MongoDB Earnings: Healthy Momentum in Customer Addition Drives Solid Start to Fiscal 2026

No-moat MongoDB delivered a strong start to fiscal 2026, topping our previous expectations. Total revenue increased 22% year over year to $549 million, and quarterly free cash flow exceeded $100 million for the first time, reaching $106 million. We also see positive trends with MongoDB’s “Go Anywhere” sales strategy. Quarterly net customer addition was the highest in six years, and quarterly net addition of customers with $100,000 or higher annualized recurring revenue was also a record high in over a year. Based on the strong demand from enterprises and startups to build artificial intelligence-powered new applications, we are raising MongoDB’s fair value estimate to $197 per share from $185 previously. Shares currently look moderately overvalued to us following the after-hours rally.