MongoDB (MDB) kicked off fiscal 2026 with a strong performance in its first quarter, reporting robust top-line growth, improved margins, and significant customer momentum. Total revenue rose 22% year-over-year to $549.0 million, driven by a 26% increase in Atlas revenue, which now makes up 72% of the total, up from 70% a year ago. Subscription revenue climbed to $531.5 million, also up 22%, while services revenue grew 28% to $17.5 million.

The company added approximately 2,600 net new customers, pushing its base to over 57,100, a 16% increase year-over-year. Of these, 2,506 customers generate at least $100,000 in annual recurring revenue (ARR)—a 17% rise—and the net ARR expansion rate held steady at a healthy 119%.

On the profitability front, MongoDB saw a notable margin improvement. Non-GAAP operating income surged 166% to $87.4 million, representing a 16% margin, while non-GAAP net income more than doubled to $86.3 million, or $1.00 per share, up from $0.51. Free cash flow jumped 74% to $105.9 million, and the company ended the quarter with a solid $2.5 billion in cash and equivalents.

Guidance for Q2 projects revenue between $548–$553 million and non-GAAP EPS of $0.62–$0.66. For the full year, MongoDB raised its outlook, now expecting $2.25–$2.29 billion in revenue and non-GAAP EPS of $2.94–$3.12, reflecting higher operating efficiency and confidence in execution. Notably, non-Atlas subscription revenue is expected to decline due to a $50 million headwind from multi-year license revenue shifts.

The Board authorized an additional $800 million in share repurchases, bringing the total program to $1 billion, with buybacks set to commence in Q2.

CEO Dev Ittycheria emphasized strong enterprise and self-serve traction—highlighting a six-year high in self-serve customer additions—and reiterated MongoDB’s growing role in powering modern, AI-driven applications. While AI-related revenue remains modest in FY26, the acquisition of Voyage AI positions the company well for future growth. Continued investments in R&D, including MongoDB 8.0 and AI tooling, alongside disciplined hiring, have contributed to margin outperformance.

With a strong balance sheet, rising margins, and growing customer base, MongoDB is well-positioned to capitalize on long-term trends in cloud-native development, real-time data, and AI, while also returning value to shareholders through its expanded buyback program.