October 12, 2026·72 min read

CrowdStrike Holdings, Inc. (CRWD), Financial Analysis

Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.

Figures are read from the Forms 10-K for FY2022 to FY2026, the Forms 10-Q for Q3 FY2025 to Q2 FY2027, the Forms 8-K of March 2023 to August 2026 with their quarterly earnings exhibits 99.1, the proxy statements of May 2025 and May 2026, the Form 424B4 prospectus of June 2019, Schedules 13G, Forms 13F and Forms 4 and 144 on the record for central index key 1535527, together with the comparable filings of six peers. Accession numbers for every filing used appear in the Sources appendix. Market prices are closing prices of 9 October 2026.

CrowdStrike (CRWD) closed at $275.04 on 9 October 2026, 51.4x enterprise value (EV) to sales of the trailing twelve months (TTM), against a peer median of 15.5x. Q2 FY2027 revenue rose 25.8% to $1.47bn, net new annual recurring revenue (ARR) rose 51% to $332.8m and GAAP operating loss was $33.2m.

All share counts, per share figures and prices are on the basis after the four for one split effective after the close on 1 July 2026; annual meeting vote counts are as filed, before the split.

Key findings

Q2 FY2027 (quarter ended 31 July 2026) revenue was $1.47bn, up 25.8% year on year; ending ARR, the annualized value of subscription contracts, was $5.84bn, up 25%, and guidance of 26 August 2026 puts FY2027 net new ARR growth at 34.0% at midpoint against 22.5% on 3 March 2026.
GAAP operating loss was $33.2m, (2.3)% of revenue, against $105.5m a year earlier, and non GAAP operating income was $371.6m, 25.3% of revenue; the two measures differ mainly by stock based compensation (SBC) and related employer payroll taxes of $399.0m, 27.1% of revenue.
Net cash was $4.27bn at 31 July 2026 and TTM free cash flow (FCF, operating cash flow less purchases of property and equipment and capitalized internal use software) was $1.53bn, 28.3% of revenue; remaining performance obligations (RPO) rose 48.6% to $10.7bn and non cancelable purchase obligations were $4.14bn, with $2.9bn more committed after 31 July 2026.
At $275.04 shares trade at 51.4x EV / sales and 184.6x price to FCF (P / FCF), against medians of 15.5x and 66.1x for six security software peers; TTM diluted GAAP EPS is $0.04, at which P / E is not meaningful (n/m).
At the annual meeting of 17 June 2026 the advisory ratification of supermajority voting provisions received 24.0m votes for and 144.9m against (14.2% of for plus against); directors Johanna Flower and Denis J. O'Leary were elected with 131.0m and 104.3m votes for and 39.0m and 65.7m withheld (77.0% and 61.3% for).
The proxy of 5 May 2026 reports FY2026 total compensation of the Chief Executive Officer of $247.58m, of which $242.12m is grant date fair value of stock awards, and a pay ratio of 1,391 to 1.
Forms 4 report open market sales of 4.10m shares for $759.34m and open market purchases of 0 in the twelve months to 10 October 2026, of which 1.71m shares for $419.85m from 1 August to 7 October 2026; Form 144 notices in the same twelve months cover 14.99m shares at $2.09bn stated market value.
Of four groups of lawsuits over the 19 July 2024 outage, three ended in dismissal by 15 June 2026 and the Delta case filed on 25 October 2024 is in discovery; the 10-Q reports information requests from the Department of Justice and the SEC and states the company is cooperating.
Three sets of stated assumptions for FY2028 to FY2030 give arithmetic outcomes of $67, $263 and $748 per share at end FY2030.

Table 0.1 CrowdStrike at a glance

Measure	Value	Basis
Share price	$275.04	Close, 9 October 2026
Market cap	$281.6bn	1.02bn shares, 10-Q cover, 20 August 2026
Net cash	$4.27bn	Cash and investments $5.01bn less senior notes $746m, 31 July 2026
EV	$277.4bn	Market cap less net cash
TTM revenue	$5.40bn	Q3 FY2026 to Q2 FY2027
TTM revenue growth	24.3%	Against the prior four quarters; Q2 FY2027: 25.8%
Operating margin, Q2 FY2027	(2.3)% GAAP; 25.3% non GAAP	Non GAAP as reported by the company
TTM FCF margin	28.3%	FCF of $1.53bn
Ending ARR	$5.84bn	31 July 2026; up 25% year on year
RPO	$10.7bn	31 July 2026; 46% due within 12 months
EV / sales	51.4x	TTM revenue; peer median 15.5x
P / FCF	184.6x	Market cap over TTM FCF; peer median 66.1x
TTM diluted GAAP EPS	$0.04	Q3 FY2026 to Q2 FY2027; P / E n/m
Diluted shares	1.04bn	Q2 FY2027 weighted average

Source: 10-Q Q2 FY2027, 8-K Exhibit 99.1 of 26 August 2026, SEC filings via SEC-API.io; Market data, 9 October 2026

1 Revenue & Business Model

Subscriptions supplied 95.2% of Q2 FY2027 revenue of $1.47bn, which rose 25.8% year on year, and ending ARR reached $5.84bn, up 25%.

CrowdStrike business model and revenue model

CrowdStrike sells one product family, the Falcon cybersecurity platform, as a subscription. Falcon Flex, a licensing model under which a customer commits spend upfront and draws it down across modules, carried more than $2.29bn of ending ARR at 31 July 2026, 39.2% of the total.

Table 1.1 Business model as filed

Item	As filed
Product	Falcon platform: 32 cloud modules at 31 January 2026 and 33 at the 10-K filing date of 4 March 2026 (29 at the FY2025 10-K filing date), delivered as software as a service through one sensor
Pricing units	Per endpoint, identity, cloud sensor, user, device and gigabyte of daily ingestion
Revenue recognition	Subscriptions ratably over terms of generally one to three years, invoiced mostly at the start of the term; professional services as performed
Sales channel	Direct sales team working through resellers, distributors, managed security service providers, system integrators and cloud marketplaces
Customers	More than 88,000 organizations at 31 January 2026 (more than 74,000 a year earlier), including end customers of managed security service providers
Customers or channel partners at 10% of revenue or more	0 in Q2 FY2027, H1 FY2027, FY2026, FY2025 and FY2024
Reportable segments	1
Infrastructure	Data center co location facilities in the United States and Europe plus third party data centers in both regions
Full time employees	11,706 at 31 July 2026; 10,698 at 31 January 2026
Customer commitment packages after the 19 July 2024 incident	Discounts, added modules, professional services, flexible payment terms or longer subscription periods; the 10-Q reports increased contraction and lower upsell values as a result
Changes in definitions and comparatives	FY2025 and FY2024 statements revised in the FY2026 10-K for an immaterial error, with revenue unchanged; about $26.0m excluded from ARR in Q3 FY2025 after a notice from a federal distributor

Source: 10-K FY2026, 10-K FY2025, 10-Q Q2 FY2027, 10-Q Q3 FY2025 (SEC filings via SEC-API.io)

Revenue by type: subscription and professional services

Figure 1.1 Revenue by type, FY2022 to FY2026 ($bn, subscription share in bars)

Table 1.2 Revenue by type, FY2022 to H1 FY2027

Revenue	FY2022	FY2023	FY2024	FY2025	FY2026	H1 FY2026	H1 FY2027
Subscription	$1.36bn	$2.11bn	$2.87bn	$3.76bn	$4.56bn	$2.15bn	$2.72bn
Professional services	$92m	$130m	$185m	$192m	$247m	$119m	$135m
Total	$1.45bn	$2.24bn	$3.06bn	$3.95bn	$4.81bn	$2.27bn	$2.86bn
Total, growth year on year	n/a	54%	36%	29%	22%	n/a	26%
Subscription share	93.7%	94.2%	93.9%	95.1%	94.9%	94.8%	95.3%

Source: 10-K FY2026, 10-K FY2024, 10-Q Q2 FY2027 (SEC filings via SEC-API.io)

Revenue by region

United States share of revenue was 64.9% in Q2 FY2027 against 67.1% a year earlier, as revenue from Europe, Middle East and Africa rose 40%.

Figure 1.2 Revenue share by region, FY2022 to H1 FY2027 (% of revenue)

Table 1.3 Revenue by region, FY2022 to H1 FY2027

Region	FY2022	FY2023	FY2024	FY2025	FY2026	H1 FY2027	FY2026 growth	H1 FY2027 growth	Q2 FY2027 growth
United States	$1.05bn	$1.56bn	$2.09bn	$2.68bn	$3.22bn	$1.87bn	20%	22%	22%
Europe, Middle East and Africa	$200m	$328m	$468m	$619m	$783m	$499m	26%	37%	40%
Asia Pacific	$143m	$228m	$316m	$402m	$496m	$304m	23%	32%	34%
Other	$62m	$122m	$184m	$249m	$317m	$185m	27%	23%	21%
Total	$1.45bn	$2.24bn	$3.06bn	$3.95bn	$4.81bn	$2.86bn	22%	26%	26%

Source: 10-K FY2026, 10-K FY2024, 10-Q Q2 FY2027 (SEC filings via SEC-API.io)

ARR, net new ARR, retention and module adoption

Net new ARR was $332.8m in Q2 FY2027, up 51% year on year, and the 10-Q states that dollar based net retention improved on the prior quarter.

Figure 1.3 Ending ARR and net new ARR by quarter, Q1 FY2025 to Q2 FY2027

Table 1.4 Quarterly revenue, ARR and contract balances, Q3 FY2025 to Q2 FY2027

Metric	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027	Q2 FY2027
Revenue	$1.01bn	$1.06bn	$1.10bn	$1.17bn	$1.23bn	$1.31bn	$1.39bn	$1.47bn
Ending ARR	$4.02bn	$4.24bn	$4.44bn	$4.66bn	$4.92bn	$5.25bn	$5.51bn	$5.84bn
ARR growth year on year	27%	23%	22%	20%	23%	24%	24%	25%
Net new ARR (Q4 = change in ARR)	$153.0m	$224.3m	$193.8m	$221.1m	$265.3m	$330.7m	$255.8m	$332.8m
RPO	$5.4bn	$6.5bn	$6.8bn	$7.2bn	$7.9bn	$9.0bn	$8.8bn	$10.7bn
RPO due within 12 months	57%	53%	52%	52%	51%	51%	52%	46%
Deferred revenue	$3.20bn	$3.73bn	$3.77bn	$3.83bn	$4.06bn	$4.75bn	$4.72bn	$4.84bn
Backlog (contracted, still to be invoiced)	$2.2bn	$2.8bn	$3.0bn	$3.3bn	$3.8bn	$4.2bn	$4.0bn	$5.9bn

Source: 10-Q Q2 FY2027, 10-Q Q1 FY2027, 10-K FY2026, 10-Q Q3 FY2026, 10-Q Q2 FY2026, 10-Q Q1 FY2026, 10-K FY2025, 10-Q Q3 FY2025 (SEC filings via SEC-API.io)

Table 1.5 Module adoption and Falcon Flex ARR

Metric	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Subscription customers with 6 or more modules	48%	49%	50%	51%	51%
With 7 or more modules	33%	34%	34%	35%	35%
With 8 or more modules	23%	24%	24%	25%	26%
Ending ARR from Falcon Flex accounts	n/a	above $1.35bn	$1.69bn	n/a	above $2.29bn
Falcon Flex ARR growth year on year	n/a	more than 200%	over 120%	n/a	101%

Source: 8-K 26 Aug 2026, 8-K 3 Jun 2026, 8-K 3 Mar 2026, 8-K 2 Dec 2025, 8-K 27 Aug 2025 (SEC filings via SEC-API.io)

RPO, deferred revenue and purchase commitments

RPO rose 48.6% year on year to $10.7bn at 31 July 2026, with 46% due within 12 months against 52% a year earlier. Non cancelable purchase obligations, which include data center capacity, were $4.14bn against $2.77bn six months earlier (schedule in Table 5.3).

Figure 1.4 Contract balances and purchase obligations at period end ($bn)

Table 1.6 ARR, retention, RPO and purchase obligations at period end (deferred revenue in Tables 1.4 and 2.5)

Metric	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026	Jul 2026
Ending ARR	$1.73bn	$2.56bn	$3.44bn	$4.24bn	$5.25bn	$5.84bn
Dollar based net retention rate	124%	125%	119%	112%	115%	n/a
RPO	$2.3bn	$3.4bn	$4.6bn	$6.5bn	$9.0bn	$10.7bn
RPO due within 12 months	65%	63%	60%	53%	51%	46%
Non cancelable purchase obligations	$178m	$271m	$748m	$2.69bn	$2.77bn	$4.14bn

Source: 10-Q Q2 FY2027, 10-K FY2026, 10-K FY2025, 10-K FY2024, 10-K FY2023, 10-K FY2022 (SEC filings via SEC-API.io)

2 Financial Analysis & Ratios

Q2 FY2027 revenue rose 25.8% year on year to $1.47bn, GAAP operating loss narrowed to $33.2m from $105.5m and FCF was $379m, 25.8% of revenue (10-Q Q2 FY2027). Non GAAP operating income of $371.6m excludes $399.0m of SBC and related employer payroll taxes, 27.1% of revenue; GAAP operating margin was (2.3)% and non GAAP operating margin 25.3%.

CrowdStrike Q2 FY2027 results year on year

Table 2.1 What changed, Q2 FY2027 and H1 FY2027 against prior year (prior year as revised)

Metric	Q2 FY2027	Q2 FY2026	Change	H1 FY2027	H1 FY2026	Change
Revenue, $bn	1.47	1.17	25.8%	2.86	2.27	25.7%
Subscription revenue, $bn	1.40	1.10	27.0%	2.72	2.15	26.3%
Gross profit, $bn	1.10	0.86	27.5%	2.14	1.68	27.7%
Research and development, $m	444	343	29.7%	853	673	26.6%
Sales and marketing, $m	510	447	14.2%	999	886	12.7%
General and administrative, $m	176	177	(0.4)%	353	341	3.5%
Operating income (loss), $m	(33.2)	(105.5)	$72.2m	(63.8)	(224.2)	$160m
Non GAAP operating income, $m	372	255	45.8%	697	456	52.9%
Net income (loss) attributable to CrowdStrike, $m	5.3	(70.2)	$75.5m	33.1	(174.4)	$207m
Non GAAP net income, $m	323	237	36.0%	606	422	43.7%
Diluted EPS, $	0.01	(0.07)	$0.08	0.03	(0.17)	$0.20
Non GAAP diluted EPS, $	0.31	0.23	$0.08	0.58	0.41	$0.17
Gross margin	74.6%	73.6%	1.0 pts	74.9%	73.8%	1.2 pts
Subscription gross margin	77.8%	77.1%	0.7 pts	78.0%	77.1%	0.9 pts
Operating margin	(2.3)%	(9.0)%	6.8 pts	(2.2)%	(9.9)%	7.6 pts
Non GAAP operating margin	25.3%	21.8%	3.5 pts	24.4%	20.1%	4.3 pts
Net margin	0.4%	(6.0)%	6.4 pts	1.2%	(7.7)%	8.8 pts
Operating cash flow, $bn	0.53	0.33	59.3%	1.12	0.72	56.4%
Capital expenditure, $m	150.9	47.8	215.8%	271.1	151.0	79.6%
FCF, $m	379	285	33.1%	850	566	50.2%
FCF margin	25.8%	24.4%	1.4 pts	29.8%	24.9%	4.9 pts
FCF as defined by CrowdStrike (also deducts net purchases of deferred compensation investments), $m	377	284	33.1%	846	563	50.2%
SBC, $m	377	280	34.8%	675	527	27.9%
SBC as % of revenue	25.6%	23.9%	1.7 pts	23.6%	23.2%	0.4 pts
July 19 Incident costs (recoveries), net, $m	(14.5)	35.7	($50.2m)	3.6	75.4	(95.2)%
Strategic plan charges, $m	0	38.4	($38.4m)	0	45.0	($45.0m)
Acquisitions, net of cash acquired, $m	0	0	0	881	0	$881m
Share repurchases, $m	0	0	0	175.6	0	$176m
Diluted shares, bn	1.044	1.000	4.5%	1.038	0.997	4.1%

Source: 10-Q Q2 FY2027; 8-K Exhibit 99.1 of 26 August 2026

Figure 2.1 Quarterly revenue with GAAP and non GAAP operating margin, Q1 FY2025 to Q2 FY2027

Table 2.2 Quarterly financials, Q1 FY2026 to Q2 FY2027 (FY2026 quarters as revised; Q3 FY2026 is FY2026 less H1 and Q4)

Line	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027	Q2 FY2027
Revenue, $bn	1.10	1.17	1.23	1.31	1.39	1.47
Revenue growth year on year	19.8%	21.3%	22.2%	23.3%	25.6%	25.8%
Gross margin	73.9%	73.6%	75.2%	75.8%	75.3%	74.6%
Subscription gross margin	77.0%	77.1%	78.0%	78.7%	78.2%	77.8%
Operating income (loss), $m (Q3 FY2026 as first reported: (69.4))	(118.7)	(105.5)	(62.2)	(6.9)	(30.6)	(33.2)
Operating margin	(10.8)%	(9.0)%	(5.0)%	(0.5)%	(2.2)%	(2.3)%
Non GAAP operating income, $m	201	255	265	326	326	372
Non GAAP operating margin	18.2%	21.8%	21.4%	25.0%	23.5%	25.3%
Net income (loss) attributable to CrowdStrike, $m	(104.3)	(70.2)	(26.8)	38.7	27.8	5.3
Diluted EPS, $	(0.10)	(0.07)	(0.03)	0.04	0.03	0.01
Non GAAP diluted EPS, $	0.18	0.23	0.24	0.28	0.27	0.31
Operating cash flow, $m	384	333	398	498	591	530
Capital expenditure, $m	103.2	47.8	100.2	119.7	120.2	150.9
FCF, $m	281	285	297	378	471	379
FCF margin	25.5%	24.4%	24.1%	29.0%	34.0%	25.8%
SBC, $m	248	280	275	295	298	377
SBC as % of revenue	22.4%	23.9%	22.3%	22.6%	21.5%	25.6%
July 19 Incident costs (recoveries), net, $m	39.7	35.7	26.2	16.2	18.1	(14.5)
Strategic plan charges (benefits), $m	6.6	38.4	0.5	(0.7)	0	0
Cash and cash equivalents, $bn	4.61	4.97	4.80	5.23	4.55	5.01
Stockholders equity, $bn	3.45	3.76	4.02	4.43	4.63	5.10
Diluted shares, bn	0.994	1.000	1.005	1.033	1.032	1.044

Source: 10-Q Q1 FY2027, 10-Q Q2 FY2027, 10-Q Q3 FY2026, 10-K FY2026, 10-Q Q2 FY2026, 10-Q Q1 FY2026; 8-K Exhibit 99.1 of 3 June 2025, 27 August 2025, 2 December 2025, 3 March 2026, 3 June 2026, 26 August 2026

CrowdStrike GAAP and non GAAP operating income

Costs of the 19 July 2024 Falcon sensor outage (July 19 Incident) total $181m since FY2025; Q2 FY2027 carried a net recovery of $14.5m. FY2026 10-K revised FY2024 and FY2025 for timing of SBC expense, lowering the FY2024 operating result by $17.1m (10-K FY2026).

Figure 2.2 GAAP loss from operations to non GAAP income from operations, Q2 FY2027, $m

Table 2.3 GAAP to non GAAP operating income and net income, $m

Line, $m	Q2 FY2027	Q2 FY2026	H1 FY2027	H1 FY2026
GAAP loss from operations	(33.2)	(105.5)	(63.8)	(224.2)
Stock based compensation and related employer payroll taxes	399.0	276.7	716.6	542.3
Amortization of acquired intangible assets	13.3	7.6	25.7	15.3
Acquisition related expenses, net	6.7	1.3	14.2	1.8
Mark to market on deferred compensation liabilities	0.5	0.8	1.0	0.5
July 19 Incident costs (recoveries), net	(14.5)	35.7	3.6	75.4
Strategic plan related charges	0.0	38.4	0.0	45.0
Non GAAP income from operations	371.6	255.0	697.3	456.1
GAAP net income (loss) attributable to CrowdStrike	5.3	(70.2)	33.1	(174.4)
Non GAAP income tax adjustments	(87.2)	(52.6)	(169.5)	(85.1)
Gains on strategic investments attributable to CrowdStrike	0.0	0.0	(18.2)	0.8
Non GAAP net income attributable to CrowdStrike	322.9	237.4	606.3	422.1

Source: 8-K Exhibit 99.1 of 26 August 2026

Table 2.4 One off items disclosed, FY2022 to FY2026 (FY2027 quarters in Tables 2.2 and 2.3)

Period	Item	Charge or (gain), $m
FY2026	July 19 Incident costs, net	117.7
FY2026	Strategic plan charges, net (about 500 positions, 5% of workforce)	44.8
FY2025	July 19 Incident costs, net	60.1
FY2025	Prior period SBC revision, effect on operating result	(4.0)
FY2024	Prior period SBC revision, effect on operating result	17.1
FY2024	Legal reserve and settlement charges	7.8
FY2022	Legal reserve and settlement charges	9.5

Source: 8-K Exhibit 99.1 of 3 March 2026, 8-K Exhibit 99.1 of 4 March 2025, 8-K Exhibit 99.1 of 7 March 2023; 10-K FY2026

CrowdStrike income statement, balance sheet and cash flow, five years

Table 2.5 Income statement, balance sheet and cash flow, FY2022 to FY2026 (FY2024 to FY2026 as revised)

Line	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue, $bn	1.45	2.24	3.06	3.95	4.81
Gross profit, $bn	1.07	1.64	2.30	2.96	3.59
Research and development, $bn	0.37	0.61	0.78	1.08	1.38
Sales and marketing, $bn	0.62	0.90	1.14	1.52	1.83
General and administrative, $m	223	317	395	481	670
Operating income (loss), $m	(142.5)	(190.1)	(19.1)	(116.4)	(293.3)
Non GAAP operating income, $bn	0.20	0.36	0.66	0.88	1.05
Interest income, $m	3.8	52.5	148.9	196.2	195.0
Interest expense, $m	25.2	25.3	25.8	26.3	28.0
Income tax, $m	72.4	22.4	32.2	71.1	34.2
Net income (loss) attributable to CrowdStrike, $m	(234.8)	(183.2)	72.2	(15.2)	(162.5)
Non GAAP net income, $m	161	368	752	815	957
Operating cash flow, $bn	0.57	0.94	1.17	1.38	1.61
Purchases of property and equipment, $m	112	235	177	255	302
Capitalized internal use software, $m	20.9	29.1	49.5	59.0	68.8
FCF, $bn (FCF as defined by CrowdStrike: same at two decimals)	0.44	0.68	0.94	1.07	1.24
SBC, $bn	0.31	0.53	0.65	0.86	1.10
Acquisitions, net of cash acquired, $m	415	18	239	310	382
Share repurchases, $m	0	0	0	0	0
Cash and short term investments, $bn	2.00	2.71	3.47	4.32	5.23
Senior notes (3.00%, due February 2029), $m	740	741	742	744	745
Accounts receivable, $bn	0.37	0.63	0.85	1.13	1.36
Goodwill, $bn	0.42	0.43	0.64	0.91	1.36
Total assets, $bn	3.62	5.03	6.65	8.70	11.09
Deferred revenue, $bn	1.53	2.36	3.05	3.73	4.75
Total liabilities, $bn	2.58	3.54	4.31	5.38	6.61
Stockholders equity, $bn	1.03	1.46	2.30	3.28	4.43

Source: 10-K FY2022, 10-K FY2023, 10-K FY2024, 10-K FY2025, 10-K FY2026; 8-K Exhibit 99.1 of 7 March 2023, 5 March 2024, 4 March 2025, 3 March 2026

Figure 2.3 Operating cash flow, free cash flow and stock based compensation, FY2022 to TTM Q2 FY2027

CrowdStrike ratio analysis

Table 2.6 Ratios, FY2022 to FY2026 and TTM (Q3 FY2026 to Q2 FY2027); non GAAP FY2022 to FY2024 as published before the FY2026 change in method

Ratio	FY2022	FY2023	FY2024	FY2025	FY2026	TTM Q2 FY2027
Revenue growth	66.0%	54.4%	36.3%	29.4%	21.7%	24.3%
Gross margin	73.6%	73.2%	75.2%	75.0%	74.7%	75.2%
Subscription gross margin	76.3%	75.8%	78.0%	77.8%	77.7%	78.2%
Operating margin	(9.8)%	(8.5)%	(0.6)%	(2.9)%	(6.1)%	(2.5)%
Non GAAP operating margin	13.5%	15.9%	21.6%	22.3%	21.7%	23.9%
Net margin	(16.2)%	(8.2)%	2.4%	(0.4)%	(3.4)%	0.8%
FCF margin	30.4%	30.2%	30.8%	27.0%	25.8%	28.3%
SBC as % of revenue	21.4%	23.5%	21.2%	21.8%	22.8%	23.1%
Research and development as % of revenue	25.6%	27.1%	25.5%	27.2%	28.8%	29.0%
Sales and marketing as % of revenue	42.5%	40.4%	37.3%	38.5%	38.1%	36.0%
ROE (net income over average equity)	(24.8)%	(14.7)%	3.8%	(0.5)%	(4.2)%	1.0%
ROIC (return on invested capital: operating income taxed at 21% over average debt plus equity)	(6.7)%	(7.6)%	(0.6)%	(2.6)%	(5.0)%	(2.0)%
ROA (net income over average assets)	(7.4)%	(4.2)%	1.2%	(0.2)%	(1.6)%	0.4%
Current ratio	1.83x	1.73x	1.76x	1.77x	1.77x	1.57x
Debt to equity	0.72x	0.51x	0.32x	0.23x	0.17x	0.15x
Net cash, $bn	1.26	1.96	2.73	3.58	4.48	4.27
Interest cover (operating income over interest expense)	(5.6)x	(7.5)x	(0.7)x	(4.4)x	(10.5)x	(5.0)x
Interest cover on non GAAP operating income	7.8x	14.0x	25.6x	33.4x	37.3x	48.3x
DSO (days sales outstanding: period end receivables over revenue times 365)	93	102	102	104	103	70
Inventory, $m	0	0	0	0	0	0
Asset turnover	0.46x	0.52x	0.52x	0.52x	0.49x	0.51x
Capital expenditure as % of revenue	9.2%	11.8%	7.4%	7.9%	7.7%	9.1%
Diluted EPS, $	(0.26)	(0.20)	0.07	(0.02)	(0.16)	0.04
Non GAAP diluted EPS, $	0.17	0.39	0.77	0.81	0.93	1.10
FCF per diluted share, $	0.49	0.73	0.96	1.09	1.24	1.46
Diluted shares, bn	0.909	0.933	0.975	0.979	1.002	1.044
Basic weighted shares, growth year on year (last column: Q2 FY2027 against Q2 FY2026)	4.3%	2.6%	2.4%	2.6%	2.4%	2.0%
Share repurchases as % of FCF	0.0%	0.0%	0.0%	0.0%	0.0%	11.5%
Dividends, $m	0	0	0	0	0	0
Deferred revenue growth	67.7%	54.0%	29.7%	22.1%	27.5%	26.3%
RPO growth	n/a	47.8%	35.3%	41.3%	38.5%	48.6%

Source: 10-K FY2022, 10-K FY2023, 10-K FY2024, 10-K FY2025, 10-K FY2026; 8-K Exhibit 99.1 of 7 March 2023, 5 March 2024, 4 March 2025, 3 March 2026; 10-Q Q2 FY2027, 10-Q Q2 FY2026; 8-K Exhibit 99.1 of 26 August 2026

H1 FY2027 share repurchases of $176m for 1.92m shares equal 20.7% of FCF against SBC of $675m; basic weighted shares rose 2.0% in Q2 FY2027 against Q2 FY2026 and $1.30bn remains authorized. Net cash was $4.27bn at 31 July 2026 after $881m paid for Seraphic and SGNL in Q1 FY2027.

Figure 2.4 Remaining performance obligations, cash, deferred revenue and senior notes at period end, $bn

3 MD&A & Management Commentary

CrowdStrike raised FY2027 guidance twice: midpoint growth in net new ARR moved from 22.5% on 3 March 2026 to 27.7% on 3 June and 34.0% on 26 August 2026, and Q2 FY2027 revenue of $1.471bn was 2.2% above guidance midpoint.

CrowdStrike guidance against actual results

Revenue closed above the top of the guided range in five of six quarters, by 0.4% to 2.0%; Q1 FY2026 revenue of $1.103bn fell inside its range.

Table 3.1 Quarterly guidance against reported result, Q1 FY2026 to Q3 FY2027

Quarter	Guidance issued	Revenue guidance	Revenue reported	Against midpoint	Non GAAP income from operations, guidance	Reported	Non GAAP EPS diluted, guidance (split adjusted)	Reported
Q1 FY2026	4 March 2025	$1.101bn to $1.106bn	$1.103bn	0.0%	$173.1m to $180.0m	$201.1m	$0.160 to $0.165	$0.183
Q2 FY2026	3 June 2025	$1.145bn to $1.152bn	$1.169bn	1.8%	$226.9m to $233.1m	$255.0m	$0.205 to $0.210	$0.233
Q3 FY2026	27 August 2025	$1.208bn to $1.218bn	$1.234bn	1.8%	$256.0m to $262.0m	$264.6m	$0.233 to $0.238	$0.240
Q4 FY2026	2 December 2025	$1.290bn to $1.300bn	$1.305bn	0.8%	$315.4m to $319.4m	$325.8m	$0.273 to $0.278	$0.280
Q1 FY2027	3 March 2026	$1.360bn to $1.364bn	$1.386bn	1.7%	$308.0m to $310.4m	$325.7m	$0.265 to $0.268	$0.275
Q2 FY2027	3 June 2026	$1.436bn to $1.442bn	$1.471bn	2.2%	$345.6m to $349.1m	$371.6m	$0.290 to $0.293	$0.31
Q3 FY2027	26 August 2026	$1.523bn to $1.529bn	n/a	n/a	$372.7m to $375.9m	n/a	$0.31	n/a

Source: 8-K Exhibit 99.1 releases of 4 March 2025, 3 June 2025, 27 August 2025, 2 December 2025, 3 March 2026, 3 June 2026, 26 August 2026

Figure 3.1 Reported result against midpoint of quarterly guidance, Q1 FY2026 to Q2 FY2027

FY2027 guidance changes and net new ARR outlook

Guidance of 26 August 2026 implies Q4 FY2027 net new ARR of about $421m at midpoints, 27% above Q4 FY2026, and Q4 revenue of about $1.62bn, up 24.0%.

Table 3.2 FY2027 guidance at each issuance and Q3 FY2027 guidance

Measure	3 March 2026	3 June 2026	26 August 2026 (current)
Ending ARR	$6.466bn to $6.516bn	$6.532bn to $6.556bn	$6.603bn to $6.612bn
Net new ARR implied by ending ARR guidance	$1.213bn to $1.264bn	$1.279bn to $1.303bn	$1.350bn to $1.359bn
Net new ARR growth at midpoint (FY2026 net new ARR $1.011bn)	22.5%	27.7%	34.0%
Total revenue	$5.868bn to $5.928bn	$5.915bn to $5.959bn	$5.991bn to $6.011bn
Revenue growth at midpoint (FY2026 revenue $4.812bn)	22.6%	23.4%	24.7%
Non GAAP income from operations	$1.422bn to $1.462bn	$1.452bn to $1.480bn	$1.497bn to $1.508bn
Non GAAP operating margin at midpoints	24.5%	24.7%	25.0%
Non GAAP EPS, diluted	$1.195 to $1.225	$1.220 to $1.240	$1.25 to $1.26
Diluted shares assumed	1.04bn	1.04bn	1.04bn
Q3 FY2027 guidance	n/a	n/a	Ending ARR $6.184bn to $6.188bn; net new ARR $343m to $347m, up 30% at midpoint; revenue range as in Table 3.1, up 23.7% at midpoint
FCF margin for FY2027 as stated by management (earnings calls, 3 March, 3 June and 26 August 2026)	At least 30%	At least 30%	At least 30%

Source: 8-K Exhibit 99.1, 3 March 2026, 8-K Exhibit 99.1, 3 June 2026, 8-K Exhibit 99.1, 26 August 2026; ARR base from 10-K, 4 March 2026, SEC filings via SEC-API.io; earnings calls, 3 March, 3 June and 26 August 2026

Figure 3.2 Full year revenue guidance range at each issuance date, FY2026 and FY2027

Figure 3.3 Net new ARR by quarter with guidance for H2 FY2027, $m

Management commentary in 8-K filings

Table 3.3 Management statements in 8-K filings, 10 October 2025 to 10 October 2026

Filed	Item	Subject	What the filing states
26 August 2026	2.02	Q2 FY2027 results	The CFO attributes the raised FY2027 outlook to Q2 results and Q3 pipeline.
3 June 2026	2.02	Q1 FY2027 results	The CFO raised expected FY2027 net new ARR growth to 27.7% at midpoint and names Q2 pipeline, retention, Falcon Flex and AI as supports.
20 April 2026	7.01	Rationale for the award to the President	Board cites growth from $3.06bn revenue in FY2024 to $4.81bn in FY2026 and ending ARR from $3.44bn to $5.25bn, the acquisitions of Pangea, Onum, SGNL and Seraphic Security, and an ambition of $20bn ending ARR.
6 April 2026	8.01	Share repurchase increase	The CFO states the company sees "a growing disconnect between our improving momentum fueled by AI tailwinds and our current valuation".
3 March 2026	2.02	Q4 and FY2026 results	The CFO states a goal of $20bn ending ARR in FY2036; the release of 6 April 2026 repeats it.
29 December 2025	7.01	Rationale for the award to the CEO	Board cites revenue growth from $250m in FY2019 to $3.95bn in FY2025, non GAAP operating margin of 22.3% in FY2025 and a $20bn ARR objective.
2 December 2025	2.02	Q3 FY2026 results	The CFO raised FY2026 guidance, lifted expected H2 FY2026 net new ARR growth to at least 50% and stated confidence in 20% net new ARR growth for FY2027.

Source: 8-K Exhibit 99.1 0001535527-26-000029, 8-K Exhibit 99.1 0001535527-26-000022, 8-K 0001535527-26-000022, 8-K 0001535527-26-000018, 8-K Exhibit 99.1 0001535527-26-000013, 8-K Exhibit 99.1 0001535527-26-000007, 8-K 0001104659-25-124912, 8-K Exhibit 99.1 0001535527-25-000030, SEC filings via SEC-API.io; results figures and award terms are in Table 5.1

Trends and risks management flags

Q2 FY2027 10-Q states that the 19 July 2024 incident "has adversely affected our results of operations" and expects effects on key metrics in future periods; the same quarter shows net new ARR up 51% year on year and a net incident recovery of $14.5m.

Table 3.4 Trends and risks named by management, with source and date

Topic	What management states	Source and date
AI demand	The CEO describes securing AI as the largest market opportunity in company history; the release names Falcon AI Detection and Response and a coalition with OpenAI and Anthropic called Project QuiltWorks.	8-K Exhibit 99.1, 3 June 2026; 8-K Exhibit 99.1, 26 August 2026
Revenue drivers	Q2 FY2027 subscription revenue rose $297.3m, or 27%, which MD&A attributes to new customers and to additional sensors and modules sold to existing customers.	10-Q, 26 August 2026
Retention	Management stated gross retention of 97% at 31 January 2026; the 10-K reports dollar based net retention of 115% at that date and the Q2 FY2027 release reports both rates increased.	Earnings call, 3 March 2026; 10-K, 4 March 2026; 8-K Exhibit 99.1, 26 August 2026
19 July 2024 incident	MD&A reports delays in creating sales opportunities and longer sales cycles, and states that customer commitment packages increase contraction and reduce upsell values. Accrued balance was $13.1m at 31 July 2026.	10-Q, 26 August 2026
Incident litigation	The 10-Q states that a loss is reasonably possible and that an amount or range cannot be estimated at the current stage; status of each matter is in Table 8.4.	10-Q, 26 August 2026
Commission accounting	The amortization period for initial commissions moved from four to five years in February 2026, lowering sales commission expense by $25.5m in Q2 FY2027 and $53.4m in H1 FY2027; management stated an FY2027 effect of $85m to $95m.	10-Q, 26 August 2026; Earnings call, 3 March 2026
Cost outlook	Management expects sales and marketing, research and development and administrative expenses to rise in dollars and gross margin to rise over the long term by an amount the 10-Q calls modest; research and development average headcount rose 17% in Q2 FY2027.	10-Q, 26 August 2026
Capital spending	Management stated capital expenditure of 7% to 8% of FY2027 revenue, weighted to H1.	Earnings call, 3 March 2026
Long term target	$20bn of ending ARR in FY2036, against $5.84bn at 31 July 2026.	8-K Exhibit 99.1, 3 March 2026; 10-Q, 26 August 2026

Source: filings linked in each row, SEC filings via SEC-API.io; earnings call, 3 March 2026

Figure 3.4 Costs (recoveries) associated with the July 19 Incident and related matters, net, $m

4 Sector & Competitor Analysis

CrowdStrike TTM revenue grew 24.3% to 31 July 2026 against a median of 22.8% for six security software peers, and shares trade at 51.4x EV / sales against a peer median of 15.5x (market data, 9 October 2026).

Cybersecurity market size and growth

Gartner sizes 2026 information security spending at $247.5bn, up 13.6% in current US dollars, and $372.8bn in 2030. CrowdStrike's TTM revenue of $5.40bn equals 4.3% of 2026 security software spending of $126.9bn.

Figure 4.1 Worldwide information security spending by category, 2026 and 2030

Table 4.1 Named research on cybersecurity market size and share

Source	Date	Finding
Gartner, Forecast: Information Security, Worldwide, 2024 to 2030, 3Q26, as reported by Software Strategies Blog	24 Sep 2026	Worldwide spending $217.7bn in 2025, $247.5bn in 2026 (up 13.6% in current US dollars, 12.7% in constant currency) and $372.8bn in 2030; in constant currency, growth of 11.2% in 2027 and 10.8% compound annual growth 2025 to 2030
Same Gartner forecast	24 Sep 2026	Enterprise endpoint protection $21.3bn in 2026 and $32.9bn in 2030; cloud security $16.6bn and $38.4bn, 24.1% compound annual growth
Same Gartner forecast	24 Sep 2026	Securing AI ecosystems and AI agents $3bn in 2026 and $16bn in 2030; security software share of spending 49.6% in 2024 and 55.6% in 2030
Gartner, same forecast series, 2Q26, as reported by Software Strategies Blog	25 Jun 2026	Network access control spending contracts 17.7% a year to 2030 and intrusion detection 8.3% a year; zero trust network access grows 20.9% a year
IDC, Worldwide Modern Endpoint Security Market Shares, 2024 (US53349725), as reported by Microsoft	May 2025	Microsoft ranked first in modern endpoint security with a 28.6% share in 2024 against 25.8% in 2023

Source: Gartner and IDC publications as reported by the publishers linked in the table; growth rates in rows 2 to 4 as reported, basis as in row 1 where stated

Platform consolidation, AI security and acquisitions

Palo Alto Networks completed four acquisitions between January and May 2026, including identity vendor CyberArk; its next generation security ARR reached $9.1bn against CrowdStrike's ending ARR of $5.84bn, each on the filer's own definition.

Table 4.2 Demand, consolidation and competition as filed

Company	Statement
CrowdStrike	Competitors listed in seven categories: legacy antivirus, alternative endpoint security, network security, cloud security, identity security, professional services and legacy SIEM (security information and event management) vendors
Palo Alto Networks	Acquisitions completed: Chronosphere on 29 Jan 2026, CyberArk on 11 Feb 2026, Koi on 14 Apr 2026, Portkey on 29 May 2026; next generation security ARR $9.1bn at 31 Jul 2026 against $5.6bn
Fortinet	Q2 2026 billings $2.37bn, up 33%; revenue $2.05bn against $1.63bn
Zscaler	ARR $3.77bn at 31 Jul 2026 against $3.02bn; FY2026 free cash flow margin 23% against 27%
Cloudflare	Dollar based net retention rate 120% in Q2 2026 against 114%; 4,698 customers above $100,000 of annualized revenue against 3,712
Okta	Dollar based net retention rate 107% at 31 Jul 2026 against 106%; platform capabilities being extended to AI agents; longer sales cycles cited as a headwind to RPO growth
SentinelOne	ARR $1.22bn at 31 Jul 2026, up 22%; restructuring plan of May 2026 with $24.4m of charges in Q2 FY2027

Source: latest 10-K or 10-Q of each filer as listed in Table 4.7, SEC filings via SEC-API.io

CrowdStrike versus Palo Alto Networks, Fortinet, Zscaler, Cloudflare, Okta and SentinelOne

CrowdStrike's rule of 40 score (revenue growth plus FCF margin) of 52.6% ranks third of seven against six US listed security vendors in categories named in its 10-K; SBC is 23.1% of revenue against a peer median of 18.3%. RPO grew 48.6%, the highest of seven.

Figure 4.2 Revenue growth and free cash flow margin of CrowdStrike and six peers

Table 4.3 Operating comparison, latest twelve months reported by each filer

Company	Period	Revenue	Growth	Gross margin	GAAP operating margin	FCF margin	Rule of 40	SBC % of revenue	R&D % of revenue	ROIC
CrowdStrike	TTM to 31 Jul 2026	$5.40bn	24.3%	75.2%	(2.5)%	28.3%	52.6%	23.1%	29.0%	(2.0)%
Palo Alto Networks	FY to 31 Jul 2026	$11.5bn	24.5%	70.4%	6.1%	35.8%	60.3%	15.5%	22.2%	3.0%
Fortinet	TTM to 30 Jun 2026	$7.53bn	18.8%	80.2%	32.4%	41.4%	60.2%	3.9%	11.2%	75.6%
Zscaler	FY to 31 Jul 2026	$3.35bn	25.4%	76.8%	(4.0)%	23.2%	48.7%	24.5%	26.9%	(2.7)%
Cloudflare	TTM to 30 Jun 2026	$2.51bn	33.5%	72.6%	(14.1)%	12.5%	46.1%	20.2%	22.8%	(6.0)%
Okta	TTM to 31 Jul 2026	$3.07bn	11.2%	78.1%	7.5%	31.3%	42.5%	16.4%	21.2%	2.5%
SentinelOne	TTM to 31 Jul 2026	$1.10bn	21.1%	72.5%	(29.5)%	2.8%	23.9%	29.3%	33.2%	(17.3)%
Peer median	n/a	n/a	22.8%	74.7%	1.0%	27.3%	47.4%	18.3%	22.5%	(0.1)%

Source: filings listed in Table 4.7, SEC filings via SEC-API.io

Figure 4.3 CrowdStrike against the range of six peers, latest twelve months

Table 4.4 Contracted revenue and recurring revenue indicators as filed

Company	Balance date	RPO	RPO a year earlier	RPO growth	Recurring metric	Latest	A year earlier	Growth	Net retention rate
CrowdStrike	31 Jul 2026	$10.7bn	$7.20bn	48.6%	ARR	$5.84bn	$4.66bn	25.4%	115% (31 Jan 2026)
Palo Alto Networks	31 Jul 2026	$21.2bn	$15.8bn	34.2%	Next generation security ARR	$9.10bn	$5.60bn	62.5%	n/a
Fortinet	30 Jun 2026	$7.73bn	$6.64bn	16.4%	Billings, Q2 2026	$2.37bn	$1.78bn	33.4%	n/a
Zscaler	31 Jul 2026	$7.37bn	$5.78bn	27.4%	ARR	$3.77bn	$3.02bn	25.1%	n/a
Cloudflare	30 Jun 2026	$2.73bn	$1.98bn	38.2%	n/a	n/a	n/a	n/a	120% (Q2 2026)
Okta	31 Jul 2026	$4.86bn	$4.15bn	17.0%	Current RPO	$2.58bn	$2.27bn	14.1%	107% (31 Jul 2026)
SentinelOne	31 Jul 2026	$1.70bn	$1.20bn	41.7%	ARR	$1.22bn	$1.00bn	21.6%	n/a
Peer median	n/a	n/a	n/a	30.8%	n/a	n/a	n/a	n/a	n/a

Source: filings listed in Table 4.7; CrowdStrike ARR from 10-Q 0001535527-26-000031, SEC filings via SEC-API.io

Valuation multiples EV / sales, P / FCF and P / E

CrowdStrike's market cap of $281.6bn is 184.6x TTM FCF of $1.53bn, third of seven, against a peer median of 66.1x. 52 week range is $85.68 in February 2026 to $286.99 on 6 October 2026.

Figure 4.4 Valuation multiples at 9 October 2026 closing prices

Table 4.5 Valuation and capital structure at 9 October 2026 closing prices

Company	Price	Shares	Market cap	Net cash	EV	EV / sales	P / FCF	TTM diluted EPS	P / E	Debt / equity
CrowdStrike	$275.04	1.02bn	$281.6bn	$4.27bn	$277.4bn	51.4x	184.6x	$0.04	n/m	0.15x
Palo Alto Networks	$418.78	818m	$342.6bn	$6.13bn	$336.4bn	29.3x	83.3x	$0.40	1,047x	0.06x
Fortinet	$194.75	734m	$142.9bn	$3.97bn	$138.9bn	18.5x	45.8x	$2.83	68.8x	0.32x
Zscaler	$233.73	163m	$38.1bn	$1.78bn	$36.3bn	10.8x	48.9x	($0.39)	n/a	0.65x
Cloudflare	$360.93	356m	$128.5bn	$893m	$127.6bn	50.8x	408.2x	($0.58)	n/a	2.02x
Okta	$232.13	175m	$40.6bn	$2.30bn	$38.3bn	12.5x	42.2x	$1.66	139.8x	0.00x
SentinelOne	$26.27	348m	$9.1bn	$813m	$8.3bn	7.6x	294.2x	($1.02)	n/a	0.00x
Peer median	n/a	n/a	n/a	n/a	n/a	15.5x	66.1x	n/a	139.8x	0.19x

Source: Market data, 9 October 2026; share counts and balance sheets from filings listed in Table 4.7, SEC filings via SEC-API.io

Table 4.6 Metric definitions and basis for Tables 4.3 to 4.5 (ROIC as in Table 2.6)

Item	Definition or basis
TTM	Latest annual report plus latest year to date period less prior year to date period; Palo Alto Networks and Zscaler on FY2026 to 31 Jul 2026
Growth	TTM revenue against prior TTM revenue
RPO	Contracted revenue yet to be recognized, as filed; CrowdStrike and SentinelOne file RPO rounded to $0.1bn
Recurring metric	Each filer's own definition; Palo Alto Networks ARR at 31 Jul 2026 includes CyberArk, acquired 11 Feb 2026; Fortinet billings are for Q2 2026
Net retention rate	Dollar based net retention as filed; 10-Q filings of CrowdStrike and SentinelOne state the direction of change
Market cap	Closing price times shares on latest 10-K or 10-Q cover; Class A plus Class B for Cloudflare, Okta and SentinelOne
EV	Market cap less net cash; net cash is cash and investments less debt at carrying value, leases excluded
P / E	Price over TTM diluted GAAP EPS; n/m for CrowdStrike at EPS of $0.04, n/a where EPS is negative; median on the three peers with positive EPS

Source: definitions applied to the filings listed in Table 4.7

Table 4.7 Filings behind each peer figure

Company	Latest annual report	Latest interim report	Prior year comparative
CrowdStrike	10-K 0001535527-26-000010	10-Q 0001535527-26-000031	10-Q 0001535527-25-000025
Palo Alto Networks	10-K 0001327567-26-000023	n/a	n/a
Fortinet	10-K 0001262039-26-000007	10-Q 0001262039-26-000021	10-Q 0001262039-25-000028
Zscaler	10-K 0001713683-26-000157	n/a	10-K 0001713683-25-000158
Cloudflare	10-K 0001477333-26-000016	10-Q 0001477333-26-000054	10-Q 0001477333-25-000137
Okta	10-K 0001660134-26-000020	10-Q 0001660134-26-000069	10-Q 0001660134-25-000157
SentinelOne	10-K 0001583708-26-000020	10-Q 0001583708-26-000055	10-Q 0001583708-25-000148

Source: SEC filings via SEC-API.io

5 Material Events & Contracts

Non cancelable purchase obligations rose 49.5% in six months to $4.14bn at 31 July 2026, and CrowdStrike committed a further $2.9bn after quarter end, according to the Q2 FY2027 10-Q. CrowdStrike filed 8 Forms 8-K in the twelve months to 10 October 2026, and the $750m revolving credit facility expired on 2 January 2026.

CrowdStrike 8-K filings in the last twelve months

Figure 5.1 CrowdStrike filed events, 10 October 2025 to 10 October 2026

Table 5.1 Forms 8-K filed from 10 October 2025 to 10 October 2026, newest first

Filed	Items	Event	Accession
26 Aug 2026	2.02, 9.01	Q2 FY2027 results: revenue $1.47bn, up 26%; ARR $5.84bn, up 25%, with net new ARR of $332.8m; GAAP operating loss $33.2m; operating cash flow $530.3m and FCF as defined by CrowdStrike $377.4m ($379m on the report basis).	0001535527-26-000029
22 Jun 2026	5.03, 5.07, 9.01	Annual meeting of 17 June 2026 (votes as filed, before the split): charter amendment limiting officer liability approved with 144.4m votes for and 24.7m against, effective 22 June 2026; advisory ratification of supermajority voting provisions received 24.0m votes for and 144.9m against; directors Flower (131.0m for, 39.0m withheld) and O'Leary (104.3m for, 65.7m withheld) elected.	0001104659-26-076376
3 Jun 2026	2.02, 8.01, 9.01	Q1 FY2027 results: revenue $1.39bn, up 26%; ARR $5.51bn, up 24%, with net new ARR of $255.8m; GAAP operating loss $30.6m; FCF as defined by CrowdStrike $468.5m ($471m on the report basis). Board approved a four for one stock split as a stock dividend: record date 25 June 2026, three additional shares per share after the close on 1 July 2026, split adjusted trading from 2 July 2026.	0001535527-26-000022
20 Apr 2026	5.02, 7.01, 9.01	Board approved on 16 April 2026 a performance and service based award to President Michael Sentonas: 100,000 PSUs (performance stock units) at target as filed (400,000 split adjusted), 0 to 200,000 shares as filed (0 to 800,000) depending on total stockholder return against the S&P 500 from 22 December 2025 to 22 December 2028.	0001535527-26-000018
6 Apr 2026	8.01, 9.01	Board authorized a further $500m of repurchases, taking the program to $1.5bn; 413,130 shares repurchased to date at an average $364.57 as filed, for $150.6m (1.65m shares at $91.14 split adjusted).	0001535527-26-000013
3 Mar 2026	2.02, 9.01	Q4 FY2026 results: revenue $1.31bn, up 23%; ARR $5.25bn, up 24%, with net new ARR of $330.7m; GAAP operating loss $6.9m; FY2026 revenue $4.81bn, up 22%, and GAAP operating loss $293.3m.	0001535527-26-000007
29 Dec 2025	5.02, 7.01, 9.01	Independent directors approved on 22 December 2025 a performance award to Chief Executive Officer George Kurtz: 300,000 PSUs at target as filed (1.2m split adjusted), 0 to 600,000 shares as filed (0 to 2.4m) on the same three year relative return test; the filing states a share price of $483.14 ($120.79 split adjusted) and a market capitalization of $121.3bn on that date.	0001104659-25-124912
2 Dec 2025	2.02, 9.01	Q3 FY2026 results: revenue $1.23bn, up 22%; ARR $4.92bn, up 23%, with net new ARR of $265.3m; GAAP operating loss $69.4m as first reported ($62.2m as revised, Table 2.2); FCF as defined by CrowdStrike $295.9m ($297m on the report basis).	0001535527-25-000030

Source: Forms 8-K and Exhibits 99.1, 10.1 and 3.1 as linked, SEC filings via SEC-API.io; report basis FCF as in Table 2.2

CrowdStrike acquisitions: SGNL, Seraphic, Pangea, Onum and XM Cyber

SGNL and Seraphic closed in February 2026 for $955.4m of cash net of cash acquired, of which $74.0m is held in escrow as restricted cash; goodwill on the two deals is $886.6m. CrowdStrike's venture funds held 9.4% of Seraphic before the deal, remeasured to $38.1m for a $15.5m gain net of non controlling interest. XM Cyber consideration is $145.0m in cash and shares expected at closing, plus further shares set at closing.

Figure 5.2 Acquisition consideration by deal, cash net of cash acquired, $m

Table 5.2 Acquisitions closed or signed since September 2025

Target	Business as filed	Signed	Closed	Cash, net of cash acquired	Replacement awards	Developed technology and other intangibles	Goodwill
SGNL.AI, Inc. (100%)	Continuous identity security	7 Jan 2026	20 Feb 2026	$627.9m	$9.2m	$87.9m, 96 months	$561.1m
Seraphic Algorithms Ltd. (remaining 90.6%)	Browser runtime security	12 Jan 2026	3 Feb 2026	$327.5m	$13.7m	$69.8m, 96 months	$325.5m
Pangea Cyber Corporation (100%)	AI detection and response	n/a	26 Sep 2025	$212.1m	$10.6m	$13.2m, 72 months	$209.9m
Onum Technology Inc. (100%)	Real time telemetry pipeline management	n/a	12 Sep 2025	$252.7m	$2.0m	$21.4m, 24 to 84 months	$233.1m
XM Cyber Ltd. technology assets	Attack path visualization and offensive simulation; seller is a Schwarz Digits company	Jul 2026	Expected H2 FY2027	$145.0m expected	n/a	n/a	n/a

Source: 10-Q, Q2 FY2027, Notes 11 and 12; signing dates from 10-K, FY2026, SEC filings via SEC-API.io

CrowdStrike purchase obligations and material contracts

Payments due after FY2031 rose to $1.24bn at 31 July 2026 from $157m at 31 January 2026, 29.9% of the total against 5.7%.

Figure 5.3 Purchase obligations at period end and commitments made after period end, $bn

Figure 5.4 Purchase obligations by fiscal year of expected payment, $bn

Table 5.3 Material contracts and commitments

Contract	Parties	What it does	Term	Economics and termination
Non cancelable purchase obligations	CrowdStrike and unnamed vendors	Commits the company to buy data center capacity, advertising, technology, equipment, office renovations, corporate events and consulting services under contracts longer than one year	FY2027 to after FY2031	$4.14bn at 31 Jul 2026: $0.19bn in the rest of FY2027, $0.84bn in each of FY2028 and FY2029, $0.65bn in FY2030, $0.38bn in FY2031, $1.24bn thereafter
Purchase commitments made after 31 July 2026	CrowdStrike and unnamed vendors	Adds non cancelable commitments disclosed in the Q2 FY2027 10-Q	FY2027 to FY2034	$2.9bn
Purchase commitment signed after 30 April 2026	CrowdStrike and an unnamed vendor	Adds one non cancelable commitment disclosed in the Q1 FY2027 10-Q, which states it enters the schedule in subsequent periods	Q2 FY2027 through FY2037	$1.7bn
3.00% Senior Notes due 2029	CrowdStrike Holdings as issuer; CrowdStrike, Inc. and CrowdStrike Financial Services, Inc. as guarantors; U.S. Bank Trust Company as trustee	Unsecured borrowing of $750.0m issued at par on 20 Jan 2021	Matures February 2029; interest paid 15 February and 15 August	Redeemable at 100.00% of principal since 15 Feb 2026; holders can require repurchase at 101% on a change of control event; covenants limit liens, subsidiary guarantees, dividends and mergers; fair value $712.5m at 31 Jul 2026
Secured revolving credit facility	CrowdStrike, Inc. as borrower; CrowdStrike Holdings as guarantor; Silicon Valley Bank and other lenders	Provided a revolving line of up to $750.0m with a $100.0m letter of credit sub facility	Expired 2 Jan 2026	$0 outstanding at expiry; commitment fee had been 0.15% to 0.25% a year on unused amounts; interest expense fell in H1 FY2027 as amortization of its issuance costs ended
Share repurchase program	Board authorization	Permits repurchases of Class A common stock in the open market, in private transactions and under Rule 10b5-1 plans	No fixed expiration date	$1.0bn approved June 2025 plus $500.0m on 6 Apr 2026; $175.6m spent in H1 FY2027 on 1.92m shares, $0 in Q2; $1.3bn remained at 31 Jul 2026
Performance Unit Agreement, 22 Dec 2025	CrowdStrike Holdings and George Kurtz	Grants PSUs earned on total stockholder return ranked against S&P 500 constituents	Performance period 22 Dec 2025 to 22 Dec 2028	Target 300,000 units as filed (1.2m after the split): 50% at the 25th percentile, 100% at the 55th, 150% at the 75th, 200% at the 90th, 0% below the 25th; forfeited on termination except prorated vesting on termination without cause or for good reason, and full vesting on such a termination within 3 months before or 24 months after a change in control; 50% weighting for time served as Executive Chairman
Performance Unit Agreement, 16 Apr 2026	CrowdStrike Holdings and Michael Sentonas	Grants PSUs on the same relative return scale, with a further year of service vesting	Performance period to 22 Dec 2028; earned units vest 25% on each of 20 Mar, 20 Jun, 20 Sep and 20 Dec 2029	Target 100,000 units as filed (400,000 after the split), maximum 200%; same termination and change in control terms; subject to the company's compensation recovery policy
Outside Director Compensation Policy, amended 17 Jun 2026	CrowdStrike Holdings and non employee directors	Sets director pay	Annual, until amended by the board	$50,000 cash retainer, $60,000 more for the chairman, committee retainers of $6,000 to $30,000; restricted stock units of $375,000 on joining, vesting over three years, and $275,000 each year; all director awards vest on a change in control
Operating leases signed and yet to commence	CrowdStrike and unnamed landlords	Four office leases excluded from the lease liability until they start	Start October 2026 to August 2027; terms of 5.0 to 11.3 years	$117.5m of undiscounted minimum payments, against $82.7m on leases already recorded
Customer financing commitments	CrowdStrike and qualified end users	Funds customers' purchases of its products and services	n/a	$69.7m of non cancelable unfunded commitments at 31 Jul 2026

Source: 10-Q, Q2 FY2027, Notes 6, 8, 11 and 16 and Exhibit 10.1; 10-Q, Q1 FY2027; 10-K, FY2026; Kurtz agreement; Sentonas agreement; director policy, SEC filings via SEC-API.io

CrowdStrike July 2024 outage litigation status

Three of four groups of lawsuits over the 19 July 2024 software update ended in dismissal by 15 June 2026; the case filed on 25 October 2024 by Delta Air Lines (printed in the filings as Delta Airlines, Inc.) in Georgia is in discovery (10-Q, Note 11). Department of Justice and SEC have requested information on revenue recognition and ARR reporting for transactions with certain customers and on the incident; the 10-Q states the company is cooperating (dates and status in Table 8.4, expenses in Table 8.5).

6 Ownership, Voting Power & Annual Meeting

CrowdStrike stockholders cast 144.9m votes against and 24.0m for the advisory ratification of supermajority voting provisions on 17 June 2026, 14.2% of votes for plus against in favor, and approved the officer liability charter amendment with 56.7% of outstanding shares. Vanguard Capital Management (7.27%) and BlackRock (6.70%) are the two holders above 5%. George Kurtz, Chief Executive Officer, beneficially owned 9.5m shares at 3 April 2026 against 25.3m a year earlier, including 444,396 against 17.0m in trusts with an independent trustee over which he shares voting power.

CrowdStrike major shareholders and voting power

Table 6.1 Beneficial ownership at 3 April 2026, shares split adjusted (voting power derived: 13G sole voting power; insiders: shares less options and units vesting within 60 days)

Holder	Position as filed	Shares beneficially owned	% of class, as filed	Shares with voting power, derived	% of 1.02bn record date votes, derived	Shares, 15 April 2025	Change
Vanguard Capital Management	5% stockholder; Schedule 13G, 31 March 2026	73.8m	7.27%	9.9m	0.98%	n/a	n/a
BlackRock, Inc.	5% stockholder; Schedule 13G/A, 31 December 2023	67.8m	6.70%	62.1m	6.10%	67.8m	0
George Kurtz	Chief Executive Officer, President and Director	9.5m	below 1%	8.1m	0.79%	25.3m	(15.7m)
Sameer K. Gandhi	Director	3.3m	below 1%	3.3m	0.33%	3.4m	(16,792)
Burt W. Podbere	Chief Financial Officer	1.4m	below 1%	1.4m	0.14%	1.3m	186,388
Michael Sentonas	President	883,872	below 1%	850,952	0.08%	832,100	51,772
Godfrey R. Sullivan	Director	445,060	below 1%	445,060	0.04%	482,496	(37,436)
Denis J. O'Leary	Director	351,192	below 1%	351,192	0.03%	465,312	(114,120)
Gerhard Watzinger	Chair of the Board	345,656	below 1%	345,656	0.03%	504,116	(158,460)
Johanna Flower	Director	302,204	below 1%	302,204	0.03%	335,880	(33,676)
Roxanne S. Austin	Director	273,188	below 1%	73,188	0.01%	479,376	(206,188)
Shawn Henry	Former Chief Security Officer	92,960	below 1%	92,960	0.01%	66,616	26,344
Cary J. Davis	Director	84,380	below 1%	84,380	0.01%	81,248	3,132
Laura J. Schumacher	Director	34,712	below 1%	34,712	0.00%	31,648	3,064
All executive officers and directors (11 persons)	Group	17.0m	1.67%	15.3m	1.51%	33.1m	(16.1m)

Source: DEF 14A filed 5 May 2026; DEF 14A filed 6 May 2025, SEC filings via SEC-API.io

Table 6.2 Share structure, board and pay facts

Item	As filed
Classes of voting stock	1 (Class A common stock), one vote per share, no cumulative voting
Share class history	Every Class B share (10 votes) converted into one Class A share (1 vote) on 11 December 2024
Shares outstanding at record date, 24 April 2026	254.5m as filed; 1.02bn split adjusted
Board of directors	9 members in 3 classes with three year terms; independent Chair Gerhard Watzinger
Votes required to amend bylaws and listed charter articles	Two thirds of total voting power
Hedging and pledging of company stock	Insider trading policy contains anti hedging and anti pledging provisions
CEO total compensation	FY2026 $247.58m; FY2025 $35.20m; FY2024 $46.98m
CEO stock awards, grant date fair value	FY2026 $242.12m; FY2025 $31.85m; FY2024 $44.09m
Relative total shareholder return award to CEO, December 2025	1.2m target PSUs (300,000 as filed); value at maximum $289.88m; terms in Table 5.3
Median employee total compensation	FY2026 $178,015; FY2025 $222,761
CEO pay ratio	FY2026 1,391 to 1; FY2025 158 to 1
Advisory vote on executive pay	2025 and 2026 agendas: 0; latest vote 18 June 2024: 233.0m for, 36.4m against as filed, 86.5% of for plus against (Class B at 10 votes)

Source: DEF 14A filed 5 May 2026; 8-K filed 13 December 2024; 8-K filed 22 June 2026; 8-K filed 21 June 2024

Figure 6.1 Chief Executive Officer total compensation, summary compensation table

CrowdStrike 13F institutional holders

Original Form 13F-HR filings reporting CrowdStrike common stock rose 22.2% from 2,031 for 30 September 2025 to 2,482 for 30 June 2026. FMR LLC reported 31.4m shares at 30 June 2026 against 12.5m at 30 September 2025.

Figure 6.2 Form 13F-HR filings reporting CrowdStrike common stock, by quarter end

Table 6.3 CrowdStrike shares reported by 12 large Form 13F filers, split adjusted (filed counts multiplied by 4)

Filer	30 Sep 2025	31 Dec 2025	31 Mar 2026	30 Jun 2026	Change, Sep 2025 to Jun 2026	% of shares outstanding, Jun 2026
BlackRock, Inc.	82.7m	84.6m	n/a	87.4m	4.7m	8.53%
Vanguard Group Inc	95.5m	96.9m	0	0	(95.5m)	0.00%
Vanguard Capital Management LLC	n/a	n/a	63.9m	64.8m	n/a	6.33%
Vanguard Portfolio Management LLC	n/a	n/a	24.1m	23.8m	n/a	2.33%
State Street Corp	43.7m	44.6m	44.5m	46.3m	2.6m	4.53%
Invesco Ltd. (Dec 2025 and Mar 2026 include new holdings amendments)	9.9m	32.9m	30.6m	33.6m	23.7m	3.28%
JPMorgan Chase & Co	24.2m	22.4m	14.4m	32.7m	8.5m	3.19%
FMR LLC	12.5m	13.1m	13.8m	31.4m	18.9m	3.07%
Morgan Stanley	25.9m	24.9m	26.2m	26.0m	122,676	2.54%
Geode Capital Management	23.2m	23.8m	24.0m	24.3m	1.1m	2.38%
T. Rowe Price Associates	16.9m	17.1m	16.6m	17.2m	363,572	1.68%
Jennison Associates LLC	22.8m	22.0m	15.3m	15.0m	(7.8m)	1.47%

Source: Form 13F filings for the four quarter ends, CUSIP 22788C105; filing for 30 June 2026 linked per filer (for Vanguard Group Inc, Schedule 13G/A of 26 March 2026 reporting 0 shares): BlackRock, Inc.; Vanguard Group Inc; Vanguard Capital Management LLC; Vanguard Portfolio Management LLC; State Street Corp; Invesco Ltd.; JPMorgan Chase & Co; FMR LLC; Morgan Stanley; Geode Capital Management; T. Rowe Price Associates; Jennison Associates LLC. Shares outstanding 1.02bn from 10-Q cover, 20 August 2026

Figure 6.3 CrowdStrike shares reported by 12 large Form 13F filers, four quarter ends

CrowdStrike Schedule 13D and 13G filings

Schedule 13G filings from 10 October 2024 to 10 October 2026: 5. Schedule 13D filings: 0.

Table 6.4 Schedule 13G filings on CrowdStrike, 10 October 2024 to 10 October 2026

Filed	Form	Filer	Event date	Shares, split adjusted	% of class, as filed (2024: Class A)	Sole voting power, split adjusted
29 Apr 2026	SC 13G	Vanguard Capital Management	31 Mar 2026	73.8m	7.27%	9.9m
26 Mar 2026	SC 13G/A	The Vanguard Group	13 Mar 2026	0	0%	0
14 Nov 2024	SC 13G/A	T. Rowe Price Associates, Inc.	30 Sep 2024	6.9m	0.7%	6.6m
12 Nov 2024	SC 13G/A	The Vanguard Group	30 Sep 2024	86.3m	9.27%	0
4 Nov 2024	SC 13G/A	The Vanguard Group	30 Sep 2024	86.3m	9.27%	0

Source: Schedule 13G filings linked in the first column

CrowdStrike annual meeting voting results

Shares present or represented were 82.5% of 254.5m shares outstanding at the record date, as filed, before the split (1.02bn split adjusted). Board recommended a vote for all four proposals; the proxy states that a stockholder proposal for simple majority voting was excluded under SEC proxy rules as conflicting with a company proposal (proposal 4).

Table 6.5 Annual meeting of 17 June 2026, votes as filed, before the split

No.	Proposal	Vote standard	For	Against or withheld	Abstain	Broker non votes	% for, of for plus against	% for, of 254.5m shares outstanding as filed	Result
1	Elect Johanna Flower, Class I director to 2029	Plurality	131,014,818	39,026,380	n/a	39,947,114	77.0%	51.5%	Elected
1	Elect Denis J. O'Leary, Class I director to 2029	Plurality	104,319,861	65,721,337	n/a	39,947,114	61.3%	41.0%	Elected
2	Ratify PricewaterhouseCoopers LLP for fiscal 2027	Majority of votes cast	207,551,102	1,434,320	1,002,890	n/a	99.3%	81.5%	Ratified
3	Amend charter to limit officer liability under Delaware law	Majority of outstanding shares	144,387,962	24,713,003	940,233	39,947,114	85.4%	56.7%	Approved
4	Advisory ratification of supermajority voting provisions	Majority of votes cast	24,034,816	144,942,474	1,063,908	39,947,114	14.2%	9.4%	Majority against

Source: 8-K filed 22 June 2026, Item 5.07; DEF 14A filed 5 May 2026 (vote standards), SEC filings via SEC-API.io; stockholder proposals on the ballot: 0

Figure 6.4 CrowdStrike annual meeting of 17 June 2026, votes by proposal

7 Insider Activity

CrowdStrike insiders sold 1.71m shares for $419.85m in the open market from 1 August to 7 October 2026 and bought 0; twelve month sales total 4.10m shares for $759.34m, 0.40% of 1.02bn shares outstanding (10-Q). Twelve reporting persons filed 182 Forms 4, 0 Forms 3 and 0 Forms 5.

Insider buying and selling by month

Figure 7.1 Insider open market sales by type and purchases by month, Oct 2025 to Oct 2026

September 2026 accounts for 1.32m shares and $330.38m, 44% of twelve month sale value. Sales under Rule 10b5-1 trading plans are 74% of value; sales to cover tax on vesting of restricted stock units (RSUs), required under issuer policy as stated in Form 4 remarks, are 20%.

Table 7.1 Insider transactions by month, shares

Month	Sold (S)	of which Rule 10b5-1 plan	of which to cover tax on vesting	of which other	Sale value	Sellers	Awards (A)	Option exercises (M)	Gifts and transfers out (G)
Oct 2025	129,388	129,388	0	0	$16.52m	3	0	0	0
Nov 2025	55,728	20,000	35,728	0	$7.66m	3	0	0	0
Dec 2025	208,464	13,236	164,228	31,000	$25.46m	6	864	0	202,572
Jan 2026	12,000	12,000	0	0	$1.39m	1	0	0	0
Feb 2026	180,524	0	180,524	0	$18.88m	2	0	0	0
Mar 2026	273,352	0	273,352	0	$28.11m	4	1,060,664	0	121,768
Apr 2026	112,628	112,628	0	0	$12.50m	2	479,212	0	0
May 2026	645,644	610,108	35,536	0	$90.18m	4	0	20,000	0
Jun 2026	517,196	236,036	164,160	117,000	$89.79m	7	11,860	0	74,064
Jul 2026	254,500	240,000	0	14,500	$49.00m	3	0	0	49,500
Aug 2026	265,147	230,000	35,147	0	$55.08m	3	0	0	0
Sep 2026	1,317,160	1,071,944	165,276	79,940	$330.38m	8	454	62,920	0
Oct 2026	128,776	128,776	0	0	$34.39m	3	0	0	0
Total	4,100,507	2,804,116	1,053,951	242,440	$759.34m	10	1,553,054	82,920	447,904

Source: Forms 4 filed 10 Oct 2025 to 10 Oct 2026, SEC filings via SEC-API.io

Insider sales by person

George Kurtz, Chief Executive Officer, sold 1.77m shares for $305.57m, 40% of twelve month sale value.

Figure 7.2 Shares sold in the open market by person and type, 12 months to 10 Oct 2026

Table 7.2 Reporting persons: twelve month sales and latest reported holding

Insider	Role	Forms 4	Shares sold (S)	Sale value	Rule 10b5-1 plan	To cover tax on vesting	Other	Awards (A)	Held directly incl. unvested units	Held indirectly	Latest Form 4
George Kurtz	Chief Executive Officer, President and Director	94	1,772,992	$305.57m	1,200,048	572,944	0	823,944	7,511,504	400,000	0001778564-26-000179
Burt W. Podbere	Chief Financial Officer	15	714,396	$158.42m	480,000	234,396	0	167,312	342,936	998,392	0001778610-26-000024
Michael Sentonas	President	10	783,983	$139.73m	561,944	222,039	0	479,840	1,245,517	0	0000950103-26-015176
Sameer K. Gandhi	Director	20	374,000	$65.04m	374,000	0	0	2,023	32,075	15,611,491	0001201326-26-000027
Gerhard Watzinger	Chair of the Board	7	160,000	$35.59m	120,000	0	40,000	2,438	34,242	155,564	0001445832-26-000013
Denis J. O'Leary	Director	9	122,500	$19.92m	0	0	122,500	1,998	130,422	133,260	0001253512-26-000015
Anurag Saha	Chief Accounting Officer	9	71,308	$13.29m	46,736	24,572	0	67,764	181,100	0	0001921602-26-000012
Roxanne S. Austin	Director	2	50,000	$11.88m	0	0	50,000	1,608	77,040	0	0001061632-26-000008
Cary J. Davis	Director	4	29,940	$7.37m	0	0	29,940	2,115	58,479	0	0001220632-26-000006
Johanna Flower	Director	6	21,388	$2.54m	21,388	0	0	1,956	306,184	0	0001872303-26-000008
Laura J. Schumacher	Director	4	0	0	0	0	0	2,056	38,724	0	0001319245-26-000014
Godfrey R. Sullivan	Director	2	0	0	0	0	0	0	n/a	342,564	0001233412-26-000002
Total		182	4,100,507	$759.34m	2,804,116	1,053,951	242,440	1,553,054

Source: Forms 4 linked in the table, SEC filings via SEC-API.io; two George Kurtz lines filed as 2.537 shares (23 July 2026) and 2.978 shares (24 August 2026) are counted as 2,537 and 2,978, the fall in reported holdings on the same lines

Figure 7.3 Shares and units held directly after each Form 4 transaction, three officers

Table 7.3 Ten largest open market transaction lines by value

Date	Insider	Role	Code	Shares	Price as reported	Value	Held after transaction	Ownership line	Form 4
24 Sep 2026	Burt W. Podbere	Chief Financial Officer	S	114,668	$261.19	$29.95m	412,105	Direct	0001778610-26-000024
24 Sep 2026	Burt W. Podbere	Chief Financial Officer	S	74,007	$259.35	$19.19m	588,929	Direct	0001778610-26-000024
24 Sep 2026	Burt W. Podbere	Chief Financial Officer	S	69,169	$262.29	$18.14m	342,936	Direct	0001778610-26-000024
30 Sep 2026	Michael Sentonas	President	S	61,611	$266.53	$16.42m	1,287,531	Direct	0000950103-26-015176
24 Sep 2026	Burt W. Podbere	Chief Financial Officer	S	62,000	$262.72	$16.29m	109,200	Doris Trust	0001778610-26-000024
24 Sep 2026	Burt W. Podbere	Chief Financial Officer	S	62,000	$262.25	$16.26m	109,200	Buttonwillow Trust	0001778610-26-000024
24 Sep 2026	Burt W. Podbere	Chief Financial Officer	S	62,156	$260.25	$16.18m	526,773	Direct	0001778610-26-000024
30 Sep 2026	Michael Sentonas	President	S	53,539	$265.39	$14.21m	1,349,142	Direct	0000950103-26-015176
21 Sep 2026	Michael Sentonas	President	S	48,866	$231.61	$11.32m	1,475,538	Direct	0001968270-26-000015
30 Sep 2026	Michael Sentonas	President	S	41,974	$267.29	$11.22m	1,245,557	Direct	0000950103-26-015176

Source: Forms 4 linked in the table, SEC filings via SEC-API.io

Table 7.4 Ten largest daily sale totals by person

Date	Insider	Form 4 lines	Shares sold (S)	Average price	Value	Rule 10b5-1 plan	To cover tax on vesting	Other	Form 4
24 Sep 2026	Burt W. Podbere	8	480,000	$261.44	$125.49m	480,000	0	0	0001778610-26-000024
30 Sep 2026	Michael Sentonas	7	241,944	$265.45	$64.22m	241,944	0	0	0000950103-26-015176
16 Sep 2026	Gerhard Watzinger	6	120,000	$238.58	$28.63m	120,000	0	0	0001445832-26-000011
11 May 2026	Michael Sentonas	2	160,000	$133.75	$21.40m	160,000	0	0	0001968270-26-000009
21 Sep 2026	George Kurtz	31	84,515	$240.13	$20.29m	10,000	74,515	0	0001778564-26-000168, 0001778564-26-000169
22 Jun 2026	George Kurtz	55	84,820	$171.39	$14.54m	10,000	74,820	0	0001778564-26-000099, 0001778564-26-000100
1 Oct 2026	Sameer K. Gandhi	10	54,000	$265.22	$14.32m	54,000	0	0	0001201326-26-000027
5 Jun 2026	Denis J. O'Leary	15	77,000	$171.39	$13.20m	0	0	77,000	0001253512-26-000007
23 Mar 2026	George Kurtz	10	127,660	$102.97	$13.15m	0	127,660	0	0001778564-26-000009
4 Feb 2026	George Kurtz	18	115,412	$103.25	$11.92m	0	115,412	0	0001778564-26-000004

Source: Forms 4 linked in the table, SEC filings via SEC-API.io

Rule 10b5-1 plans, stock awards and option exercises

George Kurtz reports plan sales on 120 trading days; 115 of 182 Forms 4 have the Rule 10b5-1 box checked.

Table 7.5 Rule 10b5-1 plans cited in Form 4 footnotes

Insider	Plan adopted	First sale	Last sale	Sale days	Shares sold	Value	First and last Form 4
George Kurtz	6 Jan 2026	17 Apr 2026	7 Oct 2026	120	1,195,503	$224.94m	0001778564-26-000014, 0001778564-26-000179
Burt W. Podbere	24 Jun 2026	24 Sep 2026	24 Sep 2026	1	480,000	$125.49m	0001778610-26-000024
Michael Sentonas	1 Jul 2026	30 Sep 2026	30 Sep 2026	1	241,944	$64.22m	0000950103-26-015176
Sameer K. Gandhi	27 Jun 2025	24 Oct 2025	1 Sep 2026	13	320,000	$50.71m	0001201326-25-000007, 0001201326-26-000021
Michael Sentonas	24 Jun 2025	8 Oct 2025	12 May 2026	5	320,000	$42.13m	0001968270-25-000009, 0001968270-26-000011
Gerhard Watzinger	17 Jun 2026	16 Sep 2026	16 Sep 2026	1	120,000	$28.63m	0001445832-26-000011
Sameer K. Gandhi	25 Jun 2026	1 Oct 2026	1 Oct 2026	1	54,000	$14.32m	0001201326-26-000027
Anurag Saha	2 Jul 2026	1 Oct 2026	1 Oct 2026	1	24,776	$6.51m	0001921602-26-000012
Johanna Flower	16 Jan 2025	15 Oct 2025	15 Jan 2026	2	21,388	$2.54m	0001872303-25-000007, 0001872303-26-000002
Anurag Saha	24 Mar 2025	17 Apr 2026	24 Jun 2026	2	18,616	$2.37m	0001921602-26-000004, 0001921602-26-000008

Source: Forms 4 linked in the table, SEC filings via SEC-API.io; adoption dates as in Form 4 footnotes (Form 144 notices state 16 January 2026 for George Kurtz and for the May 2026 sales of Michael Sentonas)

Table 7.6 Insider transactions by type

Type	Code	Form 4 lines	Insiders	Shares or units	Value at reported price
Open market purchase	P	0	0	0	0
Open market sale under a Rule 10b5-1 plan	S	1,858	7	2,804,116	$563.28m
Open market sale to cover tax on vesting	S	189	4	1,053,951	$149.93m
Other open market sale	S	26	4	242,440	$46.12m
RSUs with final amount set on FY2026 performance, 6 Mar 2026	A	3	3	1,059,648	n/a
RSUs granted to officers, 16 Apr 2026	A	4	3	479,212	n/a
Annual RSU grant to directors, 17 Jun 2026	A	7	7	11,256	n/a
Vested RSUs in lieu of director cash retainer	A	24	6	2,938	n/a
Gift or transfer, shares leaving the reported line	G	17	4	447,904	n/a
Option exercise, shares acquired	M	3	2	82,920	n/a

Source: Forms 4 filed 10 Oct 2025 to 10 Oct 2026, SEC filings via SEC-API.io; one Johanna Flower line of 402 units on 17 June 2026, filed with code S, acquired flag A, price 0 and a footnote describing unvested RSUs, is counted as an award

Form 144 notices of proposed sale

Form 144 notices cover 14.99m shares at $2.09bn stated market value; 3 trusts whose notices state the relationship Affiliate and acquisition by gift account for 10.87m shares and $1.36bn.

Table 7.7 Form 144 notices filed 10 Oct 2025 to 10 Oct 2026, by person (shares split adjusted)

Person for whose account	Relationship stated	Notices	Stating a Rule 10b5-1 plan date	Filed	Shares to be sold	Stated market value	Form 144
DK Giving Trust	Affiliate	2	0	5 Nov 2025 to 5 Feb 2026	6,410,548	$797.46m	1, 2
PK Giving Trust	Affiliate	2	0	5 Nov 2025 to 5 Feb 2026	4,379,304	$554.61m	1, 2
George Kurtz	CEO / President, CEO	11	1	3 Nov 2025 to 21 Sep 2026	1,842,944	$276.43m	1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11
Burt W. Podbere	Officer	10	1	3 Nov 2025 to 24 Sep 2026	714,396	$158.40m	1, 2, 3, 4, 5, 6, 7, 8, 9, 10
Michael Sentonas	Officer	9	5	10 Oct 2025 to 30 Sep 2026	723,983	$132.43m	1, 2, 3, 4, 5, 6, 7, 8, 9
Potomac Investments LP	Director	7	7	24 Oct 2025 to 1 Oct 2026	412,108	$72.33m	1, 2, 3, 4, 5, 6, 7
Gerhard Watzinger	Director	2	1	5 Jun 2026 to 16 Sep 2026	200,000	$43.48m	1, 2
Denis J. O'Leary	Director	3	0	5 Dec 2025 to 13 Jul 2026	123,500	$20.66m	1, 2, 3
Roxanne S. Austin	Director	1	0	14 Sep 2026	50,000	$11.88m	1
2025 DK Charitable Remainder Unitrust	Affiliate	1	0	15 Jan 2026	83,840	$9.66m	1
Cary J. Davis	Director	1	0	17 Sep 2026	29,940	$7.23m	1
Johanna Flower	Director	2	2	15 Oct 2025 to 15 Jan 2026	21,388	$2.53m	1, 2
Total		51	17		14,991,951	$2.09bn

Source: Forms 144 linked in the table, SEC filings via SEC-API.io

8 Risk Factors

CrowdStrike's 10-Q Q2 FY2027 carries 59 risk factors in 26,062 words under the 59 headings of the 10-K FY2026 (25,876 words): 5 were reworded, adding agentic AI, attackers that use AI, currency hedging and a share repurchase authorization raised to $1.5bn. Against the 10-K FY2025, the FY2026 10-K added 1 factor (share repurchases), dropped 1 (cross default under the $750m revolving facility that expired in January 2026) and reworded 22.

CrowdStrike risk factors by category

Table 8.1 Risk factor count, word count and status by category (status: 10-K FY2026 against 10-K FY2025)

Category	Count FY2025	Count FY2026	Count Q2 FY2027	Words FY2025	Words FY2026	Words Q2 FY2027	New	Dropped	Reworded (substance added, removed or changed)	Updated (figures, dates or single words)	Unchanged
Business and industry	28	28	28	11,654	11,616	11,749	0	0	11	3	14
Intellectual property, legal and regulatory	12	12	12	6,999	7,309	7,319	0	0	3	0	9
Ownership of common stock	6	7	7	1,790	2,051	2,091	1	0	2	1	3
Indebtedness	4	3	3	1,323	860	860	0	1	3	0	0
General	9	9	9	3,785	4,040	4,043	0	0	3	0	6
Total	59	59	59	25,551	25,876	26,062	1	1	22	4	32

Source: 10-K FY2025, 10-K FY2026, 10-Q Q2 FY2027 (Item 1A; words count heading and body)

Figure 8.1 Status of risk factors in 10-K FY2026 against 10-K FY2025 by category

CrowdStrike risk factor changes FY2026 against FY2025

Table 8.2 Item 1A risk factors in the FY2026 10-K and change against the FY2025 10-K

Category	Risk factor	Words FY2026	Change in words	Status	What changed
Business and industry	Incident of 19 July 2024	700	(119)	Reworded	Cost categories, management time, added personnel and remediation failure sentences removed; the condition of regaining customer and partner trust replaced by further negative media coverage (119 words shorter).
Business and industry	Managing growth	293	(21)	Reworded	Headcount example (7,273 employees in January 2023, 10,118 in January 2025) removed.
Business and industry	History of losses	206	(23)	Updated	Net loss $162.5m for FY2026; accumulated deficit $1.3bn ($1.1bn a year earlier).
Business and industry	Attracting new customers	439	9	Reworded	Changes and uncertainty in trade policies or tariffs added as a cause of delayed security spending.
Business and industry	Renewals and module expansion	329	(1)	Updated	One verb changed ("result from").
Business and industry	Sales cycles	311	11	Reworded	Geopolitical conditions, trade policies and tariffs added; longer sales cycles after the incident now "may continue" (FY2025: "expect to continue").
Business and industry	Competition	825	0	Reworded	Market conditions "are changing rapidly and significantly" through AI (FY2025: "could change").
Business and industry	Hiring and retention	462	26	Reworded	Adds that the Strategic Plan (about 500 positions, 5% of workforce, announced 6 May 2025) could affect recruiting and retention.
Business and industry	Fluctuating results	669	4	Reworded	Tariffs and trade restrictions added to the list of economic conditions.
Business and industry	International operations	686	21	Reworded	Threat of changes in tariffs and tax treaties added; digital sovereignty requirements emerging in the EU added; international revenue 33% in FY2026 (32% in FY2025).
Business and industry	Government sales	678	0	Updated	One conjunction changed in the certification bullet.
Business and industry	Scaling technology	591	12	Reworded	Investment in new technologies "including those involving AI"; reliance on external platforms in several layers of technology stacks added.
Business and industry	Additional capital	277	(3)	Reworded	Revolving facility removed from the stated sources of liquidity for the next 12 months.
Business and industry	Equipment suppliers and supply chain	284	46	Reworded	Adds tariffs and trade restrictions, component shortages and price increases from higher demand, and risks that grow with scale.
Business and industry	14 unchanged factors	4,866	0	Unchanged	Text identical: Adoption of cloud delivered endpoint security (299 words), Product enhancement and new products (279 words), Pricing pressure (128 words), Product defects, errors and vulnerabilities (825 words), Cyberattacks on CrowdStrike (771 words), Data centers and cloud hosting (588 words), Key personnel (199 words), Direct sales force (324 words), Ratable revenue recognition (286 words), Brand and reputation (474 words), Channel and technology partners (261 words), Customer support (135 words), Company culture (177 words), Customer credit risk (120 words).
Intellectual property, legal and regulatory	Data privacy and security laws	1,804	219	Reworded	Adds 219 words: UK Data Use and Access Act 2025, EU Digital Services Act, Data Act, Network and Information Security Directive II and Digital Operational Resiliency Act; UK adequacy decision now runs to December 2031.
Intellectual property, legal and regulatory	Compliance with laws and public sector contracting	494	24	Reworded	Digital sovereignty requirements added to topics of new regulation; sentence on higher operating costs of compliance added.
Intellectual property, legal and regulatory	Use of AI	790	67	Reworded	Adds that incorporating AI requires sizable resources and that the investments may fail to deliver anticipated benefits; adds delays in customer purchasing decisions; EU AI Act provisions effective February 2025; Texas, Colorado and Utah AI laws (FY2025 named the EU AI Act, published 12 July 2024 and in force 1 August 2024, and California laws of 2024).
Intellectual property, legal and regulatory	9 unchanged factors	4,221	0	Unchanged	Text identical: Protection of intellectual property (543 words), Infringement claims (711 words), Third party licenses (256 words), Export controls and sanctions (399 words), Anti corruption laws (350 words), Open source software (631 words), Service level commitments (193 words), Litigation (329 words), Warranty, product liability and indemnity (809 words).
Ownership of common stock	Share price volatility	555	7	Reworded	Amounts or frequency of stock repurchases added to the list of price drivers.
Ownership of common stock	Share repurchase program	250	250	New	New factor (250 words): $1.0bn program authorized June 2025 uses cash and may leave long term stockholder value unchanged if the share price falls below repurchase prices; $50.6m repurchased from 1 February to 4 March 2026, $949.4m of authorization remaining at 4 March 2026.
Ownership of common stock	Sales of shares and dilution	154	2	Updated	Shares outstanding 1.01bn at 28 February 2026 (991.5m a year earlier), split adjusted.
Ownership of common stock	Dividends	153	2	Reworded	Dividend restriction now refers to "any future credit facility" (FY2025: the existing credit facility).
Ownership of common stock	3 unchanged factors	939	0	Unchanged	Text identical: Analyst coverage (211 words), Charter and Delaware takeover provisions (437 words), Exclusive forum bylaw (291 words).
Indebtedness	Indebtedness	108	(48)	Reworded	Availability of up to $750m under the revolving facility and its variable rate exposure removed; $750m of Senior Notes remains.
Indebtedness	Debt service	424	(77)	Reworded	Credit agreement limits on asset sales and remedies of revolving lenders and secured lenders removed.
Indebtedness	Restrictive covenants	328	(148)	Reworded	Heading now names the indenture and future credit agreements; financial ratio covenants of the revolving facility removed (148 words shorter).
Indebtedness	Cross default provisions	0	(190)	Dropped	Dropped (190 words); revolving facility expired in January 2026.
General	Tax structure and tax law	1,150	378	Reworded	Adds 378 words: One Big Beautiful Bill Act of 4 July 2025, executive order of 20 January 2025 on the OECD framework, G7 side by side agreement of 28 June 2025 and OECD guidance of 5 January 2026.
General	Net operating loss carryforwards	223	(128)	Reworded	Paragraph on ownership change limits under Sections 382 and 383 removed; federal carryforwards $2.6bn ($1.4bn a year earlier).
General	Corporate responsibility expectations	232	5	Reworded	Heading and text replace environmental, social and governance with corporate responsibility; expectations described as evolving and possibly contradictory; compliance effort described as incurred.
General	6 unchanged factors	2,435	0	Unchanged	Text identical: Internal controls (523 words), Acquisitions and strategic investments (589 words), Sales and use tax (172 words), Accounting estimates (358 words), Equity investments (361 words), Catastrophic events (432 words).

Source: 10-K FY2025, 10-K FY2026

Figure 8.2 Change in word count by risk factor, 10-K FY2026 against 10-K FY2025

CrowdStrike 10-Q risk factor updates in FY2027 and AI risk wording

Item 1A mentions AI 37 times in the 10-K FY2025, 41 in the 10-K FY2026 and 42 in the 10-Q Q2 FY2027; the term agentic appears 3 times, all in the Q2 FY2027 10-Q.

Table 8.3 Item 1A changes in the Q2 FY2027 10-Q against the FY2026 10-K

Category	Risk factor	Status	What changed	First filed in
Intellectual property, legal and regulatory	Use of AI	Reworded	"generative and agentic AI" replaces generative AI in three sentences; Illinois and New York added to states with AI laws; proposals for such laws described as widespread.	10-Q Q2 FY2027
Business and industry	Cyberattacks on CrowdStrike	Reworded	Adds that attacks are becoming more sophisticated as threat actors use AI technologies (10-K FY2025 and FY2026: 0 references to AI in this factor).	10-Q Q2 FY2027
Business and industry	International operations	Reworded	Adds 108 words on foreign currency forward contracts: hedges may be ineffective and carry counterparty credit and settlement cash flow risk; international revenue 35% in H1 FY2027.	10-Q Q2 FY2027
Business and industry	Product defects, errors and vulnerabilities	Reworded	Example replaced: path traversal vulnerability in certain LogScale versions, fixed with a security advisory in April 2026 (10-K: Falcon Linux sensor issue of February 2025).	10-Q Q2 FY2027
Ownership of common stock	Share repurchase program	Reworded	Adds authorization of a further $500m announced 6 April 2026; total program $1.5bn.	10-Q Q1 FY2027
Business and industry	History of losses	Updated	Accumulated deficit $1.2bn at 31 July 2026; profitability stated for Q1 and Q2 FY2027.	10-Q Q2 FY2027
Ownership of common stock	Sales of shares and dilution	Updated	1,023,934,842 shares outstanding at 20 August 2026.	10-Q Q2 FY2027
Ownership of common stock	Dividends	Updated	Heading and text now refer to cash dividends.	10-Q Q1 FY2027
Business and industry	Direct sales force	Updated	"incentivizing" added to recruiting, training and retaining sales personnel.	10-Q Q1 FY2027
Intellectual property, legal and regulatory	Data privacy and security laws	Updated	UK Data Use and Access Act 2025 described in the past tense as phased in.	10-Q Q2 FY2027
Indebtedness	Indebtedness	Updated	$750m of principal outstanding restated at 31 July 2026.	10-Q Q2 FY2027
Several	Hiring and retention, Litigation, Internal controls, Tax structure and tax law, Accounting estimates	Updated	Statement references changed to condensed consolidated or unaudited statements; one typographical edit in the tax factor.	n/a
All	Remaining 43 factors	Unchanged	Text identical to the 10-K.	n/a

Source: 10-K FY2026, 10-Q Q1 FY2027, 10-Q Q2 FY2027

Figure 8.3 Mentions of selected terms in Item 1A risk factors, last four filings

CrowdStrike legal proceedings, market risk and cybersecurity governance

Notes to the financial statements describe 12 lawsuits over the 19 July 2024 incident, a count across 1 securities class action, 2 passenger class actions, 8 derivative suits and the Delta case: at 26 August 2026 the Delta case is in discovery and the other 11 ended in dismissal or voluntary dismissal.

Table 8.4 Legal proceedings and government inquiries, status as filed

Matter	Filed	10-K FY2025 (filed 10 Mar 2025)	10-K FY2026 (filed 4 Mar 2026)	10-Q Q2 FY2027 (filed 26 Aug 2026)
Securities class action against the company and certain officers, federal court, Western District of Texas	30 Jul 2024	Amended complaint filed 21 January 2025	Motion to dismiss filed 7 April 2025 and granted 12 January 2026; final judgment entered 28 January 2026; appeal period lapsed and judgment is final	Removed from the list of proceedings
Two passenger class actions over flight disruptions, Western District of Texas	5 and 19 Aug 2024	Consolidated 6 November 2024; consolidated complaint 6 December 2024; motion to dismiss filed 4 February 2025	Dismissed with final judgment 18 June 2025; plaintiffs appealed to the Fifth Circuit 25 June 2025; appeal pending	Fifth Circuit affirmed the dismissal 20 May 2026 and denied panel or en banc rehearing 15 June 2026
Three derivative suits against certain officers and directors, Western District of Texas	4, 11 and 20 Sep 2024	Consolidated and stayed 21 November 2024 pending the securities class action	Stayed	Court ordered dismissal 16 April 2026
Derivative suit, federal court, District of Delaware	9 Apr 2025	n/a (suit filed after this 10-K)	Voluntarily dismissed without prejudice 22 May 2025	Removed from the list of proceedings
Two further derivative suits, Western District of Texas	10 Apr 2025	n/a (suit filed after this 10-K)	Consolidated 23 May 2025; stayed 18 July 2025	Court ordered dismissal 7 April 2026
Two derivative suits, Delaware Court of Chancery	3 and 17 Jul 2025	n/a (suit filed after this 10-K)	Consolidated and stayed 18 August 2025	Court ordered dismissal 18 March 2026
Delta Airlines, Inc. (name as filed) against CrowdStrike, Inc., Superior Court of Fulton County, Georgia (Metro Atlanta Business Case Division); unspecified monetary and punitive damages sought	25 Oct 2024	Motion to dismiss filed 16 December 2024	Motion granted in part and denied in part 16 May 2025; discovery ongoing	Discovery ongoing
Requests for information from the US Department of Justice and the SEC	First disclosed in 10-Q Q1 FY2026	Inquiries from governmental authorities, no agency named	Requests cover recognition of revenue and reporting of ARR for transactions with certain customers, the incident and related matters; company cooperating	Same wording as 10-K FY2026
Customer and third party claims; other governmental inquiries	From Jul 2024	Some customers and third parties asserted claims or publicly threatened litigation	Claims asserted; company cooperating with inquiries	Company "has cooperated and provided information"
Loss estimate for all matters above	n/a	Loss reasonably possible; amount or range stated as impossible to estimate at an early stage	Same, at the "current stage"; 0 range disclosed	Same as 10-K FY2026
Webroot and Open Text patent suit (filed March 2022)	Mar 2022	Settled and dismissed under an agreement of November 2023; amount stated as immaterial	Removed from the note	Removed from the note

Source: 10-K FY2025, 10-K FY2026, 10-Q Q2 FY2027, 10-Q Q1 FY2026 (Note 10 in each 10-K, Note 11 in the 10-Q)

Table 8.5 Expenses and accrual for the 19 July 2024 incident and related matters

Measure	FY2025	FY2026	H1 FY2027
Expenses incurred, net of insurance receivable recorded	$60.1m	$117.7m	$3.6m
Payments made, net of cash received	$38.9m	$123.4m	$6.0m
Accrued balance at period end	$21.1m	$15.5m	$13.1m

Source: 10-K FY2026, 10-Q Q2 FY2027

Figure 8.4 Expenses, payments and accrual for the 19 July 2024 incident and related matters

Table 8.6 Item 7A and 10-Q Item 3 market risk disclosures as filed

Measure	Latest	Prior
Increase in operating loss from a hypothetical 10% adverse change in the US dollar	$138.8m in FY2026	$108.3m in FY2025, $75.8m in FY2024, $55.5m in FY2023
Currency hedging	Forward contracts designated as cash flow hedges entered in Q2 FY2027: $57.9m notional at 31 July 2026, maximum maturity 3 months	0 derivative or hedging transactions at 31 January 2026
Effect of a hypothetical 10% US dollar appreciation at 31 July 2026	Stated as immaterial to results and cash flows	n/a
Currencies named for operating expense exposure	British Pound, Australian Dollar and Euro	Same
Cash and cash equivalents	$5.2bn at 31 January 2026	$4.3bn at 31 January 2025
Effect of a hypothetical 100 basis point rate change on portfolio fair value	Stated as immaterial	Stated as immaterial
Interest rate on debt	Senior Notes fixed at 3.00%	Senior Notes fixed; revolving facility tied to Term SOFR

Source: 10-K FY2025, 10-K FY2026, 10-Q Q2 FY2027

Table 8.7 Item 1C cybersecurity disclosure, FY2026 against FY2025

Topic	10-K FY2026	10-K FY2025
Material incidents	0 cybersecurity threats or incidents identified in fiscal 2026 with a material effect on strategy, results or financial condition	Same statement for fiscal 2025
Board oversight	Audit Committee, which reports material incidents to the full board	Same
Management	Chief Information Security Officer directs the programs and updates the Audit Committee and board regularly	Same
Testing	Table top exercises, penetration testing, independent third party audits, annual internal assessment	Same
Text	Identical to FY2025 apart from the fiscal year	n/a

Source: 10-K FY2025, 10-K FY2026 (Item 1C)

9 Stock Price, Scenarios & Sensitivity

Shares closed at $275.04 on 9 October 2026, 184.6x TTM FCF, against arithmetic outcomes for FY2030 of $67, $263 and $748 under the three sets of assumptions in Table 9.2. Current multiple is above the P / FCF at each of the five fiscal year ends from FY2022 to FY2026 (36x to 93x); the best case holds it and the base case applies their median of 89x.

CrowdStrike stock price history

Figure 9.1 CrowdStrike month end share price, September 2021 to 9 October 2026

Table 9.1 Share price markers to 9 October 2026

Item	Value
Close, 9 October 2026	$275.04
52 week high, intraday, 6 October 2026	$286.99
Highest close of the past 12 months, 6 October 2026	$278.86
52 week low, intraday, February 2026	$85.68
Lowest month end close of the past 12 months, February 2026	$93.00
Change against month end October 2025	103%
Change against month end October 2021	290%
IPO price, 12 June 2019	$34.00 as filed; $8.50 split adjusted
Close before Q2 FY2027 results, 26 August 2026	$189.18
Close after Q2 FY2027 results, 27 August 2026	$227.96, up 20.5%

Source: Market data, 9 October 2026 (closes of 26 and 27 August 2026 and month end closes: single source); 424B4, SEC filings via SEC-API.io; market value and TTM multiples are in Table 4.5

Three year scenario analysis, FY2028 to FY2030

Base case revenue of $10.9bn and FCF per diluted share of $2.95 in FY2030 give $263 a share at 89x, (5)% against the close of 9 October 2026; the worst case gives $67 at 36x and the best case $748 at 185x. FY2027E is H1 FY2027 actuals plus guidance midpoints of 26 August 2026.

Table 9.2 Scenario assumptions and FY2030 arithmetic outcomes

Item	FY2027E (guidance midpoint, 26 August 2026)	Worst	Base	Best
Inputs (assumption)
Revenue growth FY2028 / FY2029 / FY2030	24.7%	16% / 14% / 12%	24% / 22% / 20%	30% / 30% / 28%
Gross margin, FY2030 (equal annual steps from FY2027E; FY2027E at the H1 FY2027 rate)	74.9%	74%	76%	78%
Non GAAP operating margin, FY2030 (equal annual steps)	25.0%	23%	28%	32%
Gap between non GAAP and GAAP operating margin, FY2030 (equal annual steps)	26.6%	26.5%	23.0%	20.0%
FCF margin, FY2030 (equal annual steps)	29.0%	24%	30%	34%
Diluted share count change a year	1.04bn shares	3.0%	2.0%	1.5%
Exit multiple, price / FCF per diluted share	184.6x TTM	36x	89x	185x
Non GAAP other income, held flat; tax rate 21%	$152m	$152m	$152m	$152m
Outcomes, FY2030
Revenue	$6.00bn	$8.89bn	$10.9bn	$13.0bn
Gross profit	$4.50bn	$6.58bn	$8.28bn	$10.1bn
GAAP operating income (FY2027E: non GAAP guidance less the H1 FY2027 gap)	($96m)	($311m)	$545m	$1.56bn
GAAP operating margin	(1.6)%	(3.5)%	5.0%	12.0%
Non GAAP operating income	$1.50bn	$2.04bn	$3.05bn	$4.15bn
FCF (FY2027E: H1 FCF of $850m plus H2 revenue at the TTM margin of 28.3%)	$1.74bn	$2.13bn	$3.27bn	$4.41bn
Diluted shares	1.04bn	1.14bn	1.11bn	1.09bn
Non GAAP EPS	$1.25 to $1.26	$1.52	$2.28	$3.12
FCF per diluted share	$1.67	$1.87	$2.95	$4.04
Implied share price (FCF per share x exit multiple)	$275.04 close	$67.32	$262.55	$747.96
Implied price against close of 9 October 2026	n/a	(76)%	(5)%	172%

Source: 8-K Exhibit 99.1, 26 August 2026; 10-Q Q2 FY2027; 10-K FY2026, SEC filings via SEC-API.io; Market data, 9 October 2026

Figure 9.2 Revenue and FCF per share, filed FY2022 to FY2026 and scenarios to FY2030

Best case critical factors and demand drivers

Table 9.3 Filed data point behind each best case input

Factor	Filed data point	Best case input
Net new ARR	$332.8m in Q2 FY2027, 51% above Q2 FY2026; FY2027 guidance of 34% growth at the midpoint	Revenue growth of 30% in FY2028 and FY2029
Ending ARR	$5.84bn at 31 July 2026, 25% year on year; FY2027 guidance $6.60bn to $6.61bn, 25.8% above FY2026	Revenue growth of 28% in FY2030
Falcon Flex	Ending ARR from Flex accounts above $2.29bn, 101% year on year, 39.2% of ending ARR	Revenue growth of 28% to 30% against 24.7% in FY2027E
RPO	$10.7bn at 31 July 2026, 48.6% year on year, 46% due within 12 months	Revenue growth of 28% to 30%
Retention and module adoption	Dollar based net retention 115% at 31 January 2026; 51% of subscription customers with six or more modules at 31 July 2026	Revenue growth of 28% to 30%
Operating margin	Non GAAP operating margin 25.3% in Q2 FY2027 against 21.8% in Q2 FY2026; gross margin 74.6%	Non GAAP operating margin 32%, gross margin 78%
FCF margin	34.0% in Q1 FY2027, 28.3% TTM, 30.8% in FY2024	FCF margin 34%
Dilution	SBC 23.6% of H1 FY2027 revenue; $176m repurchased in H1 FY2027, $1.30bn authorization remaining	Share count change 1.5% a year
Exit multiple	Price / TTM FCF of 184.6x on 9 October 2026; 36x to 93x at the five fiscal year ends	185x held to FY2030

Source: 8-K Exhibit 99.1, 26 August 2026; 10-Q Q2 FY2027; 10-K FY2026, SEC filings via SEC-API.io; Market data, 9 October 2026

Sensitivity analysis and filed history against scenario assumptions

An exit multiple of 36x to 185x moves the base case price from $106 to $546, the growth path from $214 to $313, FCF margin of 24% to 34% from $210 to $298 and share count change of 3.0% to 1.5% a year from $255 to $266.

Figure 9.3 FY2030 implied price and FCF per share by scenario input (dashed box: base case)

Figure 9.4 Implied FY2030 share price with one base case input changed at a time

Table 9.4 Filed FY2022 to FY2026, TTM and FY2027E against FY2030 scenario assumptions (revenue and other margins in Tables 2.5, 2.6 and 9.2)

Period	Revenue growth	Non GAAP operating margin	FCF margin	Share count change (filed: weighted basic; scenarios: diluted)	Price / FCF per diluted share at period end
FY2022	66.0%	13.5%	30.4%	4.3%	93x
FY2023	54.4%	15.9%	30.2%	2.6%	36x
FY2024	36.3%	21.6%	30.8%	2.4%	76x
FY2025	29.4%	22.3%	27.0%	2.6%	91x
FY2026	21.7%	21.7%	25.8%	2.4%	89x
TTM Q2 FY2027 (share count: Q2 FY2027 against Q2 FY2026)	24.3%	23.9%	28.3%	2.0%	184.6x
FY2027E	24.7%	25.0%	29.0%	n/a	n/a
Worst case, FY2030	12.0%	23.0%	24.0%	3.0%	36x
Base case, FY2030	20.0%	28.0%	30.0%	2.0%	89x
Best case, FY2030	28.0%	32.0%	34.0%	1.5%	185x

Source: 10-K FY2022, FY2023, FY2024, FY2025, FY2026; 10-Q Q2 FY2027; 8-K Exhibit 99.1, 26 August 2026; SEC filings via SEC-API.io; Market data at fiscal year ends (single source) and 9 October 2026

Sources and method

Filings: 10-K FY2026 and the 10-K filings for FY2022 to FY2025; 10-Q Q2 FY2027 and the 10-Q filings from Q3 FY2025; DEF 14A of 5 May 2026; 8-K filings of 26 August 2026 (results), 22 June 2026 (annual meeting) and 3 June 2026 (results and stock split); Forms 4, 144, 13F and Schedule 13G; the 2019 424B4; peer 10-K and 10-Q filings.
SEC filings via SEC-API.io.
Market data as of 9 October 2026.
Earnings calls of 3 March 2026, 3 June 2026 and 26 August 2026, in indirect speech.
Third party research: Gartner and IDC publications as dated in Table 4.1.
Scenario figures are arithmetic outcomes of stated assumptions.

Sources appendix

Every filing referenced in this analysis, sorted by form and then by date. Each accession number links to the filing on sec.gov. Count: 178 filings.

Table A.1 CrowdStrike Holdings, Inc. filings, with ownership filings by holders and insiders

Form	Period or filing date	Accession number
10-K	31 Jan 2026	0001535527-26-000010
10-K	31 Jan 2025	0001535527-25-000009
10-K	31 Jan 2024	0001535527-24-000007
10-K	31 Jan 2023	0001535527-23-000008
10-K	31 Jan 2022	0001535527-22-000006
10-Q	31 Jul 2026	0001535527-26-000031
10-Q	30 Apr 2026	0001535527-26-000025
10-Q	31 Oct 2025	0001535527-25-000033
10-Q	31 Jul 2025	0001535527-25-000025
10-Q	30 Apr 2025	0001535527-25-000019
10-Q	31 Oct 2024	0001535527-24-000026
8-K	26 Aug 2026	0001535527-26-000029
8-K	22 Jun 2026	0001104659-26-076376
8-K	3 Jun 2026	0001535527-26-000022
8-K	16 Apr 2026	0001535527-26-000018
8-K	6 Apr 2026	0001535527-26-000013
8-K	3 Mar 2026	0001535527-26-000007
8-K	22 Dec 2025	0001104659-25-124912
8-K	2 Dec 2025	0001535527-25-000030
8-K	27 Aug 2025	0001535527-25-000023
8-K	18 Jun 2025	0001104659-25-061216
8-K	3 Jun 2025	0001535527-25-000017
8-K	4 Mar 2025	0001535527-25-000005
8-K	13 Dec 2024	0001104659-24-128515
8-K	21 Jun 2024	0001104659-24-073944
8-K	5 Mar 2024	0001535527-24-000004
8-K	7 Mar 2023	0001535527-23-000006
DEF 14A	5 May 2026	0001104659-26-055599
DEF 14A	6 May 2025	0001104659-25-045047
424B4	12 Jun 2019	0001047469-19-003607
Schedule 13G	29 Apr 2026	0002100119-26-000287
Schedule 13G/A	26 Mar 2026	0000102909-26-001050
Schedule 13G/A	14 Nov 2024	0000080255-24-001446
Schedule 13G/A	12 Nov 2024	0000932471-24-000918
Schedule 13G/A	4 Nov 2024	0000932471-24-000282
13F-HR	30 Jun 2026	0000019617-26-000325
13F-HR	30 Jun 2026	0000053417-26-000052
13F-HR	30 Jun 2026	0000080255-26-000519
13F-HR	30 Jun 2026	0000093751-26-000583
13F-HR	30 Jun 2026	0000315066-26-002260
13F-HR	30 Jun 2026	0000895421-26-000243
13F-HR	30 Jun 2026	0000914208-26-000343
13F-HR	30 Jun 2026	0001214717-26-000008
13F-HR	30 Jun 2026	0002012383-26-003238
13F-HR	30 Jun 2026	0002100119-26-001527
13F-HR	30 Jun 2026	0002100121-26-001018
13F-HR	31 Mar 2026	0000019617-26-000225
13F-HR	31 Mar 2026	0000053417-26-000040
13F-HR	31 Mar 2026	0000080255-26-000381
13F-HR	31 Mar 2026	0000093751-26-000315
13F-HR	31 Mar 2026	0000315066-26-001390
13F-HR	31 Mar 2026	0000895421-26-000183
13F-HR	31 Mar 2026	0000914208-26-000193
13F-HR	31 Mar 2026	0001214717-26-000006
13F-HR	31 Mar 2026	0002100119-26-001311
13F-HR	31 Mar 2026	0002100121-26-000861
13F-HR	31 Dec 2025	0000019617-26-000083
13F-HR	31 Dec 2025	0000053417-26-000012
13F-HR	31 Dec 2025	0000080255-26-000231
13F-HR	31 Dec 2025	0000093751-26-000100
13F-HR	31 Dec 2025	0000102909-26-000031
13F-HR	31 Dec 2025	0000315066-26-000611
13F-HR	31 Dec 2025	0000895421-26-000187
13F-HR	31 Dec 2025	0000914208-26-000071
13F-HR	31 Dec 2025	0001214717-26-000003
13F-HR	31 Dec 2025	0002012383-26-000920
13F-HR	30 Sep 2025	0000019617-25-001093
13F-HR	30 Sep 2025	0000053417-25-000088
13F-HR	30 Sep 2025	0000080255-25-000782
13F-HR	30 Sep 2025	0000093751-25-000651
13F-HR	30 Sep 2025	0000102909-25-000353
13F-HR	30 Sep 2025	0000315066-25-002929
13F-HR	30 Sep 2025	0000895421-26-000186
13F-HR	30 Sep 2025	0000914208-25-000430
13F-HR	30 Sep 2025	0001214717-25-000016
13F-HR	30 Sep 2025	0002012383-25-002949
13F-HR/A	31 Mar 2026	0000914208-26-000216
13F-HR/A	31 Dec 2025	0000914208-26-000214
Form 4	8 Oct 2026	0001778564-26-000179
Form 4	5 Oct 2026	0001201326-26-000027
Form 4	5 Oct 2026	0001921602-26-000012
Form 4	2 Oct 2026	0000950103-26-015176
Form 4	25 Sep 2026	0001778610-26-000024
Form 4	22 Sep 2026	0001778564-26-000168
Form 4	22 Sep 2026	0001778564-26-000169
Form 4	21 Sep 2026	0001220632-26-000006
Form 4	21 Sep 2026	0001253512-26-000015
Form 4	21 Sep 2026	0001319245-26-000014
Form 4	21 Sep 2026	0001445832-26-000013
Form 4	21 Sep 2026	0001872303-26-000008
Form 4	21 Sep 2026	0001968270-26-000015
Form 4	16 Sep 2026	0001445832-26-000011
Form 4	15 Sep 2026	0001061632-26-000008
Form 4	2 Sep 2026	0001201326-26-000021
Form 4	25 Aug 2026	0000950103-26-012856
Form 4	24 Jul 2026	0000950103-26-011156
Form 4	25 Jun 2026	0001921602-26-000008
Form 4	23 Jun 2026	0001778564-26-000099
Form 4	23 Jun 2026	0001778564-26-000100
Form 4	22 Jun 2026	0001872303-26-000006
Form 4	5 Jun 2026	0001253512-26-000007
Form 4	13 May 2026	0001968270-26-000011
Form 4	11 May 2026	0001968270-26-000009
Form 4	21 Apr 2026	0001778564-26-000014
Form 4	20 Apr 2026	0001921602-26-000004
Form 4	23 Mar 2026	0001778564-26-000009
Form 4	16 Mar 2026	0001233412-26-000002
Form 4	4 Feb 2026	0001778564-26-000004
Form 4	16 Jan 2026	0001872303-26-000002
Form 4	28 Oct 2025	0001201326-25-000007
Form 4	17 Oct 2025	0001872303-25-000007
Form 4	10 Oct 2025	0001968270-25-000009
Form 144	1 Oct 2026	0001958244-26-000634
Form 144	30 Sep 2026	0001950047-26-009890
Form 144	24 Sep 2026	0001959173-26-007107
Form 144	21 Sep 2026	0000950103-26-014283
Form 144	21 Sep 2026	0001959173-26-007057
Form 144	21 Sep 2026	0001968582-26-000999
Form 144	17 Sep 2026	0001968582-26-000985
Form 144	16 Sep 2026	0001628280-26-062140
Form 144	14 Sep 2026	0001950047-26-009418
Form 144	4 Aug 2026	0001958244-26-000479
Form 144	3 Aug 2026	0001959173-26-005538
Form 144	3 Aug 2026	0001968582-26-000773
Form 144	17 Jul 2026	0001968582-26-000734
Form 144	13 Jul 2026	0001968582-26-000722
Form 144	1 Jul 2026	0001958244-26-000419
Form 144	22 Jun 2026	0000950103-26-009311
Form 144	22 Jun 2026	0001959173-26-004818
Form 144	22 Jun 2026	0001968582-26-000651
Form 144	5 Jun 2026	0001628280-26-041147
Form 144	5 Jun 2026	0001968582-26-000555
Form 144	19 May 2026	0001958244-26-000294
Form 144	14 May 2026	0001958244-26-000281
Form 144	12 May 2026	0001950047-26-004386
Form 144	11 May 2026	0001950047-26-004318
Form 144	8 May 2026	0001958244-26-000269
Form 144	7 May 2026	0001950047-26-004189
Form 144	4 May 2026	0001959173-26-003228
Form 144	4 May 2026	0001968582-26-000399
Form 144	17 Apr 2026	0001968582-26-000369
Form 144	23 Mar 2026	0000950103-26-004536
Form 144	23 Mar 2026	0001959173-26-002559
Form 144	23 Mar 2026	0001968582-26-000312
Form 144	5 Feb 2026	0001968582-26-000083
Form 144	5 Feb 2026	0001968582-26-000085
Form 144	4 Feb 2026	0001959173-26-000654
Form 144	4 Feb 2026	0001968582-26-000079
Form 144	2 Feb 2026	0001959173-26-000553
Form 144	2 Feb 2026	0001968582-26-000075
Form 144	15 Jan 2026	0001968582-26-000029
Form 144	15 Jan 2026	0001968582-26-000031
Form 144	22 Dec 2025	0000950103-25-016454
Form 144	22 Dec 2025	0001959173-25-007893
Form 144	22 Dec 2025	0001968582-25-001279
Form 144	5 Dec 2025	0001968582-25-001168
Form 144	5 Nov 2025	0001968582-25-001031
Form 144	5 Nov 2025	0001968582-25-001033
Form 144	3 Nov 2025	0001959173-25-006697
Form 144	3 Nov 2025	0001968582-25-001022
Form 144	24 Oct 2025	0001958244-25-004411
Form 144	15 Oct 2025	0001968582-25-000995
Form 144	10 Oct 2025	0001950047-25-007885

Table A.2 Filings of peers and other companies

Company	Form	Period or filing date	Accession number
Cloudflare	10-K	31 Dec 2025	0001477333-26-000016
Cloudflare	10-Q	30 Jun 2026	0001477333-26-000054
Cloudflare	10-Q	30 Jun 2025	0001477333-25-000137
Fortinet	10-K	31 Dec 2025	0001262039-26-000007
Fortinet	10-Q	30 Jun 2026	0001262039-26-000021
Fortinet	10-Q	30 Jun 2025	0001262039-25-000028
Okta	10-K	31 Jan 2026	0001660134-26-000020
Okta	10-Q	31 Jul 2026	0001660134-26-000069
Okta	10-Q	31 Jul 2025	0001660134-25-000157
Palo Alto Networks	10-K	31 Jul 2026	0001327567-26-000023
SentinelOne	10-K	31 Jan 2026	0001583708-26-000020
SentinelOne	10-Q	31 Jul 2026	0001583708-26-000055
SentinelOne	10-Q	31 Jul 2025	0001583708-25-000148
Zscaler	10-K	31 Jul 2026	0001713683-26-000157
Zscaler	10-K	31 Jul 2025	0001713683-25-000158

This report is for information only and is not financial advice.

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