MongoDB vs Snowflake: Revenue, Profit and Business Model
MongoDB reported $2.5B of revenue in FY2026 and a net loss of $71.2M. Snowflake reported $4.7B of revenue in FY2026 and a net loss of $1.3B.
Latest financial snapshot
Financial summary
MongoDB
MongoDB grew revenue from $114.8M in fiscal 2017 to $2.464B in fiscal 2026 while narrowing GAAP losses from a peak of $345.4M in fiscal 2023 to $71.2M in fiscal 2026. Profitability improved further in fiscal 2027: Q2 revenue reached $771.8M (up 30%), GAAP operating income was $28.4M, non-GAAP operating margin hit 24%, and free cash flow nearly doubled to $137.6M. The company held $2.4B in cash and investments at July 31, 2026 and raised full-year fiscal 2027 revenue guidance to $2.99B to $3.03B.
Snowflake
Snowflake has grown from $96.7M of revenue in fiscal 2019 to $4.684B in fiscal 2026 while remaining GAAP unprofitable, largely because of heavy stock-based compensation. FY2026 revenue grew 29% and the GAAP net loss was $1.332B. Growth accelerated in fiscal 2027: Q2 revenue was $1.55B (+35%), product revenue $1.49B (+37%, the third straight quarter of acceleration), net revenue retention 126%, and non-GAAP operating margin 15.3%. GAAP operating loss for the quarter was $263M. On September 28, 2026 the company announced a $3.5B offering of 0.00% convertible senior notes due 2029 and 2031.
Revenue and profit by year
MongoDB
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $2.5B | -$71.2M | -2.9% | +22.8% | Source |
| FY2025 | $2B | -$129.1M | -6.4% | +19.2% | Source |
| FY2024 | $1.7B | -$176.6M | -10.5% | +31.1% | Source |
| FY2023 | $1.3B | -$345.4M | -26.9% | +47.0% | Source |
| FY2022 | $873.8M | -$306.9M | -35.1% | +48.0% | Source |
| FY2021 | $590.4M | -$266.9M | -45.2% | +40.0% | Source |
| FY2020 | $421.7M | -$175.5M | -41.6% | +57.9% | Source |
| FY2019 | $267M | -$99M | -37.1% | +60.8% | Source |
| FY2018 | $166M | -$84M | -50.6% | +44.6% | Source |
| FY2017 | $114.8M | -$70.1M | -61.0% | — | Source |
Snowflake
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $4.7B | -$1.3B | -28.4% | +29.2% | Source |
| FY2025 | $3.6B | -$1.3B | -35.5% | +29.2% | Source |
| FY2024 | $2.8B | -$836.1M | -29.8% | +35.9% | Source |
| FY2023 | $2.1B | -$796.7M | -38.6% | +69.4% | Source |
| FY2022 | $1.2B | -$679.9M | -55.8% | +106.0% | Source |
| FY2021 | $592M | -$539.1M | -91.1% | +123.6% | Source |
| FY2020 | $264.7M | -$348.5M | -131.6% | +173.9% | Source |
| FY2019 | $96.7M | -$178M | -184.2% | — | Source |
Where the revenue comes from
MongoDB
- MongoDB Atlas
Managed cloud database revenue driven by consumption of compute, storage, backup, search, and related services.
- Enterprise Advanced
Self-managed enterprise subscriptions, support, and advanced database capabilities.
- Professional services
Consulting, training, migration, and technical enablement for customers.
- Search and AI platform features
Additional Atlas usage from search, vector search, stream processing, and data services.
Snowflake
- Product Revenue (Compute, Storage, Data Transfer)~96%
Usage-based revenue from customers consuming Snowflake compute, storage and data transfer, including AI and data engineering services. Product revenue was $1.49B of $1.55B total in Q2 fiscal 2027.
- Professional Services and Other~4%
Consulting, onboarding and training services that help enterprise customers deploy and migrate workloads to the platform.
Business model and strategy
MongoDB
How it makes money
MongoDB runs a developer-led, open-core model. The free Community Server (source-available under the SSPL since 2018) drives adoption. Revenue comes from MongoDB Atlas, a fully managed service on AWS, Google Cloud, and Microsoft Azure billed on consumption of compute, storage, and data transfer; from MongoDB Enterprise Advanced, a self-managed subscription with security, management tooling, and support;
Growth strategy
Under CEO CJ Desai, MongoDB is positioning itself as a data platform for AI applications: Atlas Vector Search, Voyage AI embedding and reranking models (acquired in 2025), and tooling that connects coding agents to operational data. It also pursues migrations off relational databases and sells a 'run anywhere' approach spanning self-managed Enterprise Advanced and multi-cloud Atlas.
Competitive advantage
MongoDB's advantage rests on developer familiarity with the document model, the ability to run the same database self-managed or on any of the three largest clouds, integrated search and vector search inside Atlas, and high switching costs once applications are built on it. Its customer base grew from about 54,500 in January 2025 to more than 70,600 in July 2026.
Snowflake
How it makes money
Snowflake runs a consumption-based cloud data platform on top of AWS, Microsoft Azure and Google Cloud. Customers are billed for compute (virtual warehouses, Snowpark, Cortex AI and other services, metered in credits), for storage per terabyte per month, and for data transfer. Most large customers sign multi-year capacity commitments and draw them down as they use the platform;
Growth strategy
Under CEO Sridhar Ramaswamy, Snowflake is positioning itself as the data layer for enterprise AI agents. It is adding AI services (Cortex AI, Cortex Agents and Snowflake Intelligence), developer tools (Snowpark, Streamlit, Snowflake Postgres) and open-format support (Apache Iceberg).
Competitive advantage
Snowflake's main advantages are that it runs the same platform across AWS, Azure and Google Cloud, which reduces lock-in to a single hyperscaler, and that storage and compute scale independently, so customers pay only for compute while it runs. Secure data sharing and the Snowflake Marketplace let separate organizations query the same live data without copying it, which creates network effects.
Questions about MongoDB vs Snowflake
Which company has higher revenue — MongoDB, Inc. or Snowflake Inc.?
MongoDB, Inc. reported $2.5B (FY2026), while Snowflake Inc. reported $4.7B (FY2026). By last reported revenue, Snowflake Inc. is the larger business, with MongoDB, Inc. reporting a smaller revenue base.
What is the market cap of MongoDB, Inc. vs Snowflake Inc.?
MongoDB, Inc.'s market capitalisation stands at $30.1B, while Snowflake Inc.'s is $118.0B. Snowflake Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to MongoDB, Inc..
Which is more financially efficient — MongoDB, Inc. or Snowflake Inc.?
MongoDB, Inc. generates $437k / employee in revenue per employee, while Snowflake Inc. generates $517k / employee. Snowflake Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do MongoDB, Inc. and Snowflake Inc. make money?
MongoDB, Inc. and Snowflake Inc. generate revenue in fundamentally different ways. MongoDB, Inc.: MongoDB runs a developer-led, open-core model. Snowflake Inc.: Snowflake runs a consumption-based cloud data platform on top of AWS, Microsoft Azure and Google Cloud.
Which company is valued higher relative to revenue — MongoDB, Inc. or Snowflake Inc.?
On a price-to-sales (P/S) basis, MongoDB, Inc. trades at 12.2x P/S and Snowflake Inc. at 25.2x P/S. Snowflake Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to MongoDB, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is MongoDB, Inc. bigger than Snowflake Inc.?
By last reported revenue, Snowflake Inc. ($4.7B (FY2026)) is the larger company compared to MongoDB, Inc. ($2.5B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the MongoDB vs Snowflake overview