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- **Revenue Growth**: 16% YoY to $423M, 18% in sales-led subscription. **Deal Momentum**: 30+ >$1M deals, 2 >$20M records. **Gen AI Expansion**: 23% of >$100K customers using Elastic for AI. **Financial Strength**: 16.5% operating margin, $26M free cash flow. **Guidance Raise**: FY26 up 2% YoY to $1.715B-$1.721B. **Share Buybacks**: $114M returned in Q2 under $500M program. **AI Innovation**: Agent Builder, Streams, and Jina AI acquisition accelerate AI adoption.

**【CEO Summary Section】**
- Q2 revenue grew 16% YoY to $423M, driven by 18% growth in sales-led subscription revenue. Key wins included 30+ deals >$1M, 5 >$10M, and 2 >$20M (record high). Notable deals: $20M+ chemical manufacturer security win and $26M CISA SIEM-as-a-service contract. Gen AI adoption accelerated, with 23% of >$100K customers using Elastic for AI use cases. Agent Builder and Streams launched to simplify AI workflows. IDC recognized Elastic as a leader in Observability and Search platforms.

**【CFO Financial Commentary】**
- Total revenue: $423M (+16% YoY). Subscription gross margin: 82%, total gross margin: 78%, operating margin: 16.5%. CRPO grew 17% YoY to $971M. Adjusted free cash flow: $26M (6% margin). FY26 guidance raised to $1.715B-$1.721B (+16% YoY midpoint). Q3 revenue guide: $437M-$439M (+15% YoY midpoint). Share buybacks began under $500M program, returning $114M in Q2.

**【Q&A Highlights】**
- **AI Adoption**: 23% of >$100K customers use Elastic for Gen AI, up from 17% YoY. Strong consumption across cloud and self-managed. **Sales Execution**: 5th consecutive quarter of disciplined sales, with 30+ large deals. **Government Impact**: Q2 renewals delayed by U.S. government shutdown, expected to resume in Q3. **Cloud vs Self-Managed**: Both channels growing, no internal target breakdown. **Margins**: Operating margin 16.5% in Q2, guided to 17.5% in Q3 and 16.25% FY26. **Gen AI Momentum**: 2,450 customers on Elastic Cloud for Gen AI, 370 >$100K customers leveraging AI features.

Elastic N.V. (ESTC) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ESTC

ESTC fundamentals

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