Elastic N.V. first quarter 2027 revenue beats estimates as sales-led subscriptions grow 18%

Elastic reported total revenue of $478.1 million for the first quarter of fiscal 2027, a 15% increase year-over-year that exceeded analyst expectations. The results were primarily driven by momentum in the search AI platform and record high-value customer acquisition. While the company recorded a slight GAAP net loss, non-GAAP operating margins remained healthy at 16.2%.

Key Highlights

• Sales-led subscription revenue grew 18% year-over-year to $398.5 million, outperforming the projected $392.5 million.
• High-value customer additions reached record levels, with over 1,800 customers now exceeding $100,000 in Annual Contract Value (ACV).
• Current remaining performance obligations (cRPO) rose 21% year-over-year to $1.15 billion, signaling durable enterprise demand for Search AI and security solutions.
• Adjusted free cash flow for the quarter was $143 million, representing a robust 30% margin.