Revenue growth has reaccelerated to a cycle-high of 30.5% year-over-year, driving an operating income swing from a loss of $65.3M to a profit of $28.4M, though gross margins remain structurally capped in the low-70% range due to cloud hosting costs.
MongoDB, Inc. (MDB) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 |
|---|
| Sales/Revenue | 2.78B | 2.46B | 2.01B | 1.68B | 1.28B | 873.78M | 590.38M | 421.72M | 267.02M | 154.52M | 101.36M | 65.27M |
| Revenue Growth % | 25.45% | 22.79% | 19.22% | 31.07% | 46.95% | 48% | 39.99% | 57.94% | 72.8% | 52.45% | 55.29% | - |
| Cost of Goods Sold | 760.04M | 696.06M | 535.3M | 424.49M | 349.3M | 259.49M | 177.08M | 125.36M | 73.57M | 42.86M | 29.87M | 20.86M |
| COGS % of Revenue | - | 28.25% | 26.68% | 25.22% | 27.2% | 29.7% | 29.99% | 29.72% | 27.55% | 27.74% | 29.47% | 31.96% |
| Gross Profit | 2.02B | 1.77B | 1.47B | 1.26B | 934.74M | 614.29M | 413.3M | 296.36M | 193.45M | 111.66M | 71.49M | 44.41M |
| Gross Margin % | 72.69% | 71.75% | 73.32% | 74.78% | 72.8% | 70.3% | 70.01% | 70.28% | 72.45% | 72.26% | 70.53% | 68.04% |
| Gross Profit Growth % | - | 20.16% | 16.89% | 34.64% | 52.17% | 48.63% | 39.46% | 53.2% | 73.25% | 56.19% | 60.98% | - |
| Operating Expenses | 2.04B | 1.9B | 1.69B | 1.49B | 1.28B | 903.65M | 622.61M | 444.23M | 291.21M | 208.93M | 157.44M | 117.15M |
| OpEx % of Revenue | - | 77.31% | 84.09% | 88.67% | 99.79% | 103.42% | 105.46% | 105.34% | 109.06% | 135.21% | 155.33% | 179.48% |
| Selling, General & Admin | 1.26B | 1.19B | 1.09B | 976.32M | 859.7M | 594.83M | 417.45M | 295.2M | 201.36M | 146.72M | 105.67M | 73.68M |
| SG&A % of Revenue | - | 48.23% | 54.34% | 58.01% | 66.95% | 68.08% | 70.71% | 70% | 75.41% | 94.96% | 104.25% | 112.89% |
| Research & Development | 780.02M | 716.3M | 596.84M | 515.94M | 421.69M | 308.82M | 205.16M | 149.03M | 89.85M | 62.2M | 51.77M | 43.47M |
| R&D % of Revenue | - | 29.07% | 29.75% | 30.66% | 32.84% | 35.34% | 34.75% | 35.34% | 33.65% | 40.26% | 51.08% | 66.59% |
| Other Operating Expenses | 254K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -308K | -428K |
| Operating Income | -14.52M | -136.97M | -216.06M | -233.73M | -346.65M | -289.36M | -209.3M | -147.87M | -97.77M | -97.27M | -85.95M | -72.74M |
| Operating Margin % | -0.52% | -5.56% | -10.77% | -13.89% | -27% | -33.12% | -35.45% | -35.06% | -36.61% | -62.95% | -84.8% | -111.44% |
| Operating Income Growth % | - | 36.61% | 7.56% | 32.57% | -19.8% | -38.25% | -41.55% | -51.25% | -0.51% | -13.17% | -18.16% | - |
| EBITDA | 20.43M | -110.6M | -189.09M | -201.61M | -317.47M | -264.91M | -188.75M | -128.09M | -92.56M | -93.47M | -82.2M | -68.68M |
| EBITDA Margin % | 0.73% | -4.49% | -9.42% | -11.98% | -24.72% | -30.32% | -31.97% | -30.37% | -34.67% | -60.49% | -81.09% | -105.22% |
| EBITDA Growth % | 115.25% | 41.51% | 6.21% | 36.5% | -19.84% | -40.35% | -47.35% | -38.38% | 0.97% | -13.71% | -19.69% | - |
| D&A (Non-Cash Add-back) | 34.95M | 26.37M | 26.97M | 32.13M | 29.18M | 24.45M | 20.56M | 19.77M | 5.2M | 3.8M | 3.75M | 4.06M |
| EBIT | 42.82M | -55.69M | -123.51M | -154.13M | -323.46M | -291.57M | -206.59M | -155.19M | -93.58M | -82.68M | -69.33M | -73.02M |
| Net Interest Income | 77.98M | 85.47M | 87.59M | 70.85M | 15.15M | -10.39M | -51.54M | -12.43M | -3.13M | 1.3M | 293K | 122K |
| Interest Income | 80.56M | 88.59M | 95.69M | 80.24M | 24.95M | 926K | 4.57M | 8.56M | 7.16M | 1.31M | 302K | 146K |
| Interest Expense | 2.58M | 3.13M | 8.09M | 9.39M | 9.8M | 11.32M | 56.11M | 20.98M | 10.29M | 8K | 9K | 24K |
| Other Income/Expense | 90.02M | 81.28M | 84.47M | 70.22M | 13.4M | -13.53M | -53.39M | -28.31M | -4.56M | 2.19M | -15K | -306K |
| Pretax Income | 75.49M | -55.69M | -131.6M | -163.52M | -333.25M | -302.89M | -262.69M | -176.18M | -102.33M | -95.07M | -85.96M | -73.04M |
| Pretax Margin % | 2.71% | -2.26% | -6.56% | -9.72% | -25.95% | -34.66% | -44.5% | -41.78% | -38.32% | -61.53% | -84.81% | -111.91% |
| Income Tax | 16.59M | 15.46M | -2.53M | 13.08M | 12.14M | 3.98M | 4.25M | -656K | -3.32M | 1.29M | 719K | 442K |
| Effective Tax Rate % | 21.98% | -27.76% | 1.92% | -8% | -3.64% | -1.31% | -1.62% | 0.37% | 3.24% | -1.35% | -0.84% | -0.61% |
| Net Income | 58.9M | -71.15M | -129.07M | -176.6M | -345.4M | -306.87M | -266.94M | -175.52M | -99.01M | -96.36M | -86.68M | -73.49M |
| Net Margin % | 2.12% | -2.89% | -6.43% | -10.49% | -26.9% | -35.12% | -45.22% | -41.62% | -37.08% | -62.36% | -85.52% | -112.59% |
| Net Income Growth % | 174.91% | 44.88% | 26.91% | 48.87% | -12.56% | -14.96% | -52.09% | -77.28% | -2.75% | -11.17% | -17.96% | - |
| Net Income (Continuing) | 58.9M | -71.15M | -129.07M | -176.6M | -345.4M | -306.87M | -266.94M | -175.52M | -99.01M | -83.97M | -86.68M | -73.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.72 | -0.88 | -1.73 | -2.48 | -5.03 | -4.75 | -4.53 | -3.14 | -1.90 | -1.94 | -2.15 | -6.34 |
| EPS Growth % | 171.97% | 49.13% | 30.24% | 50.7% | -5.89% | -4.86% | -44.27% | -65.26% | 2.06% | 9.77% | 66.09% | - |
| EPS (Basic) | - | -0.88 | -1.73 | -2.48 | -5.03 | -4.75 | -4.53 | -3.14 | -1.90 | -1.94 | -2.15 | -6.34 |
| Diluted Shares Outstanding | 82M | 81.25M | 74.56M | 71.25M | 68.63M | 64.56M | 58.98M | 55.94M | 52.03M | 49.63M | 40.3M | 11.6M |
| Basic Shares Outstanding | 80.5M | 81.25M | 74.56M | 71.25M | 68.63M | 64.56M | 58.98M | 55.94M | 52.03M | 49.63M | 40.3M | 11.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MDB stock.
For fiscal year 2026, MongoDB, Inc. (MDB) reported total revenue of $2.46B. This represents a 3674.7% increase compared to $65.3M in 2016.
MongoDB, Inc. (MDB) reported a net loss of $71.2M for the fiscal year ending 2026.
MongoDB, Inc. (MDB) reported an operating income of $-137.0M, resulting in an operating profit margin of -5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MongoDB, Inc. (MDB) generated $1.77B in gross profit for the year, representing a gross profit margin of 71.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High valuation leaves no room for error
Metrics are mathematically derived from official filings.
Growth Reacceleration Driven by Atlas
MongoDB's revenue growth has reaccelerated to 30.5% year-over-year in Q2 FY2027, the highest rate in the provided history, suggesting strong execution in its consumption-based Atlas model and a potential shift in enterprise spending priorities.
The acceleration from a trough of 12.8% growth in Q2 FY2025 to over 30% in the latest quarter indicates a significant inflection in demand. This trend appears to be driven by the scaling of Atlas, which aligns with the broader market shift toward cloud-native, consumption-based infrastructure. The durability of this acceleration will depend on continued enterprise adoption and the company's ability to capture new workloads beyond initial application development.
Gross Margin Stability Amidst Cloud Costs
Gross margins have stabilized in the low-to-mid 70% range, a structural reality reflecting the significant 'cloud tax' paid to hyperscalers for hosting Atlas, which limits upside compared to pure-play SaaS peers.
The consistent gross margin band, despite rapid revenue growth, suggests that the variable cost structure tied to cloud infrastructure is a permanent feature of the business model. While this is lower than peers like Datadog (80%), it reflects MongoDB's role as a managed service provider. The key analytical question is whether pricing power or a shift in the revenue mix toward higher-margin Enterprise Advanced licenses can drive any meaningful expansion from this baseline.
Emerging Operating Leverage from Scale
Operating income swung from a loss of $65.3M in Q2 FY2026 to a profit of $28.4M in Q2 FY2027, indicating that revenue growth is beginning to outpace the scaling of operating expenses, particularly in Sales & Marketing.
The improvement in operating margin from -11.0% to +3.7% year-over-year demonstrates meaningful operating leverage. This appears to be driven by the high incremental margin on Atlas revenue and a more efficient go-to-market engine as the brand matures. However, the continued high level of stock-based compensation, which was $148.9M in the latest quarter, remains a significant non-cash drag on GAAP profitability and shareholder dilution.
SBC Dominates the Profitability Bridge
Stock-based compensation of $148.9M in Q2 FY2027 represents nearly 20% of revenue, creating a substantial gap between the reported GAAP net income of $40.9M and any adjusted profitability metric, which warrants scrutiny of true economic earnings.
The magnitude of SBC is a critical factor in assessing earnings quality. While the company is now GAAP profitable on a net income basis, this is heavily influenced by non-cash items and a favorable tax benefit in the quarter. Investors should focus on the trend in SBC as a percentage of revenue; it has remained elevated, suggesting that the path to sustainable, cash-based profitability requires not just revenue growth but also disciplined control over equity-based dilution.
The Pivot to Consistent Profitability
The period from Q1 FY2027 to Q2 FY2027 marks a clear operational inflection, with the company achieving consecutive quarters of positive operating income after years of significant losses, suggesting a fundamental shift in the growth-versus-profitability balance.
This inflection appears to be the result of the Atlas model reaching a scale where incremental revenue carries high margins, combined with operating expense discipline. The lasting impact is a new narrative for the company: it can now demonstrate a credible path to sustained GAAP profitability while maintaining high growth. This changes the investment thesis from one of pure growth to one of profitable growth, which could support a more sustainable valuation multiple.
Sustainability of Growth and Margin Expansion
The strongest challenge to the narrative is whether the recent reacceleration to 30% growth and rapid margin expansion are sustainable, or if they represent a cyclical peak driven by post-optimization spending that could normalize.
Short-sellers would focus on the risk that the Atlas consumption model is inherently volatile; customers can scale down usage quickly in a downturn, making the growth rate less predictable than subscription-based models. Furthermore, the rapid improvement in operating margin may be difficult to maintain as the company continues to invest heavily in R&D and sales to fend off competition from Oracle and cloud-native alternatives. The high valuation multiple prices in continued excellence, leaving little room for any deceleration in growth or stalling in margin progress.