TLDR
- MongoDB reported Q2 revenue of $771.8 million, up 30% year over year, beating the $735 million analyst estimate.
- Adjusted EPS came in at $1.90, well above the $1.62 forecast.
- Atlas revenue grew 29% year over year, representing 73% of total sales.
- MongoDB raised its full-year revenue guidance to $2.99 billion to $3.03 billion.
- The stock dropped around 14% in after-hours trading due to softer Q3 guidance and valuation concerns.
MongoDB (MDB) posted one of its strongest quarters in years on Tuesday, but the market was not impressed. The stock fell roughly 14% in after-hours trading, hitting $373.13 in Wednesday’s premarket, after Q3 guidance came in below what investors were hoping to see.
In regular trading on Tuesday, MDB had already slipped 4.2% to $434.21, caught up in a broader tech selloff.
Q2 revenue came in at $771.8 million, a 30% jump from the same period last year and the fastest growth rate the company has posted in several years. That topped Wall Street’s estimate of $735 million by a comfortable margin.
MONGODB $MDB Q2’27 EARNINGS HIGHLIGHTS
🔹 Revenue: $771.8M (Est. $734M) 🟢; +30% YoY
🔹 Adj. EPS: $1.90 (Est. $1.61) 🟢; +90% YoY
🔹 RPO: $1.52B; +91% YoY
🔹 Non-GAAP Operating Margin: 24%; +900 bps YoYRaises FY27 Guide:
🔹 Revenue: $2.99B-$3.03B (Est. $2.95B) 🟢
🔹 Adj. EPS:… pic.twitter.com/ZhBL7b6hJu— Wall St Engine (@wallstengine) September 1, 2026
Adjusted earnings per share hit $1.90, up 90% from the prior year, and well ahead of the $1.62 consensus. Adjusted net income climbed 86% to $163 million.
Atlas Growth Steady But Not Accelerating
Atlas, MongoDB’s fully hosted cloud database service, grew revenue 29% year over year and now makes up 73% of total company revenue. The problem is that 29% is the same growth rate Atlas has posted for three straight quarters.
Hedge funds tracked by Mizuho Securities analyst Jordan Klein had privately expected Atlas to grow between 30.5% and 31%. That gap, while small, was enough to disappoint.
The company added 2,900 net new customers during the quarter, bringing its total to 70,600, up 18% year over year. Its highest-value customers, those spending $100,000 or more in annual recurring revenue, grew 17% to 2,999.
Customers using AI on Atlas grew to represent 30% of ARR.
Q3 Guidance Fell Short
For Q3, MongoDB guided for revenue of $759 million and adjusted EPS of $1.59. That works out to roughly 21% and 20% growth, respectively, at the midpoint. After back-to-back quarters of 30% revenue growth, the step down rattled investors.
Full-year guidance was raised to revenue of around $3 billion and adjusted EPS of roughly $6.49 at the midpoint. Both figures came in ahead of analyst consensus of $2.96 billion in revenue and $6.13 in adjusted EPS.
CEO CJ Desai called out the quarter’s results directly: “We delivered strong second quarter results, highlighted by 30% year-over-year revenue growth, the highest level of growth in several years, and continued strong profitability.”
Gross margin expanded to 74%, up from 71% a year ago.
Even after the after-hours decline, MDB trades at roughly 59 times next year’s expected earnings. With Q3 growth guided at around 20%, some investors are struggling to justify that valuation.
MDB had rallied 21.3% in the month leading up to the report, leaving the stock with little room for error heading into earnings.
The stock was trading at $373.13 in Wednesday’s premarket, down from Tuesday’s close of $434.21.
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