MongoDB Inc-A (MDB.US) 2026财年第三季度业绩电话会
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会议摘要
MongoDB, with its technological advantages in the field of AI, has become the ideal choice for AI-native companies and large enterprises to build AI agents. The third quarter financial report shows a 19% year-on-year increase in revenue, with accelerated growth in Atlas service revenue. The company plans to deepen customer relationships, drive innovation, and expand market promotion. Management is confident in the market potential of the AI era and expects to continue strong growth in the future. MongoDB is committed to becoming the foundational data platform for AI workloads, and is consolidating its leading position in the modern data platform through increasing developer community influence and strategic investments.
会议速览
Overview of MongoDB's financial report meeting for the third quarter of the 2026 fiscal year.The financial report meeting announced MongoDB's financial performance in the third quarter of the 2026 fiscal year, including market growth opportunities, expectations for new business expansion, Atlas consumption growth, impact of non-volatile business and multi-year license revenue, long-term opportunities in the AI field, financial guidance, and investment strategy. The meeting also mentioned the risk factors that may affect actual results in the future, and former CEO David Cherry will participate in the Q&A session.
MongoDB CEO Explains the Company's Advantages and Future AI Data Platform OpportunitiesThe newly appointed CEO thanked all participants, emphasized MongoDB's unique position as a modern data platform and its potential in the field of AI, mentioned strong performance in Q3, 30% growth in Atlas, total revenue of $628 million, non-GAAP operating profit of $123 million, and a customer base of 62,500. He emphasized that the company has all the elements to become the preferred data platform in the age of AI.
MongoDB demonstrates core competitiveness and broad prospects in the AI-driven future.MongoDB performs strongly in self-service and enterprise customers, especially showing tremendous potential in the field of AI. From AI startups to large enterprises, MongoDB has become the preferred platform for building AI applications due to its document model and integrated search capabilities. Its leading performance in the field of vector databases, as well as its improvement in the accuracy and efficiency of AI applications, heralds MongoDB's vast market opportunities and competitive advantages in the AI era.
MongoDB supports the development of AI-native applications, enabling enterprise clients to achieve significant business performance improvements.The dialogue emphasized the role of MongoDB in supporting native AI applications, including accelerating innovation, improving performance, and reducing costs. Through case studies, it demonstrated how global media companies leverage MongoDB to enhance content recommendation effectiveness and achieve business growth. In addition, MongoDB is deepening relationships with existing customers, expanding markets, and focusing on building modern data platforms to meet the demands of the multi-cloud and AI era.
The company's third quarter performance exceeded expectations, with significant growth in both revenue and customer base.The company achieved better-than-expected performance in the third quarter, with total revenue reaching $628 million, a year-on-year increase of 19%. Service revenue performed particularly well, with an accelerated annual growth rate of 30%, accounting for 75% of total revenue. Non-Atlas product revenue also exceeded expectations, with a year-on-year increase of 8%. The customer base has significantly expanded, with approximately 2,600 new customers added, totaling over 62,000. Operating cash flow and free cash flow reached $144 million and $140 million respectively, far exceeding the same period last year.
Financial Outlook and Strategic Investment Updates for MongoDBMongoDB has updated its financial guidance, emphasizing growth in both its Atlas and non-Atlas businesses, as well as strategic investments in engineering, marketing, and sales capabilities to drive continued growth. The company expects revenue to grow by 21%-22% in the fourth quarter and has raised its full-year non-GAAP operating profit outlook. Additionally, MongoDB continues to make progress in free cash flow conversion, expecting to reach over 100%, and plans to manage its share capital through a stock buyback program while optimizing its capital structure.
Transformation and Market Outlook of MongoDB's Data Platform in the AI EraThe conversation revolves around the role positioning of MongoDB as a data platform in the AI era, discussing its advantages in real-time data processing, enterprise AI application development, and the potential for building AI agent platforms. At the same time, the company's market trend forecast for 2024 to 2025 was mentioned, emphasizing the growth and expansion of a large customer base, especially in the United States and the MEA region, indicating a positive outlook for future business growth.
Cloud transformation and AI workloads drive growth in MongoDB demand.The conversation discussed enterprise cloud transformation, AI application experiments, and the growing demand for non-relational databases. It pointed out that cloud transformation will continue in the next five years, with an increasing demand for non-relational databases like MongoDB for AI workloads, and AI-native companies choosing to replace traditional relational databases.
Exploring the modernization of industrial efficiency by integrating core business with AI technology.Discussed the strong performance of the core business of the enterprise, believing that the data modernization work in the core business is suitable for tools like MongoDB, and that AI technology may facilitate more modernization processes. It is pointed out that the AI team relies on the core data team, and if the latter's efficiency is low, it will affect the speed of AI innovation, so the AI revolution may accelerate the modernization of enterprise data. In the future, continued investment will be made in engineering, marketing, and other areas to drive business growth and profit improvement.
Discussion on improving transparency in ATLAS business guidance and increasing developer participation.Discussed the necessity and possibility of providing more accurate guidance for ATLAS business after reaching a certain scale, emphasizing the team's progress in predictive capabilities and maintaining a cautious attitude towards potential seasonal fluctuations in the fourth quarter. At the same time, explored methods to increase developers' involvement in technologies like MongoDB and how to reasonably consider unexpected earnings from the past year when evaluating future financial performance.
Revitalizing IT investments in the Bay Area and West Coast: Strategies and AchievementsThe conversation focused on the reinvestment strategy for the Bay Area IT industry, especially AI startups, after the epidemic, including increasing market promotion, community support, and holding technical conferences. These measures aim to enhance the brand's influence in the development community and promote cooperation with technology companies and the investment community. The MongoDB technical conference scheduled for January 15 will showcase the value of the platform, and it is expected that these efforts will yield significant results in the future.
MongoDB non-Atlas business growth forecast and strategies to improve the speed of new customer onboarding.Discussed the expected revenue growth rate of approximately 4% for non-Atlas business in the next year, as well as the reasons for the acceleration of new customer acceptance, attributed to the optimization of the technical team and the improvement of product performance. In addition, emphasized the importance of the organic growth strategy, while maintaining an open attitude towards strategic acquisitions to accelerate technological development.
Enterprise AI and AI-native companies: Dual-wheel drive of growth opportunities for MongoDBThe conversation focuses on the two areas with the greatest growth potential for MongoDB in the next 12 to 24 months: the high-end enterprise market, especially the penetration of Fortune 500 and Global 2000 companies; and AI native companies, including Silicon Valley startups and large financial institutions. By leveraging personal networks and technological advantages, MongoDB plans to achieve significant growth in these areas, while strengthening its market position in AI native companies through strategies such as acquiring Voyage JI.
MongoDB企业级AI应用与Atlas增长展望The conversation revolved around the progress of MongoDB in enterprise AI application development and the growth potential of the Atlas product line. It mentioned the challenges of transitioning enterprise applications from prototypes to production environments, as well as the advantages of the MongoDB platform in data manipulation and handling vector data. Additionally, the discussion included forecasts and historical performances of Atlas in Q4, emphasizing MongoDB's positioning as a modern data platform in the era of AI and its financial goals.
要点回答
Q：What are the key topics discussed during the MongoDB third quarter earnings conference call?
A：During the conference call, the key topics discussed included the review of MongoDB's third quarter financial results for the school year 2026, the company's market and future growth opportunities, and expectations regarding revenue growth and financial guidance.
Q：What are the risks and uncertainties that could affect MongoDB's actual results?
A：The risks and uncertainties that could affect MongoDB's actual results include the variability of operational and financial conditions as described in the company's report on form 10-Q for the quarter ended July 31, 2025, filed with the SEC on August 27, 2025.
Q：What does the CEO of MongoDB see as the company's main strength and future growth opportunities?
A：The CEO of MongoDB sees the company's main strength as being at a true inflection point, driven by a major shift across cloud data. The future growth opportunities lie in becoming the general modern data platform of choice in the evolving landscape, powered by strong innovation and a world-class technology base.
Q：What is the CEO's perspective on the company's strategic direction and future plans?
A：The CEO believes that MongoDB has the necessary ingredients to build an iconic modern data platform company, including world-class technology, a strong innovation engine, a deep developer and customer pool, and exceptional talent. The strategic direction involves deepening customer relationships, advancing the innovation agenda, building the general modern data platform for the multi-cloud and AI era, scaling go-to-market efforts, and supporting employees to excel. The CEO is optimistic about the company's potential and looks forward to unlocking it in the coming years.
Q：What financial performance results were announced for the third quarter?
A：The financial performance results for the third quarter include strong Atlas performance with year-over-year growth accelerating to 30%, total revenue of $628 million (up 19% year over year), and non-GAAP operating income of $123 million, or a 22% non-GAAP operating margin. The company ended the quarter with over 62,500 customers, adding 2,600 in the quarter and 8,000 year-to-date, reflecting 65% growth in customer additions.
Q：What is the impact of AI on MongoDB's core business and future plans?
A：The impact of AI on MongoDB's core business is still early, but the signs are encouraging. AI applications are increasingly connecting with property data systems and real-time context, which is a fundamental and information retrieval problem. MongoDB's document model, along with integrated search and vector search capabilities, provides a structural advantage for AI. The company is seeing meaningful traction among large enterprises building AI applications that have a significant impact on their business. These developments are crucial for MongoDB's future plans as it aims to define the modern data platform era.
Q：How is MongoDB positioned in the market with respect to core data and emerging AI workloads?
A：MongoDB is uniquely positioned at the center of the AI platform shift and is driving major transformation in core data workloads. The company is serving more than 70% of Fortune 100 companies and is expanding its foothold within the enterprise. New AI workloads are connecting with existing data and real-time context, creating a need for a different architectural approach than the last generation of software. MongoDB's flexible and scalable data model and integrated AI capabilities are well-suited for these emerging workloads.
Q：What specific example was provided to illustrate the benefits of using MongoDB for AI applications?
A：A specific example provided was that of a major global insurance provider that has adopted MongoDB across its enterprise to modernize several mission-critical systems. Using MongoDB Atlas, the insurance company was able to expand its operations nationwide, accelerate the rollout of new products and distribution channels, and improve customer experience by providing more advanced data and AI capabilities. The company also leveraged MongoDB's scalable and reliable architecture to support AI model training and evaluation.
Q：What were the financial results for the third quarter?
A：In the third quarter, revenue was $628 million, a 19% year-over-year increase and exceeded the high end of guidance. Service revenue outperformed expectations with year-over-year growth of 30% and now represents 75% of total revenue. The total company net revenue expansion rate increased to 120%, up from 109% last quarter. Non-ATLAS revenue grew ahead of expectations, and Atlas growth was driven by continued strength with the largest customers in the US and broad strength in EMEA. New workloads and growth of existing workloads contributed to this strength.
Q：How did Atlas growth contribute to the company's performance?
A：Atlas growth was driven by new workloads and growth of existing workloads, which the company believes reflects its growing strategic importance to customers and its ability to win more critical workloads due to the strength of its offerings. The total company net revenue expansion rate grew to 120%, and the strong performance is attributed to consistent consumption growth and momentum in both existing customers and new accounts.
Q：What was the impact of non-ATLAS revenue and multi-year deals?
A：Non-ATLAS revenue outperformed expectations and reflects the underlying revenue growth of this product without the impact of changes in duration, growing 8% year-over-year. Approximately two-thirds of the non-ATLAS revenue performance was attributable to multi-year deals.
Q：How did the customer growth and accounts with over $100,000 in Annual Recurring Revenue (ARR) contribute to the company's success?
A：The customer base grew by 2,600 sequences, bringing the total customer account over 62,500, up from over 52,600 in the year ago period. The growth in total customer accounts is primarily being driven by Atlas, which had over 68,000 customers at the end of the third quarter. The number of customers with at least $100,000 in Annual Recurring Revenue (ARR) increased by 269 to 2,694, representing 16% growth over the year ago period.
Q：What were the margins and profitability results for the third quarter?
A：Gross profit for the third quarter was $466 million, representing a gross margin of 74%, which is down from 77% in the year ago period. Income from operations was $123 million, a 20% operating margin compared to 19% in the year ago period. Net income in the third quarter was $115 million, or $1.32 per share, based on 86.9 million diluted shares outstanding. This compares to a net income of $98 million, or $1.60 per share, and 84.2 million diluted shares outstanding in the year ago period.
Q：What was the company's approach to guidance and share repurchases?
A：The company provided visibility into its expectations for Atlas growth and non-ATLAS growth each quarter. They have a goal to give a transparent view into business expectations and focus on forecasting multi-year deals. The company has repurchased approximately 514,000 shares for $145 million under a previously announced $1 billion total share purchase authorization.
Q：What are the expectations for the fourth quarter and fiscal year 2026?
A：For the fourth quarter of fiscal year 2026, the company now expects revenue of $665 to $670 million, representing 21% to 22% year-over-year growth. They expect non-GAAP income from operations to be in the range of $139 to $143 million for an operating margin of approximately 21%. Non-GAAP income per share is expected to be in the range of $1.44 to $1.48 based on 86.5 million diluted shares outstanding. For the full fiscal year, the company expects revenue to be in the range of $2.434 to $2.439 billion, an increase of $79 million from the high end of the prior guidance, representing four-year revenue growth of 21% to 22%.
Q：What is the goal of MongoDB as mentioned in the speech?
A：The goal of MongoDB is to become a foundational data platform for the AI era, providing the necessary real-time operational data and context for businesses.
Q：What are the key reasons that make MongoDB a suitable platform for AI workloads?
A：MongoDB is suitable for AI workloads because it ensures real-time operational data, updates properties of the company in tandem with the latest learning models, and provides all the elements required for a foundational AI platform as discussed with customers.
Q：What is the current state of AI agents in traditional businesses versus AI-native companies?
A：In traditional businesses, AI agents running in production that fundamentally transform the business are yet to emerge, with most organizations still in pilot stages. In contrast, AI-native companies are achieving rapid growth at scale by using MongoDB for their data and embedding models.
Q：How is the quality of work produced by developers expected to improve in the coming years?
A：The expectation is that the quality of work produced by developers will improve over the next few years, suggesting that there could be a talent year in 2024 and 2025 with more substantial contributions to growth.
Q：What is the growth pattern in larger customers as per the speech?
A：Larger customers are experiencing growth with longer engagements, expanding their operations, and increasing their size over time, which is contributing to the company's growth across the United States and in the broader MEA region.
Q：What are the main themes from customer conversations during the modernization efforts?
A：The main themes from customer conversations around modernization efforts include the transition of workloads to the cloud or multiple clouds for resiliency, and experimentation with AI applications. These transformations are ongoing and are expected to continue for at least the next five to seven years, providing a solid foundation forMongoDB's growth.
Q：What are the three key areas of focus for MongoDB based on customer discussions?
A：The three key areas of focus forMongoDB are: 1) Core: supporting cloud and digital transformation by modernizing workloads, 2) AI Workloads: providing solutions for real-time operational data and embedding models, and 3) AI Native companies: offering a scalable solution that does not scale in the relational database world.
Q：What is the investment philosophy of the company, and how should one think about the expansion of margins?
A：The company continues to invest in engineering and marketing, and while some investments have been made, especially in capacity, it expects to see APM (Average Performance Margin) continue to grow in fiscal 2027. The emphasis is on revenue growth and the business model to drive margin expansion. Expectations for fiscal 2026 are revenue growth and continued business investment.
Q：What does the speaker believe is driving the fundamental strength in the core business, and is there a possibility that this strength is AI-related?
A：The fundamental strength in the core business is driven by workloads that need modernization and suit MongoDB due to their unstructured and semi-structured data. There is a possibility that the core strength is AI-related, as there is a heightened focus on modernizing data in anticipation of AI, which could influence the strength in the core business.
Q：What is the relationship between the core data team and the AI team in the context of AI technology development?
A：The AI team is typically a separate team from the core data team, and the AI team relies on the core data team. If the core data team moves slowly, it can lead to frustration within the AI team, which measures its innovation velocity.
Q：How is IT potentially influencing the AI revolution and driving modernization in other parts of the enterprise?
A：IT is potentially the driving force behind the AI revolution, which is still in its early stages, and it is modernizing other parts of the enterprise as well.
Q：Why was more definitive guidance provided for the following quarter, and what factors were considered?
A：More definitive guidance was provided to offer visibility into the factors behind the guidance, as the Atlass team has become more precise in their forecasts. The guidance was cautious, considering the unpredictable nature of seasonal holiday patterns which have played out in the past.
Q：What strategies are being implemented to increase developer engagement with MongoDB?
A：Strategies to increase developer engagement with MongoDB include reinvesting in the Bay Area to engage with AI native companies, increasing marketing efforts, and organizing events like hackathons to support and serve these early AI native companies.
Q：What is the projected revenue growth for non-Atlas next year?
A：The projected revenue growth for non-Atlas next year is expected to be in the mid-low single digits.
Q：What factors have contributed to the faster onboarding and adoption of new customers for Atlas?
A：The faster onboarding and adoption of new customers for Atlas are attributed to the engineering team's job in removing friction through the quick adoption of Atlas via self-channel or by large enterprises, performance price gains, and the team's efforts to onboard customers more quickly and easily.
Q：What criteria does the company consider when evaluating potential acquisitions to accelerate its roadmap?
A：The company considers whether there is a good technical fit with its platform, the presence of a strong team, the relevance of the acquisition to a large market, and whether there is a potential to accelerate the roadmap.
Q：Where does the executive see the biggest opportunity for growth in the next 12 to 24 months?
A：The biggest opportunity for growth in the next 12 to 24 months is seen in two areas: the Fortune 500 where MongoDB can increase penetration both in existing and new accounts, and AI native companies in Silicon Valley where the executive has personal relationships with technology leaders.
Q：What are the two extremes of AI companies mentioned that are benefitting from MongoDB?
A：The two extremes of AI companies that are benefitting from MongoDB are those that were initially unable to scale due to PostgreSQL and other technologies they were using, and then successfully transitioned to MongoDB, and those that are already on a fast growth track but are considering integrating MongoDB to enhance their search accuracy and model performance.
Q：What was the outcome of the conversation with the successful AI native company about using MongoDB?
A：The outcome of the conversation with the successful AI native company was that the CEO, who initially built their own vector database, showed interest in trying MongoDB after considering the company's portfolio. They were willing to test it with a bet model and if successful, potentially replace their homegrown database with MongoDB.
Q：How is the consumer of development environments evolving according to the discussion?
A：The consumer of development environments is evolving with stronger prototyping and iteration activities. Although there is still a need for enterprise-class applications with strong security and performance requirements, the discussions indicate a transition towards more robust prototyping tools that could eventually lead to more advanced software development capabilities.
Q：What is the current state of AI agents in production as per customer feedback?
A：Based on customer feedback, many are running multiple AI agents in production, but the extent to which they are customer facing and outcome driven varies. While there is a strong need for AI agents in production, the feedback indicates that the journey to deployment is still challenging and that many organizations are still working through the process.
Q：What is the general sentiment regarding the integration of AI tools and the role of MongoDB?
A：The general sentiment is that while there is a growing interest in AI tools and their integration, the journey to production deployment is complex and varied among different industries. The speaker is encouraged by the opportunity for MongoDB to support these integrations, especially in the areas of operation data, vector data, and embedding models for enterprise-scale AI agent development.
Q：How are the results and growth prospects for Q4 and the full year 2026 described?
A：The results and growth prospects for Q4 and the full year 2026 are described as robust with a great year so far, excitement around holiday sales, and continued growth trends. The company remains cautious due to unpredictable holiday patterns but is optimistic about the performance. An update on robust customer additions and significant operating margin was also mentioned, reinforcing positive sentiments about the company's trajectory.
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