CrowdStrike
By consolidating and replacing legacy point products and fragmented platforms across key areas of security and IT, the Falcon platform delivers a unified, modern approach that increases capabilities, reduces complexity, and lowers costs – all while stopping breaches.
10-K, Mar 5, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Business
How does CrowdStrike make money?
Subscription And Circulation is 95.1% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001535527-25-000009 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($4.0B).
- Subscription And Circulation: $3.8B · 95.1%
- Professional Services: $192M · 4.9%
What is left of every $100?
Of every $100 in revenue, −$3 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $4.8B
- Gross profit: $3.6B
- Operating income: −$293M
- Net income: −$163M
- Free cash flow: $1.3B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We believe our approach has defined a new category called the AI Security Cloud, which has the power to transform the cybersecurity industry the same way the cloud has transformed the customer relationship management, human resources, and service management industries.”
“Using cloud-scale AI, our AI Security Cloud enriches and correlates trillions of cybersecurity events per week with indicators of attack, threat intelligence, and enterprise data (including data from across endpoints, workloads, identities, DevOps, IT assets, configurations and AI interactions).”
“This data is continuously curated, labeled, and validated through real-world security operations, including managed detection and response, threat intelligence, and incident response activities, creating high-fidelity intelligence grounded in real adversary behavior and outcomes – cyber Reinforced Learning from Human Feedback (“RLHF”) at scale.”
Item 1 · Business · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Where did the growth actually come from?
One segment drove 96% of growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +22%
“Total revenue increased by $858.4 million, or 22%, in fiscal 2026, as compared to fiscal 2025.”
Item 7 · MD&A · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Number check (revenue): stated $858M matches the stored change ($858M, ±10%)
Revenue: $4.8B FY2026 · +21.7% vs FY2025 · KPIs
Position (in the company’s words)
“As of January 31, 2026, we are trusted by more than 88,000 organizations, including our end customers and those of our Managed Security Service Providers (“MSSPs”), worldwide.”
Item 1 · Business · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
R&D +29%
“Research and development expenses increased by $309.2 million, or 29% in fiscal 2026, as compared to fiscal 2025.”
Item 7 · MD&A · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Number check (R&D expense): stated $309M matches the stored change ($309M, ±10%)
R&D expense: $1.4B FY2026 · +28.7% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 22% to $4.8B.
Revenue grew 26% YoY to $1.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 99.8%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
Operating margin: −6.1%.
Gross margin: 74.7%.
Operating income: −$293M.
Net income: −$163M.
R&D: $1.4B in FY2026.
SG&A grew 25% to $2.5B.
EPS diluted: −$0.16.
Operating margin: −2.3%.
Gross margin: 74.6%.
Operating income: −$33.2M.
Net income: $5.3M.
R&D: $444M in FY2027 Q2.
SG&A grew 10% YoY to $686M.
EPS diluted: $0.01.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Keeps $27 of every $100 as free cash.
Operating cash flow grew 17% to $1.6B.
Capex grew 19% to $302M.
Stock-based compensation: $1.1B in FY2026.
Free cash flow grew 34% YoY to $406M.
Operating cash flow grew 59% YoY to $530M.
Capex grew 308% YoY to $124M.
Buybacks: $0 in FY2027 Q2.
Stock-based compensation: $377M in FY2027 Q2.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$5.2B cash vs $745M debt.
Total debt grew 0.2% to $745M.
Interest expense grew 6.5% to $28.0M.
Total assets grew 27% to $11.1B.
Equity grew 35% to $4.4B.
Cash grew 0.8% YoY to $5.0B.
Total debt grew 0.2% YoY to $746M.
Interest expense fell 11% YoY to $6.0M.
Total assets grew 29% YoY to $12.0B.
Equity grew 36% YoY to $5.1B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does CrowdStrike depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (CrowdStrike annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by CrowdStrike
CrowdStrike holds stakes in
No stake in a covered company found in SEC filings.
Others name CrowdStrike
1 competitor mention (e.g. Fortinet) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 63 risk factors, one per theme.
Competition
“If we are unable to successfully enhance our existing products and services and introduce new products and services in response to rapid technological changes and market developments as well as evolving security threats, our competitive position and prospects will be harmed.”
Item 1A · Risk Factors · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Trade, government policy and geopolitics
“Our international operations and plans for future international expansion expose us to significant risks, and failure to manage those risks could adversely impact our business.”
Item 1A · Risk Factors · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Security, defects and outages
“If organizations do not adopt cloud-based SaaS-delivered endpoint security solutions, our ability to grow our business and results of operations may be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Key people
“We rely on our key technical, sales and management personnel to grow our business, and the loss of one or more key employees could harm our business.”
Item 1A · Risk Factors · 10-K · 0001535527-26-000010 · filed Mar 5, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.27%.
Vanguard Capital Management LLC7.27%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Warburg Pincus X Partners, L.P.39.4% (then)
13G/A · as of Dec 31, 2019 · filed Feb 10, 2020 · older than 18 months, current position unknown
BlackRock Inc.7.4% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
12 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.3%
21.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.4%
16.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.0%
11.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.3%
8.4M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Jpmorgan Chase & Co4.2%
8.2M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,453 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 2072 sales · $746M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | |||||||||
| G&A | not reported | |||||||||
| Gross profit | not reported | |||||||||
| Income taxes | not reported | |||||||||
| Interest expense | not reported | |||||||||
| Net income | not reported | |||||||||
| Operating income | not reported | |||||||||
| Research and development | not reported | |||||||||
| Revenue | not reported | |||||||||
| SG&A calc. | not reported | |||||||||
| Sales & marketing | not reported | |||||||||
Balance sheet 8
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | ||||||||
| Current liabilities | not reported | not reported | ||||||||
| Equity | not reported | |||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | |||||||
| Total assets | not reported | not reported | ||||||||
| Total debt calc. | not reported | not reported | not reported | |||||||
| Total liabilities & equity | not reported | not reported | ||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Capex | not reported | |||||||||
| Free cash flow calc. | not reported | |||||||||
| Interest paid | not reported | |||||||||
| Operating cash flow | not reported | |||||||||
| Stock-based compensation | not reported | |||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | |||||||||
| EPS diluted | not reported | |||||||||
| Wtd. shares basic | not reported | |||||||||
| Wtd. shares diluted | not reported | |||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | |||||||
| Other income (incl. interest) calc. | not reported | |||||||||
| Pretax income | not reported | |||||||||
| Total liabilities | not reported | not reported | ||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values