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SaaS Is Not Dead Yet
MDB is pushing closer to 24% increase after hours. The conference call for Q2 kicks off in about 20 minutes.
More on Subs Growth
Called the $MDB move this morning with the subscribers — Atlas inflection is real.
Last quarter marked the first reacceleration in Atlas in 3 years & now the market is rerating MongoDB from an open-source vulnerability like $CFLT into a lifeboat in the AI tsunami.
The 20%… pic.twitter.com/2ktez8Ub7f
— Shay Boloor (@StockSavvyShay) August 26, 2025
My take on Q2 earnings
| Metric | Pre-Earnings Consensus | New Guide | Direction |
|---|---|---|---|
| FY26 Revenue | $2.29B | $2.34–$2.36B | Raised |
| FY26 EPS | $3.10 | $3.64–$3.73 | Raised |
Sentiment Bullets:
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Bullish: Atlas acceleration + AI adoption make MDB one of the cleanest growth stories in software.
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Neutral: Gross margin dipped slightly to 71% from 73% — worth watching as AI workloads scale.
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Bearish: Valuation risk; with shares +17.5% AH, expectations reset much higher.
What Changed This Quarter
Shares continue to move higher, now up 23%. Here is what changed since the Q1 earnings call.
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Atlas acceleration: Growth picked back up to +29%, easing concerns of consumption volatility.
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AI adoption inflection: New Voyage models + AI ecosystem partnerships (LangChain, Temporal, Galileo) cited as drivers.
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Enterprise shift gaining traction: Large-deal momentum boosted customer mix and $100K+ accounts.
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Guidance raised sharply: Revenue and EPS both raised well beyond consensus.
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Cash flow flip: Positive $70M FCF vs. negative $4M last year.
Key Operating Highlights
| KPI | Q2 FY26 | YoY Change | Why It Matters |
|---|---|---|---|
| Total Revenue | $591.4M | +24% | Well ahead of guide; strong consumption recovery. |
| Atlas Revenue | 74% of total ($~437M) | +29% | Core growth engine; acceleration a major positive. |
| Customers Added | +2,800 (total 59,900) | +18% | Highest ever 1H adds, fueling future ARR. |
| >$100K Customers | 2,564 | +17% | Enterprise traction confirms upmarket strategy. |
| Non-GAAP Op Margin | 15% | +400bps | Profitability ramp faster than expected. |
| Free Cash Flow | $69.9M | +$74M YoY swing | Proof of model scalability. |
Shares now up 20% after-hours
MongoDB’s confidence in sustaining demand translates into meaningful top-line and margin upgrades.
| Period | Revenue | EPS (Non-GAAP) | Operating Income | Commentary |
|---|---|---|---|---|
| Q3 FY26 | $587–$592M | $0.76–$0.79 | $66–70M | Ahead of consensus; signals strong Atlas momentum. |
| FY26 | $2.34–$2.36B | $3.64–$3.73 | $321–331M | Raised across the board vs. prior $2.29B / $3.10 outlook. |
Management Commentary
“MongoDB delivered strong second quarter results across the board, highlighted by Atlas revenue growth accelerating to 29% and adding over 5,000 customers year-to-date, the highest ever in the first half of the year. Many of our recently added customers are building AI applications, underscoring how our value proposition is resonating in the AI era.” — Dev Ittycheria, CEO
The CEO explicitly tied performance to AI adoption, positioning MongoDB as a core infrastructure player.
More on the numbers
MongoDB crushed expectations, led by Atlas accelerating to +29% YoY and customer adds hitting record levels. Both top-line and EPS guidance were raised materially, signaling AI adoption and enterprise traction are driving a step-change in demand.
| Metric | Reported | Consensus | Beat/Miss |
|---|---|---|---|
| Revenue | $591.4M | $553.6M |  Beat |
| EPS (Non-GAAP, Diluted) | $1.00 | $0.66 | Beat |
| Q3 Revenue Guide | $587–$592M | $580M (est.) | Above |
| FY26 Revenue Guide | $2.34–$2.36B | $2.29B | Raised |
| FY26 EPS Guide | $3.64–$3.73 | $3.10 | Raised |
Earnings are in and stock soaring
MongoBD earnings are in and the stock is up 17.52%. Will have more on the results shortly.
MongoDB closing out the day down 1.72%
Earnings numbers will be in shortly. Stay tuned for updates on the numbers. Updates will automatically be added to this page as they are published.
How the stock performed after recent earnings
The average price movement over the past four quarters was a -9% drop. Below is a further breakdown:
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q1 2026 | +51.52% | +12.84% | +2.95% | +3.52% |
| Q4 2025 | +91.04% | −26.94% | −29.82% | −24.79% |
| Q3 2025 | +68.12% | −16.92% | −27.84% | −33.19% |
| Q2 2025 | +45.83% | +18.34% | +18.63% | +15.52% |
MongoDB (NASDAQ: MDB) reports fiscal Q2 2026 results after the close. Shares have been volatile, reflecting both high expectations for Atlas-driven growth and macro caution on consumption. Last quarter, management emphasized Atlas acceleration, AI adoption momentum, and improved profitability discipline.
Estimates Snapshot
- Revenue (Q2 2026): $553.6M
- EPS (Q2 2026): $0.66
- FY2026 Revenue: $2.29B
- FY2026 EPS: $3.10
- FY2027 Revenue: $2.65B
- FY2027 EPS: $3.73
Key Areas to Watch
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Atlas consumption trajectory – Q1 saw Atlas up 26% YoY with customer adds at a record pace. Q2 guide baked in 3 extra consumption days, but April softness reminded investors of volatility. Sequential momentum is the linchpin.
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AI integration and Voyage acquisition – Voyage embeddings (v3.5 release) cut storage costs 80% and improved accuracy. Management pitched MongoDB as a “gateway of meaning” in AI systems, combining real-time data, vector search, and embeddings. Adoption anecdotes (CSX, LG Uplus) validate this positioning.
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Enterprise upmarket push – MongoDB is expanding deeper into Fortune 500 accounts, signing large deals and improving salesforce productivity. The strategy shift from mid-market to enterprise is beginning to show pipeline traction.
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Profitability discipline & buyback – FY26 operating margin guide raised to 12% midpoint; $1B buyback authorized. CFO Berry stressed reallocation of spend to high-ROI areas.
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Competitive context vs. Postgres/relational – CEO Ittycheria dismissed Snowflake/Databricks’ Postgres moves as superficial, reinforcing MongoDB’s native JSON/vector edge. How management frames this battle remains pivotal.
The post Live Earnings: Will MongoDB (MDB) Pop After Q2 Results? appeared first on 24/7 Wall St..
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Author: Joel South
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