MongoDB closed fiscal 2026 with an exceptional Q4, generating $695 million in revenue up 27% year-over-year and beating the high end of guidance by 4%, with Atlas crossing a $2 billion run rate and non-Atlas posting its best growth in two years at 20%. The quarter featured the largest TCV deal in company history (a >$100M EA deal) and a 23% operating margin, more than 100 basis points above guidance. Management reiterated its long-term model of 20%+ Atlas growth and Rule of 40, emphasizing renewed strategic importance of on-prem EA while AI remained an encouraging but not-yet-material driver.
Thank you, operator. Good afternoon. Thank you for joining us today to review MongoDB's fourth quarter and full year fiscal 2026 financial results, which we announced in our press release issued after the close of market today. Joining me on the call today are CJ Desai, President and CEO of MongoDB, and Mike Berry, CFO of MongoDB. During this call, we will make forward-looking statements, including statements related to our market and future growth opportunities, our opportunity to win new business, our expectations regarding Atlas consumption growth, the impact of non-Atlas business and multi-year license revenue, the long-term opportunity of AI, our financial guidance, and underlying assumptions in our investments and growth opportunities in AI. These statements are subject to a variety of risks and uncertainties, including the results of operations and financial conditions that could cause actual results to differ materially from our expectations.
For a discussion of material risks and uncertainties that could affect our actual results, please refer to the risks described in our quarterly report on Form 10-Q for the quarter ended October 31, 2025, filed with the SEC on December 2nd, 2025. Any forward-looking statements made on this call reflect our views only as of today, and we undertake no obligation to update them except as required by law. Additionally, we will discuss non-GAAP financial measures on this conference call. Please refer to the tables in our earnings release on the investor relations portion of our website for a reconciliation of these measures to the most directly comparable GAAP financial measures. With that, I'll turn the call over to CJ.
Thank you, Jess, and thank you everyone for joining us today. To begin, I would like to provide some observations from my first full quarter at MongoDB. Over the last 100 days, I have spoken to more than 200 customers globally, spanning from AI natives to Fortune 500 enterprise customers that are leveraging the MongoDB platform to drive innovation that is critical to their business. Whether it's an AI or digital native looking for a highly performant solution that dynamically scales, a large enterprise looking for multi-cloud resiliency for their modern mission-critical applications, or a customer seeking an integrated offering for AI agents with features such as search, Vector Search, and embeddings in a single intelligent data layer, customers are excited about the strength of the MongoDB platform.
My key takeaway is that MongoDB's foundation is in great shape. The company is well on its way to become the generational data platform of choice in the AI and multi-cloud era. On to this quarter's results. We generated total revenue of $695 million, up 27% year-over-year, beating the high end of the guidance by 4%. Top-line strength was driven by Atlas, which grew 29% year-over-year, crossing the $2 billion run rate mark for the first time and generating a record $114 million in net new revenue in the quarter. Non-Atlas grew 20% year-over-year, our best growth quarter in the last two years.
We signed several large deals in the quarter, including an approximately $90 million transaction with a large tech company that plans to expand both core and AI workloads on Atlas, and a greater than $100 million transaction with a large financial institution for Enterprise Advanced, referred as EA, representing the largest TCV deal in the history of MongoDB. We delivered a non-GAAP operating margin of 23%, more than 100 basis points above the high end of guidance. We ended the quarter with over 65,200 customers, adding 2,700 customers in Q4, growing both year-over-year and quarter-over-quarter. This brings our full-year customer additions to 60% year-over-year increase. While AI is not yet a material driver to our results, we are encouraged by the growth we are seeing with customers leveraging our AI capabilities.
The number of customers leveraging Vector Search has nearly doubled year-over-year, and the number of customers using Voyage embedding models has also doubled since the acquisition last February. This growth is across a diverse range of customers, AI natives, digital natives, and large enterprises. We finished fiscal 2026 on a high note, with strength in Q4 driven by our continued go-to-market execution and the broad-based demand we have seen across the business. Our teams generated record new ARR in Q4, an acceleration of that metric in fiscal 2026. Highlighting the strength of both our upmarket and self-service motions. Our EMEA team had an especially strong Q4, generating record new ARR driven by wins at major financial institutions, large retailers, and leading tech companies.
We outperform on operating margin, achieving above our Rule of 40 performance and demonstrating that we can drive durable revenue growth while simultaneously expanding margin. Through my conversations with customers, a clear theme emerged. Large enterprises are increasingly standardizing on MongoDB to power a wide spectrum of workloads, including both core mission-critical applications and emerging agentic AI applications. Rather than treating AI as a standalone initiative, many are expanding their use of us as a strategic data platform that supports both foundational workloads and the next generation of intelligent applications. For example, MongoDB continues to power a wide range of workloads, including high volume transactional systems, real-time applications, and emerging AI workloads across multiple lines of business at JPMorgan Chase & Co., the world's largest financial institution.
The scale and breadth of our partnership with them reinforces our ability to serve as a strategic data platform for the most demanding enterprises. We see tremendous opportunity to expand within our existing Fortune 500, Global 2000, and AI-native customer base, where I'm actively leveraging my relationships to open new doors, engage the C-suite, and drive strategic expansion conversations top-down. MongoDB is increasingly recognized as the architectural foundation powering innovation for frontier model companies, leading digital natives expanding into AI, and AI-native organizations scaling globally. The database layer has endured through multiple technology shifts over the past 60 years, and it is even more critical in this AI shift. AI and agentic applications require memory, state, and high-quality retrieval, capabilities native to our modern OLTP platform, which powers real-time applications without ETL or bolt-on systems through integrated search, Vector Search, and embeddings.
In this platform shift, OLTP is the high ground and MongoDB is purpose-built to win. Notably, Emergent Labs, a leading AI vibe coding platform in India that just crossed $100 million run rate, selected Atlas over PostgreSQL to power AI agents that build production-ready applications from natural language prompts. They power nearly six million applications built across 190 countries and handle applications that average 35,000 lines of code, with some reaching 300K, all made possible with Atlas's flexible document architecture and reliable scale. We are also fueling innovation at AI native customer ElevenLabs, which is redefining conversational AI with its new enterprise agentic platform. ElevenLabs selected Atlas to power the critical long-term memory and knowledge base for their autonomous agents.
By leveraging Atlas Search and Vector Search, they enable their agents to retain complex context and deliver highly personalized interactions in real time and at global scale, supporting their rapid expansion to $330 million of ARR and $11 billion valuation. Another tailwind is the renewed importance of on-premises deployment in enterprise architectures. Many large customers, particularly in regulated industries such as financial services, telecommunications, and government, view EA as mission-critical and are making long-term commitments that reflect the need for operational resilience and support for data that will not move to the public cloud. I'm confident in the durability of our EA business. Pursuing feature parity to Atlas and continued go-to-market momentum are key priorities as we move forward.
For example, AXON Networks, a global leader in telecom network management, serving 32 telcos and over 90 million homes and enterprises, selected EA as the foundation for its operator-as-a-service platform. This platform delivers a real-time digital twin and API-first architecture designed to handle massive data peaks and high-volume time series workloads. EA provides the flexibility to run across mission-critical environments, including hyperscalers and bare metal, along with the enterprise-grade security and operational tooling required to support AXON's AI-first autonomous networking platform at scale. What is truly compelling about our platform is that these tailwinds serve as a powerful force multiplier for one another.
The combined power of these capabilities, the flexibility of the document model, the performance and scale of Atlas, the ability to run anywhere, and our integrated AI functionality is what really resonates with our customers. A marquee example of the platform in action is Adobe, which expanded its strategic partnership and long-term commitment with us to accelerate AI-driven innovation. MongoDB now underpins a range of Adobe's key initiatives, including agentic experiences powered by Atlas Vector Search and soon Voyage Embeddings. Adobe leverages Atlas to manage large fleets and always-on database deployments at global scale, while also continuing to partner with us for support of self-managed business-critical workloads on EA, highlighting our ability to operate seamlessly across both cloud and on-prem environments. After spending time with 200 customers, partners, and our go-to-market teams globally, it has become increasingly clear that we have a massive opportunity ahead of us.
The strength of our platform and the depth of our customer relationships is a direct reflection of our exceptional global team, and I'm proud to say we have world-class talent across engineering, go-to-market, and G&A functions. During the upcoming year, my focus will be to build upon what's already working by, first, remain relentlessly customer-focused to deepen strategic partnerships and accelerate growth, particularly across large enterprises and AI-native customers here in Silicon Valley. Second, accelerate our innovation agenda by empowering product and engineering teams to build a generational multi-cloud data platform for the AI era. Third, thoughtfully scale our self-serve motion to expand adoption across the long tail with a disproportionate focus on AI-native companies. Fourth, drive operational excellence across go-to-market, product, and G&A to enable our teams to perform at their best while sustaining durable, profitable growth. Finally, I wanted to provide an update on our go-to-market leadership.
Effective tomorrow, March 3rd, 2026, Erica Volini joins MongoDB as our Chief Customer Officer, reporting directly to me to accelerate our next phase of growth. Erica brings a rare blend of experience serving large enterprise customers at Deloitte and scaling go-to-market growth at ServiceNow. At MongoDB, she will focus on accelerating our partner growth engine, deepening our enterprise footprint, and ensuring a seamless world-class experience across the entire customer life cycle. As noted in our earnings press release, Cedric Pech, President of Field Operations, and Paul Capombassis, Chief Revenue Officer, are leaving MongoDB. We have been thoughtfully planning this transition for some time, and we believe now is the right moment for this change. I want to extend my sincere gratitude to both Cedric and Paul for their contributions over the last decade. They were truly instrumental in building our go-to-market foundation.
Thank you, CJ. Good afternoon to everyone on the call. I will begin with a review of our fourth quarter fiscal 2026 results, then finish with the outlook for the first quarter and full year fiscal 2027. In order to spend more time on the fiscal 2027 outlook, I'll be a little more concise on my fourth quarter comments. I will be discussing both GAAP and non-GAAP results. As CJ mentioned, we had another strong quarter as we exceeded all of our guidance ranges and finished our fiscal year on a high note. In the fourth quarter, total revenue was $695 million, up 27% year-over-year and above the high end of our guidance. Our income from operations was $159 million for a 23% operating margin compared to 21% in the year ago period.
We achieved positive GAAP operating income in the fourth quarter. We are very pleased with our stronger than expected operating margin results, which benefited entirely from our revenue outperformance. Net income in the fourth quarter was $143 million or $1.65 per share based on 86.5 million diluted shares outstanding. This compares to net income of $108 million or $1.28 per share on 84.6 million diluted shares outstanding in the year ago period. Shifting to our product mix, Atlas revenue momentum remained strong with year-over-year growth of 29% in the fourth quarter, which accounted for 72% of total revenue, up from 71% in the year ago period.
Atlas growth was driven by continued strength with our largest customers in North America and Europe, where we saw strong momentum with growth of new and existing applications. We believe this strength reflects the growing strategic importance of Atlas to many existing customers and is a positive indicator of future growth. You can see this success with existing customers in our total company net ARR expansion rate, which increased to 121% in the fourth quarter, up from 120% last quarter and 119% a year ago. Turning to non-Atlas, we experienced strong momentum during the fourth quarter, driven by strength with financial services, public sector, and technology customers that are choosing to build with MongoDB long-term for their most mission-critical applications.
This resulted in strong multiyear revenue and non-Atlas ARR, which reflects the underlying revenue growth of this product without the impact of changes in duration. Non-Atlas ARR grew 13% year-over-year, reflecting the momentum we are seeing in the business. The strength in non-Atlas also resulted in a higher than expected number of larger deals with bundled Atlas and EA products. This resulted in a greater than expected attribution of revenue to EA versus Atlas in the fourth quarter. Adding back this impact, Atlas growth would have been approximately 30%. We are encouraged to see more of our customers growing on both Atlas and EA, and believe these deals illustrate the strategic importance of having both cloud and on-prem solutions for many of our largest customers.
You can see this strength in the growth of deferred revenue as well as the growth in RPO, which grew from $748 million at the end of fiscal 2025 to $1.47 billion at the end of fiscal 2026, a year-over-year growth of 97%. We ended the quarter with 2,799 customers with at least $100,000 in ARR and 402 customers with at least $1 million in ARR, representing 17% and 26% year-over-year growth, respectively. For each of these cohorts, ARR is growing even faster, reinforcing the benefit of our upmarket focus. Of our Atlas customers generating at least $100,000 in ARR, 44% are leveraging two or more features of our platform, which is up from 36% in the year-ago quarter.
Average revenue from these platform customers is meaningfully higher on average as compared to the rest of the Atlas base, illustrating the benefit of our platform capabilities. Turning to the balance sheet and cash flow, we ended the fourth quarter with nearly $2.4 billion in cash equivalents, short-term investments, and restricted cash. We spent $55 million to repurchase approximately 133,000 shares and used $60 million for the cash settlement of taxes on employee RSUs. Operating cash flow remains strong at $180 million, and free cash flow was $177 million, which compares to $51 million and $23 million respectively in the year-ago periods.
Our cash flow results were driven primarily by strong operating profit and improving working capital dynamics, particularly related to higher cash collections, mainly driven by the higher than expected multiyear EA deals. I'd like to share a few guiding principles and some of the assumptions underlying our outlook for Q1 in fiscal 2027. To begin, we continue to believe in the long-term model presented at Investor Day last September, and remain committed to growing Atlas by greater than 20% and being a Rule of 40 company. We will achieve this goal through a combination of revenue growth and margin expansion. To be clear, revenue growth will be the main driver of improved profitability. Our outlook assumes the business environment remains relatively stable and we operate under similar conditions to what we experienced over the course of the past fiscal year.
As I mentioned at our Investor Day in September, we have not changed our guidance philosophy, as we will provide an outlook with more upsides than downsides, specifically related to the EA business. We are early in the year, and we want to be mindful there could be risks that we do not have line of sight to at this time. Let's get into the details. Starting with Atlas. We have continued to see strong momentum and experience relatively consistent consumption growth through the course of the past year. We expect these trends to continue through fiscal 2027 and would also note that as Atlas has grown larger, this has helped limit the volatility from specific customer cohorts.
Based on our continued confidence in our market positioning, customer feedback, and product advantages, we currently expect to see Atlas revenue growth of approximately 26% in Q1 and 21%-23% in fiscal 2027. This outlook reflects our continued confidence in Atlas, while taking into account we are a consumption business and visibility is more limited in the back half of the fiscal year. For non-Atlas, we have continued to see healthy ARR trends, and we have been positively surprised by the momentum we experienced with large multiyear deals in fiscal 2026. While we remain optimistic regarding our ability to grow this business over the long term, it remains difficult to predict, and we will only include deals in our forecast that have either closed or have a high probability of closing to limit the risk of a negative surprise.
At this point, we expect our non-Atlas business to see mid to upper single-digit growth in Q1 and low to mid single-digit growth in fiscal 2027, which reflects our belief that the impact of duration will neither be a significant headwind or tailwind to growth for the year. In terms of AI, we remain optimistic regarding our opportunity and are seeing encouraging trends with a number of AI natives. While this subset of customers has significant potential, many of them remain early in their MongoDB journey and are not yet meaningful drivers of revenue. Turning to profitability, we remain committed to driving revenue growth and expect to expand operating margin by 100 basis points in fiscal 2027. We will achieve this expansion while investing for growth.
Some of these investments include enhancing our AI capabilities, further integrating Voyage, bringing feature parity to EA relative to Atlas, building out our presence in Japan, as well as strengthening our U.S. federal business. We will also continue to invest in marketing programs, developer awareness, and select quota-carrying headcount. With respect to cash flow, we made meaningful progress in cash management during fiscal 2026, with our operating cash conversion exceeding 100% and up significantly from the approximately 50% experience in fiscal 2024 and 2025. This remains a key area of focus, and we would expect cash flow to remain healthy in fiscal 2027. We currently expect cash conversion in the 80%-100% range during the upcoming year and on a longer-term basis, which is in line with our long-term model.
We will continue to execute our share buyback program to partially offset dilution from employee equity awards and settle the taxes due on the vesting of employee RSUs with cash instead of issuing new shares. In fiscal 2027, we currently plan to commit 100% of our free cash flow to these two actions and will also benefit from the settlement of over one million shares of stock for the cap calls associated with our 2026 notes that matured in January 2026. We will continue to manage share count prudently for the long term and demonstrate our commitment to being good stewards of your capital. Let's shift to guidance for the first quarter in fiscal 2027.