MongoDB, Inc.: revenue accelerated to 30%, but shares fell 21% after the report

1 сентября MongoDB, Inc. раскрыла результаты за второй квартал 2027 финансового года (закончился 31 июля 2026 года). Выручка выросла на 30,5% год к году до 771,8 млн долларов, EBITDA-маржа составила 4,4% против минус 10,1% годом ранее, чистая прибыль — 40,9 млн долларов против убытка 47,0 млн. Несмотря на сильные цифры, акции упали на 4,2% в день отчёта и на 21,0% с момента релиза до 9 сентября, что делает бумагу скорее привлекательной на текущих уровнях.

Key takeaways

— Revenue grew 30.5% — the highest in several years, driven by Atlas and Enterprise Advanced

— EBITDA margin turned positive for the first time in a year: 4.4% vs -10.1% a year ago

— Net income of $40.9 million — third consecutive quarter of GAAP profitability

— Free cash flow nearly doubled to $137.6 million

— RPO grew 91% to $1,519.2 million — future revenue is secured

— Company raised full-year fiscal 2027 guidance, but shares fell

— Debt burden decreased: net debt of -$2,344.9 million

Attractiveness

Key figures, USD bn

Revenue grew 30.5% — the highest in several years, driven by Atlas and Enterprise Advanced

In the second quarter of fiscal 2027 (ended July 31, 2026), MongoDB, Inc. revenue reached $771.8 million, up 30.5% year-over-year. This is an acceleration from 25.2% in the prior quarter and the highest growth rate in several years, as CEO CJ Desai noted.

Growth was driven by both key segments: Atlas revenue grew approximately 29% year-over-year, while Enterprise Advanced and other revenue grew approximately 36%. Subscription revenue was $747.1 million (+31%), services revenue was $24.6 million (+29%). The company highlights demand from core enterprise workloads and early AI use cases.

EBITDA margin turned positive for the first time in a year: 4.4% vs -10.1% a year ago

EBITDA in the second quarter of fiscal 2027 was $34.3 million, with EBITDA margin of 4.4% versus -10.1% a year earlier. Operating income turned positive at $28.4 million versus a loss of $65.3 million a year ago.

The margin improvement reflects operating leverage: revenue is growing faster than costs. Non-GAAP operating margin was 24% versus 15% a year earlier, per the company. Gross margin rose to 74% from 71%.

Net income of $40.9 million — third consecutive quarter of GAAP profitability

GAAP net income in the second quarter of fiscal 2027 was $40.9 million, or $0.50 per diluted share. A year earlier, there was a net loss of $47.0 million. This is the third consecutive quarter of positive GAAP net income.

Net margin reached 5.3% versus -8.0% a year earlier. Earnings include one-off items, particularly stock-based compensation of $148.9 million, which does not affect cash flow but reduces GAAP profit.

Free cash flow nearly doubled to $137.6 million

Operating cash flow in the second quarter of fiscal 2027 was $141.9 million versus $72.1 million a year earlier. Capital expenditures were minimal at $2.5 million, and finance lease payments were $1.8 million. As a result, free cash flow reached $137.6 million, nearly double the $69.9 million a year earlier.

Over the trailing twelve months, operating cash flow was $505.1 million on revenue of $2,800.0 million. Cash flow is consistently positive, allowing the company to fund growth without taking on debt.

RPO grew 91% to $1,519.2 million — future revenue is secured

Remaining performance obligations (RPO) at quarter-end were $1,519.2 million, up 91% year-over-year. Current RPO (cRPO) grew 73% to $797.3 million. This is a strong indicator of future revenue, especially given the subscription model.

The RPO growth confirms that the revenue acceleration is not one-off: contracts are already signed. The company also reported that customers with annualized recurring revenue over $100,000 grew to 2,999, up 17% from a year ago.

Company raised full-year fiscal 2027 guidance, but shares fell

MongoDB, Inc. raised its full-year fiscal 2027 revenue guidance to $2.99–3.03 billion (previously, based on dynamics, expectations were lower). Non-GAAP operating income is forecast at $616.3–636.3 million. For the third quarter, the company expects revenue of $756–761 million.

Despite this, shares fell 4.2% on the release day and 21.0% by September 9. The reason may be that the market expected even higher results or is concerned about slower Atlas growth (29% vs 30% total revenue). However, at the current price, shares trade notably lower than before the report.

Debt burden decreased: net debt of -$2,344.9 million

As of July 31, 2026, cash and short-term investments were approximately $2.4 billion. Net debt (negative) reached -$2,344.9 million, improving by $1.4 billion from the previous reporting date and by $1.8 billion over the last twelve months.

The company has no net debt; instead, it holds a significant net cash position. This provides financial flexibility for growth investments and potential share repurchases — in the quarter, the company spent $100.0 million on buybacks.

Valuation on the latest reported figures

Bottom line

MongoDB, Inc.'s second-quarter fiscal 2027 report is strong: revenue accelerated to 30.5%, EBITDA and net income turned positive, free cash flow nearly doubled, and RPO grew 91%, securing future growth. The company raised its full-year guidance, indicating management confidence. However, the market reacted with a 21% share decline, likely due to high expectations and some slowdown in Atlas. At the current price, given strong fundamentals and no debt, the shares look rather attractive, but investors should watch Atlas dynamics and the company's ability to sustain profitability.