MongoDB (MDB) Q2 FY2027 Earnings Call: Q&A Summary

Q: Raimo Lenschow of Barclays asked what factors are driving confidence in the Atlas business.

A: Mike Berry, CFO, cited the fifth consecutive quarter of approximately 29% year-over-year growth, a record $127 million in net new Atlas dollars, an increased net ARR expansion rate, and strong enterprise demand in the U.S.

Q: Alex Zukin of Wolfe Research asked if there is a deceleration in Atlas for the second half and if EA deals are cannibalizing Atlas.

A: CJ Desai, CEO, stated that Atlas growth remains consistent and EA growth is not at the expense of Atlas, as EA serves specific needs like data sovereignty. Mike Berry added that guidance remains prudent and confirmed there were no large bundled deals in the quarter.

Q: Matt Martino of Goldman Sachs asked about the success of converting Voyage customers to broader platform sales.

A: CJ Desai, CEO, noted that many Voyage customers are new to MongoDB. While it is early in the cross-sell process, Voyage acts as a top-of-funnel entry point, often driven by referrals from coding agents like Claude and Codex.

Q: Karl Keirstead of UBS asked which AI use cases have the most powerful pull-through to MongoDB.

A: CJ Desai, CEO, highlighted customer-facing workloads in large enterprises, such as wealth management chatbots and insurance claims, as well as AI-native agents in production. He emphasized that customers choose MongoDB for its scale and performance.

Q: Sanjit Singh of Morgan Stanley asked about the timeline for migrating EA customers to Atlas and if new cohorts are using EA.

A: CJ Desai, CEO, explained that EA investments are customer-driven and that EA and Atlas are two distinct growth drivers. He noted that the time to value for new AI features in EA is measured in weeks.

Q: Tyler Radke of Citi asked about inference workloads at AI Labs and why there is not more upside for EA in the second half.

A: CJ Desai, CEO, explained that labs are moving inference workloads to Atlas due to performance and uptime. Mike Berry noted that EA guidance remains prudent regarding multiyear deals, though they are optimistic about its role as a durable growth driver.

Q: Ryan MacWilliams of Wells Fargo asked if customers are renewing early or truing up sooner.

A: CJ Desai, CEO, said retention trends are healthy and improving. While some customers see consumption growing faster than expected, widespread renegotiation is not occurring. Mike Berry reiterated the company's prudent guidance framework.

Q: Kirk Materne of Evercore ISI asked how Voyage and Vector Search products scale from pilot to strategic.

A: CJ Desai, CEO, stated that time to value is fast because these features are integrated into the operational data layer. He noted that awareness of Voyage as a MongoDB product is still growing among some customers.

Q: Koji Ikeda of Bank of America asked how the revenue mix between Atlas and EA might evolve over the next 3 to 5 years.

A: Mike Berry, CFO, said Atlas should continue to increase as a percentage of total revenue, but EA is now viewed as a more durable growth driver than previously thought. CJ Desai added that run anywhere capabilities like hybrid and multi-cloud support this dual-driver strategy.