Executive Summary
MongoDB delivered a strong QQ3 2025 performance anchored by robust Atlas demand and a very healthy acceleration in non-Atlas (EA) workloads driven by strategic multi-year deals and Enterprise Agreement activity. Revenue reached approximately $529.4 million, up 22% year over year, and Atlas accounted for 68% of total revenue with Atlas revenue up 26% year over year. The company posted a non-GAAP operating income of about $101 million (non-GAAP operating margin ~19%), and GAAP net income of roughly $98.1 million or $1.16 per share on 84.2 million diluted shares, reflecting favorable mix and higher-margin multi-year license components. MongoDB finished the quarter with over 52,600 customers and more than 2,314 customers with at least $100k in ARR, as net ARR expansion reached ~120%. The balance sheet remains highly liquid with roughly $2.3 billion in cash, cash equivalents, and short-term investments, and free cash flow was $34.6 million in the quarter.
Key Performance Indicators
Key Insights
Revenue: $529.4M, up 22% YoY; Atlas revenue: 68% of total, up 26% YoY; Non-Atlas revenue outperformed expectations aided by multi-year deals (ASC 606 recognizing entire term license up front). Gross margin: 77% (flat YoY). Operating income (non-GAAP): $101.5M or 19% margin vs 18% YoY. Net income (GAAP): $98.1M, $1.16 per share; diluted shares: 84.2M. Cash flow: operating cash flow $37.4M; free cash flow $34.6M; capital expenditures: $2.9M; cash balances: $2.3B. Customers: 52,600 total; Atlas cus...
Financial Highlights
Revenue: $529.4M, up 22% YoY; Atlas revenue: 68% of total, up 26% YoY; Non-Atlas revenue outperformed expectations aided by multi-year deals (ASC 606 recognizing entire term license up front). Gross margin: 77% (flat YoY). Operating income (non-GAAP): $101.5M or 19% margin vs 18% YoY. Net income (GAAP): $98.1M, $1.16 per share; diluted shares: 84.2M. Cash flow: operating cash flow $37.4M; free cash flow $34.6M; capital expenditures: $2.9M; cash balances: $2.3B. Customers: 52,600 total; Atlas customers: 51,100; Direct sales customers: >7,400. ARR: 2,314 customers with ARR ≥ $100k; Net ARR expansion: ~120%. Guidance for Q4 and FY2025: Q4 revenue $515-519M; non-GAAP OpEx $55-58M; non-GAAP EPS $0.62-0.65; Full-year revenue $1.973-1.977B; non-GAAP OI $242-245M; non-GAAP EPS $3.01-3.03; non-GAAP tax provision ~20%. Management commentary highlights: Atlas consumption is seasonally expected to slow in Q4; non-Atlas revenue to decelerate in Q4 due to absence of the prior quarter multi-year tailwind; strategic up-market investments and enterprise channel expansion supporting long-term growth; AI initiatives including Atlas Vector Search, MAAP expansion, and AI-driven modernization efforts.
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
-511.85
Management Commentary
Themes and quotes from management:
- Strategy and growth initiatives: 'We are increasing our investment in the enterprise channel... expanding our strategic account program... educating developers in large enterprise accounts' (Dev Ittycheria). This underscores up-market acceleration and prioritization of enterprise workloads.
- AI and legacy modernization: 'accelerate legacy app modernization using AI' with >50% cost reduction observed in pilots; expanding professional services and introducing new tools to automate modernization over time (Dev Ittycheria; Michael Gordon corroborates EA investments and on-prem/offers).
- AI-enabled platform advantages: 'MongoDB is uniquely equipped to query rich and complex data structures typical of AI applications' and 'Atlas Vector Search functionality' to capitalize on AI workloads (Dev Ittycheria).
- Product and GTM evolution: 'Atlas Flex' consolidation and migration to a simpler entry-level solution; deprecation of Atlas Device Sync; MAAP expansion with new partners (McKinsey, Confluent, Capgemini, Unstructured) and Meta/Llama collaboration; MongoDB 8.0 GA with 20-60% performance gains (Dev Ittycheria).
- Customer adoption and real-world use cases: Victoria’s Secret’s migration to Atlas; Paylocity modernization; Tealbook GenAI use case; Atlas as a run-anywhere platform enabling cross-cloud AI deployments (Customer adoption quotes and examples).
- Leadership transition and organizational focus: CFO Christopher Gordon transition announced; Cedric Pech promoted to President Worldwide Field Operations to strengthen up-market execution (Management remarks).
- Guidance and outlook: Atlas consumption seasonality in Q4; ongoing deceleration of Atlas YoY growth; non-Atlas revenue tailwind unlikely to recur; reaffirmation of long-term run-anywhere strategy and AI opportunity.
We are increasing our investment in the enterprise channel since we see the strongest returns in this part of the market. Specifically, we're expanding our strategic account program going to next year, as we see more accounts that will benefit from incremental investment.
— Dev Ittycheria
Atlas consumption was slightly ahead of our expectations. This year's Q3 seasonal improvement was more muted than in years past as expected. On a year-over-year basis, consumption growth remains below that of prior year period.
— Michael Gordon
Forward Guidance
Outlook and key assumptions: For Q4 2025, MongoDB anticipates revenue of $515-519 million, non-GAAP operating income of $55-58 million, and non-GAAP EPS of $0.62-0.65 (based on ~84.9 million diluted shares). For the full year 2025, revenue is guided at $1.973-1.977 billion, non-GAAP operating income $242-245 million, and non-GAAP EPS $3.01-3.03 (based on ~84 million diluted shares). The company attributes the Q4 Atlas consumption slowdown to typical seasonal usage patterns and notes continued year-over-year Atlas growth deceleration; non-Atlas revenue is expected to decline sequentially in Q4, reflecting the absence of the high-margin multi-year license tailwind seen in Q3. Management emphasizes that investments in up-market GTM, enterprise channel expansion, and AI-enabled modernization (legacy migrations and MAAP partnerships) are intended to drive longer-term revenue productivity and gross margin expansion. The management team cautions that part of the near-term variability comes from multi-year deal timing and ASC 606 accounting, but believes the core platform advantages, multi-cloud run-anywhere flexibility, vector search capabilities, and an expanding developer ecosystem should underpin durable growth. Near-term monitoring focus for investors: Atlas consumption seasonality, EA renewal dynamics, cadence of new enterprise workloads, adoption of Atlas Flex and vector/search capabilities, and progress of legacy modernization momentum with GenAI relevance. Overall, the outlook supports a high-quality revenue trajectory with continued margin improvement as the mix shifts toward higher-margin, multi-year, enterprise workloads and AI-enabled offerings, albeit with near-term volatility tied to deal timing and product transitions.