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
03Detailed Report
MDB
Company MDB
Period
Q3 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 19, 2026
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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
Revenue
Increasing
529.38M
QoQ: 10.72% | YoY: 22.28%
Gross Profit
Increasing
394.04M
74.44% margin
QoQ: 12.63% | YoY: 20.92%
Operating Income
Increasing
-27.88M
QoQ: 60.98% | YoY: 38.35%
Net Income
Increasing
-9.78M
QoQ: 82.07% | YoY: 66.63%
EPS
Increasing
-0.13
QoQ: 82.43% | YoY: 68.29%
Revenue Trend
Margin Analysis
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
Gross Profit Margin
Excellent
74.40%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-0.05%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.02%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
0.00%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.01%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.70
Current ratio shows adequate liquidity to meet short-term obligations