Mongodb, Inc. · NASDAQ:MDB
Mongodb — Investor Presentation (September 2026)
39 slides from Mongodb's investor presentation, September 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION
Slide 2: Safe Harbor
Safe Harbor This presentation and the accompanying oral presentation have been prepared by MongoDB, Inc. (“MongoDB” or the “company”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or repr
Slide 3: What you should take away from this deck
What you should take away from this deck We are seeing strong traction in a large and growing market, and we still have a Market opportunity relatively small share Core products We are confident about the durability of growth for both Atlas and EA AI and new innovations AI momentum is building but s
Slide 4: The Intelligent Data Platform for the AI Era
THE INTELLIGENT DATA PLATFORM FOR THE AI ERA I NVE STO R DAY
Slide 5: We are pursuing a large and growing market opportunity
We are pursuing a large and growing market opportunity Past (2024-2025) +12% CAGR 2026 to 2030 $193 Future (2026-2030) $174 $156 $139 $123 $108 $93 2024 2025 2026 2027 2028 2029 2030 Note: All figures in USD billions. | Source: IDC Database Management Systems Software TAM (September 2026). 5
Slide 6: The JSON document model is our foundation for growth
The JSON document model is our foundation for growth Naturally models structured, unstructured, and interdependent data Unifies metadata, embeddings, and real-time operational data Highly flexible & adaptable, evolves as app requirements evolve JSON is the “lingua franca” of AI apps – LLMs, MCPs, ve
Slide 7: Run anywhere is a key advantage
Run anywhere is a key advantage
Slide 8: Our unified platform is a competitive differentiator
Our unified platform is a competitive differentiator SEARCH VECTOR HYBRID VOYAGE Run Anywhere Real-Time Data Instant Scale Document Model
Slide 9: Postgres offers limited capabilities versus MongoDB's platform
Postgres offers limited capabilities versus MongoDB’s platform Postgres MONGODB ADVANTAGE vanilla | provider Flexible Data Model JSONB support is not the same as the Document model Native Queryable Encryption Industry-first, unique to MongoDB Run anywhere Managed Offering Each Postgres provider has
Slide 10: Strong pace of product innovation
Strong pace of product innovation Acquisition of Voyage AI MongoDB AMP 2026 MongoDB 8.0 Atlas Stream Processing Atlas Search Nodes 2025 EA Full Text Search Atlas Vector Search EA Vector Search, MongoDB 7.0 Atlas auto-embedding Atlas Relational Migrator 2024 Voyage re-rankers Queryable Encryption Man
Slide 11: MongoDB 9.0, Atlas Infinite and Atlas Agent Engine
MONGODB ATLAS ATLAS 9.0 INFINITE AGENT GA PUBLIC PREVIEW ENGINE PUBLIC PREVIEW Fastest and most performant version Built for elastic agentic workloads: Memory, runtime and governance of the database yet. Up to 2x higher storage and compute scale separately, for running agents in production, on throu
Slide 12: Key go-to-market investment areas
Key go-to-market investment areas Building momentum with Increasing multi-product Deepening our our largest customers at platform adoption partner ecosystem an executive level Investing in stronger Accelerating legacy Continuing geo AI Native customer modernization and vertical acquisition opportuni
Slide 13: Proven success across industries
Proven success across industries: COMMUNICATIONS & MEDIA TECHNOLOGY MANUFACTURING/AUTOMOTIVE HEALTHCARE FINANCIAL SERVICES CONSUMER & RETAIL
Slide 14: Why MongoDB wins in AI
Why MongoDB wins in AI Single, Ideal memory layer Capturing more of the Unified Platform for Agents agentic stack
Slide 15: We are seeing traction from AI use cases
We are seeing traction from AI use cases % of Atlas ARR from Customers with at least one AI Use Case 30% YoY ~40% ~30% Q2 Q2 FY26 FY27 Note: A workload is considered attributable to AI if it is using our vector search feature, is using an AI-related driver, or belongs to a company that was admitted
Slide 16: MongoDB Atlas Powers AI Innovation with ElevenLabs
MongoDB Atlas Powers AI Innovation with ElevenLabs MongoDB is fueling innovation at AI native customer ElevenLabs, which is redefining conversational AI with its new enterprise agentic platform. ElevenLabs selected Atlas to power the critical long-term memory and knowledge base for their autonomous
Slide 17: Growth is Real & Durable
GROWTH IS REAL & DURABLE
Slide 18: We have a history of strong revenue growth
We have a history of strong revenue growth Atlas and EA are both healthy, independent growth engines Total Revenue ($M) Atlas $3,030 EA & Other + Services 2 CAGR $2,464 +28% $2,006 $656 $1,683 $601 $1,284 $578 $874 $476 $1,808 $381 $1,405 $1,105 $808 $492 FY22 FY23 FY24 FY25 FY26 FY27 Guidance (High
Slide 19: Total ARR has grown the last two years
Total ARR has grown the last two years ARR by Product ($M) & YoY ARR Growth Atlas ARR EA & Other ARR Total Subscription ARR Growth ● Atlas ARR growth is consistent with revenue growth 23% 25% 22% $2,886 ● EA & Other ARR growth has $605 $2,309 accelerated each year and has $1,877 $544 been double-dig
Slide 20: Atlas revenue dollars have grown year-over-year for the past 6 quarters
Atlas revenue dollars have grown year-over-year for the past 6 quarters Atlas Revenue Added Year-Over-Year ($M) $127 $114 $117 $108 $99 $82 $76 $76 $76 $72 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY25 FY25 FY25 FY26 FY26 FY26 FY26 FY27 FY27 20
Slide 21: EA is also exhibiting solid growth
EA is also exhibiting solid growth Customers continue to expand their self-managed footprints to support both traditional and AI applications Quarterly EA & Other ARR Growth 13% 11% 11% 10% 8% 7% 7% 7% 5% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY25 FY25 FY25 FY26 FY26 FY26 FY26 FY27 FY27 Note: EA & O
Slide 22: AI revenue impact is still small, but growing rapidly
AI revenue impact is still small, but growing rapidly AI Natives - Customer Count AI Natives - Revenue and Growth Atlas Revenue YoY Growth % from AI Natives s year 2,200+ in 2 165% ~2x 1,700+ 129% 1,200+ 67% Q2 Q2 Q2 Q2 Q2 Q2 FY25 FY26 FY27 FY25 FY26 FY27 This AI native cohort makes up low single-di
Slide 23: Our largest customer segments are growing fastest
Our largest customer segments are growing fastest, reflecting our move up-market Total Customers $100K+ Customers 2,999 70,600 R CAG 2,564 R 24% CAG 59,900 23% 2,189 50,700 1,855 45,000 37,000 1,462 29,000 1,126 20,200 819 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 FY21 FY22 FY23 FY24 FY25 FY26 FY27
Slide 24: Revenue Growth Drives Margin
REVENUE GROWTH DRIVES MARGIN
Slide 25: Leverage is showing up in the model
Leverage is showing up in the model… Revenue Growth and Operating Margin % Revenue Growth Operating Margin % (1) 22.8% 23.0% 19.2% 21.0% 18.5% 14.9% FY25 FY26 FY27 Guidance (2) (High End) …and we continue to invest to drive growth (1) Operating Margin is a non-GAAP measure. A reconciliation of non-G
Slide 26: Key investment areas
Key investment areas Innovation / R&D Go-to-market ● Strengthening our core database capabilities to meet ● Engaging with executive buyers to support our the demands of AI. Examples include: up-market focus ○ Full Text Search and Vector Search on EA ● Building GTM platform specialization to drive fa
Slide 27: We expect to reach GAAP profitability this year
We expect to reach GAAP profitability this year GAAP EPS ($) SBC as a % of revenue 40% $0.77 30% $0 30% 27% 25% 22% -$0.88 20% 20% -$1.73 -$2.48 10% -$5.03 0% FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 YTD Guidance (1, 2) (High End) (1) Shares outstanding used in the EPS calculation is based
Slide 28: Our business model is generating meaningful cash flow
Our business model is generating meaningful cash flow Historical Trend Current FCF ($M) FCF Conversion % (1) FCF ($M) FCF Conversion % (1) 108% 108% 493 101% 335 41% 38% 176 -40% 110 114 -25 FY23 FY24 FY25 FY26 1H FY26 1H FY27 Note: FCF and FCF Conversion are non-GAAP measures. A reconciliation of t
Slide 29: Q2 FY 2027 Performance Recap
Q2 FY 2027 PERFORMANCE RECAP
Slide 30: We delivered strong results in Q2
We delivered strong results in Q2 ATLAS EA & OTHER NEW CUSTOMER OPERATING OPERATING CASH GROWTH GROWTH (1) ADDS MARGIN (2) FLOW 29% 36% 2.9k 24% $142M Fifth quarter in a row Strongest quarter in Highest level of net Improved 900bps+ Increase of nearly 2x of ~29% growth ~3 years adds in many years ye
Slide 31: And raised our guidance for the full year
And raised our guidance for the full year PRIOR GUIDE CHANGE AT MIDPOINT CURRENT GUIDE (1) Total Revenue $2,920 - $2,960 $2,990 - $3,030 $70 Y/Y Change 19% - 20% 21% - 23% Operating $571 - $591 $616 - $636 Income (2) $45 Margin % 19.6% - 20.0% 20.6% - 21.0% EPS (2) $5.95 - $6.14 $0.44 $6.39 - $6.58
Slide 32: Historical Trended Results
Historical Trended Results $772 $800 30% $695 $688 $700 $628 25% $591 $600 $548 $549 $529 23% $478 24% $500 20% 21% 20% 19% 18% $400 15% 16% 15% $300 10% 11% $200 5% $100 $0 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY25 FY25 FY26 FY26 FY26 FY26 FY27 FY27 Revenue ($ in Millions) Non-GAAP Operating Margin
Slide 33: Balance sheet, cash flow, and capital metrics
Balance sheet, cash flow, and capital metrics
Slide 34: Financial Targets
FINANCIAL TARGETS
Slide 35: Long-term financial targets
Long-term financial targets TARGETS PRIOR (3-5 YEARS) UPDATED (~3 YEARS) (1) Total revenue growth High teens 20%+ Atlas revenue growth 20%+ Mid-20% EA & Other ARR growth Low-to-mid single digits 10%+ growth 20%+ 100-200 bps expansion on average Operating margin (2, 4) (100-200 bps expansion on avera
Slide 36: Targeted upsides to Atlas long-term target
Targeted upsides to Atlas long-term target Atlas YoY Revenue Growth (%) Targeted Sources of Upside Mid-20% ● Enterprise AI workloads 20%+ ● AI native contribution ● New product innovations ● App modernization ● Partnerships Prior Updated Long-term Targets Long-term Targets (1) (3-5 Yrs) (~3 Yrs) I N
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the following financial measures defined as non-GAAP financial measures by the SEC: non-GAAP gross profit, non-GAAP income from operations, non-GAAP operating margin, cash conversion, free cash flow and free cash flow conversion. Non-GAAP gross
Slide 38: Definitions
Definitions We calculate annualized recurring revenue (“ARR”) to help us measure our subscription revenue performance. ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of direct sales customers of Atlas, b
Slide 39: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Reconciliation of GAAP income (loss) from operations Reconciliation of GAAP Guidance to Full Year Fiscal 2027 to non-GAAP income from operations: Six Months Ended Years Ended January 31, Non-GAAP Guidance 2025 2026 2023 2024 2025 2026 (in millions of U.S. dollars, ex