MDB F1Q27 Preview: The Tools Are In Place

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MDB F1Q27 Preview: The Tools Are In Place

May 13, 2026

Howard Ma Howard.Ma@guggenheimpartners.com MDB F1Q27 Preview: The Tools Are In Place

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Joseph DiBartolomeo Key Message: We expect Atlas revenue to accelerate to 30%+ growth in F1Q (vs. +29%

joseph.dibartolomeo@guggenheimpartners.com in F4Q and guide of +26%), F2Q Atlas guide to be at least +24% (vs. consensus +22%),

212 823 6709 and full-year Atlas guide to be raised by at least 100 bps to +23%. This should translate

to FY27 total revenue growth and non-GAAP operating margin raised by at least 100

bps to 18% growth and 20%, respectively. We see Atlas ultimately growing 29% in FY27

(stable vs. FY26), and non-Atlas potentially in the low teens, yielding total revenue growth

of 25% vs. 23% in FY26, and mid-20% margin. Per management, as Atlas has gottenMDB BUY much bigger, revenue predictability has improved and shouldn’t result in big variability MongoDB, Inc.

vs. guidance, while there could be more volatility in non-Atlas revenue. Key sources Sector: Software

of potential upside include enterprise sales momentum and growing AI contribution.

Earnings Preview We have limited visibility into the former, but believe the latter is starting to happen,

primarily with mid-market enterprises and below. Recently, Ben Cefalo, Chief Product Share Price $303.00

Officer, Core Products, shared why MongoDB is purpose-built for building AI apps. In Price Target $475.00

the same vein, the recently announced LangChain partnership and Claude Code plugin

are important for positioning MongoDB as a preferred database for agentic development,

in our view. The significant YTD acceleration in PyMongo (the official MongoDB Python Revenue ($M)

(FY JAN) 1Q 2Q 3Q 4Q FY driver) downloads, tracking to exceed 100M/month in May vs.