- Revenue Growth: Total revenue reached $695 million, up 27% YoY, with Atlas crossing a $2 billion run rate and generating $114 million in net new revenue.
- Large Deals Closed: Secured a $90 million deal with a top tech company and a >$100 million deal with a financial institution, driving enterprise revenue momentum.
- Customer Expansion: Ended Q4 with 65,200 customers, adding 2,700 in the quarter (60% YoY growth annually), highlighting broad adoption.
- AI Adoption Surge: Vector search users doubled YoY, and Voyage embedding model usage also doubled since its acquisition in Feb 2025.
- Operational Efficiency: Delivered a 23% non-GAAP operating margin, exceeding guidance by 100+ basis points while expanding cash conversion to >100%.
Revenue Growth Drivers
The revenue growth was largely driven by Atlas, which saw a significant increase in net new revenue. The company's AI capabilities are gaining traction, with the number of customers leveraging vector search nearly doubling year-over-year. MongoDB signed several large deals in the quarter, including a $90 million transaction with a large tech company and a greater than $100 million transaction with a financial institution for Enterprise Advanced.
Customer Acquisition and Expansion
MongoDB ended the quarter with over 65,200 customers, adding 2,700 customers in Q4. The company's customer base continues to expand, with a 60% year-over-year increase in full-year customer additions. MongoDB is increasingly recognized as the architectural foundation powering innovation for frontier model companies, leading digital natives expanding into AI and AI native organizations scaling globally.
Valuation Metrics
With the current P/S Ratio at 8.35, it appears that MongoDB's revenue growth is somewhat priced in. However, the company's growth prospects, driven by its AI capabilities and expanding customer base, may justify a premium valuation. The EV/EBITDA ratio of -1067.45 is not a reliable metric in this case, given the company's negative EBITDA. The P/B Ratio of 6.96 suggests that investors are willing to pay a premium for the company's book value, potentially reflecting its growth potential.
Outlook and Guidance
MongoDB provided guidance for Q1 and FY2027, expecting Atlas revenue growth of approximately 26% and 21% to 23%, respectively. The company expects to expand operating margin by 100 basis points in FY2027, driven by investments in AI capabilities and strengthening its U.S. federal business. Analysts estimate next year's revenue growth at 18.8%, which is slightly above the company's guidance.