# CrowdStrike Holdings Inc. (CRWD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CRWD/thesis · /stocks/CRWD/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CRWD/fundamental

## Navigation

- Overview: /stocks/CRWD
- Financials (this page): /stocks/CRWD/financials
- Thesis: /stocks/CRWD/thesis
- Investment Memo: /stocks/CRWD/memo
- Coverage universe: /stocks