MongoDB, Inc. Q4 FY2026 earnings call

CJ noted speaking to over 200 customers globally, customers excited about MongoDB platform. MongoDB's foundation in great shape. Signed large deals, including ~$90 million with a large tech company and >$100 million with a large financial institution. Delivered non-GAAP operating margin of 23%. Ended quarter with over 65,200 customers. Growth in Vector Search and VoH embedding models. EMEA team had strong Q4. Large enterprises standardizing on MongoDB for various workloads. Adobe expanded partnership. Erica Volini joined as Chief Customer Officer. Mike discussed fourth quarter and full year fiscal 27 outlook, including revenue, operating margin, cash flow, and product mix details.

Total revenue was $695 million, up 27% year over year. Atlas revenue grew 29% year over year in Q4, accounting for 72% of total revenue. Non-Atlas grew 20% year over year. Non-Atlas ARR grew 13% year over year. Atlas growth would have been approximately 30% if not for the impact of large bundled deals. Deferred revenue and RPO grew, with RPO growing from $748 million at the end of fiscal 25 to $1.47 billion at the end of fiscal 26, a year-over-year growth of 97%.

For Q1 fiscal 27, expect revenue of $659 to $664 million, non-GAAP income from operations in range of $105 to $109 million, non-GAAP net income per share in range of $1.15 to $1.19. For fiscal 27, expect revenue in range of $2.86 to $2.9 billion, non-GAAP income from operations of $545 to $565 million, non-GAAP net income per share in range of $5.75 to $5.93. Expect to expand operating margin by 100 basis points in fiscal 27. Expect cash conversion in 80 to 100 percent range during fiscal 27.

Discussed that forward-looking statements are subject to variety of risks and uncertainties, including results of operations and financial conditions that could cause actual results to differ materially from expectations. Refer to risk described in quarterly report on Form 10-Q for material risks and uncertainties.

Q: At your big event in January in San Francisco, what were your impressions about developer buy-in? And on EA, next year had a bigger cohort, and this year, was that earlier renewals for next year, or is the cohort still in place?

A: CJ said January 15th event was a great success, 70% of attendees had not used MongoDB before and will repeat .local in SF in August. Mike said on EA, no material change to cadence of early renewals, and no major impact in cohorts next year; Q: How is your product and go-to-market strategy changing ahead of growing reality that agents are going to be the things that are spinning up most databases and not humans in the future? And follow-up on that: Is that going to come in a future release of the database, or how should we be thinking about sort of the deliverables on that vision?

A: CJ said agents need to love MongoDB, requiring focus from engineering team on machine-friendly APIs, etc., and there's an ambitious roadmap with innovations announced at DOT local conferences throughout the year; Q: How is your product and go-to-market strategy changing ahead of growing reality that agents are going to be the things that are spinning up most databases and not humans in the future? And follow-up on that: Is that going to come in a future release of the database, or how should we be thinking about sort of the deliverables on that vision?

A: CJ said agents need to love MongoDB, requiring focus from engineering team on machine-friendly APIs, etc., and there's an ambitious roadmap with innovations announced at DOT local conferences throughout the year; Q: On Atlas in the fourth quarter, was the two-point beat roughly the framework you would advise the street to think about going forward? And secondly, if you could just perhaps describe the bundling impact that nicked a point off of Atlas, just maybe you could explain why that happened and were you anticipating that?

A: Mike said Q4 played out largely as expected, bundling was unique due to size of large transaction, which took a little off Atlas growth rate and was not expected entering the quarter; Q: 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 27. It seems like you have a lot of momentum there. You're closing some feature gaps. I'm kind of wondering why low mid is still the target for 27, why we hold this momentum in the fourth quarter and in the bundling and the feature parity you hope to achieve. That number is not higher. And follow-up: as to the changes in the leadership on the go-to-market side and the CRO and the field, is there any more level of conservatism built in your guide because of this transition? And to CJ, year-end, any changes to comm structure that you're thinking about also in light of who you're looking for as far as the CRO is concerned?

A: Mike said EA product enhancements will occur throughout fiscal 27, variability in business is due to multi-year deal closing, and guidance takes into account various factors including economy; CJ said has high confidence in go-to-market team leaders and their ability to execute; Q: 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? And follow-up: on the Atlas bundling, 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. And just curious, why do you think that customer in particular chose to do more on EA as opposed to Atlas?

A: CJ said modernization need is still relevant in high end of enterprise, and customer choice on EA vs Atlas is specific to their internal plans; Alex said Q4 was unique due to size of large transaction, and they'll watch bundling going forward; Q: Going back to the EA and Atlas bundling, 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. And just curious, why do you think that customer in particular chose to do more on EA as opposed to Atlas? And follow-up: on the go-to-market changes, given CJ's background at ServiceNow, challenges with prior approach and confidence in new approach?

A: Tyler said customer choice is specific to their internal plans; CJ said focus on hyperscalers, system integrators, and AI-native ecosystem as key buckets for go-to-market strategy; Q: CJ, latest thoughts on the importance of the AI part of the story start to play a bigger role in terms of the growth equation? And follow-up: Mike, on 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 25, fiscal year 26 applications and workloads, how are they ramping relative to your expectations?

A: CJ said AI part will be someday but not yet seeing meaningful impact in large enterprises; Mike said Q4 largely came in as expected, no abnormal things, and comment on second half is general macro comment not specific to past workloads signed.