A month has gone by since the last earnings report for MongoDB (MDB Quick QuoteMDB - Free Report) . Shares have lost about 3.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is MongoDB due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

MongoDB Q4 Earnings & Revenues Surpass Estimates, Both Increase Y/Y

MongoDB reported fourth-quarter fiscal 2026 non-GAAP earnings of $1.65 per share, which increased 28.9% year over year and surpassed the Zacks Consensus Estimate by 12.2%. 

The company's total revenues of $695.1 million rose 26.8% year over year and beat the consensus estimate by 4.7%.

Segment-wise, subscription revenues increased 26.7% year over year to $673.1 million, representing 97% of total revenues. Services revenues of $22 million grew 26.1% year over year, accounting for 3% of total revenues. 

Atlas revenues grew 29% year over year and accounted for 72% of total quarterly revenues, crossing the $2 billion annualized run rate for the first time. The sustained momentum in Atlas remained the primary driver of MongoDB's strong fourth-quarter performance.

MDB's Q4 Customer Metrics

The company ended the fiscal fourth quarter with more than 65,200 customers (as of Jan. 31, 2026), up from approximately 54,500 in the prior-year period, adding 2,700 new customers in the quarter. 

Atlas customers exceeded 63,900 by the end of the quarter, marking a strong increase over 53,100 in the prior year. 

In the fourth quarter of fiscal 2026, MongoDB had 2,799 customers with annualized recurring revenues of $100,000 or more, up 17% from 2,396 in the year-ago quarter. The company also reported 402 customers with at least $1 million in ARR, representing 26% year-over-year growth. 

The net ARR expansion rate increased to 121% in the fiscal fourth quarter, up from 119% in the year-ago period.

Operating Details of MDB

In the fiscal fourth quarter, MongoDB's non-GAAP gross margin remained stable year over year at 75%. 

Non-GAAP sales and marketing expenses increased 22% year over year to $208.1 million. Sales and marketing expenses, as a percentage of revenues, decreased 50 basis points (bps) year over year. 

Non-GAAP research and development expenses grew 25.8% on a year-over-year basis to $112.1 million. Research and development, as a percentage of revenues, increased 10 bps year over year to 16.1%. 

Non-GAAP general and administrative expenses rose 15.5% year over year, reaching $45.7 million in the reported quarter. General and administrative expenses, as a percentage of revenues, decreased 50 bps year over year to 6.6%. 

MongoDB reported non-GAAP operating income of $158.8 million, an increase of 41.2% year over year. The non-GAAP operating margin expanded 200 bps to 22.9%, reflecting continued operational leverage and revenue outperformance.

MongoDB's Balance Sheet & Cash Flow

As of Jan. 31, 2026, MongoDB had cash, cash equivalents, short-term investments and restricted cash of $2.4 billion, compared to $2.3 billion as of Oct. 31, 2025. 

Operating cash flow was $179.6 million in the fiscal fourth quarter, up from $143.5 million reported in the prior quarter. 

Free cash flow during the quarter was $176.7 million compared with $140.1 million in the prior quarter.

MongoDB's Guidance for Q1 & FY27

For the first quarter of fiscal 2027, MongoDB anticipates revenues between $659 million and $664 million, indicating 20% to 21% year-over-year growth. Non-GAAP earnings are expected in the range of $1.15 to $1.19 per share. Non-GAAP operating income is expected in the range of $105 million to $109 million. 

For fiscal 2027, MongoDB anticipates revenues between $2.86 billion and $2.90 billion, suggesting 16% to 18% full-year growth. Non-GAAP earnings are projected to be between $5.75 and $5.93 per share. Non-GAAP operating income is expected in the range of $545 million to $565 million, implying an operating margin of approximately 19.5% at the high end.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -42.3% due to these changes.

VGM Scores

Currently, MongoDB has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise MongoDB has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry Player

MongoDB belongs to the Zacks Internet - Software industry. Another stock from the same industry, Zoom Communications (ZM Quick QuoteZM - Free Report) , has gained 9.4% over the past month. More than a month has passed since the company reported results for the quarter ended January 2026.

Zoom reported revenues of $1.25 billion in the last reported quarter, representing a year-over-year change of +5.3%. EPS of $1.44 for the same period compares with $1.41 a year ago.

For the current quarter, Zoom is expected to post earnings of $1.41 per share, indicating a change of -1.4% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.2% over the last 30 days.

Zoom has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.