Elastic reported Q4 FY26 results that changed analyst sentiment

Revenue $1.74B for the year, up 17%. RPO grew 28% to $1.98B, much faster than revenue.

This mirrors what we see across the ecosystem: committed spend is accelerating. Customers are locking in for the platforms they trust and rely upon.

But the partnership and cloud signals are what stood out.

Power of Partnerships is one of 4 strategic pillars Elastic presents to Wall Street

It includes:

• Strategic partnerships with hyperscalers, including co-investments

• Technology integrations

• Preferential access and relationships

• Joint sales pursuits

In addition to alliances as a competitive advantage, they highlight to investors “simplified procurement through marketplace.”

Award-winning GTM across all three major cloud marketplaces

Google Cloud: 5X Partner of the Year. Won 2026 Google Cloud Marketplace Partner of the Year for Data Management & AI.

Integrated with Vertex AI. Available through Monthly Subscription, Private Offer, and reseller.

Amazon Web Services (AWS): integrated into Amazon Bedrock, GenAI Partner of the Year.

Available through PAYG, Private Offer, and resellers. FedRAMP High on AWS GovCloud.

Microsoft Azure: 2x Partner of the Year. Integrated with Azure AI Services and Semantic Kernel. Azure Native ISV Service for observability and security.

Available through PAYG and Annual Agreements.

That is the modern cloud GTM stack:

• technical integration

• cloud-native deployment

• marketplace procurement

• reseller optionality

• field alignment

• regulated-sector access

AI is a growth driver

600+ Elastic Cloud customers with ACV above $100K are using Elastic for AI. That is more than one-third of the enterprise cohort.

Elastic is building across the full multi-cloud AI stack. Vertex AI. Amazon Bedrock. Azure AI Services. Gemini Agent Platform. MCP Apps for security and observability that embed workflows into Claude, VS Code, and GitHub Copilot.

CEO on MCP:

“I think it’s going to be a durable advantage, especially because we are able to not just provide access to data, but smart access to data.”

3 takeaways for alliance leaders:

1. When cloud partnerships and marketplaces appear in investor materials as a competitive pillar, it tells you the scale of impact they are driving

2. AI integration across cloud platforms is becoming a strong co-sell lever. Connect your AI use cases to hyperscaler consumption

3. Marketplace is most powerful when paired with native cloud services, private offers, reseller paths, and field-level joint pursuits - not just a listing

How does your company leverage cloud partnerships?