Elastic
ESTCQ2 2025(ESTC Q4 FY2025)Estimated5% AI
AI Revenue %
5%
AI Fair Value
$93.8M
AI Revenue (Q)
$21.2M
Total Revenue (Q)
$423.5M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Elastic Q4 FY2025 / Full Year FY2025 (year ended Apr 30, 2025). 10-K filing. FY2025 total revenue ~$1,490.9M (derived: 9-month revenue $1,094.9M from Q3 10-Q). Implied Q4 revenue ~$396.0M. This 10-K is a significant rebranding moment: Elastic now officially describes its product as 'Elastic's Search AI Platform' in the organization description (Note 1). The product lineup is renamed: 'Elasticsearch, Elastic Observability, and Elastic Security' (dropping the legacy 'Elastic Stack' framing). The 10-K states the company 'created Elastic's 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.' The AI positioning is now central to the brand, but most revenue still comes from traditional search/observability/security use cases. The rebrand reflects strategic direction, not that all revenue is AI. Conservative estimate: ~5% of revenue from Ring 1 AI features (vector search, ESRE, semantic search, RAG workloads, ML inference). Math: ~$19.8M / $396.0M = 5.0%.
Analyzed by claude-opus-4-6
Quoted Figures
The Company created Elastic's 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-K Item 8, Note 1 (Organization and Description of Business)
The Company offers three software solutions built into its platform: Elasticsearch, Elastic Observability, and Elastic Security.
10-K Item 8, Note 1
our initiatives and investments involving artificial intelligence (AI)
10-K Forward-Looking Statements
AI Products Identified (Ring 1)
ESRE (Elasticsearch Relevance Engine)Vector search (kNN)Semantic searchML inference endpointsPlayground (RAG)Search AI Platform (rebranded)
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 (AI-powered security)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix