Elastic N.V.ESTC

Elastic N.V. Revenue Disclosure

10-KFiled Jun 10, 20252 min read
Revenue
Disaggregation of Revenue
The following table presents revenue by category (in thousands):
Year Ended April 30,
202520242023
Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue
Elastic Cloud$687,619 46 %$547,520 43 %$424,053 40 %
Other subscription696,901 47 %629,086 50 %560,709 52 %
Total subscription1,384,520 93 %1,176,606 93 %984,762 92 %
Services98,776 7 %90,715 7 %84,227 8 %
Total revenue$1,483,296 100 %$1,267,321 100 %$1,068,989 100 %
Concentration of Credit Risk
No customer accounted for 10% or more of net accounts receivable as of April 30, 2025. One customer, a channel partner, accounted for 13% of net accounts receivable as of April 30, 2024. The same customer accounted for 12% and 11% of total revenue during the years ended April 30, 2025 and 2024, respectively. No customer accounted for 10% or more of the Company’s total revenue for the year ended April 30, 2023.
Deferred Revenue
The Company recognized revenue of $660.9 million, $522.8 million, and $430.7 million for the years ended April 30, 2025, 2024, and 2023, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.
Unbilled Accounts Receivable
Unbilled accounts receivable is recorded as part of accounts receivable, net in the Company’s consolidated balance sheets. As of April 30, 2025 and April 30, 2024, unbilled accounts receivable was $2.5 million.
Remaining Performance Obligations
Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not been recognized, including deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with such arrangements.
As of April 30, 2025, the Company had $1.545 billion of RPO, of which the Company expects to recognize approximately 65% as revenue over the next twelve months, approximately 90% over the next twenty-four months, and the remainder thereafter.
Deferred Contract Acquisition Costs
Amortization expense with respect to deferred contract acquisition costs was $96.7 million, $78.5 million, and $68.9 million for the years ended April 30, 2025, 2024, and 2023, respectively. The Company did not recognize any impairment of deferred contract acquisition costs for the years ended April 30, 2025, 2024, and 2023.

Historical Timeline

Fiscal YearFiled
2025Jun 10, 2025Showing above
2023Jun 16, 2023
2022Jun 21, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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