Form 8-K

8-K — Elastic N.V.

Accession: 0001707753-26-000008

Filed: 2026-05-28

Period: 2026-05-28

CIK: 0001707753

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — estc-20260528.htm (Primary)

EX-99.1 (a26q4erex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: estc-20260528.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 28, 2026

Elastic N.V.

(Exact name of registrant as specified in its charter)

The Netherlands

(State or other jurisdiction

of incorporation)

001-38675

(Commission File Number)

98-1756035

(I.R.S. Employer

Identification Number)

Not Applicable1

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: Not Applicable1

Not Applicable

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange of which registered

Ordinary Shares, €0.01 Par Value ESTC The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1 We are a distributed company. Accordingly, we do not have a principal executive office. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, any shareholder communication required to be sent to our principal executive offices may be directed to the email address ir@elastic.co or to Elastic N.V., 88 Kearny St., Floor 19, San Francisco, CA 94108.

Item 2.02. Results of Operations and Financial Condition.

On May 28, 2026, Elastic N.V. (“Elastic” or the “Company”) issued a press release announcing its financial results for its fourth quarter and fiscal year ended April 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information above, including Exhibit 99.1, is “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit Description

99.1

Press Release dated May 28, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 28, 2026

ELASTIC N.V.

By: /s/ Navam Welihinda

Name: Navam Welihinda

Title: Chief Financial Officer

EX-99.1

Filename: a26q4erex991.htm · Sequence: 2

Document

Exhibit 99.1

Elastic Reports Fourth Quarter and Fiscal 2026 Financial Results

Q4 Revenue of $451 million, up 16% year-over-year

FY26 Revenue of $1.739 billion, up 17% year-over-year

SAN FRANCISCO, May 28, 2026 -- Elastic (NYSE: ESTC), the Search AI Company, announced financial results for its fourth quarter and full fiscal year ended April 30, 2026.

Fourth Quarter Fiscal 2026 Financial Highlights

•Total revenue was $451 million, an increase of 16% year-over-year, or 14% on a constant currency basis

•Total subscription revenue was $422 million, an increase of 17% year-over-year, or 15% on a constant currency basis

•Sales-led subscription revenue (calculated as subscription revenue excluding Monthly Elastic Cloud) was $375 million, an increase of 19% year-over-year, or 16% on a constant currency basis

•Current remaining performance obligations were $1.203 billion, an increase of 20% year-over-year, as reported and on a constant currency basis

•Remaining performance obligations were $1.982 billion, an increase of 28% year-over-year, or 27% on a constant currency basis

•GAAP operating loss was $16 million; GAAP operating margin was -4%

•Non-GAAP operating income was $67 million; non-GAAP operating margin was 14.8%

•GAAP diluted earnings per share was $4.14; non-GAAP diluted earnings per share was $0.61

•Operating cash flow was $153 million with adjusted free cash flow of $150 million

•Cash, cash equivalents, and marketable securities were $1.370 billion as of April 30, 2026

Full Fiscal 2026 Financial Highlights

•Total revenue was $1.739 billion, an increase of 17% year-over-year, or 16% on a constant currency basis

•Total subscription revenue was $1.634 billion, an increase of 18% year-over-year, or 17% on a constant currency basis

•Sales-led subscription revenue (calculated as subscription revenue excluding Monthly Elastic Cloud) was $1.438 billion, an increase of 20% year-over-year, or 18% on a constant currency basis

•GAAP operating loss was $33 million; GAAP operating margin was -2%

•Non-GAAP operating income was $285 million; non-GAAP operating margin was 16.4%

•GAAP diluted earnings per share was $3.43(1); non-GAAP diluted earnings per share was $2.57

•Operating cash flow was $327 million with adjusted free cash flow of $346 million

•Rule of 40 was 37%, calculated as the sum of fiscal 2026 year-over-year total revenue growth of 17% and fiscal 2026 adjusted free cash flow margin of 20%

“Elastic delivered a strong finish to the year, beating our guidance across all key metrics,” said Ash Kulkarni, chief executive officer, Elastic. “Organizations are increasingly abandoning fragmented legacy applications to consolidate onto our high-performance platform for search, security, and observability. Customers are making larger commitments to Elastic over longer periods of time as we become a critical part of their AI infrastructure, accelerating our cRPO and RPO growth in Q4, setting us up for ongoing success.”

Fourth Quarter Fiscal 2026 Key Metrics and Recent Business Highlights

Key Customer Metrics

•Total customer count with Annual Contract Value (ACV) greater than $100,000 was over 1,720 compared to over 1,660 in Q3 FY26, and over 1,510 in Q4 FY25

•Net Expansion Rate was approximately 112%

Product Innovations and Updates

•Delivered native Prometheus and PromQL support to Elastic Observability, enabling Site Reliability Engineers to analyze Prometheus metrics alongside logs and traces in a single platform, without rewriting queries or rebuilding pipelines

•Launched MCP Apps in public preview, bringing first-of-their-kind agent-native UI experiences for security and observability workflows into third-party AI tools, enabling teams to act on data directly where they work, with additional capabilities for search and data exploration

•Introduced the Jina v5 Omni family, a new family of multimodal embedding models with the ability to represent text, images, video, and audio as vectors

•Selected by Google as a critical security partner for GDC air-gapped, delivering embedded security analytics, automation, and XDR capabilities for customers to secure sensitive data in highly restricted environments

•Introduced Elastic Workflows in general availability, a native automation capability with direct access to alerts, cases, and investigation data, now built directly into Elastic Security

•Added Jina Embeddings v3 in Gemini Enterprise Agent Platform Model Garden, enabling organizations to deploy high-performance retrieval models directly within their own cloud environments

Other Business Highlights

•Achieved Federal Risk and Authorization Management Program (FedRAMP®) High authorization for Elastic Cloud Hosted on AWS GovCloud (US)

•Awarded the 2026 Google Cloud Partner of the Year Award for Marketplace Category for Data Management & AI

•Achieved EU-US Data Privacy Framework and ISO 27701

•Engaged with thousands of customers and partners across Elastic{ON}s in Sydney, Singapore, São Paulo, Tokyo, at the Elastic Public Sector Summit in Washington D.C., and the Google Cloud Next industry conference

Share Repurchase Program

In October 2025, Elastic announced a share repurchase program pursuant to which the Company may repurchase up to $500 million of the Company’s outstanding ordinary shares. As part of this program, during the fourth quarter of fiscal 2026, Elastic repurchased approximately 0.7 million ordinary shares at an average price per share of $61.28 on the open market, representing an aggregate value of approximately $40 million. During fiscal 2026, Elastic repurchased approximately 4.4 million ordinary shares at an average price per share of $76.91 on the open market, representing an aggregate value of approximately $340 million.

Financial Outlook

The Company is providing the following guidance:

For the first quarter of fiscal 2027 (ending July 31, 2026):

•Total revenue is expected to be between $469 million and $470 million, representing 13.1% year-over-year growth at the midpoint (12.8% year-over-year constant currency growth at the midpoint)

•Sales-led subscription revenue is expected to be between $392 million and $393 million, representing 15.9% year-over-year growth at the midpoint (15.6% year-over-year constant currency growth at the midpoint)

•Non-GAAP operating margin is expected to be approximately 14.0%

•Non-GAAP diluted earnings per share is expected to be between $0.57 and $0.59, assuming between 106.0 million and 107.0 million diluted weighted average ordinary shares outstanding

For fiscal 2027 (ending April 30, 2027):

•Total revenue is expected to be between $1.985 billion and $2.000 billion, representing 14.6% year-over-year growth at the midpoint or 14.5% year-over-year constant currency growth at the midpoint

•Sales-led subscription revenue is expected to be between $1.673 billion and $1.688 billion, representing 16.9% year-over-year growth at the midpoint or 16.8% year-over-year constant currency growth at the midpoint

•Non-GAAP operating margin is expected to be approximately 19.0%

•Non-GAAP diluted earnings per share is expected to be between $3.21 and $3.29, assuming between 107.5 million and 108.5 million diluted weighted average ordinary shares outstanding

•Adjusted free cash flow margin is expected to be approximately 21.5%, excluding any acquisitions or other one-time charges

The diluted weighted average ordinary shares outstanding reflect only share buybacks completed as of April 30, 2026.

The guidance assumes, among others, the following exchange rates: 1 Euro = 1.163 US Dollars; and 1 Great British Pound = 1.344 US Dollars.

See the section titled “Forward-Looking Statements” below for information on the risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. We present historical and forward-looking non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” below for an explanation of these non-GAAP measures. A reconciliation of forward-looking non-GAAP measures to the corresponding GAAP measures for sales-led subscription revenue, operating margin, and net earnings/(loss) per share is not available without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of the costs and expenses that may be incurred in the future. These items necessary to reconcile such non-GAAP measures could be material and have a significant impact on the Company’s results computed in accordance with GAAP.

Conference Call and Webcast

As previously announced, Elastic’s executive management team will host a conference call today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the Company’s financial results and business outlook. A live audio webcast of the conference call will be available through Elastic’s Investor Relations website at ir.elastic.co. A presentation containing financial and operating information will be available at the same website. The replay of the webcast will also be available on the investor relations website.

(1) GAAP diluted earnings per share includes the impact of an income tax benefit of approximately $435 million related to the release of a valuation allowance against certain deferred tax assets. There was no impact to operating results, non-GAAP diluted earnings per share, adjusted free cash flow, or cash and cash equivalents.

About Elastic

Elastic (NYSE: ESTC), the Search AI Company, integrates its deep expertise in search technology with artificial intelligence to help everyone transform all of their data into answers, actions and outcomes. The Elasticsearch Platform — the foundation for its search, observability, and security solutions — is used by thousands of companies, including more than 50% of the Fortune 500. Learn more at elastic.co.

Elastic and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, which include, but are not limited to, statements regarding our expected financial results for the fiscal quarter ending July 31, 2026 and fiscal year ending April 30, 2027, the expected performance or benefits of and demand for our offerings, our product strategy and innovation, and our views about competitive advantages, market position, the consolidation of organizations onto our platform, and the increasing importance of Elastic as a critical part of organizations’ AI infrastructure. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements due to uncertainties, risks, and changes in circumstances, including but not limited to, those related to: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (which include changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability; the success of our AI initiatives; competition we face in the AI landscape; market understanding and valuation of AI technologies; the use of AI by our workforce; the impact of the evolving macroeconomic and geopolitical environments on our business, operations, hiring and financial results, and on businesses and spending priorities of our customers and partners; the impact of our pricing model strategies on our business; the impact of foreign currency exchange rate fluctuations, the uncertain inflation and interest rate environment, and tariffs and other international trade policies on our results; our ability to continue to deliver and improve our offerings and develop new offerings; customer acceptance and purchase of our new and existing offerings; the expansion and adoption of our offerings; our ability to realize value from investments in the business; our ability to maintain and expand our user and customer base; our international expansion strategy; the impact of our licensing model on the use and adoption of our software; our operating results and cash flows; the sufficiency of our capital resources; our ability to successfully execute our go-to-market strategy; our forecasts regarding our business; risks affecting continuation of our share repurchase program; and general market, political, economic and business conditions.

Any additional or unforeseen effects from the evolving macroeconomic and geopolitical environments may exacerbate these risks. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those expressed or implied in our forward-looking statements are included in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended April 30, 2025 and subsequent quarterly and current reports filed with the SEC. SEC filings are available on the Investor Relations section of Elastic’s website at ir.elastic.co and the SEC’s website at www.sec.gov. Elastic assumes no obligation to, and does not currently intend to, update any such forward-looking statements, except as required by law.

Statement Regarding Use of Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe the non-GAAP measures discussed below are useful in evaluating our operating performance. We use these non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review the differences between GAAP financial measures and the corresponding non-GAAP financial measures, and not to rely on any single financial measure to evaluate our business and financial results.

Reconciliations of historical GAAP financial measures to their respective historical non-GAAP financial measures are included below. In relation to constant currency non-GAAP financial measures, the only reconciling item between GAAP financial measures and non-GAAP financial measures is the effect of foreign currency rate fluctuations. Further details on how we calculate such effects can be found in the definition of “Constant Currency” below.

Sales-led Subscription Revenue

Sales-led subscription revenue is a non-GAAP financial measure that we calculate as total subscription revenue excluding Monthly Elastic Cloud. We believe sales-led subscription revenue provides management and our investors with a consistent metric with which to measure the health of our business.

Non-GAAP Gross Profit and Non-GAAP Gross Margin

We define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding stock-based compensation expense and related employer taxes, and amortization of acquired intangible assets. We believe non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance.

Non-GAAP Operating Income and Non-GAAP Operating Margin

We define non-GAAP operating income and non-GAAP operating margin as GAAP operating loss and GAAP operating margin, respectively, excluding stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, and restructuring and other related charges. We believe non-GAAP operating income and non-GAAP operating margin provide our management and investors consistency and

comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance.

Non-GAAP Net Income and Non-GAAP Earnings Per Share

We define non-GAAP net income as GAAP income/(loss), excluding stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, restructuring and other related charges, and the income tax benefit from the release of any valuation allowance against deferred tax assets. Additionally, non-GAAP net income and non-GAAP earnings per share are adjusted for an assumed provision for income taxes based on a projected non-GAAP annual effective tax rate of 13%. We define non-GAAP earnings per share, basic, as non-GAAP net income divided by weighted average shares outstanding and non-GAAP earnings per share, diluted, as non-GAAP net income divided by weighted average diluted shares outstanding, which includes the potentially dilutive effect of the company’s employee equity incentive plan awards. We believe non-GAAP earnings per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric generally eliminates the effects of certain variables from period to period for reasons unrelated to overall operating performance.

Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin

Adjusted free cash flow is a non-GAAP financial measure that we define as net cash provided by operating activities adjusted for cash paid for interest on long-term debt less cash used for investing activities for purchases of property and equipment. Adjusted free cash flow margin is calculated as adjusted free cash flow divided by total revenue. Adjusted free cash flow does not represent residual cash flow available for discretionary expenditures since, among other things, we have mandatory debt service requirements.

Constant Currency

We compare the percent change in certain results from one period to another period using constant currency information to provide a framework for assessing how our business performed excluding the effect of foreign currency rate fluctuations. In presenting this information, current and comparative prior period results are converted into United States dollars at the exchange rates in effect on the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods.

Contact Information

Elastic Investor Relations

ir@elastic.co

Elastic Corporate Communications

PR-Team@elastic.co

Elastic N.V.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

Three Months Ended April 30, Year Ended April 30,

2026 2025 2026 2025

Revenue

Subscription $ 422,446 $ 361,741 $ 1,634,455 $ 1,384,520

Services 28,235 26,691 104,876 98,776

Total revenue 450,681 388,432 1,739,331 1,483,296

Cost of revenue

Subscription 82,877 72,092 310,169 282,585

Services 28,183 25,693 106,103 97,288

Total cost of revenue 111,060 97,785 416,272 379,873

Gross profit 339,621 290,647 1,323,059 1,103,423

Operating expenses

Research and development 120,261 94,665 451,925 365,758

Sales and marketing 185,762 161,796 710,188 617,176

General and administrative 50,009 46,206 194,422 175,186

Restructuring and other related charges — — — 225

Total operating expenses 356,032 302,667 1,356,535 1,158,345

Operating loss (16,411) (12,020) (33,476) (54,922)

Other income, net

Interest expense (6,245) (5,844) (25,142) (25,307)

Other income, net 12,891 13,162 56,317 48,660

Loss before income taxes (9,765) (4,702) (2,301) (31,569)

(Benefit from) provision for income taxes (445,665) 11,679 (370,067) 76,545

Net income (loss) $ 435,900 $ (16,381) $ 367,766 $ (108,114)

Net earnings (loss) per share attributable to ordinary shareholders

Basic $ 4.18 $ (0.16) $ 3.49 $ (1.04)

Diluted $ 4.14 $ (0.16) $ 3.43 $ (1.04)

Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders

Basic 104,256,173 105,084,869 105,335,440 103,661,704

Diluted 105,312,192 105,084,869 107,220,768 103,661,704

Elastic N.V.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

As of April 30,

2026 2025

Assets

Current assets:

Cash and cash equivalents $ 768,725 $ 727,543

Restricted cash 1,773 3,671

Marketable securities 601,537 669,717

Accounts receivable, net of allowance for credit losses of $6,847 and $5,510 as of April 30, 2026 and 2025, respectively 464,413 375,613

Deferred contract acquisition costs 106,447 86,205

Prepaid expenses and other current assets 80,368 68,258

Total current assets 2,023,263 1,931,007

Property and equipment, net 8,591 6,589

Goodwill 356,442 319,417

Operating lease right-of-use assets 18,641 22,334

Intangible assets, net 13,059 11,404

Deferred contract acquisition costs, non-current 150,989 117,762

Deferred tax assets 567,278 168,045

Other assets 14,413 16,295

Total assets $ 3,152,676 $ 2,592,853

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable $ 8,618 $ 17,150

Accrued expenses and other liabilities 96,713 86,347

Accrued compensation and benefits 119,231 93,714

Operating lease liabilities 6,539 8,928

Deferred revenue 973,820 802,117

Total current liabilities 1,204,921 1,008,256

Deferred revenue, non-current 52,502 50,340

Long-term debt, net 570,895 569,729

Operating lease liabilities, non-current 14,129 16,357

Other liabilities, non-current 33,729 20,937

Total liabilities 1,876,176 1,665,619

Shareholders’ equity:

Preference shares, €0.01 par value; 165,000,000 shares authorized; no shares issued or outstanding as of April 30, 2026 and 2025 — —

Ordinary shares, €0.01 par value; 165,000,000 shares authorized; 108,360,340 shares issued and 104,751,470 shares outstanding as of April 30, 2026; 105,534,887 shares issued and outstanding as of April 30, 2025 1,154 1,112

Treasury stock, at cost; 3,608,870 shares held as of April 30, 2026; 35,937 shares held as of April 30, 2025

(275,695) (369)

Additional paid-in capital 2,310,866 2,049,416

Accumulated other comprehensive loss (27,870) (23,204)

Accumulated deficit (731,955) (1,099,721)

Total shareholders’ equity 1,276,500 927,234

Total liabilities and shareholders’ equity $ 3,152,676 $ 2,592,853

Elastic N.V.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three Months Ended April 30, Year Ended April 30,

2026 2025 2026 2025

Cash flows from operating activities

Net income (loss) $ 435,900 $ (16,381) $ 367,766 $ (108,114)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation and amortization 3,217 2,291 11,834 12,315

Amortization of premium and accretion of discount on marketable securities, net (390) (1,401) (3,428) (7,186)

Amortization of deferred contract acquisition costs 29,779 25,201 111,112 96,688

Amortization of debt issuance costs 296 284 1,166 1,117

Non-cash operating lease cost 1,547 2,280 8,870 10,040

Stock-based compensation expense 77,466 65,540 298,435 257,782

Deferred income taxes (459,689) 1,256 (398,617) 57,431

Unrealized foreign currency transaction (gain) loss (51) 909 790 2,211

Other 38 53 71 39

Changes in operating assets and liabilities, net of impact of business acquisitions:

Accounts receivable, net (107,392) (100,440) (86,840) (48,903)

Deferred contract acquisition costs (66,542) (39,721) (163,717) (106,691)

Prepaid expenses and other current assets 5,057 (12,414) (11,664) (25,320)

Other assets 2,417 (8,075) 4,975 (10,794)

Accounts payable (21,040) 7,758 (8,968) (8,952)

Accrued expenses and other liabilities 11,638 22,645 11,213 9,845

Accrued compensation and benefits 22,305 9,665 25,043 (546)

Operating lease liabilities (1,426) (2,417) (9,767) (11,906)

Deferred revenue 219,580 129,946 168,620 147,112

Net cash provided by operating activities 152,710 86,979 326,894 266,168

Cash flows from investing activities

Purchases of property and equipment (2,895) (2,117) (5,092) (4,345)

Business acquisitions, net of cash acquired — — (36,828) —

Purchases of marketable securities (166,460) (160,803) (528,885) (549,574)

Sales, maturities, and redemptions of marketable securities 73,685 192,263 597,397 435,251

Other — — (521) —

Net cash (used in) provided by investing activities (95,670) 29,343 26,071 (118,668)

Cash flows from financing activities

Proceeds from issuance of ordinary shares under employee stock purchase plan 13,514 12,629 25,015 23,093

Proceeds from issuance of ordinary shares upon exercise of stock options 1,322 9,841 2,804 17,854

Repurchases of ordinary shares (40,013) — (340,088) —

Net cash (used in) provided by financing activities (25,177) 22,470 (312,269) 40,947

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,294) 4,815 (1,412) (322)

Net increase in cash, cash equivalents, and restricted cash 29,569 143,607 39,284 188,125

Cash, cash equivalents, and restricted cash, beginning of period 740,929 587,607 731,214 543,089

Cash, cash equivalents, and restricted cash, end of period $ 770,498 $ 731,214 $ 770,498 $ 731,214

Elastic N.V.

Revenue by Type

(in thousands, except percentages)

(unaudited)

Three Months Ended April 30, Year Ended April 30,

2026 2025 2026 2025

Amount % of

Total

Revenue Amount % of

Total

Revenue Amount % of

Total

Revenue Amount % of

Total

Revenue

Annual Elastic Cloud $ 169,596 38 % $ 134,979 35 % $ 640,937 37 % $ 502,320 34 %

Monthly Elastic Cloud 47,765 10 % 46,528 12 % 196,334 11 % 185,299 12 %

Total Elastic Cloud 217,361 48 % 181,507 47 % 837,271 48 % 687,619 46 %

Other subscription 205,085 46 % 180,234 46 % 797,184 46 % 696,901 47 %

Total subscription 422,446 94 % 361,741 93 % 1,634,455 94 % 1,384,520 93 %

Services 28,235 6 % 26,691 7 % 104,876 6 % 98,776 7 %

Total revenue $ 450,681 100 % $ 388,432 100 % $ 1,739,331 100 % $ 1,483,296 100 %

Elastic N.V.

Reconciliation of GAAP to Non-GAAP Data

Supplementary Information

(in thousands, except percentages)

(unaudited)

Three Months Ended

April 30, 2026 % Change Year Over Year % Change

Year Over Year Excluding Currency Changes % Change Quarter Over Quarter % Change

Quarter Over Quarter Excluding Currency Changes

Revenue

Annual Elastic Cloud $ 169,596 26% 25% 1% 1%

Monthly Elastic Cloud 47,765 3% 3% (4)% (4)%

Total Elastic Cloud 217,361 20% 19% (1)% (1)%

Other subscription 205,085 14% 10% (1)% (1)%

Total subscription 422,446 17% 15% (1)% (1)%

Total revenue $ 450,681 16% 14% —% —%

Total sales-led subscription revenue

$ 374,681 19% 16% —% —%

Total deferred revenue $ 1,026,322 20% 20% 27% 27%

Total remaining performance obligations $ 1,982,024 28% 27% 20% 20%

Remaining performance obligations due within 12 months $ 1,202,761 20% 20% 14% 14%

Year Ended

April 30, 2026 % Change Year Over Year % Change

Year Over Year Excluding Currency Changes

Revenue

Annual Elastic Cloud $ 640,937 28% 27%

Monthly Elastic Cloud 196,334 6% 6%

Total Elastic Cloud 837,271 22% 21%

Other subscription 797,184 14% 12%

Total subscription 1,634,455 18% 17%

Total revenue $ 1,739,331 17% 16%

Total sales-led subscription revenue

$ 1,438,121 20% 18%

Elastic N.V.

Reconciliation of GAAP to Non-GAAP Data

Adjusted Free Cash Flow

(in thousands, except percentages)

(unaudited)

Three Months Ended April 30, Year Ended April 30,

2026 2025 2026 2025

Net cash provided by operating activities $ 152,710 $ 86,979 $ 326,894 $ 266,168

Less: Purchases of property and equipment (2,895) (2,117) (5,092) (4,345)

Add: Interest paid on long-term debt — — 23,719 23,719

Adjusted free cash flow (1)

$ 149,815 $ 84,862 $ 345,521 $ 285,542

Net cash (used in) provided by investing activities $ (95,670) $ 29,343 $ 26,071 $ (118,668)

Net cash (used in) provided by financing activities $ (25,177) $ 22,470 $ (312,269) $ 40,947

Net cash provided by operating activities (as a percentage of total revenue) 34 % 22 % 19 % 18 %

Less: Purchases of property and equipment (as a percentage of total revenue) (1) % — % — % — %

Add: Interest paid on long-term debt (as a percentage of total revenue) — % — % 1 % 1 %

Adjusted free cash flow margin 33 % 22 % 20 % 19 %

(1) Adjusted free cash flow includes cash paid for restructuring and other charges of $3.8 million during the year ended April 30, 2025. There were no cash payments for restructuring and other charges during the three months and year ended April 30, 2026, or during the three months ended April 30, 2025.

Elastic N.V.

Reconciliation of GAAP to Non-GAAP Data

(in thousands, except percentages, share and per share data)

(unaudited)

Three Months Ended April 30, Year Ended April 30,

2026 2025 2026 2025

Gross Profit Reconciliation:

GAAP gross profit $ 339,621 $ 290,647 $ 1,323,059 $ 1,103,423

Stock-based compensation expense and related employer taxes 7,261 6,959 27,503 25,830

Amortization of acquired intangibles 2,463 1,526 8,795 9,213

Non-GAAP gross profit $ 349,345 $ 299,132 $ 1,359,357 $ 1,138,466

Gross Margin Reconciliation(1):

GAAP gross margin 75.4 % 74.8 % 76.1 % 74.4 %

Stock-based compensation expense and related employer taxes 1.6 % 1.8 % 1.6 % 1.7 %

Amortization of acquired intangibles 0.5 % 0.4 % 0.5 % 0.6 %

Non-GAAP gross margin 77.5 % 77.0 % 78.2 % 76.8 %

Operating (Loss) Income Reconciliation:

GAAP operating loss $ (16,411) $ (12,020) $ (33,476) $ (54,922)

Stock-based compensation expense and related employer taxes 80,285 69,613 308,242 269,915

Amortization of acquired intangibles 2,463 1,526 8,795 9,213

Acquisition-related expenses 558 501 1,753 682

Restructuring and other related charges — — — 225

Non-GAAP operating income $ 66,895 $ 59,620 $ 285,314 $ 225,113

Operating Margin Reconciliation(1):

GAAP operating margin (3.6) % (3.1) % (1.9) % (3.7) %

Stock-based compensation expense and related employer taxes 17.8 % 17.9 % 17.7 % 18.2 %

Amortization of acquired intangibles 0.5 % 0.4 % 0.5 % 0.6 %

Acquisition-related expenses 0.1 % 0.1 % 0.1 % — %

Restructuring and other related charges — % — % — % — %

Non-GAAP operating margin 14.8 % 15.3 % 16.4 % 15.2 %

Net Income (Loss) Reconciliation:

GAAP net income (loss) $ 435,900 $ (16,381) $ 367,766 $ (108,114)

Stock-based compensation expense and related employer taxes 80,285 69,613 308,242 269,915

Amortization of acquired intangibles 2,463 1,526 8,795 9,213

Acquisition-related expenses 558 501 1,753 682

Restructuring and other related charges — — — 225

Income tax effects and adjustments(2)

(20,375) (4,627) 23,640 45,916

Income tax benefit from the release of a valuation allowance against deferred tax assets(2)

(434,850) — (434,850) —

Non-GAAP net income $ 63,981 $ 50,632 $ 275,346 $ 217,837

Non-GAAP earnings per share attributable to ordinary

shareholders, basic(1)

$ 0.61 $ 0.48 $ 2.61 $ 2.10

Non-GAAP earnings per share attributable to ordinary

shareholders, diluted(1)

$ 0.61 $ 0.47 $ 2.57 $ 2.04

Weighted-average shares used to compute non-GAAP earnings per share attributable to ordinary shareholders, basic 104,256,173 105,084,869 105,335,440 103,661,704

Weighted-average shares used to compute non-GAAP earnings per share attributable to ordinary shareholders, diluted 105,312,192 107,433,076 107,220,768 106,848,670

(1) Totals may not sum, due to rounding. Gross margin, operating margin, and earnings per share are calculated based upon the respective underlying, non-rounded data.

(2) Effective May 1, 2025, we use a projected non-GAAP annual effective tax rate of 13% for the purpose of determining non-GAAP net income and non-GAAP earnings per share, basic and diluted, across the interim period. We believe this approach provides investors with a more consistent view of our underlying operating performance. Our annual projected non-GAAP tax rate excludes the impact from stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, restructuring and other related charges, discrete tax items, valuation allowances against deferred tax assets, and other non-recurring tax adjustments, which may vary in size and frequency. Our annual projected non-GAAP tax rate may change due to factors such as new tax legislation, shifts in the geographic mix of earnings, or other significant business developments. We assess this rate as needed to ensure it reflects current conditions. Applying a consistent annual rate improves comparability across reporting periods by excluding the effects of discrete or non-recurring tax items.

Elastic N.V.

Reconciliation of GAAP to Non-GAAP Data

(in thousands)

(unaudited)

Three Months Ended April 30, Year Ended April 30,

2026 2025 2026 2025

Cost of revenue reconciliation:

GAAP subscription $ 82,877 $ 72,092 $ 310,169 $ 282,585

Stock-based compensation expense and related employer taxes (2,764) (2,683) (10,710) (10,161)

Amortization of acquired intangibles (2,463) (1,526) (8,795) (9,213)

Non-GAAP subscription $ 77,650 $ 67,883 $ 290,664 $ 263,211

GAAP services $ 28,183 $ 25,693 $ 106,103 $ 97,288

Stock-based compensation expense and related employer taxes (4,497) (4,276) (16,793) (15,669)

Non-GAAP services $ 23,686 $ 21,417 $ 89,310 $ 81,619

Operating expenses reconciliation:

GAAP research and development expense $ 120,261 $ 94,665 $ 451,925 $ 365,758

Stock-based compensation expense and related employer taxes (30,113) (25,781) (116,370) (102,180)

Acquisition-related expenses (230) — (540) (76)

Non-GAAP research and development expense $ 89,918 $ 68,884 $ 335,015 $ 263,502

GAAP sales and marketing expense $ 185,762 $ 161,796 $ 710,188 $ 617,176

Stock-based compensation expense and related employer taxes (25,392) (24,144) (98,371) (90,973)

Non-GAAP sales and marketing expenses $ 160,370 $ 137,652 $ 611,817 $ 526,203

GAAP general and administrative expense $ 50,009 $ 46,206 $ 194,422 $ 175,186

Stock-based compensation expense and related employer taxes (17,519) (12,729) (65,998) (50,932)

Acquisition-related expenses (328) (501) (1,213) (606)

Non-GAAP general and administrative expense $ 32,162 $ 32,976 $ 127,211 $ 123,648

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