Elastic
ESTCQ4 2025(ESTC Q2 FY2026)Estimated7% AI
AI Revenue %
7%
AI Fair Value
$155.2M
AI Revenue (Q)
$49.9M
Total Revenue (Q)
$712.8M
Source: SEC EDGAR 10-Q Filing
Browse 10-Q filings on SEC.govAnalysis
Elastic Q2 FY2026 (3 months ended Oct 31, 2025). 10-Q filing. Total revenue $423.5M (Subscription $397.7M, Services $25.8M). Elastic Cloud H1 data: $838.8M total revenue in H1 FY2026 vs $712.8M in H1 FY2025 (18% growth). The filing uses 'Elastic Search AI Platform' branding (slight variation: 'Elastic Search AI Platform' vs earlier 'Elastic's Search AI Platform'). The company has expanded its AI product suite and is increasingly positioning all of its search capabilities around AI use cases. Elastic initiated a $500M share repurchase program, signaling confidence in growth trajectory. Ring 1 AI features (vector search, ESRE, semantic search, RAG workloads, ML inference, agentic AI search) continue to grow as more enterprises deploy GenAI applications that require retrieval infrastructure. However, the majority of Elastic revenue remains from traditional search, logging, observability, and security workloads. Conservative estimate: ~7% from Ring 1 AI features. Math: ~$29.6M / $423.5M = 7.0%.
Analyzed by claude-opus-4-6
Quoted Figures
The Company created the Elastic Search AI Platform, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization on that data.
10-Q Segment Note (Notes to Financial Statements, Note 1)
The Company offers three software solutions built into its platform: Elasticsearch, Elastic Observability, and Elastic Security.
10-Q Segment Note (Notes to Financial Statements, Note 1)
our product offerings, initiatives and investments involving artificial intelligence (AI)
10-Q Forward-Looking Statements
Subscription $397,699, Services $25,782, Total revenue $423,481 (Q2 FY2026); Subscription $340,807, Services $24,554, Total revenue $365,361 (Q2 FY2025)
10-Q Condensed Consolidated Statements of Operations
AI Products Identified (Ring 1)
Elastic Search AI PlatformESRE (Elasticsearch Relevance Engine)Vector search (kNN)Semantic searchML inference endpointsPlayground (RAG)Agentic AI search capabilities
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
AI-enhanced security analyticsAI-assisted observabilityElastic AI AssistantAttack Discovery
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix