MongoDB, Inc. · Q2 FY2027

The quarter in short

Revenue $772M, up 30.5% year over year and 12.2% on the quarter. Non-GAAP EPS $1.90, up 90.0% year over year and 43.9% on the quarter. GAAP EPS $0.50. Free cash flow $139M, up 94.8% year over year and down 30.1% on the quarter. Non-GAAP EPS beat consensus by 17%. Rule of 40 score +49.

What we learned

1. The wedge between MongoDB's two EPS bases came in narrower than the guide implied. $1.40 between GAAP $0.50 and non-GAAP fully diluted $1.90, against about $1.50 guided, with stock compensation at 19.3% of revenue from 20.0% in April.
2. Enterprise Advanced grew faster than Atlas again, at 35.9% against 28.9%. Atlas's share of total revenue fell 90 basis points to 73.3%, and the self-managed line is now guided to about 11% growth for the year, its first double-digit year in three.
3. Sales and marketing grew 3.7% while revenue grew 30.5%. The line fell from 41.3% to 32.8% of revenue, and that single pair of numbers is the move from a 15% to a 24% non-GAAP operating margin.
4. Committed backlog grew three times as fast as revenue. RPO reached $1,519.2 million, up 91%, and current RPO $797.3 million, up 73%, while deferred revenue stayed roughly flat at $447.7 million — duration and commitment, not prepayment.
5. Most of the raise was money already earned. The full year went up $70 million at both ends, but about $40 million of that was the July quarter beating its own guide, and the shares still traded 13.9% lower after hours.

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