MongoDB Inc Q4 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Raimo Lenschow - Barclays - Analyst : Perfect. Thank you. Two quick questions for me. One on the multi-year guidance or the multi-year situation, like, if you look, like this quarter and the quarters before, you overperformed there. The guidance is obviously your expense for a slightly weaker because you have a lower renewal portfolio. Is it just a portfolio or do you see a change in trend that they -- so is it just a mechanical problem or like, or a mechanical situation, or is there also a change in behavior? And then I had one follow up.

Question: Raimo Lenschow - Barclays - Analyst : Okay, perfect. And then if you think about the Voyage acquisition, like how do we need to think about that in terms of getting that into the organization and into the market? Is that kind of going to be like an attachment to what you were doing, or do you think it's going to be sold broader than just into the MongoDB installed based? Thank you.

Question: Brent Bracelin - Piper Sandler Companies - Analyst : Thank you. Good afternoon. I wanted to double click into Atlas. If we normalize for the unused credits last year, the implied Atlas growth here in the low-20s is actually a bit of a bigger step down in growth. So could you just revisit the growth levers as we think about Atlas here? I know it's a larger business going into this year than last. But it does look like normalized growth after accounting for these unused credits last year is decelerating a little bit more. Just curious why.

Question: Brent Bracelin - Piper Sandler Companies - Analyst : Got it. And then Dev, as a follow up for you. We've seen AI workloads; I would argue in the experimental phase for the last two years. We're now seeing AI go into production, starting to see early signs of some of these agentic functions, show up in revenue renew. What's your expectation as you think about customer conversations, customers that are in experimentation going to production? When do you expect to see a bit of a lift there on your business?

Question: Karl Keirstead - UBS Equities - Analyst : Well, thanks. Dev, on the last call and even the prior one you talked quite a bit about this go-to-market pivot where you were pushing MongoDB to go after more opportunities upmarket. To what extent is that go-to-market transition reflected in your guidance? Are you assuming some upside from that effort in your revenue guidance and, conversely, does that require a decent amount of sales investments that might be a factor in your margin guidance. And how is that effort going at a high level? Thank you.

Question: Karl Keirstead - UBS Equities - Analyst : Okay, terrific. Thank you, both.

Question: Kingsley Crane - Canaccord Genuity - Analyst : Hi, thanks for taking the question. So again on Voyage AI, you mentioned that technology is not enough in the prepared remarks. So to what extent do you think feature sets like that of Voyage can drive workload creation within AI apps, or is that more market oriented? And then is Voyage additive in its ability to reduce specter storage costs similar to your efforts in quantization?

Question: Kingsley Crane - Canaccord Genuity - Analyst : Great, really helpful. And a quick follow up, how did GCP partner influence deals fare in the quarter? You called out strength last quarter and that you were looking to do more with them in Q4. Also saw that they made some cuts more recently. Thanks.

Question: Patrick Walravens - Citizens - Analyst : Oh great, thank you. I was wondering if you could just step back for us and give us sort of the five-year trajectory on non-Alas as I look at the growth rates going back, '21 was 23%, '22 19%, '23 25%, '24 [25%]. So was there a period, Dev, where it exceeded your expectations and then where it came in below what you thought? What sort of -- what was the ebb and flow of non-Atlas?

Question: Patrick Walravens - Citizens - Analyst : Okay, and then just as a follow up and you might not be able to comment on this, but as if as we look out past '26, I know you don't run the business this way, but we do model it this way. So as we look out past '26, should we expect the growth to stay really muted?

Question: Brad Sills - BofA Global Research - Analyst : Oh great, thank you so much. A question for you, Dev. You mentioned fiscal '26 kind of being a year of transition. I wanted to get your thoughts on what that means exactly. It seems to me that, the consumption patterns are stabilizing. You're seeing some traction with new workloads. Last year was a year of kind of go-to-market changes. It feels like this would be the year where you would start to see some progress on some of the transition items you saw last year. So maybe transition is a little bit strong as a way to describe this year, but I just wanted to kind of double click on your thoughts on that.

Question: Brad Sills - BofA Global Research - Analyst : Wonderful, thanks for that. And then would love to get your thoughts on where you're seeing new workload strength that you called out any categories in particular. Thank you.

Question: Patrick Colville - Scotiabank GBM - Analyst : Oh, thanks so much for taking my question. I guess, Dev, this one's for you, please. So MongoDB is obviously doing a lot of things right. So I guess I just want to ask around the competitive environment as of today, how is MongoDB competing with the hyperscalers, and Postgres as of today, and is that any different to the competitive environment, call it this time of year ago, March 2024. Thank you.

Question: Patrick Colville - Scotiabank GBM - Analyst : Very helpful and I guess it just touch on the hyperscalers just briefly.

Question: Rishi Jaluria - RBC Capital Markets - Analyst : Oh wonderful thanks so much for taking my question. Dev, I want to follow up on a comment you made which is, a lot of the Postgres successes from lift and shift of existing SQL applications and we're seeing the same thing in our own checks. What needs to happen as companies think about net new generative AI applications for them to think about kind of reconstructing or re-architecting those solutions from scratch, especially when they want to leverage unstructured data. And what role can you play in kind of driving that conversation more towards rebuild rather than just lift and shift.

Question: Rishi Jaluria - RBC Capital Markets - Analyst : Yeah, that's really helpful, Dev. And then maybe just related to that you've talked about the opportunity to do with relational migrator in the past and really how AI can help in accelerating that remapping the data schema, etc. What sort of momentum have you seen with relational migrator and maybe how should we be thinking about that as a growth driver going forward? Thank you.