MDB US Russell 1000 Earnings call
MongoDB Inc. (MDB) · Q2 2026 results and valuation
Share price: $338.12 · 2026-11-11
MongoDB Inc. provides a developer data platform featuring a document-based operational database and integrated data services such as search, vector search, and stream processing. The company serves organizations of all sizes that require scalable and flexible systems to manage diverse data types for applications. It operates in the global database management software market, offering its services in cloud, on-premises, and hybrid environments. Source: 10-K annual report (2026-03-11)
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q2 2027 · published 1 Sep 2026 and 28 May 2026
Net income up 823.3% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.
1 · Numbers
+823.3%
Net income vs Q1 2026
Outlook given
Net income 40.9M vs 4.4M
Revenue +12.2%
Why Against the same quarter last year (turned to a profit), net income rose primarily because total revenue grew 30% year over year, supported by a higher EA revenue mix, higher subscription gross margins, and growth in Atlas revenue driven by large enterprise customers and AI momentum.
2 · How management spoke
Very upbeat
More upbeat than 90% of company calls
Answers to analysts: typical, but clearly less so than the script.
The step down under questioning is bigger than last call.
3 · What stood out
MongoDB raised its fiscal 2027 revenue guidance to $2.99 billion to $3.03 billion, representing a full-year growth of 21% to 23%.
Valuation
Is MongoDB Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-01-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $333.17 a share — the stock trades 1% above it. Today's price assumes 20.2% growth a year.
Current price
$338.12
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+20.2% for 10 yrs
Fair value / share
$333.17
Buy below
$249.88
Price vs fair value
Overvalued 1%
Price vs buy-below price
Overvalued 35%
Management expects
Revenue +11% · from the Q2 2026 report: “MDB raised its full year EA and other revenue growth forecast to approximately 11% for fiscal 2027, up from the previous guidance of mid single digit growth.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
Atlas revenue grew approximately 29% year over year and exceeded guidance by approximately 300 basis points.
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Guidance
MDB raised its full year EA and other revenue growth forecast to approximately 11% for fiscal 2027, up from the previous guidance of mid single digit growth.
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Guidance
The company expects to expand operating margin by approximately 250 basis points in fiscal 2027, which is 100 basis points higher than the high end of the previous range.
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Figure
Total revenue reached $772 million, a 30% year-over-year increase representing the highest level of quarterly growth seen since fiscal year 24.
Source quote
“Total revenue was $772 million, up 30% year over year and representing the highest level of quarterly growth seen since fiscal year 24.”
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Figure
Revenue grew approximately 30% year over year, marking the company's strongest quarter in 3 years.
Source quote
“With revenue growing approximately 30% year over year our strongest quarter in 3 years.”
3 more
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Guidance
MDB achieved its third consecutive quarter of GAAP EPS profitability and expects to remain GAAP EPS profitable for the full fiscal 2027.
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Figure
MDB added a record 2.9 thousand net new customers this quarter.
Source quote
“We added a record 2.9 thousand net new customers this quarter.”
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Figure
The company migrated its chat memory system onto Atlas in 4 weeks, achieving 10x faster reads than Postgres.
Source quote
“They migrated their chat memory system onto Atlas in just 4 weeks. And now run at 10x faster reads than Postgres.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 91% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Based on this continued momentum, we expect Atlas growth of approximately 26% in Q3 and we are raising our full year growth expectation to approximately 27% an increase of 300...”
“For fiscal 27, we now expect total revenue of $2.99 billion to $3.03 billion representing full year growth of 21% to 23% which would be the second straight year of...”
“Given this performance, and the strong momentum across the business, we are rolling the beat from Q2 and raising our second half fiscal 27 guidance largely driven by strength in...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)
| Metric | Q2 2026period end 2026-07-31 | Q1 2026period end 2026-04-30 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 771.8M | 687.6M | +12.2% | 591.4M | +30.5% |
| Gross profit | 569.8M | 496.2M | +14.8% | 420.0M | +35.7% |
| Operating income | 28.4M | -24.8M | Turned profit | -65.3M | Turned profit |
| Net income | 40.9M | 4.4M | +823.3% | -47.0M | Turned profit |
| EPS | 0.50 | 0.05 | +900.0% | -0.58 | Turned profit |
| P/E today 440.6 | 475.3 | 12-mo loss | — | — | — |
Topics
Most discussed now
- This large bank told me that based on their testing, they believe that vectors should be integrated fully in the...
- MongoDB generated a non GAAP operating margin of 24%, driven by the strong revenue growth it delivered.
- EA and other had a standout quarter growing 36% year over year due to widespread strength driven by MongoDB's run-anywhere...
- Showing MongoDB's strong early momentum for AI workloads.
- This is the fifth consecutive quarter with Atlas growth of approximately 29%.
Faded since Q1 2026
- Fading MongoDB's business model continues to deliver operating margin and cash flow expansion.
- Fading Seeing that with some of the large financial services and health care companies gives me a lot of confidence that...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Director or officer change · SEC 8-K
The company appointed Dev Ittycheria as Interim President and Chief Executive Officer with an annual base salary of $500,000, a $500,000 sign-on bonus, and $15,000,000 in restricted stock units.
- Regulation FD disclosure; Other events · SEC 8-K
The Board authorized an additional $1.0 billion in share repurchases, increasing the total authorized amount to $2.0 billion, with $1,353,700,000 remaining available as of September 29, 2026.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Chirantan Desai resigned as President and CEO effective September 28, 2026, and Dev Ittycheria was appointed as Interim President and Chief Executive Officer on the same date.
- Results of operations · SEC 8-K
MongoDB reported total revenue of $771.8 million for the second quarter of fiscal 2027, which represents an increase of 30% year-over-year.
- Articles or bylaws amended; Shareholder vote results · SEC 8-K · routine
- Results of operations · SEC 8-K
MongoDB reported total revenue of $687.6 million for the first quarter of fiscal 2027, which represents an increase of 25% year-over-year.
- Results of operations; Director or officer change; Articles or bylaws amended · SEC 8-K
MongoDB reported total revenue of $695.1 million for the fourth quarter of fiscal 2026, up 27% year-over-year, and full-year revenue of $2.46 billion, up 23% year-over-year.
- Results of operations · SEC 8-K
MongoDB reported total revenue of $628.3 million for the third quarter of fiscal 2026, up 19% year-over-year, with Atlas revenue increasing by 30% year-over-year.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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September 29
Investor Day in New York City
Source quote
“Before I close, I would like to remind everyone that we will be hosting our Investor Day in New York City on September 29 and our dot local New York user event on September 30.”
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fiscal 2027
GAAP EPS profitability
Source quote
“And our full year guidance incorporates our expectation to be GAAP EPS profitable for fiscal 2027.”
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second half of fiscal 27
continued growth from largest enterprise customers
Source quote
“Our growth to date has been driven primarily by continued strength with our largest enterprise customers and we expect that to continue in the second half of fiscal 27.”
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Q3
Atlas growth of approximately 26%
Source quote
“Based on this continued momentum, we expect Atlas growth of approximately 26% in Q3 and we are raising our full year growth expectation to approximately 27% an increase of 300 basis points from the midpoint of our prior guidance.”
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fiscal 27
EA and other revenue growth of approximately 11%
Source quote
“We are raising our full year expectations for EA and other revenue to approximately 11% growth in fiscal 27 up from our prior guidance of mid single digit growth.”