MDBBy Calypso Research7 min read

MongoDB (MDB) Q4 2025 Earnings Analysis

Inside MongoDB's Q4: $695M in Revenue and a Debate About What's Next

Key Takeaways

MongoDB (MDB) reported Q4 2025 earnings with revenue of $695M, representing a +26.7% year-over-year change. The stock moved N/A on earnings day.

The bull case: MongoDB sustains >20% Atlas growth and increasingly monetizes AI and agentic workloads while leveraging EA/on‑prem strength and a revitalized partner ecosystem to drive durable, high‑margin expansion.

The bear case: Atlas growth decelerates faster than expected as AI revenues ramp slowly, EA multiyear deals prove lumpy, and go‑to‑market leadership transitions and partner build‑out introduce execution risk that caps upside to growth and multiples.

Financial Highlights

  • Revenue: $695M (+26.7% YoY)
  • Gross Profit: $508M (73.0% margin, +0.2% YoY)
  • Operating Income: $50,000 (0.0% margin, +3.4% YoY)
  • Net Income: $16M
  • TTM Revenue: $2.5B

Stock Performance

  • Earnings Day Move: N/A
  • Year-to-Date: -36.8%
  • 1-Year Return: -2.4%
  • vs. S&P 500 (since earnings): -37.2%
  • vs. Nasdaq (since earnings): -34.2%

View live MDB data, AI chat, and interactive debates on Calypso →

What Management Said

Here are the key debates and direct quotes from MongoDB's Q4 2025 earnings call:

Atlas Growth Durability, Bundling with EA, and Visibility into the Guide

Sentiment: Positive

"Atlas revenue momentum remained strong with year-over-year growth of 29% in the fourth quarter... Adding back this impact, Atlas growth would have been approximately 30%." — Michael Berry
"As Atlas has gotten bigger, we are seeing less variability in the business... entering Q4, we certainly have our forecast... This was a little unique in that we had one large transaction that once it closed... we had to attribute more of that revenue to EA versus Atlas, and that took a little bit off the growth rate." — Michael Berry

EA (Enterprise Advanced) Momentum, On‑Prem Strategy, and Growth Outlook

Sentiment: Positive

"Non-Atlas ARR grew 13% year-over-year, reflecting the momentum we are seeing in the business... we are actually investing in EA to bring it to parity to Atlas. So certainly, our expectation and hope is that we continue to grow that and can even accelerate it in the future." — Michael Berry
"Because of a variety of issues related to also AI that for mission-critical application, there is this trend I'm seeing where they do want to keep their critical data estates on-prem... all we wanted to outline in today's call is to say this is strategically very important as in the product line for our customers, and we need to invest in it because it is strategically very important." — Chirantan Desai

AI & Agentic Workloads: Timing, Revenue Contribution, and MongoDB’s Architectural Advantage

Sentiment: Positive

"While AI is not yet a material driver to our results, we are encouraged by the growth we are seeing with customers leveraging our AI capabilities... it will be someday, not seeing that yet and don't want to predict it because it was supposed to be the 2025 was supposed to be that year." — Chirantan Desai
"AI and agentic applications require memory, state and high-quality retrieval, capabilities native to our modern OLTP platform... In this platform shift, OLTP is the high ground and MongoDB is purpose-built to win... what I find is that truly enterprise-class database that can scale... is the strength because it's an integrated platform that scales both for read and writes." — Chirantan Desai

Go‑to‑Market Leadership Turnover, CRO Search, and Execution Risk

Sentiment: Mixed

"We have been thoughtfully planning this transition for some time, and we believe now is the right moment for this change... we are in the latter stages of a search for a new CRO... I want somebody who is very focused on high end of the enterprise, understands how things work at MongoDB from a Main Street perspective, but also working with the management team as we expand into both the AI natives as well as enterprises." — Chirantan Desai
"When we do guidance, we obviously take into account a lot of things... while it adds a level of uncertainty, I want to underline what CJ said... We've been working on this for a while. We feel very good about the team that's in place, and we don't expect any material disruptions." — Michael Berry

Partner Ecosystem Strategy and Scaling via Hyperscalers, SIs, and AI Partners

Sentiment: Mixed

"I would put this in 3 buckets... First bucket... our hyperscaler relationship and how we work with them... Number two, system integrators... we could definitely benefit by focusing on 2 or 3 of them to start with... make no mistake, the third bucket is also equally important is this AI native ecosystem that are framework providers... Those are the 3 buckets." — Chirantan Desai
"System integrators, which is where we scale at my previous company, that is definitely -- when you think about the modernization and the real estate on modernization to move to MongoDB, we could definitely benefit by focusing on 2 or 3 of them to start with... I think it is extremely essential to do that on -- and this is the inflection point." — Chirantan Desai

Bull Case

MongoDB sustains >20% Atlas growth and increasingly monetizes AI and agentic workloads while leveraging EA/on‑prem strength and a revitalized partner ecosystem to drive durable, high‑margin expansion.

Bear Case

Atlas growth decelerates faster than expected as AI revenues ramp slowly, EA multiyear deals prove lumpy, and go‑to‑market leadership transitions and partner build‑out introduce execution risk that caps upside to growth and multiples.

Looking Ahead

With revenue growing +26.7% year-over-year, the key question is whether MongoDB can sustain this growth trajectory, particularly around atlas Growth Durability, Bundling with EA, and Visibility into the Guide. With operating margins at 0.0%, margin trends will remain a focal point. Market participants will be looking for clearer signals in the upcoming quarter, and the next earnings report will be a key catalyst for the stock.

Frequently Asked Questions

What was MongoDB's revenue in Q4 2025?

MongoDB reported Q4 2025 revenue of $695M, representing a +26.7% year-over-year change.

What is the bull case for MDB stock?

The bull case for MDB centers on: MongoDB sustains >20% Atlas growth and increasingly monetizes AI and agentic workloads while leveraging EA/on‑prem strength and a revitalized partner ecosystem to drive durable, high‑margin expansion.

What is the bear case for MDB stock?

The bear case for MDB centers on: Atlas growth decelerates faster than expected as AI revenues ramp slowly, EA multiyear deals prove lumpy, and go‑to‑market leadership transitions and partner build‑out introduce execution risk that caps upside to growth and multiples.

Browse all 400+ earnings reports →

Learn More

Analyze MDB in Real Time

This is a static snapshot. For live financial data, AI-powered chat, and interactive earnings debates for MongoDB and 400+ other stocks, explore the full platform.

Open MDB on Calypso →

Calypso is an AI-powered equity research platform used by investment teams to cut earnings research time by over 80%.