MongoDB reported better-than-expected fourth quarter results, but its outlook for the first quarter and fiscal 2026 was light.
It was hard to gripe about MongoDB's fourth quarter as the company easily topped revenue estimates and nearly doubled the 67 cents a share analysts expected for non-GAAP earnings.
MongoDB reported fourth quarter earnings of $15.8 million, or 20 cents a share, on revenue of $548.4 million, up 20% from a year ago. Non-GAAP earnings for the fourth quarter were $108.4 million, or $1.28 a share.
For fiscal 2025, MongoDB reported a net loss of $129 million, or $1.73 a share, on revenue of $2.01 billion, up 19% from a year ago. Non-GAAP earnings for fiscal 2025 checked in at $274.2 million, or $3.33 a share.
The company just announced the purchase of Voyage AI. See: MongoDB picks up Voyage AI, aims to integrate model reranking
Dev Ittycheria, CEO of MongoDB, said Atlas revenue growth was 24% and margins expanded with new workload wins. "In fiscal year 2026 we expect to see stable consumption growth in Atlas, our main growth driver," said Ittycheria. "Looking ahead, we remain incredibly excited about our long-term growth opportunity. Following the Voyage AI acquisition, we combine real-time data, sophisticated embedding and retrieval models and semantic search directly in the database, simplifying the development of trustworthy AI-powered apps."
So what's the problem? The outlook from MongoDB was mixed, but could also merely be conservative.
MongoDB expects first quarter fiscal 2026 revenue will be between $524 million to $529 million. The midpoint of that range is a bit below the $527.3 million estimate. Non-GAAP earnings in the first quarter are projected to be between 63 cents a share to 67 cents a share. Wall Street was expecting 62 cents a share.
Fiscal 2026 revenue is forecast to be between $2.24 billion to $2.28 billion, compared to the estimate of $2.33 billion. Non-GAAP earnings a share for the year will be between $2.44 to $2.62, well below $3.38 a share estimate.
Ittycheria said the following on MongoDB's earnings call:
- "As I look into fiscal '26, let me share with you what I see as the main drivers of our business. First, we expect another strong year of new workload acquisition. As we said many times in the past, in today's economy, companies build competitive advantage through custom built software. In fiscal '26, we expect that customers will continue to gravitate towards building their competitive differentiation on MongoDB."
- "We expect to see stable consumption growth for Atlas in fiscal '26 compared to fiscal '25. Usage growth to start fiscal '26 is consistent with the environment we have seen in recent quarters. This consistency, coupled with an improved fiscal '25 cohort of workloads gives us confidence that Atlas will continue to see robust growth as it approaches a $2 billion run rate this year."
- "We expect our non-Atlas business will represent a meaningful headwind to our growth in fiscal '26 because we expect fewer multiyear deals and because we see that historically non-Atlas customers are deploying more of the incremental workloads on Atlas."
- "In fiscal '26, we expect our customers will continue on their AI journey from experimenting with new technology stacks to building prototypes to deploying apps in production. We expect the progress to remain gradual as most enterprise customers are still developing in-house skills to leverage AI effectively. Consequently, we expect the benefits of AI to be only modestly incremental to revenue growth in fiscal '26."
