MongoDB (MDB) has just wrapped up FY 2026 with Q4 revenue of US$695.1 million and basic EPS of US$0.19, alongside trailing 12 month revenue of US$2.5 billion and a trailing basic EPS loss of US$0.88. Over recent quarters the company has seen revenue move from US$549.0 million in Q1 FY 2026 to US$695.1 million in Q4, while quarterly basic EPS has ranged from a loss of US$0.58 in Q2 to a profit of US$0.19 in Q4. This sets up a results season where investors are likely to focus on how improving quarterly EPS lines up against still negative trailing 12 month earnings and what that implies for MongoDB's path to cleaner margins.

See our full analysis for MongoDB.

With the latest numbers on the table, the next step is to see how this mix of growing revenue and still negative trailing earnings compares with the most common narratives around MongoDB's growth profile and profit trajectory.

Revenue tops US$2.4b on a trailing basis

• Over the last twelve months, MongoDB generated US$2.46b in revenue on a trailing basis, up from US$2.32b three quarters ago. Quarterly revenue went from US$549.0 million in Q1 FY 2026 to US$695.1 million in Q4.
• Bulls argue that strong customer and workload growth plus AI focused features can support high growth, and the steady rise in trailing revenue from US$2.01b in Q4 FY 2025 to US$2.46b in Q4 FY 2026 ties in with that. Bears, however, point out that regulatory and cloud competition pressures from hyperscalers could make maintaining this kind of outperformance against the US market’s 10.4% projected growth more difficult over time.
  • Supporters of the bullish view point to revenue growth projected at 14.4% per year, above the 10.4% US market forecast. This lines up with the recent move in quarterly revenue from roughly US$529.4 million in Q3 FY 2025 to US$695.1 million in Q4 FY 2026.
  • Those leaning bearish highlight that this revenue base is still paired with a trailing 12 month net loss of US$71.2 million in Q4 FY 2026, so higher revenue alone has not yet translated into consistent profitability.

Strong top line momentum with losses narrowing on a trailing view is exactly what bullish investors focus on when they sketch out an upside case for MongoDB’s future. 🐂 MongoDB Bull Case

Losses narrow but TTM net income still negative

• On a trailing 12 month basis, net income moved from a loss of US$200.4 million in Q3 FY 2025 to a loss of US$71.2 million in Q4 FY 2026, with trailing basic EPS at a loss of US$0.88 despite Q4 FY 2026 itself showing a basic EPS profit of US$0.19.
• Bears argue that heavy spending and competition could keep MongoDB from reaching sustained profitability, and the fact that trailing net income is still a loss of US$71.2 million, even after quarterly net income flipped to a US$15.5 million profit in Q4 FY 2026, gives them room to question how durable any improvement in margins will be.
  • Critics point out that while losses have been reduced over five years at about 23.1% per year, forecasts in the cautious narrative still assume MongoDB is not profitable three years from now and needs margins to move from a loss of 3.5% to roughly the US IT industry’s 7.0% margin to justify that view.
  • The pattern of quarterly EPS swinging from a loss of US$0.58 in Q2 FY 2026 to a small loss of US$0.02 in Q3 and then a profit of US$0.19 in Q4 shows progress. The ongoing reliance on improving margins from a loss making base is exactly what bearish investors see as a key execution risk.

Cautious investors watching these still negative trailing earnings often lean into the skeptical narrative to stress test how much improvement is already baked into expectations. 🐻 MongoDB Bear Case

Premium pricing against DCF fair value

• MongoDB’s P/S multiple is cited at 8.8x versus a peer average of 6.4x and a US IT industry average of 1.8x. The current share price of US$260.68 is below the DCF fair value of US$270.73 and well under the analyst price target of US$356.41 used in the analysis.
• Consensus narrative watchers see a tension between elevated multiples and improving earnings, because the stock trades on a higher P/S than peers while the provided data points to trailing losses of US$71.2 million and forecasts for earnings to grow 52.97% per year and turn positive within about three years. This means a lot of that profit recovery is already reflected in the valuation.
  • On one hand, the share price sitting below the DCF fair value of US$270.73 and below the US$356.41 analyst target in

    Next Steps

    To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MongoDB on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

    With both optimism about growth and concerns about risk in play, it makes sense to review the numbers yourself and act with intent rather than react to headlines. To round out your view, it is worth checking the balance of 3 key rewards and 1 important warning sign.

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    MongoDB still carries trailing 12 month net income and EPS losses alongside a relatively high P/S multiple. Profitability and valuation therefore remain key pressure points.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.