Elastic vs Smartsheet: Revenue, Profit and Business Model
Elastic had $1.7B of annual revenue in FY2026 and $367.8M of net income. Smartsheet had $958.3M of annual revenue in FY2024 and a net loss of $104.6M.
Latest financial snapshot
Elastic
- Latest annual revenue
- $1.7B (FY2026)
- Net income
- $367.8M
- Net margin
- 21.1%
- Revenue growth
- +39.3% a year, FY2017–FY2026
Smartsheet
- Latest annual revenue
- $958.3M (FY2024)
- Net income
- -$104.6M
- Net margin
- -10.9%
- Revenue growth
- +46.3% a year, FY2017–FY2024
Financial summary
Elastic
Elastic's revenue grew from $862 million in fiscal 2022 to $1.739 billion in fiscal 2026. FY2026 subscription revenue was $1.634 billion (+18%), and sales-led subscription revenue, which excludes monthly self-serve cloud, was $1.438 billion (+20%). Non-GAAP operating income reached $285 million (16.4% margin) and adjusted free cash flow $346 million (20% margin), though GAAP operating loss was $33 million. GAAP net income of $367.8 million was lifted by a fourth-quarter income tax benefit, since the company's operations were not profitable on a GAAP basis. In Q1 FY2027 (ended July 31, 2026) revenue rose 15% to $478 million, cRPO grew 21% to $1.153 billion, and Elastic raised FY2027 revenue guidance to $1.998-$2.010 billion. Elastic N.V. is a major search and observability enterprise software company, sustaining a market valuation typically over $7 billion.
Smartsheet
Smartsheet grew revenue from $67.0 million in fiscal 2017 to $958.3 million in fiscal 2024 (year ended January 31, 2024), a 25% increase that year, while the GAAP net loss narrowed from $215.6 million in fiscal 2023 to $104.6 million. In its last reported quarter as a public company, Q3 fiscal 2025, revenue rose 17% to $286.9 million, ARR grew 15% and the company posted $1.3 million of GAAP net income. As a private company since January 2025, it no longer publishes results. Smartsheet Inc. is a major American enterprise software company providing cloud-based work management and collaboration tools, sustaining a market valuation typically over $8 billion.
Revenue and profit by year
Elastic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $1.7B | $367.8M | 21.1% | +17.3% | Source |
| FY2025 | $1.5B | -$108.1M | -7.3% | +17.0% | Source |
| FY2024 | $1.3B | $61.7M | 4.9% | +18.6% | Source |
| FY2023 | $1.1B | -$236.2M | -22.1% | +24.0% | Source |
| FY2022 | $862.4M | -$203.8M | -23.6% | +41.7% | Source |
| FY2021 | $608.5M | -$129.4M | -21.3% | +42.3% | Source |
| FY2020 | $427.6M | -$167.2M | -39.1% | +57.4% | Source |
| FY2019 | $271.7M | -$102.3M | -37.7% | +69.9% | Source |
| FY2018 | $159.9M | -$52.7M | -33.0% | +81.4% | Source |
| FY2017 | $88.2M | -$52M | -58.9% | — | Source |
Smartsheet
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $958.3M | -$104.6M | -10.9% | +25.0% | Source |
| FY2023 | $766.9M | -$215.6M | -28.1% | +39.2% | Source |
| FY2022 | $550.8M | -$171.1M | -31.1% | +42.9% | Source |
| FY2021 | $385.5M | -$115M | -29.8% | +42.3% | Source |
| FY2020 | $270.9M | -$95.9M | -35.4% | +52.4% | Source |
| FY2019 | $177.7M | -$53.9M | -30.3% | +59.7% | Source |
| FY2018 | $111.3M | -$49.1M | -44.1% | +66.1% | Source |
| FY2017 | $67M | -$15.2M | -22.7% | — | Source |
Where the revenue comes from
Elastic
- Subscriptions (Elastic Cloud and self-managed)~94%
FY2026 subscription revenue of $1.634 billion from managed Elastic Cloud on AWS, Azure and Google Cloud and from self-managed licenses with support.
- Professional services~6%
Consulting, implementation and training, about $105 million in FY2026.
Smartsheet
- Subscriptions95
Per-user plans plus premium add-ons such as Control Center, Data Shuttle, Dynamic View, Resource Management and Brandfolder ($273.7M of $286.9M revenue in Q3 fiscal 2025).
- Professional services5
Implementation, consulting and training ($13.2M in Q3 fiscal 2025).
Business model and strategy
Elastic
How it makes money
Elastic is a B2B software company with an open-core model. Its core Elasticsearch and Kibana code is free to download, and the company makes money by selling paid subscriptions that add advanced features (machine learning, security analytics, AI assistants, enterprise support) and by running the software for customers as Elastic Cloud on AWS, Microsoft Azure and Google Cloud.
Growth strategy
Elastic's strategy is to make Elasticsearch the retrieval layer for enterprise AI while consolidating observability and security tools onto the same platform. Recent moves include buying Jina AI (embeddings and rerankers) and Keep (AIOps alert management) in 2025, launching Elastic Workflows and Agent Builder for agentic automation, and releasing a serverless vector database in September 2026.
Competitive advantage
Elastic's main edge is that one data store handles text search, vector search, analytics, logs and security events. Elasticsearch is built on Apache Lucene's inverted index, which makes full-text search across very large unstructured datasets fast, and the company has added dense vector search, hybrid ranking (BM25 plus vectors with reciprocal rank fusion), the ES|QL query language and Jina AI embedding and reranker…
Smartsheet
How it makes money
Smartsheet sells software subscriptions. Customers pay per user on tiered plans (Pro, Business, Enterprise) and can add premium capabilities such as Control Center, Dynamic View, Data Shuttle, Bridge, Resource Management and Brandfolder digital asset management.
Growth strategy
Under CEO Rajeev Singh, Smartsheet is focusing on enterprise AI: the November 2025 ENGAGE launch added AI agents and data features to the platform. It has also cut costs through two rounds of layoffs, rebuilt its executive team and revamped its partner program in 2026 to lean more on channel sales.
Competitive advantage
Smartsheet's main advantage is a familiar grid interface that lets non-technical business users start quickly, paired with enterprise controls (Control Center for portfolio provisioning, Dynamic View for restricted sharing, admin governance) and a FedRAMP-authorized Smartsheet Gov environment for public-sector buyers.
Questions about Elastic vs Smartsheet
Which company has higher revenue — Elastic or Smartsheet?
Elastic had $1.7B (FY2026), while Smartsheet had $958.3M (FY2024). By latest annual revenue, Elastic is the larger business, with Smartsheet showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Elastic vs Smartsheet?
Elastic's market capitalisation stands at $9.3B, while Smartsheet's is $8.4B. Elastic carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Smartsheet.
How does revenue per employee compare for Elastic and Smartsheet?
Elastic has $433k / employee in revenue per employee, while Smartsheet has $290k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Elastic and Smartsheet make money?
Elastic and Smartsheet generate revenue in fundamentally different ways. Elastic: Elastic is a B2B software company with an open-core model. Smartsheet: Smartsheet sells software subscriptions.
Which company is valued higher relative to revenue — Elastic or Smartsheet?
On a price-to-sales (P/S) basis, Elastic trades at 5.3x P/S and Smartsheet at 8.8x P/S. Smartsheet commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Elastic. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Elastic bigger than Smartsheet?
By last reported revenue, Elastic ($1.7B (FY2026)) is the larger company compared to Smartsheet ($958.3M (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Elastic vs Smartsheet overview