MongoDB (MDB)
Market Price (9/2/2026): $373.5 | Market Cap: $30.0 BilSector: Information Technology | Industry: Systems Software
MongoDB (MDB)
Market Price (9/2/2026): $373.5Market Cap: $30.0 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% Megatrend and thematic driversMegatrends include Cloud Computing. Themes include Software as a Service (SaaS), Platform as a Service (PaaS), and Hybrid Cloud Solutions. | Weak multi-year price returns3Y Excs Rtn is -54% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -108 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 66% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% Key risksMDB key risks include [1] decelerating revenue growth for its flagship Atlas service and a challenging path to GAAP profitability, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% |
| Megatrend and thematic driversMegatrends include Cloud Computing. Themes include Software as a Service (SaaS), Platform as a Service (PaaS), and Hybrid Cloud Solutions. |
| Weak multi-year price returns3Y Excs Rtn is -54% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -108 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 66% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| Key risksMDB key risks include [1] decelerating revenue growth for its flagship Atlas service and a challenging path to GAAP profitability, Show more. |
Qualitative Assessment
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Updated on 9/1/2026
MongoDB (MDB) stock has gained about 30% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2027 Financial Performance and Upgraded Full-Year Guidance.
MongoDB reported robust results for its second quarter of fiscal year 2027, which ended July 31, 2026. The company announced total revenue of $771.8 million, marking a 30% year-over-year increase and surpassing analyst consensus estimates ranging from $733.68 million to $734.4 million by approximately 5.20%. Additionally, MongoDB achieved GAAP net income of $40.9 million, a significant turnaround from a net loss of $47.0 million in the comparable prior-year period, and delivered non-GAAP earnings per share (EPS) of $1.90, exceeding estimates of $1.61. This strong performance was complemented by a near-doubling of free cash flow to $137.6 million. Following these results, MongoDB raised its full-year fiscal 2027 revenue guidance to a range of $2.99 billion to $3.03 billion and non-GAAP EPS guidance to $6.39 to $6.58, indicating continued positive momentum.
2. Sustained Growth in Core Atlas and Enterprise Advanced Offerings.
The company demonstrated continued strength across its primary product lines, with MongoDB Atlas, its cloud database-as-a-service, experiencing approximately 29% year-over-year revenue growth and contributing 73% of total revenue in fiscal Q2 2027. Concurrently, MongoDB's Enterprise Advanced and other revenue streams saw an approximate 36% year-over-year increase. This broad-based demand was supported by an expanding customer base of over 70,600, including 2,999 customers generating at least $100,000 in annualized recurring revenue, and a net ARR expansion rate of 122%.
Show more
MongoDB (MDB) stock has gained about 30% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2027 Financial Performance and Upgraded Full-Year Guidance.
MongoDB reported robust results for its second quarter of fiscal year 2027, which ended July 31, 2026. The company announced total revenue of $771.8 million, marking a 30% year-over-year increase and surpassing analyst consensus estimates ranging from $733.68 million to $734.4 million by approximately 5.20%. Additionally, MongoDB achieved GAAP net income of $40.9 million, a significant turnaround from a net loss of $47.0 million in the comparable prior-year period, and delivered non-GAAP earnings per share (EPS) of $1.90, exceeding estimates of $1.61. This strong performance was complemented by a near-doubling of free cash flow to $137.6 million. Following these results, MongoDB raised its full-year fiscal 2027 revenue guidance to a range of $2.99 billion to $3.03 billion and non-GAAP EPS guidance to $6.39 to $6.58, indicating continued positive momentum.
2. Sustained Growth in Core Atlas and Enterprise Advanced Offerings.
The company demonstrated continued strength across its primary product lines, with MongoDB Atlas, its cloud database-as-a-service, experiencing approximately 29% year-over-year revenue growth and contributing 73% of total revenue in fiscal Q2 2027. Concurrently, MongoDB's Enterprise Advanced and other revenue streams saw an approximate 36% year-over-year increase. This broad-based demand was supported by an expanding customer base of over 70,600, including 2,999 customers generating at least $100,000 in annualized recurring revenue, and a net ARR expansion rate of 122%.
Show more
Updated on 9/1/2026
MongoDB (MDB) stock has gained about 30% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2027 Financial Performance and Upgraded Full-Year Guidance.
MongoDB reported robust results for its second quarter of fiscal year 2027, which ended July 31, 2026. The company announced total revenue of $771.8 million, marking a 30% year-over-year increase and surpassing analyst consensus estimates ranging from $733.68 million to $734.4 million by approximately 5.20%. Additionally, MongoDB achieved GAAP net income of $40.9 million, a significant turnaround from a net loss of $47.0 million in the comparable prior-year period, and delivered non-GAAP earnings per share (EPS) of $1.90, exceeding estimates of $1.61. This strong performance was complemented by a near-doubling of free cash flow to $137.6 million. Following these results, MongoDB raised its full-year fiscal 2027 revenue guidance to a range of $2.99 billion to $3.03 billion and non-GAAP EPS guidance to $6.39 to $6.58, indicating continued positive momentum.
2. Sustained Growth in Core Atlas and Enterprise Advanced Offerings.
The company demonstrated continued strength across its primary product lines, with MongoDB Atlas, its cloud database-as-a-service, experiencing approximately 29% year-over-year revenue growth and contributing 73% of total revenue in fiscal Q2 2027. Concurrently, MongoDB's Enterprise Advanced and other revenue streams saw an approximate 36% year-over-year increase. This broad-based demand was supported by an expanding customer base of over 70,600, including 2,999 customers generating at least $100,000 in annualized recurring revenue, and a net ARR expansion rate of 122%.
3. Strategic Product Innovation and Positioning for Artificial Intelligence (AI) Workloads.
MongoDB strategically enhanced its platform with new AI-focused capabilities and integrations, capitalizing on the growing demand for AI applications. Key developments included the launch of MongoDB Atlas Managed MCP Server on August 13, 2026, enabling native integration with popular AI clients like Claude, ChatGPT, and Grok Build. Additionally, the company introduced Automated Embeddings on Atlas powered by Voyage AI, the Atlas Embedding and Reranking API, voyage-code-4, and advanced vector search in Atlas Stream Processing, all aimed at providing real-time context and precision retrieval for AI applications. Earlier, on June 30, 2026, MongoDB released new capabilities like voyage-context-4, Hybrid Search, and Native Reranking to significantly improve AI retrieval accuracy, with Native Reranking alone boosting quality by up to 30%. These innovations have led to "early momentum with AI use cases" and positioned MongoDB as a key player in the AI database market.
4. Positive Analyst Sentiment and Upgraded Price Targets.
The period saw a wave of positive revisions from financial analysts, reflecting increased confidence in MongoDB's outlook. Ahead of the Q2 fiscal 2027 earnings report, several firms raised their price targets for MDB stock in August 2026. Notable upgrades included Barclays raising its target from $387 to $460, Wells Fargo increasing its target from $375 to $475, DA Davidson lifting its target from $375 to $465, and UBS raising its target from $350 to $460. This positive analyst coverage, contributing to a consensus "Buy" or "Moderate Buy" rating, signaled strong market belief in MongoDB's continued growth trajectory and strategic execution.
Show less
MongoDB (MDB) stock has gained about 30% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2027 Financial Performance and Upgraded Full-Year Guidance.
MongoDB reported robust results for its second quarter of fiscal year 2027, which ended July 31, 2026. The company announced total revenue of $771.8 million, marking a 30% year-over-year increase and surpassing analyst consensus estimates ranging from $733.68 million to $734.4 million by approximately 5.20%. Additionally, MongoDB achieved GAAP net income of $40.9 million, a significant turnaround from a net loss of $47.0 million in the comparable prior-year period, and delivered non-GAAP earnings per share (EPS) of $1.90, exceeding estimates of $1.61. This strong performance was complemented by a near-doubling of free cash flow to $137.6 million. Following these results, MongoDB raised its full-year fiscal 2027 revenue guidance to a range of $2.99 billion to $3.03 billion and non-GAAP EPS guidance to $6.39 to $6.58, indicating continued positive momentum.
2. Sustained Growth in Core Atlas and Enterprise Advanced Offerings.
The company demonstrated continued strength across its primary product lines, with MongoDB Atlas, its cloud database-as-a-service, experiencing approximately 29% year-over-year revenue growth and contributing 73% of total revenue in fiscal Q2 2027. Concurrently, MongoDB's Enterprise Advanced and other revenue streams saw an approximate 36% year-over-year increase. This broad-based demand was supported by an expanding customer base of over 70,600, including 2,999 customers generating at least $100,000 in annualized recurring revenue, and a net ARR expansion rate of 122%.
3. Strategic Product Innovation and Positioning for Artificial Intelligence (AI) Workloads.
MongoDB strategically enhanced its platform with new AI-focused capabilities and integrations, capitalizing on the growing demand for AI applications. Key developments included the launch of MongoDB Atlas Managed MCP Server on August 13, 2026, enabling native integration with popular AI clients like Claude, ChatGPT, and Grok Build. Additionally, the company introduced Automated Embeddings on Atlas powered by Voyage AI, the Atlas Embedding and Reranking API, voyage-code-4, and advanced vector search in Atlas Stream Processing, all aimed at providing real-time context and precision retrieval for AI applications. Earlier, on June 30, 2026, MongoDB released new capabilities like voyage-context-4, Hybrid Search, and Native Reranking to significantly improve AI retrieval accuracy, with Native Reranking alone boosting quality by up to 30%. These innovations have led to "early momentum with AI use cases" and positioned MongoDB as a key player in the AI database market.
4. Positive Analyst Sentiment and Upgraded Price Targets.
The period saw a wave of positive revisions from financial analysts, reflecting increased confidence in MongoDB's outlook. Ahead of the Q2 fiscal 2027 earnings report, several firms raised their price targets for MDB stock in August 2026. Notable upgrades included Barclays raising its target from $387 to $460, Wells Fargo increasing its target from $375 to $475, DA Davidson lifting its target from $375 to $465, and UBS raising its target from $350 to $460. This positive analyst coverage, contributing to a consensus "Buy" or "Moderate Buy" rating, signaled strong market belief in MongoDB's continued growth trajectory and strategic execution.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 29.4% change in MDB stock from 5/31/2026 to 9/1/2026 was primarily driven by a 29.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 335.55 | 434.21 | 29.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,602 | 2,602 | 0.0% |
| P/S Multiple | 10.4 | 13.4 | 29.4% |
| Shares Outstanding (Mil) | 80 | 80 | 0.0% |
| Cumulative Contribution | 29.4% |
Market Drivers
5/31/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| MDB | 29.4% | |
| Market (SPY) | 0.7% | 42.8% |
| Sector (XLK) | -3.9% | 29.8% |
Fundamental Drivers
The 32.2% change in MDB stock from 2/28/2026 to 9/1/2026 was primarily driven by a 16.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 328.47 | 434.21 | 32.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,317 | 2,602 | 12.3% |
| P/S Multiple | 11.5 | 13.4 | 16.2% |
| Shares Outstanding (Mil) | 81 | 80 | 1.3% |
| Cumulative Contribution | 32.2% |
Market Drivers
2/28/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| MDB | 32.2% | |
| Market (SPY) | 11.4% | 29.2% |
| Sector (XLK) | 32.5% | 28.0% |
Fundamental Drivers
The 37.6% change in MDB stock from 8/31/2025 to 9/1/2026 was primarily driven by a 17.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 315.61 | 434.21 | 37.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,218 | 2,602 | 17.3% |
| P/S Multiple | 11.5 | 13.4 | 16.2% |
| Shares Outstanding (Mil) | 81 | 80 | 0.9% |
| Cumulative Contribution | 37.6% |
Market Drivers
8/31/2025 to 9/1/2026| Return | Correlation | |
|---|---|---|
| MDB | 37.6% | |
| Market (SPY) | 19.1% | 33.5% |
| Sector (XLK) | 40.5% | 35.0% |
Fundamental Drivers
The 13.9% change in MDB stock from 8/31/2023 to 9/1/2026 was primarily driven by a 90.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 381.30 | 434.21 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,367 | 2,602 | 90.4% |
| P/S Multiple | 19.6 | 13.4 | -31.5% |
| Shares Outstanding (Mil) | 70 | 80 | -12.7% |
| Cumulative Contribution | 13.9% |
Market Drivers
8/31/2023 to 9/1/2026| Return | Correlation | |
|---|---|---|
| MDB | 13.9% | |
| Market (SPY) | 75.1% | 40.9% |
| Sector (XLK) | 113.0% | 42.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MDB Return | 47% | -63% | 108% | -43% | 80% | 8% | 26% |
| Peers Return | 35% | -36% | 53% | 26% | 29% | 11% | 142% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| MDB Win Rate | 67% | 42% | 58% | 58% | 58% | 62% | |
| Peers Win Rate | 63% | 28% | 65% | 55% | 52% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MDB Max Drawdown | -42% | -74% | -25% | -56% | -51% | -49% | |
| Peers Max Drawdown | -17% | -46% | -19% | -25% | -32% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, GOOGL, ORCL, SNOW. See MDB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/1/2026 (YTD)
How Low Can It Go
| Event | MDB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.6% | -18.8% |
| % Gain to Breakeven | 102.3% | 23.1% |
| Time to Breakeven | 141 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.0% | -7.8% |
| % Gain to Breakeven | 11.1% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.4% | -9.5% |
| % Gain to Breakeven | 28.8% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.7% | -6.7% |
| % Gain to Breakeven | 12.0% | 7.1% |
| Time to Breakeven | 6 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.7% | -24.5% |
| % Gain to Breakeven | 183.3% | 32.4% |
| Time to Breakeven | 483 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.0% | -33.7% |
| % Gain to Breakeven | 82.0% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
In The Past
MongoDB's stock fell -50.6% during the 2025 US Tariff Shock. Such a loss loss requires a 102.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MDB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.6% | -18.8% |
| % Gain to Breakeven | 102.3% | 23.1% |
| Time to Breakeven | 141 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.4% | -9.5% |
| % Gain to Breakeven | 28.8% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.7% | -24.5% |
| % Gain to Breakeven | 183.3% | 32.4% |
| Time to Breakeven | 483 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.0% | -33.7% |
| % Gain to Breakeven | 82.0% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
In The Past
MongoDB's stock fell -50.6% during the 2025 US Tariff Shock. Such a loss loss requires a 102.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MongoDB (MDB)
MongoDB, Inc. provides a general-purpose database platform, offering solutions for businesses to store, manage, and process data for their applications. Its flagship commercial products include MongoDB Atlas, a hosted multi-cloud database-as-a-service (DBaaS) solution, which handles the infrastructure management for customers, and MongoDB Enterprise Advanced, a commercial database server designed for enterprise customers seeking flexibility to deploy in their own cloud, on-premise, or hybrid environments.
Beyond its commercial database servers, MongoDB also offers a free Community Server version, which is widely used by developers to get started with its database technology. The company supports its diverse customer base, ranging from individual developers to large enterprises, with professional services including consulting and training. By providing scalable, flexible, and high-performance database solutions across various deployment options, MongoDB caters to organizations looking to build modern applications and manage their data effectively.
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Here are a few brief analogies for MongoDB:
- Like Oracle, but for modern, flexible databases.
- Salesforce for databases.
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- MongoDB Enterprise Advanced: A commercial database server designed for enterprise customers to deploy in various environments (cloud, on-premise, hybrid).
- MongoDB Atlas: A hosted multi-cloud database-as-a-service (DBaaS) solution, managed and provided by MongoDB.
- Community Server: A free-to-download, open-source version of the MongoDB database primarily used by developers to get started.
- Professional Services: Consulting and training services offered to help customers implement and optimize their MongoDB solutions.
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MongoDB (MDB) primarily sells its database platform and related services to other companies, ranging from startups to large enterprises across various industries. Its offerings, such as MongoDB Enterprise Advanced and MongoDB Atlas, are designed for business use in various environments.
While MongoDB serves a vast and diverse customer base globally, some prominent public companies that are known to utilize MongoDB's offerings include:
- Adobe Inc. (ADBE)
- Cisco Systems, Inc. (CSCO)
- eBay Inc. (EBAY)
- Expedia Group, Inc. (EXPE)
- Intuit Inc. (INTU)
- Verizon Communications Inc. (VZ)
These examples represent the type of large, established companies that leverage MongoDB's database solutions for their applications and services.
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- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
- Alphabet Inc. (GOOGL)
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Chirantan "CJ" Desai, President & CEO
CJ Desai became the President and Chief Executive Officer of MongoDB on November 10, 2025. He previously served as President of Product & Engineering at Cloudflare. With over 25 years of experience, CJ has held technology leadership roles at major firms including ServiceNow, EMC, Symantec, Oracle, Pivotal Solutions, and Zebra Technologies. Notably, during his time at ServiceNow, he oversaw the company's annual revenue growth from $1.5 billion to $10 billion. His expertise spans cloud infrastructure, enterprise software, and cybersecurity, with a proven track record of scaling SaaS businesses and emerging technology platforms.
Mike Berry, Chief Financial Officer
Mike Berry was appointed Chief Financial Officer of MongoDB, effective May 27, 2025. He brings over 30 years of experience in finance, operations, and general management within the technology industry. Prior to MongoDB, he served as CFO at NetApp for five years and has held CFO positions at seven companies in total, including McAfee, FireEye, Informatica, IO (now Iron Mountain), SolarWinds, and i2 Technologies. Mike holds a bachelor's degree in finance from Augsburg College and an MBA from the University of St. Thomas. He also serves on the board of directors for Rapid7 and Calix.
Sahir Azam, Chief Product Officer
Sahir Azam joined MongoDB in 2016 and is responsible for product strategy across the entire portfolio, including product management, product marketing, and go-to-market strategy. He was instrumental in leading MongoDB's cloud products and go-to-market strategy for Atlas, growing the cloud business to over $150 million annually. Before MongoDB, Sahir managed platform, pricing, and partnerships at Sumo Logic, and launched VMware's first organically developed SaaS management product, contributing to the growth of its management tools business to over $1 billion in revenue. His early career included technical and sales roles at DynamicOps, BMC Software, and BladeLogic.
Lena Smart, Chief Information Security Officer
Lena Smart joined MongoDB in March 2019 as the company's first Chief Information Security Officer, bringing more than 20 years of cybersecurity experience. She previously served as the Global Chief Information Security Officer for Tradeweb, an international fintech company, and as CIO and Chief Security Officer for the New York Power Authority. Lena is also a founding member of Cybersecurity at MIT Sloan.
Harsha Jalihal, Chief People Officer
As Chief People Officer, Harsha Jalihal has overseen the doubling of MongoDB's workforce across numerous countries and contributed to the company being recognized as a Most-Loved Workplace. Prior to MongoDB, she was the Vice President of HR at Unilever, where she was responsible for end-to-end HR strategy and operations for their U.S. business, and played a role in co-creating Unilever's future of work strategy. She also contributed to thought leadership on the future of work at the World Economic Forum.
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MongoDB, Inc. (MDB) faces several key risks to its business, primarily stemming from the highly competitive database market and its unique open-source business model.
- Intense Competition from Major Cloud Providers and Established Database Vendors: MongoDB operates in a highly competitive database market. It faces significant competition from large cloud providers such as Amazon Web Services (AWS) with DynamoDB and DocumentDB, Microsoft Azure with Cosmos DB, and Google Cloud with Firestore. These hyperscalers can bundle their native database offerings with other cloud services and leverage extensive sales forces, potentially putting pricing pressure on MongoDB Atlas and impacting its market share. Additionally, MongoDB competes with legacy database giants like Oracle and IBM, which are adapting their relational offerings for the cloud and retain entrenched enterprise customer bases, as well as other NoSQL and specialized database vendors.
- Challenges in Monetizing its Open-Source Community and Converting Users to Commercial Offerings: MongoDB's Community Server is a free-to-download version of its database, which is crucial for developer adoption. However, a significant business risk lies in the challenge of effectively converting these free users to its revenue-generating commercial products, such as MongoDB Enterprise Advanced and MongoDB Atlas. The company's prior decision to change its license to the Server Side Public License (SSPL) was a direct response to cloud providers offering managed services compatible with MongoDB's open-source core without contributing back, underscoring the ongoing tension and difficulty in maintaining control and revenue generation from its open-source foundation.
- Risk of Technological Obsolescence and the Need for Continuous Innovation: The database and data management landscape is subject to rapid technological change. MongoDB must continuously innovate and adapt its platform to address evolving enterprise data management needs and new application development paradigms, including those driven by artificial intelligence (AI). A failure to keep pace with these technological advancements or to address new workloads effectively could lead to a reduction in the number of optimized use cases for its document-based database and limit its long-term growth potential.
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The increasing competition from major cloud providers (Amazon Web Services, Microsoft Azure, Google Cloud Platform) offering their own proprietary or MongoDB-compatible database services is a clear emerging threat. Services such as AWS DocumentDB (with MongoDB compatibility) and Azure Cosmos DB (with MongoDB API support) aim to capture customers who might otherwise choose MongoDB's offerings. These cloud providers leverage their extensive infrastructure, deep integration with other cloud services, and often aggressive pricing to attract and lock in customers within their ecosystems, potentially commoditizing the underlying database technology and reducing MongoDB's direct revenue opportunities or market share for new deployments.
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The addressable markets for MongoDB's main products and services are substantial and growing globally.
MongoDB's overall total addressable market (TAM) for database management is estimated to be approximately $96 billion by 2025. More broadly, the database market is projected to exceed $150 billion by 2027. Another estimate places MongoDB's addressable market at $84 billion in the previous year (as of April 2023), growing to $138 billion by 2026.
Specifically, for its main offerings:
- MongoDB Atlas (Database-as-a-Service - DBaaS): The global cloud database and DBaaS market, where MongoDB Atlas is a key player, was valued at approximately $23.45 billion in 2025 and is projected to reach around $103.04 billion by 2035, growing at a compound annual growth rate (CAGR) of 15.95%. Another estimate indicates the global DBaaS market reached $34.7 billion in 2025 and is anticipated to reach $138.9 billion by 2034, with a CAGR of 15.82%. The DBaaS market is expected to represent 77% of the entire Database Management System (DBMS) market by 2028.
- NoSQL Databases (encompassing MongoDB Enterprise Advanced and Atlas): The global NoSQL market size, in which MongoDB holds a significant share, was valued at $7.3 billion in 2022 and is projected to reach $86.3 billion by 2032, growing at a CAGR of 28.1%. Other reports estimate the global NoSQL market to be $9.38 billion in 2023, reaching $86.48 billion by 2032 with a CAGR of 28%, and valued at $14.7529 billion in 2025, projected to reach $93.0074 billion by 2034 with a CAGR of 22.02%.
- Overall Data Management Software Market: The global data management software market, which includes MongoDB's offerings, was valued at $110 billion in 2022 and is projected to reach $263.68 billion by 2028, growing at a CAGR of 16.10% from 2023 to 2028. The global enterprise data management market size is estimated at $124.93 billion in 2025 and is predicted to increase to approximately $349.52 billion by 2034, with a CAGR of 12.11%.
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Here are 3-5 expected drivers of future revenue growth for MongoDB (symbol: MDB) over the next 2-3 years:
- Continued Growth and Expansion of MongoDB Atlas: MongoDB Atlas, the company's cloud-hosted database-as-a-service, remains the primary growth engine and is expected to continue driving a significant portion of total revenue. Atlas revenue is projected to grow by approximately 21%-23% in fiscal year 2027. This growth is fueled by increasing customer adoption and expanding workloads on the platform.
- Expansion into AI-Integrated Data Services and AI-Driven Workloads: MongoDB is strategically positioning itself as an AI-ready data platform, enabling large language models (LLMs) to integrate with operational data for intelligent applications. The company has launched and is enhancing offerings like Atlas Vector Search and has acquired Voyage AI to bolster its capabilities in embeddings, with customer adoption of these AI features nearly doubling.
- Strategic Market Expansion through Multi-cloud Offerings and International Focus: MongoDB is expanding its reach by introducing sovereign cloud offerings, which target highly regulated government and financial sectors in regions like the EU and APAC to meet stringent data residency and security requirements. Additionally, the company is deepening strategic partnerships with hyperscalers such as AWS, Google Cloud, and Microsoft Azure by embedding Atlas Vector Search into their AI model gardens. Focused expansion in high-growth regions like India and Southeast Asia further supports international scaling efforts.
- Increased Customer Acquisition and Enterprise Sales: MongoDB continues to grow its customer base, adding thousands of new customers in recent quarters. A key focus is on securing larger enterprise deals, including multi-million dollar contracts, and increasing the number of customers contributing over $100K in annual recurring revenue.
- Product Diversification and Workload Expansion: Beyond its core document database, MongoDB is expanding its platform capabilities to support a wider range of workloads. This includes integrating features like Atlas Stream Processing, columnar indexing, and time series data, which allows the company to address diverse analytics and event-driven use cases and drive consolidation deals against legacy systems.
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Share Repurchases
- In June 2025, MongoDB announced a significant expansion of its share repurchase program, authorizing an additional $800 million, bringing the total authorization to $1 billion.
- The company executed quarterly share repurchases of approximately $148.6 million for the quarter ending September 30, 2025, and $194.4 million for the quarter ending June 30, 2025.
Share Issuance
- MongoDB's shares outstanding increased to 0.081 billion in 2026, marking an 8.98% increase from 2025.
- Shares outstanding also grew by 4.64% in 2025 to 0.075 billion from 2024, and by 3.82% in 2024 to 0.071 billion from 2023.
Outbound Investments
- In February 2025, MongoDB acquired Voyage AI for $220 million in a cash and stock transaction. This acquisition aims to enhance MongoDB's AI-powered application capabilities by integrating Voyage AI's embedding and reranking models.
Capital Expenditures
- MongoDB's capital expenditures for the last twelve months (LTM) as of October 20, 2025, amounted to $5.33 million.
- For the quarter ended April 30, 2025, capital expenditures were $1.6 million.
- In Q3 2026, the company invested $1.7 million in capital expenditures, primarily for long-term assets and infrastructure.
Peer Outperformance in Systems Software
MDB has outperformed 72% of its 67 Systems Software peers over 5Y. Among the peers that beat it are CRWD and AVPT. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that MDB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
78%
of 85 industry peers · 37.6% return
3Y
49%
of 74 industry peers · 10.5% return
5Y
72%
of 67 industry peers · 8.1% return
Systems Software peers with revenue growth within 4pp of MDB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MDB | MongoDB | 24.0% | -1,199.4x | 37.6% | 10.5% | 8.1% | — |
| CRWD | CrowdStrike | 26.9% | 3,750.5x | 103.0% | 433.6% | 215.5% | +207pp |
| AVPT | AvePoint | 23.0% | 39.7x | -17.5% | 97.1% | 35.8% | +28pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is MDB's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 52.8% | 160.7% | 282.5% | TTMI 730% · FLEX 665% · JBL 394% |
| Semiconductor Materials & Equipment | 27 | 116.5% | 53.0% | 84.4% | AEHR 917% · AXTI 477% · KLAC 431% |
| Technology Distributors | 9 | 26.1% | 53.9% | 73.3% | CLMB 329% · AVT 155% · SNX 108% |
| Communications Equipment | 36 | 19.5% | 78.9% | 63.9% | AAOI 1231% · LITE 884% · ANET 732% |
| Electronic Components | 26 | 50.9% | 50.3% | 50.9% | CLS 3043% · BELFA 1225% · APH 344% |
| Semiconductors | 54 | 28.4% | 15.1% | 21.4% | POET 1643% · MU 1194% · NVDA 874% |
| Technology Hardware, Storage & Peripherals | 21 | 23.8% | 73.9% | 14.3% | STX 959% · WDC 882% · SMCI 870% |
| Internet Services & Infrastructure | 6 | 11.8% | 40.8% | 13.7% | DOCN 70% · GDDY 34% · VRSN 33% |
| Electronic Equipment & Instruments | 27 | -8.4% | 0.9% | -11.2% | PI 192% · OSIS 110% · ACFN 106% |
| IT Consulting & Other Services | 28 | -24.0% | -8.0% | -29.2% | CHRN 464637% · APLD 1127% · TSSI 615% |
| Application Software | 124 | -20.1% | -14.3% | -45.5% | VIDA 256900% · INLX 5010% · PLTR 579% |
| Systems Software ← | 68 | -17.3% | 12.6% | -53.7% | QNC 464% · PAYS 396% · PANW 370% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 327.41 |
| Mkt Cap | 1,575.8 |
| Rev LTM | 199,598 |
| Op Inc LTM | 58,077 |
| FCF LTM | 879 |
| FCF 3Y Avg | 8,816 |
| CFO LTM | 96,690 |
| CFO 3Y Avg | 76,994 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.9% |
| Rev Chg 3Y Avg | 15.8% |
| Rev Chg Q | 22.4% |
| QoQ Delta Rev Chg LTM | 5.3% |
| Op Inc Chg LTM | 22.3% |
| Op Inc Chg 3Y Avg | 23.1% |
| Op Mgn LTM | 22.6% |
| Op Mgn 3Y Avg | 21.3% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 33.1% |
| CFO/Rev 3Y Avg | 31.0% |
| FCF/Rev LTM | 16.1% |
| FCF/Rev 3Y Avg | 14.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1,575.8 |
| P/S | 10.2 |
| P/Op Inc | 21.0 |
| P/EBIT | 14.4 |
| P/E | 18.5 |
| P/CFO | 21.1 |
| Total Yield | 4.6% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 1.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.4% |
| 3M Rtn | 4.2% |
| 6M Rtn | 23.3% |
| 12M Rtn | 22.7% |
| 3Y Rtn | 70.3% |
| 1M Excs Rtn | 0.9% |
| 3M Excs Rtn | 3.9% |
| 6M Excs Rtn | 11.4% |
| 12M Excs Rtn | 4.5% |
| 3Y Excs Rtn | 1.8% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $434.21 | |
| Market Cap ($ Bil) | 34.9 | |
| First Trading Date | 10/19/2017 | |
| Distance from 52W High | -8.1% | |
| 50 Days | 200 Days | |
| DMA Price | $364.95 | $341.00 |
| DMA Trend | up | up |
| Distance from DMA | 19.0% | 27.3% |
| 3M | 1YR | |
| Volatility | 64.0% | 65.4% |
| Downside Capture | 184.28 | 209.83 |
| Upside Capture | 224.56 | 205.50 |
| Correlation (SPY) | 42.0% | 33.3% |
MDB Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.74 | 2.16 | 2.06 | 1.51 | 1.69 | 1.71 |
| Up Beta | 3.82 | 2.43 | 1.77 | 0.83 | 0.88 | 1.40 |
| Down Beta | 6.82 | 1.16 | 1.42 | 1.70 | 1.55 | 1.66 |
| Up Capture | 735% | 334% | 377% | 239% | 353% | 824% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 33 | 66 | 128 | 371 |
| Down Capture | 259% | 141% | 159% | 144% | 153% | 112% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 19 | 31 | 61 | 123 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDB | |
|---|---|---|---|---|
| MDB | 37.8% | 65.3% | 0.75 | - |
| Sector ETF (XLK) | 40.7% | 26.2% | 1.26 | 34.9% |
| Equity (SPY) | 19.2% | 12.8% | 1.10 | 33.4% |
| Gold (GLD) | 24.8% | 29.2% | 0.76 | 9.6% |
| Commodities (DBC) | 44.0% | 20.4% | 1.67 | -1.4% |
| Real Estate (VNQ) | 8.5% | 13.7% | 0.35 | -3.5% |
| Bitcoin (BTCUSD) | -27.6% | 43.5% | -0.62 | 22.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDB | |
|---|---|---|---|---|
| MDB | 1.9% | 71.1% | 0.33 | - |
| Sector ETF (XLK) | 19.3% | 25.9% | 0.67 | 51.6% |
| Equity (SPY) | 12.7% | 17.2% | 0.56 | 49.4% |
| Gold (GLD) | 18.7% | 18.7% | 0.81 | 8.0% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 7.4% |
| Real Estate (VNQ) | 2.0% | 18.9% | -0.00 | 32.5% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 27.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDB | |
|---|---|---|---|---|
| MDB | 29.4% | 65.9% | 0.72 | - |
| Sector ETF (XLK) | 24.1% | 25.0% | 0.88 | 50.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 45.0% |
| Gold (GLD) | 12.0% | 16.3% | 0.60 | 8.3% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 10.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 29.3% |
| Bitcoin (BTCUSD) | 63.2% | 66.1% | 1.03 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/28/2026 | 3.0% | 16.7% | 3.8% |
| 3/2/2026 | -22.2% | -16.4% | -24.7% |
| 8/26/2025 | 38.0% | 46.0% | 47.1% |
| 6/4/2025 | 12.8% | 5.4% | 4.6% |
| 3/5/2025 | -26.9% | -25.7% | -38.2% |
| 12/9/2024 | -16.9% | -24.1% | -30.0% |
| 8/29/2024 | 18.3% | 14.7% | 10.0% |
| 5/30/2024 | -23.9% | -25.8% | -15.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 11 | 10 | 12 |
| Median Positive | 18.5% | 18.5% | 17.4% |
| Median Negative | -10.7% | -14.4% | -13.4% |
| Max Positive | 38.0% | 46.0% | 49.7% |
| Max Negative | -26.9% | -25.8% | -38.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/28/2026 | 3.0% | 16.7% | 3.8% |
| 3/2/2026 | -22.2% | -16.4% | -24.7% |
| 8/26/2025 | 38.0% | 46.0% | 47.1% |
| 6/4/2025 | 12.8% | 5.4% | 4.6% |
| 3/5/2025 | -26.9% | -25.7% | -38.2% |
| 12/9/2024 | -16.9% | -24.1% | -30.0% |
| 8/29/2024 | 18.3% | 14.7% | 10.0% |
| 5/30/2024 | -23.9% | -25.8% | -15.0% |
| 3/7/2024 | -6.9% | -10.5% | -11.8% |
| 12/5/2023 | -10.7% | -9.4% | -15.7% |
| 8/31/2023 | 3.0% | -1.1% | -8.5% |
| 6/1/2023 | 28.0% | 27.5% | 40.0% |
| 3/8/2023 | -8.4% | -7.2% | -5.6% |
| 12/6/2022 | 23.2% | 42.4% | 17.4% |
| 8/31/2022 | -25.3% | -23.3% | -38.5% |
| 6/1/2022 | 18.6% | 23.7% | 11.2% |
| 3/8/2022 | 18.6% | 5.9% | 49.7% |
| 12/6/2021 | 16.4% | 15.3% | -0.1% |
| 9/2/2021 | 26.3% | 21.7% | 10.8% |
| 6/3/2021 | 16.3% | 21.5% | 33.5% |
| 3/9/2021 | -5.6% | 2.2% | -4.9% |
| 12/8/2020 | -1.0% | 18.5% | 27.2% |
| 9/2/2020 | -7.3% | -12.5% | -2.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 11 | 10 | 12 |
| Median Positive | 18.5% | 18.5% | 17.4% |
| Median Negative | -10.7% | -14.4% | -13.4% |
| Max Positive | 38.0% | 46.0% | 49.7% |
| Max Negative | -26.9% | -25.8% | -38.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/29/2026 | 10-Q |
| 01/31/2026 | 03/11/2026 | 10-K |
| 10/31/2025 | 12/02/2025 | 10-Q |
| 07/31/2025 | 08/27/2025 | 10-Q |
| 04/30/2025 | 06/04/2025 | 10-Q |
| 01/31/2025 | 03/21/2025 | 10-K |
| 10/31/2024 | 12/10/2024 | 10-Q |
| 07/31/2024 | 08/30/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/15/2024 | 10-K |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/17/2023 | 10-K |
| 10/31/2022 | 12/08/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/29/2026 | 10-Q |
| 01/31/2026 | 03/11/2026 | 10-K |
| 10/31/2025 | 12/02/2025 | 10-Q |
| 07/31/2025 | 08/27/2025 | 10-Q |
| 04/30/2025 | 06/04/2025 | 10-Q |
| 01/31/2025 | 03/21/2025 | 10-K |
| 10/31/2024 | 12/10/2024 | 10-Q |
| 07/31/2024 | 08/30/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/15/2024 | 10-K |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/17/2023 | 10-K |
| 10/31/2022 | 12/08/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-Q |
| 04/30/2022 | 06/03/2022 | 10-Q |
| 01/31/2022 | 03/18/2022 | 10-K |
| 10/31/2021 | 12/08/2021 | 10-Q |
| 07/31/2021 | 09/03/2021 | 10-Q |
| 04/30/2021 | 06/04/2021 | 10-Q |
| 01/31/2021 | 03/22/2021 | 10-K |
| 10/31/2020 | 12/09/2020 | 10-Q |
| 07/31/2020 | 09/03/2020 | 10-Q |
| 04/30/2020 | 06/05/2020 | 10-Q |
| 01/31/2020 | 03/27/2020 | 10-K |
| 10/31/2019 | 12/10/2019 | 10-Q |
| 07/31/2019 | 09/05/2019 | 10-Q |
Recent Forward Guidance
Updated 9/1/2026Latest: Q2 2027 Earnings Reported 9/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Revenue | Reported | 756.00 Mil | 758.50 Mil | 761.00 Mil | ||||
| Q3 2027 Operating Income | Reported | -14.50 Mil | -12.50 Mil | -10.50 Mil | ||||
| Q3 2027 EPS | Reported | 0 | 0.03 | 0.05 | ||||
| 2027 Revenue | Reported | 2.99 Bil | 3.01 Bil | 3.03 Bil | 2.4% | Raised | Guidance: 2.94 Bil for 2027 | |
| 2027 Operating Income | Reported | -28.00 Mil | -18.00 Mil | -8.00 Mil | Raised | Guidance: -68.00 Mil for 2027 | ||
| 2027 EPS | Reported | 0.53 | 0.65 | 0.77 | -89.2% | Lowered | Guidance: 6.04 for 2027 | |
Prior: Q1 2027 Earnings Reported 5/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Operating Loss | Reported | -10.00 Mil | -8.00 Mil | -6.00 Mil | ||||
| Q2 2027 Revenue | Reported | 729.00 Mil | 731.50 Mil | 734.00 Mil | 10.6% | Higher New | Guidance: 661.50 Mil for Q1 2027 | |
| Q2 2027 Operating Income | Reported | 152.00 Mil | 154.00 Mil | 156.00 Mil | 43.9% | Higher New | Guidance: 107.00 Mil for Q1 2027 | |
| Q2 2027 EPS | Reported | 1.58 | 1.59 | 1.61 | 36.3% | Higher New | Guidance: 1.17 for Q1 2027 | |
| 2027 Operating Loss | Reported | -78.00 Mil | -68.00 Mil | -58.00 Mil | ||||
| 2027 Revenue | Reported | 2.92 Bil | 2.94 Bil | 2.96 Bil | 2.1% | Raised | Guidance: 2.88 Bil for 2027 | |
| 2027 Operating Income | Reported | 571.00 Mil | 581.00 Mil | 591.00 Mil | 4.7% | Raised | Guidance: 555.00 Mil for 2027 | |
| 2027 EPS | Reported | 5.95 | 6.04 | 6.14 | 3.5% | Raised | Guidance: 5.84 for 2027 | |
Q4 2026 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Non-GAAP Income from Operations | Reported | 105.00 Mil | 107.00 Mil | 109.00 Mil | ||||
| Q1 2027 Revenue | Reported | 659.00 Mil | 661.50 Mil | 664.00 Mil | ||||
| Q1 2027 Non-GAAP Net Income per Share | Reported | 1.15 | 1.17 | 1.19 | ||||
| 2027 Non-GAAP Income from Operations | Reported | 545.00 Mil | 555.00 Mil | 565.00 Mil | 70.2% | Higher New | Guidance: 326.00 Mil for 2026 | |
| 2027 Revenue | Reported | 2.86 Bil | 2.88 Bil | 2.90 Bil | 22.6% | Higher New | Guidance: 2.35 Bil for 2026 | |
| 2027 Non-GAAP Net Income per Share | Reported | 5.75 | 5.84 | 5.93 | 58.5% | Higher New | Guidance: 3.69 for 2026 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Merriman, Dwight A | Trust | Sell | 8182026 | 451.75 | 6,000 | 2,710,480 | 204,594,236 | Form | |
| 2 | Merriman, Dwight A | Direct | Sell | 8182026 | 470.59 | 10,000 | 4,705,928 | 453,158,718 | Form | |
| 3 | Merriman, Dwight A | Trust | Sell | 7162026 | 329.56 | 6,000 | 1,977,349 | 151,232,928 | Form | |
| 4 | Merriman, Dwight A | Direct | Sell | 7162026 | 320.31 | 10,000 | 3,203,118 | 311,648,288 | Form | |
| 5 | Cochran, Hope F | Direct | Sell | 7022026 | 350.00 | 1,000 | 350,000 | 10,264,100 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Merriman, Dwight A | Trust | Sell | 8182026 | 451.75 | 6,000 | 2,710,480 | 204,594,236 | Form | |
| 2 | Merriman, Dwight A | Direct | Sell | 8182026 | 470.59 | 10,000 | 4,705,928 | 453,158,718 | Form | |
| 3 | Merriman, Dwight A | Trust | Sell | 7162026 | 329.56 | 6,000 | 1,977,349 | 151,232,928 | Form | |
| 4 | Merriman, Dwight A | Direct | Sell | 7162026 | 320.31 | 10,000 | 3,203,118 | 311,648,288 | Form | |
| 5 | Cochran, Hope F | Direct | Sell | 7022026 | 350.00 | 1,000 | 350,000 | 10,264,100 | Form | |
| 6 | Merriman, Dwight A | Direct | Sell | 7022026 | 334.25 | 1,130 | 377,702 | 328,552,040 | Form | |
| 7 | Cochran, Hope F | Direct | Sell | 6222026 | 344.05 | 1,566 | 538,782 | 8,754,008 | Form | |
| 8 | Berry, Michael J | Chief Financial Officer | Trust | Sell | 6182026 | 351.11 | 5,000 | 1,755,537 | 526,661 | Form |
| 9 | Berry, Michael J | Chief Financial Officer | Trust | Sell | 6172026 | 356.63 | 5,000 | 1,783,140 | 2,318,081 | Form |
| 10 | Merriman, Dwight A | Trust | Sell | 6162026 | 348.92 | 6,000 | 2,093,520 | 162,211,512 | Form | |
| 11 | Merriman, Dwight A | Direct | Sell | 6162026 | 353.91 | 10,000 | 3,539,112 | 348,006,496 | Form | |
| 12 | Ittycheria, Dev | Direct | Sell | 6082026 | 383.16 | 40,000 | 15,326,487 | 61,981,080 | Form | |
| 13 | Botha, Roelof | Estate Planning Vehicles | Sell | 6042026 | 398.07 | 44,050 | 17,534,803 | 59,928,820 | Form | |
| 14 | Cochran, Hope F | Direct | Sell | 6022026 | 350.00 | 1,000 | 350,000 | 9,453,500 | Form | |
| 15 | Merriman, Dwight A | Trust | Sell | 5182026 | 314.98 | 6,000 | 1,889,884 | 148,323,131 | Form | |
| 16 | Merriman, Dwight A | Direct | Sell | 5182026 | 297.99 | 10,000 | 2,979,914 | 295,999,616 | Form | |
| 17 | Merriman, Dwight A | Direct | Sell | 5112026 | 290.06 | 2,000 | 580,120 | 291,021,839 | Form | |
| 18 | Merriman, Dwight A | Trust | Sell | 4162026 | 252.33 | 4,000 | 1,009,305 | 120,333,355 | Form | |
| 19 | Merriman, Dwight A | Direct | Sell | 4162026 | 236.89 | 8,000 | 1,895,110 | 238,148,008 | Form | |
| 20 | Cochran, Hope F | Direct | Sell | 4032026 | 249.33 | 1,566 | 390,451 | 6,007,108 | Form | |
| 21 | Merriman, Dwight A | Trust | Sell | 3172026 | 261.04 | 4,000 | 1,044,169 | 125,534,222 | Form | |
| 22 | Merriman, Dwight A | Direct | Sell | 3172026 | 259.95 | 8,000 | 2,079,630 | 263,415,260 | Form | |
| 23 | Merriman, Dwight A | Dwight A. Merriman Charitable Foundation | Sell | 2172026 | 364.00 | 1,200 | 436,800 | 28,851,368 | Form | |
| 24 | Merriman, Dwight A | Direct | Sell | 2172026 | 355.18 | 10,000 | 3,551,806 | 362,751,654 | Form | |
| 25 | Merriman, Dwight A | Trust | Sell | 2172026 | 365.45 | 6,000 | 2,192,674 | 177,203,127 | Form | |
| 26 | Merriman, Dwight A | Dwight A. Merriman Charitable Foundation | Sell | 2042026 | 369.75 | 1,190 | 440,002 | 29,750,824 | Form | |
| 27 | Merriman, Dwight A | Dwight A. Merriman Charitable Foundation | Sell | 1152026 | 388.31 | 1,139 | 442,285 | 31,706,288 | Form | |
| 28 | Merriman, Dwight A | Direct | Sell | 1152026 | 407.70 | 10,000 | 4,077,038 | 420,471,469 | Form | |
| 29 | Merriman, Dwight A | Trust | Sell | 1152026 | 417.73 | 6,000 | 2,506,380 | 205,061,986 | Form | |
| 30 | Merriman, Dwight A | Dwight A. Merriman Charitable Foundation | Sell | 1062026 | 422.50 | 1,054 | 445,315 | 34,979,198 | Form | |
| 31 | Cochran, Hope F | Direct | Sell | 12182025 | 421.85 | 1,566 | 660,617 | 10,824,249 | Form | |
| 32 | Cochran, Hope F | Direct | Sell | 12182025 | 410.03 | 1,000 | 410,030 | 9,556,979 | Form | |
| 33 | Merriman, Dwight A | Trust | Sell | 12162025 | 419.11 | 6,000 | 2,514,641 | 208,252,473 | Form | |
| 34 | Merriman, Dwight A | Direct | Sell | 12162025 | 417.83 | 10,000 | 4,178,300 | 435,093,064 | Form | |
| 35 | Bull, Thomas | Chief Accounting Officer | Direct | Sell | 12102025 | 413.86 | 555 | 229,692 | 4,463,066 | Form |
| 36 | Botha, Roelof | Estate Planning Vehicles | Sell | 12092025 | 405.85 | 24,850 | 10,085,418 | 78,978,769 | Form | |
| 37 | Merriman, Dwight A | Direct | Sell | 12042025 | 410.00 | 4,000 | 1,640,000 | 431,039,560 | Form | |
| 38 | Hazard, Charles M JR | Direct | Sell | 12032025 | 326.13 | 833 | 271,666 | 14,632,475 | Form | |
| 39 | Hazard, Charles M JR | Trust | Sell | 12032025 | 326.13 | 166 | 54,138 | 4,564,189 | Form | |
| 40 | Merriman, Dwight A | Direct | Sell | 11182025 | 338.52 | 10,000 | 3,385,221 | 357,247,831 | Form | |
| 41 | Merriman, Dwight A | Trust | Sell | 11142025 | 372.46 | 6,000 | 2,234,762 | 187,308,778 | Form | |
| 42 | Hazard, Charles M JR | Direct | Sell | 11052025 | 383.72 | 833 | 319,639 | 17,536,004 | Form | |
| 43 | Hazard, Charles M JR | Trust | Sell | 11052025 | 383.72 | 166 | 63,698 | 5,433,859 | Form | |
| 44 | Merriman, Dwight A | Direct | Sell | 10292025 | 345.00 | 4,000 | 1,380,000 | 367,534,020 | Form | |
| 45 | Merriman, Dwight A | Trust | Sell | 10162025 | 322.00 | 2,000 | 644,000 | 163,864,512 | Form | |
| 46 | Merriman, Dwight A | Trust | Sell | 10162025 | 315.99 | 4,000 | 1,263,960 | 161,438,027 | Form | |
| 47 | Merriman, Dwight A | Direct | Sell | 10162025 | 311.62 | 10,000 | 3,116,233 | 333,223,811 | Form | |
| 48 | Hazard, Charles M JR | Direct | Sell | 10032025 | 311.88 | 833 | 259,796 | 14,512,712 | Form | |
| 49 | Hazard, Charles M JR | Trust | Sell | 10032025 | 311.88 | 166 | 51,772 | 4,468,305 | Form | |
| 50 | Killalea, Peter Thomas | Direct | Sell | 9252025 | 321.87 | 20,000 | 6,437,453 | 10,394,233 | Form | |
| 51 | Merriman, Dwight A | Direct | Sell | 9232025 | 320.15 | 25,000 | 8,003,793 | 345,544,882 | Form | |
| 52 | Merriman, Dwight A | Trust | Sell | 9232025 | 320.80 | 6,000 | 1,924,800 | 165,178,637 | Form | |
| 53 | Cochran, Hope F | Direct | Sell | 9192025 | 327.93 | 1,174 | 384,990 | 7,971,322 | Form | |
| 54 | Bull, Thomas | Chief Accounting Officer | Direct | Sell | 9102025 | 326.25 | 1,000 | 326,250 | 3,783,848 | Form |
| 55 | Hazard, Charles M JR | Direct | Sell | 9042025 | 310.00 | 833 | 258,230 | 14,683,460 | Form | |
| 56 | Hazard, Charles M JR | Trust | Sell | 9042025 | 310.00 | 166 | 51,460 | 4,492,830 | Form | |
| 57 | Ittycheria, Dev | President & CEO | Direct | Sell | 9022025 | 301.29 | 33,320 | 10,038,855 | 61,232,493 | Form |
| 58 | Hazard, Charles M JR | Direct | Sell | 9022025 | 300.00 | 6,668 | 2,000,400 | 14,459,700 | Form | |
| 59 | Hazard, Charles M JR | Trust | Sell | 9022025 | 300.00 | 1,336 | 400,800 | 4,397,700 | Form | |
| 60 | Bull, Thomas | Chief Accounting Officer | Direct | Sell | 8042025 | 250.00 | 2,000 | 500,000 | 3,149,500 | Form |
Investor Activity (13F)
Updated Sep 2, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lead Edge Capital Management, LLC | $41.7 Mil | 10.2% | 12 | ADD +33.1% | 13F |
| ValueAct Holdings, L.P. | $254.0 Mil | 4.4% | 18 | TRIM -26.2% | 13F |
| Spyglass Capital Management LLC | $62.0 Mil | 4.4% | 25 | Hold | 13F |
| Manchester Global Management (UK) Ltd | $28.8 Mil | 3.8% | 23 | Hold | 13F |
| Jericho Capital Asset Management L.P. | $243.9 Mil | 3.6% | 23 | Hold | 13F |
| Avala Global LP | $65.9 Mil | 3.2% | 22 | TRIM -10.1% | 13F |
| Cypress Point Investment Management LP | $7.9 Mil | 1.9% | 32 | New | 13F |
| Oribel Capital Management, LP | $10.3 Mil | 1.6% | 41 | ADD +42.4% | 13F |
| SRS Investment Management, LLC | $129.0 Mil | 1.4% | 29 | Hold | 13F |
| Exane Asset Management | $6.2 Mil | 1.3% | 32 | TRIM -18.0% | 13F |
| UNICOM Systems, Inc. | $11.1 Mil | 1.1% | 32 | Hold | 13F |
| Styrax Capital, LP | $13.5 Mil | 0.9% | 17 | TRIM -45.7% | 13F |
| Eminence Capital, LP | $39.9 Mil | 0.9% | 33 | Hold | 13F |
| Whale Rock Capital Management LLC | $55.0 Mil | 0.7% | 35 | TRIM -62.6% | 13F |
| Kinetic Partners Management, LP | $9.1 Mil | 0.5% | 49 | TRIM -71.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Benchstone Capital Management LP | $21.7 Mil | 2.4% | 43 | Exited | Dec 31, 2025 | 13F |
| Melqart Asset Management (UK) Ltd | $11.6 Mil | 1.2% | 44 | Exited | Dec 31, 2025 | 13F |
| Alta Park Capital, LP | $10.4 Mil | 1.2% | 34 | Exited | Dec 31, 2025 | 13F |
| Proem Advisors LLC | $9.9 Mil | 3.3% | 28 | Exited | Dec 31, 2025 | 13F |
| Insight Holdings Group, LLC | $8.6 Mil | 0.6% | 30 | Exited | Dec 31, 2025 | 13F |
| MIG Capital, LLC | $7.5 Mil | 1.3% | 43 | Exited | Dec 31, 2025 | 13F |
| Kinetic Partners Management, LP | $9.1 Mil | 0.5% | 49 | TRIM -71.5% | Mar 31, 2026 | 13F |
| Whale Rock Capital Management LLC | $55.0 Mil | 0.7% | 35 | TRIM -62.6% | Mar 31, 2026 | 13F |
| Styrax Capital, LP | $13.5 Mil | 0.9% | 17 | TRIM -45.7% | Mar 31, 2026 | 13F |
| ValueAct Holdings, L.P. | $254.0 Mil | 4.4% | 18 | TRIM -26.2% | Mar 31, 2026 | 13F |
| Exane Asset Management | $6.2 Mil | 1.3% | 32 | TRIM -18.0% | Mar 31, 2026 | 13F |
| Avala Global LP | $65.9 Mil | 3.2% | 22 | TRIM -10.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| ValueAct Holdings, L.P. | $254.0 Mil | 4.4% | 18 | TRIM -26.2% | 13F |
| Jericho Capital Asset Management L.P. | $243.9 Mil | 3.6% | 23 | Hold | 13F |
| SRS Investment Management, LLC | $129.0 Mil | 1.4% | 29 | Hold | 13F |
| Avala Global LP | $65.9 Mil | 3.2% | 22 | TRIM -10.1% | 13F |
| Spyglass Capital Management LLC | $62.0 Mil | 4.4% | 25 | Hold | 13F |
| Whale Rock Capital Management LLC | $55.0 Mil | 0.7% | 35 | TRIM -62.6% | 13F |
| Lead Edge Capital Management, LLC | $41.7 Mil | 10.2% | 12 | ADD +33.1% | 13F |
| Eminence Capital, LP | $39.9 Mil | 0.9% | 33 | Hold | 13F |
| Manchester Global Management (UK) Ltd | $28.8 Mil | 3.8% | 23 | Hold | 13F |
| Styrax Capital, LP | $13.5 Mil | 0.9% | 17 | TRIM -45.7% | 13F |
| UNICOM Systems, Inc. | $11.1 Mil | 1.1% | 32 | Hold | 13F |
| Oribel Capital Management, LP | $10.3 Mil | 1.6% | 41 | ADD +42.4% | 13F |
| Kinetic Partners Management, LP | $9.1 Mil | 0.5% | 49 | TRIM -71.5% | 13F |
| Cypress Point Investment Management LP | $7.9 Mil | 1.9% | 32 | New | 13F |
| Exane Asset Management | $6.2 Mil | 1.3% | 32 | TRIM -18.0% | 13F |
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