Financial Analysis

Business Combinations Voyage AI Innovations, Inc. On February 17, 2025 (the Acquisition Date), the Company acquired all outstanding shares of Voyage AI Innovations, Inc. (Voyage AI), an AI-powered software company that specializes in embedding and reranking models. The Company acquired Voyage AI for its developed technology and talent. The Company accounted for the transaction as a business acquisition under the acquisition method of accounting. The acquisition date fair value of the purchase consideration was $160.9 million, which comprised the following (in thousands): Estimated Fair Value Cash $ 19,464 Common stock (1) 141,402 Total $ 160,866 (1) Approximately 484,169 shares of the Companys common stock were included in the purchase consideration and the fair values of these shares were determined based on the opening market price of $292.05 per share on February 18, 2025. Because the acquisition closed on a market holiday, the Company elected to use the opening market price on the first trading day subsequent to the acquisition date. In connection with this business combination, the Company also issued to certain of Voyage AIs employees a total of 213,023 shares of restricted stock awards and 35,152 shares of restricted stock units in exchange for a portion of their Voyage AI stock. These shares are subject to vesting agreements contingent upon each of these employees continued employment with the Company or its affiliates, pursuant to which the shares will vest over the …

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Commitments and Contingencies Non-cancelable Material Commitments During the three months ended October 31, 2025, the Company entered into a renewal agreement with a cloud infrastructure provider that includes a non-cancelable commitment of $300 million to be paid over a period from October 2025 through October 2028. During the nine months ended October 31, 2025, other than certain non-cancelable operating leases described in Note 7, Leases and the renewal agreement with a cloud infrastructure provider, there have been no material changes outside the ordinary course of business t o the Companys contractual obligations and commitments from those disclosed in the 2025 Form 10-K. Legal Matters The Company investigates all claims, litigation and other legal matters as they arise. From time to time, the Company has become involved in claims, litigation and other legal matters arising in the ordinary course of business, including intellectual property, labor and employment and breach of contract claims. For example, on July 9, 2024, a putative class action lawsuit, captioned Baxter v. MongoDB, Inc., et al., was filed in the United States District Court for the Southern District of New York against MongoDB, former CEO Dev Ittycheria, and former COO and CFO Michael Gordon. On January 27, 2025, the lead plaintiff in the lawsuit (the Securities Action) filed an Amended Complaint naming former Senior Vice President of Finance and former Interim CFO Srdjan Tanjga as an additional defenda …

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Convertible Senior Notes In January 2020, the Company issued $1.0 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers option to purchase additional convertible senior notes (collectively, the 2026 Notes). The 2026 Notes were senior unsecured obligations of the Company and interest was payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25% per year. The 2026 Notes had an original maturity date of January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $1.1 billion. In October 2024, the optional redemption feature of the 2026 Notes was satisfied as the last reported sale price of the Companys common stock was more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. On October 16, 2024, the Company issued a notice of redemption (the Redemption Notice) for all aggregate principal amount outstanding of its 2026 Notes. Pursuant to the Redemption Notice, on December 16, 2024 (the Redemption Date), the Company redeemed all 2026 Notes that had not been converted prior to …

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The following table presents the Companys revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Primary geographical markets: Americas $ 380,004 $ 325,076 $ 1,077,115 $ 881,958 EMEA 175,348 140,744 487,074 400,864 Asia Pacific 72,957 63,555 204,536 175,223 Total $ 628,309 $ 529,375 $ 1,768,725 $ 1,458,045 Subscription product categories and services: MongoDB Atlas-related $ 470,399 $ 362,604 $ 1,305,262 $ 1,016,142 Other subscription 138,668 149,601 407,615 396,764 Services 19,242 17,170 55,848 45,139 Total $ 628,309 $ 529,375 $ 1,768,725 $ 1,458,045 …

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Equity Equity Incentive Plan The Company adopted the 2008 Stock Incentive Plan (as amended, the 2008 Plan) and the 2016 Equity Incentive Plan (as amended the 2016 Plan), primarily for the purpose of granting stock-based awards to eligible employees, directors and consultants, including stock options, restricted stock units (RSUs), restricted stock awards (RSAs) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan. Stock Options The following table summarizes stock option activity for the nine months ended October 31, 2025 (in thousands, except share and per share data and years): Shares Weighted-Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Balance - January 31, 2025 567,425 $ 8.41 1.5 $ 150,319 Stock options exercised (313,888) 7.72 Stock options forfeited and expired Balance - October 31, 2025 253,537 9.26 1.2 88,883 Vested and exercisable - January 31, 2025 567,425 8.41 1.5 150,319 Vested and exercisable - October 31, 2025 253,537 $ 9.26 1.2 $ 88,883 Restricted Stock Units During the three months ended October 31, 2025, the Company began funding withholding taxes in certain jurisdictions due upon t …

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Fair Value Measurements The following tables present information about the Companys financial assets that have been measured at fair value on a recurring basis as of October 31, 2025 and January 31, 2025 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of October 31, 2025 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 250,305 $ $ $ 250,305 Short-term investments: U.S. government treasury securities 1,471,669 1,471,669 Total financial assets $ 1,721,974 $ $ $ 1,721,974 Fair Value Measurement as of January 31, 2025 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 152,588 $ $ $ 152,588 Short-term investments: U.S. government treasury securities 1,846,444 1,846,444 Total financial assets $ 1,999,032 $ $ $ 1,999,032 The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available. The following table summarizes the amortized cost and fair value of the Companys short-term investments by remaining contractual maturity as of October 31, 2025 and January 31, 2025 (in thousands): October 31, 2025 January 31, 2025 Amortized Cost Net Unrealized Gains Fair Value Amortized Cost Net Unrealized Gains Fair Value Due within one year $ 907,233 $ 2,157 $ 909,390 $ 968,74 …

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Income Taxes The Company recorded a provision for income taxes of $3.4 million and 11.6 million for the three and nine months ended October 31, 2025, respectively, and $2.7 million and $9.1 million for the three and nine months ended October 31, 2024, respectively. The provisions recorded during each of the three and nine months ended October 31, 2025 and 2024 were driven by an increase in global income and the associated foreign taxes as the Company continues its global expansion. The calculation of income taxes was based upon the estimated annual effective tax rates for the year applied to the jurisdictional mix of current period loss before tax plus the tax effect of any significant unusual items, discrete events or changes in tax law. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has maintained a valuation allowance on U.S. and Ireland net deferred tax assets, as it is more likely than not that some or all of the deferred tax assets will not be realized. The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax . As of January 31, 2025, the Companys …

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Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from one to 12 years and may include renewal options, which the Company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the Company's discretion. Lease Costs The components of the Companys lease costs included in its interim condensed consolidated statements of operations were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Finance lease cost: Amortization of finance lease right-of-use assets $ 995 $ 994 $ 2,981 $ 2,981 Interest on finance lease liabilities 463 556 1,459 1,733 Operating lease cost 3,398 3,716 9,992 9,873 Short-term lease cost 1,128 1,222 3,330 4,254 Variable lease cost 1,238 945 3,643 2,931 Total lease cost $ 7,222 $ 7,433 $ 21,405 $ 21,772 Balance Sheet Components The balances of the Companys finance and operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): October 31, 2025 January 31, 2025 Finance Lease: Property and equipment, net $ 16,559 $ 19,540 Other accrued liabilities, current 6,381 6,814 Other liabilities, non-current 25,330 30,697 Operating Leases: Operating lease right-of-use assets $ 30,914 $ 34,607 Operating l …

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"Improvements to Income Tax Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose additional information about income taxes, primarily their rate reconciliation information and income taxes paid. The new guidance requires companies to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally, companies will be required to disclose annually income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for the Company for the fiscal year ending January 31, 2026, and may be applied on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements. DisaggregationIncome Statement Expenses . In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the Statement of Operations as well as discl …

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Revenue Disaggregation of Revenue The Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted through the Companys primary geographical markets and subscription product categories. The Companys primary geographical markets are North and South America (Americas); Europe, Middle East and Africa (EMEA); and Asia Pacific. The Company also disaggregates its subscription products between its MongoDB Atlas-related offerings and other subscription products, which include MongoDB Enterprise Advanced. The following table presents the Companys revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Primary geographical markets: Americas $ 380,004 $ 325,076 $ 1,077,115 $ 881,958 EMEA 175,348 140,744 487,074 400,864 Asia Pacific 72,957 63,555 204,536 175,223 Total $ 628,309 $ 529,375 $ 1,768,725 $ 1,458,045 Subscription product categories and services: MongoDB Atlas-related $ 470,399 $ 362,604 $ 1,305,262 $ 1,016,142 Other subscription 138,668 149,601 407,615 396,764 Services 19,242 17,170 55,848 45,139 Total $ 628,309 $ 529,375 $ 1,768,725 $ 1,458,045 Contract Liabilities The Companys contract liabilities are recorded as deferred revenue in the Companys condensed consolidated balance sheets and consist of customer invoices issued or p …

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Segment and Geographic Information Segment Information The Companys chief operating decision maker (CODM), the Chief Executive Officer, manages the Companys business activities as a single operating and reportable segment at the consolidated level. Accordingly, the CODM uses consolidated net loss to make operating decisions, allocate resources and assess performance. The CODM uses consolidated net loss to evaluate cost optimization and allocate resources, including personnel-related and financial or capital resources, in the annual budget and forecasting process, as well as budget-to-actual variances on a monthly basis. Further, the CODM reviews and utilizes functional expenses (cost of revenues, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Companys operations. Other segment items included in consolidated net loss are interest income, interest expense, other income (expense), net and the provision for income taxes, which are reflected in the interim condensed consolidated statements of operations. Geographic Information Customers located in the United States accounted for 53% and 54% of total revenue for the three and nine months ended October 31, 2025, respectively, and 55% and 54% of total revenue for the three and nine months ended October 31, 2024, respectively. No other country accounted for 10% or more of revenue for the periods presented. Long-lived assets located in the United States accounted f …

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"Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (""U.S. GAAP"") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These interim unaudited condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and in the opinion of management, reflect all adjustments, including normal recurring adjustments, which are considered necessary for the fair statement of the Companys financial position, results of operations and cash flows for the periods presented. All intercompany transactions and accounts have been eliminated. The results of operations for the interim periods should not be considered indicative of results for the full year or for any other future year or interim period. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Companys annual consolidated financial st …

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