Customers >$100K ACV: >1,550, up ~13% YoY; ~80% of ARR from these customers (CEO, CFO)
Gen AI cloud customers: >2,200, with >330 spending $100K+ annually; more million-ACV gen AI cloud customers added in Q1 than prior 2 quarters combined (CEO)
Security wins: 1/3 of new and expansion wins in security involved competitive displacements (CEO)
Total customer count ~21,550 (CFO – noted will only disclose annually going forward)
"Elastic had an excellent Q1 and a strong start to the fiscal year, delivering 20% revenue growth for the first quarter, surpassing the high end of our guidance." (CEO)
"AI is reshaping the software stack and LLMs are becoming the new operating system for defining business logic." (CEO)
"With Elasticsearch, relevance is our true competitive advantage, fortifying a defensible moat around our business." (CEO)
"We exceeded the revenue and profitability metrics we set out to achieve, and our go-to-market team is executing well on all fronts." (CFO)
"We are raising our fiscal 2026 revenue guidance." (CFO)
Q6 — Ashutosh Kulkarni / Michael Joseph Cikos / Navam Welihinda
Topic: SIEM migration tailwinds and net expansion rate guidance
Key points:
Customers are shifting from incumbent SIEM (dashboards/alerts) to next-gen platforms treating security as a data problem; Elastic introduced attack discovery, automatic import, and AI SOC engine to ease migration.
Q1 outperformed expectations on both consumption and commitments; macro was in a better position than assumed at initial guidance.
Full-year guide reflects more visibility, better macro, and quarter-over-quarter/year-over-year price impacts; net expansion not guided but expected to perform well over next several quarters.
Mgmt stance: Bullish — sees SIEM migration as a multiyear tailwind; sales team leaning into the motion.
Topic: AI search vs. SIEM opportunity timeline and U.S. federal stabilization
Key points:
SIEM migrations (brownfield replacements) take 1 quarter (fastest) to multiple quarters (longest) due to engineering work; Elastic has invested in automatic import and services team for migrations.
U.S. public sector has stabilized after initial dynamic environment with new administration; Q2 historically does not see a large federal flush.
No expansion of uncertainty from civilian agencies to other geos occurred; team executing well with strong product fit.
Mgmt stance: Bullish — expects to benefit from SIEM migration wave for several years; neutral on Q2 federal (no flush factored).
Q8 — Kasthuri Gopalan Rangan / Ashutosh Kulkarni
Topic: Unifying thread across search, security, observability
Key points:
Elastic positions as a search AI company; core capability is taking messy unstructured data and delivering correct/relevant information in real time.
For agentic applications, search relevance and context engineering are critical; Elastic serves as a data retrieval and context engineering platform for LLMs.
Security and observability are fundamentally data problems (complex logs, traces); Elastic’s search AI platform is best suited for analyzing them at scale with AI.
Mgmt stance: Bullish — confident in long-term growth driven by core search AI secret sauce.
Q9 — Howard Ma / Ashutosh Kulkarni / Navam Welihinda
Topic: Search growth acceleration, AI-driven observability cross-sell, and go-to-market optimism
Key points:
Search business continues to be “incredibly strong” due to gen AI tailwinds; AI expands TAM for search and improves competitiveness in observability/security.
AI-centric applications are still early (handful/dozens vs. hundreds of thousands total apps in enterprises); multiyear journey ahead.
Sales-led subscription revenue growth is durable, driven by strong productivity and capacity additions; underlying data reinforces optimism for rest of year.
Mgmt stance: Bullish — optimistic about rest of year based on team execution and sales metrics.
Q10 — Tyler Maverick Radke / Ashutosh Kulkarni
Topic: AI-driven customer commitments and pricing update
Key points:
Current RPO bookings were strong; $1 million customer adds on AI driven by meaningful commitments and sales-led motion.
Goal is to lead with AI functionality for all customers; as customers build complex AI applications with multiple retrieval/context interactions, consumption grows.
Price increase of ~5% on monthly cloud at beginning of year; similar increase applied across cloud and self-managed (normal course of business, following last year’s self-managed increase).
Mgmt stance: Bullish — focused on embedding AI into every customer application to drive consumption; pricing increases are routine.