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Elastic (ESTC)

Elastic N.V. (ESTC) is a company that specializes in providing a platform for search-powered solutions. The company primarily generates revenue through the sale of subscriptions to its platform, which includes various paid subscription tiers offering different levels of access to proprietary features and support. Elastic also offers consulting and training services to complement its subscription offerings.

  1. Subscription - Offers access to Elastic's platform through various paid tiers, providing different levels of proprietary features and support. Subscriptions are available on both term-based and consumption-based models, with Elastic Cloud being a significant component.

    • Elastic Cloud - Provides cloud-based access to Elastic's platform, allowing customers to utilize its services on a consumption basis.
  2. Services - Provides consulting and training services to help customers effectively implement and utilize Elastic's platform.

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NamePositionExternal RolesShort Bio

Ashutosh Kulkarni

ExecutiveBoard

CEO and Executive Director

None

Ashutosh Kulkarni has been CEO since January 2022 and was elected to the board in March 2022. Previously, he was CPO at Elastic and held senior roles at McAfee and Akamai Technologies.

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Shay Banon

ExecutiveBoard

CTO

None

Co-founder of Elastic, Shay Banon has served as CTO since January 2022, previously serving as CEO and Chairperson. He is the creator of Elasticsearch.

Carolyn Herzog

Executive

CLO

None

Carolyn Herzog joined as CLO in May 2022, previously serving as EVP and General Counsel at Arm and holding roles at Symantec.

Eric Prengel

Executive

Interim CFO

None

Eric Prengel became Interim CFO in December 2024, previously serving as Group VP of Finance. He has a background in investment banking at J.P. Morgan.

Ken Exner

Executive

CPO

None

Ken Exner joined Elastic as CPO in August 2022, previously leading Developer Tools at AWS. He emphasizes Elastic's leadership in search, security, and observability.

Mark Dodds

Executive

CRO

None

Appointed as CRO in December 2023, Mark Dodds has 23 years of sales leadership experience from Cisco Systems, focusing on recurring revenue models.

Alison Gleeson

Board

Board Member

Sales Strategic Advisor to Verkada Inc., Special Advisor at Brighton Park Capital, Board Member at 8x8, Inc. and ZoomInfo Technologies Inc.

Alison Gleeson has been on the board since January 2020, with a background in sales and strategic advisory roles.

Chetan Puttagunta

Board

Chairperson

General Partner at Benchmark Capital Partners

Chetan Puttagunta has been on the board since January 2017, serving as Chairperson since January 2022. He is a General Partner at Benchmark Capital.

Paul Auvil

Board

Board Member

Board Member at Cerebras Systems

Paul Auvil joined the board in October 2023, previously CFO at Proofpoint and VMware, and has extensive experience in finance and technology.

Shelley Leibowitz

Board

Board Member

President of SL Advisory, Director at Morgan Stanley

Shelley Leibowitz has been on the board since October 2021, with a focus on digital transformation and governance, and serves on various boards.

Sohaib Abbasi

Board

Vice-Chairperson

Executive Council Member at Balderton Capital, Senior Advisor at TPG Global

Sohaib Abbasi joined the board in July 2022, previously CEO of Informatica and held executive roles at Oracle.

  1. Given that customer commitments related to generative AI almost doubled quarter-over-quarter and you have over 1,550 customers using Elastic for GenAI use cases , but you don't have a separate SKU or a way to parse out GenAI revenue , how can investors track your progress in this critical area? Will you consider providing more detailed metrics or disclosures on the financial contribution of GenAI to your business?

  2. Despite improved sales execution in Q2 with pipeline creation and progression returning to normal levels , your guidance implies an exit growth rate of 11% in fiscal Q4 , suggesting conservatism or lingering impacts from earlier sales challenges. Can you elaborate on the factors influencing your guidance and the confidence you have in sustaining the improved sales momentum?

  3. As competition intensifies in both the GenAI space, with pure-play vector databases and other data platforms developing vector functionality , and in SIEM, with incumbent vendors and market disruptions , how do you plan to differentiate Elastic and maintain your competitive edge? What are the key risks you see in these markets?

  4. You observed stronger-than-expected consumption among larger customers in Q2 , but you are not factoring this into future guidance due to prudence and historical fluctuations . Is there a risk that you are being overly conservative and potentially underestimating your growth potential, especially if these consumption trends continue?

  5. With plans to increase investments in the second half of the year, particularly in GenAI , how do you balance the need for increased investment to capture growth opportunities with your commitment to improving operating margins? Do you believe your current level of investment is sufficient to capitalize on the significant market opportunity in GenAI without sacrificing future growth?

Research analysts who have asked questions during Elastic earnings calls.

Raimo Lenschow

Barclays

5 questions for ESTC

Also covers: APPN, BASE, BIGC +34 more

Brent Thill

Jefferies

4 questions for ESTC

Also covers: ADBE, AMZN, ASAN +25 more

Howard Ma

Guggenheim Securities, LLC

4 questions for ESTC

Also covers: BASE, CFLT, CVLT +6 more

Matthew Hedberg

RBC Capital Markets

4 questions for ESTC

Also covers: ADSK, ALTR, BASE +25 more

Pinjalim Bora

JPMorgan Chase & Co.

4 questions for ESTC

Also covers: ASAN, BL, BOX +17 more

Tyler Radke

Citigroup Inc.

4 questions for ESTC

Also covers: ADBE, ADSK, AMPL +20 more

Koji Ikeda

Bank of America

3 questions for ESTC

Also covers: ADSK, AMPL, BL +19 more

Sanjit Singh

Morgan Stanley

3 questions for ESTC

Also covers: APPN, BASE, CFLT +13 more

Andrew Nowinski

Wells Fargo

2 questions for ESTC

Also covers: CHKP, CRWD, CYBR +14 more

Joel Fishbein

Truist Securities

2 questions for ESTC

Also covers: CHKP, CRWD, GTLB +10 more

Kash Rangan

Goldman Sachs

2 questions for ESTC

Also covers: ADBE, CRM, CRWV +15 more

Kasthuri Rangan

Goldman Sachs

2 questions for ESTC

Also covers: ADBE, BASE, CFLT +21 more

Michael Cikos

Needham & Company

2 questions for ESTC

Also covers: AI, BASE, BLZE +20 more

Patrick Colville

Scotiabank

2 questions for ESTC

Also covers: AKAM, CHKP, CRWD +14 more

Robbie Owens

Piper Sandler

2 questions for ESTC

Also covers: BJ, CHKP, CYBR +12 more

Andrew Sherman

Cowen

1 question for ESTC

Also covers: APPN, AXON, DDOG +5 more

Austin Dietz

UBS

1 question for ESTC

Also covers: AI, INFA, TDC

Brian Essex

JPMorgan Chase & Co.

1 question for ESTC

Also covers: CHKP, CLBT, CRWD +15 more

George Iwanyc

Oppenheimer & Co. Inc.

1 question for ESTC

Also covers: ASAN, SMAR

George McGreehan

Bank of America

1 question for ESTC

Also covers: AMPL, FROG, GLBE

Ittai Kidron

Oppenheimer & Company

1 question for ESTC

Also covers: BASE, BLZE, CFLT +12 more

Jacob Roberge

William Blair

1 question for ESTC

Also covers: APPN, BL, DDOG +14 more

Jake Roberge

William Blair & Company, L.L.C

1 question for ESTC

Also covers: APPN, ARCT, BL +12 more

Mike Cikos

Needham & Company, LLC

1 question for ESTC

Also covers: AKAM, BASE, CFLT +17 more

Rob Owens

Piper Sandler Companies

1 question for ESTC

Also covers: CFLT, CHKP, CRWD +10 more

Shrenik Kothari

Robert W. Baird & Co.

1 question for ESTC

Also covers: CHKP, FROG, FTNT +8 more

Simran B

RBC Capital Markets

1 question for ESTC

Also covers: NTCT, NTNX

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Opster Ltd.

2023

The acquisition was completed on November 30, 2023, for a cash consideration of approximately $20.0 million. Opster’s AutoOps platform will be integrated to enhance cluster health and cost-optimized search performance, aligning with Elastic’s strategic focus despite no immediate revenue impact.

Optimyze.cloud Inc. (Optimyze)

2021

Completed on November 1, 2021, for $20.0 million (a mix of cash and future payments), this acquisition brings an "always-on" continuous profiling platform using eBPF technology to bolster Elastic’s observability tools for cloud-native environments like Kubernetes.

cmdWatch Security Inc. (Cmd)

2021

Finalized on September 17, 2021, for a total of $77.8 million (including escrow and replacement equity awards), this deal adds Linux-first, cloud-native security solutions and broadens Elastic’s endpoint-to-cloud workload security, with purchase price allocation to developed technology and goodwill.

Build Security Ltd. (build.security)

2021

Completed on September 2, 2021, for $39.3 million, with purchase price allocated primarily to developed technology and goodwill (plus post-combination expense provisions). It is aimed at enhancing security for cloud-native workloads during both the build and runtime phases.

Recent press releases and 8-K filings for ESTC.

Elastic N.V. Board approves special performance-based equity award for CEO
·$ESTC
Executive Compensation
  • On October 13, 2025, Elastic N.V.'s board approved a special one-time performance-based equity award for CEO Ashutosh Kulkarni, with a grant date fair value of $29.3 million.
  • The award, consisting of performance-based restricted stock units (PSUs), is designed to incentivize Mr. Kulkarni's leadership in executing the Company's transformational growth strategy, specifically in positioning Elastic as a leading developer platform for Generative AI.
  • Vesting of the award is contingent on achieving rigorous share price appreciation goals, relative total shareholder return (rTSR) performance, and Mr. Kulkarni's continued service as CEO over a five-year term.
  • The PSUs are divided into four tranches with share price goals ranging from $121.69 (+40%) to $198.15 (+129%), measured from a baseline of $86.61 per share, offering Mr. Kulkarni the opportunity to earn up to 456,491 ordinary shares.
Oct 15, 2025, 8:50 PM
Elastic Announces Share Buyback Program and Increased Revenue Guidance
·$ESTC
Share Buyback
Guidance Update
Revenue Acceleration/Inflection
  • Elastic N.V. announced a $500 million share repurchase program with no expiration date, planning to complete at least half of the buybacks in fiscal 2026.
  • Following this announcement, Elastic's shares surged over 9% in after-hours trading.
  • The company also increased its second-quarter fiscal 2026 revenue guidance to $417 million to $419 million.
  • Despite strong gross margins around 75%, Elastic reported ongoing net losses with a negative net margin of -5.38% and an earnings per share (EPS) of -0.8.
  • Elastic demonstrates strong liquidity with a current ratio and quick ratio both at 2.09, and a balanced debt level with a debt-to-equity ratio of 0.61.
Oct 9, 2025, 11:43 PM
Elastic N.V. Announces Share Repurchase Program
·$ESTC
Share Buyback
  • Elastic N.V. announced on October 9, 2025, that its Board of Directors approved a share repurchase program.
  • The program authorizes the company to repurchase up to $500 million of its outstanding ordinary shares.
  • The share repurchase program does not have an expiration date.
  • Elastic's Chief Financial Officer, Navam Welihinda, stated that the program reflects confidence in the company's business, strategy, and execution, supported by a disciplined capital allocation approach and strong balance sheet.
Oct 9, 2025, 8:47 PM
Elastic Announces $500 Million Share Repurchase Program
·$ESTC
Share Buyback
  • Elastic's Board of Directors has approved a share repurchase program authorizing the company to repurchase up to $500 million of its outstanding ordinary shares.
  • The repurchase program does not have an expiration date.
  • Navam Welihinda, Chief Financial Officer of Elastic, stated that the program reflects the Board and management team's confidence in the company's business, strategy, and execution, and its disciplined capital allocation approach.
  • The timing and amount of repurchases will depend on factors such as share price, business and market conditions, and other considerations, and the program can be modified, suspended, or terminated at any time.
Oct 9, 2025, 8:45 PM
Elastic (ESTC) Updates FY2026 Guidance and Outlines Medium-Term Financial Framework
·$ESTC
Guidance Update
Revenue Acceleration/Inflection
Share Buyback
  • Elastic (ESTC) updated its FY2026 total revenue guidance to $1.697 billion to $1.703 billion, representing a year-over-year growth of 15%, and projects a Non-GAAP Operating Margin of approximately 16.25% for the fiscal year.
  • The company demonstrated consistent margin expansion, achieving a Non-GAAP Operating Margin of 15% and an Adjusted Free Cash Flow Margin of 19% in FY2025.
  • Elastic targets medium-term sales-led subscription revenue growth of over 20%, including 5%+ from GenAI tailwinds, and aims for Non-GAAP Operating and Adjusted Free Cash Flow Margins greater than 20%.
  • Customer momentum is strong, with over 1,550 customers exceeding $100K ACV and over 215 customers exceeding $1M ACV as of Q1'26, with GenAI customers contributing 62% of the net expansion for the FY24 cohort in FY25.
  • A $500 million share repurchase authorization was announced, with over 50% of the full authorization planned for FY2026.
Oct 9, 2025, 6:00 PM
Elastic Announces New AI Capabilities, Updates FY26 Guidance, and Initiates Share Repurchase Program
·$ESTC
Product Launch
Guidance Update
Share Buyback
  • Elastic announced new generative AI capabilities, including Agent Builder and the Elastic Inference Service, and acquired Jina AI to enhance its multilingual and multimodal model offerings.
  • The company updated its guidance for Q2 total revenue to $417 million to $419 million and FY 2026 total revenue to $1.697 billion to $1.703 billion, representing 15% year-over-year growth.
  • Elastic expects FY 2026 non-GAAP operating margins to be 16.25% and targets a midterm 20%+ sales-led subscription revenue growth and 40%+ Rule of 40.
  • A $500 million share repurchase program was authorized, with over 50% expected to be used in fiscal 2026, and the company plans to return 50% of free cash flow through repurchases.
  • Generative AI is a significant growth driver, with the FY 2024 customer cohort showing 42% year-one to year-two growth due to its impact, and customers using generative AI experiencing a 6% tailwind in expansion rate.
Oct 9, 2025, 6:00 PM
Elastic Launches GPU-Accelerated Inference Service
·$ESTC
Product Launch
New Projects/Investments
  • Elastic (NYSE: ESTC) announced the Elastic Inference Service (EIS), a new GPU-accelerated inference-as-a-service designed for Elasticsearch semantic search, vector search, and generative AI workflows.
  • EIS aims to provide speed, scalability, and cost efficiency for customers by offering API-based inference using NVIDIA GPUs, with GPU-accelerated inference providing up to 10x higher throughput for ingest compared to CPU-based alternatives.
  • The service is available on Serverless and Elastic Cloud Hosted deployments across all CSPs and regions, featuring consumption-based pricing charged per model per million tokens.
Oct 9, 2025, 3:02 PM
Elastic Completes Acquisition of Jina AI
·$ESTC
M&A
New Projects/Investments
  • Elastic (NYSE: ESTC) has completed the acquisition of Jina AI, a leader in open source multimodal and multilingual embeddings, reranker, and small language models.
  • This acquisition deepens Elastic's capabilities in vector search, retrieval-augmented generation (RAG), and context engineering, strengthening its position as a leading Search AI Platform.
  • The acquisition broadens Elastic's leadership in relevance for unstructured data by adding dense vector, multilingual, and multimodal embeddings models, advanced rerankers, and specialized small language models.
  • Han Xiao, former CEO of Jina AI, has been appointed VP of AI at Elastic.
  • Jina AI's models will be available for enterprise use through the Elastic Inference Service (EIS) on Elastic Cloud.
Oct 9, 2025, 1:02 PM
Elastic Reports Strong Q1 Performance and Strategic Advancements in AI and Cloud Offerings
·$ESTC
Revenue Acceleration/Inflection
Product Launch
New Projects/Investments
  • Elastic reported strong Q1 results, with total top-line revenue growing 20% and sales-led revenue (excluding monthly cloud) growing 22%, achieving an operating margin just below 16%.
  • In Q1, Elastic implemented price increases for its self-managed and cloud businesses, which positively impacted consumption and were supported by added platform value that reduces customer total cost of ownership.
  • The company launched a serverless cloud offering that is fully managed and available on major cloud providers, designed to enhance margins and reduce costs for customers.
  • Elastic is strategically positioned in the generative AI market, having developed vector database capabilities since 2017 to support the entire workflow for building AI applications.
  • Elastic is expanding its security and observability offerings, including highly-rated EDR capabilities, and is leveraging AI to enhance these platforms and drive customer consolidation.
Sep 11, 2025, 2:30 PM
Elastic Discusses Strong Q1 Results and AI Strategy
·$ESTC
Revenue Acceleration/Inflection
Product Launch
New Projects/Investments
  • Elastic reported strong Q1 results, with total top line revenue growing 20% and sales-led revenue increasing 22%, achieving an operating margin just below 16%.
  • The company is strategically positioned in the Generative AI market, having been a vector database since 2017, providing essential search capabilities to deliver context to large language models.
  • Elastic is experiencing success in its security and observability segments, expanding its offerings into EDR and cloud security and leveraging AI to automate tasks and improve efficiency for users.
  • A new fully managed serverless cloud offering recently went generally available across major cloud providers, designed to improve efficiency, provide better margins, and lower costs for customers.
Sep 11, 2025, 2:30 PM