Elastic N.v. · NYSE:ESTC
Elastic — Investor Day (October 2025)
126 slides from Elastic's investor day presentation, Oct 9, 2025
Slide 1: Financial Analyst Day
Financial Analyst Day October 9, 2025
Slide 2: Forward-looking statements; use of non-GAAP measures
Forward-looking statements; use of non-GAAP measures This presentation and the accompanying oral presentation contain forward-looking statements that involve substantial risks and uncertainties, which include, but are not limited to, statements regarding our financial outlook, our strategic areas of
Slide 3: Eric Prengel
Eric Prengel Global Vice President Finance Elastic
Slide 4: Agenda
Agenda 01 Our Opportunity Ash Kulkarni, Chief Executive Officer 02 The Elasticsearch Platform Ken Exner, Chief Product Officer Steve Kearns, GM Search & AI Santosh Krishnan, GM Security & Observability BREAK 03 GTM Momentum Mark Dodds, Chief Revenue Officer 04 Scaling Profitable Growth Navam Welihin
Slide 5: Ash Kulkarni
Ash Kulkarni Chief Executive Officer Elastic
Slide 6: Elasticsearch is the world's most popular Open Source data platform for unstructured data
Elasticsearch is the worldʼs most popular Open Source data platform for unstructured data #1 5.5 Billion Search Engine & 120K Downloads VectorDB Total Github Stars source: DBEngines 6
Slide 7: Elastic has the advantage of incumbency
Elastic has the advantage of incumbency 30 PB / day Raw data ingested into 30B queries / day Elasticsearch clusters across on Elastic Cloud all paid Elastic environments Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 1.3 EB Total amount of raw
Slide 8: As unstructured data has grown, Elastic has scaled
As unstructured data has grown, Elastic has scaled 175 ZB Total Revenue $ in Millions) 17% Of data will be generated in 2025 19% $1,483 90% 24% $1,267 Of enterprise data is 42% unstructured $1,069 42% $862 Unstructured data $608 Structured data Mainframe Era PC / Client Era Internet Era Virtual Era
Slide 9: And now, AI is here and it's changing everything
And now, AI is here and itʼs changing everything LLMs are the Data of all Relevance is the new operating shapes and types key to production system are the fuel ready AI 9
Slide 10: Elasticsearch was built for this moment
Elasticsearch was built for this moment Build Your Own Search & AI Observability Security Elasticsearch Platform Any data AI experiences Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 10
Slide 11: Elastic has built a strong foundation for AI, 15 years in the making
Elastic has built a strong foundation for AI, 15 years in the making Agentic AI Advanced parallelism CPU, I/O, storage) Sparse indexing optimizations AI Workloads ACORN DISK BBQ and other Founded Elasticsearch performance optimizations Lexical Search Memory breakthroughs (up to 32x reduction) Elast
Slide 12: The Elasticsearch Platform provides everything developers need to do context engineering right
The Elasticsearch Platform provides everything developers need to do context engineering right Hybrid Search Inference Embedding LLM VectorDB MCP Tools Agents Engine Service Models Observability Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 12
Slide 13: Elastic Search & AI is the best solution for context engineering
Elastic Search & AI is the best solution for context engineering Why We Win Speed, scale, and Relevance is the efficiency enable enabler of new and larger successful AI use-cases agents & apps Fastest time to market for developers 13
Slide 14: Elastic Search & AI is the best solution for context engineering
Elastic Search & AI is the best solution for context engineering Why We Win Agent Builder Speed, scale, and Relevance is the efficiency enable enabler of new and larger successful AI use-cases agents & apps Fastest time to market for developers 14
Slide 15: Welcome Jina AI!
Welcome Jina AI! Frontier-class embedding models State of the art multilingual and multi-modal retrieval models, built by a Leading, innovative reranking models world-class team Strong team with a track record of foundational research 15
Slide 16: Customers driving innovation with Search & AI
Customers driving innovation with Search & AI Billions of documents Real-time insights from 10x improvement to Leverages Search & AI now instantly 200M documents in search speed and to transform law firm searchable different formats across relevancy efficiency multiple systems Reduced contract Incre
Slide 17: The Elasticsearch Platform amplifies our competitive advantages in observability
The Elasticsearch Platform amplifies our competitive advantages in observability Infrastructure Synthetic RUM Mobile LLM Log Analytics APM SLA/SLO AIOps Monitoring Monitoring Monitoring Observability AI for Observability Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualizat
Slide 18: Elastic Observability is the best solution for AI-driven observability
Elastic Observability is the best solution for AI-driven observability Why We Win Native AI and Open and extensible, relevance for OpenTelemetry to faster eliminate proprietary investigations instrumentation Speed, scale, efficiency and datastore optimizations 18
Slide 19: Elastic Observability is the best solution for AI-driven observability
Elastic Observability is the best solution for AI-driven observability Why We Win Streams & Significant Events Native AI and Open and extensible, relevance for OpenTelemetry to faster eliminate proprietary investigations instrumentation Speed, scale, efficiency and datastore optimizations 19
Slide 20: Customers reducing downtime with Elastic Observability
Customers reducing downtime with Elastic Observability Reduced MTTR by 30% Improved uptime to 99.9% Tools consolidation from 55 to 20 90% 35% of Elastic Cloud observability of Elastic Cloud observability customers use log analytics customers use beyond log analytics 20
Slide 21: The Elasticsearch Platform amplifies our competitive advantages in security
The Elasticsearch Platform amplifies our competitive advantages in security Next gen Alerting & case UEBA & entity SIEM/Security EDR/ XDR CDR Workflows management analytics Analytics AI for Security Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflow
Slide 22: Elastic Security is the best solution to build out the AI-powered SOC
Elastic Security is the best solution to build out the AI-powered SOC Why We Win XDR done right — Redefining the unify all signals SIEM with native for detections and AI and relevance investigations Speed, scale, efficiency, and flexible deployments, no pre-filtering required 22
Slide 23: Elastic Security is the best solution to build out the AI-powered SOC
Elastic Security is the best solution to build out the AI-powered SOC Why We Win Elastic Workflows XDR done right — Redefining the unify all signals SIEM with native for detections and AI and relevance investigations Speed, scale, efficiency, and flexible deployments, no pre-filtering required 23
Slide 24: Customers detecting threats faster with Elastic Security
Customers detecting threats faster with Elastic Security Detection time cut by 75% SOC efficiency up 50% Investigation time down 34% 95% 20% of Elastic Cloud security customers of Elastic Cloud security customers use us use us as a SIEM beyond SIEM for use cases like XDR 24
Slide 25: We land and expand with multiple paths to growth
We land and expand with multiple paths to growth Customers adopt higher subscription tiers We grow awareness We land via self-service cloud SMB Customer usage through open source and sales-led motion (enterprise & grows commercial) Customers add more workloads 25
Slide 26: And we meet customers where they are
And we meet customers where they are Elastic Cloud Elastic Self-Managed Elastic Cloud Hosted Elastic Cloud Serverless 60 Cloud Regions Globally 26
Slide 27: We are building a business for long-term high growth and profitability
We are building a business for long-term high growth and profitability $296B Search Security Observability $143B GenAI 2026 TAM 2029 TAM 27 Based on Elastic Competitive Intelligence internal estimates and IDC Research.
Slide 28: And the market is recognizing our accomplishments
And the market is recognizing our accomplishments Forrester Wave™ Leader Gartner® Magic Quadrant™ Leader Forrester Wave™ Leader 21,550 total customers with 50% of Fortune 500 1,550+ customers spending companies as paid customers $100K ACV 28
Slide 29: Sales team optimized to deliver consistent results
Sales team optimized to deliver consistent results 18 months of Delivering improved Driving continuous transformation to results and improvement as we drive execution and predictability scale consistency 29
Slide 30: We are not chasing AI hype… We are capitalizing on a decade of preparation
We are not chasing AI hype… We are capitalizing on a decade of preparation. Trusted by Trusted by GenAI Analyst Recognized Strong Financial developers worldwide enterprises worldwide Leadership Leadership Performance 5.5B Elasticsearch 50% Fortune 500 2,200 Elastic Cloud customers using Elastic L
Slide 31: Ken Exner
Ken Exner Chief Product Officer Elastic
Slide 32: We face an unprecedented explosion of unstructured data
We face an unprecedented explosion of unstructured data 175 ZB Of data will be generated in 2025 90% Unstructured data Of enterprise data is unstructured Structured data Mainframe Era PC / Client Era Internet Era Virtual Era AI Era Worldwide IDC Global DataSphere Forecast, 20242028 AI Everywhere,
Slide 33: This data is siloed across the enterprise
This data is siloed across the enterprise 33
Slide 34: All this enterprise data is now exponentially more valuable if…
All this enterprise data is now exponentially more valuable if… …you can connect it to AI 34
Slide 35: Elastic bridges the gap between enterprise data & high-quality AI experiences
Elastic bridges the gap between enterprise data & high-quality AI experiences Build Your Own Search & AI Observability Security Elasticsearch Platform Any data AI experiences Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 35
Slide 36: Why customers choose Elastic
Why customers choose Elastic Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 1 World-class 2 The Leader 3 Loved by Datastore in Relevance Developers 36
Slide 37: Why customers choose Elastic
Why customers choose Elastic Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 1 World-class 2 The Leader 3 Loved by Datastore in Relevance Developers 37
Slide 38: Single unified datastore for all types of data
Single unified datastore for all types of data Product Telemetry SLO/SLI Metrics Transactions Security Events IOT Data Vectors Other Business Data Logs Profiling Product Catalogue Threat Data Files/Documents Traces Conversations/Email/Chat Geo Locational Data 38
Slide 39: Cost efficient and performant storage for any data type, at any scale
Cost efficient and performant storage for any data type, at any scale Data type specific optimizations Logs Metrics Vectors LogsDB TSDB BBQ … 70% less storage required vs. 70% less storage required 5x faster than OpenSearch And more previous versions vs. previous versions Optimizations for all dat
Slide 40: Why customers choose Elastic
Why customers choose Elastic Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 1 World-class 2 The Leader 3 Loved by Datastore in Relevance Developers 40
Slide 41: Finding context and intelligence in any data
Finding context and intelligence in any data Paragraph Table Timestamp Message User Attached File unstructured structured structured unstructured structured unstructured … Documents Operational Logs Communications Data And More 41
Slide 42: Relevance and context engineering are vital in the era of agentic AI
Relevance and context engineering are vital in the era of agentic AI Take Autonomous Actions Make Decisions Degree of Agentic AI automation Conversational AI Natural Language Q & A 10 Blue Links Importance of relevance 42
Slide 43: Vectors alone are not enough
Vectors alone are not enough Data Prep & Inference Retrieval Agentic AI ● Sparse & dense vector ● Vector search ● Tool building encoding models ● Lexical search ● Agentic workflows ● Multi-lingual embedding ● Tool selection ● Hybrid search models ● Memory systems ● Geospatial search ● Multi-modal em
Slide 44: Elastic provides everything you need
Elastic provides everything you need Data Prep & Inference Retrieval Agentic AI ● Sparse & dense vector ● Vector search ● Tool building encoding models ● Lexical search ● Agentic workflows ● Multi-lingual embedding ● Tool selection ● Hybrid search models ● Memory systems ● Geospatial search ● Multi-
Slide 45: Why customers choose Elastic
Why customers choose Elastic Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 1 World-class 2 The Leader 3 Loved by Datastore in Relevance Developers 45
Slide 46: Massive adoption world wide
Massive adoption world wide Community 17% 19% Millions of all professional developers of all AI developers use of developers world wide use Elasticsearch 1 Elasticsearch 1 use Elasticsearch 1 Open Source 5.5B #1 120K Total Downloads Search Engine & Vector Total GitHub Stars 3 Dlds. per Sec. / 15 Y
Slide 47: Robust and comprehensive tooling
Robust and comprehensive tooling Elasticsearch Platform Collect & Ingest Search & Analytics AI & ML Agents & Workflows 200 Data Source Powerful Query DSL & ES|QL Vector Database Data Exploration Integrations Query Full Text, Geospatial Lexical & Semantic Search Flexible Visual OTel-based & Time Ser
Slide 48: Out-of-the-box solutions
Out-of-the-box solutions Build Your Own Search & AI Observability Security Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 48
Slide 49: Steve Kearns
Steve Kearns GM Search & AI Elastic
Slide 50: Relevance is key to modern AI experiences
Relevance is key to modern AI experiences Widespread Current Emerging Search Powered Conversational AI Context Engineering Applications & Agentic AI Accurate and reliable actions One relevant answer Relevance Interactive experiences 50
Slide 51: Why Elastic wins in Search & AI
Why Elastic wins in Search & AI Speed, scale, Relevance is the Fastest efficiency enable enabler of successful time-to-market for new and larger AI agents & apps developers use-cases 51
Slide 52: Welcome Jina AI!
Frontier-class embedding models Multilingual, multi-modal & highly-efficient Leading, innovative reranking models Welcome Jina AI! Novel approach to listwise-reranking State of the art retrieval models, built Wide range of search & retrieval experience by a world-class team Classification, segmentat
Slide 53: Integrations across the AI Ecosystem for smarter Agents
Integrations across the AI Ecosystem for smarter Agents 53
Slide 54: Fastest time-to-market for developers
Fastest time-to-market for developers World Class Relevance Native + Open One API, 1st Party Native Vector DB Integrated AI Models Ecosystem Flexibility All the Tools for Any Experience Apps to Agents Agent Builder & MCP/A2A Agent Library/Tooling Workflows Integrations 54
Slide 55: Instantly build Agents on your private data with Agent Builder
Instantly build Agents on your private data with Agent Builder Accelerate development of AI Agents based on data in Elastic ➔ Available via UI and APIs ➔ Natively build agents and chat experiences with any data in Elasticsearch to enable deep natural language exploration, analysis and actions ➔ Achi
Slide 56: Search & AI Demo
© Search & Al Demo
Slide 57: Our opportunity
Our opportunity Relevance is more important than ever in the evolving GenAI world. Elasticsearch is the best platform for relevance Win the emerging market opportunity around AI Agents as the best platform for Context Engineering 57
Slide 58: Santosh Krishnan
Santosh Krishnan GM Security & Observability Elastic
Slide 59: Observability Overview
© Observability Overview
Slide 60: Land with logs, expand to multi-signal
Land with logs, expand to multi-signal Start with Log Analytics to investigate Grow to multi-signal observability by issues - using search, ML and AI adding metrics and traces Leverage the speed, scale, Datastore optimizations LogsDB, efficiency and native AI capabilities TSDB, with common analyti
Slide 61: AI and OpenTelemetry are redefining observability
AI and OpenTelemetry are redefining observability Legacy Current Emerging Health Monitoring Observability Observability Redefined ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ● Focus on health visibility ● Added focus on triage ● Logs+AI as investigative ● Proprietary instrumentation
Slide 62: Why Elastic wins in observability
Why Elastic wins in observability Open and Speed, scale, Native AI and extensible, efficiency and relevance for faster OpenTelemetry to datastore investigations eliminate proprietary optimizations instrumentation 62
Slide 63: Logs are back!
Logs are back! Your primary observability signal in the age of AI The most information-dense signal to ● Rich ad-hoc search and analytics using ES|QL understand your workloads and investigate ● ML to analyze log rates, spikes, and patterns issues - now with AI to harness it ● Generative AI to automa
Slide 64: Observability Demo
© Observability Demo
Slide 65: Our opportunity
Our opportunity Grow market share in logs, with Elastic logs and AI as the center of investigations for SRE teams Grow beyond logs, by expanding out from the center to multi-signal observability 65
Slide 66: Security Overview
© Security Overview
Slide 67: Land with SIEM, expand to XDR/CDR
Land with SIEM, expand to XDR/CDR Start with SIEM and security analytics to modernize Grow to endpoint and cloud security with your SOC - using search, ML and AI the same platform Leverage our speed, scale, Protect your endpoint and cloud efficiency and native AI to displace assets, with common anal
Slide 68: Gaining momentum in endpoint security
Gaining momentum in endpoint security Elastic achieved 100% Elastic outscores top competitors protection score for threat prevention Compromised: 0% 220 Real-World User dependent: 0% Protection Tests Blocked: 100% 1018 Malware False positives: 10 Samples In AVComparativesʼ Business Security Tests,
Slide 69: Towards an AI-powered security operations center
Towards an AI-powered security operations center Legacy Current Emerging Legacy SIEM SIEM 2.0 AI-powered SOC ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ● Visibility and compliance ● Detections with rules and ML ● Al-driven embedded workflows ● Manual incident response ● Analytics fo
Slide 70: Why Elastic wins in security
Why Elastic wins in security Speed, scale, XDR done right - Redefining the SIEM efficiency and unify all signals for with native AI and flexible deployments, detections and relevance no pre-filtering investigations required 70
Slide 71: AI everywhere - redefining the SIEM
AI everywhere - redefining the SIEM Import data and rules with Automate investigations with Attach Elastic AI SOC Engine Automatic Import and Migration Attack Discovery (EASE) to your current SIEM/XDR Coming soon….. Elastic Workflow Engine AI-based Entity Analytics 71
Slide 72: Security Demo
0 Security Demo
Slide 73: Our opportunity
Our opportunity Grow SIEM market share through displacement and augmentation to drive AI-powered SOC Grow beyond SIEM into endpoint and cloud security by unifying all security data 73
Slide 74: A platform for innovation
A platform for innovation Build Your Own Search & AI Observability Security Elasticsearch Platform Ingestion Processing Storage Search AI & ML Visualization AI Agents & Workflows 74
Slide 75: Mark Dodds
Mark Dodds Chief Revenue Officer Elastic
Slide 76: Trusted at scale across leading organizations
Trusted at scale across leading organizations AUTOMOTIVE / FINANCE TECHNOLOGY TELCO / MEDIA CONSUMER HEALTHCARE PUBLIC SECTOR RETAIL TRANSPORTATION 76
Slide 77: GTM transformation driving growth
GTM transformation driving growth 77
Slide 78: GTM improvements fueling execution
Segmentation Incentive and Coverage Alignment GTM improvements Operational Systems and fueling execution Rigor Process Demand Gen Hiring and and Sales Plays Training 78
Slide 79: Segmentation not optimized for performance prior to FY25
Segmentation not optimized for performance prior to FY25 Enterprise Commercial SMB 79
Slide 80: Refinement to maximize growth opportunity
Refinement to maximize growth opportunity Largest opportunities, highest Strategic density coverage Enterprise Expansion and new logo focus Commercial Expand Expansion focus Commercial Hunter New logo focus Commercial General Business Low-cost inside sales coverage SMB Product-led growth 80
Slide 81: Investments to drive customer intimacy and productivity
Customer Solution Investments to Architects Specialists drive customer intimacy and productivity Value Low Cost Engineers Renewal Managers 81
Slide 82: Focused sales plays driving consistency and repeatable success
Focused sales plays driving consistency and repeatable success 82
Slide 83: Increasing productivity while building capacity
Increasing productivity while building capacity Productivity Efficiency Capacity High-single digit Y/Y growth per rep Sales Efficiency Ratio Improvement Sales rep additions Productivity defined as total New and Expansion ACV Bookings divided by number of Ramped Equivalent Sales Reps; Ramped Equivale
Slide 84: Strong growth in key customer segments
Strong growth in key customer segments $100K $1M ACV Customers ACV Customers Y/Y Growth Y/Y Growth 14% 27% FY24 FY25 FY24 FY25 84
Slide 85: Massive new logo opportunity
Global 2000 Company Penetration Massive new 42% 58% logo opportunity Elastic New Logo Customers Opportunities 85 Represents Forbes Global 2000 companies that are paying Elastic Customers.
Slide 86: Significant multi-solution expansion
Customers and Sales-Led ARR by Solution Count 5% 5% 41% 19% 14% 81% 75% Significant 34% multi-solution expansion potential 25% % Customer Count % of ARR 1 Solution 2 Solutions 3 Solutions Annual Run-rate Revenue (“ARRˮ) for any period represents the annualized revenue run-rate from subscription arra
Slide 87: Customer case study: multiple vectors of growth
Customer case study: multiple vectors of growth $3.0M 1st GAI $2.0M Booking CA Coverage ARR Added Search Added $1.0M Observability Customer $0.0M Year 1 Year 2 Year 3 Year 4 87
Slide 88: Focus for the future
Focus for the future Continuous Invest in Capture the Improvement Capacity AI Opportunity 88
Slide 89: Navam Welihinda
Navam Welihinda Chief Financial Officer Elastic
Slide 90: The Elastic advantage
Platform GTM strategy innovation gaining momentum The Elastic advantage Leader in GenAI unstructured opportunity data 90
Slide 91: Strong growth powered by innovation
Total Revenue $ in Millions) 17% $1,483 19% $99 24% $1,267 $189 $91 $1,069 $1,195 42% $184 Strong growth $862 $84 $177 $992 powered by 42% $64 $139 $808 $608 20% innovation $41 $78 $659 18% $415 $489 $347 $27 $24 $50 $46 $339 $278 FY21 FY22 FY23 FY24 FY25 Q1ʼ25 Q1ʼ26 Sales-Led Subscription Monthly
Slide 92: Sales-led model driving strong, durable revenue growth
Sales-Led Subscription Revenue $ in Millions) 20% $1,195 23% 23% $992 Sales-led model 35% $808 40% driving strong, $659 $489 22% 23% durable revenue $278 $339 growth FY21 FY22 FY23 FY24 FY25 Q1ʼ25 Q1ʼ26 Y/Y Growth % of Total Revenue 80% 76% 76% 78% 81% 80% 82% Sales-led subscription revenue is calc
Slide 93: High-leverage model powering consistent margin expansion
High-leverage model powering consistent margin expansion Non-GAAP Operating Loss/Income Adjusted Free Cash Flow $ in Millions) $ in Millions) $338 $286 22% $253 19% $225 16% 15% 14% 13% 11% $184 11% $169 $142 $151 5% 4% 3% $57 $46 $11 $1 $7 $18 1% 1% 0% Q2ʼ24 Q2ʼ24 FY21 FY22 FY23 FY24 FY25 T
Slide 94: Focus on balancing growth and profitability
Focus on balancing growth and profitability Total Revenue Y/Y Growth + Adjusted Free Cash Flow Margin 45% 43% 39% 36% 32% Continued progress 29% towards Rule of 40 FY21 FY22 FY23 FY24 FY25 TTM Adjusted free cash flow is a non-GAAP financial measure that we define as net cash provided by operating a
Slide 95: Platform innovation and GTM strategy are driving large customer momentum
Platform innovation and GTM strategy are driving large customer momentum $100K ACV Customers $1M ACV Customers $686K $692K $657K $651K 1,510 1,550 $616K 1,330 1,370 210 215 1,160 170 165 140 FY23 FY24 FY25 Q1ʼ25 Q1ʼ26 FY23 FY24 FY25 Q1ʼ25 Q1ʼ26 Avg. Customer ACV Accounts for 87% of sales
Slide 96: Proven land and expand model
Sales-Led ARR Growth by Customer Type Proven land and expand model FY21 FY22 FY23 FY24 FY25 ARR from Existing ARR from Prior Year ARR Customer Expansion New Customer 96 Sales-led ARR includes both Elastic Cloud and Other Subscriptions, but excludes ARR from month-to-month contracts and any Services
Slide 97: Strong, durable net expansion rate
Strong, durable net expansion rate Sales-Led Net Expansion Rate TTM 113% 114% 114% 113% 113% 109% 109% 110% Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 The net expansion rate at the end of any period is the weighted average of the expansion rates as of the end of each of the trailing twelve mo
Slide 98: Massive new logo opportunity
Global 2000 Company Penetration Massive new 42% 58% logo opportunity Elastic New Logo Customers Opportunities 98 Represents Forbes Global 2000 companies that are paying Elastic Customers.
Slide 99: Significant multi-solution expansion potential
Significant multi-solution expansion potential Customers and Sales-Led ARR by Median Sales-Led ARR per Customer Solution Count 5% 5% 12x $390K 19% 14% 41% of …represent 75% customers… 81% of Sales-Led ARR 34% $103K 25% $32K % Customer Count % of ARR 1 Solution 2 Solutions 3 Solutions 1 Solution 2 S
Slide 100: Balanced cohort-driven expansion
Durable Resilient GenAI Balanced cohort-driven expansion Sales-Led ARR by Customer Cohort ARR at end of FY25 39% of the growth in the past 5 years came from FY21 FY25 customer cohorts Pre-FY21 customer cohorts contributed 61% of the growth since FY20 ARR at end of FY20 FY13 FY14 FY15 FY16 FY17 FY1
Slide 101: Durable growth across mature cohorts
Durable Resilient GenAI Durable growth across mature cohorts Sales-Led ARR by Customer Cohort Customers onboarded FY20 or earlier remain active, forming a foundation of persistent expansion 10% Growth in FY25 from FY13FY20 Cohorts FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 10
Slide 102: Resilient growth through macro headwinds
Durable Resilient GenAI Resilient growth through macro headwinds Sales-Led ARR by Customer Cohort Efficiency and value-driven re-acceleration Customer optimization driven by budget constraints FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 102 Annual run-rate revenue (“ARRˮ) for an
Slide 103: FY24 cohort's expansion is double the five-year average
Durable Resilient GenAI Year-1 to Year-2 Sales-Led ARR Expansion % 42% Highest Year 1 to 2 growth in 5+ years FY24 cohortʼs expansion is double the five-year 20% FY19 to average… FY23 Avg FY19 FY20 FY21 FY22 FY23 FY24 Annual run-rate revenue (“ARRˮ) for any period represents the annualized revenue r
Slide 104: GenAI is fueling the acceleration
Durable Resilient GenAI …GenAI is fueling the acceleration Despite GenAI having a small …GenAI customers drove 62% of representation… net expansion 62% 11% of FY24 customers of FY24 cohort expansion in FY25 Annual run-rate revenue (“ARRˮ) for any period represents the annualized revenue run-rate fro
Slide 105: GenAI is driving a new growth trajectory
Durable Resilient GenAI Net Expansion of Sales-Led ARR over FY25 Comparison between GenAI customers vs other customers 16% 6% GenAI is driving Greater expansion from GenAI customers a new growth 10% trajectory FY25 GenAI Customer Other Customer Net expansion is calculated based on sales-led ARR, wh
Slide 106: Still in the early innings of the AI era
Durable Resilient GenAI GenAI Penetration Among $100K ACV Customers 21% Still in the early innings of the AI era 11% Adoption climbed above 20% among our high-value customers $100K Tier), demonstrating strong market 4% traction and appeal. FY23 FY24 FY25 106 Percentage of customer ARR is defined a
Slide 107: The path ahead: driving profitable growth at scale
The path ahead: driving profitable growth at scale
Slide 108: Medium-term financial framework
Base Growth + GenAI Tailwinds = Target Growth Sales-Led Subscription 15% 5% 20% Continued execution Growing penetration Base growth + Revenue Growth via core solution set of GenAI use cases GenAI tailwind Medium-term financial Adj. FCF Margin framework Opex flexibility to invest in profitable gro
Slide 109: Financial framework detail
Financial framework detail Medium-Term Target Key Drivers Existing customer expansion & GenAI driven growth Sales-Led Subscription Revenue Growth 15% Base + 5% GenAI Tailwinds = 20% acceleration across search, security and observability Focus on sales-led motion Sales-Led Subscription Revenue Major
Slide 110: Medium-term margin trajectory
Medium-term margin trajectory Non-GAAP % Revenue FY21 FY22 FY23 FY24 FY25 Medium-Term Trajectory Gross Margin 77% 76% 75% 77% 77% Increasing Subscription Margin 81% 80% 80% 81% 81% Increasing R&D 26% 24% 21% 19% 18% Consistent S&M 38% 41% 40% 38% 35% Decreasing G&A 14% 12% 10% 9% 8% Decreasing Op. M
Slide 111: Updated Q2 and FY2026 Guidance
Updated Q2 and FY2026 Guidance Previous Guidance Range Revised Guidance Range Q2 FY26 FY26 Q2 FY26 FY26 Total Revenue $415M$417M $1.679B$1.689B $417M$419M $1.697B$1.703B Year-over-year growth % 14% 14% 14% 15% Non-GAAP Operating Margin 16% 16% 16% 16.25% Non-GAAP Diluted Earnings Per Share $
Slide 112: Robust balance sheet with improving cash flow generation
Adjusted Free Cash Flow $in Millions) 19% 13% $286 Robust balance 5% $169 sheet with $57 improving cash FY23 FY24 FY25 flow generation Adj. Free Cash Flow Margin $1.5B $575M Q1ʼ26 Cash, Cash Equivalents Q1ʼ26 Debt and Marketable Securities 4.125%; Matures July 15, 2029 Adjusted free cash flow is a
Slide 113: Capital allocation priorities
Capital allocation priorities New Durable growth Innovation Disciplined Share & growth M&A repurchase 113
Slide 114: $500 million share repurchase authorization
Target Target $500 million share repurchase FY26 Go forward authorization 50% of full 50% of free cash authorization flow; unless higher return uses of capital arise, including M&A 114
Slide 115: Key takeaways
Key takeaways Durable growth Ongoing margin supported by strong Dynamic opportunity expansion to Rule of land and expand from GenAI 40 and beyond motion 115
Slide 116: Thank you!
Thank you!
Slide 117: Appendix
Appendix
Slide 118: Non-GAAP Financial Measures
Non-GAAP Financial Measures Statement Regarding Use of Non-GAAP Financial Measures In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAPˮ), we believe the non-GAAP measures discussed below are useful in evaluating our operating performance. We
Slide 119: Supplemental Information
Supplemental Information $ In Millions FY21 FY22 FY23 FY24 FY25 Q1ʼ25 Q1ʼ26 Annual Elastic Cloud $88 $160 $247 $364 $499 $111 $146 Monthly Elastic Cloud 78 139 177 184 189 46 50 Total Elastic Cloud 166 299 424 548 688 157 196 Other subscription 401 500 561 629 697 166 193 Total subscription 567 799
Slide 120: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Gross Profit and Gross Margin $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 GAAP gross profit $447 $630 $772 $937 $1,103 Stock-based compensation expense 13 16 19 23 26 and related employer taxes Amortization of acquired intangibles 8 11 12 12 9 Non-GAAP
Slide 121: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Subscription Gross Margin $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 GAAP subscription $445 $621 $765 $930 $1,102 Stock-based compensation expense 8 9 9 9 10 and related employer taxes Amortization of acquired intangibles 8 11 12 12 9 Non-GAAP subscrip
Slide 122: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Operating Expenses: Sales & Marketing $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 GAAP sales & marketing expenses $274 $407 $504 $560 $617 Stock-based compensation expense 37 50 71 82 91 and related employer taxes Amortization of acquired inta
Slide 123: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Operating Expenses: Research & Development $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 GAAP research & development expenses $199 $274 $313 $342 $366 Stock-based compensation expense and related employer taxes 39 63 83 98 102 Acquisition-relate
Slide 124: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Operating Expenses: General & Administrative $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 GAAP general & administrative expenses $104 $123 $143 $161 $175 Stock-based compensation expense 19 22 39 48 51 and related employer taxes Acquisition-rel
Slide 125: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Operating Loss / Income and Operating Margin $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 Q2ʼ24 Q1ʼ25 TTM GAAP operating loss $129 $174 $219 $130 $55 $127 $31 Stock-based compensation expense 108 151 211 250 270 258 275 and related empl
Slide 126: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Adjusted Free Cash Flow $ In Millions Except Percentages FY21 FY22 FY23 FY24 FY25 Q2ʼ24 Q1ʼ25 TTM Net cash provided by operating activities $23 $6 $36 $149 $266 $164 $318 Less: Purchases of property and equipment 4 2 3 3 4 4 4 Less: Capitalization of