The accelerating cRPO (20% YoY) and RPO (28% YoY) growth, combined with FY2027 margin expansion guidance (19.0% vs 16.4%), suggest durable top-line momentum and operating leverage. The Q4 revenue of $451M was below the $469.6M consensus but above the company's own guidance range of $445-447M — the beat on guidance and strong forward metrics should outweigh the headline miss vs consensus. Monitor Q1 FY2027 results for continued cRPO acceleration and margin progression.
Price Chart
Executive Summary
Elastic reported Q4 FY2026 revenue of $451M (+16% YoY) and non-GAAP EPS of $0.61, beating consensus estimates of $0.58. The company guided Q1 FY2027 revenue to $469-470M (13.1% YoY growth at midpoint) and FY2027 revenue to $1.985-2.000B (14.6% YoY growth at midpoint), with accelerating cRPO growth of 20% YoY and RPO growth of 28% YoY signaling strong forward demand.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue $451M, +16% YoY (consensus $469.6M — revenue miss vs consensus but beat against company's own guidance)
- Non-GAAP diluted EPS $0.61 vs consensus $0.58 (4.4% beat)
- cRPO $1.203B, +20% YoY; total RPO $1.982B, +28% YoY — accelerating growth
- FY2027 revenue guidance $1.985-2.000B (14.6% YoY growth at midpoint)
- FY2027 non-GAAP operating margin guided to ~19.0%, up from 16.4% in FY2026
- Adjusted free cash flow $150M in Q4 (33% margin), $346M for FY2026 (20% margin)
- Repurchased $40M in shares during Q4, $340M total in FY2026 under $500M program
Financial Impact
Q4 revenue $450.7M, non-GAAP EPS $0.61; FY2027 revenue guided to ~$1.993B midpoint, non-GAAP EPS guided to ~$3.25 midpoint
Risk Factors
- Revenue growth decelerating to ~13% YoY in Q1 FY2027 guidance vs 16% in Q4 FY2026
- GAAP operating loss of $16M in Q4 vs $12M loss a year ago — GAAP profitability still elusive
- Stock-based compensation $80M in Q4 (17.8% of revenue) remains a significant GAAP drag
- Macroeconomic headwinds could slow enterprise spending on AI/search infrastructure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001707753-26-000008 |
| Document: estc-20260528.htm | 0001707753-26-000008 |
| Document: 0001707753-26-000008-index-headers.html | 0001707753-26-000008 |
| Document: 0001707753-26-000008-index.html | 0001707753-26-000008 |
| Document: 0001707753-26-000008.txt | 0001707753-26-000008 |
| 8-K Data (Synthetic) | 0001707753-26-000008 |
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