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MongoDB (MDB) delivered a powerful beat-and-raise 3Q26 report, propelling the stock to new 52-week highs after crushing consensus expectations for both revenue and EPS. Non-GAAP EPS grew 14% yr/yr, driven by strong operating leverage, improving Atlas gross margins, consistent cost discipline, and robust free-cash-flow generation, which benefited from higher cash collections and more efficient working-capital dynamics. Revenue surged 19% yr/yr to $628 mln, well above guidance, as Atlas continued to outperform.

• Atlas remained the engine of growth, with revenue accelerating to 30% yr/yr from 29% last quarter and 26% in Q1, reflecting strong consumption trends, expanding workloads with large U.S. customers, and broad-based strength across EMEA.
• Management noted that Atlas is increasingly winning mission-critical workloads due to its scalability, simplified architecture, and AI-ready capabilities, including integrated search, vector search, and Voyage AI embeddings, all of which resonated with customers modernizing core data platforms or beginning to build early AI applications.
• Customer additions were strong, with 2,600 net adds in Q3 and a total base above 62,500, reflecting solid self-serve traction and continued enterprise expansion.
• Guidance moved higher across the board, with Atlas now expected to grow approximately 27% in Q4 and full-year FY26 revenue and EPS both raised, even as management maintains a prudent stance on holiday seasonality.

Briefing.com Analyst Insight:

MDB delivered one of its strongest quarters in years, showcasing that its core business is firing on all cylinders before any meaningful AI tailwind fully materializes. The combination of accelerating Atlas growth, rapid customer adoption, and durable operating leverage underscores the company’s expanding role as a foundational data platform for modern applications and emerging AI workloads. While AI-native startups and Fortune 500 enterprises are still in early experimentation phases, MDB’s unified operational, search, and vector-search architecture positions it to capture the next leg of AI-driven modernization. Investor enthusiasm is also spreading across the data infrastructure ecosystem, with Snowflake (SNOW) and Datadog (DDOG) moving higher in sympathy ahead of SNOW’s results tomorrow. MDB’s premium valuation (1-year forward P/E of 77x) assumes continued execution, but today’s beat-and-raise performance gives the bulls fresh justification.