$148.9 million. That is MongoDB’s stock compensation for the six months ended July 31, and it is a noncash expense nearly four times larger than the company’s $40.9 million net income.
The business itself moved sharply. Revenue rose 30.5% to $771.8 million from the comparable six-month period, gross margin reached 73.8%, and operating income swung from a $65.3 million loss to $28.4 million of profit. Operating cash flow rose even faster, to $343.5 million.
That shows operating improvement alongside the income-statement change. It also makes the stock-compensation line harder to ignore: the company is profitable on paper, generating cash, and still paying employees with equity at a scale equal to 19.3% of revenue. Diluted shares rose 1.1% in the latest six-month comparison.
The cash balance reached $1.0 billion, up from $647.1 million a year earlier. Capex more than doubled, but from just $2.1 million to $4.8 million, or about 0.3% of revenue. MongoDB is not funding this growth with a heavy physical buildout. The larger accounting question sits in how much of the labor bill arrives as stock rather than cash.
Management’s own expense detail points to continued investment in the product. In its prior 10-Q, the company said research and development spending was driven by personnel, software, and infrastructure costs.
"The increase in research and development expense was primarily driven by a $23.4 million increase in personnel costs and stock-based compensation, a $4.2 million increase in software costs, and a $3.9 million increase in third-party infrastructure expenses to support ongoing product development and testing activities."
MongoDB, 10-Q, May 29, 2026
That spending rose 17.7% in the latest six-month period, slower than revenue growth. It is the margin expansion investors can see directly, while stock compensation is the part that does not disappear just because it is excluded from cash flow.
Accounts receivable rose 31.0%, almost exactly alongside revenue. The filing does not say why. For now, the cash conversion looks stronger than the earnings line: free cash flow margin was 23.2%, up 7.4 percentage points from the comparable period.
MongoDB also keeps a familiar financing risk in view, even with more cash on hand:
"Additionally, weakness and volatility in capital markets and the economy, in general or as a result of macroeconomic conditions such as rising inflation, could limit our access to capital markets and increase our costs of borrowing."
MongoDB, 10-Q, September 1, 2026
That warning is presented alongside $1.0 billion in cash, and it highlights the balance sheet’s role alongside earnings. The company’s annual results show the longer transition: operating margin improved from negative 10.8% in fiscal 2025 to negative 5.6% in fiscal 2026, before turning positive in the latest six months.
At the latest close of $453.50, MongoDB had a $36.8 billion market capitalization and traded at 14.5 times enterprise value to annual sales. The valuation puts more attention on whether the new profitability survives alongside equity-heavy compensation, not just whether revenue keeps growing.
MongoDB’s next quarterly report will need to answer one factual question: did stock compensation and diluted shares keep rising as the operating profit widened?
MongoDB’s latest 10-Q reports $148.9 million of stock compensation, $40.9 million of net income, and 82.0 million diluted shares for the six months ended July 31, 2026.