Free cash flow remains a core strength with a 35.6% margin in 2027Q1, though this is partially offset by aggressive capital deployment, including $881.4M in net acquisitions during the same period.
| Cash from Operations | 1.82B | 1.61B | 1.38B | 1.17B | 941.01M | 574.78M | 356.57M | 99.94M | -22.97M | -58.77M | -52M |
| Operating CF Margin % | - | 33.51% | 34.95% | 38.17% | 41.99% | 39.6% | 40.78% | 20.76% | -9.19% | -49.49% | -98.58% |
| Operating CF Growth % | 121.65% | 16.69% | 18.48% | 23.93% | 63.71% | 61.2% | 256.77% | 535.14% | 60.92% | -13.02% | - |
| Net Income | -24.52M | -161.16M | -16.6M | 89.33M | -182.28M | -232.38M | -92.63M | -141.78M | -140.08M | -135.49M | -91.34M |
| Depreciation & Amortization | 328.38M | 281.45M | 213.96M | 145.25M | 93.81M | 68.81M | 40.14M | 23.51M | 15.4M | 7.74M | 3.02M |
| Stock-Based Compensation | 1.14B | 1.1B | 865.42M | 631.52M | 526.5M | 309.95M | 149.68M | 79.94M | 20.5M | 12.34M | 1.99M |
| Deferred Taxes | -23.95M | -14.8M | -9.9M | -3.39M | 1.31M | -13.96M | -1.3M | 5.33M | 3.17M | 664K | 149K |
| Other Non-Cash Items | 376.82M | 469.47M | 334.85M | 251.97M | 181.23M | 120.63M | 75.06M | 35.47M | 28.74M | 13.52M | 5.1M |
| Working Capital Changes | 1.34M | -59.29M | -6M | 51.53M | 320.44M | 321.72M | 185.61M | 97.47M | 49.3M | 42.46M | 29.08M |
| Change in Receivables | -123.56M | -232.53M | -274.22M | -217.7M | -258.11M | -125.35M | -72.48M | -73.07M | -33.41M | -35.27M | -8.46M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 58.94M | 6.57M | 0 | 0 | 0 |
| Change in Payables | 17.61M | -11.27M | 84.94M | -18.9M | -15.46M | 33.25M | 11.32M | -6.57M | -2.4M | 7.14M | 1.89M |
| Cash from Investing | -1.66B | -764.48M | -536.59M | -340.65M | -556.66M | -564.52M | 495.43M | -629.63M | -142.03M | -28.33M | -11.85M |
| Capital Expenditures | -297.21M | -302.11M | -254.85M | -176.53M | -266.44M | -133.69M | -63.84M | -87.49M | -42.65M | -29.75M | -12.65M |
| CapEx % of Revenue | 5.83% | 6.28% | 6.45% | 5.78% | 11.89% | 9.21% | 7.3% | 18.17% | 17.07% | 25.06% | 23.98% |
| Acquisitions | -1.27B | -382.27M | -310.26M | -239.03M | -18.35M | -414.52M | -85.52M | 7.29M | 6.79M | -6.47M | 6.06M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -95.28M | -68.75M | -58.97M | -58.3M | -31.42M | -21.55M | 0 | -7.29M | -6.79M | 0 | -6.06M |
| Cash from Financing | -61.07M | 132.45M | 107.21M | 93.16M | 77.44M | 72.53M | 800.13M | 706.14M | 190.39M | 126.83M | 17.46M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -1.59M | 0 | 739.57M | 0 | -16.16M | -9.32M | 16.94M |
| Equity Issued (Net) | -175.57M | 129M | 103.6M | 85.07M | 68.07M | 66.18M | 63.09M | 665.09M | 210.81M | 134.14M | 767K |
| Dividends Paid | -20.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -175.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 135.45M | 3.46M | 3.61M | 8.09M | 10.95M | 6.36M | -2.53M | 41.05M | -4.26M | 2.02M | -247K |
| Net Change in Cash | 185.07M | 989.95M | 947.07M | 920.67M | 460.29M | 78.03M | 1.65B | 176.39M | 25.23M | 40.35M | -46.39M |
| Free Cash Flow | 1.45B | 1.31B | 1.07B | 929.1M | 674.57M | 441.1M | 292.72M | 12.46M | -65.61M | -88.52M | -64.64M |
| FCF Margin % | 28.51% | 27.23% | 27.01% | 30.41% | 30.1% | 30.39% | 33.48% | 2.59% | -26.26% | -74.54% | -122.56% |
| FCF Growth % | 41.57% | 22.69% | 14.94% | 37.73% | 52.93% | 50.69% | 2250.06% | 118.98% | 25.88% | -36.93% | - |
| FCF per Share | 5.63 | 5.08 | 4.36 | 3.81 | 2.89 | 1.94 | 1.34 | 0.06 | -0.38 | -0.52 | -0.38 |
| FCF Conversion (FCF/Net Income) | -59.22x | -9.92x | -71.70x | 13.06x | -5.14x | -2.45x | -3.85x | -0.70x | 0.16x | 0.43x | 0.57x |
| Interest Paid | 0 | 0 | 22.5M | 22.5M | 22.55M | 13.09M | 18K | 7K | 449K | 1.65M | 529K |
| Taxes Paid | -1.55M | 0 | 19.02M | 22.61M | 11.94M | 74.68M | 1.73M | 1.86M | 1.39M | 107K | 48K |
Operational outage liability exposure
As reported in financial statements, the persistent gap between net income and operating cash flow is largely bridged by stock-based compensation, which reached $297.7M in 2027Q1, suggesting that GAAP profitability remains secondary to non-cash expense management in the company's current operating model.
The significant divergence between net income and operating cash flow indicates that the company's cash-generating ability is heavily reliant on accounting adjustments rather than core operational efficiency. Investors should monitor whether this reliance on non-cash compensation persists as the company matures, as it may obscure the true economic cost of talent acquisition.
Based on the provided quarterly data, free cash flow margins have remained resilient, peaking at 35.6% in 2027Q1, which demonstrates that the firm successfully converts a substantial portion of its subscription revenue into liquidity despite the ongoing volatility in GAAP net income figures.
The ability to maintain high FCF margins while scaling suggests that the underlying platform economics are inherently efficient. However, the sustainability of these margins warrants further investigation, particularly if competitive pressures necessitate higher customer acquisition costs or increased investment in service-level remediation.
According to recent SEC filings, capital expenditures have fluctuated significantly, reaching a high of $97.6M in 2027Q1, which reflects the ongoing requirement for heavy investment in cloud infrastructure to support the platform's global telemetry and real-time data processing capabilities.
The variability in CapEx relative to revenue suggests that the company is still in a phase of active infrastructure expansion rather than maintenance. This capital intensity is a necessary trade-off for maintaining the performance advantages of the proprietary graph-based architecture, though it remains a drag on free cash flow.
As evidenced by the cash flow statement, the company has shifted toward aggressive capital deployment, including $881.4M in net acquisitions during 2027Q1 and $175.6M in share repurchases, signaling a transition toward utilizing its cash reserves to consolidate market position and manage equity dilution.
The use of cash for both strategic acquisitions and share buybacks suggests management is attempting to balance growth through inorganic means with the need to offset the dilutive impact of stock-based compensation. This dual-track strategy warrants close monitoring to ensure that acquisition returns exceed the cost of capital.
Based on the provided financial data, the cash flow statement may obscure the long-term impact of the July 2024 outage, as potential SLA credits and legal liabilities are not yet fully reflected in the cash outflows, suggesting that future cash flow quality may face unforeseen pressures.
The current cash flow profile appears robust, but it may not fully account for the potential long-term remediation costs associated with the recent global outage. Investors should be cautious, as these latent liabilities could manifest as increased cash outflows in future periods, potentially impacting the company's ability to fund further growth.
Quick answers to the most common questions about buying CRWD stock.
CrowdStrike Holdings, Inc. (CRWD) generated $1.61B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
CrowdStrike Holdings, Inc. (CRWD) generated $1.31B in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CrowdStrike Holdings, Inc. (CRWD) spent $302.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.