Executive Summary
MongoDB’s QQ2 2026 results reflect resilient top-line momentum driven by Atlas and multi-cloud adoption, with revenue up 23.7% year over year to $591.4 million and gross margin holding near 71%. Despite robust gross profitability, the quarter delivered an operating loss of $65.3 million and a net loss of $47.0 million as the company continues to invest aggressively in R&D and sales & marketing to capture a larger share of the database-as-a-service market. Free cash flow was positive at $73.7 million, and the company finished the period with a substantial net cash position, underscoring financial flexibility to fund growth initiatives. The combination of a strong balance sheet, durable gross margins, and a clear, product-driven growth story supports a constructive view on MongoDB’s longer-term trajectory, even as near-term profitability remains a work-in-progress.
Key takeaways: (1) Atlas multi-cloud growth remains the primary lever for long-term ARR expansion and customer adoption; (2) profitability is being sacrificed for scale, with SBC and operating expenses contributing to near-term losses; (3) liquidity and cash generation provide optionality to fund product development, go-to-market expansion, and potential strategic opportunities.
Key Performance Indicators
QoQ: -25.04% | YoY:13.72%
QoQ: -26.09% | YoY:21.62%
Key Insights
Revenue: USD 591.402 million, YoY +23.70%, QoQ +7.72%.
Gross Profit: USD 419.974 million, YoY +20.04%, QoQ +7.42%, Gross Margin 71.01%.
Operating Income: USD -65.294 million, YoY change +8.60% (improvement in operating loss magnitude), QoQ change -21.92%.
Net Income: USD -47.048 million, YoY change +13.72%, QoQ change -25.04%.
EPS: USD -0.58, YoY +21.62%, QoQ -26.09%.
Cash Flow: Net cash provided by operating activities USD 72.105 million; Free cash flow USD 73.716 million.
Liquidity: Cash and c...
Financial Highlights
Revenue: USD 591.402 million, YoY +23.70%, QoQ +7.72%.
Gross Profit: USD 419.974 million, YoY +20.04%, QoQ +7.42%, Gross Margin 71.01%.
Operating Income: USD -65.294 million, YoY change +8.60% (improvement in operating loss magnitude), QoQ change -21.92%.
Net Income: USD -47.048 million, YoY change +13.72%, QoQ change -25.04%.
EPS: USD -0.58, YoY +21.62%, QoQ -26.09%.
Cash Flow: Net cash provided by operating activities USD 72.105 million; Free cash flow USD 73.716 million.
Liquidity: Cash and cash equivalents USD 647.139 million; Total cash and short-term investments USD 2.345 billion; Net debt = USD -611.395 million (net cash).
Balance Sheet: Total assets USD 3.542 billion; Total liabilities USD 0.599 billion; Total stockholders’ equity USD 2.943 billion.
Deferred revenue (current): USD 275.877 million.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
591.40M |
23.70% |
7.72% |
| Gross Profit |
419.97M |
20.04% |
7.42% |
| Operating Income |
-65.29M |
8.60% |
-21.92% |
| Net Income |
-47.05M |
13.72% |
-25.04% |
| EPS |
-0.58 |
21.62% |
-26.09% |
Management Commentary
No earnings-call transcript content was provided in the data. As such, this section summarizes anticipated management themes based on the disclosed numbers and typical call topics. If transcript is available, expected themes would include: (a) Atlas multi-cloud expansion and customer expansion metrics; (b) monetization strategy and mix shift toward higher-margin ARR; (c) investment cadence in R&D and GTM and their impact on near-term profitability; (d) progress on product milestones (e.g., database-as-a-service features, security, developer tooling) and competitive positioning; (e) guidance outlook and visibility into churn, renewal rates, and dollar-based net retention. Relevant quotes would be incorporated to illustrate strategy, operational execution, and market conditions.
Forward Guidance
No formal numeric guidance was disclosed in the provided data. Given the quarter’s revenue growth and margin dynamics, the plausible near-term view is that MongoDB will continue investing in R&D and go-to-market efforts to sustain Atlas growth and customer expansion, which should support revenue acceleration over time if the installed base escalates and net retention remains strong. Investors should monitor: (a) progression of Atlas revenue mix and dollar-based net retention; (b) trajectory of operating expense as a percentage of revenue and the potential for margin improvement as the company scales; (c) continued strength of free cash flow generation despite GAAP losses; (d) deferral revenue development and any seasonal impact on bookings. Scenarios range from steady-state improvement in profitability as the top-line expands and efficiency improves, to potential margin compression if investment pace accelerates further without commensurate revenue offset.