MongoDB, Inc.

Q2 total revenue was $772 million, up 30% year over year versus 24% growth in the year-ago quarter. Atlas revenue grew approximately 29% year over year and added a record $127 million of net new Atlas dollars; EA and other revenue grew approximately 36% year over year. Non-GAAP gross margin was 75.9% (up about 210 basis points year over year) and subscription gross margin was 78.3% (up about 70 basis points year over year). Non-GAAP operating income was $186 million for a 24% operating margin, and non-GAAP EPS was $1.90 versus $1.00 a year ago. The company ended Q2 with $2.4 billion in cash, cash equivalents and short-term investments, generated $142 million of operating cash flow and $138 million of free cash flow, and repurchased $100 million of shares. For Q3, it guided to revenue of $756 million to $761 million and non-GAAP EPS of $1.57 to $1.61. For fiscal 2027, it guided to revenue of $2.99 billion to $3.03 billion, non-GAAP operating margin of about 21% at the high end, and non-GAAP EPS of $6.39 to $6.58. It also raised expected Atlas growth to approximately 27% for the full year, EA and other growth to approximately 11%, operating margin expansion to about 250 basis points, and free cash flow conversion to the upper end of its 80% to 100% long-term range.

CJ framed the quarter as evidence that MongoDB is becoming the “real time intelligent data platform” for the multi-cloud and AI era. He emphasized that Atlas, EA, and AI-related products are all gaining traction without one coming at the expense of the other, and pointed to customer demand for run-anywhere deployments, search/vector search, embeddings, and AI workloads. His tone was upbeat and confident, saying he has “never felt better” about MongoDB’s position with customers.

Mike Berry said the quarter came in above all guidance ranges and that the company is “rolling the beat” into the second half, mainly due to Atlas strength. He highlighted Atlas growth of about 29% for the fifth straight quarter, EA and other growth of about 36% in Q2, non-GAAP gross margin of 75.9%, operating margin of 24%, and free cash flow of $138 million. He also noted $2.4 billion in cash, $100 million of share repurchases, and $344 million of operating cash flow and $335 million of free cash flow in the first half. On outlook, he raised full-year revenue, Atlas growth, EA growth, operating margin, and free cash flow conversion guidance, while saying guidance remains prudent because Atlas is a consumption business and EA is harder to predict due to multiyear deals.

Analysts pressed management on whether Atlas guidance implied deceleration and whether EA could be pulling demand away from Atlas. Management said Atlas growth remains very consistent, that EA strength is not coming at Atlas’s expense, and that the Q2 wasn’t driven by any large bundled-deal dynamic seen in prior periods. Questions also focused on Voyage adoption, AI workload pull-through, and whether customers are moving from pilots to broader deployments; management said Voyage is still early but increasingly acting as a top-of-funnel source of new customers, many of them AI natives, and that AI use cases are landing in customer-facing and enterprise workloads. On EA, management said search/vector search on self-managed deployments is gaining traction quickly, but multiyear deal timing makes guidance conservative.