539) |
Business combination, net of cash acquired |
(2,032) |
|
— |
Investments in non-marketable securities |
(4,822) |
|
— |
Proceeds from maturities of marketable securities |
198,660 |
|
125,000 |
Purchases of marketable securities |
(138,624) |
|
(172,604) |
Net cash provided by (used in) investing activities |
51,571 |
|
(48,143) |
Cash flows from financing activities |
|
|
|
Proceeds from exercise of stock options |
579 |
|
953 |
Principal payments of finance leases |
(2,394) |
|
(2,093) |
Net cash used in financing activities |
(1,815) |
|
(1,140) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
8,000 |
|
(1,583) |
Net increase in cash, cash equivalents and restricted cash |
167,685 |
|
12,747 |
Cash, cash equivalents and restricted cash, beginning of period |
492,753 |
|
803,643 |
Cash, cash equivalents and restricted cash, end of period |
$ 660,438 |
|
$ 816,390 |
|
|||
|
Three Months Ended |
||
|
2025 |
|
2024 |
Reconciliation of GAAP gross profit to non-GAAP gross profit: |
|
|
|
Gross profit on a GAAP basis |
$ 390,973 |
|
$ 327,864 |
Gross margin (Gross profit/Total revenue) on a GAAP basis |
71 % |
|
73 % |
Add back: |
|
|
|
Expenses associated with stock-based compensation: Cost of Revenue—Subscription |
8,622 |
|
6,497 |
Expenses associated with stock-based compensation: Cost of Revenue—Services |
4,586 |
|
3,474 |
Amortization of intangible assets |
2,367 |
|
— |
Non-GAAP gross profit |
$ 406,548 |
|
$ 337,835 |
Non-GAAP gross margin (Non-GAAP gross profit/Total revenue) |
74 % |
|
75 % |
|
|
|
|
Reconciliation of GAAP operating expenses to non-GAAP operating expenses: |
|
|
|
Sales and marketing operating expense on a GAAP basis |
$ 220,923 |
|
$ 219,444 |
Less: |
|
|
|
Expenses associated with stock-based compensation |
39,904 |
|
42,154 |
Amortization of intangible assets |
— |
|
85 |
Non-GAAP sales and marketing operating expense |
$ 181,019 |
|
$ 177,205 |
|
|
|
|
Research and development operating expense on a GAAP basis |
$ 168,829 |
|
$ 146,060 |
Less: |
|
|
|
Expenses associated with stock-based compensation |
68,177 |
|
57,760 |
Amortization of intangible assets |
170 |
|
2,568 |
Certain acquisition-related costs and other |
40 |
|
— |
Non-GAAP research and development operating expense |
$ 100,442 |
|
$ 85,732 |
|
|
|
|
General and administrative operating expense on a GAAP basis |
$ 54,775 |
|
$ 60,546 |
Less: |
|
|
|
Expenses associated with stock-based compensation |
15,230 |
|
18,445 |
Certain acquisition-related costs and other |
1,890 |
|
— |
Non-GAAP general and administrative operating expense |
$ 37,655 |
|
$ 42,101 |
|
|
|
|
Reconciliation of GAAP loss from operations to non-GAAP income from operations: |
|
|
|
Loss from operations on a GAAP basis |
$ (53,554) |
|
$ (98,186) |
GAAP operating margin (Loss from operations/Total revenue) |
(10) % |
|
(22) % |
Add back: |
|
|
|
Expenses associated with stock-based compensation |
136,519 |
|
128,330 |
Amortization of intangible assets |
2,537 |
|
2,653 |
Certain acquisition-related costs and other |
1,930 |
|
— |
Non-GAAP income from operations |
$ 87,432 |
|
$ 32,797 |
Non-GAAP operating margin (Non-GAAP income from operations/Total revenue) |
16 % |
|
7 % |
|
|
|
|
Reconciliation of GAAP net loss to non-GAAP net income: |
|
|
|
Net loss on a GAAP basis |
$ (37,626) |
|
$ (80,593) |
Add back: |
|
|
|
Expenses associated with stock-based compensation |
136,519 |
|
128,330 |
Amortization of intangible assets |
2,537 |
|
2,653 |
Certain acquisition-related costs and other |
1,930 |
|
— |
Amortization of debt issuance costs related to convertible senior notes |
— |
|
852 |
Less: |
|
|
|
Gains (loss) on financial instruments, net |
(272) |
|
479 |
Income tax effects and adjustments * |
17,285 |
|
8,088 |
Non-GAAP net income |
$ 86,347 |
|
$ 42,675 |
|
|
|
|
Reconciliation of GAAP net loss per share, diluted, to non-GAAP net income per share, fully |
|
|
|
Net loss per share, diluted, on a GAAP basis |
$ (0.46) |
|
$ (1.10) |
Add back: |
|
|
|
Expenses associated with stock-based compensation |
1.68 |
|
1.76 |
Amortization of intangible assets |
0.03 |
|
0.04 |
Certain acquisition-related costs and other |
0.02 |
|
— |
Amortization of debt issuance costs related to convertible senior notes |
— |
|
0.01 |
Less: |
|
|
|
Gains (loss) on financial instruments, net |
— |
|
0.01 |
Income tax effects and adjustments * |
0.21 |
|
0.11 |
Non-GAAP net income per share, diluted |
$ 1.06 |
|
$ 0.59 |
Adjustment for fully diluted earnings per share |
(0.06) |
|
(0.08) |
Non-GAAP net income per share, fully diluted ** |
$ 1.00 |
|
$ 0.51 |
|
* Non-GAAP financial information is adjusted for an assumed provision for income taxes based on our long-term projected tax rate of 20%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities. |
** Fully diluted non-GAAP net income per share is calculated based upon 86.3 million and 83.2 million of fully diluted weighted-average shares of outstanding common stock for the three months ended |
The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most |
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Three Months Ended |
||
|
2025 |
|
2024 |
Net cash provided by operating activities |
$ 109,929 |
|
$ 63,613 |
Capital expenditures |
(1,611) |
|
(539) |
Principal payments of finance leases |
(2,394) |
|
(2,093) |
Capitalized software |
— |
|
— |
Free cash flow |
$ 105,924 |
|
$ 60,981 |
|
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The following table presents certain customer count information as of the periods indicated: |
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Total Customers (a) |
43,100+ |
|
45,000+ |
|
46,400+ |
|
47,800+ |
|
49,200+ |
|
50,700+ |
|
52,600+ |
|
54,500+ |
|
57,100+ |
Direct Sales Customers(b) |
6,700+ |
|
6,800+ |
|
6,900+ |
|
7,000+ |
|
7,100+ |
|
7,300+ |
|
7,400+ |
|
7,500+ |
|
7,500+ |
MongoDB Atlas Customers |
41,600+ |
|
43,500+ |
|
44,900+ |
|
46,300+ |
|
47,700+ |
|
49,200+ |
|
51,100+ |
|
53,100+ |
|
55,800+ |
Customers over |
1,761 |
|
1,855 |
|
1,972 |
|
2,052 |
|
2,137 |
|
2,189 |
|
2,314 |
|
2,396 |
|
2,506 |
|
|
|
|
|
|
|
|
|
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(a) Our definition of "customer" excludes users of our free offerings and all affiliated entities are counted as a single customer. |
(b) Direct Sales Customers are customers that were sold through our direct sales force and channel partners. |
(c) Represents the number of customers with |
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The following table presents certain supplemental revenue information as of the periods indicated: |
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MongoDB Enterprise |
28 % |
|
26 % |
|
27 % |
|
26 % |
|
25 % |
|
24 % |
|
25 % |
|
23 % |
|
22 % |
Direct Sales Customers(a) |
88 % |
|
88 % |
|
88 % |
|
88 % |
|
87 % |
|
87 % |
|
88 % |
|
88 % |
|
87 % |
|
(a) Direct Sales Customers are customers that were sold through our direct sales force and channel partners. |
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