MongoDB delivered a solid Q4 2025 with revenue of $548.4 million, up 19.7% year over year, and Atlas accounting for 71% of revenue after a 24% YoY expansion. The quarterly non-GAAP operating income was $112.5 million, representing a 21% non-GAAP operating margin, even as GAAP operating income remained negative due to accounting and amortization effects. The quarter culminated in a resilient total customer base of 54,500+ and over 320 customers with $1 million+ ARR, underscoring a move upmarket and broad-based adoption. Cash, cash equivalents, and short-term investments stood at roughly $2.34 billion, and MongoDB redeemed its 2026 convertible notes, delivering a debt-free balance sheet. Management signaled a transition year in fiscal 2026, balancing steady Atlas consumption with investments in AI and modernization capabilities, notably the Voyage AI acquisition for $220 million (of which $200 million was authorized for a stock buyback). Guidance reflects a measured path: FY26 revenue of $2.24â$2.28 billion; non-GAAP operating income of $210â$230 million; non-GAAP EPS of $2.44â$2.62, with an implicit ~20% non-GAAP tax rate. Management stressed the long-term opportunity of AI-enabled workloads and the ongoing shift to AI-assisted modernization, while acknowledging about a $50 million multiyear headwind in non-Atlas ARR for FY26. This combination supports a constructive, but carefully monitored, investment thesis for MDB stock, anchored by a scalable platform, AI-enhanced product roadmap, and a disciplined capital allocation strategy.