CRWDNasdaqServices-Prepackaged SoftwareUS GAAP · USD

CrowdStrike Holdings, Inc.

CrowdStrike Holdings, Inc. builds the Falcon cybersecurity platform, a cloud-native, AI-driven system designed to stop breaches across endpoints, identities, cloud workloads, and third-party data sources. The company sells modular security subscriptions through a single lightweight agent, helping customers consolidate legacy point products into one platform with automation and threat detection at scale.

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Revenue4,812m USD
+21.7 %y/y
Operating profit (EBIT)-293m USD
−152.0 %y/y
EBIT margin-6.1%
−3.2 ppy/y
Net income-163m USD
−743.2 %y/y
Free cash flow1,310m USD
+16.3 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2,00002,0004,0006,000m USD2021: 874 m USD2021: EBIT -93 m USD20212022: 1,452 m USD2022: EBIT -143 m USD20222023: 2,241 m USD2023: EBIT -190 m USD20232024: 3,056 m USD2024: EBIT -2.0 m USD20242025: 3,954 m USD2025: EBIT -116 m USD20252026: 4,812 m USD2026: EBIT -293 m USD20264,812-293
RevenueOperating profit (EBIT)

Business

Share of revenue
Falcon platform subscriptions80 %

Core recurring subscriptions for access to the cloud-native Falcon platform and its modular security capabilities.

Cloud modules10 %

Add-on modules that expand protection across endpoints, cloud workloads, identities, and data.

Falcon Complete and managed services5 %

Turnkey managed detection, remediation, and response offerings for customers with limited security staff.

Incident response and proactive services5 %

Professional services used to investigate incidents and support customers before and after breaches.

Products

Reported · share of revenue
94.9%FY2026100 %
  • Subscription and Circulation94.9 %
  • Professional Services5.1 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

CrowdStrike sells primarily to enterprises, government organizations, and high-profile brands that need modern endpoint and cloud security. It also serves small and medium-sized businesses through inside sales and trial-to-pay motions, while managed security service providers buy on behalf of multiple end customers. The company’s platform approach supports both large-scale consolidation projects and smaller deployments with limited internal security expertise.

Large enterprises

Buy broad Falcon deployments and multiple modules to replace legacy point products and consolidate security operations.

Government organizations

Buy cloud-native endpoint and identity protection to defend sensitive systems and regulated environments.

Small and medium-sized businesses

Buy simpler, lower-touch subscriptions and managed offerings because they lack large in-house security teams.

Managed Security Service Providers

Buy CrowdStrike solutions for resale or service delivery across many end customers, expanding reach efficiently.

Strategy

CrowdStrike’s strategy is to deepen its role as the cybersecurity consolidation platform by adding modules and expanding deployments within existing customers. It is also investing heavily in sales, marketing, and R&D to broaden reach into smaller organizations and international markets, while using incident response and proactive services to seed future subscription sales. The company also expects to pursue acquisitions that complement the Falcon platform and extend its technology and customer reach.

Platform consolidation and module expansionMedium term

More modules per customer increase retention, expand ARR, and strengthen the platform’s switching costs.

Broaden customer reachShort term

Growth depends on acquiring new customers across sizes, industries, and geographies.

Invest in product innovationMedium term

AI-native automation and new modules support differentiation and defend against legacy competitors.

Selective acquisitionsMedium term

Acquisitions can add technology, security expertise, and access to new markets or customers.

Geography

Q2/2026

CrowdStrike sells worldwide and emphasizes international expansion alongside its U.S. base. The reports do not provide a country revenue split, but management says the company serves customers across industries and geographies and continues investing in domestic and international growth. Its cloud delivery model and global partner ecosystem reduce dependence on any single market, but also expose it to cross-border cybersecurity, regulatory, and vendor risks.

United States66 %
Europe, Middle East and Africa17 %
Asia Pacific11 %
Other countries (US filing)6.5 %

Share of the revenue the company reports by geography.

Risks

CrowdStrike faces execution risk if customers slow adoption of cloud-based security or delay migration away from legacy on-premise tools. Because the company depends on trust and continuous service delivery, cyber incidents, outages, or third-party vendor failures can damage reputation and sales, while rapid growth also creates pressure on spending, compliance, and cash needs. Competitive intensity, customer concentration at the enterprise level, and the need to sustain high retention and expansion are additional operating risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity incident or service interruption1Cloud security adoption may be slower than expected2Customer retention and expansion pressure3Third-party provider and cloud infrastructure dependence4High operating investment requirements5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity incident or service interruptionImpact: CriticalLikelihood: High

    A breach, outage, or misuse of CrowdStrike systems could harm reputation and customer trust.

    ExposurePlatform credibilityRenewalsNew sales
  2. Cloud security adoption may be slower than expectedImpact: HighLikelihood: High

    Many organizations still rely on legacy on-premise products and may delay migration.

    Exposure: Subscription growth and new customer acquisition

  3. Customer retention and expansion pressureImpact: HighLikelihood: High

    Revenue depends on renewals, module expansion, and higher endpoint penetration.

    Exposure: ARR growth and net retention

  4. Third-party provider and cloud infrastructure dependenceImpact: HighLikelihood: Medium

    The company relies on vendors such as cloud hosting providers to process and transmit data.

    ExposureAvailabilityCost structureOperational continuity
  5. High operating investment requirementsImpact: MediumLikelihood: Medium

    Management expects continued spending on sales, marketing, R&D, and public-company overhead.

    Exposure: Cash burn and profitability path

Accounting

Judgemental items
Revenue recognition and deferred revenue

Customers often prepay, so cash collection precedes revenue recognition and deferred revenue is material.

Impact: Affects reported revenue timing and the balance sheet liability for unearned subscriptions

Allowance for credit losses

Subscription receivables and customer credit quality require judgment.

Impact: Can affect operating income and receivables valuation

Income tax provisions and unrecognized tax benefits

Management must estimate uncertain tax positions and future cash outflows.

Impact: Can move tax expense and long-term liabilities

Loss contingencies and commitments

The company disclosed significant non-cancellable purchase commitments and potential liabilities.

Impact: Affects liquidity analysis and future expense recognition

Long-lived asset useful lives

Cloud infrastructure and other assets require estimates of useful life and recoverability.

Impact: Can affect depreciation expense and impairment risk

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Last updated: 24/09/2026