The disclosed embodiments provide a method and system for processing network data. During operation, the system obtains one or more event streams from one or more remote capture agents over one or more networks, wherein the one or more event streams include event data generated from network packets captured by the one or more remote capture agents. Next, the system applies one or more transformations to the one or more event streams to obtain transformed event data from the event data. The system then enables querying of the transformed event data.