Elastic N.V. delivered a robust QQ2 2026 performance driven by Gen AI tailwinds, platform consolidation, and strong execution across cloud and self-managed deployments. Revenue rose 16% year-over-year to $423.5 million, beating the top end of guidance and expanding non-GAAP operating margin to 16.5%. Subscription revenue grew 18% to $349 million, underscoring the strength of sales-led growth and the increasing contribution of cloud and platform-based offerings. CRPO reached ~$971 million, up 17% YoY, while RPO grew 19%, signaling durable multi-year commitments and a healthy pipeline, supported by >$1 million deals and multiple seven- and eight-figure contracts. Management highlighted Gen AI as a meaningful growth catalyst, with Gen AI adoption in the >$100k ACV cohort at 23% and enterprise deployments expanding across security, observability, and AI-enabled search. The company also reaffirmed capital return plans with a $500 million share-repurchase program and executed ~$114 million in buybacks in Q2. While GAAP net income remained negative and margins reflect ongoing investment, Elastic anchored profitability on a disciplined cost structure, delivering a 6% adjusted free cash flow margin and guiding a raised full-year revenue outlook for FY2026. Looking ahead, Elastic aims to sustain its trajectory through continued Gen AI-driven adoption, acceleration in large deals, and multi-cloud/self-managed deployment flexibility, with a focus on product leadership, security, and observability enhancements that deepen the platform moat.