10-K – 2026-03-11 – mdb-20260131.htm

Sales and marketing
944,389   871,148   782,760  
Research and development
716,303   596,837   515,940  
General and administrative
244,015   219,226   193,558  
Total operating expenses
1,904,707   1,687,211   1,492,258  
Loss from operations
( 136,968 ) ( 216,064 ) ( 233,732 )
Other income (expense):

Interest income
88,593   95,687   80,238  
Interest expense
( 3,128 ) ( 8,092 ) ( 9,387 )
Other expense, net
( 4,188 ) ( 3,130 ) ( 635 )
Loss before provision for (benefit from) income taxes ( 55,691 ) ( 131,599 ) ( 163,516 )
Provision for (benefit from) income taxes
15,460   ( 2,527 ) 13,084  
Net loss
$ ( 71,151 ) $ ( 129,072 ) $ ( 176,600 )
Net loss per share, basic and diluted
$ ( 0.88 ) $ ( 1.73 ) $ ( 2.48 )
Weighted-average shares used to compute net loss per share, basic and diluted
81,246,520   74,555,001   71,248,982  

The accompanying notes are an integral part of these consolidated financial statements.
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MONGODB, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands of U.S. dollars)

Years Ended January 31,
2026 2025 2024
Net loss
$ ( 71,151 ) $ ( 129,072 ) $ ( 176,600 )
Other comprehensive income (loss), net of tax:
Unrealized income (loss) on available-for-sale securities 4,126   ( 690 ) 4,652  
Foreign currency translation adjustment
10,005   ( 4,779 ) 798  
Other comprehensive income (loss)
14,131   ( 5,469 ) 5,450  
Total comprehensive loss
$ ( 57,020 ) $ ( 134,541 ) $ ( 171,150 )

The accompanying notes are an integral part of these consolidated financial statements.
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MONGODB, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands of U.S. dollars, except share data)

Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Total Stockholders’ Equity

Shares
Amount

Balances as of January 31, 2023 69,906,586   $ 70   $ 2,276,694   $ ( 1,319 ) $ ( 905 ) $ ( 1,535,032 ) $ 739,508  
Stock option exercises 953,643   1   6,807   —  —  —  6,808  
Vesting of restricted stock units
1,690,527   2   —  —  —  —  2  
Vesting of performance stock units 22,991   —  —  —  —  —  — 
Stock-based compensation —  —  456,907   —  —  —  456,907  
Issuance of common stock under the Employee Stock Purchase Plan 167,574   —  36,914   —  —  —  36,914  
Unrealized gain on available-for-sale securities —  —  —  —  4,652   —  4,652  
Foreign currency translation adjustment —  —  —  —  798   —  798  
Net loss —  —  —  —  —  ( 176,600 ) ( 176,600 )
Balances as of January 31, 2024 72,741,321   $ 73   $ 2,777,322   $ ( 1,319 ) $ 4,545   $ ( 1,711,632 ) $ 1,068,989  
Stock option exercises 267,931   —  2,026   —  —  —  2,026  
Vesting of restricted stock units
1,529,981   1   —  —  —  —  1  
Vesting of performance stock units 77,444   —  —  —  —  —  — 
Stock-based compensation
—  —  493,940   —  —  —  493,940  
Conversion of convertible senior notes 5,662,979   4   1,145,320   1,145,324  
Issuance of common stock under the Employee Stock Purchase Plan
188,155   —  36,047   —  —  —  36,047  
Unrealized gain on available-for-sale securities —  —  —  —  ( 690 ) —  ( 690 )
Foreign currency translation adjustment —  —  —  —  ( 4,779 ) —  ( 4,779 )
Reclassification of derivative related to the Capped Call associated with the 2024 Notes —  —  169,692   —  169,692  
Other —  —  746   —  746  
Net loss —  —  —  —  —  ( 129,072 ) ( 129,072 )
Balances as of January 31, 2025 80,467,811   78   4,625,093   ( 1,319 ) ( 924 ) ( 1,840,704 ) 2,782,224  
Stock option exercises 403,516   —  3,183   —  —  —  3,183  
Vesting of restricted stock units 1,673,239   2   —  —  —  —  2  
Vesting of performance stock units 91,319   —  —  —  —  —  — 
Shares withheld related to net share settlement of equity awards ( 296,897 ) —  ( 108,378 ) —  —  —  ( 108,378 )
Issuance of common stock in connection with a business combination subject to future vesting 213,023   —  —  —  —  —  — 
Issuance of common stock in connection with a business combination 484,169   1   141,401   —  —  —  141,402  
Stock-based compensation —  —  550,454   —  —  —  550,454  
Repurchases of common stock ( 1,576,109 ) —  —  ( 400,333 ) —  —  ( 400,333 )
Issuance of common stock under the Employee Stock Purchase Plan 235,218   —  40,824   —  —  —  40,824  
Settlement of the Capped Call associated with the 2026 Notes ( 1,182,670 ) —  92,917   ( 92,917 ) —  —  —  
RSA forfeitures ( 19,845 ) —  —  —  —  —  — 
Unrealized gain on available-for-sale securities —  —  —  —  4,126   —  4,126  
Foreign currency translation adjustment —  —  —  —  10,005   —  10,005  
Net loss
—  —  —  —  —  ( 71,151 ) ( 71,151 )
Balances as of January 31, 2026 80,492,774   81   5,345,494   ( 494,569 ) 13,207   ( 1,911,855 ) 2,952,358  

The accompanying notes are an integral part of these consolidated financial statements.
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MONGODB, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)

Years Ended January 31,

2026 2025 2024
Cash flows from operating activities
Net loss $ ( 71,151 ) $ ( 129,072 ) $ ( 176,600 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 22,394   11,751   18,939  
Stock-based compensation 550,454   493,940   456,907  
Amortization of debt discount and issuance costs —   2,419   3,393  
Amortization of finance right-of-use assets 3,974   3,974   3,975  
Amortization of operating right-of-use assets 11,044   11,248   9,211  

Deferred income taxes ( 3,158 ) ( 16,794 ) ( 1,574 )
Amortization of premium and accretion of discount on short-term investments, net ( 10,843 ) ( 25,059 ) ( 44,556 )

Realized and unrealized loss (gain) on financial instruments, net 1,063   ( 937 ) ( 1,044 )
Unrealized foreign exchange loss (gain) 2,118   ( 964 ) 1,802  
Change in operating assets and liabilities, net of effects of business combinations:
Accounts receivable, net ( 106,410 ) ( 69,236 ) ( 41,639 )
Prepaid expenses and other current assets ( 11,056 ) ( 24,813 ) ( 12,208 )
Deferred commissions ( 9,791 ) ( 69,127 ) ( 41,830 )
Other long-term assets ( 13,007 ) ( 30,677 ) ( 211 )
Accounts payable 8,916   541   1,679  

Accrued liabilities 27,830   25,254   39,502  
Operating lease liabilities
( 11,105 ) ( 12,076 ) ( 9,878 )
Deferred revenue
112,366   ( 16,362 ) ( 82,411 )
Other liabilities, non-current
1,510   ( 3,819 ) ( 1,980 )
Net cash provided by operating activities 505,148   150,191   121,477  
Cash flows from investing activities
Purchases of property, equipment and other assets ( 4,960 ) ( 29,550 ) ( 6,074 )
Investments in non-marketable securities ( 9,188 ) ( 11,250 ) ( 2,056 )
Business combinations, net of cash acquired ( 2,032 ) —   ( 15,000 )

Proceeds from the sales of marketable securities 127,660   44,984   —  
Proceeds from maturities of marketable securities 844,970   752,600   1,445,000  
Purchases of marketable securities
( 417,635 ) ( 1,414,224 ) ( 1,233,851 )
Net cash provided by (used in) investing activities 538,815   ( 657,440 ) 188,019  
Cash flows from financing activities
Repurchases of common stock ( 400,333 ) —   —  
Proceeds from settlement of capped calls and other —   170,223   —  

Proceeds from exercise of stock options 3,183   1,968   6,810  
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 40,824   36,048   36,914  

Taxes paid related to net share settlement of equity awards ( 98,574 ) —   —  
Principal payments of finance leases
( 7,539 ) ( 6,179 ) ( 5,483 )

Net cash provided by (used in) financing activities ( 462,439 ) 202,060   38,241  
Effect of exchange rate changes on cash, cash equivalents and restricted cash
12,348   ( 5,701 ) ( 433 )
Net increase (decrease) in cash, cash equivalents and restricted cash 593,872   ( 310,890 ) 347,304  
Cash, cash equivalents and restricted cash, beginning of year
492,753   803,643   456,339  
Cash, cash equivalents and restricted cash, end of year
$ 1,086,625   $ 492,753   $ 803,643  

Supplemental cash flow disclosure
Cash paid during the period for:

Interest expense
1,897   3,705   5,471  
Non-cash investing and financing activities:
Issuance of common stock in connection with a business combination 141,402   —   —  
Common stock issued for conversion of convertible notes
—   1,145,326   —  

Settlement of capped calls 92,917   —   —  
Purchases of property and equipment included in accounts payable and accrued liabilities
2,391   1,620   1,115  
Unpaid taxes for net share settlement of equity awards included in accrued compensation and benefits 9,804   —   —  

Reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statements of cash flows above:
Cash and cash equivalents
$ 1,083,540   $ 490,133   $ 802,959  
Restricted cash, non-current
3,085   2,620   684  
Total cash, cash equivalents and restricted cash
$ 1,086,625   $ 492,753   $ 803,643  

The accompanying notes are an integral part of these consolidated financial statements.
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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Description of Business
MongoDB, Inc. (“MongoDB” or the “Company”) was originally incorporated in the state of Delaware in November 2007 under the name 10Gen, Inc. In August 2013, the Company changed its name to MongoDB, Inc. The Company is headquartered in New York City. MongoDB is the developer data platform company. The foundation of the Company’s offering is the leading, modern general purpose database, which is built on a unique document-based architecture. Organizations can deploy the Company’s database at scale in the cloud, on-premises, or in a hybrid environment. The Company’s robust platform enables developers to build and modernize applications rapidly and cost-effectively across a broad range of use cases. In addition to selling subscriptions to its software, the Company provides post-contract support, training and consulting services for its offerings. The Company’s fiscal year ends on January 31.

2. Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the period of benefit for deferred contract acquisition costs, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives and carrying values of intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Foreign Currency
The functional currency of the Company’s international subsidiaries is either the U.S. dollar or the local currency in which the international subsidiary operates. For foreign subsidiaries where the U.S. dollar is the functional currency, foreign currency denominated monetary assets and liabilities are re-measured into U.S. dollars at current exchange rates and foreign currency denominated non-monetary assets and liabilities are re-measured into U.S. dollars at historical exchange rates. Transaction gains or losses from foreign currency re-measurement and settlements are included in other income (expense), net in the consolidated statements of operations. For foreign subsidiaries where the functional currency is the local currency, the Company uses the exchange rate as of the balance sheet date to translate assets and liabilities and the average exchange rate during the period to translate revenue and expenses into U.S. dollars. Translation gains or losses resulting from translating foreign local currency financial statements into U.S. dollars are included in accumulated other comprehensive loss as a component of stockholders' equity.
Comprehensive Loss
The Company’s comprehensive loss includes net loss, unrealized gains and losses on available-for-sale debt securities and foreign currency translation adjustments.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains such investments primarily in money market funds, which have readily determinable fair values. Money market funds are measured using quoted prices in active markets with changes recorded in other income (expense), net on the consolidated statements of operations.
Marketable Securities
The Company considers all of its marketable securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the consolidated balance sheets. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale debt securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity.
Available-for-sale debt securities are recorded at fair value each reporting period. Realized gains and losses are determined based on the individual security level and are reported in other income (expense), net in the consolidated statements of operations. Unrealized gains and losses, net of taxes, on these short-term investments are reported as a separate component of accumulated other comprehensive loss on the consolidated balance sheets until realized.
If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense) in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis.
For the years ended January 31, 2026, 2025 and 2024, the Company did no t record any impairment charges for its marketable debt securities in its consolidated statements of operations.
Restricted Cash
The Company pledged $ 3.1 million and $ 2.6 million of collateral as of January 31, 2026 and 2025, respectively, for its lease related letters of credit. Restricted cash balances have been excluded from the Company’s cash and cash equivalents balance and are included in other assets on the consolidated balance sheets.
Non-marketable Securities
Non-marketable securities consist of equity investments in privately-held companies, which are classified as other assets on the consolidated balance sheets. The Company’s non-marketable equity securities do not have readily determinable fair values. These investments are accounted for using the measurement alternative at cost, and the Company adjusts for impairments and observable price changes (orderly transactions for the identical or a similar security from the same issuer) included in net loss as and when it occurs. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable securities continue to be eligible for this election.
The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Impairment indicators may include, but are not limited to, a significant deterioration in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic, or technological environment. If the non-marketable equity securities are considered impaired, the Company will record an impairment charge within other income (expense) on its consolidated statements of operations for the amount by which the carrying value exceeds the fair value of the investment. For the years ended January 31, 2026, 2025 and 2024, the Company did not record any material impairment charges related to its non-marketable equity securities.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

During the years ended January 31, 2026 and 2025, the Company invested $ 9.2  million and $ 11.3  million, respectively, of its cash in non-marketable securities of privately-held companies. The Company evaluated its ownership, contractual and other interests of its investments and determined that as of January 31, 2026, there were no variable interest entities required to be consolidated in the Company’s consolidated financial statements, as the Company was not the primary beneficiary and did not have the power to direct activities that most significantly impact the entities’ economic performance. The Company’s maximum loss exposure is limited to the carrying value of these investments.
Fair Value of Financial Instruments
The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, non-marketable securities, accounts payable and accrued liabilities. Cash equivalents are measured at fair value on a recurring basis. Short-term investments classified as available-for-sale debt securities are recorded at fair value. Non-marketable securities consist of equity securities. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs, as described below, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:
• Level 1: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.
• Level 2: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
• Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, short-term investments and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed insurance coverage limits. The Company invests its excess cash in highly-rated money market funds and in short-term investments consisting of U.S. government treasury securities.
The Company extends credit to customers in the normal course of business. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. The Company does not require collateral from customers to secure accounts receivable. Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company records an allowance for doubtful accounts relating to certain trade accounts receivable based on various factors, including the review of credit profiles of its customers, contractual terms and conditions, current economic trends and historical customer payment experience.
As of January 31, 2026 and 2025, no customer represented 10% or more of net accounts receivable. For the years ended January 31, 2026, 2025 and 2024, no customer represented 10% or more of revenue.
Software Development Costs
Software development costs for software to be sold, leased, or otherwise marketed are expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the product is available for general release to customers and amortized over the estimated life of the product. Technological feasibility is established upon the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. To date, costs and time incurred between the establishment of technological feasibility and product release have not been material, resulting in software development costs qualifying for capitalization being immaterial. As a result, the Company has not capitalized any related software development costs in any of the periods presented.
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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, costs related to the development of web-based product, or implementation costs incurred in a hosting arrangement that is a service contract, are capitalized during the application development stage. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. There were no material qualifying costs incurred during the application development stage and the Company did not capitalize any qualifying costs related to computer software developed for internal use, or implementation costs incurred in a hosting arrangement that is a service contract in the years ended January 31, 2026 and 2025.
Property and Equipment
Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

Property and Equipment Estimated Useful Life
Computer and office equipment Two to three years

Purchased software Two years
Servers Three years
Furniture and fixtures Five years
Website costs Three years
Leasehold improvements Lesser of estimated useful life or remaining lease term

Depreciation commences once the asset is ready for its intended use. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation, is removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations. There was no material gain or loss incurred as a result of retirement or sale in the periods presented. Repair and maintenance costs are expensed as incurred.
Business Combinations
The Company applies 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 the Company acquires 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, the Company’s assessment of the information, and historical experience. The Company’s 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, the Company 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.
Leases
The Company determines if an arrangement is, or contains, a lease at inception. An arrangement is or contains a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Company measures lease liabilities based on the present value of lease payments over the lease term at the lease commencement date. As the Company’s leases generally do not provide an implicit discount rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. Options in the lease terms to extend or terminate the lease are not reflected in the lease liabilities unless it is reasonably certain that any such option will be exercised.
The Company measures right-of-use assets at the lease commencement date based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs incurred
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

and (iii) certain tenant incentives under the lease. The Company evaluates the recoverability of the right-of-use assets for possible impairment in accordance with the long-lived assets policy.
The Company accounts for lease and non-lease components as a single lease component for all leases. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial lease term of twelve months or less, and instead recognize the associated lease payments for these short-term leases in the consolidated statements of operations on a straight-line basis over the lease term.
Lease expenses for minimum lease payments for operating leases are recognized on a straight-line basis over the lease term. Amortization expense of the right-of-use assets for finance leases is generally recognized on a straight-line basis over the shorter of the lease term or the useful life of the asset. Interest expense for finance leases is recognized based on the incremental borrowing rate used to determine the finance lease liability. Variable lease payments are expensed as incurred and are not included within the lease liability and right-of-use assets calculation.
Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, non-current on the consolidated balance sheets. Finance leases are included in property and equipment, net, other accrued liabilities, and other liabilities, non-current on the consolidated balance sheets. Within the consolidated statements of cash flows, the Company classifies all cash payments associated with operating leases within operating activities and for finance leases, repayments of principal are presented within financing activities and interest payments are presented within operating activities.
Impairment of Long-Lived Assets
The Company evaluates the recoverability of its long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount is not recoverable, the carrying amount of such assets is reduced to fair value. The Company did not record impairment charges related to long-lived assets during the years presented.
In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of long-lived assets. If the estimated useful life assumption for any asset is changed due to new information, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Other acquired intangible assets are stated at the fair value acquired as determined by a valuation technique commensurate with the intended use of the related asset. Definite-lived intangible assets are considered long-lived assets and are amortized on a straight-line basis over the periods that expected economic benefits will be provided. Goodwill and any indefinite-lived intangible assets are not amortized; rather, they are evaluated for impairment annually and whenever events or changes in circumstances indicate that the value of the asset may be impaired.
The Company performs its annual impairment analysis in the fourth quarter of each fiscal year. The Company first assesses the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single operating segment is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the Company determines that it is more likely than not that its fair value is less than its carrying amount, then the quantitative goodwill impairment test will be performed. The quantitative goodwill impairment test identifies goodwill impairment and measures the amount of goodwill impairment loss to be recognized by comparing the fair value of the Company’s single operating segment with its carrying amount. If the carrying amount exceeds its fair value, no further analysis is required; otherwise, any excess of the carrying amount over the implied fair value is recognized as an impairment loss and the carrying value of goodwill is written down to fair value. No indicators of impairment of goodwill were identified during the years ended January 31, 2026, 2025 and 2024, and accordingly, the Company has not recorded any impairment of goodwill during those periods.
Revenue Recognition
The Company derives its 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. The Company recognizes revenue when its customer obtains control of promised
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps:
i. Identification of the contract, or contracts, with a customer - The Company determines it has 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, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. The Company applies 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, the Company evaluates 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 the Company 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, the Company applies 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 the Company expects to be entitled in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company applies the practical expedient to not evaluate contracts of one year or less for the existence of a significant financing component. None of the Company’s 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, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Company also considers if there are any additional material rights inherent in a contract and if so, the Company allocates a portion of the transaction price to such rights based on SSP. The Company determines each SSP based on multiple factors, including past history of selling such performance obligations as standalone products. The Company estimates SSP for performance obligations with no observable evidence using adjusted market, cost plus method and the value relationship between the different 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, the Company considers observable data points including competitor pricing for a similar or identical product, market and industry data points and the Company’s pricing practices to establish the SSP.
v. Recognition of revenue when, or as, the Company satisfies a performance obligation - The Company recognizes revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company records its revenue net of any value added or sales tax.
Subscription Revenue
The Company sells subscriptions directly through its field and inside sales teams and indirectly through channel partners, as well as through its self-serve channel. The majority of the Company’s subscription contracts are one year in duration and are invoiced upfront or invoiced monthly in arrears. When the Company enters into multi-year subscription contracts, the customer is typically invoiced on an annual basis or pays upfront. The Company’s subscription contracts are generally non-cancelable and non-refundable.
The Company derives subscription revenue from providing its software to customers with its database-as-a-service offering that include comprehensive infrastructure and management of the Company’s database and can also be purchased with additional enterprise features. Performance obligations related to database-as-a-service solutions are recognized on a
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usage-basis, as the use of this service represents a direct measurement of the value of the goods or services transferred to date relative to the remaining goods or services promised under the contract.
The Company’s subscription revenue also includes time-based software licenses sold in conjunction with PCS. The license element is recognized separately from the PCS as they are considered two distinct performance obligations. The transaction price is allocated to each separate performance obligation based on its relative SSP. License revenue is recognized at a point in time, upon delivery and transfer of control of the underlying license to the customer, which is typically the subscription start date.
PCS includes unspecified updates, as well as support and maintenance. Revenue from PCS is recognized ratably over the contract duration.
Services Revenue
The Company’s services contracts are generally provisioned on a time-and-materials basis. Revenue is recognized as the services are performed.
Contracts with Multiple Performance Obligations
The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. For these contracts, the transaction price is allocated to the separate performance obligations on a relative SSP basis.
Cost of Revenue
Cost of Subscription Revenue
Cost of subscription revenue primarily includes third-party cloud infrastructure expenses for the Company’s database- as-a-service offering. Cost of subscription revenue also includes personnel costs, including salaries, bonuses and benefits and stock-based compensation, for employees associated with the Company’s 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 and benefits and stock-based compensation for employees associated with the Company’s professional service contracts, as well as, travel costs, allocated shared costs and depreciation and amortization.
Deferred Commissions
The Company capitalizes its incremental costs of obtaining subscription contracts with customers, which generally consist of sales commissions paid to the Company’s sales force and related payroll taxes, as well as fees paid to marketplace vendors. Incremental costs that are expected to be amortized during the succeeding twelve months are recorded on the Company’s consolidated balance sheets as deferred commissions with the remaining, non-current, portion recorded under other assets. Deferred commissions are amortized over a period of benefit that the Company has determined to be generally five years . The Company determined the period of benefit by taking into consideration the length of its customer contracts, its technology life cycle and other factors. Deferred commissions also include all other sales commissions and related payroll taxes for subscription contract renewals, which are amortized based on the pattern of the associated revenue recognition over the related contractual subscription period. Sales commissions are generally paid up front and one month in arrears, however, the timing of payment is based on contractual terms of the underlying subscription contract and is subject to an evaluation of customer credit-worthiness. Amortization of deferred commissions is included in sales and marketing expense in the consolidated statements of operations. The Company adopted the practical expedient that permits an entity to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. Deferred commissions are reviewed periodically for impairment. Refer to Note 10, Revenue for more information.
Deferred Revenue
Deferred revenue primarily consists of customer billings or payments received in advance of the Company satisfying the performance obligations on its subscription and services contracts. The Company generally invoices its customers annually in advance for its subscription services. Typical payment terms provide that customers pay the amount due within
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30 days of the invoice date. Deferred revenue that is anticipated to be recognized during the succeeding twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as non-current. The Company’s contract liabilities are classified as deferred revenue upon the right to invoice or when payments have been received for undelivered products or services.
Accounts Receivable and Allowance for Doubtful Accounts
The Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s consolidated balance sheets.
The Company is exposed to credit losses primarily through the sales of subscriptions and services, which are recorded as accounts receivable, inclusive of unbilled receivables. The Company performs initial and ongoing evaluations of its customers' financial position and generally extends credit without collateral. Accounts receivable are recorded at amortized cost, net of an allowance for doubtful accounts, and do not bear interest.
The allowance for doubtful accounts represents the best estimate of lifetime expected credit losses against the existing accounts receivable, inclusive of unbilled receivables, based on certain factors including past collection experience, credit quality of the customer, current aging of the receivable balance, current economic conditions, reasonable and supportable forecasts, as well as specific circumstances arising with individual customers. Accounts receivable are written off against the allowance for doubtful accounts when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable. The Company’s estimates of the allowance for credit losses may not be indicative of the Company’s actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. See also Note 10, Revenue for more information on allowance for doubtful accounts and unbilled receivables.
Convertible Senior Notes
Upon adoption of ASU 2020-06 on February 1, 2021, the Company no longer records the conversion feature of its convertible senior notes in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense.
The Company applies the if-converted method when reporting the number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company is required to include disclosures of all the underlying shares regardless of the average stock price for the reporting period.
Convertible senior notes are classified as non-current liabilities until the reporting period date is within one year of maturity of the convertible senior notes or when the Company has received a redemption request, but settlement will occur after the reporting period date. Under such circumstances, the carrying amount of the convertible senior notes, net of the associated unamortized debt issuance costs, is classified as a current liability.
Refer to Note 7, Convertible Senior Notes for more information.
Research and Development
Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses and benefits and stock-based compensation. Research and development costs also include amortization associated with acquired finite-lived intangible assets and allocated overhead.
Advertising
Advertising costs are expensed as incurred, or the first time the advertising takes place, based on the nature of the advertising. Advertising costs were $ 45.3 million, $ 30.8 million and $ 29.7 million for the years ended January 31, 2026, 2025 and 2024, respectively. Advertising costs are recorded in sales and marketing expenses in the consolidated statements of operations.
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Stock-Based Compensation
Compensation expense related to stock-based awards granted to employees and non-employees is calculated based on the fair value of stock-based awards on the date of grant. For restricted stock units, restricted stock awards and performance stock units, fair value is based on the closing price of the Company’s common stock on the grant date. For performance stock units with market conditions, fair value is measured using a Monte Carlo simulation model on the grant date.
For stock options and purchase rights issued to employees under the 2017 Employee Stock Purchase Plan (“2017 ESPP”), the Company determines the grant date fair value using the Black-Scholes option-pricing model. This option-pricing model requires the use of assumptions, which are subjective and generally requires significant judgment to determine. The assumptions for the option-pricing model were determined as follows:
i. Expected Term. The expected term represents the period that stock-based awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. For purchase rights granted under the 2017 ESPP, the expected term represents the offering period.
ii. Expected Volatility. Since the Company had limited trading history of its common stock, the expected volatility for its stock option grants was derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considered to be comparable to its own business over a period equivalent to the expected term of the stock option grants. For purchase rights granted under the 2017 ESPP, the volatility is derived from the historical volatility of the Company’s common stock.
iii. Risk-Free Interest Rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term and 2017 ESPP offering period.
iv. Dividend Rate. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.
The Company’s stock price volatility and expected option life involve management's best estimates, both of which impact the fair value estimated under the Black-Scholes option-pricing model and, ultimately, the expense that will be recognized.
The Company recognizes the related stock-based compensation expense for restricted stock units and stock options on a straight-line basis over the employee’s requisite service period, which is generally four years . The Company recognizes share-based compensation expense for awards with market conditions and awards with performance conditions on a straight-line basis over the requisite service period for each separately vesting tranche of the award. The Company recognizes share-based compensation expense for awards with performance conditions when it is probable that the performance condition will be achieved. The Company recognizes the stock-based compensation expense related to the 2017 Employee Stock Purchase Plan on a straight-line basis over the offering period. The Company has elected to account for forfeitures as they occur.
Treasury Stock
Treasury stock is accounted for using the cost method and recorded as a reduction to stockholders’ equity on the consolidated balance sheets. Incremental direct costs to purchase treasury stock are included in the cost of the shares acquired.
Net Loss Per Share
The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period, including stock options, restricted stock units and convertible senior notes. Refer to Note 12. Net Loss Per Share for more information.
Income Taxes
The Company follows the asset and liability method of accounting for income taxes. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying
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amounts and the tax basis of assets and liabilities. Valuation allowances are established when necessary to reduce the deferred tax assets to the amount the Company believes is more likely than not to be realized.
The Company recognizes the tax benefit from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that is more likely than not of being realized upon ultimate settlement. The Company recognizes interest and penalties on amounts due to taxing authorities as a component of income tax expense.
Related Party Transactions
All contracts with related parties are executed in the ordinary course of business. There were no material related party transactions in the years ended January 31, 2026, 2025 and 2024. As of January 31, 2026 and 2025, there were no material amounts payable to or amounts receivable from related parties.
Recently Adopted Accounting Pronouncements
Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose additional information about income taxes, primarily their rate reconciliation information and income taxes paid. The new guidance requires companies to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally, companies will be required to disclose annually income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for the Company for the fiscal year ending January 31, 2026, and early adoption is permitted. The Company adopted this guidance for its fiscal year ended January 31, 2026 on a retrospective basis. The adoption of this standard did not have a material financial impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
Disaggregation—Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The guidance is effective for annual filings for the Company's fiscal year beginning February 1, 2027, and interim filings for the fiscal year beginning February 1, 2028, and can be applied either prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.
Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued an update to ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to prescriptive and sequential software development stages and allows software development costs to be capitalized once management commits to funding the project and it is probable that the project will be completed and used as intended. The new guidance introduces the concept of "significant development uncertainty," which if present, prevents capitalization. The guidance is effective for annual filings for the Company's fiscal year beginning February 1, 2028, and interim reporting periods within those annual reporting periods, and can be applied using a prospective, retrospective, or modified transition approach, with early adoption permitted. The Company is currently evaluating the impact of the updates to ASU 2025-06 on its consolidated financial statements.
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3. Fair Value Measurements
The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of January 31, 2026 and 2025 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

Fair Value Measurement at January 31, 2026
Level 1
Level 2
Level 3
Total

Financial Assets:
Cash and cash equivalents:
Money market funds $ 381,687   $ —   $ —   $ 381,687  
Short-term investments:
U.S. government treasury securities
1,303,701   —   —   1,303,701  
Total financial assets
$ 1,685,388   $ —   $ —   $ 1,685,388  

Fair Value Measurement at January 31, 2025
Level 1
Level 2
Level 3
Total

Financial Assets:
Cash and cash equivalents:
Money market funds $ 152,588   $ —   $ —   $ 152,588  
Short-term investments:
U.S. government treasury securities
1,846,444   —   —   1,846,444  
Total financial assets
$ 1,999,032   $ —   $ —   $ 1,999,032  

The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available.
The following table summarizes the amortized cost and fair value of the Company’s short-term investments by remaining contractual maturity as of January 31, 2026 and January 31, 2025 (in thousands):

January 31, 2026 January 31, 2025
Amortized
Cost Net Unrealized
Gains (Losses) Fair Value Amortized
Cost Net Unrealized
Gains (Losses) Fair Value
Due within one year $ 770,766   $ 1,539   $ 772,305   $ 968,748   $ 944   $ 969,692  
Due after one year and within three years 527,268   4,128   531,396   876,154   598   876,752  
Total short-term investments $ 1,298,034   $ 5,667   $ 1,303,701   $ 1,844,902   $ 1,542   $ 1,846,444  

As of January 31, 2026 and January 31, 2025, unrealized net gains on the Company’s U.S. government treasury securities were approximately $ 5.7  million and $ 1.5  million, respectively. These unrealized gains and losses were caused by fluctuations in interest rates, which results in changes to the market value of these securities. Since the fluctuation in fair value is due to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of January 31, 2026 and 2025. Gross realized gains and losses were not material for each of the years ended January 31, 2026 and 2025. There were no material short-term investments in a continuous loss position for greater than twelve months.
Non-marketable Securities
As of January 31, 2026 and 2025, the total amount of non-marketable equity securities included in other assets on the Company’s consolidated balance sheets were $ 32.3  million and $ 24.2  million, respectively. The Company recognized
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immaterial net unrealized losses on certain of these non-marketable securities during the year ended January 31, 2026 and an immaterial net unrealized gain during the year ended January 31, 2025.

4. Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):

January 31, 2026 January 31, 2025
Servers $ 881   $ 887  
Furniture and fixtures 5,106   5,320  
Computer and office equipment 8,099   7,209  
Purchased software 809   872  
Leasehold improvements 44,384   41,273  
Website costs 969   969  
Construction in process 705   386  
Finance lease right-of-use assets 15,566   19,540  
Total property and equipment 76,519   76,456  
Less: accumulated depreciation and amortization ( 36,746 ) ( 30,079 )
Property and equipment, net $ 39,773   $ 46,377  

Depreciation and amortization expense related to property and equipment was $ 7.7 million, $ 8.3 million and $ 8.0 million for the years ended January 31, 2026, 2025 and 2024, respectively. Depreciation and amortization expense excludes amortization with respect to the finance lease right-of-use asset, which is described further in Note 8, Leases .

5. Business Combinations
Voyage AI Innovations, Inc.
On February 17, 2025 (the “Acquisition Date”), the Company acquired all outstanding shares of Voyage AI Innovations, Inc. (“Voyage AI”), an AI-powered software company that specializes in embedding and reranking models. The Company acquired Voyage AI for its developed technology and talent.
The Company accounted for the transaction as a business acquisition under the acquisition method of accounting.
The acquisition date fair value of the purchase consideration was $ 160.9  million, which comprised the following (in thousands):

Estimated Fair Value
Cash $ 19,464  
Common stock (1)
141,402  
Total $ 160,866  

(1) Approximately 484,169 shares of the Company’s common stock were included in the purchase consideration and the fair values of these shares were determined based on the opening market price of $ 292.05 per share on February 18, 2025. Because the acquisition closed on a market holiday, the Company elected to use the opening market price on the first trading day subsequent to the acquisition date.
In connection with this business combination, the Company 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 the Company or its 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 following table summarizes the allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition:
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Estimated Fair Value
(in thousands) Estimated Useful Life
(in years)
Cash and cash equivalents $ 17,365  
Prepaid expenses and other current assets
1,435  
Goodwill 121,718  
Developed technology intangible asset 24,000   2.0
Accounts payable and accrued expenses ( 954 )
Deferred tax liabilities, net (1)
( 2,698 )
Total purchase price $ 160,866  

(1) Deferred tax liabilities, net primarily relate to the intangible asset acquired and the amount presented is net of deferred tax assets.
The fair value of the developed technology was estimated using the reproduction cost method (Level 3), which utilized assumptions for the cost to replace, such as the workforce, timing and resources required, as well as a theoretical profit margin and opportunity cost. The Company determined the economic useful life to be two years based on the expected time period that the asset would contribute to the Company’s future cash flows without significant upgrades. The finalization of the values assigned to the assets acquired and liabilities assumed for the year ended January 31, 2026 resulted in a $ 1.8  million measurement period adjustment that increased deferred tax liabilities and goodwill to reflect adjustments from the filing of income tax returns for periods prior to the acquisition date.
Goodwill related to the acquisition, which represents the difference between the purchase price and fair values of identifiable net assets, is not tax deductible for U.S. income tax purposes. The Company believes the goodwill balance associated with this business combination is attributable to the assembled workforce as well as synergies expected from expanded market opportunities when integrating the acquired developed technology with the Company’s offerings.
The Company incurred acquisition-related costs for the Voyage AI acquisition of $ 1.5  million during the year ended January 31, 2026. These acquisition-related costs were included in general and administrative expenses in the Company’s consolidated statements of operations.
From the date of acquisition through January 31, 2026, revenue and earnings attributable to Voyage AI, included in the Company’s consolidated statements of operations for the year ended January 31, 2026, were not material.

6. Goodwill and Intangible Assets, Net
The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands):

January 31, 2026 January 31, 2025
Balance, beginning of the year $ 69,679   $ 69,679  
Increase in goodwill related to business combinations 121,718   —  
Balance, end of the year $ 191,397   $ 69,679  

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands):

January 31, 2026
Gross Carrying Value Accumulated Amortization Net Book Value
Developed technology $ 27,400   $ ( 14,728 ) $ 12,672  

IP addresses $ 24,445   $ ( 2,615 ) $ 21,830  
Total $ 51,845   $ ( 17,343 ) $ 34,502  

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January 31, 2025
Gross Carrying Value Accumulated Amortization Net Book Value
Developed technology $ 41,200   $ ( 40,407 ) $ 793  
Customer relationships 15,200   ( 15,200 ) —  
IP addresses $ 23,986   $ ( 182 ) $ 23,804  
Total $ 80,386   $ ( 55,789 ) $ 24,597  

During the year ended January 31, 2025, the Company purchased $ 24.0  million of intangible assets for IP addresses which is expected to allow the Company to reduce its cloud infrastructure costs in the future. These purchased intangible assets are amortized on a straight-line basis over an estimated useful life of ten years . During the three months ended January 31, 2026, the Company retired $ 53.0  million of fully amortized intangible assets, impacting both the gross carrying amount and accumulated amortization by this amount.
Intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $ 14.6 million, $ 3.3 million, and $ 10.6 million for the years ended January 31, 2026, 2025 and 2024, respectively. Amortization expense for developed technology is included as cost of subscription revenue and research and development expense in the Company’s consolidated statements of operations. Amortization expense for customer relationships was included as sales and marketing expense in the Company’s consolidated statements of operations. Amortization expense for IP addresses is included as cost of subscription revenue in the Company’s consolidated statements of operations.
As of January 31, 2026, future amortization expense related to the intangible assets is as follows (in thousands):

Years Ending January 31,
2027 $ 14,558  
2028 3,003  
2029 2,444  
2030 2,444  
2031 2,444  
Thereafter $ 9,609  
Total $ 34,502  

7. Convertible Senior Notes
In January 2020, the Company issued $ 1.0 billion aggregate principal amount of 0.25 % convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $ 150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2026 Notes”). The 2026 Notes were senior unsecured obligations of the Company and interest was payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25 % per year. The 2026 Notes had an original maturity date of January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $ 1.1 billion.
In October 2024, the optional redemption feature of the 2026 Notes was satisfied as the last reported sale price of the Company’s common stock was more than or equal to 130 % of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. On October 16, 2024, the Company issued a notice of redemption (the “Redemption Notice”) for all aggregate principal amount outstanding of its 2026 Notes. Pursuant to the Redemption Notice, on December 16, 2024 (the “Redemption Date”), the Company redeemed all 2026 Notes that had not been converted prior to such date at a redemption price in cash equal to 100 % of the principal amount of such 2026 Notes, plus accrued and unpaid interest from July 15, 2024 to, but excluding the Redemption Date (the “Redemption Price”). On the Redemption Date, the Redemption Price was due and payable upon each 2026 Notes redeemed and interest thereon ceased to accrue on and after the Redemption Date.
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The 2026 Notes called for redemption were converted by holders at any time before 5:00 p.m. (New York City time) on December 13, 2024 (the “Conversion Deadline”). The Conversion Rate for 2026 Notes converted after the date of the Redemption Notice and prior to the Conversion Deadline equaled to 4.9260 shares of the Company’s common stock, par value $ 0.001 per share, per $1,000 principal amount of the 2026 Notes, which included an increase of the conversion rate of 0.1911 additional shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes as a result of the 2026 Notes being called for optional redemption.
The Company satisfied its conversion obligations with respect to conversions occurring after the date of the Redemption Notice and prior to the Redemption Date by delivering shares of the Company’s common stock, plus cash in lieu of any resulting fractional shares. Pursuant to the Redemption Notice, on the Redemption Date, the Company redeemed the outstanding principal of the 2026 Notes that were not converted prior to such date at a redemption price in cash equal to 100 % of the principal amount of the 2026 Notes, plus accrued and unpaid interest. Approximately $ 1.1  billion aggregate principal amount was converted to 5,662,979 shares of the Company’s common stock with $ 0.4  million settled in cash. The Company recorded the carrying amount of the converted debt into common stock and additional paid-in-capital with no material gain or loss recognized.
Capped Calls
In connection with the pricing of the issuance of the Company’s convertible notes due June 15, 2024 which were converted or extinguished in December 2021 (the “2024 Notes”) and the 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”). The Capped Calls associated with the 2024 Notes each had an initial strike price of approximately $ 68.15 per share, subject to certain adjustments, which corresponded to the initial conversion price of the 2024 Notes. These Capped Calls had initial cap prices of $ 106.90 per share, subject to certain adjustments.
In April 2024, the Company elected cash settlement for the Capped Calls associated with the 2024 Notes. Upon the cash settlement election, the instrument, initially indexed to the Company’s own stock, no longer met the criteria for equity classification and was reclassified from stockholder’s equity to assets on the Company’s consolidated balance sheet. The reclassification resulted in the recognition of a derivative asset, with an estimated fair value at cash settlement election date of $ 169.7  million, with a corresponding increase in additional paid-in capital. In June 2024, the derivative asset was settled and the Company received $ 170.6  million in cash and recognized a realized gain of $ 0.9  million for the year ended January 31, 2025, which was recorded in other income (expense), net , on the Company’s consolidated statements of operations.
The Capped Calls associated with the 2026 Notes each had an initial strike price of approximately $ 211.20 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. These Capped Calls had initial cap prices of $ 296.42 per share, subject to certain adjustments. The Capped Calls were initially classified in stockholders’ equity and were not subsequently remeasured. In January 2026, upon the original maturity date of the 2026 Notes, the capped call options settled. At settlement, the Company received 1.2 million shares of its common stock. The $ 92.9  million premium paid upon entering into the capped call transaction was recorded as an increase to treasury stock and an increase to additional paid-in capital on the Company’s consolidated balance sheets.

8. Leases
The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from one to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the Company's discretion.
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Lease Costs
The components of the Company’s lease costs included in its consolidated statements of operations were as follows (in thousands):

Years Ended January 31,
2026 2025
Finance lease cost:
Amortization of finance lease right-of-use assets $ 3,974   $ 3,974  
Interest on finance lease liabilities 1,897   2,267  
Operating lease cost 13,007   13,319  
Short-term lease cost 4,519   5,262  
Variable lease cost 4,679   3,814  
Total lease cost $ 28,076   $ 28,636  

Balance Sheet Components
The balances of the Company’s finance and operating leases were recorded on the consolidated balance sheets as follows (in thousands):

Years Ended January 31,
2026 2025
Finance Lease:
Property and equipment, net $ 15,566   $ 19,540  
Other accrued liabilities (current) 6,482   6,814  
Other liabilities, non-current 23,490   30,697  
Operating Leases:
Operating lease right-of-use assets $ 28,978   $ 34,607  
Operating lease liabilities (current) 9,259   9,126  
Operating lease liabilities, non-current 23,600   27,374  

Supplemental Information
The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information):

Years Ended January 31,
2026 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance lease $ 1,897   $ 2,267  
Operating cash flows from operating leases 13,025   14,185  
Financing cash flows from finance lease 7,539   6,179  
Right-of-use assets obtained in exchange for lease obligations:

Operating leases 4,520   8,974  
Weighted-average remaining lease term (in years):
Finance lease 3.9 4.9
Operating leases 4.0 4.6
Weighted-average discount rate:
Finance lease 5.6   % 5.6   %
Operating leases 5.2   % 5.2   %

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Maturities of Lease Liabilities
Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of January 31, 2026 were as follows (in thousands):

Year Ending January 31,
Finance Lease
Operating Leases

2027 $ 7,986   $ 11,139  
2028 8,711   8,987  
2029 8,711   7,011  
2030 7,985   4,240  
2031 —   2,753  
Thereafter
—   2,679  
Total minimum payments
33,393   36,809  
Less imputed interest
( 3,421 ) ( 3,950 )
Present value of future minimum lease payments
29,972   32,859  
Less current obligations under leases
( 6,482 ) ( 9,259 )
Non-current lease obligations
$ 23,490   $ 23,600  

9. Commitments and Contingencies
The following table includes certain non-cancelable agreements primarily for subscription, marketing services and cloud infrastructure capacity commitments entered into by the Company (in thousands):

Year Ending January 31,
Other Obligations

2027 $ 382,067  
2028 392,574  
2029 123,285  
2030 —  
2031 —  
Thereafter
—  
Total minimum payments
$ 897,926  

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. During the year ended January 31, 2026, other than certain non-cancelable operating leases described in Note 8, Leases and the renewal agreement with a cloud infrastructure provider, there have been no material changes outside the ordinary course of business t o the Company’s contractual obligations and commitments.
Legal Matters
The Company investigates all claims, litigation and other legal matters as they arise. From time to time, the Company has become involved in claims, litigation and other legal matters arising in the ordinary course of business, including intellectual property, labor and employment and breach of contract claims. For example, on July 9, 2024, a putative class action lawsuit, captioned Baxter v. MongoDB, Inc., et al., was filed in the United States District Court for the Southern District of New York against MongoDB, former CEO Dev Ittycheria, and former COO and CFO Michael Gordon. On January 27, 2025, the lead plaintiff in the lawsuit (the “Securities Action”) filed an Amended Complaint naming former Senior Vice President of Finance and former Interim CFO Srdjan Tanjga as an additional defendant. The operative complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act, and alleges that defendants made material misstatements and/or omissions, including regarding MongoDB’s sales strategy and its financial results. The complaint is purportedly brought on behalf of a putative class of persons who purchased or otherwise acquired MongoDB common stock between June 1, 2023 and May 30, 2024. It seeks unspecified monetary damages, costs and attorneys’ fees, and other unspecified relief. Defendants filed a motion to dismiss the complaint on May 9, 2025. Plaintiffs filed an opposition brief on July 1, 2025, and defendants filed their reply brief on July 29, 2025. The Court has not yet ruled on Defendants’ motion.The
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Company is unable to estimate any reasonably possible loss, or range of loss, with respect to these matters at this time. The Company intends to vigorously defend itself in this matter.
On October 7, 2024, a purported shareholder derivative lawsuit was filed in the U.S. District Court for the Southern District of New York, Case. No. 1:24-cv-07594, against the Company, as a nominal defendant, and former CEO Dev Ittycheria, former COO and CFO Michael Gordon, and several of the Company’s current and former directors. The case is captioned Roy v. Ittycheria et al. The lawsuit alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing the Company to issue allegedly false and misleading statements to investors. Another similar case was subsequently filed in the same district and has been consolidated with the Roy action with the caption In re MongoDB, Inc. Shareholder Litigation (the “S.D.N.Y. Derivative Litigation”). On September 12, 2025 another purported derivative action was filed in the Court of Chancery of the State of Delaware, Case No. 2025-1030, against the Company, as a nominal defendant, and former CEO Dev Ittycheria, former COO and CFO Michael Gordon, and several of the Company’s current and former directors. The case is captioned Sansone v. Ittycheria, et al. The lawsuit, like the S.D.N.Y. Derivative Action, alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing the Company to issue allegedly false and misleading statements to investors. The S.D.N.Y. Derivative Litigation and the Delaware Derivative Action are both at early stages and have both been stayed, pending the outcome of the Court’s decision on the defendants’ motion to dismiss the Securities Action.
Although claims and litigation are inherently unpredictable, as of January 31, 2026, other than as disclosed above, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial position, results of operations or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.
Indemnification
The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. To date, the Company has not incurred material costs as a result of such commitments. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions.
The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with the Company.

10. Revenue
Disaggregation of Revenue
The Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted through the Company’s primary geographical markets and subscription product categories. The Company’s primary geographical markets are North and South America (“Americas”); Europe, Middle East and Africa (“EMEA”); and Asia Pacific. The Company also disaggregates its subscription products between its Atlas-related offerings and other subscription products, which include MongoDB Enterprise Advanced.
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The following table presents the Company’s revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands):

Years Ended January 31,

2026 2025 2024
Primary geographical markets:

Americas
$ 1,497,477   $ 1,213,061   $ 1,016,324  
EMEA
680,840   553,090   469,082  
Asia Pacific
285,480   240,292   197,605  
Total
$ 2,463,797   $ 2,006,443   $ 1,683,011  

Subscription product categories and services:
Atlas-related $ 1,807,866   $ 1,405,184   $ 1,105,351  
Other subscription
578,111   538,680   521,975  
Services
77,820   62,579   55,685  
Total
$ 2,463,797   $ 2,006,443   $ 1,683,011  

Contract Liabilities
The Company’s contract liabilities are recorded as deferred revenue in the Company’s consolidated balance sheets and consist of customer invoices issued or payments received in advance of revenues being recognized from the Company’s subscription and services contracts. Deferred revenue, including current and non-current balances as of January 31, 2026, 2025 and 2024 was $ 470.7 million, $ 359.8 million and $ 377.4 million, respectively. Approximately 14 % and 18 % of the total revenue recognized in the years ended January 31, 2026 and 2025 was from deferred revenue at the beginning of each respective period.
Remaining Performance Obligations
Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period. The Company applies the practical expedient to omit disclosure with respect to the amount of the transaction price allocated to remaining performance obligations if the related contract has a total duration of 12 months or less. As of January 31, 2026, the aggregate transaction price allocated to remaining performance obligations was $ 1,472.7 million. Approximately 52 % is expected to be recognized as revenue over the next 12 months, 46 % in 13 to 36 months and the remainder thereafter. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at the customers’ discretion.
Unbilled Receivables
Revenue recognized in excess of invoiced amounts creates an unbilled receivable, which represents the Company’s unconditional right to consideration in exchange for goods or services that the Company has transferred to the customer. Unbilled receivables are recorded as part of accounts receivable, net in the Company’s consolidated balance sheets. As of January 31, 2026, 2025 and 2024, unbilled receivables were $ 19.8 million, $ 22.5 million and $ 22.7 million, respectively.
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Allowance for Doubtful Accounts
The Company considers expectations of forward-looking losses, in addition to historical loss rates, to estimate its allowance for doubtful accounts on its accounts receivable. The following is a summary of the changes in the Company’s allowance for doubtful accounts (in thousands):

Allowance for Doubtful Accounts

Balance at January 31, 2023 $ 6,362  
Provision 8,520  
Recoveries/write-offs ( 6,828 )
Balance at January 31, 2024 8,054  
Provision 9,404  
Recoveries/write-offs ( 8,570 )
Balance at January 31, 2025 8,888  
Provision 15,782  
Recoveries/write-offs ( 11,691 )
Balance at January 31, 2026 $ 12,979  

Costs Capitalized to Obtain Contracts with Customers
Deferred commissions were $ 373.2 million and $ 363.4 million as of January 31, 2026 and 2025, respectively, of which $ 241.7  million and $ 250.7  million comprised the non-current portion and was included in other assets on the Company’s consolidated balance sheets as of January 31, 2026 and 2025, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s consolidated statements of operations, was $ 136.8 million, $ 112.6 million and $ 99.5 million for years ended January 31, 2026, 2025 and 2024, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented.

11. Equity
The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended, the “2016 Plan”), primarily for the purpose of granting stock-based awards to employees, directors and consultants, including stock options, restricted stock units (“RSUs”) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan. Stock options granted under the stock option plans may be either incentive stock options (“ISOs”) or nonstatutory stock options (“NSOs”). ISOs may be granted to employees and NSOs may be granted to employees, directors, or consultants. All outstanding stock options as of January 31, 2026 were granted as NSOs. The exercise prices of the stock option grants must be no less than 100 % of the fair value of the common stock on the grant date as determined by the Board of Directors. If, at the date of grant, the optionee owns more than 10% of the total combined voting power of all classes of outstanding stock (a “10% stockholder”), the exercise price must be at least 110 % of the fair value of the common stock on the date of grant as determined by the Board of Directors. Options granted are exercisable over a maximum term of 10 years from the date of grant or five years from the date of grant for ISOs granted to any 10% stockholder. The Board of Directors or a committee thereof determines the vesting schedule for all equity awards. Stock option awards generally vest over a period of four years with 25 % vesting on the one year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. RSU awards granted to new employees generally vest over a period of four years with 25 % vesting on the one year anniversary of the award and the remainder vesting quarterly over the next 12 quarters, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years , subject to the grantee’s continued service to the Company.
Pursuant to the terms of the 2016 Plan, the shares of the Company’s common stock reserved for issuance was increased by 4.0  million shares in February 2025. As of January 31, 2026, the Company has approximately 17.5  million shares of common stock available for future grants.
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Stock Options
The following table summarizes stock option activity for the periods presented (in thousands, except share and per share data and years):

Options Outstanding

Shares
Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Term
(In Years)
Aggregate
Intrinsic
Value

Balance - January 31, 2025 567,425   $ 8.41   1.5 $ 150,319  
Options exercised ( 403,516 ) $ 7.9  
Options forfeited and expired
—   —  
Balance - January 31, 2026 163,909   $ 9.66   1.2 $ 59,284  
Options vested and exercisable - January 31, 2025 567,425   $ 8.41   1.5 $ 150,319  
Options vested and exercisable - January 31, 2026 163,909   $ 9.66   1.2 $ 59,284  

There were no options granted during the years ended January 31, 2026 and 2025. The intrinsic value of options exercised for the years ended January 31, 2026, 2025 and 2024 was determined to be $ 107.6 million, $ 89.7 million and $ 308.0 million, respectively.
There were no options vested during the years ended January 31, 2026, 2025 and 2024. As of January 31, 2026, there was no unrecognized stock-based compensation expense related to outstanding stock options.
Restricted Stock Units
During the year ended January 31, 2026, the Company began funding withholding taxes in certain jurisdictions due upon the vesting of employee RSUs and executive PSUs by net share settlement, rather than its previous approach of selling shares of the Company’s common stock. The amount of withholding taxes related to net share settlement of employee RSUs and executive PSUs are reflected as (i) a reduction to additional paid-in-capital, and (ii) cash outflows for financing activities when the payments are made. The shares withheld by the Company as a result of the net share settlement of RSUs and executive PSUs are not considered issued and outstanding, and do not impact the calculation of basic net income (loss) per share attributable to common stockholders.
The following table summarizes RSU activity for the years ended January 31, 2026 and 2025:

Shares Weighted-Average Grant Date Fair Value per RSU

Unvested - January 31, 2025 3,533,507   291.43  
RSUs granted 3,266,778   229.78  
RSUs vested ( 1,673,239 ) 278.82  
RSUs forfeited and canceled ( 893,347 ) 253.61  
Unvested - January 31, 2026 4,233,699   $ 256.82  

The total grant date fair value of RSUs vested were $ 466.5 million, $ 462.2 million, $ 429.5 million for the years ended January 31, 2026, 2025 and 2024, respectively. As of January 31, 2026, there was $ 1.0 billion of unrecognized stock-based compensation expense related to outstanding RSUs that is expected to be recognized over a weighted-average period of 2.73 years.

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Restricted Stock Awards
The Company has granted restricted common stock outside of the Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. Refer to Note 5, Business Combinations , for further details on the issuance of restricted stock awards in connection with the acquisition of Voyage AI.
The following table summarizes RSA activity for the year ended January 31, 2026:

Shares
Weighted-Average Grant Date Fair Value per RSA

Unvested - January 31, 2025
—   —  
RSAs granted 213,023   292.05  
RSAs vested ( 81,025 ) 292.05  
RSAs forfeited and canceled ( 19,845 ) 292.05  
Unvested - January 31, 2026
112,153   292.05  

The total grant date fair value of RSAs vested was $ 23.7 million for the year ended January 31, 2026. No RSAs were granted prior to the fiscal year ended January 31, 2026. As of January 31, 2026, there was $ 32.8  million of unrecognized stock-based compensation expense related to outstanding RSAs that is expected to be recognized over a weighted-average period of 1.42 years.
Executive Performance Share Awards
The Company has a long-term performance-based equity award program and grants performance share units (“PSUs”) to certain executives. The vesting of PSUs is conditioned upon the achievement of certain targets. The PSUs vest annually over a period of three years from the date of grant, subject to the executive’s continued employment with the Company. Each vested PSU entitles the executive to one share of common stock. A PSU performance factor of 100 will result in the targeted number of PSUs being vested. The minimum percentage of PSUs that can vest is zero , with a maximum percentage of 200 . On each date of grant, the Company assumes a performance factor of 100 .
The grant date fair value of PSUs with performance and service conditions was determined by using the market price of the Company’s common stock on the date of the grant. Compensation expense is recognized over the requisite service period based on the probability of the performance conditions being satisfied using the accelerated attribution method. Following the completion of the performance year, the achieved PSU performance factor was 158.0 and 80.0 for the years ended January 31, 2026 and 2025, respectively.
During the year ended January 31, 2026, the Company granted PSUs with both service and market conditions, with an aggregate grant date fair value of $ 36.1  million under the 2016 Plan. The number of shares that may be earned under these PSUs with market conditions ranges from 0 % to 200 % of the target number of shares, based on the achievement of specified stock price targets over a five-year cumulative performance period beginning on the grant date. The market conditions are satisfied when the average closing price of the Company’s common stock over any 60 consecutive trading-day period during the performance period is equal to or exceeds stock price targets of $ 375.00 , $ 400.00 , $ 475.00 and $ 600.00 . In addition, the PSUs with market conditions are subject to service-based vesting, under which up to 100 %, 125 %, 150 % and 200 % of the target number of shares may vest on January 31, 2027, January 31, 2028 and January 31, 2029, respectively, subject to the grantee’s continued service through each vesting date. On the date of grant, the Company assumes a performance factor of 100 . As of January 31, 2026, none of the stock price targets have been achieved and there were approximately 51  thousand PSUs with market conditions outstanding.
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The fair value of the PSUs with both service and market conditions is estimated on the grant date using a Monte Carlo simulation model. The following table summarizes the assumptions used and the resulting grant-date fair value of our PSUs subject to market conditions granted during the year ended January 31, 2026:

Year Ended January 31,

2026
Expected term (in years)
5

Expected volatility
70 %

Risk-free interest rate
3.72 %

Dividend yield
— %

The following table summarizes PSU activity for the years ended January 31, 2026 and 2025:

Shares Weighted-Average Grant Date Fair Value per PSU

Balance - January 31, 2025 146,284   287.57  
PSUs granted 167,153   242.31  
PSUs vested ( 91,319 ) 266.18  
Adjustment for performance achievement 17,955   216.79  
PSUs forfeited and canceled ( 30,403 ) 274.62  
Balance - January 31, 2026 209,670   $ 256.62  

The Company recognized $ 27.6  million and $ 22.7  million of compensation expense related to PSUs summarized above for the years ended January 31, 2026 and 2025, respectively. The total grant date fair value of PSUs vested was $ 24.3 million, $ 18.9 million, and $ 7.3 million for the years ended January 31, 2026, 2025 and 2024, respectively. As of January 31, 2026, the Company had $ 48.8  million of total unrecognized stock-based compensation cost related to these PSUs, which it expects to be recognized over a weighted-average period of 2.59 years.
2016 China Stock Appreciation Rights Plan
In April 2016, the Company adopted the 2016 China Stock Appreciation Rights Plan (as amended, the “China SAR Plan”) for its employees in China. These awards, which are granted to new employees, generally vest over four years with 25 % vesting on the one year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. Awards granted to existing employees generally vest quarterly over a period of four years , subject to the grantee’s continued service to the Company. The China SAR Plan units are cash settled upon exercise and will be paid as a cash bonus equal to the difference between the strike price of the vested plan units and the fair market value of common stock at the end of each reporting period. No China SAR Plan units were granted for the years ended January 31, 2026 and 2025.
During the years ended January 31, 2026, 2025 and 2024, upon the vesting of 144 , 231 and 619 units, respectively, the total expense recognized related to China SAR was ($ 0.2 million), $ 1.6 million and $ 3.3 million, respectively. As of January 31, 2026 and 2025, the Company’s liability balance related to the China SAR Plan was $ 0.2  million and $ 3.1  million, respectively. These amounts were recorded as part of the accrued compensation and benefits on the Company’s consolidated balance sheets and recognized as bonus expense in the Company’s consolidated statements of operations. During the year ended January 31, 2026, the Company paid $ 1.4  million in cash upon the exercise of 6,750 units. As of January 31, 2026, there were 794 China SAR Plan units outstanding of which no units remained unvested.
2017 Employee Stock Purchase Plan
In October 2017, the Company’s Board of Directors adopted and stockholders approved the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15 % of their earnings for the purchase of the Company’s common stock at a discounted price per share. Except for the initial offering period, the ESPP provides for separate six-month offering periods.
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Unless otherwise determined by the Board of Directors, the Company’s common stock will be purchased for the accounts of employees participating in the ESPP at a price per share that is the lesser of (1) 85 % of the fair market value of the Company’s common stock on the first trading day of the offering period, or (2) 85 % of the fair market value of the Company’s common stock on the last trading day of the offering period.
Pursuant to the terms of the 2017 ESPP, the shares of the Company’s common stock reserved for issuance was increased by 804,678 shares in February 2025. As of January 31, 2026, there were 4,642,164 shares of the Company’s common stock available for future issuance under the 2017 ESPP.
During the years ended January 31, 2026, 2025 and 2024 there were 235,218 , 188,155 and 167,574 shares, respectively, of common stock purchased under the ESPP. The total expense related to the ESPP for years ended January 31, 2026, 2025 and 2024 was $ 17.0 million, $ 14.5  million and $ 16.4 million, respectively. As of January 31, 2026, there was $ 8.3 million of unrecognized stock-based compensation expense related to the ESPP offering period expected to end in June 2026.
The fair value of the purchase rights granted under the 2017 ESPP was estimated on the first day of the offering period using the Black-Scholes option-pricing model with the following assumptions:

Years Ended January 31,

2026 2025 2024
Expected term (in years)
0.50
0.50
0.50

Expected volatility
66 % - 69 %
58 % - 58 %
46 % - 69 %

Risk-free interest rate
3.60 % - 4.32 %
4.30 % - 5.39 %
5.35 % - 5.36 %

Dividend yield
— % — % — %

Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s consolidated statements of operations is 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  

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 (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The current authorization may be suspended or discontinued at any time and does not have a specified expiration date. 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, the total remaining authorization under the stock repurchase plan is $ 599.7 million.
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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

12. Net Loss Per Share
The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the year, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period, including stock options and restricted stock units. Refer to Note 2, Summary of Significant Accounting Policies , for further details on the Company’s methodology for calculating net loss per share.
Basic and diluted net loss per share was the same for each year presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each year presented.
The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):

Years Ended January 31,

2026 2025 2024
Numerator:

Net loss
$ ( 71,151 ) $ ( 129,072 ) $ ( 176,600 )
Denominator:

Weighted-average shares used to compute net loss per share, basic and diluted
81,246,520   74,555,001   71,248,982  

Net loss per share, basic and diluted
$ ( 0.88 ) $ ( 1.73 ) $ ( 2.48 )

In connection with the issuance of the 2024 Notes and 2026 Notes, the Company entered into Capped Calls, which were not included for the purpose of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls were expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2026 Notes. During the three months ended April 30, 2024, the Company elected a settlement in cash, as opposed to the Company’s common stock, of the Capped Calls associated with 2024 Notes. In June 2024 the related derivative was settled and the Capped Calls associated with the 2024 Notes were successfully unwound. In January 2026, the Capped Calls associated with the 2026 Notes were settled in shares. Refer to Note 7, Convertible Senior Notes for more information.
The following shares of common stock were excluded from the computation of diluted net loss per share attributable to the Company for the periods presented because including them would have been anti-dilutive as the Company has reported net loss for each of the periods presented:

Years Ended January 31,

2026 2025 2024
Stock options pursuant to the 2016 Equity Incentive Plan 149,178   281,239   428,408  
Stock options pursuant to the 2008 Stock Incentive Plan 14,731   286,186   884,057  
Unvested restricted stock units 4,233,699   3,752,252   4,162,660  
Unvested restricted stock awards 112,153   —   —  
Unvested executive PSUs 209,670   146,284   214,565  
Shares underlying the conversion option of the 2026 Notes —   —   5,445,002  
Total 4,719,431   4,465,961   11,134,692  

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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

13. Income Taxes
The components of loss before provision for (benefit from) income taxes were as follows (in thousands):

Years Ended January 31,
2026 2025 2024
United States $ 494   $ ( 99,978 ) $ ( 138,936 )
Foreign ( 56,185 ) ( 31,621 ) ( 24,580 )
Total $ ( 55,691 ) $ ( 131,599 ) $ ( 163,516 )

The components of the provision for (benefit from) income taxes were as follows (in thousands):

Years Ended January 31,
2026 2025 2024
Current:    
Federal $ ( 535 ) $ 1,035   $ 522  
State 1,396   512   289  
Foreign 18,055   12,761   13,363  
Total 18,916   14,308   14,174  
Deferred:      
Federal 38   38   42  
State 54   51   46  
Foreign ( 3,548 ) ( 16,924 ) ( 1,178 )
Total ( 3,456 ) ( 16,835 ) ( 1,090 )
Provision for (benefit from) income taxes
$ 15,460   $ ( 2,527 ) $ 13,084  

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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for (benefit from) income taxes consisted of the following (in thousands):

Years Ended January 31,
2026 2025 2024
$ % $ % $ %
US federal statutory tax rate $ ( 11,695 ) 21.0   % $ ( 27,636 ) 21.0   % $ ( 34,339 ) 21.0   %
State and local income taxes, net of federal income tax
 effect (a)
( 6,193 ) 11.1   % ( 3,715 ) 2.8   % ( 12,402 ) 7.6   %
Foreign tax effects
India
  Statutory tax rate difference between India and the
   United States 366   ( 0.7 ) % 634   ( 0.5 ) % 779   ( 0.5 ) %
  Other 2   —   % ( 1,584 ) 1.2   % ( 507 ) 0.3   %
Ireland
  Statutory tax rate difference between Ireland and the
   United States 7,613   ( 13.7 ) % 3,175   ( 2.4 ) % 5,119   ( 3.1 ) %
  Changes in valuation allowances 9,988   ( 17.9 ) % 6,105   ( 4.6 ) % 8,260   ( 5.1 ) %
Non deductible/non taxable items 5,761   ( 10.3 ) % 2,523   ( 1.9 ) % 881   ( 0.5 ) %
Other foreign jurisdictions ( 1,732 ) 3.1   % ( 8,925 ) 6.8   % 2,128   ( 1.3 ) %

Tax credits
United States
Research and development tax credits ( 28,582 ) 51.3   % ( 44,664 ) 33.9   % ( 39,319 ) 24.1   %
Foreign tax credit —   —   % —   —   % ( 3,014 ) 1.8   %
Changes in valuation allowances 1,985   ( 3.5 ) % 33,328   ( 25.3 ) % 64,378   ( 39.4 ) %
Nontaxable or nondeductible items
United States
Nondeductible executive compensation 5,428   ( 9.7 ) % 5,603   ( 4.3 ) % 5,512   ( 3.4 ) %
Stock-based compensation ( 468 ) 0.8   % 1,710   ( 1.3 ) % ( 64,721 ) 39.6   %
Other ( 3,947 ) 7.1   % 1,850   ( 1.4 ) % —   —   %
Changes in unrecognized tax benefits 36,006   ( 64.7 ) % 29,163   ( 22.2 ) % 76,178   ( 46.6 ) %
Other adjustments 928   ( 1.7 ) % ( 94 ) 0.1   % 4,151   ( 2.5 ) %
Effective tax rate $ 15,460   ( 27.8 ) % $ ( 2,527 ) 1.9   % $ 13,084   ( 8.0 ) %

(a) State taxes in California, New York City and New York State made up the majority (greater than 50 percent) of the tax effect in this category.
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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The provision for income taxes for fiscal years 2026, 2025 and 2024 is $ 15.5 million, ($ 2.5 million), and $ 13.1 million, respectively. The difference in tax expense between fiscal years 2026 and 2025 is due to a valuation allowance release in the UK that occurred in fiscal year 2025. For fiscal year 2026, the Company's increase in tax provision is a result of its continued global expansion in foreign markets.

Income taxes tax paid (net of refunds) exceeded 5% of total income taxes paid (net of refunds) in the following jurisdictions:

Years Ended January 31,
Net cash paid 2026 2025 2024
Federal $ —   $ —   $ —  
State 384   229   10  
Foreign
India 2,343   2,233   2,456  
Ireland 1,411   2,126   1,832  
Other 10,330   9,965   9,345  
Total $ 14,468   $ 14,553   $ 13,643  

Deferred Income Taxes
Deferred income taxes arise from temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax reporting purposes, as well as operating loss and tax credit carryforwards.
Significant components of the Company’s deferred tax assets are shown in the following table as of January 31, 2026 and 2025, respectively (in thousands):

Years Ended January 31,
2026 2025
Deferred tax assets:    
Net operating loss carryforwards $ 812,930   $ 784,638  
Deferred revenue 83,630   64,429  
Finance and operating lease liabilities 14,247   17,807  
Capitalized research and development costs 122,639   163,963  
Other reserves 38,436   25,870  
Gross deferred tax assets 1,071,882   1,056,707  
Valuation allowance ( 951,021 ) ( 942,513 )
Total deferred tax assets, net of valuation allowance 120,861   114,194  
Deferred tax liabilities:    
Finance and operating lease right-of-use assets ( 9,639 ) ( 12,505 )

Deferred commission ( 79,298 ) ( 77,298 )
Other liabilities and accruals ( 6,255 ) ( 3,842 )
Total deferred tax liabilities ( 95,192 ) ( 93,645 )
Net deferred tax assets $ 25,669   $ 20,549  

Deferred tax assets are recognized when management believes it is more likely than not that they will be realized. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The valuation allowance for deferred tax assets as of January 31, 2026, 2025 and 2024 was $ 951.0  million, $ 942.5  million and $ 903.7  million, respectively. The valuation allowance increased by $ 8.5  million, $ 38.9  million and $ 94.7  million during the years ended January 31, 2026, 2025 and 2024, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the
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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax planning strategies in making this assessment.

As of January 31, 2026 the Company had net operating loss carryforwards for U.S. federal, state, Irish and U.K. income tax purposes of $ 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. Ireland, U.K. and the U.S. federal losses for years after January 31, 2019 allow for operating losses to be carried forward indefinitely. The Company also has 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. Furthermore, the Company has U.S. foreign tax credit carryforwards of $ 6.9  million and U.S. charitable contribution carryforwards of $ 0.6  million, which will begin to expire in the year ending January 31, 2030 and January 31, 2027, respectively. Utilization of the federal net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation, should the Company undergo an ownership change, may result in the expiration of federal or state net operating losses and credits before utilization, however the Company does not expect any such limitation to be material.

Uncertain Tax Positions
The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.
For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized.
Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. As the Company expands internationally, it will face increased complexity and the Company’s unrecognized tax benefits may increase in the future. The Company makes adjustments to its reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made.
The following table summarizes the changes in the Company’s unrecognized gross tax benefits during the periods presented (in thousands):

Years Ended January 31,
2026 2025 2024
Unrecognized tax benefits at beginning of year $ 104,543   $ 81,604   $ 29,284  
Increase (decrease) in tax positions in prior years ( 475 ) 1,075   1,692  
Additions based on tax positions in the current year 38,686   21,864   50,628  
Unrecognized tax benefits at end of year $ 142,754   $ 104,543   $ 81,604  

The Company intends to invest substantially all of its foreign subsidiary earnings, as well as its capital in foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which the Company would incur significant, additional costs upon repatriation of such amounts.

The Company is not currently under Internal Revenue Service, state, or foreign income tax examination with the exception of audits in Ireland, France, India and Italy for which the Company does not expect a material outcome. The Company files tax returns in the United States for federal and certain states. All tax years remain open to examination for both federal and state purposes as a result of the net operating loss and credit carryforwards. The Company files foreign tax returns in various locations. These foreign returns are open to examination for the fiscal years ending January 31, 2015 through January 31, 2025.
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MONGODB, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14. Segment and Geographic Information
Segment Information
The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, the CODM uses consolidated net loss to make operating decisions, allocate resources and assess performance. The CODM uses consolidated net loss to evaluate cost optimization and allocate resources, including personnel-related and financial or capital resources, in the annual budget and forecasting process, as well as budget-to-actual variances on a monthly basis. Further, the CODM reviews and utilizes functional expenses (cost of revenues, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net loss are interest income, interest expense, other income (expense), net and the provision for income taxes, which are reflected in the consolidated statements of operations.
Geographic Information
Customers located in the United States accounted for 54 % of total revenue for each of the years ended January 31, 2026, 2025 and 2024. No other country accounted for 10% or more of revenue for the periods presented.
Long-lived assets located in the United States accounted for 84 % of total long-lived assets for the year ended January 31, 2026 and 87 % each of the years ended January 31, 2025 and 2024. No other country accounted for 10% or more of long-lived assets for the periods presented.

15. Employee Benefit Plan
The Company has a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code (the “Plan”). This Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. In January 2026, the Company began to match 100 % of employee contributions up to 6 % of eligible compensation, up to a $ 5,000 cap annually. During the year ended January 31, 2026, the Company recognized expenses of $ 2.2 million, related to matching contributions. The Company did not make any contributions nor recognize any related expenses for the years ended January 31, 2025 and 2024.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of January 31, 2026 . Based on the evaluation of our disclosure controls and procedures as of January 31, 2026 , our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate “internal control over financial reporting,” as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act. Our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of January 31, 2026 based on the criteria established in  Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on the results of its evaluation, management concluded that our internal control over financial reporting was effective as of January 31, 2026. The effectiveness of our internal control over financial reporting as of January 31, 2026 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report, which is included in Item 8 of this Form 10-K.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and Rule 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended January 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
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Item 9B. Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

Certain executive officers and directors of the Company may execute purchases and sales of the Company's common stock through Rule 10b5-1 equity trading plans and “non-Rule 10b5-1 equity trading arrangements” (as defined in Item 408(c) of Regulation S-K).

During the three months ended January 31, 2026, two of our executive officers adopted the following Rule 10b5-1 trading arrangements:

On December 18, 2025 , Michael J. Berry , our Chief Financial Officer , through a personal trust over which he is a trustee, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Berry’s plan is for the sale of shares of up to 10,000 shares of common stock in amounts and prices determined in accordance with a formula set forth in the plan and terminates on the earlier of the date that all the shares under the plan are sold and December 15, 2026 , subject to early termination for certain specified events set forth in the plan.

On December 24, 2025 , Cedric Pech , our President of Field Operations , adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Pech’s plan is for the provided potential sale of up to 100% of the (net) shares of common stock resulting from the vesting of an aggregate of 25,571 RSUs and PSUs in amounts and prices determined in accordance with a formula set forth in the plan (net shares are net of tax withholding) over a period scheduled to end on the earlier of (i) the date that all the shares under the plan are sold and (ii) December 31, 2026 , subject to early termination for certain specified events set forth in the plan.

During the three months ended January 31, 2026, other than noted above, none of our executive officers or directors terminated or modified a 10b5-1 equity trading plan, or adopted , terminated , or modified any “non-Rule 10b5-1 equity trading arrangement.”

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not Applicable.
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PART III

Item 10. Directors, Executive Officers and Corporate Governance
The information required by this Item (other than the information set forth in the next paragraph in this Item) will be included in the 2026 Proxy Statement to be filed with the SEC within 120 days after the end of our fiscal year ended January 31, 2026 and is incorporated herein by reference.
We have adopted a Code of Business Conduct and Ethics (the “Code of Conduct”), applicable to all of our employees, executive officers and directors. The Code of Conduct is available on our website at investors.mongodb.com. The nominating and corporate governance committee of our Board of Directors is responsible for overseeing the Code of Conduct and must approve any waivers of the Code of Conduct for employees, executive officers and directors. We expect that any amendments to the Code of Conduct, or any waivers of its requirements, will be disclosed on our website, as required by applicable law or the listing standards of The Nasdaq Global Market. The inclusion of our website address in this Form 10-K does not include or incorporate by reference into this Annual Report on Form 10-K (this “Form 10-K”) the information on or accessible through our website.
We have adopted policies and procedures reasonably designed to promote compliance with relevant insider trading laws, rules and regulations, and The Nasdaq Global Market listing standards. A copy of our Insider Trading Policy is filed as Exhibit 19.1 to this Form 10-K.

Item 11. Executive Compensation
The information required by this Item will be included in the 2026 Proxy Statement and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this Item will be included in the 2026 Proxy Statement and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions and Director Independence
The information required by this Item will be included in the 2026 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services
The information required by this Item will be included in the 2026 Proxy Statement and is incorporated herein by reference.

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PART IV

Item 15. Exhibits and Financial Statement Schedules
(a) Documents filed as part of this report
(1) All financial statements

Index to Consolidated Financial Statements Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
67

Financial Statements:
Consolidated Balance Sheets as of January 31, 202 6 and 20 25
69

Consolidated Statements of Operations for the years ended January 31, 202 6 , 202 5 and 20 24
70

Consolidated Statements of Comprehensive Loss for the years ended January 31, 202 6 , 202 5 and 20 24
71

Consolidated Statements of Stockholders’ Equity for the years ended January 31, 2026, 2025 and 2024
72

Consolidated Statements of Cash Flows for years ended January 31, 202 6 , 202 5 and 20 24
73

Notes to Consolidated Financial Statements
74

Schedules have been omitted either because they are not applicable or the required information is included in the financial statements or the notes thereto.
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(3) Exhibits

Incorporated by Reference
Filed Herewith

Exhibit
Number Description
Form
File No.
Exhibit
Filing Date

3.1 Amended and Restated Certificate of Incorporation of MongoDB, Inc.
8-K 001-38240 3.1 10/25/17

3.1.1
Certificate of Retirement
8-K 001-38240 3.1 6/16/20

3.1.2
Certificate of Amendment of the Amended and Restated Certificate of Incorporation of MongoDB, Inc.
10-Q 001-38240 3.1,2 8/27/25

3.2 Amended and Restated Bylaws of MongoDB, Inc.
8-K 001-38240 3.1 3/2/26

4.1 Form of Class A common stock certificate of MongoDB, Inc.
S-1/A 333-220557 4.1 10/6/17

4.2 Indenture, dated as of January 14, 2020, by and between MongoDB, Inc. and U.S. Bank National Association, as Trustee
8-K 001-38240 4.1 1/14/20

4.3 Form of Global Note, representing MongoDB, Inc.’s 0.25% Convertible Senior Notes due 2026 (included as Exhibit A to the Indenture filed as Exhibit 4.5)
8-K 001-38240 4.2 1/14/20

4.4 Description of Registered Securities
10-K 001-38240 4.4 3/15/24

10.1# 2008 Stock Incentive Plan and Forms of Option Agreement and Exercise Notice thereunder, as amended to date
S-1 333-220557 10.1 9/21/17

10.2# Amended and Restated 2016 Equity Incentive Plan and Forms of Stock Option Agreement, Notice of Exercise, Stock Option Grant Notice and Restricted Stock Unit Award Agreement thereunder
S-1/A 333-220557 10.2 10/6/17

10.3# Form of Restricted Stock Unit Award Agreement, effective as of February 25, 2026
x

10.4# Forms of Restricted Stock Award Grant Notice and Restricted Stock Award Agreement under the Amended and Restated 2016 Equity Incentive Plan
10-K 001-38240 10.3 3/30/18

10.5# 2016 China Stock Appreciation Rights Plan and Form of China Stock Appreciation Rights Award Agreement
S-1/A 333-220557 10.3 10/6/17

10.6# 2017 Employee Stock Purchase Plan
10-Q 001-38240 10.1 9/2/22

10.7# Form of Indemnification Agreement by and between MongoDB, Inc. and each of its directors and executive officers
S-1 333-220557 10.5 9/21/17

10.8# Second Amended and Restated Offer Letter, dated December 20, 2021, by and between MongoDB, Inc. and Dev Ittycheria
10-K 001-38240 10.8 3/18/22

10.9# Amended and Restated Employment Agreement, dated January 10, 2022, by and between MongoDB Switzerland GmbH and Cedric Pech
10-K 001-38240 10.1 3/18/22

10.10 Lease, between PGREF I 1633 Broadway Tower, L.P. and MongoDB, Inc., dated December 14, 2017
10-K 001-38240 10.12 3/30/18

10.11 Purchase Agreement, dated June 25, 2018, by and among MongoDB, Inc. and Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Barclays Capital Inc.
8-K 001-38240 99.1 6/28/18

10.12 Form of Confirmation for 2018 Capped Call Transactions
8-K 001-38240 99.2 6/28/18

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Incorporated by Reference
Filed Herewith

Exhibit
Number Description
Form
File No.
Exhibit
Filing Date

10.13 Purchase Agreement, dated January 9, 2020, by and among MongoDB, Inc. and Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Barclays Capital, Inc. and Citigroup Global Markets, Inc.
8-K 001-38240 99.1 1/14/20

10.14 Form of Confirmation for 2020 Capped Call Transactions
8-K 001-38240 99.2 1/14/20

10.15# Form of Performance-Based Restricted Stock Unit Award Agreement , effective as of February 25, 2026
x

10.16# Offer Letter, dated April 14, 2025, by and between MongoDB, Inc. and Michael Berry
10-Q 001-38240 10.1 6/4/2025

10.17# Advisory Services Agreement dated October 29, 2025, by and between M ongoDB, Inc. and Dev Ittycheria
10-Q 001-38240 10.1 12/2/2025

10.18# Offer Letter dated October 29, 2025, by and between MongoDB, Inc. and Chirantan J. Desai
10-Q 001-38240 10.2 12/2/2025

19.1 Insider Trading Policy
x

21.1 Subsidiaries of MongoDB, Inc.
10-K 001-38240 4.4 3/15/24

23.1 Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm
x

24.1
Power of At torney (inclu ded on signature page)
x

31.1 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
x

31.2 Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
x

32.1* Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
x

32.2* Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
x

97 Financial Restatement Compensation Recoupment Policy
10-K 001-38240
97 3/15/2024

101.INS Inline XBRL Instance Document

101.SCH Inline XBRL Taxonomy Extension Schema Document

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document

109

Table of Contents

#
Indicates management contract or compensatory plan.
*
This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 16. Form 10-K Summary
None.
110

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MONGODB, INC.

Date: March 11, 2026 By: /s/ Chirantan J. Desai
Name: Chirantan J. Desai
Title: President, Chief Executive Officer and Director

POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Chirantan J. Desai, Michael J. Berry, and Andrew Stephens, and each one of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in their name, place, and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature Title Date

/s/ Chirantan J. Desai President, Chief Executive Officer and Director March 11, 2026
Chirantan J. Desai (Principal Executive Officer)

/s/ Michael J. Berry Chief Financial Officer March 11, 2026
Michael J. Berry (Principal Financial Officer)

/s/ Michael J. Berry Interim Chief Accounting Officer March 11, 2026
Michael J. Berry (Interim Principal Accounting Officer)

/s/ Tom Killalea Director March 11, 2026
Tom Killalea

/s/ Archana Agrawal Director March 11, 2026
Archana Agrawal

/s/ Roelof Botha Director March 11, 2026
Roelof Botha

/s/ Hope Cochran Director March 11, 2026
Hope Cochran

/s/ Francisco D’Souza Director March 11, 2026
Francisco D’Souza

/s/ Charles M. Hazard, Jr. Director March 11, 2026
Charles M. Hazard, Jr.

/s/ Dev Ittycheria Director March 11, 2026
Dev Ittycheria

/s/ Ann Lewnes Director March 11, 2026
Ann Lewnes

/s/ Dwight Merriman Director March 11, 2026
Dwight Merriman