Summary
MongoDB closed fiscal 2025 with $548.4 million in fourth-quarter revenue, up 19.7% from the prior-year quarter. Full-year revenue reached $2.01 billion, up 19.2% year-over-year. Atlas revenue grew 24% year-over-year and represented 71% of total fourth-quarter revenue. The company ended the quarter with over 54,500 customers, including over 53,100 Atlas customers and over 7,500 direct sales customers. Customers with at least $100,000 in annualized recurring revenue or annualized monthly recurring revenue totaled 2,396. Net ARR expansion rate was approximately 118%, down from historical levels above 120%.
The fourth quarter showed margin pressure alongside profit improvement. Gross profit was $399.4 million, up 16.3% from the prior-year quarter, but gross margin fell to 72.8%, down 2.1 percentage points. The operating loss narrowed to $18.6 million from $71.0 million in the prior-year quarter. Net income was $15.8 million, compared with a net loss of $55.5 million in the prior-year quarter, a swing to profit. For the full year, net loss was $129.1 million, compared with $176.6 million in the prior year, a narrower loss. Diluted EPS was -$1.73, compared with -$2.48, a narrower loss per share. Full-year gross margin was 73.3%, down 1.5 percentage points, while full-year operating margin was -10.8%, up 3.1 percentage points. Fourth-quarter operating margin was -3.4%, up 12.1 percentage points.
Cash generation was mixed. Fourth-quarter operating cash flow was $50.5 million, down 7.5% from $54.6 million in the prior-year quarter. Full-year operating cash flow was $150.2 million, up 23.6% year-over-year. Capital expenditures were $26.0 million in the fourth quarter, up 848.8% from $2.7 million, and $29.6 million for the full year, up 386.5%. Deferred revenue was $359.8 million, down 4.7% from $377.4 million. Remaining performance obligations were $748.0 million, up 26.5% from $591.4 million. Free cash flow, a non-GAAP measure, was $22.9 million in the fourth quarter, compared with $50.5 million in the prior-year quarter, and $114.5 million for the full year, compared with $109.9 million. MongoDB also acquired Voyage AI, announced a $200 million stock buyback, and completed the redemption of its 2026 Convertible Notes, eliminating all debt from the balance sheet.
Guidance points to slower growth in the next fiscal year. For the first quarter of fiscal 2026, MongoDB guided revenue to $524.0 million to $529.0 million. For the full fiscal year 2026, revenue guidance is $2.240 billion to $2.280 billion. Non-GAAP income from operations guidance is $54.0 million to $58.0 million for the first quarter and $210.0 million to $230.0 million for the full year. Non-GAAP net income per share guidance is $0.63 to $0.67 for the first quarter and $2.44 to $2.62 for the full year. The full-year guidance assumes non-Atlas revenue will decline high-single digits year-over-year. Management said Atlas consumption was strong in the quarter and expects stable consumption growth in Atlas for fiscal 2026.
Risks remain centered on the macroeconomic environment and the Atlas mix. The company said macroeconomic conditions negatively affected its business during fiscal 2025, including slower than historical growth rates for existing Atlas applications. It expects those headwinds to continue in the short term. The net ARR expansion rate of approximately 118% reflects a smaller contribution from expanding customers. Non-Atlas revenue is expected to decline high-single digits. Gross margin may decline as Atlas grows as a percentage of total revenue. MongoDB also carries a history of losses and faces competition, integration risk from the Voyage AI acquisition, and stock price volatility. Deferred revenue declined 4.7% year-over-year, and fourth-quarter operating cash flow fell 7.5%, which adds caution to the otherwise strong revenue and profit picture.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $548.4M | $529.4M | +3.6% | $458.0M | +19.7% |
| Gross profit | $399.4M | $394.0M | +1.4% | $343.4M | +16.3% |
| Gross margin | 72.8% | 74.4% | -1.6 pp | 75.0% | -2.1 pp |
| Research & development | $150.4M | $151.4M | -0.7% | $145.6M | +3.3% |
| Sales & marketing | $212.2M | $218.0M | -2.6% | $211.1M | +0.5% |
| General & administrative | $55.3M | $52.6M | +5.3% | $57.7M | -4.0% |
| Total operating expenses | $417.9M | $421.9M | -0.9% | $414.3M | +0.9% |
| Operating income (loss) | -$18.6M | -$27.9M | +33.4% | -$71.0M | +73.8% |
| Operating margin | -3.4% | -5.3% | +1.9 pp | -15.5% | +12.1 pp |
| Net income (loss) | $15.8M | -$9.8M | +261.9% | -$55.5M | +128.5% |
| Net margin | 2.9% | -1.9% | +4.7 pp | -12.1% | +15.0 pp |
| Diluted EPS | $0.21 | — | — | -$0.78 | +$0.99 |
Risks
Adverse macroeconomic conditions negatively impacted FY2025, causing slower than historical growth rates for existing MongoDB Atlas applications. MD&A expects macroeconomic headwinds on the Atlas growth rate in the short term.
MongoDB Atlas revenue represented 70% of total revenue for the year ended January 31, 2025, up from 66% in the prior year, and is primarily usage-based. Any slowdown in Atlas adoption, consumption, or customer budgets could disproportionately affect results.
The business depends on customer renewals and expansion, but net ARR expansion rate declined to approximately 118% as of January 31, 2025 from historically over 120%, due to a smaller contribution from expanding customers. A further decline could materially harm results.
The company faces intense competition from legacy database providers such as IBM, Microsoft, and Oracle, and from public cloud providers such as AWS, Google Cloud Platform, and Microsoft Azure. Larger competitors can bundle competing products, discount aggressively, and devote greater resources.
For FY2025 Q4, deferred revenue was $359.8 million, down 4.7% versus FY2024 Q4, while remaining performance obligations were $748.0 million, up 26.5% versus FY2024 Q4. MD&A notes an expected higher portion of MongoDB Atlas contracts billed monthly in arrears without upfront commitments, which may reduce upfront visibility.
The filing expands AI-related risks, including generative AI producing inaccurate outputs, code ownership uncertainty, deepfake phishing, and the EU AI Act effective August 1, 2024. These may increase research and development and compliance costs and expose the company to liability.
The filing discloses a December 2023 incident where a third-party application flaw enabled unauthorized access to certain corporate applications, including support services with customer contact information; no Atlas cluster access was found. It also notes reported ransomware attacks on MongoDB instances, often due to Community Server security misconfigurations.
The sales cycle is generally three to nine months and can extend beyond a year for some customers. Rising inflation, higher interest rates, and global economic uncertainty may cause potential customers to delay technology spending and further extend the sales cycle.
Community Server is offered under the SSPL or AGPL, which have not been interpreted by courts and may be held unenforceable. If that occurs, competitors could use the software without restrictions, and limited visibility into licensee use impairs enforcement and monetization.
The company is subject to evolving data privacy and security laws, including GDPR, UK GDPR, CCPA, NIS2, and DORA, with fines up to 4% of global turnover. DORA took effect in January 2025, and NIS2 transposition remains uncertain across EU member states.
SaaS KPIs
All quarters →Total Customers
MongoDB Atlas Customers
Direct Sales Customers
Free Cash Flow
Net ARR Expansion Rate
Customers over $100K ARR
Non-GAAP Operating Margin
Direct Sales Customers Revenue % of Subscription Revenue
MongoDB Enterprise Advanced % of Subscription Revenue
MongoDB Atlas Revenue Growth
Summary, forecast, risks and KPIs are extracted from MongoDB, Inc.'s SEC filings for Q4 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.