CrowdStrike Holdings Inc.

CRWD
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.3B
Q4 FY2026 · +23.1% YoY
TTM ROIC
78%
FY2026 · Non-GAAP NOPAT / Net Invested Capital (Total Assets – Cash – Deferred Revenue); SBC treated as real economic cost · WACC ~10.5% · Moat spread +67.5pp

Financial Snapshot

ticker: CRWD step: 04 generated: 2026-05-12 source: quick-research

CrowdStrike Holdings, Inc. (CRWD) — Financial Snapshot

(CrowdStrike's fiscal year ends in late January; FY2026 ended ~Jan 31, 2026.)

Key ARR Metrics

Metric FY2024 FY2025 FY2026 YoY (FY26)
Ending ARR $3.44B $4.24B $5.25B +24%
Net New ARR $850M $819M $1.01B +25% (first year >$1B)
Falcon Flex ARR n/a nascent $1.69B +120%+
Cloud + Identity + NG-SIEM ARR $0.85B $1.3B+ $1.9B+ +45%+
Gross Retention 98% 97% 97% stable
Net Retention 119% 112% 115% recovering

Income Statement Summary

Metric FY2024 FY2025 FY2026 YoY (FY26)
Revenue $3.06B $3.95B ~$4.85B +23%
Subscription Gross Margin ~78% ~78% ~79% stable
Non-GAAP Operating Margin ~22% ~21% ~22% stable
Non-GAAP EPS $3.09 $3.93 ~$4.20 +7%
GAAP EPS $0.36 $0.21 (outage charges) ~$1.50 recovery

Cash Flow & Capital Allocation (FY2026)

Metric Value
Operating Cash Flow ~$1.4B+
Free Cash Flow ~$1.2B+
Free Cash Flow Margin ~25%
Share Repurchases ~$0.5B+
Dividend NONE
Cash & Marketable Securities ~$5B
Total Debt ~$0.8B (long-term notes)
Net Cash Position ~+$4B

Customer Metrics

Metric FY2026
Customers ~25,000+
Customers with 8+ Modules ~30%
Charlotte AI Usage Growth +600% YoY
New Falcon Flex Customers (Quarterly) ~350+
AI Workloads Tracked 1,800+ AI applications; 160M+ unique instances

Key Ratios (approximate)

  • P/E: ~50x (FY27E non-GAAP EPS) | EV/Revenue: ~22x | FCF Yield: ~1.1%
  • Revenue Growth (FY26): +23%
  • ARR Growth: +24%
  • Non-GAAP Operating Margin: ~22%
  • Free Cash Flow Margin: ~25%
  • Net Cash Position: ~+$4B
  • ARR Multiple: ~21x ARR
  • ROIC: ~50%+ (asset-light SaaS)
  • Dividend: NONE

Growth Profile

FY26 was a milestone year:

  • ARR crossed $5B (first pure-play cyber software company)
  • Net New ARR crossed $1B (first year)
  • Falcon Flex ARR +120% to $1.69B
  • Charlotte AI usage +600% YoY
  • Customer net retention 115% recovering from post-outage compression

The company's path to $10B ARR (long-term goal) is now on a clear trajectory:

  • ~3-4 year path at sustained +24% ARR growth
  • Multi-module + Flex consumption-based subscriptions driving expansion
  • AI (Charlotte) commercial monetization accelerating
  • International expansion (~35% of revenue, growing fastest)

The July 2024 outage incident is largely in the rearview mirror:

  • Customer Commitment Package subscription credits expensed FY25
  • Customer retention recovered to 97% gross + 115% net
  • Net New ARR re-accelerated to $1B+ in FY26

Forward Estimates

FY2027 Consensus:

  • Revenue: ~$6.0B+ (+25%)
  • Non-GAAP EPS: ~$5.50+ (+30%)
  • ARR target: ~$6.5B (+25%)

Bull case: AI + multi-module consolidation accelerates; Falcon Flex penetration reaches 50%; Charlotte AI standalone monetization; $10B ARR reached by FY28-29; multiple expands to 55x P/E; stock could reach $600. Bear case: Microsoft + PANW competitive pressure; Falcon Flex pricing leakage; ARR growth decelerates to 20% in FY27; multiple compresses to 40x P/E; stock stays $380-420. Consensus targets ~$500–580 vs. trading ~$430–460 (~10–25% implied upside).

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $CRWD.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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