ELASTIC N.V., 10-Q filed on 2/27/2026
Quarterly Report
v3.25.4
Cover - shares
 9 Months Ended
Jan. 31, 2026
Feb. 23, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Annual Report true  
Document Period End Date Jan. 31, 2026  
Document Transition Report false  
Entity File Number 001-38675  
Entity Registrant Name Elastic N.V.  
Entity Incorporation, State or Country Code P7  
Entity Tax Identification Number 98-1756035  
Title of 12(b) Security Ordinary shares, Par Value €0.01 Per Share  
Trading Symbol ESTC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   103,501,008
Entity Central Index Key 0001707753  
Current Fiscal Year End Date --04-30  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Current assets:    
Cash and cash equivalents $ 737,238 $ 727,543
Restricted cash 3,691 3,671
Marketable securities 510,808 669,717
Accounts receivable, net of allowance for credit losses of $6,331 and $5,510 as of January 31, 2026 and April 30, 2025, respectively 357,399 375,613
Deferred contract acquisition costs 92,931 86,205
Prepaid expenses and other current assets 85,476 68,258
Total current assets 1,787,543 1,931,007
Property and equipment, net 6,363 6,589
Goodwill 358,506 319,417
Operating lease right-of-use assets 18,819 22,334
Intangible assets, net 15,572 11,404
Deferred contract acquisition costs, non-current 127,827 117,762
Deferred tax assets 107,344 168,045
Other assets 16,441 16,295
Total assets 2,438,415 2,592,853
Current liabilities:    
Accounts payable 29,262 17,150
Accrued expenses and other liabilities 86,122 86,347
Accrued compensation and benefits 96,894 93,714
Operating lease liabilities 7,092 8,928
Deferred revenue 763,874 802,117
Total current liabilities 983,244 1,008,256
Deferred revenue, non-current 44,856 50,340
Long-term debt, net 570,599 569,729
Operating lease liabilities, non-current 13,985 16,357
Other liabilities, non-current 34,740 20,937
Total liabilities 1,647,424 1,665,619
Commitments and contingencies (Notes 8 and 9)
Shareholders’ equity:    
Preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of January 31, 2026 and April 30, 2025 0 0
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 107,952,032 shares issued and 104,148,188 shares outstanding as of January 31, 2026; 105,534,887 shares issued and outstanding as of April 30, 2025 1,139 1,112
Treasury stock, at cost; 3,803,844 shares held as of January 31, 2026 and 35,937 shares held as of April 30, 2025 (300,444) (369)
Additional paid-in capital 2,283,341 2,049,416
Accumulated other comprehensive loss (25,190) (23,204)
Accumulated deficit (1,167,855) (1,099,721)
Total shareholders’ equity 790,991 927,234
Total liabilities and shareholders’ equity $ 2,438,415 $ 2,592,853
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical)
$ in Thousands
Jan. 31, 2026
USD ($)
shares
Jan. 31, 2026
€ / shares
Apr. 30, 2025
USD ($)
shares
Apr. 30, 2025
€ / shares
Allowance for credit losses | $ $ 6,331   $ 5,510  
Ordinary shares, par value (in € / shares) | € / shares   € 0.01   € 0.01
Ordinary shares, shares authorized (in shares) 165,000,000   165,000,000  
Ordinary shares, shares issued (in shares) 107,952,032   105,534,887  
Ordinary shares, shares outstanding (in shares) 104,148,188   105,534,887  
Treasury stock (in shares) 3,803,844   35,937  
Convertible Preference Shares        
Preference shares, par value ( in € / shares) | € / shares   € 0.01   € 0.01
Preference shares, shares authorized (in shares) 165,000,000   165,000,000  
Preference shares, shares issued (in shares) 0   0  
Preference shares, shares outstanding (in shares) 0   0  
v3.25.4
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Revenue        
Total revenue $ 449,881 $ 382,083 $ 1,288,650 $ 1,094,864
Cost of revenue        
Total cost of revenue 106,439 97,152 305,212 282,088
Gross profit 343,442 284,931 983,438 812,776
Operating expenses        
Research and development 114,390 93,598 331,664 271,093
Sales and marketing 176,796 153,749 524,426 455,380
General and administrative 51,645 42,222 144,413 128,980
Restructuring and other related charges 0 0 0 225
Total operating expenses 342,831 289,569 1,000,503 855,678
Operating income (loss) 611 (4,638) (17,065) (42,902)
Interest expense (6,254) (6,475) (18,897) (19,463)
Other income, net 11,808 15,184 43,426 35,498
Income (loss) before income taxes 6,165 4,071 7,464 (26,867)
(Benefit from) provision for income taxes (1,588) 21,127 75,598 64,866
Net income (loss) $ 7,753 $ (17,056) $ (68,134) $ (91,733)
Net earnings (loss) per share attributable to ordinary shareholders, basic (in dollars per share) $ 0.07 $ (0.16) $ (0.64) $ (0.89)
Net earnings (loss) per share attributable to ordinary shareholders, diluted (in dollars per share) $ 0.07 $ (0.16) $ (0.64) $ (0.89)
Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders, basic (in shares) 104,501,837 104,085,183 105,683,461 103,202,786
Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders, diluted (in shares) 106,195,666 104,085,183 105,683,461 103,202,786
Subscription        
Revenue        
Total revenue $ 425,727 $ 358,198 $ 1,212,009 $ 1,022,779
Cost of revenue        
Total cost of revenue 81,352 72,205 227,292 210,493
Services        
Revenue        
Total revenue 24,154 23,885 76,641 72,085
Cost of revenue        
Total cost of revenue $ 25,087 $ 24,947 $ 77,920 $ 71,595
v3.25.4
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 7,753 $ (17,056) $ (68,134) $ (91,733)
Other comprehensive (loss) income:        
Unrealized gain (loss) on available-for-sale securities, net of taxes 0 (212) (70) 2,877
Foreign currency translation adjustments (635) (1,264) (1,916) (942)
Other comprehensive (loss) income (635) (1,476) (1,986) 1,935
Total comprehensive income (loss) $ 7,118 $ (18,532) $ (70,120) $ (89,798)
v3.25.4
Condensed Consolidated Statements of Shareholders’ Equity - USD ($)
$ in Thousands
Total
Ordinary Shares
Treasury Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Apr. 30, 2024   101,705,935        
Beginning balance at Apr. 30, 2024 $ 738,185 $ 1,070 $ (369) $ 1,750,729 $ (21,638) $ (991,607)
Beginning balance (in shares) at Apr. 30, 2024     (35,937)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of ordinary shares upon exercise of stock options (in shares)   538,916        
Issuance of ordinary shares upon exercise of stock options 8,013 $ 6   8,007    
Issuance of ordinary shares upon release of restricted stock units (in shares)   2,001,104        
Issuance of ordinary shares upon release of restricted stock units 0 $ 22   (22)    
Issuance of ordinary shares under employee stock purchase plan (in shares)   166,762        
Issuance of ordinary shares under employee stock purchase plan 10,464 $ 2   10,462    
Stock-based compensation 192,242     192,242    
Net income (loss) (91,733)         (91,733)
Other comprehensive income (loss) 1,935       1,935  
Ending balance (in shares) at Jan. 31, 2025   104,412,717        
Ending balance at Jan. 31, 2025 859,106 $ 1,100 $ (369) 1,961,418 (19,703) (1,083,340)
Ending balance (in shares) at Jan. 31, 2025     (35,937)      
Beginning balance (in shares) at Oct. 31, 2024   103,631,086        
Beginning balance at Oct. 31, 2024 811,518 $ 1,091 $ (369) 1,895,307 (18,227) (1,066,284)
Beginning balance (in shares) at Oct. 31, 2024     (35,937)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of ordinary shares upon exercise of stock options (in shares)   115,340        
Issuance of ordinary shares upon exercise of stock options 1,486 $ 1   1,485    
Issuance of ordinary shares upon release of restricted stock units (in shares)   666,291        
Issuance of ordinary shares upon release of restricted stock units 0 $ 8   (8)    
Stock-based compensation 64,634     64,634    
Net income (loss) (17,056)         (17,056)
Other comprehensive income (loss) (1,476)       (1,476)  
Ending balance (in shares) at Jan. 31, 2025   104,412,717        
Ending balance at Jan. 31, 2025 $ 859,106 $ 1,100 $ (369) 1,961,418 (19,703) (1,083,340)
Ending balance (in shares) at Jan. 31, 2025     (35,937)      
Beginning balance (in shares) at Apr. 30, 2025 105,534,887 105,534,887        
Beginning balance at Apr. 30, 2025 $ 927,234 $ 1,112 $ (369) 2,049,416 (23,204) (1,099,721)
Beginning balance (in shares) at Apr. 30, 2025 (35,937)   (35,937)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of ordinary shares upon exercise of stock options (in shares)   117,935        
Issuance of ordinary shares upon exercise of stock options $ 1,482 $ 1   1,481    
Issuance of ordinary shares upon release of restricted stock units (in shares)   2,108,706        
Issuance of ordinary shares upon release of restricted stock units 0 $ 24   (24)    
Issuance of ordinary shares under employee stock purchase plan (in shares)   154,567        
Issuance of ordinary shares under employee stock purchase plan $ 11,501 $ 2   11,499    
Number of shares repurchased (in shares) 3,767,907 3,767,907 3,767,907      
Repurchases of ordinary shares $ (300,075)   $ (300,075)      
Stock-based compensation 220,969     220,969    
Net income (loss) (68,134)         (68,134)
Other comprehensive income (loss) $ (1,986)       (1,986)  
Ending balance (in shares) at Jan. 31, 2026 104,148,188 104,148,188        
Ending balance at Jan. 31, 2026 $ 790,991 $ 1,139 $ (300,444) 2,283,341 (25,190) (1,167,855)
Ending balance (in shares) at Jan. 31, 2026 (3,803,844)   (3,803,844)      
Beginning balance (in shares) at Oct. 31, 2025   105,820,073        
Beginning balance at Oct. 31, 2025 $ 891,112 $ 1,131 $ (114,545) 2,204,689 (24,555) (1,175,608)
Beginning balance (in shares) at Oct. 31, 2025     (1,387,589)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of ordinary shares upon exercise of stock options (in shares)   47,888        
Issuance of ordinary shares upon exercise of stock options 519     519    
Issuance of ordinary shares upon release of restricted stock units (in shares)   696,482        
Issuance of ordinary shares upon release of restricted stock units $ 0 $ 8   (8)    
Number of shares repurchased (in shares) 2,416,255 2,416,255 2,416,255      
Repurchases of ordinary shares $ (185,899)   $ (185,899)      
Stock-based compensation 78,141     78,141    
Net income (loss) 7,753         7,753
Other comprehensive income (loss) $ (635)       (635)  
Ending balance (in shares) at Jan. 31, 2026 104,148,188 104,148,188        
Ending balance at Jan. 31, 2026 $ 790,991 $ 1,139 $ (300,444) $ 2,283,341 $ (25,190) $ (1,167,855)
Ending balance (in shares) at Jan. 31, 2026 (3,803,844)   (3,803,844)      
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Cash flows from operating activities    
Net loss $ (68,134) $ (91,733)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization 8,617 10,024
Amortization of premium and accretion of discount on marketable securities, net (3,038) (5,785)
Amortization of deferred contract acquisition costs 81,333 71,487
Amortization of debt issuance costs 870 833
Non-cash operating lease cost 7,323 7,760
Stock-based compensation expense 220,969 192,242
Deferred income taxes 61,072 56,175
Unrealized foreign currency transaction loss 841 1,302
Other 33 (14)
Changes in operating assets and liabilities, net of impact of business acquisitions:    
Accounts receivable, net 20,552 51,537
Deferred contract acquisition costs (97,175) (66,970)
Prepaid expenses and other current assets (16,721) (12,906)
Other assets 2,558 (2,719)
Accounts payable 12,072 (16,710)
Accrued expenses and other liabilities (425) (12,800)
Accrued compensation and benefits 2,738 (10,211)
Operating lease liabilities (8,341) (9,489)
Deferred revenue (50,960) 17,166
Net cash provided by operating activities 174,184 179,189
Cash flows from investing activities    
Purchases of property and equipment (2,197) (2,228)
Business acquisitions, net of cash acquired (36,828) 0
Purchases of marketable securities (362,425) (388,771)
Sales, maturities, and redemptions of marketable securities 523,712 242,988
Other (521) 0
Net cash provided by (used in) investing activities 121,741 (148,011)
Cash flows from financing activities    
Proceeds from issuance of ordinary shares under employee stock purchase plan 11,501 10,464
Proceeds from issuance of ordinary shares upon exercise of stock options 1,482 8,013
Repurchases of ordinary shares (300,075) 0
Net cash (used in) provided by financing activities (287,092) 18,477
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 882 (5,137)
Net increase in cash, cash equivalents, and restricted cash 9,715 44,518
Cash, cash equivalents, and restricted cash, beginning of period 731,214 543,089
Cash, cash equivalents, and restricted cash, end of period 740,929 587,607
Supplemental disclosures of cash flow information    
Cash paid for interest 23,957 24,560
Cash paid for income taxes, net 19,970 15,868
Cash paid for operating lease liabilities 8,606 10,266
Supplemental disclosures of non-cash investing and financing information    
Property and equipment included in accounts payable 170 167
Operating lease right-of-use assets for new lease obligations 3,701 2,916
Acquisition-related indemnity holdback $ 8,283 $ 0
v3.25.4
Organization and Description of Business
 9 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Elastic N.V. (individually and together with its consolidated subsidiaries, “Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012. The Company created the Elastic 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. Developers build on top of the Company’s platform to apply the power of search to their data and solve business problems. The Company offers three software solutions built into its platform: Elasticsearch, Elastic Observability, and Elastic Security. The Company’s platform and its solutions are designed to run across hybrid clouds, public or private clouds, and multi-cloud environments.
v3.25.4
Summary of Significant Accounting Policies
 9 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim condensed consolidated balance sheet as of January 31, 2026, interim condensed consolidated statements of operations, comprehensive income (loss), and shareholders’ equity for the three and nine months ended January 31, 2026 and 2025, and interim condensed consolidated statements of cash flows for the nine months ended January 31, 2026 and 2025 are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all normal recurring adjustments necessary to fairly state the Company’s financial position as of January 31, 2026; results of the Company’s operations for the three and nine months ended January 31, 2026 and 2025; statements of shareholders’ equity for the three and nine months ended January 31, 2026 and 2025; and statements of cash flows for the nine months ended January 31, 2026 and 2025. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results for the three and nine months ended January 31, 2026 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2026, or any other future period.
The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.
Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet data as of April 30, 2025 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025 filed with the SEC on June 10, 2025 (the “Company’s Annual Report on Form 10-K”).
Fiscal Year
The Company’s fiscal year ends on April 30. References to fiscal 2026, for example, refer to the fiscal year ending April 30, 2026.
Use of Estimates and Judgments
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions include, but are not limited to, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements.
Significant Accounting Policies
There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K that have had a material impact on its condensed consolidated financial statements and related notes.
Recently Adopted Accounting Pronouncements
The Company did not adopt any accounting pronouncements during the nine months ended January 31, 2026.
New Accounting Pronouncements Not Yet Adopted
Income Taxes: In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhancements and further transparency for certain income tax disclosures. The new guidance mandates consistent categories and greater disaggregation of information in the tax rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This guidance is effective for the Company for fiscal years beginning after April 30, 2025. The Company plans to adopt this standard in its fourth quarter of fiscal 2026 and is currently assessing the appropriate transition method.
Financial Instruments: In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2026, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects the practical expedient should apply the guidance prospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Codification Improvements: In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, as part of an ongoing project to make non-substantive technical corrections, clarifications, and improvements that are not expected to have a significant effect on accounting practices or create a significant administrative cost to most entities. The amendments are varied in nature and may affect the application of guidance for cases in which the original guidance may have been unclear. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively on an issue-by-issue basis. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Comprehensive Income: In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027, and interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Internal-Use Software: In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40. The new guidance removes all references to software development stages and allows software development costs to be capitalized once management commits to funding the project and it is probable that the project will be completed and used as intended. The new guidance also introduces the concept of “significant development uncertainty” which, if present, precludes capitalization. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2028, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively, retrospectively, or using a modified prospective transition method. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Interim Reporting: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to enhance the existing interim reporting guidance without changing the fundamental nature or volume of required interim disclosures. The new guidance improves the organization and accessibility of required interim disclosure requirements, clarifies when that guidance is applicable, and introduces a new principle requiring disclosure of events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The guidance becomes effective for the Company for interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
v3.25.4
Revenue
 9 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table presents revenue by category (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue
Annual Elastic Cloud$168,561 37 %$132,908 35 %$471,341 37 %$367,341 34 %
Monthly Elastic Cloud49,924 12 %47,088 12 %148,569 11 %138,771 12 %
Total Elastic Cloud218,485 49 %179,996 47 %619,910 48 %506,112 46 %
Other subscription207,242 46 %178,202 47 %592,099 46 %516,667 47 %
Total subscription425,727 95 %358,198 94 %1,212,009 94 %1,022,779 93 %
Services24,154 5 %23,885 6 %76,641 6 %72,085 7 %
Total revenue$449,881 100 %$382,083 100 %$1,288,650 100 %$1,094,864 100 %
Concentration of Credit Risk
One customer, a channel partner, accounted for 10% and 11% of total revenue during the three and nine months ended January 31, 2026, respectively, and 12% of total revenue during the three and nine months ended January 31, 2025. The same customer accounted for 13% of net accounts receivable as of January 31, 2026. No customer accounted for 10% or more of net accounts receivable as of April 30, 2025.
Deferred Revenue
The Company recognized revenue of $720.4 million and $596.1 million for the nine months ended January 31, 2026 and 2025, 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 condensed consolidated balance sheets. As of January 31, 2026 and April 30, 2025, unbilled accounts receivable was $3.2 million and $2.5 million, respectively.
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 January 31, 2026, the Company had $1.651 billion of RPO, of which the Company expects to recognize approximately 64% as revenue over the next twelve months, approximately 89% over the next twenty-four months, and the remainder thereafter.
Deferred Contract Acquisition Costs
Amortization expense with respect to deferred contract acquisition costs was $28.2 million and $81.3 million for the three and nine months ended January 31, 2026, respectively, and $24.3 million and $71.5 million for the three and nine months ended January 31, 2025, respectively. The Company did not recognize any impairment of deferred contract acquisition costs for the three and nine months ended January 31, 2026 and 2025.
v3.25.4
Fair Value Measurements
 9 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The Company measures financial assets and liabilities that are measured at fair value on a recurring basis at each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company considers all highly liquid investments, including money market funds with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company’s marketable securities are classified as available for sale and considered to be available for use in current operations and, therefore, the Company classifies them within current assets on the condensed consolidated balance sheets.
The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments. For Level 2 investments, the Company uses inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.
The following table summarizes assets that are measured at fair value on a recurring basis as of January 31, 2026 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$464,407 $— $— $464,407 
U.S. agency securities— 7,981 — 7,981 
Certificates of deposit
— 2,604 — 2,604 
Total included in cash equivalents
464,407 10,585 — 474,992 
Marketable securities:
U.S. treasury securities75,644 — — 75,644 
Corporate debt securities— 312,956 — 312,956 
International treasuries— 37,925 — 37,925 
Municipal securities— 35,787 — 35,787 
Certificates of deposit— 34,121 — 34,121 
U.S. agency securities
— 8,632 — 8,632 
Commercial paper— 5,743 — 5,743 
Total marketable securities75,644 435,164 — 510,808 
Mutual fund investments (1)
4,611 — — 4,611 
Total financial assets$544,662 $445,749 $— $990,411 
(1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s condensed consolidated balance sheets.
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2025 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$197,710 $— $— $197,710 
U.S. treasury securities
90,642 — — 90,642 
U.S. agency securities— 20,001 — 20,001 
Commercial paper— 9,462 — 9,462 
Certificates of deposit— 6,020 — 6,020 
Corporate debt securities
— 3,128 — 3,128 
Total included in cash equivalents
288,352 38,611 — 326,963 
Marketable securities:
U.S. treasury securities113,440 — — 113,440 
Corporate debt securities— 390,077 — 390,077 
Certificates of deposit— 63,377 — 63,377 
International treasuries
— 40,135 — 40,135 
Municipal securities
— 34,966 — 34,966 
Commercial paper— 17,739 — 17,739 
U.S. agency securities— 9,983 — 9,983 
Total marketable securities113,440 556,277 — 669,717 
Mutual fund investments (1)
2,646 — — 2,646 
Total financial assets$404,438 $594,888 $— $999,326 
(1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s condensed consolidated balance sheets.
Interest income from the Company’s cash, cash equivalents, and marketable securities was $11.4 million and $40.7 million for the three and nine months ended January 31, 2026, respectively, and $12.8 million and $35.0 million for the three and nine months ended January 31, 2025, respectively, and is included in other income, net in the condensed consolidated statements of operations.
As of January 31, 2026 and April 30, 2025, gross unrealized gains and losses on the marketable securities were not significant. The fluctuations in market interest rates impacted the unrealized losses or gains on these securities.
The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Due within 1 year$233,772 $368,374 
Due between 1 year and 3 years277,036 299,522 
Due between 3 years and 5 years— 1,821 
Total marketable securities$510,808 $669,717 
Financial Liabilities
In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 (the “Senior Notes”) in a private placement. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes as of January 31, 2026 was approximately $553.0 million. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy.
v3.25.4
Acquisitions
 9 Months Ended
Jan. 31, 2026
Business Combinations [Abstract]  
Acquisitions Acquisitions
Conic AI Technology Limited
On October 7, 2025, the Company, acquired 100% of the share capital of Conic AI Technology Limited and its subsidiaries (collectively, “Jina AI”), for a total purchase consideration of $43.3 million. The purchase consideration includes $6.9 million held back by the Company for indemnity obligations, which will be released upon the 24-month anniversary of the acquisition.
The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and, accordingly, the total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The total purchase price allocated to developed technology and goodwill was $6.5 million and $32.3 million, respectively. The fair value assigned to developed technology was determined using the cost to recreate approach. The developed technology asset is being amortized on a straight-line basis over the useful life of 2 years, which approximates the pattern in which the developed technology is utilized. Goodwill resulted primarily from the expectation of enhancing the Elastic Search AI-powered solutions and the value of the acquired workforce. The resulting goodwill is not deductible for income tax purposes.
The financial results of Jina AI have been included in the Company’s condensed consolidated results of operations since the acquisition date. Pro forma and historical results of operations for this acquisition have not been presented as they were not material to the Company’s condensed consolidated results of operations.
Paladin Data Inc.
On May 21, 2025, Elasticsearch, Inc., a wholly-owned subsidiary of the Company, acquired 100% of the share capital of Paladin Data Inc., including its wholly-owned subsidiary, Keep Alerting Ltd. (collectively, “Keep”), for a total purchase consideration of $10.9 million. The purchase consideration includes $1.4 million held back by the Company for indemnity obligations, which will be released upon the 18-month anniversary of the acquisition.
The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and, accordingly, the total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The total purchase price allocated to developed technology and goodwill was $4.0 million and $6.7 million, respectively. The fair value assigned to developed technology was determined using the cost to recreate approach. The developed technology asset is being amortized on a straight-line basis over the useful life of 5 years, which approximates the pattern in which the developed technology is utilized. Goodwill resulted primarily from the expectation of enhancing the Elastic Search AI-powered solutions and the value of the acquired workforce. The resulting goodwill is not deductible for income tax purposes.
The financial results of Keep have been included in the Company’s condensed consolidated results of operations since the acquisition date. Pro forma and historical results of operations for this acquisition have not been presented as they were not material to the Company’s condensed consolidated results of operations.
v3.25.4
Balance Sheet Components
 9 Months Ended
Jan. 31, 2026
Balance Sheet Components [Abstract]  
Balance Sheet Components Balance Sheet Components
Property and Equipment, Net
The cost and accumulated depreciation of property and equipment were as follows (in thousands):
Useful Life (in years)As of
January 31, 2026		As of
April 30, 2025
Leasehold improvementsLesser of estimated useful life or remaining lease term$10,918 $14,780 
Computer hardware and software34,352 4,390 
Furniture and fixtures
3-5
5,691 8,025 
Assets under construction741 33 
Total property and equipment21,702 27,228 
Less: accumulated depreciation(15,339)(20,639)
Property and equipment, net$6,363 $6,589 
Depreciation expense related to property and equipment was $0.8 million and $2.3 million for the three and nine months ended January 31, 2026, respectively, and $0.7 million and $2.3 million for the three and nine months ended January 31, 2025, respectively.
Intangible Assets, Net
Intangible assets consisted of the following as of January 31, 2026 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$85,291 $69,695 $15,596 2.3
Foreign currency translation adjustment(24)
Total$15,572 
Intangible assets consisted of the following as of April 30, 2025 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$76,130 $64,702 $11,428 2.2
Foreign currency translation adjustment(24)
Total$11,404 
Amortization expense for the intangible assets for the three and nine months ended January 31, 2026 and 2025 was as follows (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Cost of revenue – subscription$2,598 $1,577 $6,332 $7,687 
Total amortization of acquired intangible assets$2,598 $1,577 $6,332 $7,687 
The expected future amortization expense related to the intangible assets as of January 31, 2026 was as follows (in thousands, by fiscal year):
Remainder of 2026$2,513 
20277,293 
20283,419 
20291,502 
2030799 
Thereafter46 
Total$15,572 
Goodwill
The following table represents the changes to goodwill (in thousands):
Carrying Amount
Balance as of April 30, 2025$319,417 
Additions from acquisitions
39,011 
Foreign currency translation adjustment78 
Balance as of January 31, 2026$358,506 
There was no impairment of goodwill during the nine months ended January 31, 2026 and 2025.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Accrued expenses$38,304 $36,585 
Income taxes payable22,173 11,690 
Value added taxes payable4,210 9,872 
Accrued interest988 6,918 
Other20,447 21,282 
Total accrued expenses and other liabilities$86,122 $86,347 
Accrued Compensation and Benefits
Accrued compensation and benefits consisted of the following (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Accrued vacation$41,988 $42,136 
Accrued commissions22,753 28,051 
Accrued payroll and withholding taxes11,768 10,007 
Other20,385 13,520 
Total accrued compensation and benefits$96,894 $93,714 
Allowance for Credit Losses
The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):
Nine Months Ended January 31,
20262025
Beginning balance$5,510 $4,979 
Bad debt expense2,843 2,831 
Accounts written off(2,022)(2,488)
Ending balance$6,331 $5,322 
v3.25.4
Senior Notes
 9 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Senior Notes Senior Notes
In July 2021, the Company issued $575.0 million aggregate principal amount of Senior Notes in a private placement.
Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year. Total debt issuance costs of $9.3 million are being amortized to interest expense using the effective interest method over the term of the Senior Notes. The Company may at its election redeem all or a part of the Senior Notes, on any one or more occasions, at the redemption prices set forth in the indenture governing the Senior Notes (the “Indenture”), plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. The Company may also at its election redeem the Senior Notes in whole, but not in part, at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, if certain changes in tax law occur as set forth in the Indenture.
If the Company experiences a change of control triggering event (as defined in the Indenture), the Company must offer to repurchase the Senior Notes at a repurchase price equal to 101% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to the repurchase date.
The Indenture contains covenants limiting the Company’s ability and the ability of certain subsidiaries to create liens on certain assets to secure debt; grant a subsidiary guarantee of certain debt without also providing a guarantee of the Senior Notes; and consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to, another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the Senior Notes are rated investment grade by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services.
The net carrying amount of the Senior Notes was as follows (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Principal$575,000 $575,000 
Unamortized debt issuance costs(4,401)(5,271)
Net carrying amount$570,599 $569,729 
The following table sets forth the interest expense recognized related to the Senior Notes (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Contractual interest expense$5,930 $5,930 $17,789 $17,789 
Amortization of debt issuance costs293 280 870 833 
Total interest expense related to the Senior Notes$6,223 $6,210 $18,659 $18,622 
v3.25.4
Commitments and Contingencies
 9 Months Ended
Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Cloud Hosting Commitments
During the nine months ended January 31, 2026, there were no material changes, outside the ordinary course of business, to the Company’s contractual obligations and commitments reported in the Company’s Annual Report on Form 10-K.
Letters of Credit
The Company had a total of $1.6 million in letters of credit outstanding in favor of certain landlords for office space as of January 31, 2026.
Legal Matters
From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial position or cash flows.
On February 11, 2025, an alleged shareholder of the Company filed a complaint in the United States District Court for the Eastern District of New York against the Company and one of its executive officers, Ashutosh Kulkarni, as well as a former executive officer of the Company, Janesh Moorjani, on behalf of a putative class of shareholders of the Company who purchased or otherwise acquired the Company’s ordinary shares during the period from May 31, 2024 to August 29, 2024. The complaint, captioned “In re Elastic N.V. Securities Litigation,” alleges that the defendants made materially false and misleading statements and omitted material information about the Company’s business and financial results during the foregoing period in violation of Sections 10(b) and 20(a) of the Exchange Act and Exchange Act Rule 10b-5, which allegedly resulted in artificially inflated prices of the Company’s shares. The complaint states that plaintiffs seek damages and attorneys’ fees and costs. In May 2025, the Court appointed Lucid Alternative Fund, LP and Jeff Milan as co-lead plaintiffs in this matter. On August 1, 2025, the plaintiffs filed an amended complaint, citing the same core theories and claims but extending the class period to cover the period June 2, 2023 to August 29, 2024. On October 1, 2025, the Company filed a motion to dismiss the complaint. The plaintiffs filed an opposition to the motion on November 17, 2025, and the Company filed a reply on December 17, 2025. The motion to dismiss is pending before the Court. The Company intends to defend this case vigorously. At this stage of the proceedings, the Company can neither predict the ultimate outcome of the litigation nor estimate any range of possible losses.
The Company accrues estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable.
Indemnification
The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company to date has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions.
In addition, the Company indemnifies its officers, directors and certain key employees against certain liabilities that may arise as a result of their service on behalf of the Company. To date, there have been no claims under any indemnification provisions.
v3.25.4
Leases
 9 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Leases Leases
The Company’s leases provide for rental of corporate office space under non-cancelable operating lease agreements that expire at various dates through fiscal 2036. The Company does not have any finance leases.
Lease Costs
Components of lease costs included in the condensed consolidated statements of operations were as follows (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Operating lease cost$2,116 $2,541 $7,233 $8,558 
Short-term lease cost615 507 1,939 1,707 
Variable lease cost320 312 1,305 1,039 
Total lease cost$3,051 $3,360 $10,477 $11,304 
Lease term and discount rate information are summarized as follows:
As of
January 31, 2026
Weighted average remaining lease term (in years)5.5
Weighted average discount rate5.3 %
Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of January 31, 2026 were as follows (in thousands, by fiscal year):
Remainder of 2026$2,006 
20276,977 
20284,642 
20292,739 
20301,438 
Thereafter7,006 
Total minimum lease payments24,808 
Less imputed interest(3,731)
Present value of future minimum lease payments21,077 
Less current lease liabilities(7,092)
Operating lease liabilities, non-current$13,985 
During the nine months ended January 31, 2026, the Company executed an operating lease agreement for an office space with an expected commencement date in the first quarter of fiscal 2027 and a lease term of approximately 8.5 years. The undiscounted future minimum lease payments as of January 31, 2026 are approximately $7.9 million.
v3.25.4
Ordinary Shares
 9 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Ordinary Shares Ordinary Shares
The Company’s authorized ordinary share capital pursuant to its articles of association amounts to 165 million ordinary shares at a par value per ordinary share of €0.01.
Each holder of ordinary shares has the right to one vote per ordinary share. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when proposed by the Company’s board of directors and adopted by the general meeting of shareholders, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared from the Company’s inception through January 31, 2026.
The board of directors has been authorized by the general meeting of shareholders, on the Company’s behalf, to issue the Company’s ordinary shares and grant rights to acquire the Company’s ordinary shares in an amount up to 20% of the issued share capital of the Company as of August 21, 2025. This authorization is valid for a period of 18 months from September 30, 2025, the date of such general meeting of shareholders, until March 30, 2027.
Preference Shares
The Company’s authorized preference share capital pursuant to its articles of association amounts to 165 million preference shares at a par value per preference share of €0.01. Each holder of preference shares has rights and preferences, including the right to one vote per preference share. As of January 31, 2026, there were no preference shares issued or outstanding.
Preference shares in the capital of the Company may currently only be issued pursuant to a resolution adopted by the general meeting of shareholders at the proposal of the board of directors.
Share Repurchase Program
In October 2025, the Company’s board of directors authorized a program to repurchase up to $500.0 million of the Company’s ordinary shares (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be effected through open market purchases, block trades, accelerated or other structured share repurchase programs, or otherwise in accordance with applicable federal securities laws, including trading arrangements conducted in accordance with Rule 10b5-1 under the Exchange Act. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, the Company’s liquidity, and other factors. The current authorization may be modified, suspended, or terminated at any time and does not have a specified expiration date.
The following table summarizes the share repurchase activity under the Company’s Share Repurchase Program (in thousands, except share and per share data):
Three Months Ended January 31, 2026Nine Months Ended January 31, 2026
Number of shares repurchased
2,416,255 3,767,907 
Weighted-average price per share (1)
$76.92 $79.62 
Aggregate purchase price (1)
$185,851 $300,000 
(1) Excludes transaction costs associated with the repurchases.
All repurchases were made in open market transactions. As of January 31, 2026, $200.0 million remained available for future share repurchases under the Share Repurchase Program.
v3.25.4
Equity Incentive Plans
 9 Months Ended
Jan. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
2022 Employee Stock Purchase Plan
The Company reserved 6.0 million of its ordinary shares for purchase and issuance under the 2022 Employee Stock Purchase Plan (“2022 ESPP”). The 2022 ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions. Eligible employees purchase ordinary shares of the Company during a purchase period at 85% of the market value of the ordinary shares at either the beginning or end of an offering period, whichever is lower. Offering periods under the 2022 ESPP are approximately six months long and begin on each of March 16 or September 16 or the next trading day thereafter.
No ordinary shares were issued under the 2022 ESPP during the three months ended January 31, 2026. During the nine months ended January 31, 2026, the Company issued 154,567 ordinary shares purchased under the 2022 ESPP. Stock-based compensation expense recognized related to the 2022 ESPP was $2.6 million and $6.8 million for the three and nine months ended January 31, 2026, respectively, and $2.5 million and $7.0 million for the three and nine months ended January 31, 2025, respectively.
2012 Stock Option Plan
Under the Company’s 2012 Stock Option Plan (as amended and restated, the “2012 Plan”), the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as restricted stock units (“RSUs”) (including those with performance or market conditions) to eligible employees, directors, and consultants to attract and retain talented personnel for positions of substantial responsibility, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business.
The Company’s board of directors, compensation committee, or other duly authorized committee determines the vesting schedule for all equity-based awards. Stock options and RSUs granted to employees generally vest over four years, subject to the employees’ continued service to the Company. The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award as it may deem appropriate. Stock options expire ten years after the date of grant. Shares subject to stock options and RSUs that are canceled under certain conditions become available for future grant of awards under the 2012 Plan unless the 2012 Plan is terminated. As of January 31, 2026, there were 27,925,338 shares available for grant under the 2012 Plan.
Stock Options
The following table summarizes stock option activity:
Stock Options Outstanding
Number of
Stock Options
Outstanding
Weighted-
Average
Exercise
Price
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in thousands)
Balance as of April 30, 20251,775,723 $42.16 3.88$88,617 
Stock options exercised(117,935)$12.59 
Stock options canceled(5,000)$19.87 
Stock options assumed in acquisition canceled(416)$78.71 
Balance as of January 31, 20261,652,372 $44.33 3.25$54,475 
Exercisable as of January 31, 20261,639,038 $44.01 3.23$54,475 
Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares. No stock options were granted during the three and nine months ended January 31, 2026 and 2025.
As of January 31, 2026, the Company had unrecognized stock-based compensation expense of $0.6 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 0.53 years.
RSUs
The following table summarizes RSU activity under the 2012 Plan:
Number of AwardsWeighted-Average Grant Date Fair Value
Outstanding and unvested at April 30, 20256,523,077 $93.95 
RSUs granted
5,143,381 $78.29 
RSUs released(2,108,706)$90.09 
RSUs canceled
(691,366)$91.80 
Outstanding and unvested at January 31, 20268,866,386 $85.95 
As of January 31, 2026, the Company had unrecognized stock-based compensation expense of $697.4 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.82 years.
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Cost of revenue
Subscription$2,599 $2,430 $7,441 $6,971 
Services4,084 3,894 11,714 10,783 
Research and development29,375 24,858 83,515 73,102 
Sales and marketing24,161 22,136 70,625 64,037 
General and administrative17,922 11,316 47,674 37,349 
Total stock-based compensation expense$78,141 $64,634 $220,969 $192,242 
v3.25.4
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders
 9 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders
The following table sets forth the computation of basic and diluted net earnings (loss) per share attributable to ordinary shareholders (in thousands, except share and per share data):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Numerator:
Net income (loss)$7,753 $(17,056)$(68,134)$(91,733)
Denominator:
Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders
Basic104,501,837 104,085,183 105,683,461 103,202,786 
Diluted106,195,666 104,085,183 105,683,461 103,202,786 
Net earnings (loss) per share attributable to ordinary shareholders
Basic$0.07 $(0.16)$(0.64)$(0.89)
Diluted$0.07 $(0.16)$(0.64)$(0.89)
The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net earnings (loss) per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Stock options328,258 2,075,253 1,652,372 2,075,253 
RSUs3,712,645 7,012,862 8,866,386 7,012,862 
2022 ESPP
— 214,690 212,020 214,690 
Total4,040,903 9,302,805 10,730,778 9,302,805 
v3.25.4
Income Taxes
 9 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded a benefit from income taxes of $1.6 million and a provision for income taxes of $75.6 million for the three and nine months ended January 31, 2026, respectively, and a provision for income taxes of $21.1 million and $64.9 million for the three and nine months ended January 31, 2025, respectively. The calculation of income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant unusual items, discrete events, or changes in tax law. The Company’s effective tax rate is affected by recurring items, such as tax rates in jurisdictions both within and outside the Netherlands and the relative amounts of income that is earned in those jurisdictions, non-deductible stock-based compensation, one-time tax benefits or charges, and Base Erosion and Anti-abuse Tax (“BEAT”) legislation in the United States.
The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax. The Company anticipates that the amount of reasonably possible unrecognized tax benefits that could decrease over the next twelve months due to the expiration of certain statutes of limitations and settlement of tax audits is not material to the Company’s condensed consolidated financial statements.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law, introducing significant changes to U.S. federal tax law. While certain provisions of OBBBA are effective in the current fiscal period and have been reflected in the Company’s (benefit from) provision for income taxes for the three and nine months ended January 31, 2026, based on available guidance, other provisions are effective in future periods and may impact the Company’s (benefit from) provision for income taxes prospectively. Some aspects of the legislation remain subject to further clarification and interpretive guidance. The Company continues to assess the impact of the law on the Company’s condensed consolidated financial statements and will update the estimates as additional guidance becomes available.
In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules concerning the implementation of the Pillar Two global minimum tax. Many countries in which the Company operates continue to announce changes in their tax laws and regulations based on the Pillar Two framework. The Company determined that Pillar Two did not have a material impact on the Company’s (benefit from) provision for income taxes for the three and nine months ended January 31, 2026. The Company continues to monitor the impact of proposed and enacted global tax legislation. In January 2026, the OECD formally published a new package of administrative guidance including the side-by-side safe harbor, which codified the framework first outlined in the June 28, 2025 statement of the Group of Seven (“G7”) nations, comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Certain aspects of the framework remain subject to interpretation as the jurisdictions continue to refine administrative procedures.
v3.25.4
Employee Benefit Plans
 9 Months Ended
Jan. 31, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company has a defined-contribution plan in the United States intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company has contracted with a third-party provider to act as the 401(k) Plan’s custodian and trustee, and to process and maintain the records of participant data. Substantially all the expenses incurred for administering the 401(k) Plan are paid by the Company. The 401(k) Plan covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation. The Company makes contributions to the 401(k) Plan of up to 6% of the participating employee’s 401(k) eligible wages. The Company recorded $5.2 million and $16.1 million for the three and nine months ended January 31, 2026, respectively, and $4.5 million and $14.3 million for the three and nine months ended January 31, 2025, respectively, related to the 401(k) Plan.
The Company also has defined-contribution and other employee benefit plans in certain other countries for which the Company recorded $4.1 million and $12.3 million for the three and nine months ended January 31, 2026, respectively, and $3.6 million and $11.0 million for the three and nine months ended January 31, 2025, respectively.
v3.25.4
Segment Information
 9 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s Chief Executive Officer is its chief operating decision maker (“CODM”). The Company’s CODM reviews discrete financial information at the consolidated level to make operating decisions, allocate resources, and evaluate financial performance. The Company operates in one operating segment and, therefore, one reportable segment.
The CODM uses consolidated net income (loss) to measure segment profit or loss to evaluate the Company's overall performance and identify any underlying trends in the business to facilitate the allocation of resources to support strategic priorities and capital allocation needs (including personnel-related and other financial or capital resources).
Significant segment expenses that are reviewed and utilized by the CODM at the consolidated level to manage the Company’s operations include cost of revenue, research and development, sales and marketing, and general and administrative expenses, which are presented in the Company’s condensed consolidated statements of operations. Other segment items that impact net income (loss) include interest expense, other income, net, and the (benefit from) provision for income taxes, which are presented in the Company’s condensed consolidated statements of operations.
The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
United States$239,756 $213,370 $703,627 $618,273 
Rest of world210,125 168,713 585,023 476,591 
Total revenue$449,881 $382,083 $1,288,650 $1,094,864 
Other than the United States, no individual country accounted for 10% or more of total revenue during the periods presented.
The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):
As of
January 31, 2026		As of
April 30, 2025
United States$12,272 $16,514 
United Kingdom
2,538 2,817 
The Netherlands
2,334 2,824 
Rest of world8,038 6,768 
Total long-lived assets$25,182 $28,923 
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Pay vs Performance Disclosure        
Net income (loss) $ 7,753 $ (17,056) $ (68,134) $ (91,733)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying interim condensed consolidated balance sheet as of January 31, 2026, interim condensed consolidated statements of operations, comprehensive income (loss), and shareholders’ equity for the three and nine months ended January 31, 2026 and 2025, and interim condensed consolidated statements of cash flows for the nine months ended January 31, 2026 and 2025 are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all normal recurring adjustments necessary to fairly state the Company’s financial position as of January 31, 2026; results of the Company’s operations for the three and nine months ended January 31, 2026 and 2025; statements of shareholders’ equity for the three and nine months ended January 31, 2026 and 2025; and statements of cash flows for the nine months ended January 31, 2026 and 2025. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results for the three and nine months ended January 31, 2026 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2026, or any other future period.
The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.
Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet data as of April 30, 2025 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025 filed with the SEC on June 10, 2025 (the “Company’s Annual Report on Form 10-K”).
Fiscal Year
Fiscal Year
The Company’s fiscal year ends on April 30. References to fiscal 2026, for example, refer to the fiscal year ending April 30, 2026.
Use of Estimates and Judgments
Use of Estimates and Judgments
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions include, but are not limited to, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements And New Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
The Company did not adopt any accounting pronouncements during the nine months ended January 31, 2026.
New Accounting Pronouncements Not Yet Adopted
Income Taxes: In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhancements and further transparency for certain income tax disclosures. The new guidance mandates consistent categories and greater disaggregation of information in the tax rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This guidance is effective for the Company for fiscal years beginning after April 30, 2025. The Company plans to adopt this standard in its fourth quarter of fiscal 2026 and is currently assessing the appropriate transition method.
Financial Instruments: In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2026, and interim periods within those fiscal years. Early adoption is permitted. An entity that elects the practical expedient should apply the guidance prospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Codification Improvements: In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, as part of an ongoing project to make non-substantive technical corrections, clarifications, and improvements that are not expected to have a significant effect on accounting practices or create a significant administrative cost to most entities. The amendments are varied in nature and may affect the application of guidance for cases in which the original guidance may have been unclear. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively on an issue-by-issue basis. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Comprehensive Income: In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027, and interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Internal-Use Software: In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs that are accounted for under Subtopic 350-40. The new guidance removes all references to software development stages and allows software development costs to be capitalized once management commits to funding the project and it is probable that the project will be completed and used as intended. The new guidance also introduces the concept of “significant development uncertainty” which, if present, precludes capitalization. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2028, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively, retrospectively, or using a modified prospective transition method. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
Interim Reporting: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to enhance the existing interim reporting guidance without changing the fundamental nature or volume of required interim disclosures. The new guidance improves the organization and accessibility of required interim disclosure requirements, clarifies when that guidance is applicable, and introduces a new principle requiring disclosure of events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The guidance becomes effective for the Company for interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.
v3.25.4
Revenue (Tables)
 9 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Products and Services
The following table presents revenue by category (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue
Annual Elastic Cloud$168,561 37 %$132,908 35 %$471,341 37 %$367,341 34 %
Monthly Elastic Cloud49,924 12 %47,088 12 %148,569 11 %138,771 12 %
Total Elastic Cloud218,485 49 %179,996 47 %619,910 48 %506,112 46 %
Other subscription207,242 46 %178,202 47 %592,099 46 %516,667 47 %
Total subscription425,727 95 %358,198 94 %1,212,009 94 %1,022,779 93 %
Services24,154 5 %23,885 6 %76,641 6 %72,085 7 %
Total revenue$449,881 100 %$382,083 100 %$1,288,650 100 %$1,094,864 100 %
v3.25.4
Fair Value Measurements (Tables)
 9 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis
The following table summarizes assets that are measured at fair value on a recurring basis as of January 31, 2026 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$464,407 $— $— $464,407 
U.S. agency securities— 7,981 — 7,981 
Certificates of deposit
— 2,604 — 2,604 
Total included in cash equivalents
464,407 10,585 — 474,992 
Marketable securities:
U.S. treasury securities75,644 — — 75,644 
Corporate debt securities— 312,956 — 312,956 
International treasuries— 37,925 — 37,925 
Municipal securities— 35,787 — 35,787 
Certificates of deposit— 34,121 — 34,121 
U.S. agency securities
— 8,632 — 8,632 
Commercial paper— 5,743 — 5,743 
Total marketable securities75,644 435,164 — 510,808 
Mutual fund investments (1)
4,611 — — 4,611 
Total financial assets$544,662 $445,749 $— $990,411 
(1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s condensed consolidated balance sheets.
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2025 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$197,710 $— $— $197,710 
U.S. treasury securities
90,642 — — 90,642 
U.S. agency securities— 20,001 — 20,001 
Commercial paper— 9,462 — 9,462 
Certificates of deposit— 6,020 — 6,020 
Corporate debt securities
— 3,128 — 3,128 
Total included in cash equivalents
288,352 38,611 — 326,963 
Marketable securities:
U.S. treasury securities113,440 — — 113,440 
Corporate debt securities— 390,077 — 390,077 
Certificates of deposit— 63,377 — 63,377 
International treasuries
— 40,135 — 40,135 
Municipal securities
— 34,966 — 34,966 
Commercial paper— 17,739 — 17,739 
U.S. agency securities— 9,983 — 9,983 
Total marketable securities113,440 556,277 — 669,717 
Mutual fund investments (1)
2,646 — — 2,646 
Total financial assets$404,438 $594,888 $— $999,326 
(1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s condensed consolidated balance sheets.
The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Due within 1 year$233,772 $368,374 
Due between 1 year and 3 years277,036 299,522 
Due between 3 years and 5 years— 1,821 
Total marketable securities$510,808 $669,717 
v3.25.4
Balance Sheet Components (Tables)
 9 Months Ended
Jan. 31, 2026
Balance Sheet Components [Abstract]  
Schedule of Cost and Accumulated Depreciation of Property and Equipment
The cost and accumulated depreciation of property and equipment were as follows (in thousands):
Useful Life (in years)As of
January 31, 2026		As of
April 30, 2025
Leasehold improvementsLesser of estimated useful life or remaining lease term$10,918 $14,780 
Computer hardware and software34,352 4,390 
Furniture and fixtures
3-5
5,691 8,025 
Assets under construction741 33 
Total property and equipment21,702 27,228 
Less: accumulated depreciation(15,339)(20,639)
Property and equipment, net$6,363 $6,589 
Schedule of Intangible Assets
Intangible assets consisted of the following as of January 31, 2026 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$85,291 $69,695 $15,596 2.3
Foreign currency translation adjustment(24)
Total$15,572 
Intangible assets consisted of the following as of April 30, 2025 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$76,130 $64,702 $11,428 2.2
Foreign currency translation adjustment(24)
Total$11,404 
Schedule of Amortization Expense for Intangible Assets
Amortization expense for the intangible assets for the three and nine months ended January 31, 2026 and 2025 was as follows (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Cost of revenue – subscription$2,598 $1,577 $6,332 $7,687 
Total amortization of acquired intangible assets$2,598 $1,577 $6,332 $7,687 
Schedule of Expected Future Amortization Expense of Intangible Assets
The expected future amortization expense related to the intangible assets as of January 31, 2026 was as follows (in thousands, by fiscal year):
Remainder of 2026$2,513 
20277,293 
20283,419 
20291,502 
2030799 
Thereafter46 
Total$15,572 
Schedule of Changes to Goodwill
The following table represents the changes to goodwill (in thousands):
Carrying Amount
Balance as of April 30, 2025$319,417 
Additions from acquisitions
39,011 
Foreign currency translation adjustment78 
Balance as of January 31, 2026$358,506 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Accrued expenses$38,304 $36,585 
Income taxes payable22,173 11,690 
Value added taxes payable4,210 9,872 
Accrued interest988 6,918 
Other20,447 21,282 
Total accrued expenses and other liabilities$86,122 $86,347 
Schedule of Accrued Compensation and Benefits
Accrued compensation and benefits consisted of the following (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Accrued vacation$41,988 $42,136 
Accrued commissions22,753 28,051 
Accrued payroll and withholding taxes11,768 10,007 
Other20,385 13,520 
Total accrued compensation and benefits$96,894 $93,714 
Summary of change in allowance for credit losses
The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):
Nine Months Ended January 31,
20262025
Beginning balance$5,510 $4,979 
Bad debt expense2,843 2,831 
Accounts written off(2,022)(2,488)
Ending balance$6,331 $5,322 
v3.25.4
Senior Notes (Tables)
 9 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The net carrying amount of the Senior Notes was as follows (in thousands):
As of
January 31, 2026		As of
April 30, 2025
Principal$575,000 $575,000 
Unamortized debt issuance costs(4,401)(5,271)
Net carrying amount$570,599 $569,729 
The following table sets forth the interest expense recognized related to the Senior Notes (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Contractual interest expense$5,930 $5,930 $17,789 $17,789 
Amortization of debt issuance costs293 280 870 833 
Total interest expense related to the Senior Notes$6,223 $6,210 $18,659 $18,622 
v3.25.4
Leases (Tables)
 9 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Components of Lease Costs
Components of lease costs included in the condensed consolidated statements of operations were as follows (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Operating lease cost$2,116 $2,541 $7,233 $8,558 
Short-term lease cost615 507 1,939 1,707 
Variable lease cost320 312 1,305 1,039 
Total lease cost$3,051 $3,360 $10,477 $11,304 
Lease Term and Discount Rate Information
Lease term and discount rate information are summarized as follows:
As of
January 31, 2026
Weighted average remaining lease term (in years)5.5
Weighted average discount rate5.3 %
Future Minimum Lease Payments Based on Current Lease Accounting Standard
Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of January 31, 2026 were as follows (in thousands, by fiscal year):
Remainder of 2026$2,006 
20276,977 
20284,642 
20292,739 
20301,438 
Thereafter7,006 
Total minimum lease payments24,808 
Less imputed interest(3,731)
Present value of future minimum lease payments21,077 
Less current lease liabilities(7,092)
Operating lease liabilities, non-current$13,985 
v3.25.4
Ordinary Shares (Tables)
 9 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Class of Treasury Stock
The following table summarizes the share repurchase activity under the Company’s Share Repurchase Program (in thousands, except share and per share data):
Three Months Ended January 31, 2026Nine Months Ended January 31, 2026
Number of shares repurchased
2,416,255 3,767,907 
Weighted-average price per share (1)
$76.92 $79.62 
Aggregate purchase price (1)
$185,851 $300,000 
(1) Excludes transaction costs associated with the repurchases.
v3.25.4
Equity Incentive Plans (Tables)
 9 Months Ended
Jan. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes stock option activity:
Stock Options Outstanding
Number of
Stock Options
Outstanding
Weighted-
Average
Exercise
Price
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in thousands)
Balance as of April 30, 20251,775,723 $42.16 3.88$88,617 
Stock options exercised(117,935)$12.59 
Stock options canceled(5,000)$19.87 
Stock options assumed in acquisition canceled(416)$78.71 
Balance as of January 31, 20261,652,372 $44.33 3.25$54,475 
Exercisable as of January 31, 20261,639,038 $44.01 3.23$54,475 
Summary of RSU Activity
The following table summarizes RSU activity under the 2012 Plan:
Number of AwardsWeighted-Average Grant Date Fair Value
Outstanding and unvested at April 30, 20256,523,077 $93.95 
RSUs granted
5,143,381 $78.29 
RSUs released(2,108,706)$90.09 
RSUs canceled
(691,366)$91.80 
Outstanding and unvested at January 31, 20268,866,386 $85.95 
Summary of Stock-based Compensation Expense
Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Cost of revenue
Subscription$2,599 $2,430 $7,441 $6,971 
Services4,084 3,894 11,714 10,783 
Research and development29,375 24,858 83,515 73,102 
Sales and marketing24,161 22,136 70,625 64,037 
General and administrative17,922 11,316 47,674 37,349 
Total stock-based compensation expense$78,141 $64,634 $220,969 $192,242 
v3.25.4
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders (Tables)
 9 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted net earnings (loss) per share attributable to ordinary shareholders (in thousands, except share and per share data):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Numerator:
Net income (loss)$7,753 $(17,056)$(68,134)$(91,733)
Denominator:
Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders
Basic104,501,837 104,085,183 105,683,461 103,202,786 
Diluted106,195,666 104,085,183 105,683,461 103,202,786 
Net earnings (loss) per share attributable to ordinary shareholders
Basic$0.07 $(0.16)$(0.64)$(0.89)
Diluted$0.07 $(0.16)$(0.64)$(0.89)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net earnings (loss) per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
Stock options328,258 2,075,253 1,652,372 2,075,253 
RSUs3,712,645 7,012,862 8,866,386 7,012,862 
2022 ESPP
— 214,690 212,020 214,690 
Total4,040,903 9,302,805 10,730,778 9,302,805 
v3.25.4
Segment Information (Tables)
 9 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Area
The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands):
Three Months Ended January 31,Nine Months Ended January 31,
2026202520262025
United States$239,756 $213,370 $703,627 $618,273 
Rest of world210,125 168,713 585,023 476,591 
Total revenue$449,881 $382,083 $1,288,650 $1,094,864 
Schedule of Property and Equipment, Net of Depreciation
The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):
As of
January 31, 2026		As of
April 30, 2025
United States$12,272 $16,514 
United Kingdom
2,538 2,817 
The Netherlands
2,334 2,824 
Rest of world8,038 6,768 
Total long-lived assets$25,182 $28,923 
v3.25.4
Revenue - Schedule of Revenue by Category (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Disaggregation of Revenue [Line Items]        
Total revenue $ 449,881 $ 382,083 $ 1,288,650 $ 1,094,864
Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 100.00% 100.00% 100.00% 100.00%
Total subscription        
Disaggregation of Revenue [Line Items]        
Total revenue $ 425,727 $ 358,198 $ 1,212,009 $ 1,022,779
Total subscription | Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 95.00% 94.00% 94.00% 93.00%
SaaS        
Disaggregation of Revenue [Line Items]        
Total revenue $ 218,485 $ 179,996 $ 619,910 $ 506,112
SaaS | Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 49.00% 47.00% 48.00% 46.00%
Saa S Self Managed - Annual        
Disaggregation of Revenue [Line Items]        
Total revenue $ 168,561 $ 132,908 $ 471,341 $ 367,341
Saa S Self Managed - Annual | Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 37.00% 35.00% 37.00% 34.00%
Saa S Self Managed - Monthly        
Disaggregation of Revenue [Line Items]        
Total revenue $ 49,924 $ 47,088 $ 148,569 $ 138,771
Saa S Self Managed - Monthly | Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 12.00% 12.00% 11.00% 12.00%
Self-managed subscription        
Disaggregation of Revenue [Line Items]        
Total revenue $ 207,242 $ 178,202 $ 592,099 $ 516,667
Self-managed subscription | Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 46.00% 47.00% 46.00% 47.00%
Services        
Disaggregation of Revenue [Line Items]        
Total revenue $ 24,154 $ 23,885 $ 76,641 $ 72,085
Services | Revenue | Product        
Disaggregation of Revenue [Line Items]        
% of Total Revenue 5.00% 6.00% 6.00% 7.00%
v3.25.4
Revenue - Additional Information (Details)
 3 Months Ended 9 Months Ended
Jan. 31, 2026
USD ($)
customer
Jan. 31, 2025
USD ($)
customer
Jan. 31, 2026
USD ($)
customer
Jan. 31, 2025
USD ($)
customer
Apr. 30, 2025
USD ($)
Disaggregation of Revenue [Line Items]          
Deferred revenue, revenue recognized     $ 720,400,000 $ 596,100,000  
Revenue, remaining performance obligation, amount $ 1,651,000,000   1,651,000,000    
Amortization of deferred contract acquisition costs 28,200,000 $ 24,300,000 81,333,000 71,487,000  
Impairment of deferred contract acquisition costs recognized $ 0 $ 0 $ 0 $ 0  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-01          
Disaggregation of Revenue [Line Items]          
Revenue, remaining performance obligation, percentage 64.00%   64.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, percentage 12 months   12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01          
Disaggregation of Revenue [Line Items]          
Revenue, remaining performance obligation, percentage 89.00%   89.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, percentage 24 months   24 months    
Contracts with Customers          
Disaggregation of Revenue [Line Items]          
Unbilled accounts receivable $ 3,200,000   $ 3,200,000   $ 2,500,000
Revenue, Product and Service Benchmark | Customer Concentration Risk          
Disaggregation of Revenue [Line Items]          
Number of customers | customer 1 1 1 1  
Revenue, Product and Service Benchmark | Customer Concentration Risk | Customer One          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 10.00% 12.00% 11.00% 12.00%  
Accounts Receivable | Customer Concentration Risk | Customer One          
Disaggregation of Revenue [Line Items]          
Concentration risk percentage 13.00%        
v3.25.4
Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 474,992 $ 326,963
Marketable securities 510,808 669,717
Total financial assets 990,411 999,326
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 75,644 113,440
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 312,956 390,077
International treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 37,925 40,135
Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 35,787 34,966
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 34,121 63,377
U.S. agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 8,632 9,983
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 5,743 17,739
Mutual fund investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 4,611 [1] 2,646 [2]
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 464,407 288,352
Marketable securities 75,644 113,440
Total financial assets 544,662 404,438
Level 1 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 75,644 113,440
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | International treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | U.S. agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Mutual fund investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 4,611 [1] 2,646 [2]
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 10,585 38,611
Marketable securities 435,164 556,277
Total financial assets 445,749 594,888
Level 2 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 312,956 390,077
Level 2 | International treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 37,925 40,135
Level 2 | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 35,787 34,966
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 34,121 63,377
Level 2 | U.S. agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 8,632 9,983
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 5,743 17,739
Level 2 | Mutual fund investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 [1] 0 [2]
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Marketable securities 0 0
Total financial assets 0 0
Level 3 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | International treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | U.S. agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Mutual fund investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 [1] 0 [2]
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 464,407 197,710
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 464,407 197,710
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Money market funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
U.S. agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 7,981 20,001
U.S. agency securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
U.S. agency securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 7,981 20,001
U.S. agency securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2,604 6,020
Certificates of deposit | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Certificates of deposit | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2,604 6,020
Certificates of deposit | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 0 0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   90,642
U.S. treasury securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   90,642
U.S. treasury securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   0
U.S. treasury securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   9,462
Commercial paper | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   0
Commercial paper | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   9,462
Commercial paper | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   3,128
Corporate debt securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   0
Corporate debt securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   3,128
Corporate debt securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets   $ 0
[1] Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s condensed consolidated balance sheets.
[2] Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s condensed consolidated balance sheets.
v3.25.4
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2021
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Fair Value Disclosures [Abstract]          
Interest income   $ 11.4 $ 12.8 $ 40.7 $ 35.0
Proceeds from the issuance of debt $ 575.0        
Debt instrument, interest rate (in percent) 4.125%        
Fair value of senior notes   $ 553.0   $ 553.0  
v3.25.4
Fair Value Measurements - Fair Value by Maturity Date (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Fair Value Disclosures [Abstract]    
Due within 1 year $ 233,772 $ 368,374
Due between 1 year and 3 years 277,036 299,522
Due between 3 years and 5 years 0 1,821
Total marketable securities $ 510,808 $ 669,717
v3.25.4
Acquisitions - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Oct. 07, 2025
May 21, 2025
Jan. 31, 2026
Apr. 30, 2025
Business Acquisition [Line Items]        
Goodwill     $ 358,506 $ 319,417
Developed technology        
Business Acquisition [Line Items]        
Acquired identifiable intangible assets amortization period     2 years 3 months 18 days 2 years 2 months 12 days
Conic AI Technology Limited        
Business Acquisition [Line Items]        
Share capital acquired in business combination (in percentage) 100.00%      
Purchase consideration $ 43,300      
Consideration held back for idemnity obligations 6,900      
Goodwill 32,300      
Conic AI Technology Limited | Developed technology        
Business Acquisition [Line Items]        
Intangible assets acquired $ 6,500      
Acquired identifiable intangible assets amortization period 2 years      
Paladin Data Inc.        
Business Acquisition [Line Items]        
Share capital acquired in business combination (in percentage)   100.00%    
Purchase consideration   $ 10,900    
Consideration held back for idemnity obligations   1,400    
Goodwill   6,700    
Paladin Data Inc. | Developed technology        
Business Acquisition [Line Items]        
Intangible assets acquired   $ 4,000    
Acquired identifiable intangible assets amortization period   5 years    
v3.25.4
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 21,702 $ 27,228
Less: accumulated depreciation (15,339) (20,639)
Property and equipment, net 6,363 6,589
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 10,918 14,780
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Useful Life (in years) 3 years  
Total property and equipment $ 4,352 4,390
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 5,691 8,025
Furniture and fixtures | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (in years) 3 years  
Furniture and fixtures | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (in years) 5 years  
Assets under construction    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 741 $ 33
v3.25.4
Balance Sheet Components - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Balance Sheet Components [Abstract]        
Depreciation expense $ 800,000 $ 700,000 $ 2,300,000 $ 2,300,000
Goodwill impairment     $ 0 $ 0
v3.25.4
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Jan. 31, 2026
Apr. 30, 2025
Finite-Lived Intangible Assets [Line Items]    
Foreign currency translation adjustment $ (24) $ (24)
Total 15,572 11,404
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Fair Value 85,291 76,130
Accumulated Amortization 69,695 64,702
Net Book Value $ 15,596 $ 11,428
Weighted Average Remaining Useful Life (in years) 2 years 3 months 18 days 2 years 2 months 12 days
v3.25.4
Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Finite-Lived Intangible Assets [Line Items]        
Total amortization of acquired intangible assets $ 2,598 $ 1,577 $ 6,332 $ 7,687
Cost of revenue | Subscription - self-managed and SaaS        
Finite-Lived Intangible Assets [Line Items]        
Total amortization of acquired intangible assets $ 2,598 $ 1,577 $ 6,332 $ 7,687
v3.25.4
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2026 $ 2,513  
2027 7,293  
2028 3,419  
2029 1,502  
2030 799  
Thereafter 46  
Total $ 15,572 $ 11,404
v3.25.4
Balance Sheet Components - Schedule of Changes to Goodwill (Details)
$ in Thousands
 9 Months Ended
Jan. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 319,417
Additions from acquisitions 39,011
Foreign currency translation adjustment 78
Ending balance $ 358,506
v3.25.4
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Balance Sheet Components [Abstract]    
Accrued expenses $ 38,304 $ 36,585
Income taxes payable 22,173 11,690
Value added taxes payable 4,210 9,872
Accrued interest 988 6,918
Other 20,447 21,282
Total accrued expenses and other liabilities $ 86,122 $ 86,347
v3.25.4
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Balance Sheet Components [Abstract]    
Accrued vacation $ 41,988 $ 42,136
Accrued commissions 22,753 28,051
Accrued payroll and withholding taxes 11,768 10,007
Other 20,385 13,520
Total accrued compensation and benefits $ 96,894 $ 93,714
v3.25.4
Balance Sheet Components - Liabilities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Allowance for Doubtful Accounts Receivable [Roll Forward]    
Beginning balance $ 5,510 $ 4,979
Bad debt expense 2,843 2,831
Accounts written off (2,022) (2,488)
Ending balance $ 6,331 $ 5,322
v3.25.4
Senior Notes - Additional Information (Details)
 1 Months Ended
Jul. 31, 2021
USD ($)
Debt Instrument [Line Items]  
Proceeds from the issuance of debt $ 575,000,000.0
Senior Notes  
Debt Instrument [Line Items]  
Proceeds from the issuance of debt 575,000,000.0
Debt issuance cost $ 9,300,000
Repurchase of debt (as a percent) 101.00%
Senior Notes | Debt Instrument, Redemption, Period Three  
Debt Instrument [Line Items]  
Redemption price (as a percent) 100.00%
v3.25.4
Senior Notes - Carrying Amount of Senior Notes And Interest Expense Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Apr. 30, 2025
Debt Disclosure [Abstract]          
Principal $ 575,000   $ 575,000   $ 575,000
Unamortized debt issuance costs (4,401)   (4,401)   (5,271)
Long-term debt, net 570,599   570,599   $ 569,729
Contractual interest expense 5,930 $ 5,930 17,789 $ 17,789  
Amortization of debt issuance costs 293 280 870 833  
Total interest expense related to the Senior Notes $ 6,223 $ 6,210 $ 18,659 $ 18,622  
v3.25.4
Commitments and Contingencies (Details)
 9 Months Ended
Jan. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Letters of credit outstanding amount $ 1,600,000
Provision for indemnification claims $ 0
v3.25.4
Leases - Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Leases [Abstract]        
Operating lease cost $ 2,116 $ 2,541 $ 7,233 $ 8,558
Short-term lease cost 615 507 1,939 1,707
Variable lease cost 320 312 1,305 1,039
Total lease cost $ 3,051 $ 3,360 $ 10,477 $ 11,304
v3.25.4
Leases - Lease Term and Discount Rate Information (Details)
Jan. 31, 2026
Leases [Abstract]  
Weighted average remaining lease term (in years) 5 years 6 months
Weighted average discount rate 5.30%
v3.25.4
Leases - Future Minimum Lease Based on Current Lease Accounting Standard (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Leases [Abstract]    
Remainder of 2026 $ 2,006  
2027 6,977  
2028 4,642  
2029 2,739  
2030 1,438  
Thereafter 7,006  
Total minimum lease payments 24,808  
Less imputed interest (3,731)  
Present value of future minimum lease payments 21,077  
Less current lease liabilities (7,092) $ (8,928)
Operating lease liabilities, non-current $ 13,985 $ 16,357
v3.25.4
Leases - Additional Information (Details)
$ in Millions
Jan. 31, 2026
USD ($)
Leases [Abstract]  
Term of contract (in years) 8 years 6 months
Undiscounted future minimal lease payment $ 7.9
v3.25.4
Ordinary Shares - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
Jan. 31, 2026
€ / shares
Jan. 31, 2026
USD ($)
shares
Oct. 31, 2025
USD ($)
Aug. 21, 2025
Apr. 30, 2025
€ / shares
shares
Oct. 10, 2018
shares
Class of Stock [Line Items]              
Ordinary shares, shares authorized (in shares)     165,000,000     165,000,000  
Ordinary shares, par value (in € / shares) | € / shares   € 0.01       € 0.01  
Ordinary shares, voting rights   one vote per ordinary share          
Dividends declared | $     $ 0        
Rights to acquire ordinary shares, authorized percentage of issued share capital         20.00%    
Rights to acquire ordinary shares, authorized period 18 months            
Share repurchase program, authorized amount | $       $ 500,000,000.0      
Amount remaining available for future share repurchases | $     $ 200,000,000.0        
Preferred Stock, Voting Rights   one vote per preference share          
Convertible Preference Shares              
Class of Stock [Line Items]              
Preference shares, shares authorized (in shares)     165,000,000     165,000,000 165,000,000
Preference shares, shares issued (in shares)     0     0  
Preference shares, shares outstanding (in shares)     0     0  
Maximum              
Class of Stock [Line Items]              
Ordinary shares, par value (in € / shares) | € / shares   € 0.01          
v3.25.4
Ordinary Shares - Share Repurchase Program (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2026
Equity [Abstract]    
Number of shares repurchased (in shares) 2,416,255 3,767,907
Weighted-average price per share (in dollars per share) $ 76.92 $ 79.62
Aggregate purchase price $ 185,851 $ 300,000
v3.25.4
Equity Incentive Plans - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 78,141 $ 64,634 $ 220,969 $ 192,242
Available for grant (in shares) 27,925,338   27,925,338  
Unrecognized stock-based compensation expense related to unvested stock options $ 600   $ 600  
2012 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period (in years)     10 years  
Options granted (in shares) 0 0 0 0
2012 Plan | New Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting term (in years)     4 years  
ESPP | Employee Stock Purchase Plan 2022        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Value of shares reserved     $ 6,000  
Purchase price of common stock, percent of market price     85.00%  
Purchase period (in months)     6 months  
Issuance of ordinary shares under employee stock purchase plan (in shares) 0   154,567  
Stock-based compensation expense $ 2,600 $ 2,500 $ 6,800 $ 7,000
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized over a weighted-average period (in years)     6 months 10 days  
Equity Settled RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized stock-based compensation expense related to unvested stock options $ 697,400   $ 697,400  
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized over a weighted-average period (in years)     2 years 9 months 25 days  
v3.25.4
Equity Incentive Plans - Summary of Stock Option Activity (Details) - 2012 Plan
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Jan. 31, 2026
USD ($)
$ / shares
shares
Apr. 30, 2025
USD ($)
$ / shares
shares
Number of Stock Options Outstanding    
Beginning balance (in shares) | shares 1,775,723  
Stock options exercised (in shares) | shares (117,935)  
Stock options canceled (in shares) | shares (5,000)  
Stock options assumed in acquisition cancelled (in shares) | shares (416)  
Ending balance (in shares) | shares 1,652,372 1,775,723
Exercisable (in shares) | shares 1,639,038  
Weighted- Average Exercise Price    
Beginning balance (in dollars per share) | $ / shares $ 42.16  
Stock options exercised (in dollars per share) | $ / shares 12.59  
Stock options cancelled (in dollars per share) | $ / shares 19.87  
Stock options assumed in acquisition cancelled (in dollars per share) | $ / shares 78.71  
Ending balance (in dollars per share) | $ / shares 44.33 $ 42.16
Exercisable (in dollars per share) | $ / shares $ 44.01  
Remaining Contractual Term (in years)    
Remaining Contractual Term (in years) 3 years 3 months 3 years 10 months 17 days
Exercisable, Remaining Contractual Term (in years) 3 years 2 months 23 days  
Aggregate Intrinsic Value (in thousands)    
Beginning balance | $ $ 88,617  
Ending balance | $ 54,475 $ 88,617
Exercisable | $ $ 54,475  
v3.25.4
Equity Incentive Plans - Summary of RSU Activity (Details) - 2012 Plan - RSUs
 9 Months Ended
Jan. 31, 2026
$ / shares
shares
Number of Awards  
Number of Awards Outstanding and unvested at Beginning of Year ((in shares) | shares 6,523,077
Number of Awards, RSUs granted (in shares) | shares 5,143,381
Number of Awards, RSUs released (in shares) | shares (2,108,706)
Number of Awards, RSUs cancelled (in shares) | shares (691,366)
Number of Awards Outstanding and unvested at Year End (in shares) | shares 8,866,386
Weighted-Average Grant Date Fair Value  
Weighted-Average Grant Date Fair Value, Outstanding and unvested, Beginning of Year (in dollar per share) | $ / shares $ 93.95
Weighted-Average Grant Date Fair Value, RSUs granted (in dollar per share) | $ / shares 78.29
Weighted-Average Grant Date Fair Value, RSUs released (in dollar per share) | $ / shares 90.09
Weighted-Average Grant Date Fair Value, RSUs cancelled (in dollar per share) | $ / shares 91.80
Weighted-Average Grant Date Fair Value, Outstanding and unvested, End of Year (in dollar per share) | $ / shares $ 85.95
v3.25.4
Equity Incentive Plans - Summary of Stock-Based Compensation Expense Recognized in Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 78,141 $ 64,634 $ 220,969 $ 192,242
Subscription        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 2,599 2,430 7,441 6,971
Services        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 4,084 3,894 11,714 10,783
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 29,375 24,858 83,515 73,102
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 24,161 22,136 70,625 64,037
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 17,922 $ 11,316 $ 47,674 $ 37,349
v3.25.4
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders - Basic And Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Numerator:        
Net income (loss) $ 7,753 $ (17,056) $ (68,134) $ (91,733)
Denominator:        
Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders, basic (in shares) 104,501,837 104,085,183 105,683,461 103,202,786
Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders, diluted (in shares) 106,195,666 104,085,183 105,683,461 103,202,786
Net earnings (loss) per share attributable to ordinary shareholders, basic (in dollars per share) $ 0.07 $ (0.16) $ (0.64) $ (0.89)
Net earnings (loss) per share attributable to ordinary shareholders, diluted (in dollars per share) $ 0.07 $ (0.16) $ (0.64) $ (0.89)
v3.25.4
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders- Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net (Loss) Earnings Per Share Attributable to Ordinary Shareholders (Details) - shares
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 4,040,903 9,302,805 10,730,778 9,302,805
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 328,258 2,075,253 1,652,372 2,075,253
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 3,712,645 7,012,862 8,866,386 7,012,862
ESPP        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0 214,690 212,020 214,690
v3.25.4
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Income Tax Disclosure [Abstract]        
(Benefit from) provision for income taxes $ (1,588) $ 21,127 $ 75,598 $ 64,866
v3.25.4
Employee Benefit Plans - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
United States        
Defined Contribution Plan Disclosure [Line Items]        
Defined contribution expense related to plan $ 5.2 $ 4.5 $ 16.1 $ 14.3
Other Countries        
Defined Contribution Plan Disclosure [Line Items]        
Defined contribution expense related to plan $ 4.1 $ 3.6 $ 12.3 $ 11.0
Maximum | United States        
Defined Contribution Plan Disclosure [Line Items]        
Percentage of defined contribution to participating employees     6.00%  
v3.25.4
Segment Information - Additional Information (Details)
 9 Months Ended
Jan. 31, 2026
segement
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 449,881 $ 382,083 $ 1,288,650 $ 1,094,864
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 239,756 213,370 703,627 618,273
Rest of world        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 210,125 $ 168,713 $ 585,023 $ 476,591
v3.25.4
Segment Information - Schedule of Property and Equipment, Net of Depreciation (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Apr. 30, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 25,182 $ 28,923
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 12,272 16,514
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 2,538 2,817
The Netherlands    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 2,334 2,824
Rest of world    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 8,038 $ 6,768