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MongoDB, Inc.

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Business Summary

MongoDB operates in the database management software market, which the filing describes as one of the largest in the software industry. According to the International Data Corporation (IDC)'s Worldwide Database Management Systems Software Forecast, 2025-2029, the worldwide Database Management Software market was $93 billion in 2024, growing to approximately $169 billion in 2029, representing a 13% five-year compound annual growth rate. The filing notes that the market is dominated by legacy relational databases first developed in the 1970s, and that modern software development requires flexibility that relational databases were not built to support. MongoDB's developer data platform is positioned as a modern general purpose database built on a unique document-based architecture designed to handle unstructured data while maintaining the strengths of relational databases.

The filing identifies primary competitors as established legacy database software providers such as IBM, Microsoft, Oracle and other similar companies, as well as public cloud providers offering database functionality such as Amazon Web Services, Google Cloud Platform and Microsoft Azure, and other database software providers. The filing states that MongoDB competes favorably on factors including mindshare with software developers and IT executives, product capabilities including flexibility, scalability, performance, security and reliability, flexible deployment options, ease of deployment, breadth of use cases supported, generative AI capabilities, ability to support structured, unstructured and semi-structured data, ease of integration with existing IT infrastructure, robustness of professional services and customer support, price and total cost of ownership, adherence to industry standards and certifications, size of customer base and level of user adoption, strength of sales and marketing efforts, and brand awareness and reputation. The filing notes that MongoDB has been named as one of the most desired database technologies for developers since Stack Overflow introduced databases as a category in their Annual Developer Survey in 2017.

MongoDB generates revenue primarily from sales of subscriptions, which accounted for 97% of total revenue for the year ended January 31, 2026 and 97% for the years ended January 31, 2025 and 2024. The business model combines developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. The filing states that MongoDB owns the intellectual property of its core offerings, unlike software companies built around open source projects, allowing retention of control over the future product roadmap. Customers can run the database in any environment: fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment. The filing describes a land-and-expand model where the economic attractiveness of the subscription-based model is demonstrated by customer renewals and increasing existing customer subscriptions over time.

Atlas is MongoDB's hosted multi-cloud database-as-a-service offering that includes comprehensive infrastructure and management, which MongoDB runs and manages in the public cloud. Atlas represented 73% of total revenue for the fiscal year ended January 31, 2026, compared to 70% in the prior year and 66% for the fiscal year ended January 31, 2024. Atlas is available in more than 130 regions worldwide across all three major cloud providers (Amazon Web Services, Google Cloud Platform and Microsoft Azure). The filing notes that Atlas includes features such as Atlas Search, Atlas Vector Search, Atlas Data Federation, Atlas Charts, and Atlas Stream Processing. Recently, MongoDB introduced an application programming interface within Atlas that natively provides access to Voyage AI's embedding and reranking models.

MongoDB Enterprise Advanced is MongoDB's proprietary self-managed commercial database offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced represented 20% of total revenue for the fiscal year ended January 31, 2026, compared to 23% for the fiscal year ended January 31, 2025 and 26% for the fiscal year ended January 31, 2024. The offering includes MongoDB Enterprise Database Server, Enterprise Management Capabilities including Cloud Manager Premium or Ops Manager, and Analytics Integrations. Professional services, including consulting and training, represented 3% of total revenue for each of the fiscal years ended January 31, 2026, 2025, and 2024. The filing states that professional services are an important part of customer retention and expansion strategy, and customers who purchase professional services have typically increased their subscription usage more quickly than those who have not.

In February 2025, MongoDB acquired all outstanding shares of Voyage AI Innovations, Inc., a pioneer in state-of-the-art embedding and reranking models that power next-generation AI applications. The acquisition date fair value of the purchase consideration was $160.9 million , comprised of 484,169 shares of MongoDB common stock valued at $141.4 million as of the acquisition date and $19.5 million in cash. MongoDB also issued to certain Voyage AI employees a total of 213,023 shares of restricted stock awards and 35,152 shares of restricted stock units in exchange for a portion of their Voyage AI stock, with a fair value of $62.2 million for the restricted stock awards and $10.3 million for the restricted stock units, accounted for as post-combination stock-based compensation expense over a weighted-average requisite service period of 2.7 years. In February 2025, the Board of Directors authorized a program to repurchase up to $200.0 million of common stock, and in June 2025 authorized an additional $800.0 million in repurchases, bringing the aggregate authorized repurchase amount to $1.0 billion . During the year ended January 31, 2026, MongoDB repurchased 1,576,109 shares of common stock for $400.3 million at an average price per share of $306.87 . As of January 31, 2026, total remaining authorization under the stock repurchase plan was $599.7 million . In October 2025, MongoDB began funding withholding taxes in certain jurisdictions due on the vesting of employee RSUs by net share settlement, with withholding taxes paid of $98.6 million for the year ended January 31, 2026.

Total revenue for the fiscal year ended January 31, 2026 was $2,463.8 million , compared to $2,006.4 million for the fiscal year ended January 31, 2025 and $1,683.0 million for the fiscal year ended January 31, 2024, representing a 23% growth rate for fiscal 2026 and a 19% growth rate for fiscal 2025. Net loss was $71.2 million for fiscal 2026, compared to $129.1 million for fiscal 2025 and $176.6 million for fiscal 2024. Gross margin was 72% for fiscal 2026, compared to 73% for fiscal 2025 and 75% for fiscal 2024. Operating cash flow was $505.1 million for fiscal 2026, compared to $150.2 million for fiscal 2025 and $121.5 million for fiscal 2024. As of January 31, 2026, MongoDB had cash, cash equivalents, short-term investments and restricted cash totaling $2.4 billion and an accumulated deficit of $1.9 billion .

Business Outlook

A primary growth vector is expanding sales within the existing customer base. The filing states that as an application grows and requires additional capacity, customers increase their spending on MongoDB's platform. Customers may expand subscriptions as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. The filing notes that even within MongoDB's largest customers, MongoDB typically represents a small percentage of their overall spend on databases, reflecting small market penetration. The net annualized recurring revenue expansion rate in the fourth quarter was 121% . The number of customers with $100,000 or greater in ARR was 2,799 as of January 31, 2026, compared to 2,396 as of January 31, 2025 and 2,052 as of January 31, 2024.

Another major growth vector is extending product leadership and introducing new products, particularly in artificial intelligence. The filing states that in 2025, MongoDB strengthened its AI capabilities through the acquisition of Voyage AI, a pioneer in high-performance embedding and reranking models. By integrating these models, MongoDB aims to improve data retrieval accuracy and mitigate the risk of AI hallucinations, which the filing describes as a critical barrier to enterprise generative AI adoption. MongoDB expanded Vector Search to self-managed environments, including MongoDB Community Edition and Enterprise Server, and introduced Automated Embedding in public preview, which natively generates vector embeddings within the database, eliminating the need for external scripts. The filing also notes the introduction of MongoDB version 8.0, enhancing enterprise-grade security, resilience and availability, and additional features to Queryable Encryption to support equality and range searches. The filing states that MongoDB has spent $3.2 billion on research and development since its inception.

The filing discusses margin trajectory in the context of cost structure evolution. Subscription gross margin declined to 76% for fiscal 2026 from 77% for fiscal 2025, which the filing attributes to an increase in subscription revenue from Atlas as a percentage of total revenue. Services gross margin was negative 60% for fiscal 2026 compared to negative 50% for fiscal 2025, due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation related to growth in headcount. The filing states that to the extent Atlas revenue increases as a percentage of total revenue, gross margin may decline as a result of associated hosting costs. The filing notes that total sales and marketing expense represented 38% of revenue in fiscal 2026, compared to 43% in fiscal 2025 and 47% in fiscal 2024.

The filing discusses technology infrastructure investments, noting that MongoDB has entered into non-cancelable multi-year capacity commitments with respect to cloud infrastructure services with certain third-party cloud providers, which require payment for such capacity irrespective of actual usage. During the year ended January 31, 2026, MongoDB entered into a renewal agreement with a cloud infrastructure provider that includes a non-cancelable commitment of $300 million to be paid over a period from October 2025 through October 2028. As of January 31, 2026, total purchase obligations were $897.9 million , with $382.1 million due within one year and $515.9 million due within one to three years. The filing states that as of January 31, 2026, MongoDB had a total of 5,636 employees , including 2,927 employees located outside the United States.

The filing discusses capital allocation in the context of the share repurchase program. In February 2025, the Board of Directors authorized a program to repurchase up to $200.0 million of common stock. In June 2025, the Board authorized an additional $800.0 million in repurchases, bringing the aggregate authorized repurchase amount to $1.0 billion . During the year ended January 31, 2026, MongoDB repurchased 1,576,109 shares of common stock for $400.3 million at an average price per share of $306.87 . As of January 31, 2026, total remaining authorization was $599.7 million . The filing states that MongoDB has never declared or paid any dividends on its common stock and does not anticipate paying any dividends in the foreseeable future. Research and development expense was $716.3 million for fiscal 2026, compared to $596.8 million for fiscal 2025. Purchases of property, equipment and other assets were $5.0 million for fiscal 2026.

The filing identifies macroeconomic headwinds as a structural constraint on growth. The filing states that MongoDB expects to experience macroeconomic headwinds on the growth rate for existing Atlas applications in the short term. The filing notes that adverse macroeconomic conditions include slower or negative economic growth and higher inflation, and that while the impact on business, results of operations and financial position remains uncertain over the long term, MongoDB expects to experience these headwinds. The filing also discusses geopolitical risks, including those arising from trade tension and the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, the ongoing military conflict between Russia and Ukraine, the conflict in Iran, the unrest in Mexico, the conflict between Israel and Hamas, and recent events in Venezuela, which could cause a decrease in business investments including spending on information technology.

The filing identifies execution risks related to the transition to Atlas as a primary revenue driver. The filing states that because MongoDB derives more than the majority of its revenue from Atlas, failure of Atlas to satisfy customer demands could adversely affect business, results of operations, financial condition and growth prospects. The filing notes that Atlas revenue is primarily recognized on a usage-basis, and as such, market adoption and usage of Atlas is critical to continued success. The filing states that because customers' usage of Atlas may vary for a number of reasons, visibility into the timing of revenue recognition is limited, and there is a risk that customers will consume Atlas more slowly than expected, making future revenue less predictable due to fluctuations in the rate of customer renewals and expansions and seasonality of or fluctuations in usage of Atlas.

Risk Factors

MongoDB faces material risks from its heavy reliance on Atlas, which represented 73% of total revenue in fiscal 2026. The filing states that failure of Atlas to satisfy customer demands could adversely affect business, results of operations, financial condition and growth prospects, and that because Atlas revenue is recognized on a usage-basis, visibility into the timing of revenue recognition is limited and future revenue may be less predictable. The filing also identifies significant competition from established legacy database providers such as IBM, Microsoft, Oracle, and public cloud providers such as AWS, GCP and Microsoft Azure, which have advantages including longer operating histories, more established relationships, significantly greater financial resources, stronger brand recognition, larger intellectual property portfolios and broader global distribution. The filing notes that MongoDB has a history of losses, with net losses of $71.2 million for fiscal 2026, $129.1 million for fiscal 2025, and $176.6 million for fiscal 2024, and an accumulated deficit of $1.9 billion as of January 31, 2026. The filing states that MongoDB expects operating expenses to increase significantly and may not be able to generate sufficient revenue to achieve or sustain profitability. Additionally, the filing notes that MongoDB has entered into non-cancelable multi-year capacity commitments with cloud infrastructure providers, including a $300 million commitment under a renewal agreement entered into during fiscal 2026, which require payment irrespective of actual usage.

Management Priorities

The overall tone of management's discussion in the filing emphasizes MongoDB's position as the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. Management highlights that the foundation of the offering is the world's leading, modern general purpose database built on a unique document-based architecture. Key strategic priorities emphasized for the period ahead include expanding sales within the customer base, acquiring new customers, extending product leadership and introducing new products particularly in AI, fostering the MongoDB developer community, growing and cultivating the partner ecosystem, and expanding internationally. Management notes that the net ARR expansion rate in the fourth quarter was 121% , and that the number of customers with $100,000 or greater in ARR was 2,799 as of January 31, 2026. Management states that MongoDB intends to continue to invest in sales and marketing efforts and developer community outreach, which are critical to driving customer acquisition, and that MongoDB intends to continue to invest in engineering capabilities and marketing activities to maintain its strong position in the developer community.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Business Acquisition; Item 8, Note 5 — Business Combinations
  2. [2] Item 8, Note 5 — Business Combinations
  3. [3] Item 8, Note 5 — Business Combinations
  4. [4] Item 8, Note 5 — Business Combinations
  5. [5] Item 8, Note 5 — Business Combinations
  6. [6] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  7. [7] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  8. [8] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  9. [9] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  10. [10] Item 8, Note 11 — Equity
  11. [11] Item 8, Note 11 — Equity
  12. [12] Item 7, MD&A — Liquidity and Capital Resources
  13. [13] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  14. [14] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  15. [15] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  16. [16] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  17. [17] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  18. [18] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  19. [19] Item 7, MD&A — Results of Operations
  20. [20] Item 7, MD&A — Results of Operations
  21. [21] Item 7, MD&A — Results of Operations
  22. [22] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Cash Flows
  23. [23] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Cash Flows
  24. [24] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Cash Flows
  25. [25] Item 7, MD&A — Liquidity and Capital Resources
  26. [26] Item 7, MD&A — Liquidity and Capital Resources; Item 8, Consolidated Balance Sheets
  27. [27] Item 1, Business — Our Growth Strategy; Item 7, MD&A — Factors Affecting Our Performance
  28. [28] Item 7, MD&A — Factors Affecting Our Performance
  29. [29] Item 7, MD&A — Factors Affecting Our Performance
  30. [30] Item 7, MD&A — Factors Affecting Our Performance
  31. [31] Item 7, MD&A — Factors Affecting Our Performance
  32. [32] Item 7, MD&A — Results of Operations
  33. [33] Item 7, MD&A — Results of Operations
  34. [34] Item 7, MD&A — Results of Operations
  35. [35] Item 7, MD&A — Results of Operations
  36. [36] Item 7, MD&A — Results of Operations
  37. [37] Item 7, MD&A — Results of Operations
  38. [38] Item 7, MD&A — Results of Operations
  39. [39] Item 7, MD&A — Contractual Obligations and Commitments; Item 8, Note 9 — Commitments and Contingencies
  40. [40] Item 7, MD&A — Contractual Obligations and Commitments
  41. [41] Item 7, MD&A — Contractual Obligations and Commitments
  42. [42] Item 7, MD&A — Contractual Obligations and Commitments
  43. [43] Item 1, Business — Human Capital Management
  44. [44] Item 1, Business — Human Capital Management
  45. [45] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  46. [46] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  47. [47] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  48. [48] Item 7, MD&A — Share Repurchase Program; Item 8, Note 11 — Equity
  49. [49] Item 8, Note 11 — Equity
  50. [50] Item 8, Note 11 — Equity
  51. [51] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  52. [52] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  53. [53] Item 8, Consolidated Statements of Cash Flows
  54. [54] Item 1A, Risk Factors; Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  55. [55] Item 1A, Risk Factors; Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  56. [56] Item 1A, Risk Factors; Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  57. [57] Item 1A, Risk Factors; Item 7, MD&A — Liquidity and Capital Resources; Item 8, Consolidated Balance Sheets
  58. [58] Item 7, MD&A — Contractual Obligations and Commitments; Item 8, Note 9 — Commitments and Contingencies
  59. [59] Item 1, Business — Our Growth Strategy; Item 7, MD&A — Factors Affecting Our Performance
  60. [60] Item 7, MD&A — Factors Affecting Our Performance
  61. [61] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  62. [62] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  63. [63] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  64. [64] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  65. [65] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  66. [66] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Operations
  67. [67] Item 8, Consolidated Statements of Operations; Item 8, Note 12 — Net Loss Per Share
  68. [68] Item 8, Consolidated Statements of Operations; Item 8, Note 12 — Net Loss Per Share
  69. [69] Item 8, Consolidated Statements of Operations; Item 8, Note 12 — Net Loss Per Share
  70. [70] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  71. [71] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  72. [72] Item 7, MD&A — Results of Operations
  73. [73] Item 7, MD&A — Results of Operations
  74. [74] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  75. [75] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  76. [76] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Cash Flows
  77. [77] Item 7, MD&A — Highlights; Item 8, Consolidated Statements of Cash Flows
  78. [78] Item 7, MD&A — Liquidity and Capital Resources
  79. [79] Item 7, MD&A — Liquidity and Capital Resources
  80. [80] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  81. [81] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  82. [82] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  83. [83] Item 7, MD&A — Results of Operations; Item 8, Consolidated Statements of Operations
  84. [84] Item 7, MD&A — Results of Operations; Item 8, Note 11 — Equity
  85. [85] Item 7, MD&A — Results of Operations; Item 8, Note 11 — Equity

Analysis on 6/8/2026