George McGreehan's questions to Elastic (ESTC) leadership • Q1 2026
Question
George McGreehan from Bank of America Securities asked for a ranking of growth drivers across Search, Observability, and Security, and also questioned the current predictability of the business model compared to when the CFO joined.
Answer
CEO Ashutosh Kulkarni highlighted broad-based strength, noting strong GenAI tailwinds in Search and significant platform consolidation wins in Security, where one-third of deals involved competitive displacements. CFO Navam Welihinda stated that the sales-led subscription business has shown durable and predictable execution, while the consumption-based portion of the model retains some inherent quarter-to-quarter variability.