Executive Summary
MongoDB delivered solid top-line growth in QQ3 2025, with revenue of $529.4 million, up 22.3% year-over-year and 10.7% quarter-over-quarter, supported by continued Atlas adoption and multi-cloud deployment. Gross profit reached $394.0 million, yielding a robust gross margin of 74.4%, up modestly year-over-year and sequentially. However, the quarter remained unprofitable on a net basis, with net income of -$9.78 million and an operating loss of -$27.88 million, reflecting ongoing investment in R&D and go-to-market expansion to accelerate Atlas and new product capabilities. EBITDA was $1.80 million, with an EBITDA margin near zero, indicating heavy investment activity despite revenue momentum.
From a cash-flow perspective, MongoDB generated positive operating cash flow of $37.4 million and free cash flow of $35.5 million, while investing activities consumed $653.4 million largely due to investments in marketable securities and other long-dated assets. The company finished the period with cash and short-term investments of about $2.30 billion and net debt of roughly $490 million, underscoring a strong liquidity position to fund product development and go-to-market initiatives. While the balance sheet remains solid, the market should note the substantial investment path required to convert revenue growth into sustained profitability and free cash flow expansion. Management’s commentary (where available) emphasizes Atlas expansion, multi-cloud scalability, and long runway for enterprise adoption, pointing to a constructive longer-term revenue and margin trajectory if operating efficiencies and scale improvements materialize.
Overall investment thesis: favorable growth potential anchored by Atlas-driven data platform adoption in the cloud era, balanced against near-term profitability challenges. The stock’s valuation remains elevated relative to traditional software peers, reflecting high-growth expectations and a durable multi-cloud platform moat. Investors should monitor Atlas revenue growth pace, gross margin progression, operating expense discipline, and the trajectory toward sustained positive free cash flow.
Key Performance Indicators
Key Insights
Revenue: $529.375 million, YoY +22.28%, QoQ +10.72%; Gross Profit: $394.044 million, YoY +20.92%, QoQ +12.63%; Gross Margin: 74.44%; Operating Income: -$27.876 million, YoY improvement, Margin -5.27%; EBITDA: $1.797 million, Margin 0.34%; Net Income: -$9.776 million, Net Margin -1.85%; EPS: -$0.13; Weighted Average Shares: 74.020 million; Cash Flow from Operations: $37.438 million; Free Cash Flow: $35.457 million; Net Change in Cash: -$616.817 million; Cash End of Period: $675.663 million; Total...
Financial Highlights
Revenue: $529.375 million, YoY +22.28%, QoQ +10.72%; Gross Profit: $394.044 million, YoY +20.92%, QoQ +12.63%; Gross Margin: 74.44%; Operating Income: -$27.876 million, YoY improvement, Margin -5.27%; EBITDA: $1.797 million, Margin 0.34%; Net Income: -$9.776 million, Net Margin -1.85%; EPS: -$0.13; Weighted Average Shares: 74.020 million; Cash Flow from Operations: $37.438 million; Free Cash Flow: $35.457 million; Net Change in Cash: -$616.817 million; Cash End of Period: $675.663 million; Total Assets: $3.225 billion; Total Liabilities: $1.723 billion; Total Stockholders’ Equity: $1.502 billion; Cash & Short-Term Investments: $2.302 billion; Total Debt: $1.163 billion; Net Debt: $490.092 million; Capex: $1.981 million.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
529.38M |
22.28% |
10.72% |
| Gross Profit |
394.04M |
20.92% |
12.63% |
| Operating Income |
-27.88M |
38.35% |
60.98% |
| Net Income |
-9.78M |
66.63% |
82.07% |
| EPS |
-0.13 |
68.29% |
82.43% |
Key Financial Ratios
operatingProfitMargin
-5.27%
operatingCashFlowPerShare
$0.51
freeCashFlowPerShare
$0.48
priceEarningsRatio
-513.91
Management Commentary
Transcript data not provided in the supplied materials. Unable to extract management quotes or themes from an earnings call for QQ3 2025.
Forward Guidance
No formal numeric guidance was provided for QQ4 2025 or beyond in the supplied materials. Management commentary (where available) points to continued investment in Atlas sales and product development to accelerate multi-cloud adoption and enterprise expansion. Given macro volatility and competitive intensity in cloud-native databases, the achievability of any future targets will hinge on: (i) sustained Atlas ARR growth and higher-velocity customer acquisition, (ii) gross margin expansion through product mix optimization and scale, and (iii) disciplined operating expense management to convert revenue growth into positive operating and free cash flow. Investors should monitor Atlas revenue growth, customer additions, mix of cloud deployment (multi-cloud share), SBC intensity, and the progression of operating leverage over the next several quarters.