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• Total Revenue: $388 million, 16% growth year-over-year.

• Subscription Revenue: $362 million, 16% growth as reported, 17% in constant currency.

• Elastic Cloud Revenue: 23% growth as reported and in constant currency.

• Non-GAAP Operating Margin: 15% for Q4 and fiscal year 2025.

• Adjusted Free Cash Flow Margin: 19% for fiscal year 2025.

• CRPO (Current Remaining Performance Obligations): Approximately $1 billion, 18% growth year-over-year.

• Customers with >$1 Million ACV: Grew approximately 27%, with 45 net new customers added.

• Customers with >$100,000 ACV: Grew approximately 14%, with 180 net new customers added.

• Q1 Fiscal 2026 Revenue Guidance: $396 million to $398 million, 14% year-over-year growth at midpoint.

• Fiscal Year 2026 Revenue Guidance: $1.655 billion to $1.67 billion, 12% year-over-year growth at midpoint.

• Fiscal Year 2026 Non-GAAP Operating Margin Guidance: Approximately 16%.

• Q1 Fiscal 2026 Non-GAAP EPS Guidance: $0.41 to $0.43.

• Fiscal Year 2026 Non-GAAP EPS Guidance: $2.24 to $2.32.

• Warning! GuruFocus has detected 2 Warning Sign with ESTC.

Release Date: May 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Elastic NV (NYSE:ESTC) achieved a strong quarter with a 16% revenue growth and a 23% increase in Elastic Cloud revenue.

• The company exceeded guidance across all revenue and profitability metrics, demonstrating platform strength.

• Elastic NV (NYSE:ESTC) ended FY25 with more than 1,510 customers spending over $100,000, and over 210 customers with more than $1 million in committed annual contract value.

• The company secured significant deals, including an eight-figure expansion with a global financial institution and a multiyear seven-figure deal with an international banking group.

• Elastic NV (NYSE:ESTC) continues to see strong adoption of its GenAI applications, with over 2,000 Elastic Cloud customers using it for GenAI use cases.

Negative Points

• Elastic NV (NYSE:ESTC) faced pressure in the US public sector, impacting sales cycles, particularly in federal civilian agencies.

• The company is approaching FY26 guidance with prudence due to potential macroeconomic uncertainties.

• There is a noted sequential headwind due to fewer days in Q4, affecting revenue comparisons.

• Despite strong performance, the company acknowledges potential uncertainty amidst evolving macro conditions.

• Elastic NV (NYSE:ESTC) is seeing slower sequential cloud growth in fiscal Q1, attributed to seasonal patterns and consumption headwinds.

Q & A Highlights

Q: Navam, the guidance seems conservative. Is it more conservative than past guidance, and what metrics are the best indicators of the business's health? A: Navam Welihinda, CFO: We had a strong Q4 despite US public sector pressure. The guidance reflects a balance between positive demand signals and macro uncertainty. We extrapolated US public sector pressure to the entire business and assumed more consumption headwinds in Q2 through Q4. The best measure of our business remains revenue, with subscription revenue less monthly cloud and CRPO as useful supplemental metrics.