AI continues to be an additional long-term opportunity for our business.
— Dev Ittycheria
03Detailed Report
MDB
Company MDB
Period
Q2 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 12, 2026
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Executive Summary
MongoDB delivered a solid QQ2 2025 showing of top-line momentum and continued strength in its Atlas platform, with revenue of $478.1 million, up 13% year over year, and Atlas representing 71% of total revenue after a 27% year-over-year ascent. The company posted non-GAAP operating income of $52.5 million (11% non-GAAP operating margin) and ended the quarter with more than 50,700 customers, underscoring durable demand for its run-anywhere data platform. Management remains cautiously optimistic about the AI opportunity, anchored by MAAP (MongoDB AI Applications Program), Vector Search, and streaming capabilities, while acknowledging near-term macro headwinds that could influence consumption patterns in the back half of the year. On the balance sheet, MongoDB holds a robust liquidity position (~$2.3 billion in cash and equivalents and short-term investments) and is guiding to a higher starting Atlas ARR for H2, while signaling a planned increase in EA-related bookings and a commitment to margin expansion toward a mid-teens operating margin in the near term. Overall, the QQ2 2025 results reinforce a multi-year growth thesis centered on AI-enabled data workloads and legacy-modernization opportunities, but investors should monitor macro consumption trends, AI monetization timing, and incremental investment needs.
Key Performance Indicators
Revenue
Increasing
478.11M
QoQ: 6.11% | YoY: 12.82%
Gross Profit
Increasing
349.86M
73.17% margin
QoQ: 7.59% | YoY: 9.86%
Operating Income
Decreasing
-71.44M
QoQ: 27.24% | YoY: -45.79%
Net Income
Decreasing
-54.53M
QoQ: 32.34% | YoY: -45.04%
EPS
Decreasing
-0.74
QoQ: 32.73% | YoY: -39.62%
Revenue Trend
Margin Analysis
Financial Highlights
Key QQ2 2025 metrics and commentary:
- Revenue: $478.1 million, up 13% YoY and above the high end of guidance; QoQ growth ~+6.11% (Q1 revenue $450.6M).
- Atlas vs Non-Atlas: Atlas revenue grew 27% YoY and accounted for 71% of total revenue; Non-Atlas revenue declined ~13% YoY due to tough prior-year license timing; Atlas mix driving gross margin pressure.
- Gross Profit / Margin: Gross profit $360.8 million; gross margin 75% (vs 78% YoY); margin pressure driven by higher Atlas mix and lower high-margin upfront license revenue.
- Operating performance (non-GAAP): Non-GAAP operating income $52.5 million; non-GAAP operating margin approximately 11% for the quarter.
- Net income / EPS (GAAP vs non-GAAP): GAAP net income reported as $59 million (per the earnings call) or -$54.5 million in the data set depending on accounting treatment; non-GAAP metrics imply a positive operating trajectory. GAAP per-share figures were around $0.70 based on ~83.8 million diluted shares; management highlighted non-GAAP guidance for the coming quarters.
- Cash flow and liquidity: Cash, cash equivalents, and short-term investments totaled roughly $2.3 billion. Operating cash flow was negative ~$1.4 million; free cash flow around -$4.0 million. Q2 included a cash inflow of $170.6 million from capped-call settlements related to 2024 convertible notes. Management notes front-loaded cloud-provider prepayments will cap near-term cash flow by about $20 million per quarter in H2, with IPv4 address acquisitions (~$20–$25 million in CapEx in Q3) anticipated to lower long-term cloud costs.
- Customer/trend metrics: Total customers >50,700; Atlas customers >49,200; 2,189 customers with at least $100k ARR; Net ARR expansion rate ≈ 119% (lower than peak levels due to smaller incremental expansion from larger customers).
- Guidance (Q3 and FY25): Q3 revenue guidance of $493–$497 million; non-GAAP OI of $57–$60 million; non-GAAP EPS of $0.65–$0.68 (based on ~84.6M diluted shares). Full-year FY25 guidance: revenue $1.92–$1.93 billion; non-GAAP OI $187–$195 million; non-GAAP EPS $2.33–$2.47 (based on ~84.3M diluted shares). A non-GAAP tax provision of ~20% is assumed for the quarter and year.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
478.11M
12.82%
6.11%
Gross Profit
349.86M
9.86%
7.59%
Operating Income
-71.44M
-45.79%
27.24%
Net Income
-54.53M
-45.04%
32.34%
EPS
-0.74
-39.62%
32.73%
Key Financial Ratios
Gross Profit Margin
Excellent
73.20%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-0.15%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.11%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.02%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.04%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
5.03
Current ratio indicates excellent liquidity and financial flexibility
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