CrowdStrike Holdings, Inc. (CRWD) - Company Research

Last Updated: 27 August 2026

CrowdStrike Holdings sells cloud-delivered cybersecurity through a single lightweight agent called Falcon, and roughly 95% of what it earns is subscription revenue. The company reported its second quarter of fiscal 2027 after the close on 26 August 2026 — the day before this update — posting revenue of $1.47bn and record net new annual recurring revenue of $332.8m. It also completed a 4-for-1 stock split on 1 July 2026, which means every per-share figure published before June 2026 needs dividing by four before it can be compared with today's share price. This report sets out what the filings say, without ratings or price targets.

1. Company Snapshot

Field	Value
Ticker / exchange	CRWD — Nasdaq Global Select Market (Class A common stock)
Sector	Technology — infrastructure software (cybersecurity)
Headquarters	206 E. 9th Street, Suite 1400, Austin, Texas
Founded / listed	Founded 2011; IPO June 2019; S&P 500 constituent since 24 June 2024
CEO / Leadership	George Kurtz, co-founder, President and Chief Executive Officer since November 2011. Burt W. Podbere is Chief Financial Officer (since September 2015); Michael Sentonas is President. No C-suite changes were disclosed in the FY2026 10-K executive officer table dated 4 March 2026.
Employees	10,698 full-time employees as at 31 January 2026 (FY2026 Form 10-K)
Revenue (latest reported fiscal year)	$4,812.0m for FY2026 (year ended 31 January 2026), up 21.7%
Trailing twelve-month revenue	$5,396.2m for the twelve months ended 31 July 2026
Net income (FY2026, GAAP)	Net loss of $162.5m; GAAP diluted loss per share of $0.16 on the post-split basis
Annual recurring revenue	$5.84bn as at 31 July 2026, up 25% year on year
Market cap	Approximately $192.6bn, based on the 26 August 2026 closing price of $189.18 and 1,018.3m shares outstanding
Dividend	None. CrowdStrike has never declared or paid a dividend
Fiscal year end	31 January. FY2027 ends 31 January 2027

Related ChartsView tools: Live Charts for price action, and the Economic Calendar for the macro backdrop.

2. Bull and Bear Case

Bull Case

• Growth is accelerating, not decaying: net new ARR of $332.8m in Q2 FY2027 was a company record and rose 51% year on year, and ending ARR of $5.84bn grew 25% — faster than the 24% posted in Q1 FY2027 and in FY2026. Management raised its full-year net new ARR growth guidance by 630 basis points to 34% at the midpoint.
• Falcon Flex is compounding faster than the company: ARR sitting inside Falcon Flex accounts exceeded $2.29bn at 31 July 2026, up 101% year on year and now around 39% of total ARR. More than 380 accounts have expanded their commitment mid-term (the company calls this a "Reflex") at an average 26% ARR uplift, with roughly 100 repeat expanders adding a further 48%.
• Operating leverage has arrived: non-GAAP operating margin reached 25% in Q2 FY2027 against 22% a year earlier, with non-GAAP operating income of $371.6m up 46% on revenue growth of 26%. The GAAP operating loss narrowed from $105.5m to $33.2m and GAAP net income turned positive at $5.3m.
• The balance sheet is genuinely fortress-like: cash and equivalents of $5,013.8m at 31 July 2026 against a single $750.0m 3.00% senior note that does not mature until February 2029, giving roughly $4.3bn of net cash. Record Q2 operating cash flow of $530.3m equalled 36% of revenue.
• Platform consolidation is measurable: module adoption stood at 51% of subscription customers using six or more modules, 35% at seven or more and 26% at eight or more as at 31 July 2026, each up on the 50%/34%/24% recorded at 31 January 2026. Dollar-based net retention was 115% at the FY2026 year end.

Bear Case

• The multiple leaves no room for error: at $189.18 against FY2027 non-GAAP EPS guidance of $1.25 to $1.26, the stock trades on roughly 151 times guided adjusted earnings and about 35.7 times trailing revenue. Trailing GAAP earnings per share is negative.
• Stock-based compensation is enormous and still outgrowing revenue: share-based compensation plus related payroll taxes reached $399.0m in Q2 FY2027, or 27% of revenue, up 44% year on year against 26% revenue growth. The entire gap between the $371.6m non-GAAP operating profit and the $33.2m GAAP operating loss is that charge.
• Regulators are asking about ARR itself: the Q1 FY2027 10-Q discloses outstanding requests for information from both the Department of Justice and the Securities and Exchange Commission relating to the company's recognition of revenue and reporting of ARR for transactions with certain customers, as well as the July 2024 incident. ARR is the metric the equity story rests on.
• Disclosure has been withdrawn as the multiple has expanded: quarterly dollar-based net retention was dropped during FY2026 and is now annual only, dollar-based gross retention is no longer quantified at all, the five-or-more module adoption rate has gone, and the total subscription customer count no longer appears in the 10-K.
• Capital intensity is rising sharply: purchases of property and equipment ran at 8% of revenue in Q2 FY2027 against 3% a year earlier, and half-year capital expenditure including capitalised software rose from $151.0m to $271.1m. Free cash flow margin of 26% in the quarter trailed the 36% operating cash flow margin.

3. Segments and Revenue Breakdown

CrowdStrike operates as a single reportable segment. It discloses revenue in two categories, and reports annual recurring revenue as its principal operating metric.

Segment / category	% of revenue	What it is
Subscription	95.2% ($1,400.3m in Q2 FY2027; $4,564.7m, or 94.9%, in FY2026)	Cloud-delivered modules on the Falcon platform, sold on multi-year commitments and billed largely annually in advance. Non-GAAP subscription gross margin was 81% in Q2 FY2027. This is the entire economic engine.
Professional services	4.8% ($70.6m in Q2 FY2027; $247.3m, or 5.1%, in FY2026)	Incident response, proactive advisory and implementation work. Deliberately low margin — GAAP services gross margin was 10% in Q2 FY2027 — and used primarily as a route into subscription relationships.
Falcon Flex (a cross-cutting commercial model, not a separate revenue line)	Over $2.29bn of ARR, roughly 39% of the total	A single multi-year platform commitment from which the customer draws down modules as needed, rather than licensing products one procurement cycle at a time. ARR in Flex accounts grew 101% year on year and there are more than 1,600 Flex customers.

Operating metrics as at 31 July 2026: ARR $5.84bn (up 25%); net new ARR in the quarter $332.8m (up 51%); module adoption 51% at six or more modules, 35% at seven or more, 26% at eight or more. Dollar-based net retention was last quantified at 115% for the year ended 31 January 2026; the Q2 FY2027 release states only that gross and net retention both increased, without giving a figure.

4. Business Model and Moat

How it makes money. Around 95% of revenue is recurring subscription income from Falcon modules, billed largely annually in advance. That prepayment shows up as deferred revenue of $4,842.2m at 31 July 2026 ($3,497.1m current plus $1,345.1m non-current), which is more than three times the quarter's revenue and gives unusually good visibility. The remaining 5% is professional services, run near break-even on purpose.

The architecture is the moat. Falcon was built cloud-native around a single lightweight agent and a single data model. One sensor is deployed across the endpoint estate, and additional modules are switched on without redeploying anything — the company also offers in-application trial usage to cross-sell. That is the mechanical basis of the land-and-expand model, and it is why a customer running eight or more modules has in practice replaced an entire multi-vendor stack. Ripping Falcon out is an enterprise-wide project rather than a product swap.

Falcon Flex has become the primary go-to-market motion. Instead of separate purchase decisions per product, the customer signs one multi-year platform commitment and draws down modules against it. Mid-term expansions of that commitment are called Reflexes, and the disclosed economics are unusually specific: over 380 accounts have Reflexed at an average 26% ARR uplift, and roughly 100 that Reflexed more than once added a further 48%. In Q1 FY2027 CrowdStrike extended the model to its entire services portfolio with Flex for Services and a Zero Dollar Flex Fund.

Distribution is increasingly indirect. The FY2026 10-K names managed service providers and managed security service providers as a growing route to market, alongside the AWS, Google Cloud and Microsoft marketplaces. An expanded alliance announced in FY2026 lets customers buy Falcon on the Microsoft Marketplace against an existing Azure Consumption Commitment — that is, burn committed Azure spend on CrowdStrike. Falcon Go serves businesses with 100 endpoints or fewer as a separate low-touch tier, and is excluded from the module-adoption statistics.

Certification as a barrier. FedRAMP High authorisations for Charlotte AI for Gov, External Attack Surface Management and Falcon for XIoT, plus ISO/IEC 42001:2023 certification for AI management systems, are practical gatekeepers in government and regulated sectors that take competitors years to replicate.

5. Financial Health

All figures below come from CrowdStrike's quarterly earnings releases furnished on Form 8-K and its Form 10-K filings. Per-share amounts are stated on the post-split basis following the 4-for-1 stock split effected on 1 July 2026.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022 (to 31 Jan 2022)	1,451.6	+66.0%	$(0.26)	$0.17	Nil	$739.5m
FY2023 (to 31 Jan 2023)	2,241.2	+54.4%	$(0.20)	$0.39	Nil	$741.0m
FY2024 (to 31 Jan 2024)	3,055.6	+36.3%	$0.08‡	$0.77	Nil	$742.5m
FY2025 (to 31 Jan 2025)	3,953.6	+29.4%	$(0.02)	$0.81	Nil	$744.0m
FY2026 (to 31 Jan 2026)	4,812.0	+21.7%	$(0.16)	$0.93	Nil	$745.5m

† Per-share figures for FY2022 to FY2026 are the as-reported amounts divided by four to reflect the 4-for-1 split effected on 1 July 2026, consistent with the retroactive restatement in the Q2 FY2027 release. ‡ FY2024 GAAP diluted EPS was originally reported as $0.37 (pre-split) on net income attributable to CrowdStrike of $89.3m; the figure shown is the revised amount carried in the FY2026 Form 10-K following an immaterial correction to the timing of stock-based compensation recognition on awards granted in FY2022 and FY2023. Long-term debt is the carrying value of the $750.0m 3.00% senior notes due February 2029 net of unamortised issuance costs — the year-on-year increase is amortisation, not new borrowing, and there is no current portion of debt in any year shown. CrowdStrike reports no dividend in any period; capital return is via buyback only.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 FY2027 (to 31 Jul 2026)	1,470.9	$0.31	$0.01
Q1 FY2027 (to 30 Apr 2026)	1,385.6	$0.28	$0.03
Q4 FY2026 (to 31 Jan 2026)	1,305.4	$0.28	$0.04
Q3 FY2026 (to 31 Oct 2025)	1,234.2	$0.24	$(0.04)
Q2 FY2026 (to 31 Jul 2025)	1,169.0	$0.06	$(0.02)
FY2026 total (to 31 Jan 2026)	4,812.0	$0.93	$(0.16)

Q3 FY2026 revenue of $1,234.2m is derived by subtraction (FY2026 total $4,812.0m less Q4 $1,305.4m less first-half revenue of $2,272.4m); the company described it as "$1.23 billion" in the release dated 2 December 2025. Quarterly per-share figures are likewise stated on the post-split basis and rounded to two decimal places, so small amounts compress.

Cash flow and balance sheet. FY2026 operating cash flow was $1,612.3m against capital expenditure of $370.9m (property and equipment $302.1m plus capitalised internal-use software $68.8m), giving free cash flow of $1,241.5m. On a trailing twelve-month basis to 31 July 2026, operating cash flow was $2,016.6m and capital expenditure $491.0m, giving free cash flow of roughly $1,525.6m. Depreciation and amortisation was $250.2m in FY2026, plus a separate $31.2m of intangible amortisation. Cash and equivalents stood at $5,013.8m at 31 July 2026, with no separate short-term investments line; goodwill rose from $1,363.3m to $2,251.4m in six months on $881.4m of acquisition spend.

Guidance issued 26 August 2026. For FY2027 the company guides to total revenue of $5,991.1m to $6,011.1m, ending ARR of $6,603.0m to $6,611.9m, non-GAAP income from operations of $1,497.2m to $1,508.4m and non-GAAP diluted EPS of $1.25 to $1.26 on 1,044m shares. For Q3 FY2027 it guides to revenue of $1,523.2m to $1,529.2m and non-GAAP diluted EPS of $0.31. No GAAP guidance is given; the company states a reconciliation is not available without unreasonable effort. Note that a change to a 21.0% long-term projected non-GAAP tax rate, from 22.5%, was adopted prospectively from Q2 FY2026 and prior-period non-GAAP EPS was not restated.

6. Valuation

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$192.6bn (26 August 2026 close of $189.18 × 1,018.3m shares outstanding)
Enterprise value	~$188.4bn (market cap $192.6bn + total debt $0.75bn − cash $5.01bn, per the 31 July 2026 balance sheet). Enterprise value is below market cap because CrowdStrike holds roughly $4.3bn of net cash
Trailing P/E (GAAP)	n/m — trailing twelve-month GAAP diluted EPS is negative at $(0.04). For reference, on FY2026 non-GAAP diluted EPS of $0.93 (post-split) the stock trades at roughly 202 times adjusted earnings
P/E (forward)	~151x (share price $189.18 divided by the midpoint of company FY2027 non-GAAP diluted EPS guidance of $1.25 to $1.26, issued 26 August 2026). No GAAP guidance is provided by the company
P/S (TTM)	~35.7x (market cap $192.6bn / trailing twelve-month revenue $5,396.2m to 31 July 2026)
EV/EBITDA (TTM)	n/m — trailing GAAP EBITDA is only about $0.20bn (TTM GAAP operating loss of $133.0m plus TTM depreciation and amortisation of $332.6m, being $291.0m of D&A plus $41.7m of intangible amortisation), which computes to roughly 940x and carries no information. On the company's own non-GAAP operating income of $1,346m for the trailing twelve months, the equivalent multiple is about 140x
P/FCF	~126x (market cap $192.6bn / trailing twelve-month free cash flow $1,525.6m; free cash flow = operating cash flow $2,016.6m − capital expenditure $491.0m, being purchases of property and equipment plus capitalised internal-use software, for the twelve months to 31 July 2026). On the FY2026 fiscal year alone the multiple is about 155x
Price/book	~37x (market cap $192.6bn / total stockholders' equity $5,139.5m at 31 July 2026). Goodwill of $2,251.4m is 44% of that equity
52-week high	$227.50 (post-split basis)
52-week low	$85.68 (post-split basis)
Short interest (% of float)	2.41% (24,164,922 shares short against a float of 1,000,511,021), settlement date 14 August 2026 — before the 26 August earnings release, so this positioning predates the print
Days to cover	3.02 days, same 14 August 2026 settlement date
Dividend yield	Nil — no dividend has ever been paid

7. What Are They Building

Agentic AI is the stated centre of the roadmap. The Charlotte AI AgentWorks Ecosystem launched on 25 March 2026 with AWS, NVIDIA, OpenAI, Anthropic, Accenture, Deloitte, Kroll, Salesforce and Telefónica Tech as partners, alongside Agentic MDR delivered through Falcon Complete. In Q2 FY2027 the company unveiled Continuous Identity for AI Agents, extended Falcon AIDR across AI gateway partners including Databricks, Google Cloud, Kong, LiteLLM, Microsoft Azure and TrueFoundry, and formed a strategic collaboration with Cerebras Systems.

Project QuiltWorks is an attempt to own an industry standard. Launched 23 April 2026, it is a coalition to remediate vulnerabilities discovered by frontier AI models, with OpenAI and Anthropic as founding partners alongside Accenture, EY, IBM Cybersecurity Services and Kroll. It was expanded on 5 May 2026 to Cognizant, HCLTech, Infosys, KPMG, NTT DATA, TCS and Wipro; on 28 May 2026 into cyber insurance with Coalition, Liberty Mutual, Lockton, Marsh and Resilience; on 17 June 2026 with AWS into the cloud attack surface; and during Q2 FY2027 to small and medium businesses.

Buying capability rather than building it. Five acquisitions in roughly twelve months: Onum (approximately $290m) and Pangea (approximately $260m) in September 2025, then SGNL (approximately $740m, agreed 8 January 2026) for identity and continuous authorisation and Seraphic Security (agreed 13 January 2026, price undisclosed) for browser runtime security, both closing in Q1 FY2027 for $881.4m of cash. On 16 July 2026 the company agreed to acquire the intellectual property of XM Cyber — more than 45 patents and proprietary source code, with no revenue or customers transferring — expected to close in the second half of FY2027.

Sovereign and regional capacity. A partnership with Schwarz Digits and its STACKIT cloud is intended to deliver sovereign cybersecurity across Europe, expanded on 16 July 2026. Regional clouds have been announced for Saudi Arabia, India and the UAE, with an MoU signed with Aramco.

Selling on top of competitors. Falcon OverWatch for Defender, launched in Q1 FY2027, provides CrowdStrike-managed threat hunting on Microsoft's own endpoint agent — a route into accounts where Defender is already entrenched, and a candid read on where the installed base sits.

8. Peers and Competitive Position

Market capitalisations below were re-checked on 27 August 2026 against the previous session's closing prices.

Peer	Market cap (August 2026)	Key 2025/2026 metric
Palo Alto Networks (PANW)	~$276.5bn	FY2025 revenue $9,221.5m, up 14.9%; trailing twelve-month revenue $10,606.5m. Completed the $25bn acquisition of CyberArk on 11 February 2026, so CYBR no longer trades as a separate security
Fortinet (FTNT)	~$115.6bn	FY2025 revenue $6,799.6m, up 14.2%; Q2 2026 revenue $2.05bn, up 26%, with FY2026 guidance raised to $8.02bn to $8.18bn
Cloudflare (NET)	~$101.4bn	FY2025 revenue $2,167.9m, up 29.8% — the fastest grower in the group, and the only peer trading on a higher revenue multiple than CrowdStrike
Zscaler (ZS)	~$27.5bn	FY2025 revenue (year to 31 July 2025) $2,673.1m, up 23.3%
SentinelOne (S)	~$7.0bn	FY2026 revenue (year to 31 January 2026) $1,001.3m, up 21.9% — its first year above $1bn. Shares the same fiscal calendar as CrowdStrike, which is 4.8 times its revenue and 27 times its market value
Microsoft (MSFT)	~$3,685.8bn	FY2026 total revenue (year to 30 June 2026) $331,839m. Microsoft does not separately disclose security revenue, so no like-for-like figure exists; Defender is bundled into E5 at near-zero marginal cost to the customer

On enterprise value to trailing revenue, CrowdStrike sits at roughly 35 times against Palo Alto at about 26 times, Cloudflare at about 40 times, Fortinet at about 17 times, Zscaler at about 9 times and SentinelOne at about 7 times. The field is consolidating: Palo Alto's absorption of CyberArk creates a single vendor spanning network, endpoint, cloud and identity, which is the same platform argument CrowdStrike makes.

9. Insider Activity

George Kurtz, co-founder, President and Chief Executive Officer, has been the most active seller. His disposals are made under a Rule 10b5-1 trading plan adopted on 6 January 2026, and he has sold in at least nine separate windows between 25 June and 18 August 2026. Note the split trap: sales before 2 July 2026 were executed at pre-split prices of roughly $670 to $695, which is the same valuation level as the roughly $175 to $212 seen afterwards. Chief Financial Officer Burt W. Podbere's August sale was explicitly to cover tax withholding on restricted stock unit vesting rather than a discretionary disposal.

Name	Date	Type	Shares	Price	Value	Plan Type
George Kurtz (CEO)	18 Aug 2026	Sale	Not itemised	$209.72 – $211.51	Not itemised	Rule 10b5-1 plan adopted 6 Jan 2026
George Kurtz (CEO)	4 Aug 2026	Sale	Not itemised	$204.07 – $207.22	Not itemised	Rule 10b5-1 plan adopted 6 Jan 2026
Burt W. Podbere (CFO)	3 Aug 2026	Sale	7,622	$194.34 weighted average	~$1.48m	Not a 10b5-1 plan — sell-to-cover for RSU tax withholding under issuer policy
George Kurtz (CEO)	30 – 31 Jul 2026	Sale (15 tranches)	20,000	$178.72 – $191.45	~$3.70m	Rule 10b5-1 plan adopted 6 Jan 2026
George Kurtz (CEO)	28 Jul 2026	Sale	Not itemised	$174.70 – $183.24	Not itemised	Rule 10b5-1 plan adopted 6 Jan 2026
George Kurtz (CEO)	22 – 23 Jul 2026	Sale	Not itemised	$182.52 – $192.52	Not itemised	Rule 10b5-1 plan adopted 6 Jan 2026
George Kurtz (CEO)	9 Jul 2026	Sale	Not itemised	$188.55 – $196.82	Not itemised	Rule 10b5-1 plan adopted 6 Jan 2026
George Kurtz (CEO)	25 Jun 2026	Sale	Not itemised	$671.68 – $690.32 (pre-split)	Not itemised	Rule 10b5-1 plan adopted 6 Jan 2026
Burt W. Podbere (CFO)	22 Jun 2026	Sale	Not itemised	$685.05 – $694.49 (pre-split)	Not itemised	Per Form 4 filing

Every 2026 Form 4 reviewed is a disposal; no open-market insider purchases were found. After the 31 July 2026 sales Kurtz held 8,083,544 shares directly, including shares issuable on RSU vesting, plus 400,000 indirectly through the Kurtz Family Dynasty Trust. Podbere held 696,818 shares directly after his August sale.

10. Key Risks

• Valuation: roughly 151 times guided FY2027 adjusted earnings and about 35.7 times trailing revenue, with negative trailing GAAP earnings. The shares fell from $225.53 on 13 August 2026 to $185.38 on 25 August 2026 — a 17.8% drawdown — before the Q2 print, which is the sort of move this multiple invites on any disappointment.
• Regulatory inquiry into ARR reporting: both the Department of Justice and the SEC have outstanding requests for information covering the recognition of revenue and reporting of ARR for transactions with certain customers. This is an accounting question aimed squarely at the headline metric, not merely outage liability.
• Stock-based compensation dilution: $399.0m of share-based compensation and related payroll taxes in Q2 FY2027, equal to 27% of revenue and growing 44% year on year. Weighted basic shares rose from 999.6m to 1,019.4m over the year despite $175.6m of buybacks, so repurchases are not yet offsetting dilution.
• Competition from consolidating platforms: Palo Alto Networks is a roughly $276bn company that has absorbed CyberArk for $25bn, and Microsoft bundles Defender into E5 at near-zero marginal cost. CrowdStrike's own launch of Falcon OverWatch for Defender is an acknowledgement of how entrenched the competing agent already is.
• Reduced metric transparency: quarterly dollar-based net retention, dollar-based gross retention, the five-or-more module adoption rate and the total subscription customer count have all been withdrawn within roughly eighteen months. Less disclosure while defending a premium multiple and while regulators are asking about ARR is a governance point worth naming.
• Acquisition integration and goodwill: goodwill rose 65% in six months, from $1,363.3m to $2,251.4m, on $881.4m of cash paid for acquisitions in Q1 FY2027 alone. Goodwill is now roughly 44% of stockholders' equity, and intangible amortisation nearly doubled year on year to $25.7m in the half.
• Rising capital intensity: property and equipment purchases moved from 3% of revenue in Q2 FY2026 to 8% in Q2 FY2027, and half-year capital expenditure rose from $151.0m to $271.1m on AI infrastructure. If that continues to scale, the free cash flow conversion underpinning the valuation weakens.
• Concentration of renewal risk through Falcon Flex: more than $2.29bn of ARR, roughly 39% of the total, now sits inside multi-year Flex commitments. No customer above 10% of revenue is disclosed, so single-customer concentration is not evidenced, but Flex converts many small renewals into fewer, larger and more negotiable events.
• Residual outage litigation: Delta Air Lines' claim, seeking damages for approximately $380m of lost revenue and $170m of costs, survived dismissal on gross negligence on 16 May 2025 and remains in discovery with no trial date set. Customer commitment packages granted after the July 2024 incident are named as a forward-looking risk factor in the filings.
• AI cuts both ways: the growth case is staked on AI security demand, but the same technology lowers barriers for competitors and adversaries. CrowdStrike's own 2026 Threat Hunting Report found AI is now embedded across modern adversary operations. If AI-security budget proves to be re-labelled existing spend rather than incremental, the ARR reacceleration is not durable.

11. Recent Developments

• 26 Aug 2026 — Q2 FY2027 results beat and full-year outlook raised again. Revenue of $1,470.9m rose 26%, ARR reached $5.84bn (up 25%) and net new ARR of $332.8m was a record, up 51%. Falcon Flex ARR exceeded $2.29bn, up 101%. GAAP net income turned positive at $5.3m and non-GAAP diluted EPS was $0.31. Record Q2 operating cash flow of $530.3m and free cash flow of $377.4m. FY2027 net new ARR growth guidance was raised by 630 basis points to 34% at the midpoint. The shares rose as much as 12% in extended trading.
• 18 Aug 2026 — Chief Executive continued programmatic selling. George Kurtz filed a further Form 4 covering sales at $209.72 to $211.51 under the Rule 10b5-1 plan adopted 6 January 2026.
• 16 Jul 2026 — XM Cyber intellectual property agreed and Schwarz Digits partnership expanded. CrowdStrike agreed to acquire more than 45 patents and proprietary source code from XM Cyber, with no revenue or customers transferring; XM Cyber continues as a standalone business under an IP licence. Expected to close in the second half of FY2027.
• 1 Jul 2026 — 4-for-1 stock split effected. Distributed after the close in the form of a stock dividend of three additional shares per share held, with a record date of 25 June 2026. Split-adjusted trading began 2 July 2026.
• 17 Jun 2026 — Project QuiltWorks extended with AWS. The coalition's remit widened to the cloud attack surface.
• 3 Jun 2026 — Q1 FY2027 results and split announcement. Revenue of $1,385.6m rose 26%, ARR reached $5.51bn (up 24%) and record Q1 net new ARR of $255.8m rose 32%. Record operating cash flow of $590.9m and free cash flow of $468.5m. FY2027 net new ARR guidance was raised 520 basis points, and the 4-for-1 split was announced.
• 20 May 2026 — Fifth Circuit affirmed dismissal of the passenger class action. The consolidated airline-passenger class action arising from the July 2024 incident was disposed of on appeal.
• 28 May 2026 — QuiltWorks extended into cyber insurance. Coalition, Liberty Mutual, Lockton, Marsh and Resilience joined to address financial exposure.
• 16 Apr 2026 — Western District of Texas derivative suits dismissed. This followed dismissals of the consolidated Delaware Chancery derivative actions on 18 March 2026 and a second consolidated set on 7 April 2026.
• 6 Apr 2026 — buyback authorisation increased to $1.5bn. The board authorised an additional $500.0m on top of the $1.0bn programme approved in June 2025. There is no fixed expiry.
• 25 Mar 2026 — Charlotte AI AgentWorks Ecosystem launched at RSA. Partners included AWS, NVIDIA, OpenAI, Anthropic, Accenture, Deloitte, Kroll, Salesforce and Telefónica Tech, alongside Agentic MDR through Falcon Complete.
• 3 Mar 2026 — Q4 and FY2026 results, and a ten-year ARR target. Q4 revenue of $1,305.4m rose 23%, ARR reached $5.25bn and FY2026 net new ARR passed $1bn for the first time. The company set a target of $20bn of ending ARR by FY2036.
• 3 Feb 2026 — Seraphic Security acquisition closed. The SGNL acquisition closed in the same quarter, with combined cash consideration of $881.4m.
• 12 Jan 2026 — securities class action dismissed. Judge Robert Pitman of the Western District of Texas dismissed all Section 10(b), Rule 10b-5 and Section 20(a) claims without prejudice; the lead plaintiff elected not to file an amended complaint by the 26 January 2026 deadline.

12. Key Dates

• 31 Aug 2026 — Fal.Con 2026 opens at Mandalay Bay, Las Vegas, with the Day Zero Threat Research Summit. The company's tenth and largest Fal.Con, running to 3 September 2026, with more than 10,000 attendees expected and in-person registration sold out. The most likely near-term source of product news.
• Expected Sep 2026 — Form 10-Q for Q2 FY2027. Only the Form 8-K had been furnished as at 27 August 2026; the Q1 10-Q followed its release by one day, so this filing is imminent. Worth reading for the updated buyback balance, legal proceedings and XM Cyber disclosure.
• 31 Oct 2026 — Q3 FY2027 quarter end, per the guidance table in the 26 August 2026 release.
• Expected Dec 2026 — Q3 FY2027 results. CrowdStrike had not announced a date as at 27 August 2026; it typically confirms roughly three weeks ahead. Q3 FY2026 was reported on 2 December 2025.
• Expected Jan 2027 — XM Cyber intellectual property acquisition expected to complete, within the company-stated window of the second half of FY2027 and subject to regulatory approvals.
• 31 Jan 2027 — FY2027 fiscal year end.
• Expected Mar 2027 — Q4 and full-year FY2027 results. FY2026 was reported on 3 March 2026 and FY2025 on 4 March 2025.
• TBC — Delta Air Lines v. CrowdStrike. Discovery is ongoing in the Metro Atlanta Business Case Division and no trial date has been set.
• Expected Feb 2029 — the $750.0m 3.00% senior notes mature. This is the company's only debt instrument.

No investor day has been announced for the forward period, and no lock-up applies — CrowdStrike listed in June 2019. Discussion of these dates continues on the ChartsView Forum.

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