近一个月的 AI 应用赛道，像被按下了 "质疑键"。 从8月7日GPT-5发布后"模型跑太快、应用跟不上"的讨论，到8月19日香橼做空Palantir引发的恐慌蔓延，再到 OpenAI CEO 奥尔特曼直言"AI 市场泡沫已 现"，MIT 报告更给行业泼了冷水：95% 企业的生成式AI投资没见回报，仅 5% 试点能赚钱。 层层阴云下，AI应用板块估值一路承压，不少投资者忍不住嘀咕： "难道 AI 落地真的只是喊口号？" 而格隆汇研究院始终站在科技趋势的前排，哪怕市场杂音再多，也坚定认为 AI 应用的爆发节点近在眼前，顶住压力持续看好相关板块 —— 如今 MongoDB 的行情，正是对这份坚持的最好回应。 市场从不缺反转，缺的是看透反转的眼光。随着MongoDB（MDB）、Snowflake（SNOW）、OKTA、Elastic（ESTC）、AutoDesk（ADSK）等企业26财年 Q2财报密集披露，超预期的业绩终于打破 "AI 无用论" 的僵局。 其中 MongoDB 的表现，堪称 "教科书级反弹"： 8月26日收盘还停在214美元，短短两天到8 月28日就飙至 320美元，涨幅近50%—— 这波行情不是偶 ...

Core Viewpoint - The AI application sector is currently facing skepticism, with discussions around the rapid development of models outpacing practical applications, leading to concerns about a potential market bubble [2][3][5]. Financial Performance - MongoDB reported a total revenue of $591.4 million for Q2 of fiscal year 2026, representing a year-over-year increase of 24%, exceeding market expectations by nearly $40 million [10]. - The core Atlas cloud database revenue surged by 29% year-over-year, accounting for 74% of total revenue, indicating a successful transition to cloud services [11]. - The company achieved a non-GAAP operating income of $86.8 million, with a profit margin of 14.7%, reflecting a significant improvement in profitability [11]. - Free cash flow reached $69.9 million, marking a 15% increase year-over-year, and the company maintained a cash reserve of $2.3 billion for future investments [11]. Customer Growth and Engagement - MongoDB added 2,800 new paying customers in Q2, bringing the total to over 59,900, with a 96% overall renewal rate [12]. - The number of large customers (with an annual contract value over $100,000) increased by 28% year-over-year, indicating strong customer retention and engagement [12]. AI Functionality and Revenue Generation - The AI features of MongoDB have transitioned from being an optional add-on to a core requirement, contributing 15% to Atlas's total revenue [13]. - The vector search functionality has been utilized by over 2,500 AI customers, leading to significant improvements in business outcomes for clients [13]. Future Growth Potential - MongoDB's guidance for Q3 revenue is projected between $587 million and $592 million, with an adjusted EPS forecast significantly above analyst expectations [14][15]. - The company has identified potential growth areas in underperforming regions and customer segments, particularly in the Asia-Pacific market [16]. Competitive Landscape - MongoDB faces increasing competition from cloud providers like Amazon and Microsoft, which offer lower-priced alternatives, necessitating a reinforcement of its unique value proposition [17]. - The emergence of cross-industry competitors like Snowflake poses additional challenges, highlighting the need for MongoDB to strengthen its market position [17]. Valuation Insights - MongoDB's current valuation is below the industry average, suggesting room for price correction as the market recognizes its growth potential [18]. - The reasonable market capitalization range for MongoDB is estimated between $20 billion and $28 billion, based on projected revenue and free cash flow [18][19].

Core Insights - The second-quarter fiscal 2026 earnings season has shown results exceeding market expectations, particularly for MongoDB Inc. and Snowflake Inc. [1][2] MongoDB Inc. - MongoDB reported quarterly revenues of $591.4 million, surpassing the Zacks Consensus Estimate of $551.1 million, with adjusted earnings per share of $1 exceeding the estimate of $0.64 [3][4] - Subscription revenues reached $572.36 million, reflecting a year-over-year increase of 23.4%, with MDB Atlas subscription revenues at $438.97 million, up 29.2% year-over-year [3][4] - The company provided strong guidance for the third quarter, with a revenue midpoint of $589.5 million, and highlighted a significant market opportunity, owning only 2% of an estimated $100 billion total addressable market [4][5] - MongoDB's focus on cloud-based database software and its Atlas platform has driven demand, particularly among larger enterprises, enhancing sales efficiency and customer acquisition [5][6] Snowflake Inc. - Snowflake reported quarterly revenues of $1.14 billion, exceeding the Zacks Consensus Estimate of $1.09 billion, with adjusted earnings per share of $0.35 surpassing the estimate of $0.26 [8][9] - Product revenue, which is central to Snowflake's business, was $1.09 billion, up 31.5% year-over-year, and the company raised its fiscal 2026 product revenue guidance to $4.40 billion from a previous forecast of $4.33 billion [8][9] - Snowflake is positioned to benefit from the growing demand for cloud-based data platforms, with its AI Data Cloud unifying structured and unstructured data, enhancing real-time analytics capabilities [10][12] - The cloud analytics market is projected to grow from $35.39 billion in 2024 to $130.63 billion by 2030, indicating a 25.5% CAGR, driven by enterprises transitioning to scalable platforms [11][12]

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents MongoDB, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive loss, stockholders' equity, and cash flows for the periods ended July 31, 2025 and January 31, 2025 (or corresponding prior periods) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table summarizes MongoDB's assets, liabilities, and equity as of July 31, 2025, and January 31, 2025 | Metric | July 31, 2025 (in thousands) | January 31, 2025 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------ | | **Assets** | | | | Total current assets | $2,904,539 | $2,923,522 | | Total assets | $3,542,061 | $3,430,293 | | **Liabilities & Equity** | | | | Total current liabilities | $509,833 | $561,987 | | Total liabilities | $599,087 | $648,069 | | Total stockholders' equity | $2,942,974 | $2,782,224 | - Goodwill significantly increased from **$69.7 million** as of January 31, 2025, to **$189.6 million** as of July 31, 2025, primarily due to the acquisition of Voyage AI Innovations, Inc[11](index=11&type=chunk)[45](index=45&type=chunk) - Deferred revenue decreased from **$334.4 million** (current) and **$25.4 million** (non-current) as of January 31, 2025, to **$275.9 million** (current) and **$33.3 million** (non-current) as of July 31, 2025[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This table presents MongoDB's revenue, gross profit, and net loss for the three and six months ended July 31, 2025, and 2024 | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $591,402 | $478,109 | $1,140,416 | $928,670 | | Gross profit | $419,974 | $349,856 | $810,947 | $677,720 | | Loss from operations | $(65,294) | $(71,440) | $(118,848) | $(169,626) | | Net loss | $(47,048) | $(54,529) | $(84,674) | $(135,122) | | Net loss per share (basic & diluted) | $(0.58) | $(0.74) | $(1.04) | $(1.84) | - Total revenue increased by **24%** for the three months ended July 31, 2025, and **23%** for the six months ended July 31, 2025, compared to the respective prior periods[13](index=13&type=chunk)[150](index=150&type=chunk)[160](index=160&type=chunk) - Net loss decreased for both the three-month and six-month periods, indicating improved operational efficiency or reduced expenses relative to revenue growth[13](index=13&type=chunk) [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) This table outlines MongoDB's net loss and other comprehensive income (loss) for the three and six months ended July 31, 2025, and 2024 | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(47,048) | $(54,529) | $(84,674) | $(135,122) | | Other comprehensive income (loss) | $(7,434) | $6,904 | $6,505 | $(3,644) | | Total comprehensive loss | $(54,482) | $(47,625) | $(78,169) | $(138,766) | - Other comprehensive income (loss) saw a significant shift from a gain of **$6.9 million** in Q3 2024 to a loss of **$7.4 million** in Q3 2025, primarily due to unrealized losses on available-for-sale securities[15](index=15&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This table details changes in MongoDB's stockholders' equity, including additional paid-in capital, treasury stock, and accumulated deficit, between January 31, 2025, and July 31, 2025 | Metric (in thousands) | January 31, 2025 | July 31, 2025 | | :---------------------- | :--------------- | :------------ | | Total Stockholders' Equity | $2,782,224 | $2,942,974 | | Additional Paid-In Capital | $4,625,093 | $5,064,031 | | Treasury Stock | $(1,319) | $(201,341) | | Accumulated Deficit | $(1,840,704) | $(1,925,378) | - The company repurchased **929,674 shares** of common stock for **$200.0 million** during the six months ended July 31, 2025, significantly increasing treasury stock[18](index=18&type=chunk)[91](index=91&type=chunk) - Stock-based compensation contributed **$272.8 million** to additional paid-in capital for the six months ended July 31, 2025[18](index=18&type=chunk)[89](index=89&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table summarizes MongoDB's cash flows from operating, investing, and financing activities for the six months ended July 31, 2025, and 2024 | Cash Flow Activity (in thousands) | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $182,034 | $62,215 | | Net cash provided by investing activities | $141,176 | $242,277 | | Net cash provided by (used in) financing activities | $(173,825) | $186,896 | | Net increase in cash, cash equivalents and restricted cash | $157,453 | $488,837 | | Cash, cash equivalents and restricted cash, end of period | $650,206 | $1,292,480 | - Net cash provided by operating activities increased significantly to **$182.0 million** in the first six months of 2025, up from **$62.2 million** in the same period of 2024, driven by increased cash collections and non-cash charges[20](index=20&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - Cash used in financing activities was **$173.8 million** in the first six months of 2025, primarily due to **$194.4 million** in common stock repurchases, a notable shift from cash provided by financing activities in the prior year[20](index=20&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on MongoDB's significant accounting policies, fair value measurements, business combinations, goodwill, intangible assets, convertible senior notes, leases, commitments, contingencies, revenue recognition, equity, net loss per share, income taxes, and segment/geographic information [1. Organization and Description of Business](index=9&type=section&id=1.%20Organization%20and%20Description%20of%20Business) This note describes MongoDB, Inc.'s core business as a developer data platform company specializing in a modern general-purpose database - MongoDB, Inc. is a developer data platform company, founded in November 2007, specializing in a modern general-purpose database built on a document-based architecture[21](index=21&type=chunk) - The company offers its database for deployment in cloud, on-premises, or hybrid environments, along with post-contract support, training, and consulting services[21](index=21&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting policies and estimates used in preparing MongoDB's interim financial statements - The interim financial statements are unaudited and prepared in accordance with U.S. GAAP for interim information, consistent with annual consolidated financial statements[22](index=22&type=chunk) - Key estimates and assumptions include revenue recognition, allowances for doubtful accounts, stock-based compensation, and fair value of acquired intangible assets and goodwill[24](index=24&type=chunk) - New accounting pronouncements include ASU 2023-09 (Income Tax Disclosures, effective FY2026) and ASU 2024-03 (Expense Disaggregation, effective FY2027), both currently under evaluation for impact[31](index=31&type=chunk)[32](index=32&type=chunk) [3. Fair Value Measurements](index=10&type=section&id=3.%20Fair%20Value%20Measurements) This note details the fair value hierarchy and measurements for MongoDB's financial assets and liabilities Financial Assets Fair Value (in thousands) | Financial Assets (in thousands) | July 31, 2025 | January 31, 2025 | | :------------------------------ | :------------ | :--------------- | | Money market funds | $149,836 | $152,588 | | U.S. government treasury securities | $1,698,247 | $1,846,444 | | Total financial assets | $1,848,083 | $1,999,032 | - Net unrealized gains on U.S. government treasury securities increased from **$1.5 million** as of January 31, 2025, to **$2.5 million** as of July 31, 2025, due to interest rate fluctuations[35](index=35&type=chunk) - Non-marketable equity securities increased from **$24.2 million** to **$32.2 million**, with an additional **$8.5 million** invested during the six months ended July 31, 2025[36](index=36&type=chunk) [4. Business Combinations](index=11&type=section&id=4.%20Business%20Combinations) This note describes MongoDB's acquisition of Voyage AI Innovations, Inc., including the purchase price allocation and resulting goodwill and intangible assets - On February 17, 2025, MongoDB acquired Voyage AI Innovations, Inc., an AI-powered software company, for **$160.9 million**, comprising **$19.5 million** in cash and **$141.4 million** in common stock[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The acquisition resulted in **$119.9 million** in goodwill, attributed to the assembled workforce and expected synergies, and **$24.0 million** in developed technology intangible assets with a 2-year useful life[40](index=40&type=chunk)[41](index=41&type=chunk) - In connection with the Voyage AI acquisition, **213,023 restricted stock awards** and **35,152 restricted stock units** were issued to employees, vesting over 2.7 years, accounted for as post-combination stock-based compensation[39](index=39&type=chunk) [5. Goodwill and Intangible Assets, Net](index=13&type=section&id=5.%20Goodwill%20and%20Intangible%20Assets,%20Net) This note provides a breakdown of MongoDB's goodwill and intangible assets, net, and related amortization expense Goodwill and Intangible Assets (in thousands) | Asset (in thousands) | July 31, 2025 | January 31, 2025 | | :------------------- | :------------ | :--------------- | | Goodwill | $189,641 | $69,679 | | Intangible assets, net | $42,113 | $24,597 | - Goodwill increased by **$119.9 million** due to business combinations, primarily the Voyage AI acquisition[45](index=45&type=chunk) - Amortization expense for intangible assets was **$6.9 million** for the six months ended July 31, 2025, a significant increase from **$2.8 million** in the prior year, reflecting new acquisitions[46](index=46&type=chunk) [6. Convertible Senior Notes](index=14&type=section&id=6.%20Convertible%20Senior%20Notes) This note details the redemption and conversion of MongoDB's 0.25% convertible senior notes due 2026 and the cash settlement of associated capped calls - The **$1.15 billion** aggregate principal amount of 0.25% convertible senior notes due 2026 (2026 Notes) were redeemed on December 16, 2024, after the common stock price exceeded 130% of the conversion price[50](index=50&type=chunk)[51](index=51&type=chunk) - Approximately **$1.1 billion** of the 2026 Notes were converted into **5,662,979 shares** of common stock, with **$0.4 million** settled in cash[53](index=53&type=chunk) - Capped Calls associated with the 2024 Notes were cash-settled in April 2024, resulting in **$170.6 million** cash received and a **$0.9 million** realized gain[57](index=57&type=chunk) [7. Leases](index=15&type=section&id=7.%20Leases) This note provides information on MongoDB's lease costs, right-of-use assets, and lease liabilities Lease Assets and Liabilities (in thousands) | Lease Type (in thousands) | July 31, 2025 | January 31, 2025 | | :------------------------ | :------------ | :--------------- | | Finance Lease ROU assets | $17,554 | $19,540 | | Operating Lease ROU assets | $31,565 | $34,607 | | Operating lease liabilities, current | $9,508 | $9,126 | | Operating lease liabilities, non-current | $26,236 | $27,374 | - Total lease cost for the six months ended July 31, 2025, was **$14.2 million**, slightly down from **$14.3 million** in the prior year[61](index=61&type=chunk) - Future minimum lease payments (undiscounted) for operating leases total **$40.3 million**, with **$5.9 million** due in the remainder of fiscal 2026[64](index=64&type=chunk) [8. Commitments and Contingencies](index=16&type=section&id=8.%20Commitments%20and%20Contingencies) This note outlines MongoDB's legal proceedings, including a class action lawsuit and a shareholder derivative lawsuit - A putative class action lawsuit (Baxter v. MongoDB, Inc., et al.) was filed on July 9, 2024, alleging material misstatements regarding sales strategy and financial results, with a motion to dismiss filed by defendants on May 9, 2025[66](index=66&type=chunk)[68](index=68&type=chunk)[200](index=200&type=chunk) - A shareholder derivative lawsuit (Roy v. Ittycheria et al.) was filed on October 7, 2024, alleging breach of fiduciary duties, and has been stayed pending the outcome of the Securities Action[69](index=69&type=chunk)[201](index=201&type=chunk) - The Company is unable to estimate any reasonably possible loss for these legal matters but intends to vigorously defend itself[68](index=68&type=chunk)[70](index=70&type=chunk)[200](index=200&type=chunk) [9. Revenue](index=17&type=section&id=9.%20Revenue) This note provides a detailed breakdown of MongoDB's revenue by source, including MongoDB Atlas, other subscriptions, and services Revenue by Source (in thousands) | Revenue Source (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | MongoDB Atlas-related | $438,970 | $339,683 | $834,863 | $653,538 | | Other subscription | $133,385 | $124,122 | $268,947 | $247,163 | | Services | $19,047 | $14,304 | $36,606 | $27,969 | | Total Revenue | $591,402 | $478,109 | $1,140,416 | $928,670 | - MongoDB Atlas-related revenue continues to be the largest and fastest-growing segment, representing **74%** of total revenue for the three months ended July 31, 2025, up from **71%** in the prior year[74](index=74&type=chunk)[112](index=112&type=chunk) - Remaining performance obligations totaled **$794.2 million** as of July 31, 2025, with approximately **58%** expected to be recognized as revenue over the next 12 months[76](index=76&type=chunk) [10. Equity](index=19&type=section&id=10.%20Equity) This note details MongoDB's stock-based compensation expense, share repurchase program, and related equity transactions Stock-Based Compensation Expense (in thousands) | Stock-Based Compensation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total stock-based compensation expense | $140,400 | $122,423 | $272,831 | $243,186 | - The company authorized an additional **$800.0 million** for its Share Repurchase Program in June 2025, bringing the total authorized amount to **$1.0 billion**[90](index=90&type=chunk) - During the six months ended July 31, 2025, the company repurchased **929,674 shares** of common stock for **$200.0 million** at an average price of **$215.86** per share[91](index=91&type=chunk) [11. Net Loss Per Share](index=21&type=section&id=11.%20Net%20Loss%20Per%20Share) This note provides the calculation of MongoDB's basic and diluted net loss per share for the three and six months ended July 31, 2025, and 2024 Net Loss Per Share Data | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss (in thousands) | $(47,048) | $(54,529) | $(84,674) | $(135,122) | | Weighted-average shares (basic & diluted) | 81,078,234 | 73,543,427 | 81,304,435 | 73,269,824 | | Net loss per share, basic and diluted | $(0.58) | $(0.74) | $(1.04) | $(1.84) | - Basic and diluted net loss per share were the same due to the reported net loss, making potential common shares anti-dilutive[92](index=92&type=chunk) - Approximately **5.5 million** common shares were excluded from diluted EPS computation for the three and six months ended July 31, 2025, due to their anti-dilutive effect[96](index=96&type=chunk) [12. Income Taxes](index=22&type=section&id=12.%20Income%20Taxes) This note outlines MongoDB's provision for income taxes and its valuation allowance on deferred tax assets Provision for Income Taxes (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Provision for income taxes | $3,928 | $3,897 | $8,230 | $6,478 | - The provision for income taxes increased for the six months ended July 31, 2025, primarily due to an increase in foreign taxes as the company expands globally[97](index=97&type=chunk)[170](index=170&type=chunk) - The company maintains a valuation allowance on U.S. and Ireland net deferred tax assets, as realization is not more likely than not[98](index=98&type=chunk) [13. Segment and Geographic Information](index=23&type=section&id=13.%20Segment%20and%20Geographic%20Information) This note provides information on MongoDB's single operating segment and its revenue and long-lived assets by geographic region - MongoDB operates as a single operating and reportable segment, with the CEO managing business activities at the consolidated level[103](index=103&type=chunk) - Customers in the United States accounted for **54%** of total revenue for both the three and six months ended July 31, 2025[104](index=104&type=chunk) - Long-lived assets in the United States accounted for **85%** of total long-lived assets as of July 31, 2025[105](index=105&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=23&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides an overview of MongoDB's business, key factors affecting its performance, and a detailed analysis of its financial condition and results of operations for the three and six months ended July 31, 2025, compared to the same periods in 2024 [Overview](index=24&type=section&id=Overview) This section provides a high-level description of MongoDB's business as a developer data platform company and highlights key revenue drivers - MongoDB is a developer data platform company, providing a modern general-purpose database deployable in cloud, on-premises, or hybrid environments[110](index=110&type=chunk) - Subscription revenue accounted for **97%** of total revenue for both the three and six months ended July 31, 2025[111](index=111&type=chunk) - MongoDB Atlas, the DBaaS offering, represented **74%** and **73%** of total revenue for the three and six months ended July 31, 2025, respectively, showing continued growth[112](index=112&type=chunk) [Key Factors Affecting Our Performance](index=25&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) This section discusses macroeconomic headwinds, customer growth, and net ARR expansion rate as primary factors influencing MongoDB's performance - Macroeconomic headwinds, including slower economic growth and higher inflation, negatively impacted the growth rate for existing MongoDB Atlas applications during the six months ended July 31, 2025[119](index=119&type=chunk)[123](index=123&type=chunk) - The company had over **59,900 customers** as of July 31, 2025, up from **50,700** in the prior year, with over **58,300** being MongoDB Atlas customers[121](index=121&type=chunk)[122](index=122&type=chunk) - Net ARR expansion rate was approximately **119%** as of July 31, 2025, indicating continued revenue growth from existing customers, despite macroeconomic impacts[127](index=127&type=chunk) [Components of Results of Operations](index=26&type=section&id=Components%20of%20Results%20of%20Operations) This section explains the composition of MongoDB's revenue, cost of subscription revenue, and gross margin - Subscription revenue is primarily from MongoDB Atlas (usage-based) and term licenses (upfront for license, ratably for support)[128](index=128&type=chunk) - Cost of subscription revenue includes third-party cloud infrastructure expenses, personnel costs, and depreciation/amortization, expected to increase with subscription revenue[131](index=131&type=chunk) - Gross margin is expected to fluctuate and may decline as MongoDB Atlas revenue increases as a percentage of total revenue due to associated hosting costs[134](index=134&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) This section provides a summary of MongoDB's financial performance, including revenue, gross profit, and net loss, both in absolute terms and as a percentage of revenue Summary of Financial Performance (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $591,402 | $478,109 | $1,140,416 | $928,670 | | Gross profit | $419,974 | $349,856 | $810,947 | $677,720 | | Loss from operations | $(65,294) | $(71,440) | $(118,848) | $(169,626) | | Net loss | $(47,048) | $(54,529) | $(84,674) | $(135,122) | Financial Performance as Percentage of Revenue | Percentage of Revenue | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Gross profit | 71 % | 73 % | 71 % | 73 % | | Sales and marketing | 41 % | 46 % | 41 % | 47 % | | Research and development | 31 % | 31 % | 31 % | 32 % | | General and administrative | 10 % | 11 % | 10 % | 12 % | | Loss from operations | (11)% | (15)% | (11)% | (18)% | | Net loss | (8)% | (11)% | (8)% | (15)% | - Stock-based compensation expense totaled **$140.4 million** for the three months and **$272.8 million** for the six months ended July 31, 2025[147](index=147&type=chunk) [Comparison of the Three Months Ended July 31, 2025 and 2024](index=29&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20July%2031,%202025%20and%202024) This section compares MongoDB's financial results for the three months ended July 31, 2025, and 2024, highlighting changes in revenue and expenses Revenue Comparison (in thousands) | Metric (in thousands) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------- | :--- | :--- | :--------- | :--------- | | Total revenue | $591,402 | $478,109 | $113,293 | 24 % | | Subscription revenue | $572,355 | $463,805 | $108,550 | 23 % | | Services revenue | $19,047 | $14,304 | $4,743 | 33 % | - Subscription cost of revenue increased by **31%** to **$139.9 million**, primarily due to a **$23.6 million** increase in third-party cloud infrastructure costs[152](index=152&type=chunk) - Sales and marketing expense increased by **10%** to **$244.1 million**, driven by higher commissions and personnel costs, partially offset by decreased stock-based compensation[154](index=154&type=chunk) - Research and development expense increased by **22%** to **$181.7 million**, mainly due to a **$30.1 million** increase in personnel costs and stock-based compensation[155](index=155&type=chunk) [Comparison of the Six Months Ended July 31, 2025 and 2024](index=31&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20July%2031,%202025%20and%202024) This section compares MongoDB's financial results for the six months ended July 31, 2025, and 2024, detailing revenue and expense changes Revenue Comparison (in thousands) | Metric (in thousands) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------- | :--- | :--- | :--------- | :--------- | | Total revenue | $1,140,416 | $928,670 | $211,746 | 23 % | | Subscription revenue | $1,103,810 | $900,701 | $203,109 | 23 % | | Services revenue | $36,606 | $27,969 | $8,637 | 31 % | - Subscription cost of revenue increased by **30%** to **$269.5 million**, driven by a **$43.8 million** increase in third-party cloud infrastructure costs, partially offset by cost efficiencies[162](index=162&type=chunk) - Sales and marketing expense increased by **5%** to **$465.0 million**, primarily due to higher commissions and personnel costs, partially offset by decreased event costs and stock-based compensation[164](index=164&type=chunk) - Research and development expense increased by **19%** to **$350.6 million**, mainly due to a **$53.6 million** increase in personnel costs and stock-based compensation[165](index=165&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses MongoDB's cash position, operating cash flow, and financing activities, including stock repurchases - As of July 31, 2025, principal sources of liquidity included **$2.3 billion** in cash, cash equivalents, short-term investments, and restricted cash[171](index=171&type=chunk) - Net cash provided by operating activities for the six months ended July 31, 2025, was **$182.0 million**, a significant increase from **$62.2 million** in the prior year[176](index=176&type=chunk)[177](index=177&type=chunk) - Cash used in financing activities was **$173.8 million** for the six months ended July 31, 2025, primarily due to **$194.4 million** in common stock repurchases[176](index=176&type=chunk)[181](index=181&type=chunk) [Seasonality](index=35&type=section&id=Seasonality) This section addresses the seasonal fluctuations in MongoDB's revenue and operating results - The company experiences seasonal fluctuations in revenue and operating results, which may continue, particularly with multi-year contracts and usage-based MongoDB Atlas revenue[183](index=183&type=chunk) [Contractual Obligations and Commitments](index=35&type=section&id=Contractual%20Obligations%20and%20Commitments) This section states that no material changes to contractual obligations occurred during the reporting period, beyond non-cancelable operating leases - No material changes to contractual obligations and commitments occurred during the six months ended July 31, 2025, outside the ordinary course of business, beyond non-cancelable operating leases[184](index=184&type=chunk) [Critical Accounting Estimates](index=35&type=section&id=Critical%20Accounting%20Estimates) This section identifies MongoDB's critical accounting estimates, including revenue recognition, allowances, stock-based compensation, and business combinations - The company's critical accounting estimates include revenue recognition, allowances for doubtful accounts, stock-based compensation, and fair value of acquired intangible assets and goodwill[340](index=340&type=chunk) - Business combinations accounting involves allocating purchase consideration to acquired assets and liabilities based on estimated fair values, with any excess recorded as goodwill[187](index=187&type=chunk) [Recently Issued Accounting Pronouncements](index=35&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) This section notes that MongoDB is evaluating the impact of new accounting pronouncements on its financial statements - The company is evaluating the impact of ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation Disclosures) on its financial statements[31](index=31&type=chunk)[32](index=32&type=chunk)[188](index=188&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=36&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section discusses MongoDB's exposure to market risks, including interest rate risk, foreign currency risk, and market risk related to non-marketable securities - The company's cash, cash equivalents, restricted cash, and short-term investments totaled **$2.3 billion** as of July 31, 2025, primarily consisting of bank deposits, money market funds, and U.S. government treasury securities[190](index=190&type=chunk) - A hypothetical **10%** change in interest rates would not have a material impact on the fair market value of investments as of July 31, 2025[190](index=190&type=chunk) - Foreign currency exchange rate fluctuations, particularly in GBP and EUR, could affect operating expenses, but a hypothetical **10%** change would not have a material impact on historical consolidated financial statements for the three months ended July 31, 2025 and 2024[191](index=191&type=chunk) - Non-marketable equity securities, totaling **$32.2 million** as of July 31, 2025, are subject to market risk, including partial or total loss of invested capital and potential volatility in financial results due to observable price changes and impairments[192](index=192&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=37&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section details the evaluation of MongoDB's disclosure controls and procedures and internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective at the reasonable assurance level as of July 31, 2025[195](index=195&type=chunk) - No material changes in internal control over financial reporting were identified during the three months ended July 31, 2025[196](index=196&type=chunk) - The company acknowledges the inherent limitations of control systems, which can only provide reasonable, not absolute, assurance against errors and fraud[197](index=197&type=chunk) PART II. OTHER INFORMATION [ITEM 1. LEGAL PROCEEDINGS](index=38&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section incorporates by reference the legal proceedings information from Note 8 of the financial statements, detailing a class action lawsuit and a shareholder derivative lawsuit - A class action lawsuit (Baxter v. MongoDB, Inc., et al.) was filed on July 9, 2024, alleging material misstatements regarding sales strategy and financial results[200](index=200&type=chunk) - A shareholder derivative lawsuit (Roy v. Ittycheria et al.) was filed on October 7, 2024, alleging breach of fiduciary duties, and is stayed pending the outcome of the class action[201](index=201&type=chunk) - The company is unable to estimate any reasonably possible loss from these matters but intends to vigorously defend itself[200](index=200&type=chunk) [ITEM 1A. RISK FACTORS](index=38&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section outlines various risks and uncertainties that could materially and adversely affect MongoDB's business, financial condition, and results of operations [Risk Factors Summary](index=38&type=section&id=Risk%20Factors%20Summary) This summary highlights key risks related to industry conditions, customer retention, financial performance, competition, intellectual property, and operational challenges - Unfavorable conditions in the industry or global economy, or reductions in IT spending, could limit business growth - Dependence on customer renewals and expansion of usage; any decline could harm business - Risk of failing to meet publicly announced guidance, leading to stock price decline - Limited operating history makes future results difficult to predict - History of losses and increasing costs may prevent sustained profitability - Majority revenue from MongoDB Atlas means failure to satisfy customer demands could adversely affect business - Significant and continuing competition in the database software market - Ineffective expansion of sales and marketing organization could hinder customer acquisition and sales - Decision to offer Community Server under SSPL may harm its adoption - Unenforceability of AGPL, SSPL, and other open source licenses could negatively impact the company - Licensing model for Community Server could affect monetization and intellectual property protection - Substantial costs in protecting intellectual property rights; failure to do so could reduce software value and brand - Inability to successfully introduce new features or enhancements could adversely affect business - Rapid growth management challenges could impair business execution and service levels - Security breaches or unauthorized data access could harm reputation, lead to litigation, and reduce customer use - Reliance on highly skilled personnel; inability to retain or hire key talent would harm business - Failure to maintain and enhance brand, especially among developers, could adversely affect business [Risks Related to Our Business and Industry](index=39&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) This section details risks stemming from macroeconomic conditions, intense competition, security breaches, regulatory compliance, and the use of AI/ML technologies - Adverse macroeconomic conditions, including inflation, rising interest rates, and geopolitical conflicts (e.g., Russia-Ukraine, Israel-Hamas), negatively impact IT spending and customer usage, particularly for MongoDB Atlas[119](index=119&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - The company faces intense competition from legacy providers (IBM, Microsoft, Oracle) and public cloud providers (AWS, GCP, Azure), who may offer bundled or low-cost solutions[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) - Security breaches or incidents, including ransomware attacks and supply-chain vulnerabilities, pose significant risks, potentially leading to data loss, operational disruptions, litigation, and reputational damage[253](index=253&type=chunk)[254](index=254&type=chunk)[256](index=256&type=chunk)[261](index=261&type=chunk) - Compliance with evolving global data privacy and security laws (e.g., GDPR, CCPA, EU AI Act) is complex and costly, with potential for significant fines and operational changes if non-compliant[274](index=274&type=chunk)[275](index=275&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[381](index=381&type=chunk) - The use of AI and ML technologies in offerings and operations presents new ethical, reputational, technical, and legal risks, including potential for biased outputs, intellectual property infringement, and increased cybersecurity threats[373](index=373&type=chunk)[374](index=374&type=chunk)[375](index=375&type=chunk)[377](index=377&type=chunk)[380](index=380&type=chunk)[385](index=385&type=chunk) [Risks Related to Ownership of Our Common Stock](index=69&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Stock) This section addresses risks associated with the volatility of MongoDB's common stock, potential dilution, dividend policy, and anti-takeover provisions - The trading price of common stock is volatile due to factors like operating results, competitor actions, macroeconomic conditions, and potential litigation[387](index=387&type=chunk) - Failure to meet publicly announced guidance or analyst expectations could cause the stock price to decline substantially[388](index=388&type=chunk)[391](index=391&type=chunk) - Future issuance of additional capital stock for financings, acquisitions, or equity incentive plans will dilute existing stockholders[394](index=394&type=chunk) - The company does not intend to pay dividends in the foreseeable future, meaning investors may only receive a return if the stock price increases[395](index=395&type=chunk) - Anti-takeover provisions in Delaware law and corporate documents could delay or discourage takeover attempts, limiting stockholders' ability to effect changes[401](index=401&type=chunk)[405](index=405&type=chunk) [Risks Related to our Indebtedness](index=73&type=section&id=Risks%20Related%20to%20our%20Indebtedness) This section discusses risks related to MongoDB's ability to incur additional debt and the potential impact of hedging activities on common stock value - The company may incur additional debt, and its ability to make payments depends on future performance, which could reduce funds for working capital and other corporate purposes[414](index=414&type=chunk) - The capped call transactions, associated with the 2026 Notes (now redeemed), could affect the value of common stock due to counterparties' hedging activities[415](index=415&type=chunk)[416](index=416&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=73&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section reports on the company's equity security transactions, specifically detailing issuer purchases of common stock under its share repurchase program - No unregistered sales of equity securities or use of proceeds from such sales were reported[417](index=417&type=chunk) Issuer Purchases of Equity Securities | Period | Total Shares Purchased | Average Price Paid Per Share | | :-------------------- | :--------------------- | :--------------------------- | | June 1 - June 30, 2025 | 373,410 | $208.17 | | July 1 - July 31, 2025 | 556,264 | $220.76 | | Total (Six Months) | 929,674 | $215.86 | - The company repurchased **929,674 shares** of common stock for **$200.0 million** during the six months ended July 31, 2025, under its **$1.0 billion** authorized Share Repurchase Program[419](index=419&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=74&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) This item states that there are no applicable defaults upon senior securities - Not applicable[420](index=420&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=74&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item states that there are no applicable mine safety disclosures - Not applicable[421](index=421&type=chunk) [ITEM 5. OTHER INFORMATION](index=74&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section details Rule 10b5-1 and non-Rule 10b5-1 trading arrangements adopted by certain executive officers and directors during the three months ended July 31, 2025 - Cedric Pech, President of Field Operations, adopted a Rule 10b5-1 plan on June 18, 2025, for the sale of up to **100%** of net shares from RSU/PSU vesting, terminating by June 18, 2026[422](index=422&type=chunk) - Dwight Merriman, a board member, adopted a Rule 10b5-1 plan on June 20, 2025, for the sale of up to **232,000 shares** plus shares to attain **$1.1 million** in proceeds and RSU vesting shares, terminating by August 31, 2026[423](index=423&type=chunk) - Tom Killalea, a board member, adopted a Rule 10b5-1 plan on June 24, 2025, for the sale of up to **20,000 shares** underlying stock options, terminating by December 3, 2025[424](index=424&type=chunk)[426](index=426&type=chunk) [ITEM 6. EXHIBITS](index=76&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including amendments to the certificate of incorporation, certifications of executive officers, and XBRL interactive data files - Includes certifications of the Principal Executive Officer and Principal Financial Officer pursuant to the Securities Exchange Act of 1934 and Sarbanes-Oxley Act of 2002[427](index=427&type=chunk) - Contains Inline XBRL Instance Document, Taxonomy Extension Schema Document, Calculation Linkbase Document, Definition Linkbase Document, Label Linkbase Document, and Presentation Linkbase Document[427](index=427&type=chunk) [Signatures](index=77&type=section&id=Signatures) This section contains the required signatures of the registrant's authorized officers, specifically the President and Chief Executive Officer, and the Chief Financial Officer, certifying the report - The report is signed by Dev Ittycheria, President and Chief Executive Officer, and Michael J. Berry, Chief Financial Officer, on August 27, 2025[431](index=431&type=chunk)

Core Insights - Wall Street exhibited cautious trading with major indices showing little change as investors awaited NVIDIA Corp.'s second-quarter earnings report [1] - NVIDIA has significantly outperformed its peers, more than doubling in value since April, contributing to a rally that has driven the S&P 500 to record highs [1] Market Performance - The S&P 500 increased by 0.2% to 6,478, nearing its record high of 6,481 [2] - The Nasdaq 100 rose 0.1% to 23,550, approximately 2% below its all-time peak, while the Dow Jones gained 0.3% to 45,500, close to its record of 45,757 [3] - The Russell 2000 index climbed 0.5%, continuing its streak of relative outperformance [3] Treasury and Commodities - The 30-year Treasury yield reached 4.96%, the highest since August 1 [3] - WTI crude oil rose by 1% to $63.88, while gold remained flat at $3,395, and copper decreased by 1% to $4.40 per pound [3] Cryptocurrency - Bitcoin increased by 0.2% to $112,000, building on a previous 1.5% advance [4] Stock Movements - Major ETFs saw slight increases, with the Vanguard S&P 500 ETF up 0.2% to $594.21 and the SPDR Dow Jones Industrial Average rising 0.3% to $455.70 [8] - MongoDB Inc. experienced a significant surge of 35% after reporting strong quarterly results and raising its full-year guidance [8] - Other notable stock movements included nCino Inc. up 16% and Okta Inc. up 2.5%, while J.M. Smucker Co. fell by 6% [8] - Upcoming earnings reports include NVIDIA Corp., CrowdStrike Holdings Inc., and others [8]

Core Viewpoint - MongoDB's stock surged over 30% to a six-month high following strong Q2 FY2026 earnings report, exceeding analyst expectations [1] Financial Performance - Adjusted earnings per share for Q2 FY2026 were reported at $1.00, up from $0.70 in the same period last year, surpassing the analyst estimate of $0.67 [1] - Revenue for the quarter reached $591.4 million, a 24% increase from $478.1 million year-over-year, also exceeding the expected revenue of $553.9 million [1] Guidance Update - The company raised its adjusted earnings per share guidance for FY2026 to a range of $3.64 to $3.73, up from the previous range of $2.94 to $3.12, with analysts expecting $3.17 [1] - Full-year revenue guidance was increased from $2.25 billion to $2.29 billion to a new range of $2.34 billion to $2.36 billion, compared to analyst expectations of $2.29 billion [1]

Core Viewpoint - MongoDB's stock surged over 30% to a six-month high of $277.75 following the release of its Q2 FY2026 earnings report, which exceeded analyst expectations in both adjusted earnings per share and revenue [1] Financial Performance - The adjusted earnings per share for Q2 FY2026 was reported at $1.00, up from $0.70 in the same quarter last year, surpassing the FactSet analyst estimate of $0.67 [1] - Revenue for the quarter reached $591.4 million, a 24% increase from $478.1 million year-over-year, also exceeding the analyst expectation of $553.9 million [1] Guidance Update - The company raised its adjusted earnings per share guidance for FY2026 to a range of $3.64 to $3.73, up from the previous range of $2.94 to $3.12, while analysts had expected $3.17 [1] - Full-year revenue guidance was increased from $2.25 billion to $2.29 billion to a new range of $2.34 billion to $2.36 billion, compared to the analyst expectation of $2.29 billion [1]

Check out shares of MongoDB this morning. Uh up about 30% right now. The stock soaring after the document database company reported stronger than expected second quarter earnings raised its fullear outlook.Joining us now for an exclusive interview is Dev Idicheria MongoDB president and CEO. Thank you for being here. Dev smile on his face.They're bigger than on the photo. What. Hold on.Before we go, I just want to know last night you put out these numbers. Was there like any betting pool among your among you ...

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Core Insights - MongoDB reported strong Q2 results, exceeding analyst expectations, and raised its full-year earnings forecast by 22% at the midpoint of its guidance range, leading to a stock price increase of over 30% in after-hours trading on August 26, 2025 [2][3] Growth - MongoDB's revenue has grown at an average annual rate of 32.4% over the last three years, significantly outpacing the S&P 500's growth rate of 5.3% [7] - Quarterly revenues increased by 24% to $591.4 million from $478.1 million year-over-year, compared to a 6.1% increase for the S&P 500 [7] Profitability - The company's profit margins are notably lower than most companies in Trefis coverage, with an operating income of -$165 million and an operating margin of -7.5%, compared to 18.8% for the S&P 500 [6][7] - Net income for the past four quarters was -$79 million, resulting in a negative net margin of -3.5%, while adjusted net income was $360 million, yielding a healthy 16% net margin [13] Financial Stability - MongoDB's balance sheet is strong, with debt at just $36 million against a market cap of $23 billion, resulting in a very low debt-to-equity ratio of 0.2% [13] - Cash and equivalents totaled $2.3 billion out of $3.5 billion in assets, producing a high cash-to-assets ratio of 66.2% [13] Downturn Resilience - MDB stock has underperformed the S&P 500 during recent downturns, with a significant drop of 76.5% from $585.03 to $137.35 between November 2021 and November 2022, compared to a 25.4% decline for the S&P 500 [9][13] - The stock has not returned to its pre-crisis peak, trading near $215 after a post-crisis high of $500.90 on February 11, 2024 [13] Overall Assessment - Despite a steep valuation of 10x trailing revenue, it is justified by MongoDB's strong growth track record, with high-teens growth expected to continue [10] - The stock's current P/S ratio of 10.3 is significantly higher than the S&P 500's 3.3, and its P/FCF ratio of 96 is much higher than the S&P 500's 22 [4][7]