MongoDB, Inc. Revenue in 2024

MongoDB, Inc. reported $1.8B in revenue for fiscal year 2024. This represents a growth of 34.7% compared to the 2023 figure of $1.3B.

MongoDB generated $415 million in free cash flow in FY2024 while spending $450 million on research and development in the same year — a company funding nearly its entire innovation budget from operations while still posting a GAAP net loss of $13.8 million. That gap between cash generation and accounting loss reflects the distorting effect of stock-based compensation, not a business burning through reserves. Revenue grew from $918 million in FY2022 to $1.793 billion in FY2024, a compound rate that most database companies of any era have not matched. The Atlas segment drove all of that acceleration: from less than half of revenue in 2020 to $1.205 billion, or 67.2%, in FY2024. The non-Atlas business — on-premises enterprise deployments — still generates meaningful cash but is growing slowly as customers migrate upward to the cloud platform. Gross margin reached 73% in FY2024, an expansion that reflects both the inherent economics of cloud software and MongoDB's success at negotiating volume discounts from AWS, Azure, and Google Cloud, on whose infrastructure Atlas runs. The company does not own its own data centers. It purchases cloud capacity wholesale and sells it at a premium bundled with its database software — a model that scales without proportional capital expenditure. The consumption model that makes Atlas attractive to customers also creates reporting volatility. Billings of $1.93 billion exceeded recognized revenue of $1.793 billion in FY2024, indicating that customers are committing to larger contracts than they are immediately consuming. That spread is a leading indicator. Whether Atlas usage catches up to contracted commitments — or customers renegotiate downward — will determine whether the 31% Atlas growth rate of FY2024 holds through the next business cycle.