# MongoDB, Inc. (MDB)

Informational only - not investment advice.

CIK: 0001441816
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=1441816
Filing source: https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2463797000 | USD | 2026 | 2026-03-11 |
| Net income | -71151000 | USD | 2026 | 2026-03-11 |
| Assets | 3758848000 | USD | 2026 | 2026-03-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001441816.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 114,805,000 | 166,028,000 | 267,016,000 | 421,720,000 | 590,380,000 | 873,782,000 | 1,284,040,000 | 1,683,011,000 | 2,006,443,000 | 2,463,797,000 |
| Net income | -70,063,000 | -83,973,000 | -99,011,000 | -175,522,000 | -266,944,000 | -306,866,000 | -345,398,000 | -176,600,000 | -129,072,000 | -71,151,000 |
| Operating income | -69,329,000 | -84,881,000 | -97,765,000 | -147,866,000 | -209,304,000 | -289,364,000 | -346,655,000 | -233,732,000 | -216,064,000 | -136,968,000 |
| Gross profit | 84,938,000 | 123,169,000 | 193,448,000 | 296,364,000 | 413,304,000 | 614,290,000 | 934,736,000 | 1,258,526,000 | 1,471,147,000 | 1,767,739,000 |
| Diluted EPS |  |  |  |  | -4.53 | -4.75 | -5.03 | -2.48 | -1.73 | -0.88 |
| Operating cash flow | -38,078,000 | -44,881,000 | -41,989,000 | -29,540,000 | -42,673,000 | 6,980,000 | -12,970,000 | 121,477,000 | 150,191,000 | 505,148,000 |
| Capital expenditures | 1,683,000 | 2,135,000 | 6,848,000 | 3,564,000 | 11,773,000 | 8,072,000 | 7,244,000 | 6,074,000 | 29,550,000 | 4,960,000 |
| Share buybacks | 48,000 | 242,000 | 327,000 | 43,000 | 11,000 | 0.00 | 0.00 | 0.00 | 0.00 | 400,333,000 |
| Assets | 174,432,000 | 432,844,000 | 733,476,000 | 1,328,567,000 | 1,407,495,000 | 2,449,588,000 | 2,588,893,000 | 2,869,642,000 | 3,430,293,000 | 3,758,848,000 |
| Liabilities | 115,689,000 | 185,187,000 | 468,910,000 | 1,245,709,000 | 1,407,814,000 | 1,782,888,000 | 1,849,385,000 | 1,800,653,000 | 648,069,000 | 806,490,000 |
| Stockholders' equity | -244,736,000 | 247,657,000 | 264,566,000 | 82,858,000 | -5,033,000 | 666,700,000 | 739,508,000 | 1,068,989,000 | 2,782,224,000 | 2,952,358,000 |
| Cash and cash equivalents | 69,305,000 | 61,902,000 | 147,831,000 | 706,192,000 | 429,697,000 | 473,904,000 | 455,826,000 | 802,959,000 | 490,133,000 | 1,083,540,000 |
| Free cash flow | -39,761,000 | -47,016,000 | -48,837,000 | -33,104,000 | -54,446,000 | -1,092,000 | -20,214,000 | 115,403,000 | 120,641,000 | 500,188,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -61.03% | -50.58% | -37.08% | -41.62% | -45.22% | -35.12% | -26.90% | -10.49% | -6.43% | -2.89% |
| Operating margin | -60.39% | -51.12% | -36.61% | -35.06% | -35.45% | -33.12% | -27.00% | -13.89% | -10.77% | -5.56% |
| Return on equity |  | -33.91% | -37.42% | -211.83% |  | -46.03% | -46.71% | -16.52% | -4.64% | -2.41% |
| Return on assets | -40.17% | -19.40% | -13.50% | -13.21% | -18.97% | -12.53% | -13.34% | -6.15% | -3.76% | -1.89% |
| Liabilities / equity |  | 0.75 | 1.77 | 15.03 |  | 2.67 | 2.50 | 1.68 | 0.23 | 0.27 |
| Current ratio | 1.62 | 3.09 | 3.44 | 4.59 | 3.22 | 4.02 | 3.80 | 4.40 | 5.20 | 4.65 |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001441816.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2024-Q2 | 2023-04-30 |  | -54,246,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-07-31 | 423,791,000 |  |  | reported discrete quarter |
| 2024-Q3 | 2023-07-31 |  | -37,597,000 |  | reported discrete quarter |
| 2024-Q3 | 2023-10-31 | 432,938,000 |  |  | reported discrete quarter |
| 2024-Q4 | 2024-01-31 | 458,002,000 | -55,460,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-04-30 | 450,561,000 | -80,593,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-04-30 |  | -80,593,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-07-31 | 478,109,000 |  |  | reported discrete quarter |
| 2025-Q3 | 2024-07-31 |  | -54,529,000 |  | reported discrete quarter |
| 2025-Q3 | 2024-10-31 | 529,375,000 |  |  | reported discrete quarter |
| 2025-Q4 | 2025-01-31 | 548,398,000 | 15,826,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-04-30 | 549,014,000 | -37,626,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-04-30 |  | -37,626,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-07-31 | 591,402,000 |  |  | reported discrete quarter |
| 2026-Q3 | 2025-07-31 |  | -47,048,000 |  | reported discrete quarter |
| 2026-Q3 | 2025-10-31 | 628,309,000 |  |  | reported discrete quarter |
| 2026-Q4 | 2026-01-31 | 695,072,000 | 15,530,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-04-30 | 687,616,000 | 4,434,000 | 0.05 | reported discrete quarter |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
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- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
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- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1441816/000162828026039150/mdb-20260430.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-29
Report date: 2026-04-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Unless the context otherwise indicates, references in this report to the terms “MongoDB,” “the Company,” “we,” “our” and “us” refer to MongoDB, Inc., its divisions and its subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with (1) our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and (2) the audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “2026 Form 10-K”). All information presented herein is based on our fiscal calendar year, which ends January 31. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ended January 31 and the associated quarters, months and periods of those fiscal years.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations, including our expectations regarding our future growth opportunity, revenue and revenue growth, investments, strategy, operating expenses and the anticipated impact of the global economic uncertainty and financial market conditions, caused by the macroeconomic environment, on our business, results of operations and financial condition. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part 2, Item 1A of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Our corporate website is located at www.mongodb.com. We make available free of charge, on or through our corporate website, our annual, quarterly and current reports, and any amendments to those reports, as soon as reasonably practicable after electronically filing such reports with, or furnishing such reports to, the Securities and Exchange Commission (“SEC”). Information contained on our corporate website is not part of this Quarterly Report on Form 10-Q or any other report filed with or furnished to the SEC.

Overview

18

Table of Contents

MONGODB, INC.

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world’s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to handle unstructured data and meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model.

We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue during the three months ended April 30, 2026 and 2025.

Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing. During the three months ended April 30, 2026, Atlas revenue represented 75%, as compared to 72% of our total revenue during the three months ended April 30, 2025, respectively, reflecting the continued growth of Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments.

MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced revenue represented 21% and 22% of our subscription revenue during the three months ended April 30, 2026 and 2025, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.

Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 750 million times since February 2009. We also offer a free tier of Atlas, which provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. As a result, with the availability of both Community Server and Atlas free tier offerings, our direct sales prospects are often familiar with our platform and may have already built applications using our technology. A core component of our growth strategy for Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.

We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% of our total revenue for the three months ended April 30, 2026 and 2025. We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion.

We compete in the database management software market, which is one of the largest in the software industry and growing. According to the International Data Corporation (IDC)’s Worldwide Database Management Systems Software Forecast, 2025-2029, the worldwide Database Management Software market was $93 billion in 2024, and is expected to grow to approximately $169 billion in 2029. This represents a 13% five-year compound annual growth rate. Over the last two years, a number of companies launched code assistant tools, which leverage generative AI to help developers write and test their code faster, thereby accelerating application development. We believe this acceleration in application development will further benefit the database management software market, by increasing the volume of new software and demand for scalable, flexible data platforms to manage the resulting growth of data.

We have experienced rapid growth and have made substantial investments in developing our platform and expanding our sales and marketing footprint. We intend to continue to invest to grow our business to take advantage of our market opportunity.

14

Table of Contents

MONGODB, INC.

Macroeconomic and Other Factors

Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the geopolitical landscape.

Adverse macroeconomic conditions include slower or negative economic growth and higher inflation. While the impact of these macroeconomic conditions on our business, results of operations and financial position remain uncertain over the long term, we expect to experience macroeconomic headwinds on growth rate for our existing Atlas applications in the short term.

We continue to monitor the developments of the macroeconomic environment and the geopolitical landscape. As these factors develop and we evaluate their impact on our business, we may adjust our business practices accordingly. For further discussion of the potential impacts of these factors on our business, operating results, and financial condition, see the section titled “Risk Factors” included in Part II, Item 1A of this Quarterly Report on Form 10-Q. Other factors affecting our performance are discussed below.

Share Repurchase Program

In February 2025, the Company’s Board of Directors authorized a program to repurchase up to $200.0 million of the Company’s common stock. In June 2025, the Company’s Board of Directors authorized an additional $800.0 million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $1.0 billion. During the three months ended April 30, 2026, the Company repurchased 358,216 shares of common stock for $100.0 million. The average price per share for the three months ended April 30, 2026 was $285.25. All repurchases of common stock were made in open market transactions and recorded in treasury stock. As of April 30, 2026, the total remaining authorization under the Share Repurchase Program is $499.7 million.

The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate us to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion.

Factors Affecting Our Performance

Extending Product Leadership and Maintaining Developer Mindshare

We are committed to delivering market-leading products to continue to build and maintain credibility with the global software developer community. We believe we must maintain our product leadership position and the strength of our brand to drive further revenue growth. We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform. During 2024, we introduced MongoDB version 8.0 e

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K. All information presented herein is based on our fiscal calendar. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ended January 31 and the associated quarters, months and periods of those fiscal years.

Overview

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world’s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model.

We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for the year ended January 31, 2026 and 97% for the years ended January 31, 2025 and 2024.

Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics, and stream processing. During the year ended January 31, 2026, Atlas revenue represented 73% of our total revenue, as compared to 70% in the prior year, reflecting the continued growth of Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments.

MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced revenue represented 21%, 24% and 26% of our subscription revenue for the years ended January 31, 2026, 2025 and 2024, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.

Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 700 million times since February 2009. We also offer a free tier of Atlas, which provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. As a result, with the availability of both Community Server and Atlas free tier offerings, our direct sales prospects are often familiar with our platform and may have already built applications using our technology. A core component of our growth strategy for Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.

We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% of our total revenue for the year ended January 31, 2026 and 3% for the year ended January 31, 2025 and 2024. We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion.

We believe the market for our offerings is large and growing. We have experienced rapid growth and have made substantial investments in developing our platform and expanding our sales and marketing footprint. We intend to continue to invest to grow our business to take advantage of our market opportunity.

54

Table of Contents

Macroeconomic and Other Factors

Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the geopolitical landscape.

Adverse macroeconomic conditions include slower or negative economic growth and higher inflation. While the impact of these macroeconomic conditions on our business, results of operations and financial position remain uncertain over the long term, we expect to experience macroeconomic headwinds on growth rate for our existing Atlas applications in the short term.

We continue to monitor the developments of the macroeconomic environment and the geopolitical landscape. As these factors develop and we evaluate their impact on our business, we may adjust our business practices accordingly. For further discussion of the potential impacts of these factors on our business, operating results, and financial condition, see the section titled “Risk Factors” included in Part I, Item 1A of this Form 10-K. Other factors affecting our performance are discussed below.

Share Repurchase Program

In February 2025, the Company’s Board of Directors authorized a program to repurchase up to $200.0 million of the Company’s common stock. In June 2025, the Company’s Board of Directors authorized an additional $800.0 million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $1.0 billion. During the year ended January 31, 2026, the Company repurchased 1,576,109 shares of common stock for $400.3 million. The average price per share for the year ended January 31, 2026 was $306.87. All repurchases were made in open market transactions and recorded in treasury stock. As of January 31, 2026, our total remaining authorization under our stock repurchase plan is $599.7 million.

The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate us to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion.

Business Acquisition

On February 17, 2025, we acquired all of the outstanding shares of Voyage AI Innovations, Inc. (“Voyage AI”), an AI-powered software company that specializes in embedding and reranking models. The acquisition date fair value of the purchase consideration was $160.9 million, which was comprised of 484,169 shares of our common stock valued at $141.4 million as of the acquisition date and $19.5 million in cash. In addition, we also issued to certain of Voyage AI’s 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 us or our affiliates, pursuant to which the shares will vest over the weighted-average requisite service period of 2.7 years. The $62.2 million fair value of these restricted stock awards and $10.3 million fair value of these restricted stock units are accounted for as post-combination stock-based compensation expense over the weighted-average requisite service period.

The results of operations of this business combination have been included in our consolidated financial statements from the date of acquisition. See Note 5, Business Combinations, in our Notes to Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K, for details regarding this business combination.

Factors Affecting Our Performance

Extending Product Leadership and Maintaining Developer Mindshare

We are committed to delivering market-leading products to continue to build and maintain credibility with the global software developer community. We believe we must maintain our product leadership position and the strength of our brand to drive further revenue growth. We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform. During 2024, we introduced MongoDB version 8.0 enhancing enterprise-grade security, resilience and availability for a wide variety of applications. We added additional features to Queryable Encryption, an encrypted search scheme, to support equality and range searches. Over the years, we have introduced additional features and functionality to Atlas, including Atlas Search, Atlas Vector Search, Atlas Data Federation, Atlas Charts, and Atlas Stream Processing, which now provide dedicated infrastructure for search use cases so customers can scale independently of their database to manage their workloads with greater flexibility and operational efficiency. Recently,

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we have introduced an application programming interface (API) within Atlas that natively provides access to Voyage AI’s embedding and reranking models. These capabilities, when combined with the core functionality of Atlas, enable organizations to build, deploy and scale AI-powered applications with higher accuracy, lower latency and reduced architectural complexity.

We intend to continue to invest in our engineering capabilities and marketing activities to maintain our strong position in the developer community. We have spent $3.2 billion on research and development since our inception. Our results of operations may fluctuate as we make these investments to drive increased customer adoption and usage.

Growing Our Customer Base and Expanding Our Global Reach

We are intensely focused on continuing to grow our customer base. We have invested, and expect to continue to invest, in our sales and marketing efforts and developer community outreach, which are critical to driving customer acquisition. As of January 31, 2026, we had over 65,200 customers across a wide range of industries and in over 100 countries, compared to over 54,500 customers and over 47,800 customers as of January 31, 2025 and 2024, respectively. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings.

We are also focused on increasing the number of overall Atlas customers as we emphasize the on-demand scalability of Atlas by allowing our customers to consume the product with minimal commitment. We had over 63,900 Atlas customers as of January 31, 2026. The growth in Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental Atlas workloads.

Retaining and Expanding Revenue from Existing Customers

The economic attractiveness of our subscription-based model is demonstrated by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand. We believe that there is a significant opportunity to drive additional sales to existing customers, and expect to invest in sales and marketing and customer success personnel and activities to achieve additional revenue growth from existing customers. If an application grows and requires additional capacity, our customers increase their usage of our platform. Our customers add incremental workloads or expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. Also, as customers modernize their information technology infrastructure and move to the cloud, they may migrate applications from legacy databases. Our goal is to increase the number of customers that standardize on our platform within their organization, as well as add new workloads with new and existing customers. Over time, the subscription amount for our typical direct sales customer has increased.

We calculate annualized recurring revenue (“ARR”) to help us measure our subscription revenue performance. ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of direct sales customers of Atlas, by annualizing the prior 90 days of their actual usage of Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate ARR by annualizing the prior 30 days of their actual usage of such products, assuming no increases or reductions in usage. ARR excludes professional services. The number of customers with $100,000 or greater in ARR was 2,799, 2,396 and 2,052 as of January 31, 2026, 2025 and 2024, respectively. Our ability to increase sales to existing customers will depend on a number of factors, including customers’ satisfaction or dissatisfaction with our products and services, competition, pricing, economic conditions or overall changes in our customers’ spending levels.

We also examine the rate at which our customers increase their spend with us, which we call net ARR expansion rate. We calculate net ARR expansion rate by dividing the ARR at the close of a given period (the “measurement period”), from customers who were also customers at the close of the same period in the prior year (the “base period”), by the ARR from all customers at the close of the base period, including those who churned or reduced their subscriptions. As of January 31, 2026, our net ARR expansion rate was approximately 121%. Our net ARR expansion rate may fluctuate in future periods due to a variety of factors, including the volume and type of workloads that we onboard, growth rate of historical workloads on our platform and changes in the macroeconomic environment.

Our ability to increase sales to existing customers will depend on a number of factors, including customers’ satisfaction or dissatisfaction with our products and services, competition, pricing, economic conditions or overall changes in our customers’ spending levels.

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Investing in Growth and Scaling Our Business

We are focused on our long-term revenue potential. We believe that our market opportunity is large and we will continue to invest in scaling across all organizational functions in order to grow our operations both domestically and internationally. Any investments we make in our sales and marketing organization will occur in advance of experiencing the benefits from such investments, so it may be difficult for us to determine if we are efficiently allocating resources in those areas.

Components of Results of Operations

Revenue

Subscription Revenue. Our subscription revenue is comprised of term licenses and database-as-a-service solutions. Revenue from our Atlas database-as-a-service offering is primarily generated on a usage basis and is billed either monthly in arrears or paid upfront. Subscriptions to term licenses include technical support and access to new software versions on a when-and-if available basis. Revenue from our term licenses is recognized upfront for the license component and ratably for the technical support and when-and-if available update components. Associated contracts are typically billed annually in advance. The majority of our subscription contracts are one year in duration. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront. Our subscription contracts are generally non-cancelable and non-refundable.

Services Revenue. Services revenue is comprised of consulting and training services and is recognized over the period of delivery of the applicable services.

We expect our revenue may vary from period to period based on, among other things, the timing and size of new subscriptions, customer usage patterns, the proportion of term license contracts that commence within the period, the rate of customer renewals and expansions, delivery of professional services, the impact of significant transactions and seasonality of or fluctuations in usage from our Atlas customers.

Cost of Revenue

Cost of Subscription Revenue. Cost of subscription revenue primarily includes third-party cloud infrastructure expenses for our database-as-a-service solutions. We expect our cost of subscription revenue to increase in absolute dollars as our subscription revenue increases and, depending on the results of Atlas, our cost of subscription revenue may increase as a percentage of subscription revenue as well. Cost of subscription revenue also includes personnel costs, including salaries, bonuses and benefits and stock-based compensation, for employees associated with our subscription arrangements principally related to technical support and allocated shared costs, as well as depreciation and amortization.

Cost of Services Revenue. Cost of services revenue primarily includes personnel costs, including salaries, bonuses and benefits and stock-based compensation, for employees associated with our professional service contracts, as well as, travel costs, allocated shared costs and depreciation and amortization. We expect our cost of services revenue to increase in absolute dollars as our services revenue increases.

Gross Profit and Gross Margin

Gross Profit. Gross profit represents revenue less cost of revenue.

Gross Margin. Gross margin, or gross profit as a percentage of revenue, has been and will continue to be affected by a variety of factors, including the average sales price of our products and services, the mix of products sold, transaction volume growth and the mix of revenue between subscriptions and services. We expect our gross margin to fluctuate over time depending on the factors described above and, to the extent Atlas revenue increases as a percentage of total revenue, our gross margin may decline as a result of the associated hosting costs of Atlas.

Operating Expenses

Our operating expenses consist of sales and marketing, research and development and general and administrative expenses. Personnel costs are the most significant component of each category of operating expenses. Operating expenses also include travel and related costs and allocated overhead costs for facilities, information technology and employee benefit costs.

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Sales and Marketing. Sales and marketing expense consists primarily of personnel costs, including salaries, sales commission and benefits, bonuses and stock-based compensation. These expenses also include costs related to marketing programs, travel-related expenses and allocated overhead. Marketing programs consist of advertising, events, corporate communications, and brand-building and developer-community activities. We expect our sales and marketing expense to increase in absolute dollars over time as we expand our sales force and increase our marketing resources, expand into new markets and further develop our self-serve and partner channels.

Research and Development. Research and development expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation. It also includes amortization associated with intangible acquired assets and allocated overhead. We expect our research and development expenses to continue to increase in absolute dollars, as we continue to invest in our developer data platform and develop new products.

General and Administrative. General and administrative expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation for administrative functions including finance, legal, human resources and external legal and accounting fees, as well as allocated overhead. We expect general and administrative expense to increase in absolute dollars over time as we continue to invest in the growth of our business, as well as incur the ongoing costs of compliance associated with being a publicly traded company.

Other Income (Expense), Net

Other income (expense), net consists primarily of interest income, interest expense, gains and losses on financial instruments, net and gains and losses from foreign currency transactions.

Provision for Income Taxes

Provision for income taxes consists primarily of state income taxes in the United States and income taxes in certain foreign jurisdictions in which we conduct business. As of January 31, 2026, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes of approximately $2.2 billion, $2.0 billion, $857.2 million and $64.5 million, respectively, which begin to expire in the year ending January 31, 2028 for U.S. federal purposes and January 31, 2027 for state purposes. Operating losses in the United States, for years after January 31, 2019, in Ireland and the U.K. may be carried forward indefinitely. The deferred tax assets associated with the NOL carryforwards in each of these jurisdictions are subject to a full valuation allowance. Under Section 382 of the U.S. Internal Revenue Code of 1986 (the “Code”), a corporation that experiences an “ownership change” is subject to a limitation on its ability to utilize its pre-change NOLs to offset future taxable income. We also have U.S. federal and state research credit carryforwards of $207.2 million and $19.6 million, respectively, which begin to expire in the year ending January 31, 2029 for federal purposes and January 31, 2027 for state purposes.

On July 4, 2025, the One Big Beautiful Bill ("OBBBA") was signed into law. The OBBBA includes a broad range of U.S. tax reform measures, including, among other provisions, the immediate expensing of U.S. research and development expenditures. In accordance with ASC 740, we have recognized the effects of the new tax law in the period of enactment. As we maintain a full valuation allowance on its U.S. deferred tax assets, the legislation does not have a material impact on its consolidated financial statements.

Highlights for the Years Ended January 31, 2026, 2025 and 2024

For the years ended January 31, 2026, 2025 and 2024, our total revenue was $2,463.8 million, $2,006.4 million and $1,683.0 million, respectively. The increase in total revenue was primarily driven by our net ARR expansion rate of 121% as of January 31, 2026. Our net loss was $71.2 million, $129.1 million and $176.6 million for the years ended January 31, 2026, 2025 and 2024, respectively, driven primarily by higher sales and marketing spend and research and development costs. Our operating cash flow was $505.1 million, $150.2 million and $121.5 million for the years ended January 31, 2026, 2025 and 2024, respectively.

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Results of Operations

The following tables set forth our results of operations for the periods presented in U.S. dollars (in thousands) and as a percentage of our total revenue. Percentage of revenue figures are rounded and therefore may not subtotal exactly.

Years Ended January 31,

2026

2025

2024

$

% of Revenue

$

% of Revenue

$

% of Revenue

Consolidated Statements of Operations Data:

Revenue:

Subscription

$

2,385,977 

97 

%

$

1,943,864 

97 

%

$

1,627,326 

97 

%

Services

77,820 

3 

62,579 

3 

55,685 

3 

Total revenue

2,463,797 

100 

2,006,443 

100 

1,683,011 

100 

Cost of revenue:

Subscription(1)

571,531 

23 

441,404 

22 

345,233 

20 

Services(1)

124,527 

5 

93,892 

5 

79,252 

5 

Total cost of revenue

696,058 

28 

535,296 

27 

424,485 

25 

Gross profit

1,767,739 

72 

1,471,147 

73 

1,258,526 

75 

Operating expenses:

Sales and marketing(1)

944,389 

38 

871,148 

43 

782,760 

47 

Research and development(1)

716,303 

29 

596,837 

30 

515,940 

31 

General and administrative(1)

244,015 

10 

219,226 

11 

193,558 

11 

Total operating expenses

1,904,707 

77 

1,687,211 

84 

1,492,258 

89 

Loss from operations

(136,968)

(6)

(216,064)

(11)

(233,732)

(14)

Other income, net

81,277 

3 

84,465 

4 

70,216 

5 

Loss before provision for (benefit from) income taxes

(55,691)

(2)

(131,599)

(7)

(163,516)

(9)

Provision for (benefit from) income taxes

15,460 

1 

(2,527)

(1)

13,084 

1 

Net loss

$

(71,151)

(3)

%

$

(129,072)

(6)

%

$

(176,600)

(10)

%

(1)    Includes stock-based compensation expense as follows (in thousands):

Years Ended January 31,

2026

2025

2024

Cost of revenue—subscription

$

34,660 

$

29,548 

$

23,677 

Cost of revenue—services

17,183 

13,917 

12,733 

Sales and marketing

149,786 

161,317 

159,907 

Research and development

279,581 

226,367 

198,927 

General and administrative

69,244 

62,791 

61,663 

Total stock-based compensation expense

$

550,454 

$

493,940 

$

456,907 

Comparison of the Years Ended January 31, 2026 and 2025

Revenue

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

Subscription

$

2,385,977 

$

1,943,864 

$

442,113 

23 

%

Services

77,820 

62,579 

15,241 

24 

%

Total revenue

$

2,463,797 

$

2,006,443 

$

457,354 

23 

%

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Total revenue growth reflects increased demand for our platform and related services. Subscription revenue increased by $442.1 million primarily due to an increase in consumption of Atlas by our large existing customers as evidenced by our net ARR expansion rate of 121% as of January 31, 2026.

Cost of Revenue, Gross Profit and Gross Margin Percentage

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

Subscription cost of revenue

$

571,531 

$

441,404 

$

130,127 

29 

%

Services cost of revenue

124,527 

93,892 

30,635 

33 

%

Total cost of revenue

696,058 

535,296 

160,762 

30 

%

Gross profit

$

1,767,739 

$

1,471,147 

$

296,592 

20 

%

Gross margin

72 

%

73 

%

Subscription

76 

%

77 

%

Services

(60)

%

(50)

%

The increase in subscription cost of revenue was primarily due to a $93.6 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of Atlas, an increase of $17.1 million in personnel costs and stock-based compensation, and a $13.7 million increase in amortization costs primarily related to acquired intangible assets. The increase in third-party cloud infrastructure costs was partially offset by continued cost efficiencies realized as we scale Atlas. The increase in services cost of revenue was primarily due to a $19.1 million increase in personnel costs and stock-based compensation and a $8.3 million increase in third-party consultant costs related to the delivery of consulting and training services.

Our overall gross margin decreased to 72%. Our subscription gross margin declined to 76% due to an increase in subscription revenue from Atlas as a percentage of our total revenue. Services gross margin decreased due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation related to growth in headcount.

Operating Expenses

Sales and Marketing

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

Sales and marketing

$

944,389 

$

871,148 

$

73,241 

8 

%

The increase in sales and marketing expense was primarily driven by a $41.1 million increase in commissions, a $27.5 million increase in personnel costs, a $19.8 million increase in spend on in-person events and digital marketing programs and $4.5 million in restructuring costs. The increase in sales and marketing was partially offset by a $11.8 million decrease in travel-related expenses due to reduced internal travel and sales events and a $11.5 million decrease in stock-based compensation.

Research and Development

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

Research and development

$

716,303 

$

596,837 

$

119,466 

20 

%

The increase in research and development expense was primarily driven by a $110.5 million increase in personnel costs, stock-based compensation and allocated overhead, and a $8.8 million increase in third-party infrastructure expenses to support ongoing product development and testing activities.

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General and Administrative

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

General and administrative

$

244,015 

$

219,226 

$

24,789 

11 

%

The increase in general and administrative expense was primarily driven by a $22.2 million increase in personnel costs and stock-based compensation, a $9.3 million increase in software expenses associated with ongoing initiatives to enhance systems and operational efficiency, which was partially offset by a $7.2 million release of reserves for value-added tax expense related to our operations in certain non-US jurisdictions.

Other Income, Net

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

Other income, net

$

81,277 

$

84,465 

$

(3,188)

(4)

%

Other income, net, for the year ended January 31, 2026 decreased primarily due to lower interest income from our short-term investments.

Provision for (Benefit From) Income Taxes

Years Ended January 31,

Change

(in thousands)

2026

2025

$

%

Provision for (benefit from) income taxes

$

15,460 

$

(2,527)

$

17,987 

(712)

%

The increase in the provision for income taxes for the year ended January 31, 2026 was primarily due to an increase in foreign taxes as we continue our global expansion and the release of the UK valuation allowance in the prior period.

Comparison of the Years Ended January 31, 2025 and 2024

For a discussion of our results of operations for the year ended January 31, 2025 as compared to the year ended January 31, 2024, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K filed with the SEC on March 21, 2025.

Liquidity and Capital Resources

As of January 31, 2026, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.4 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds. Our short-term investments consist of U.S. government treasury securities and our restricted cash represents collateral for our available credit on corporate credit cards. We believe our existing cash and cash equivalents and short-term investments will be sufficient to fund our operating and capital needs for at least the next 12 months.

In June 2025, our Board of Directors authorized an additional $800.0 million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $1.0 billion. During the year ended January 31, 2026, we repurchased 1,576,109 shares of common stock for $400.3 million. The average price per share for the year ended January 31, 2026 was $306.87. Refer to Note 11, Equity, in our Notes to Consolidated Financial Statements included in Part II, Item 8, and “Purchases of Equity Securities by the Issuer” included in Part II, Item 5 of this Form 10-K for further details.

In October 2025, we began funding withholding taxes in certain jurisdictions due on the vesting of employee RSUs by net share settlement, rather than our previous approach of selling shares of our common stock to cover taxes upon vesting of such awards. The amount of withholding taxes paid related to net share settlement of employee RSUs was $98.6 million for the year ended January 31, 2026.

We have generated significant operating losses as reflected in our accumulated deficit of $1.9 billion as of January 31, 2026. We expect to continue to incur operating losses, may experience negative cash flows from operations in the future and may require additional capital resources to execute strategic initiatives to grow our business. Our future capital requirements and adequacy of available funds will depend on many factors, including our growth rate and any impact on it from global macroeconomic conditions, including rising interest rates, inflation, the timing and extent of spending to support development

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efforts, the expansion of sales and marketing and international operation activities, the timing and size of new subscription introductions and customer usage of our developer data platform, the continuing market acceptance of our subscriptions and services and the impact of the macroeconomic conditions on the global economy and our business, financial condition and results of operations. As the impact of macroeconomic conditions on the global economy and our operations continues to evolve, we will continue to assess our liquidity needs. In the future, we may enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, operating results and financial condition would be adversely affected.

The following table summarizes our cash flows for the periods presented (in thousands):

Years Ended January 31,

2026

2025

2024

Net cash provided by operating activities

$

505,148 

$

150,191 

$

121,477 

Net cash provided by (used in) investing activities

538,815 

(657,440)

188,019 

Net cash provided by (used in) financing activities

(462,439)

202,060 

38,241 

Operating Activities

Cash provided by operating activities during the year ended January 31, 2026 was $505.1 million, driven primarily due to an increase in cash collected from customers resulting from an increase in sales. Our net loss of $71.2 million includes $550.5 million of stock‑based compensation, $112.4 million of deferred revenue, $27.8 million of accrued liabilities, and $22.4 million of depreciation and amortization. Partially offsetting these benefits to our operating cash flow were increases in accounts receivable of $106.4 million, other long-term assets of $13.0 million, $9.8 million of deferred commissions, and $7.6 million of other net non-cash charges.

Cash provided by operating activities during the year ended January 31, 2025 was $150.2 million, driven primarily by an increase in our cash collections reflecting the overall growth of our sales and expansion of our customer base. Accordingly, our accounts receivable increased by $69.2 million. In addition, our net loss of $129.1 million, includes non‑cash charges of $493.9 million for stock‑based compensation and $11.8 million for depreciation and amortization. Our accrued liabilities increased by $25.3 million reflecting our increase in expenses and timing of payments. Partially offsetting these benefits to our operating cash flow were amortization of premium and accretion of discount on short-term investments, net of $25.1 million, an increase in deferred commissions of $69.1 million, an increase in prepaid expenses and other current assets of $24.8 million, an increase in other long-term assets of $30.7 million and other net non-cash charges of $32.8 million.

Investing Activities

Cash provided by investing activities during the year ended January 31, 2026 was $538.8 million, due to proceeds from maturities and sales of marketable securities, net of purchases, of $555.0 million, partially offset by cash used for investments in non-marketable securities of $9.2 million, purchases of property and equipment of $5.0 million and payments related to the Voyage AI acquisition of $2.0 million.

Cash used in investing activities during the year ended January 31, 2025 was $657.4 million, due to purchases of marketable securities, net of maturities and sales, of $616.6 million, cash used for investments in non-marketable securities of $11.3 million and purchases of property, equipment and other assets of $29.6 million.

Financing Activities

Cash used in financing activities during the year ended January 31, 2026 was $462.4 million, due to repurchases of common stock of $400.3 million, $98.6 million due to taxes paid related to net share settlement of equity awards, and principal payments of finance leases of $7.5 million, offset by proceeds from the issuance of common stock under the Employee Stock Purchase Plan of $40.8 million and proceeds from the exercises of stock options of $3.2 million.

Cash provided by financing activities during the year ended January 31, 2025 was $202.1 million, due to proceeds from the settlement of capped calls and other of $170.2 million, proceeds from the issuance of common stock under the Employee Stock Purchase Plan and exercises of stock options of $38.0 million, partly offset by principal payments of finance leases of $6.2 million.

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Contractual Obligations and Commitments

The following table summarizes our contractual obligations as of January 31, 2026 (in thousands):

Payments Due by Period

Total

Less Than 1 Year

1 to 3 Years

3 to 5 Years

More Than 5 Years

Finance lease obligations

33,393 

7,986 

17,422 

7,985 

— 

Operating lease obligations

36,809 

11,139 

15,998 

6,993 

2,679 

Purchase obligations

897,926 

382,067 

515,859 

— 

— 

Total

$

968,128 

$

401,192 

$

549,279 

$

14,978 

$

2,679 

At January 31, 2026, our material short-term and long-term cash requirements for various contractual obligations and commitments consisted of the following:

•our purchase obligations under non-cancelable agreements for cloud infrastructure capacity commitments and subscription and marketing services. During the year ended January 31, 2026, 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;

•our finance and operating lease obligations under non-cancelable leases for office space expiring through 2032; and

•accounts payable and accrued liabilities on our consolidated balance sheets (primarily short-term in nature).

For further details of our contractual obligations and lease agreements, refer to our Notes to Consolidated Financial Statements, within Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K, specifically Note 7, Convertible Senior Notes, Note 8, Leases and Note 9, Commitments and Contingencies.

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Critical Accounting Estimates

Our financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates.

The critical accounting estimates, assumptions and judgments that we believe have the most significant impact on our consolidated financial statements are described below.

Revenue Recognition

We derive our revenue from two sources: (1) the sales of subscriptions, which includes the usage-based database-as-a-service offering, term license and post-contract customer support (“PCS”); and (2) services revenue comprised of consulting and training arrangements. We recognize revenue when our customer obtains control of promised goods or services in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements, we perform the following steps:

i.Identification of the contract, or contracts, with a customer. We determine we have a contract with a customer when the contract is approved, each party’s rights regarding the products or services to be transferred is identified, the payment terms for the services can be identified, we have determined the customer has the ability and intent to pay and the contract has commercial substance. We apply judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, reputation and financial or other information pertaining to the customer. At contract inception, we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation.

ii.Identification of the performance obligations in the contract. Performance obligations promised in a contract are identified based on the services or products that will be transferred to the customer that are both (1) capable of being distinct, whereby the customer can benefit from the service or product either on its own or together with other resources that are readily available from third parties or from us and (2) distinct in the context of the contract, whereby the transfer of the services or products is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised services or products, we apply judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services or products are combined and accounted for as a single performance obligation.

iii.Determination of the transaction price. The transaction price is determined based on the consideration to which we expect to be entitled in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. We apply the practical expedient to not evaluate contracts of one year or less for the existence of a significant financing component. None of our contracts contain a significant financing component.

iv.Allocation of the transaction price to the performance obligations in the contract. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, we allocate the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. We also consider if there are any additional material rights inherent in a contract and if so, we allocate a portion of the transaction price to such rights based on SSP. We determine each SSP based on multiple factors, including past history of selling such performance obligations as standalone products. We estimate SSP for performance obligations with no observable evidence using adjusted market, cost plus method and the value relationship between the difference performance obligations within the bundled license to establish the SSPs. In cases where directly observable standalone sales are not available, such as when the term license is not sold separately, we consider all observable data points including competitor pricing for a similar or identical product, market and industry data points and our pricing practices to establish the SSP.

v.Recognition of revenue when, or as, we satisfy a performance obligation. We recognize revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers,

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in an amount that reflects the consideration we expect to be entitled to in exchange for those services or products. We record our revenue net of any value added or sales tax.

Business Combinations

We apply a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. When we acquire a business, the purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated respective fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Estimates used in valuing certain intangible assets include, but are not limited to, time and resources required to recreate the assets acquired. These estimates are based on information obtained from the management of the acquired companies, our assessment of the information, and historical experience. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, we may record adjustments to the preliminary fair value of the assets acquired and liabilities assumed. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations and comprehensive income (loss). Acquisition costs are expensed as incurred.