0001707753-26-000018
SEC filingFY26 营收增长 17% 至 $1.739B，净利 $367.8M，由估值备抵释放驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1.739B | $1.483B | +17% |
| Gross Profit | $1.323B | $1.103B | +20% |
| Gross Margin | 76% | 74% | +200bps |
| Operating Loss | -$33.5M | -$54.9M | +39% |
| Operating Margin | -2% | -4% | +200bps |
| Net Income | $367.8M | -$108.1M | +$475.9M |
| Diluted EPS | $3.43 | -$1.04 | +$4.47 |
| Operating Cash Flow | $326.9M | $266.2M | +23% |
| Free Cash Flow | $321.8M | $261.8M | +23% |
FY26 营收增长 17% 至 $1.739B，主要由 Elastic Cloud 增长 22% 驱动，其中 Annual Elastic Cloud 增长 28%。Subscription 收入占比提升至 94%，显示业务模式健康。毛利率提升 200bps 至 76%，主要得益于云托管成本效率提升。
盈利质量方面，净利 $367.8M 主要受一次性估值备抵释放 $434.9M 驱动，剔除后仍为经营亏损。Operating Loss 收窄至 -$33.5M，占营收 -2%，较去年 -4% 改善。经营现金流 $326.9M 强劲，FCF 转化率约 87%，显示现金流质量良好。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Elastic Cloud | $837.3M | +22% | — | — | Annual Elastic Cloud 增长 28% |
| Other subscription | $797.2M | +14% | — | — | Self-managed 订阅稳健 |
| Services | $104.9M | +6% | — | -1% | 投入增加致毛利率为负 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $1.370B | +$0.1B |
| Total Debt | $570.9M | +$1.2M |
| Deferred Revenue | $1.026B | +$0.2B |
| Operating Cash Flow | $326.9M | +$60.7M |
| Capex | $5.1M | +$0.8M |
| Free Cash Flow | $321.8M | +$60.0M |
| FCF 转化率 | 87% | — |
Net Debt 为 -$799M（现金减债务），杠杆极低。