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Cash generation has inflected sharply, with free cash flow margin expanding to 18.1% and operating cash flow reaching 3.47x net income, though this conversion is heavily influenced by non-cash stock-based compensation of $148.9M.
MongoDB, Inc. (MDB) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 |
|---|
| Cash from Operations | 674.94M | 505.15M | 150.19M | 121.48M | -12.97M | 6.98M | -42.67M | -29.54M | -41.99M | -44.88M | -38.08M | -46.96M |
| Operating CF Margin % | - | 20.5% | 7.49% | 7.22% | -1.01% | 0.8% | -7.23% | -7% | -15.73% | -29.05% | -37.57% | -71.95% |
| Operating CF Growth % | 741.12% | 236.34% | 23.64% | 1036.6% | -285.82% | 116.36% | -44.46% | 29.65% | 6.44% | -17.87% | 18.92% | - |
| Net Income | 58.9M | -71.15M | -129.07M | -176.6M | -345.4M | -306.87M | -266.94M | -175.52M | -99.01M | -83.97M | -70.06M | -73.49M |
| Depreciation & Amortization | 28.78M | 26.37M | 26.97M | 32.13M | 29.18M | 24.45M | 24.53M | 19.77M | 5.79M | 3.7M | 3.75M | 4.06M |
| Stock-Based Compensation | 564.39M | 550.45M | 493.94M | 456.91M | 381.45M | 251.07M | 149.31M | 75.78M | 37.4M | 21.23M | 21M | 12.79M |
| Deferred Taxes | -2.04M | -3.16M | -16.79M | -1.57M | -562K | -2.58M | -364K | -3.29M | -4.96M | -302K | -4K | -2K |
| Other Non-Cash Items | -14.2M | 3.38M | -24.54M | -40.41M | -3.18M | 13.06M | 49.25M | 27.13M | 5.09M | -253K | -38K | -52K |
| Working Capital Changes | 39.11M | -747K | -200.31M | -148.98M | -74.47M | 27.84M | 1.54M | 26.59M | 13.69M | 14.71M | 7.27M | 9.73M |
| Change in Receivables | -104.52M | -106.41M | -69.24M | -41.64M | -91.45M | -62.28M | -47.63M | -12.69M | -19.45M | -16.09M | -11.8M | -10.12M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 7.58M | 8.92M | 541K | 1.68M | 3.16M | 1.15M | 1.22M | 513K | -913K | -371K | 1.3M | 371K |
| Cash from Investing | 274M | 538.82M | -657.44M | 188.02M | -33.31M | -852.14M | -262.66M | -1.65M | -160.28M | -172.29M | 31.06M | -80.42M |
| Capital Expenditures | -7.6M | -4.96M | -29.55M | -6.07M | -7.24M | -8.07M | -11.77M | -3.56M | -6.85M | -2.13M | -1.68M | -468K |
| CapEx % of Revenue | 0.27% | 0.2% | 1.47% | 0.36% | 0.56% | 0.92% | 1.99% | 0.85% | 2.56% | 1.38% | 1.66% | 0.72% |
| Acquisitions | -9.24M | -2.03M | 0 | -15M | 0 | -4.47M | 0 | -38.63M | -55.52M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -593.75M | -462.44M | 202.06M | 38.24M | 30.2M | 890.89M | 27.58M | 589.24M | 288.24M | 209.89M | 43.11M | 3.09M |
| Debt Issued (Net) | -17.8M | -7.54M | -6.18M | -5.48M | -4.51M | -33.17M | -3.78M | 652.01M | 291.14M | 0 | 0 | 0 |
| Equity Issued (Net) | -362.17M | -356.33M | 38.02M | 43.72M | 34.71M | 924.06M | 35.51M | 30.15M | 32.45M | 209.89M | 43.11M | 3.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -406.14M | -400.33M | 0 | 0 | 0 | 0 | -11K | -43K | -327K | -242K | -48K | -17K |
| Other Financing | -213.77M | -98.57M | 170.22M | 0 | 0 | 0 | -4.15M | -92.92M | -35.36M | 0 | 0 | 0 |
| Net Change in Cash | 355.6M | 593.87M | -310.89M | 347.3M | -18.08M | 44.2M | -276.48M | 558.36M | 85.92M | -6.99M | 36.1M | -124.39M |
| Free Cash Flow | 667.34M | 500.19M | 120.64M | 115.4M | -20.21M | -1.09M | -54.45M | -33.1M | -48.84M | -47.02M | -39.76M | -47.43M |
| FCF Margin % | 23.98% | 20.3% | 6.01% | 6.86% | -1.57% | -0.13% | -9.22% | -7.85% | -18.29% | -30.43% | -39.23% | -72.66% |
| FCF Growth % | 178.17% | 314.61% | 4.54% | 670.91% | -1751.1% | 97.99% | -64.47% | 32.22% | -3.87% | -18.25% | 16.17% | - |
| FCF per Share | 8.14 | 6.16 | 1.62 | 1.62 | -0.29 | -0.02 | -0.92 | -0.59 | -0.94 | -0.95 | -0.99 | -4.09 |
| FCF Conversion (FCF/Net Income) | 11.33x | -7.10x | -1.16x | -0.69x | 0.04x | -0.02x | 0.16x | 0.17x | 0.42x | 0.47x | 0.44x | 0.64x |
| Interest Paid | 486K | 0 | 3.71M | 5.47M | 5.84M | 6.27M | 7M | 2.38M | 1.04M | 8K | 16K | 14K |
| Taxes Paid | 6.56M | 0 | 14.98M | 11.99M | 11.16M | 5.67M | 2.31M | 2.7M | 984K | 1M | 411K | 522K |
Quick answers to the most common questions about buying MDB stock.
MongoDB, Inc. (MDB) generated $505.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
MongoDB, Inc. (MDB) generated $500.2M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MongoDB, Inc. (MDB) spent $5.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, MongoDB, Inc. (MDB) spent $400.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High valuation leaves no room for error
Metrics are mathematically derived from official filings.
SBC Masks Strong Cash Conversion
Operating cash flow of $141.9M in Q2 FY2027 was 3.47x net income, a dramatic improvement from negative ratios in prior quarters, indicating strong underlying cash generation despite a GAAP net income that is heavily suppressed by non-cash stock-based compensation.
The massive gap between operating cash flow and net income is primarily driven by stock-based compensation, which at $148.9M in the quarter exceeds the reported net income itself. This suggests the core business is generating substantial cash, but the economic cost of employee equity is a significant real dilutive force that the GAAP income statement obscures. The improving OCF/NI ratio from negative levels in early FY2026 to over 3x now indicates a fundamental shift in the business's ability to translate accounting losses into tangible cash.
FCF Inflection to Double-Digit Margins
Free cash flow margin expanded to 18.1% in Q2 FY2027, a stark reversal from negative margins in early FY2026, demonstrating that the company's growth reacceleration is now translating into robust, positive free cash flow generation.
The trajectory from a -0.5% FCF margin in Q2 FY2025 to 18.1% in Q2 FY2027 represents a powerful inflection. This improvement is driven by both operating leverage and a significant reduction in working capital outflows, which were a major drag in prior periods. The current FCF margin now exceeds that of peer Elastic (19.4%) and is approaching Snowflake's (23.2%), suggesting MongoDB's consumption model is maturing into a more efficient cash engine.
Working Capital Swing Drives Cash Surge
A $57.0M working capital outflow in Q2 FY2027 was a significant drag on cash flow, contrasting sharply with the $70.1M inflow in Q1, highlighting the lumpy and volatile nature of cash conversion tied to its hybrid license and consumption billing cycles.
The extreme volatility in working capital changes, swinging from a $70.1M source to a $57.0M use of cash quarter-over-quarter, is a key characteristic of MDB's cash flow profile. This pattern likely reflects the timing of large upfront payments for on-premise Enterprise Advanced licenses versus the smoother, usage-based collections from Atlas. Investors should monitor this volatility as it can obscure the underlying operational cash generation trend in any single quarter.
Aggressive Buybacks Signal Confidence
The company executed $100.0M in share repurchases in Q2 FY2027, a significant increase from prior quarters, suggesting management's confidence in the business's cash generation and a strategic shift toward returning capital to shareholders.
The initiation and acceleration of buybacks, totaling over $400M in the last three quarters, represents a new phase in capital allocation. This occurs alongside continued minimal capital expenditures and no dividend payments, indicating a focus on offsetting dilution from the high stock-based compensation. The move suggests management believes the stock is an attractive use of the company's growing free cash flow.
SBC Dilution and Cash Flow Quality
Stock-based compensation of $148.9M in Q2 FY2027 exceeded net income and represented nearly 20% of revenue, creating a substantial non-cash adjustment that inflates operating cash flow and masks the true economic cost of growth.
While operating cash flow appears robust, it is critically important to recognize that SBC is a real cost to shareholders through dilution. The cash flow statement adds back this entire non-cash expense, which can make the business appear more profitable on a cash basis than it is on an economic basis. The recent buybacks are a direct attempt to mitigate this dilution, but the net effect on shareholder value requires monitoring the balance between new share issuance and repurchase activity.