Executive Summary
MongoDB’s QQ4 2025 results show a revenue jump of 19.7% year-over-year to USD 548.40 million, underscoring the continued demand for Atlas and the company’s modern database platform. Gross margin remained robust at approximately 72.8%, leveraging a high-value product mix and multi-cloud deployment. However, the quarter recorded an operating loss of USD 18.56 million, primarily due to elevated research and development plus selling, general and administrative expenses, which kept EBITDA and operating margins negative. Notably, net income turned positive to USD 15.83 million driven by USD 22.72 million in total other income, highlighting non-operational drivers that supported profitability in the quarter. Free cash flow was USD 24.56 million, and net cash/excess liquidity stood at roughly USD 453.6 million after accounting for modest debt levels, contributing to a strong balance sheet with substantial liquidity and minimal net leverage. Management emphasis remains on Atlas growth, multi-cloud strategy, and expanding data services, which should support longer-term operating leverage, margin expansion, and cash generation as the business scales. Absent explicit quarterly guidance, the core investment thesis rests on Atlas’ scalable ARR growth, increasing customer adoption, and the ability to convert top-line momentum into sustained profitability.
Key Performance Indicators
QoQ: 261.89% | YoY:128.54%
QoQ: 253.85% | YoY:125.97%
Key Insights
Revenue: USD 548.40m, up 19.74% YoY and 3.59% QoQ. Gross Profit: USD 399.38m; Gross Margin: 72.83%; Operating Income: USD -18.56m; Operating Margin: -3.38%; Net Income: USD 15.83m; Net Margin: 2.89%; EBITDA: USD 11.90m; EBITDA Margin: 2.17%. Diluted EPS: USD 0.19; Basic EPS: USD 0.20. Cash flow: Operating cash flow USD 50.54m; Free cash flow USD 24.56m. Balance sheet: Cash and cash equivalents USD 490.13m; Short-term investments USD 1,846.44m; Total cash and investments USD 2,336.58m; Total asse...
Financial Highlights
Revenue: USD 548.40m, up 19.74% YoY and 3.59% QoQ. Gross Profit: USD 399.38m; Gross Margin: 72.83%; Operating Income: USD -18.56m; Operating Margin: -3.38%; Net Income: USD 15.83m; Net Margin: 2.89%; EBITDA: USD 11.90m; EBITDA Margin: 2.17%. Diluted EPS: USD 0.19; Basic EPS: USD 0.20. Cash flow: Operating cash flow USD 50.54m; Free cash flow USD 24.56m. Balance sheet: Cash and cash equivalents USD 490.13m; Short-term investments USD 1,846.44m; Total cash and investments USD 2,336.58m; Total assets USD 3,430.29m; Total liabilities USD 648.07m; Total stockholders’ equity USD 2,782.22m. Net debt: USD -453.63m (net cash). Key ratios: Current ratio 5.00, Gross margin 72.83%, Net margin 2.89%, P/S 39.78x, P/BV 7.84x, EV/Sales around 39–40x, EV/FCF extremely high at ~888x (indicative of growth premium). Q4 four-quarter revenue progression: Q4’25 USD 548.40m; Q3’25 USD 529.38m; Q2’25 USD 478.11m; Q1’25 USD 450.56m. YoY improvements reflect Atlas-driven adoption and enterprise demand, while profitability is being weighed down by ongoing investment in platform development and go-to-market initiatives.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
548.40M |
19.74% |
3.59% |
| Gross Profit |
399.38M |
16.32% |
1.35% |
| Operating Income |
-18.56M |
73.84% |
33.41% |
| Net Income |
15.83M |
128.54% |
261.89% |
| EPS |
0.20 |
125.97% |
253.85% |
Key Financial Ratios
operatingProfitMargin
-3.38%
operatingCashFlowPerShare
$0.65
freeCashFlowPerShare
$0.32
priceEarningsRatio
344.59
Management Commentary
Transcript data not provided in the input. As a result, management commentary themes and verbatim quotes could not be extracted. Expected themes for MongoDB in this cycle typically include: (1) Atlas multi-cloud expansion and customer expansion metrics, (2) investments in data governance, security, and AI-enabled workloads, (3) progress toward operating leverage as revenue scales, and (4) enterprise sales acceleration and integration with cloud ecosystems. Note: without the actual call transcript, these themes are forward-looking expectations rather than verbatim insights.
No transcript data provided.
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No transcript data provided.
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Forward Guidance
No formal forward-looking guidance was supplied in the provided data. Given the quarterly cadence and the size of Atlas’ addressable market, the plausible trajectory hinges on: (a) continued ARR growth from Atlas across multi-cloud deployments, (b) margin improvement as scale economies take hold, particularly through R&D and SG&A leverage relative to revenue, (c) disciplined capital allocation including stock-based compensation and capital expenditures, and (d) customer wins in enterprise segments and expansion within existing customers. Investors should monitor quarterly revenue growth pace, Atlas ARR growth, gross margin stability as services mix evolves, and the rate of operating expense expansion versus revenue. Key indicators to watch: level of non-operating income that contributed to net income in Q4’25, ongoing SBC impact, and the evolution of cash flow conversion relative to revenue growth.