Elastic reported strong Q2 performance with significant revenue growth and increased customer commitments, particularly in cloud and generative AI solutions. However, the company faces some challenges from the Q1 shortfall and currency headwinds, which may affect future growth. Despite these challenges, the overall performance and prospects appear positive.

Company Guidance

During the Elastic Q2 2025 earnings call, the company reported an 18% year-over-year revenue growth, with cloud revenue increasing by 25%. The non-GAAP operating margin was 18%, and they expanded their customer base with over 1,420 customers spending more than $100,000 annually. The call highlighted significant traction in generative AI, with over 1,550 cloud customers utilizing Elastic for GenAI use cases. Elastic's net expansion rate was 112%, and they ended the quarter with total revenue of $365 million. Looking ahead, Elastic forecasts Q3 revenue between $367-$369 million and a full fiscal year 2025 revenue range of $1.451-$1.457 billion, representing a 15% year-over-year growth.

Strong Revenue and Profitability Growth

Elastic exceeded guidance across all revenue and profitability metrics, with total revenue growing by 18% year-over-year and cloud revenue growing by 25% year-over-year. The non-GAAP operating margin was 18%.

Increased Customer Commitments

The number of customers spending over $100,000 with Elastic increased to 1,420, showing strong customer commitments and confidence in Elastic's platform.

Momentum in Generative AI

Elastic saw strong demand for its vector database, with new customer commitments for GenAI almost doubling in dollar volume from Q1. Over 1,550 customers are using Elastic Cloud for GenAI use cases.

Product Innovations

Elastic introduced new AI capabilities, including better binary quantization and AutoOps, enhancing Elasticsearch cluster management and performance, positioning Elastic as a leading vector database.

Successful Sales Execution

Elastic's sales execution improved, with strong customer commitments and outperformance against revenue and profitability guidance.

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Elastic (ESTC) Earnings, Revenues Date & History

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ESTC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 27, 2025	2025 (Q3)	0.47 / -	0.36	―	―	―
Nov 21, 2024	2025 (Q2)	0.38 / 0.59	0.37	59.46% (+0.22)
Aug 29, 2024	2025 (Q1)	0.26 / 0.35	0.25	40.00% (+0.10)
May 30, 2024	2024 (Q4)	0.20 / 0.21	0.22	-4.55% (-0.01)
Feb 29, 2024	2024 (Q3)	0.32 / 0.36	0.17	111.76% (+0.19)
Nov 30, 2023	2024 (Q2)	0.24 / 0.37	0.002	18400.00% (+0.37)
Aug 31, 2023	2024 (Q1)	0.11 / 0.25	-0.15	266.67% (+0.40)
Jun 01, 2023	2023 (Q4)	0.09 / 0.22	-0.16	237.50% (+0.38)
Mar 02, 2023	2023 (Q3)	0.05 / 0.17	-0.12	241.67% (+0.29)
Nov 30, 2022	2023 (Q2)	-0.10 / <0.01	-0.09	102.22% (+0.09)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ESTC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 21, 2024	$94.13	$108.03	+14.77%
Aug 29, 2024	$103.64	$76.19	-26.49%
May 30, 2024	$93.18	$104.05	+11.67%
Feb 29, 2024	$133.81	$117.01	-12.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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