MDB -- FQ1 FY2027 Earnings Review
| Metric | FQ1 FY25 | FQ2 FY25 | FQ3 FY25 | FQ4 FY25 | FQ1 FY26 | FQ2 FY26 | FQ3 FY26 | FQ4 FY26 | FQ1 FY27 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Drivers | |||||||||
| Atlas Revenue ($M) | $313.9 | $339.7 | $362.6 | $389.0 | $395.9 | $439.0 | $470.4 | $502.6 | $512.5 |
| Atlas YoY % | +32% | +27% | +26% | +24% | +26% | +29% | +30% | +29%* | +29.4% |
| Atlas % of Total | 70% | 71% | 69% | 71% | 72% | 74% | 75% | 72% | 75% |
| EA + Other Revenue ($M) | $123.0 | $124.1 | $149.6 | $141.9 | $135.6 | $133.4 | $138.7 | $170.5 | $153.7 |
| EA YoY % | -- | -- | -- | -- | +10.2% | +7.5% | -7.3% | +20.1% | +13.3% |
| Consolidated | |||||||||
| Total Revenue ($M) | $450.6 | $478.1 | $529.4 | $548.4 | $549.0 | $591.4 | $628.3 | $695.1 | $687.6 |
| Total Rev YoY % | -- | -- | -- | -- | +21.8% | +23.7% | +18.7% | +26.8% | +25.3% |
| Subscription Revenue ($M) | $436.9 | $463.8 | $512.2 | $531.0 | $531.5 | $572.4 | $609.1 | $673.1 | $666.1 |
| Customer Metrics | |||||||||
| Total Customers (K) | 49.2 | 50.7 | 52.6 | 54.5 | 57.1 | 59.9 | 62.5 | 65.2 | 67.7 |
| Atlas Customers (K) | 47.7 | 49.2 | 51.1 | 53.1 | 55.8 | 58.3 | 60.8 | 63.9 | 66.4 |
| Customers > $100K ARR | 2,137 | 2,189 | 2,314 | 2,396 | 2,506 | 2,564 | 2,694 | 2,799 | 2,895 |
| >$100K YoY % | -- | -- | -- | -- | +17% | +17% | +16% | +17% | +16% |
| Margins & Profitability | |||||||||
| Non-GAAP Gross Margin | 75% | 75% | 77% | 75% | 74% | 74% | 74% | 75% | 74% |
| Non-GAAP Op Margin | 7% | 11% | 19% | 21% | 16% | 15% | 20% | 23% | 18% |
| GAAP Op Margin | -22% | -15% | -5% | -3% | -10% | -11% | -3% | -- | -4% |
| Non-GAAP Diluted EPS | $0.51 | $0.70 | $1.16 | $1.28 | $1.00 | $1.00 | $1.32 | $1.65 | $1.32 |
| GAAP Diluted EPS | -$1.10 | -$0.74 | -$0.13 | $0.19 | -$0.46 | -$0.58 | -$0.02 | $0.18 | $0.05 |
| Free Cash Flow ($M) | $61.0 | -$4.0 | $34.6 | $22.9 | $105.9 | $69.9 | $140.1 | $176.7 | $197.5 |
*FY26Q4 Atlas YoY % computed from segment revenue (Daloopa series 4416984 missing for that quarter; calculated $502.6M / $389.0M -- 1 = +29.2%).
Trajectory verdict: Two consecutive quarters of clean re-acceleration. Total revenue YoY went +22% → +24% → +19% → +27% → +25% over the last five quarters (Q3 FY26 dip was timing of multiyear EA renewals -- already explained). The five quarters before that were a steady decel from the mid-30s into the low 20s. Atlas now at +29.4% for four straight, with record $117M YoY dollar growth in Q1 -- highest in company history. NRR ticked up 200bps YoY (121% vs 119%) -- first meaningful upward inflection in two years.
MDB does not have widely-followed Visible Alpha consensus the way bigger SaaS names do; the cleanest beat/miss comparison is vs management's own guidance issued at the FY26Q4 print (March 2026).
| Metric | Prior Guide | Actual | Variance | Surprise |
|---|---|---|---|---|
| Total Revenue ($M) | $659-$664 | $687.6 | +$24-29M | BEAT +3.6% |
| Total Rev YoY % | +20-21% | +25.3% | +400-500bps | BEAT |
| Atlas YoY % | ~26% | +29.4% | +340bps | BEAT |
| Non-GAAP EPS | $1.15-$1.19 | $1.32 | +$0.13-$0.17 | BEAT +10.9% |
| Non-GAAP Op Margin | ~16% | 18% | +200bps | BEAT |
| Free Cash Flow ($M) | n/a | $197.5 | n/a | +86% YoY |
Headline: Atlas consumption ran "stronger than expected" (Berry's words) -- the source of essentially all of the beat. EPS leverage on the revenue upside is amplified by ongoing op-margin discipline + favorable tax line.
| Metric | FQ2 FY25 | FQ3 FY25 | FQ4 FY25 | FQ1 FY26 | FQ2 FY26 | FQ3 FY26 | FQ4 FY26 | FQ1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Rev Guide Mid ($M) | 495 | 517 | 527 | 550 | 590 | 668 | 662 | 662 |
| Rev Actual ($M) | 478 | 529 | 548 | 549 | 591 | 628 | 695 | 688 |
| Beat vs Guide Mid | -3.4% | +2.4% | +4.0% | -0.2% | +0.2% | -6.0% | +5.0% | +3.9% |
Note: FQ2 FY25 miss and FQ3 FY26 miss were both pre-announced EA-timing dynamics, not a consumption issue. Pattern: cleanly beating since the new mgmt team took over; Q4 FY26 +5.0% was the first "real" beat-and-raise quarter under new leadership and Q1 FY27 carries that forward.
L8Q Beat Rate: Revenue 63% (5/8) | L4Q Beat Rate: Revenue 75% (3/4) Pattern: Mixed historically, trending to consistent beater under new management. Beat magnitude improving.
New Guidance Provided (per Mike Berry, CFO):
| Metric | Prior Guide | New Guide Low | New Guide High | New Guide Mid | vs Prior | Implied YoY |
|---|---|---|---|---|---|---|
| Q2 FY27 | ||||||
| Total Revenue ($M) | n/a | $729 | $734 | $731.5 | NEW | +23-24% |
| Non-GAAP Op Income ($M) | n/a | $152 | $156 | $154 | NEW | ~21% margin |
| Non-GAAP EPS | n/a | $1.58 | $1.61 | $1.60 | NEW | +58-61% vs $1.00 |
| Full Year FY27 | ||||||
| Total Revenue ($M) | $2,860-$2,900 | $2,920 | $2,960 | $2,940 | +$60M | +19-20% |
| Atlas Growth | +21-23% | -- | -- | +23-25% | +200bps | -- |
| EA Growth | low single digit | -- | -- | mid single digit | raised | -- |
| Non-GAAP Op Income ($M) | ~$546 | $571 | $591 | $581 | +~$35M | ~20% margin high end |
| Non-GAAP EPS | $5.75-$5.93 | $5.95 | $6.14 | $6.05 | +$0.20-$0.21 | -- |
| Op Margin Expansion (vs FY26) | flattish | -- | -- | +100-150 bps | raised | -- |
Guidance Bridge -- The Math Behind the Raise:
- Q1 FY27 revenue beat by $25M vs midpoint ($687.6M vs $661.5M guide mid)
- Full-year guide raised $60M at midpoint -- so MDB is rolling through the full Q1 beat AND adding ~$35M of forward-quarter raise
- Atlas FY27 growth bumped 200bps to +23-25% on stronger Q1 consumption trends
- EA FY27 growth raised to mid-single-digit (was low-single-digit) on continued multiyear deal momentum
- Op margin guide widened to +100-150 bps expansion (vs roughly flat prior); EPS guide therefore raised ~$0.20 (3.5%)
Management Tone (CJ Desai, CEO): First full quarter with a genuinely operator-tone confidence. Quote: "This dual opportunity coming together is what gives us so much optimism about the road ahead." CJ ran ~200 customer meetings in Q1 alone. He sounded notably tight, specific, and disciplined relative to the prior team's more aspirational tone. Key positioning quote: "MongoDB is starting to become a strategic platform decision in addition to a workload-by-workload evaluation."
Management Tone (Mike Berry, CFO): Berry's discipline is showing -- guidance philosophy explicitly anchored on conservatism with EA, and he's now pushing Rule of 40 as the FY27 high-end target. Quote: "With the combination of 20% revenue growth and 20% operating margin, we are targeting a Rule of 40 performance at the high end of our outlook."
Risk Caveat (Berry): "EA and other revenue will be approximately flat during the second half of the year again, due to the tougher compares from the second half of fiscal 2026." Translation: H2 FY27 will have optical EA growth headwind from the strong H2 FY26 multiyear-deal compares. Not a fundamental issue but creates headline noise.
| Metric | FQ1 FY26 | FQ2 FY26 | FQ3 FY26 | FQ4 FY26 | FQ1 FY27 |
|---|---|---|---|---|---|
| Revenue YoY % | +21.8% | +23.7% | +18.7% | +26.8% | +25.3% |
| Rev Accel (bps QoQ) | -- | +190 | -500 | +810 | -150 |
| Atlas YoY % | +26% | +29% | +30% | +29% | +29.4% |
| Atlas Accel (bps QoQ) | -- | +300 | +100 | -100 | +40 |
| Non-GAAP EPS YoY % | +96% | +43% | +14% | +29% | +32% |
| EPS Accel (bps QoQ) | -- | -5,300 | -2,900 | +1,500 | +300 |
Trajectory: Revenue growth is volatile (Q3 FY26 was an EA-timing dip, Q4 FY26 snapped back), but the floor is now firmly in the low 20s vs low teens a year ago. Atlas has been remarkably steady at +26-30% for 5 straight quarters -- the growth engine is Atlas, not EA. EPS re-accelerating after the FY26 margin-investment trough.
| Disclosure | Q1 FY27 | What It Means |
|---|---|---|
| Voyage customers | More than doubled QoQ | Voyage (embeddings) was acquired Mar 2025; adoption accelerating, customer counts now meaningful |
| MCP server usage | "Growing significantly" | MongoDB MCP launched -- early but a sign agentic developers are picking MDB |
| Vector search adoption | "Far outpacing overall company growth" | Strong directional signal for AI-coupled consumption |
| Frontier Labs (plural) | "Multiple" labs confirmed in Q&A | New customer cohort -- early but high-signal logos |
| $100K+ using 2+ features | 45% (vs 37% yr-ago) | Vector + text search driving platform stickiness |
| LangChain partnership | Active production deployments | Distribution partner for agentic frameworks |
| Atlas ARR from AI use cases | 30% (last disclosed FY26Q4) | Expect updated number at investor day |
CJ stack-ranked the AI opportunity in Q&A: data layer + long-term memory for agents is where MongoDB plays. Atlas + Vector + Voyage is the integrated stack story.
Mike Berry (CFO since early 2026) -- ex-NetApp CFO. First full quarter. Explicit Rule of 40 framing. Disciplined guidance philosophy already showing in the guide-vs-actual gap. New CRO Ryan also "doing a great job" but no comp/territory changes mid-year.
Two new CPOs: Ben (foundational -- Atlas/EA) and Pablo (emerging products -- AI/agentic, based in SF). This is a deliberate split: keep the core moat strong while building dedicated AI product engine in the AI-talent epicenter.
Net read: this leadership team is positioning MDB as the "AI database winner" but is being more careful than predecessor on guidance setup -- they want clean beats, not aspirational targets.
| Catalyst | Timing | What to Watch |
|---|---|---|
| FedRAMP High certification | H2 FY27 (CY 2026) | Unlocks expanded US federal selling motion -- key vertical TAM unlock |
| Q2 FY27 print | ~Sept 2026 | Validation that Atlas +26% guide is achievable; full Q2 EA strength visible |
| MongoDB.local conferences | Ongoing | Product roadmap disclosures; AI/agentic feature drops |
| H2 FY27 EA optical headwind | Q3-Q4 FY27 | Risk: street may panic on flat EA growth even though it's a comp issue |
| Voyage AI customer count | TBD (likely Q2) | Material AI-related KPI -- if more than doubled QoQ continues, narrative compounds |
| Frontier Labs disclosure | TBD | Currently anonymous; if MDB names labs, narrative compounds |
| FY27 Atlas growth re-accel | H2 FY27 | If Atlas stays at +29%+ vs guided H2 ~+21%, full-year guide will be raised again |
| Capital allocation policy | TBD | $2.4B cash + $198M Q1 FCF; ~$100M Q1 buyback; watch for expansion |
Q (Matt Martino, Goldman): Are agentic workloads at the point where they meaningfully move the Atlas consumption needle, or is the bigger inflection still ahead? A (CJ): Still early but seeing very encouraging signs. MongoDB is "ready to scale when somebody wants to create an agentic workload in production that is customer facing." Many aspects (security, governance, observability) still maturing -- but Fortune 25 customer conversations getting really excited about MDB as both operational data layer AND long-term memory for agents. Well answered.
Q (Martino, follow-up to Mike): Should Q2 beat magnitude be similar to Q1? A (Mike Berry): "We are guiding Q2 consistent with the framework of how we have guided the past 2 quarters... As Atlas has gotten bigger, it has become more predictable and less sensitive to movements from individual customers or cohorts." Translation -- guide is conservative-but-not-massively-so; consumption variability is the swing factor and Q1 came in "a little better." Well answered, intentionally measured -- this is exactly the new-CFO setup language.
Q (Ryan MacWilliams, Wells Fargo): Atlas Q2 seasonality framework? A (Berry): Year-over-year basis shouldn't show significant seasonal shifts; QoQ may move slightly. Well answered.
Q (Ittai Kidron, Oppenheimer): EA flat H2 -- is that timing or real? A (Berry): Tough H2 FY26 multiyear-deal compares are the biggest driver. Some multiyear deals fell where expected. "We are not gonna go over our skis in terms of multiyear deals." Well answered -- protects against future EA misses.
Q (Jason Ader, William Blair): Federal opportunity and Clarity acquisition? A (CJ): Massive federal TAM globally (US tax agencies, EU agencies). FedRAMP High coming this year, which unlocks expanded selling motion. Clarity has been a partner since 2021. Well answered.
Q (Jason Ader, follow-up): NRR up 2 pts QoQ -- drivers? A (Berry): "All of the above" -- Atlas is higher than corporate average, EA lower. Big driver is platform adoption + move up market. Well answered.
Q (Patrick Coville, Scotiabank): "Frontier Labs" -- plural? And mission-critical workloads? A (CJ): Yes, plural -- "It is plural. And it was chosen carefully." Cannot disclose specific labs or use cases by agreement. Multiple use cases per lab. Well answered with deliberate non-disclosure.
Q (Karl Keirstead, UBS): The two $90M-$100M blockbuster deals from last quarter -- did the Atlas portion ramp during Q1? A (Berry): Multiyear deals; what was booked last Q is largely what flowed through this Q. Expansion in those relationships is future ARR. Well answered.
Q (Sanjit Singh, Morgan Stanley): RPO/CRPO drivers -- new logo expansion vs base business? A (Berry): Majority is from existing enterprise customers (with the caveat that "always wanna drive incremental ARR" through net new workloads). Well answered.
None of substance. Story is internally consistent across CJ, Mike, and disclosed KPIs. The only mild tension worth noting:
- Atlas FY27 growth guided +23-25% but Q1 came in at +29.4% and Q2 guided ~26%. This implies H2 FY27 Atlas growth in the +21% range -- a notable deceleration. Berry framed this as conservatism + Atlas variability further out, not real deceleration. Watch this carefully -- if H2 Atlas decelerates meaningfully, the bull thesis takes a hit. Currently reads as conservatism.
- EA H2 FY27 flat YoY is also large vs +20% Q2 guide. Same answer: conservative against tough comps.
Macro Commentary:
- No incremental macro caveats called out. Consumption "stronger than expected" implies underlying enterprise tech spend remains healthy.
- AI demand described as broadening, not narrowing. Both enterprises AND AI natives (ElevenLabs called out specifically -- $500M ARR) driving Atlas.
Specific Company Mentions:
| Company | Context | Implication |
|---|---|---|
| Zoom (ZM) | Customer case study -- runs MongoDB EA as unified data platform for Meetings, Phone, Contact Center, Virtual | Positive for MDB EA durability; ZM standardization strengthens EA narrative |
| ElevenLabs | AI native, now $500M ARR; moved from "first-party DB + separate search" to MongoDB Atlas | High-signal AI native logo -- bear-case for Postgres-based stacks (Supabase et al.) |
| LangChain | Active partnership; "harness, LLM, and data layer" stack positioning | LangChain co-distribution = developer-funnel positive |
| ServiceNow (NOW) | CJ Desai's prior employer; cultural inheritance of operator discipline | Not mentioned but contextual read-through to NOW's playbook |
| NetApp (NTAP) | Mike Berry's prior CFO seat; capital allocation discipline rumored | Watch for share repurchase and op margin tightening |
| AWS / GCP / Azure | Atlas runs across all three hyperscalers; no incremental color | Neutral; no commentary on hyperscaler economics changes |
| PostgreSQL / Supabase / Neon | CJ -- "AI native companies moving off Postgres because Postgres completely choked on the performance" | Negative read-through for Postgres-based AI stacks |
| Frontier Labs (multiple) | New customer cohort, no specific naming | Bullish AI-native logo signal; watch for disclosure ramp at investor day |
| Clarity Business Solutions | Acquired Q1; federal services partner since 2021; ~$10M services revenue at breakeven | Federal vertical building block; FedRAMP High catalyst this year |
Sources: Daloopa MongoDB fundamentals (FY25Q1 - FY27Q1); MDB Q1 FY2027 earnings call transcript (May 28, 2026) via Financial Modeling Prep API; stock price snapshot $325.68 (May 28, 2026 close).