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MDB FY3Q26: New CEO Continues to Drive Atlas Acceleration

FUNDA·2025年12月2日

Atlas growth re-accelerates to 30% with 4Q guide implying 32–33%; margins/FCF beat and non-Atlas no longer drags.

Earnings Overview

  • 3Q Atlas in-line with strong profitability

  • 3QFY26 Atlas growth accelerated to 30%yoy,inline with bogey

  • Total revenue up 19%yoy, beat 1ppt

  • Strong operating leverage due to some delay of hiring to 4Q, with adj OPM reaching19.6%, beat 7ppts; FCF margin reached 22.3%

  • Atlas customer net add hit record high

Stunning 4Q guidance

  • Total revenue guided at 21-22%yoy, beat 7ppts

  • New CFO started to breakdown guidance by product, guiding Atlas to 27%yoy, implying it could keep accelerate to over 32-33%

  • Non-Atlas to grow high single digits, no longer dragging overall growth

  • Despite more hiring anticipated in 4Q, still guiding 21% adj OPM, beat 7ppts

Fundamental Strength to Persist into FY27

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