Not exactly—what’s “counted” depends on what you’re looking at:
- Sessions as a counting method in Funnels:
If you choose Sessions as the counting method, “Total Sessions” measures the number of sessions that reached the selected step of the funnel, not only those that reached the last step. You can choose to measure “Entering Funnel” (top) or “All Steps” (bottom). [Counting methods]
- Conversions / conversion rate:
Conversion rate is the rate at which funnels are completed for the selected steps. If you select “All Steps”, then yes, a conversion means reaching the end of the funnel; if you select an intermediate step, a conversion is reaching that step. [Counting methods]
So: you only “count it” as a full-funnel conversion when the user reaches the last step, but Mixpanel can also count entries and partial progress depending on your step selection and measurement.
