Elastic N.V.

elastic.co

What Do They Do?

Sells search and AI software, observability and security tools to organizations, including businesses, schools and government entities.

How Do They Make Money?

Organizations pay subscriptions for Elastic’s hosted cloud service or self-managed software, which include software access, support and maintenance. Cloud subscriptions are billed as customers use the service or over its service period; self-managed subscriptions include an upfront software license and support and maintenance over the subscription term, while consulting and training are also sold.

revenue

Segment	Share	How money arrives
Saa S Self Managed - Annual Mix	37%	Mix
Saa S Self Managed - Monthly Mix	11%	Mix
Self-managed subscription Mix	46% FY2023: 52%	Mix
Services Sold outright	6.0% FY2023: 7.9%	Sold outright

Who Are Their Customers?

Organizations of all sizes, including enterprises, educational institutions and government entities, buy the products. Users can start directly through Elastic’s website or cloud service, and sales are made directly and with partners, including through cloud marketplaces.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2025: 12% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 21 cents of every revenue dollar as net income in FY2026 and turned 19 cents into free cash flow.

Operating income, FY2026

−2% of revenue

▼ −39% (Loss) vs FY2025 (−$54.9M, −4%)

Net income, FY2026

21% of revenue

▲ Now profitable vs FY2025 (−$108.1M, −7%)

Free cash flow, FY2026

19% of revenue

▲ +23% vs FY2025 ($261.8M, 18%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jul 31, 2026

Revenue: ▲ +15%; vs $415.3M in Q1 FY2026
Net income: ▼ −32% (Loss); vs −$24.6M in Q1 FY2026

Self-managed subscription share of revenue vs 46.4% in Q1 FY2026

Aug 27, 2026 Elastic acquired Deductive AI The acquisition adds an AI-powered investigation platform for engineering teams to Elastic Observability.

Growing. Revenue grew 2.0x in 4 years, from $862.4M in FY2022 to $1.7B in FY2026, about 19% a year.

Revenue over time

Saa S Self Managed - Annual Saa S Self Managed - Monthly Self-managed subscription Services SaaS

$2B$1B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Algolia, Apache Solr, Coveo, Pinecone, Qdrant, Weaviate, MongoDB Atlas, Google Gemini Enterprise Agent Platform, Microsoft Azure AI Search, AppDynamics, Splunk, Datadog, Dynatrace, New Relic, Azure Sentinel, CrowdStrike, Google SecOps, Palo Alto Networks, and AWS

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