Executive Summary

MongoDB pre-announced that Q3 FY26 results are expected to exceed the high end of its guidance for revenue, non-GAAP operating income, and non-GAAP EPS, driven by continued strength in Atlas . The official Q3 press release and transcript are scheduled for Dec 1, 2025 and were not yet available at the time of this recap .
Q3 guidance (from the Aug 26 Q2 call) was revenue $587–$592M, non-GAAP operating income $66–$70M, and non-GAAP EPS $0.76–$0.79 . S&P Global consensus entering Q3 stood at revenue ~$593.0M* and EPS ~$0.789* (33/32 ests), essentially bracketing the high end of guidance*.
Strategic update: MongoDB named Chirantan “CJ” Desai as President & CEO, effective Nov 10, 2025; outgoing CEO Dev Ittycheria remains on the Board and as advisor. Management reiterated that Q3 results are tracking above the high end of prior guidance .
Prior quarters showed strong execution: Q1 revenue $549M (+22% y/y), Atlas 72%; Q2 revenue $591M (+24% y/y), Atlas 74%, with non-GAAP operating income $87M both quarters and 74% gross margins . Full-year FY26 guidance was raised at Q2 to revenue $2.34–$2.36B and non-GAAP EPS $3.64–$3.73 .

What Went Well and What Went Wrong

What Went Well

Atlas strength and consumption: Management cited broad-based Atlas consumption with acceleration in Q2 to +29% y/y and larger U.S. customers as a notable driver; preliminary Q3 commentary indicates Atlas continued to drive upside above guidance .
Margin execution: Non-GAAP operating income of $87M in both Q1 and Q2 (16% and 15% margins, respectively) exceeded expectations, with discipline on spending and efficiency initiatives .
Strategic positioning in AI: Management emphasized native JSON, integrated search/vector search, and Voyage embeddings as a differentiated, unified platform approach for AI applications; while not yet material to growth, early adoption and architecture positioning are favorable .

Quotes:

“Based on preliminary, unaudited results, the Company expects to exceed the high end of the provided third quarter fiscal year 2026 guidance… driven by continued strength in Atlas.”
“We generated revenue of $591,000,000 up 24% year over year and above the high end of our guidance. Atlas revenue grew 29% year over year, representing 74% of total revenue.”
“MongoDB has redefined what's core for the database by natively including capabilities like search, vector search, embeddings, and stream processing.”

What Went Wrong

Non-Atlas headwind and multiyear dynamics: Management highlighted a mid to high single-digit y/y decline for non-Atlas in FY26 and a ~$40–$50M headwind from multiyear license revenue, with Q3 specifically expected to see low-20% y/y decline in non-Atlas given tough compares .
Gross margin pressure: Gross margin at 74% in both Q1 and Q2, down 1ppt y/y as Atlas mix grows; while expected, it moderates GAAP gross margins as cloud mix expands .
Early-stage AI contribution: AI-native workloads remain a small contributor to growth near term; enterprises are still early in deploying higher-stakes AI use cases, tempering immediate revenue impact .

Financial Results

Note: Official Q3 FY26 results and transcript were not yet available (results set for Dec 1, 2025). The table compares prior quarters and Q3 guidance vs. S&P Global consensus.

Metric	Q1 FY26	Q2 FY26	Q3 FY26 Guidance	Q3 FY26 Consensus*
Revenue ($M)	$549	$591	$587–$592	$593.0*
Non-GAAP Operating Income ($M)	$87	$87	$66–$70	N/A
Non-GAAP EPS ($)	~$1.00	~$1.00	$0.76–$0.79	~$0.789*

Values with * are from S&P Global consensus estimates. Values retrieved from S&P Global.

Segment / Mix and KPIs

KPI / Mix	Q1 FY26	Q2 FY26
Atlas % of Revenue	72%	74%
Atlas YoY Growth	+26%	+29%
Gross Margin	74%	74%
Non-GAAP Op Margin	16%	15%
Customers (Total)	>57,100	59,900
Net ARR Expansion Rate	~119%	~119%

Context:

Q3 preliminary update expects results above the high end of guidance across revenue, non-GAAP op income, and non-GAAP EPS due to Atlas .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($M)	Q3 FY26	N/A (initial Q3 guide)	$587–$592	Initial Q3 guide
Non-GAAP Op Inc ($M)	Q3 FY26	N/A (initial Q3 guide)	$66–$70	Initial Q3 guide
Non-GAAP EPS ($)	Q3 FY26	N/A (initial Q3 guide)	$0.76–$0.79	Initial Q3 guide
Revenue ($B)	FY26	$2.25–$2.29 (Q1 guide)	$2.34–$2.36 (Q2 update)	Raised
Non-GAAP Op Inc ($M)	FY26	$267–$287 (Q1 guide)	$321–$331 (Q2 update)	Raised
Non-GAAP EPS ($)	FY26	$2.94–$3.12 (Q1 guide)	$3.64–$3.73 (Q2 update)	Raised

Management also stated on Nov 3 that Q3 FY26 results are expected to exceed the high end of the provided ranges .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 FY26)	Previous Mentions (Q2 FY26)	Current Period (Q3 FY26)	Trend
AI/Technology Initiatives	Voyage embeddings integrated; MongoDB + search + vector search + embeddings; 8.0 performance; AI still modest near term	AI cohort growing but not yet material; architecture advantages (JSON, vector, embeddings); enterprise AI early	Prelim notes Atlas strength; continued AI positioning; leadership emphasizing AI experience with new CEO	Building foundation; narrative consistent; early contributions
Atlas Consumption	In line; Atlas 26% y/y; 72% mix	Atlas 29% y/y; 74% mix; larger U.S. customer strength	Atlas cited as driver of beating Q3 guidance	Strengthening
Non-Atlas / Multiyear	Expect high single-digit decline; ~$50M FY26 multiyear headwind	Non-Atlas ARR +7% y/y; FY26 non-Atlas down mid-single-digit; multiyear headwind now ~$40M	Q3 non-Atlas expected to decline low-20% y/y on tough compares	Near-term headwind persists
Go-to-Market (Move upmarket; self-serve)	Strong self-serve adds; move-upmarket focus; high-end productivity	Larger workloads growing for longer; U.S. large accounts; self-serve experiments attracting SQL developers	Leadership change; strategy continuity implied	Upmarket + self-serve dual motion working
Margins & Efficiency	Raised FY26 op margin guide to 12%; cash, buybacks	Raised FY26 op margin guide to 14% high end; $200M buyback executed in Q2; ongoing discipline	Expect Q3 margin lower on mix/seasonality; prelim still above guidance ranges	Disciplined; variable quarterly profile
Product Performance	8.0 most performant; fast uptake	Continued platform expansion; AI and AppMod focus	N/A (awaiting Q3 materials)	Positive momentum

Management Commentary

Key messages:

“We generated revenue of $591,000,000 up 24% year over year… Atlas revenue grew 29%… 74% of total revenue.”
“MongoDB has redefined what's core for the database by natively including capabilities like search, vector search, embeddings…”
“Voyage’s leading embedding and re-ranking models allow customers to feed precise and relevant context into LLMs… improving the accuracy… of AI applications.”

Leadership transition:

“Chirantan ‘CJ’ Desai [appointed] President and Chief Executive Officer… Q3 FY26 results expected above the high-end of guidance ranges driven by strength in Atlas.”
“My directive is clear: by staying relentlessly close to customers, delivering category-defining products, and executing at scale, we can seize the enormous opportunities ahead.” — CJ Desai

Q&A Highlights

AI contribution to growth remains modest near term; enterprise AI adoption is early, focused on low-stakes/productivity use cases; greater impact expected as custom AI apps scale .
Atlas consumption drivers: stronger growth in larger U.S. customers; workloads growing for longer; benefits from go-to-market changes .
Multiyear dynamics: No pull-forwards; Q2 non-Atlas outperformance partly due to more multiyear deals; FY26 multiyear headwind now ~$40M .
Competitive landscape: Management stressed architectural advantages vs. relational/JSON “bolt-ons,” positioning MongoDB for complex, AI-era workloads .
Margin philosophy: Growth and margin expansion are not mutually exclusive; revenue growth is the primary driver of leverage; ongoing ROI-based spend reallocation .

Estimates Context

Q3 FY26 company guidance: revenue $587–$592M; non-GAAP EPS $0.76–$0.79 .
S&P Global consensus: revenue ~$593.0M*; EPS ~$0.789* (33 EPS ests, 32 revenue ests). Values retrieved from S&P Global.
Preliminary update indicates Q3 results will exceed the high end of guidance on revenue, non-GAAP operating income, and non-GAAP EPS, implying a likely beat vs. both internal guidance and consensus ranges if trends hold .

Key Takeaways for Investors

Atlas is re-accelerating and is the key upside lever; preliminary Q3 points to performance above the high end of guidance on the back of Atlas consumption .
Non-Atlas headwinds remain the principal near-term drag (tough multiyear comps), which will weigh on quarterly margin mix even as full-year profitability is trending better .
Structural AI positioning (JSON + native search/vector/embeddings) is resonating; while not yet material to growth, it supports the medium-term thesis as enterprises move to higher-stakes AI deployments .
Execution discipline is evident: raised FY26 revenue and margin guidance after Q2; cash deployment via buybacks has begun; expect quarterly margin variability tied to revenue mix and expense timing .
Leadership transition to CJ Desai adds a product/engineering-led CEO with cloud and AI pedigree; strategy continuity plus preliminary Q3 upside are likely to frame near-term stock reaction catalysts .
Watch Dec 1 results for: (1) magnitude of the beat vs. guidance and consensus, (2) updated commentary on Atlas consumption into Q4, (3) FY26 guidance recalibration, and (4) early signals from new CEO on product/AI priorities .

Notes on Sources and Availability:

Official Q3 FY26 results press release and earnings call transcript were not yet available (results scheduled for Dec 1, 2025). This recap synthesizes (1) the Nov 3, 2025 8‑K and attached press release with preliminary Q3 commentary, (2) Q1 and Q2 FY26 earnings call transcripts for trend analysis, and (3) the Nov 4 earnings call scheduling press release .
S&P Global consensus estimates marked with an asterisk (*) were used for Q3 comparisons. Values retrieved from S&P Global.

MongoDB, Inc. (MDB)·Q3 2026 Earnings Summary