MongoDB reports the second quarter of fiscal 2027 — the three months ended 31 July 2026 — after the US close on Tuesday 1 September 2026. Consensus is $1.62 of non-GAAP earnings per share, press-reported from third-party estimate feeds, one cent above the top of the company's own guided range.
That range is $1.58–1.61. In the same guidance table, on the same row, MongoDB also guided GAAP net income per share of $0.08 to $0.12. Both numbers describe the quarter that is about to be reported. They are $1.50 apart, and by Wednesday morning the first will be in every headline and the second will be in this site's stored earnings series.
The points
- MongoDB guides two EPS figures for the same quarter and publishes both. Non-GAAP $1.58–1.61; GAAP $0.08–0.12. The midpoints are $1.595 and $0.10.
- The gap was $1.27 last quarter and the guide widens it to $1.50. In the April quarter MongoDB reported GAAP net income of $4.4 million, or $0.05 a share, and non-GAAP net income of $112.3 million, or $1.32.
- Most of the wedge is one line. Share-based compensation ran $137.8 million in the April quarter — 20.0% of revenue. The rest is acquired-intangible amortisation, acquisition costs, convertible-note issuance costs and a long-term non-GAAP tax rate applied in place of the actual one.
- A widely-carried estimate feed shows $0.08 for the same quarter. That is the bottom of MongoDB's own GAAP guide, not a bearish view of the business — the two consensus figures circulating are on two bases, twenty times apart.
- The full-year guide asks the second half to grow about 15%. Fiscal 2027 revenue of $2.92–2.96 billion, less the $687.6 million reported and the $729–734 million guided, leaves $1,498–1,543 million against $1,323.4 million a year earlier: +13.2% to +16.6%, against the 25.2% just printed. The subtraction is ours.
- Nothing in the near term looks like a slowdown. Remaining performance obligations grew 88% year over year to $1,458.6 million in April, and current RPO 69% to $766.3 million.
- Our trailing Rule of 40 is 46.4 — revenue growth of 23.6% plus a free cash flow margin of 22.7% on $591 million of free cash flow against $2.60 billion of revenue. Our arithmetic, on reported figures.
- Only the bull case in our forward model clears the price. Bear $164.88, base $307.41, bull $500.87, against $446.62 at the 27 August close.
$1.50 a share, and which one this site keeps
The bars above this article are the two guides, stacked. The GAAP sliver is not a rounding difference; it is the whole of MongoDB's reported profit.
| Per share | GAAP | Non-GAAP |
|---|---|---|
| Q1 FY2027, reported | $0.05 | $1.32 |
| Q2 FY2027, guided | $0.08–0.12 | $1.58–1.61 |
| FY2027, guided | $0.15–0.39 | $5.95–6.14 |
Every figure is MongoDB's own, from its first-quarter release of 28 May 2026.
This site stores the GAAP diluted line, because that is the one that reconciles to a filing without an adjustment schedule. So MongoDB's page will carry roughly a dime for a quarter the market will describe as a $1.60 quarter, and both will be right. The reason to say so in advance is that a beat computed across the two bases is not a beat. Pair a $1.60 print with the $0.08 an estimate feed carries and the arithmetic returns a 1,900% surprise; pair the same print with the $1.62 the Street means and it is a miss of a cent.
Which basis is better is not the interesting question, and this piece is not going to pretend to settle it. Share-based compensation is a real cost paid in real ownership: MongoDB's diluted share count went from 81.1 million a year ago to 81.6 million, and the non-GAAP calculation uses 85.3 million. What matters for a reader on Wednesday is only that the number in the headline and the number on this site are measuring different things, and that the distance between them is currently a dollar and a half.
The half-year the guide is quietly asking for
The second thing in that guidance table is a deceleration MongoDB has not described in words.
| Revenue | YoY | |
|---|---|---|
| H1 FY2026, reported | $1,140.4M | |
| H2 FY2026, reported | $1,323.4M | |
| H1 FY2027 (reported + guided) | $1,419.1M | +24.4% |
| H2 FY2027, implied by the full-year guide | $1,498–1,543M | +13.2 to +16.6% |
The reported halves are MongoDB's; the implied half is the full-year range less the quarter reported and the quarter guided, and that arithmetic is ours.
Growth of 24.4% in the first half and 15% in the second is not a normal shape for a consumption business whose largest line, Atlas, grew more than 29% in April and whose current RPO grew 69%. There are two readings and the company has offered neither. One is that the full-year range is simply conservative, which is what it has been in every recent year — the May guide was itself a raise. The other is that management sees something in the second half that the April quarter did not contain.
Our own MongoDB model treats the first reading as the base case and the second as the bear case, explicitly: the bear case takes the full-year guide literally and asks what the business must look like to produce it, and the answer is Atlas decelerating toward 2% a quarter from the 7.3% the April quarter delivered. Tuesday's revision of that full-year range is worth more to the model than the quarter above it.
What the price is paying for
Four cases, all ours, against $446.62 at the 27 August close:
| Case | Fair value | vs $446.62 |
|---|---|---|
| Bear | $164.88 | −63% |
| Base | $307.41 | −31% |
| Desai | $315.09 | −29% |
| Bull | $500.87 | +12% |
The base case exits the horizon at 6.5 times revenue, against about 11.4 times today, for a line the model has fading to roughly 9% annual growth by fiscal 2032. On the same basis this site carries Datadog at an 8.0x exit and Snowflake at 9.0x, so 6.5x is the more conservative of the three and is by some distance the largest single lever in the valuation.
The case named for the chief executive tests management's own claim — durable growth and margin expansion at the same time — by holding the base revenue path exactly and moving only the margin ladder five points on every line. It is worth $315.09, $7.68 above base. That is the finding worth carrying into Tuesday: on this model, margin expansion alone is worth about 2.5% of the share price. The revenue path is doing essentially all of the work, which is why the full-year revision matters more than the operating-margin line.
What to watch
- The full-year revenue range, currently $2.92–2.96 billion. Raised, the second-half deceleration it implies was conservatism. Left alone after a beat, it becomes a forecast the business has to hit.
- Atlas growth against the 29%-plus printed in April, and whether it is still the reason the guide moves. Atlas is the line every case in the model turns on.
- Both EPS figures — non-GAAP against $1.58–1.61 and $1.62 expected, GAAP against $0.08–0.12. Check which basis any headline is quoting before reading a percentage off it.
- Share-based compensation against $137.8 million and 20.0% of revenue. This is the wedge. If revenue grows 24% and the charge grows faster, the gap between the two guides widens again next quarter.
- Current RPO against $766.3 million and +69%. It is the only forward-looking volume disclosure MongoDB publishes, and it currently disagrees with the second half the company has guided.
MongoDB reports the quarter ended 31 July 2026 after the US close on Tuesday 1 September. Consensus of $1.62 is press-reported from third-party estimate feeds as of 1 September 2026 on a non-GAAP basis, and is not a series this site stores or verifies; the $0.08 figure carried by another widely-used feed is on a GAAP basis. All guidance — second-quarter and full-year revenue, and both the GAAP and non-GAAP income and per-share ranges — is MongoDB's own, from its first-quarter fiscal 2027 release of 28 May 2026, as are the reported revenue, per-share figures, share-based compensation, share counts, free cash flow, remaining performance obligations and Atlas growth quoted here. Ours rather than the company's: the implied second half, which is the full-year range less the quarter reported and the quarter guided; the trailing Rule of 40; and the fair values, exit multiples and comparisons in our MongoDB model of 29 August 2026, which are assumptions and not company forecasts. The price of $446.62 is the 27 August 2026 close; a live quote will differ.
