CrowdStrike Holdings, Inc.

ir.crowdstrike.com

What Do They Do?

Sells a cloud-based cybersecurity platform and security services that protect endpoints, cloud workloads, identities, and data for businesses and government organizations.

How Do They Make Money?

Subscriptions give customers access to Falcon modules priced by module and endpoint; fees are typically payable within 30 to 60 days after signing, then at renewal or in installments. Professional services are generally priced by time and materials.

revenue

Segment	Share	Revenue	How money arrives
Subscription cost of revenue Recurring	95% FY2023: 94%		Recurring
Professional services cost of revenue Usage-based	5.1% FY2023: 5.8%		Usage-based

Who Are Their Customers?

Customers include large enterprises, government organizations and brands, with sales also targeting small and medium-sized businesses. CrowdStrike sells primarily through its direct sales team, which works with channel partners.

Do Revenues Turn Into Profits?

Not on paper. It lost $162.5M in FY2026, but brought in more cash than it spent: $1.3B of free cash flow.

Operating income, FY2026

−6% of revenue

▲ +152% (Loss) vs FY2025 (−$116.4M, −3%)

Net income, FY2026

−3% of revenue

▲ +966% (Loss) vs FY2025 (−$15.2M, 0%)

Free cash flow, FY2026

27% of revenue

▲ +16% vs FY2025 ($1.1B, 29%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Jul 31, 2026

Revenue: ▲ +26%; vs $1.2B in Q2 FY2026
Net income: ▲ Now profitable; vs −$70.2M in Q2 FY2026

Subscription share of revenue vs 94.4% in Q2 FY2026

Aug 26, 2026 Raised net new ARR growth guidance Raised the midpoint to 34% year-over-year growth, an increase of 630 basis points.

Growing. Revenue grew 3.3x in 4 years, from $1.5B in FY2022 to $4.8B in FY2026, about 35% a year.

Revenue over time

Subscription cost of revenue Professional services cost of revenue

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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