Revenue growth has moderated to a still-strong 25.8% YoY, but operating income remains negative at -2.3% of revenue, indicating that SG&A expenses consuming 45.7% of sales are preventing operating leverage.
CrowdStrike Holdings, Inc. (CRWD) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 |
|---|
| Sales/Revenue | 5.4B | 4.81B | 3.95B | 3.06B | 2.24B | 1.45B | 874.44M | 481.41M | 249.82M | 118.75M | 52.74M |
| Revenue Growth % | 24.3% | 21.71% | 29.39% | 36.33% | 54.4% | 66% | 81.64% | 92.7% | 110.37% | 125.14% | - |
| Cost of Goods Sold | 1.34B | 1.22B | 991.48M | 755.72M | 601.23M | 383.22M | 229.54M | 141.63M | 87.24M | 54.49M | 34.01M |
| COGS % of Revenue | - | 25.33% | 25.08% | 24.73% | 26.83% | 26.4% | 26.25% | 29.42% | 34.92% | 45.88% | 64.47% |
| Gross Profit | 4.06B | 3.59B | 2.96B | 2.3B | 1.64B | 1.07B | 644.89M | 339.79M | 162.59M | 64.27M | 18.74M |
| Gross Margin % | 75.25% | 74.67% | 74.92% | 75.27% | 73.17% | 73.6% | 73.75% | 70.58% | 65.08% | 54.12% | 35.53% |
| Gross Profit Growth % | - | 21.3% | 28.8% | 40.23% | 53.5% | 65.67% | 89.79% | 108.99% | 152.99% | 242.95% | - |
| Operating Expenses | 4.18B | 3.89B | 3.08B | 2.3B | 1.83B | 1.21B | 737.42M | 485.85M | 299.45M | 195.71M | 109.3M |
| OpEx % of Revenue | - | 80.76% | 77.97% | 75.33% | 81.66% | 83.42% | 84.33% | 100.92% | 119.86% | 164.8% | 207.21% |
| Selling, General & Admin | 2.62B | 2.5B | 2.01B | 1.53B | 1.22B | 839.64M | 522.75M | 355.66M | 214.9M | 136.82M | 70.15M |
| SG&A % of Revenue | - | 51.99% | 50.73% | 50.18% | 54.51% | 57.84% | 59.78% | 73.88% | 86.02% | 115.21% | 133% |
| Research & Development | 1.56B | 1.38B | 1.08B | 768.5M | 608.36M | 371.28M | 214.67M | 130.19M | 84.55M | 58.89M | 39.15M |
| R&D % of Revenue | - | 28.78% | 27.24% | 25.15% | 27.14% | 25.58% | 24.55% | 27.04% | 33.84% | 49.59% | 74.22% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -119.49M | -293.29M | -120.43M | -2M | -190.11M | -142.55M | -92.53M | -146.06M | -136.86M | -131.44M | -90.56M |
| Operating Margin % | -2.21% | -6.09% | -3.05% | -0.07% | -8.48% | -9.82% | -10.58% | -30.34% | -54.78% | -110.68% | -171.69% |
| Operating Income Growth % | - | -143.54% | -5936.59% | 98.95% | -33.37% | -54.06% | 36.65% | -6.72% | -4.13% | -45.15% | - |
| EBITDA | 213.15M | -11.84M | 93.53M | 143.26M | -96.3M | -73.74M | -52.39M | -122.55M | -121.47M | -123.7M | -87.53M |
| EBITDA Margin % | 3.95% | -0.25% | 2.37% | 4.69% | -4.3% | -5.08% | -5.99% | -25.46% | -48.62% | -104.17% | -165.96% |
| EBITDA Growth % | 259.22% | -112.66% | -34.72% | 248.76% | -30.6% | -40.76% | 57.25% | -0.89% | 1.81% | -41.32% | - |
| D&A (Non-Cash Add-back) | 332.64M | 281.45M | 213.96M | 145.25M | 93.81M | 68.81M | 40.14M | 23.51M | 15.4M | 7.74M | 3.02M |
| EBIT | 104.21M | -98.97M | 80.84M | 148.57M | -134.56M | -134.79M | -86.31M | -139.34M | -138.28M | -132.41M | -90.64M |
| Net Interest Income | 156.52M | 166.95M | 169.86M | 123.17M | 27.18M | -21.44M | 3.41M | -442K | -428K | -1.65M | -615K |
| Interest Income | 183.16M | 194.97M | 196.17M | 148.93M | 52.49M | 3.79M | 4.97M | 0 | 0 | 0 | 0 |
| Interest Expense | 26.65M | 28.02M | 26.31M | 25.76M | 25.32M | 25.23M | 1.56M | 442K | 428K | 1.65M | 615K |
| Other Income/Expense | 197.06M | 166.3M | 174.96M | 124.81M | 30.23M | -17.48M | 4.66M | 6.28M | -1.85M | -3.12M | -697K |
| Pretax Income | 77.57M | -126.99M | 54.53M | 122.82M | -159.88M | -160.02M | -87.87M | -139.78M | -138.71M | -134.56M | -91.25M |
| Pretax Margin % | 1.44% | -2.64% | 1.38% | 4.02% | -7.13% | -11.02% | -10.05% | -29.04% | -55.52% | -113.31% | -173.01% |
| Income Tax | -1.18M | 34.18M | 71.13M | 32.23M | 22.4M | 72.36M | 4.76M | 2M | 1.37M | 929K | 87K |
| Effective Tax Rate % | -1.52% | -26.91% | 130.43% | 26.24% | -14.01% | -45.22% | -5.42% | -1.43% | -0.99% | -0.69% | -0.1% |
| Net Income | 58.46M | -162.5M | -19.27M | 89.33M | -183.25M | -234.8M | -92.63M | -141.78M | -140.08M | -135.49M | -91.34M |
| Net Margin % | 1.08% | -3.38% | -0.49% | 2.92% | -8.18% | -16.18% | -10.59% | -29.45% | -56.07% | -114.09% | -173.17% |
| Net Income Growth % | 119.68% | -743.25% | -121.57% | 148.75% | 21.96% | -153.49% | 34.67% | -1.21% | -3.39% | -48.34% | - |
| Net Income (Continuing) | 78.75M | -161.16M | -16.6M | 90.58M | -182.28M | -232.38M | -92.63M | -141.78M | -140.08M | -135.49M | -91.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 37.8M | 44.22M | 39.42M | 33.14M | 23.79M | 11.88M | 1.3M | 500K | 0 | 0 | 0 |
| EPS (Diluted) | 0.06 | -0.16 | -0.02 | 0.09 | -0.20 | -0.26 | -0.11 | -0.17 | -0.21 | -0.20 | -0.13 |
| EPS Growth % | 111.8% | -713.21% | -121.27% | 147.44% | 23.53% | -137.21% | 35.82% | 18.29% | -3.8% | -49.06% | - |
| EPS (Basic) | - | -0.16 | -0.02 | 0.09 | -0.20 | -0.26 | -0.11 | -0.17 | -0.21 | -0.20 | -0.13 |
| Diluted Shares Outstanding | 1.04B | 1.03B | 979M | 974.54M | 932.56M | 908.57M | 871.02M | 851.79M | 684.81M | 684.81M | 684.81M |
| Basic Shares Outstanding | 1.02B | 1.01B | 979M | 954.55M | 932.56M | 908.57M | 871.02M | 851.79M | 684.81M | 684.81M | 684.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CRWD stock.
For fiscal year 2026, CrowdStrike Holdings, Inc. (CRWD) reported total revenue of $4.81B. This represents a 9023.1% increase compared to $52.7M in 2017.
CrowdStrike Holdings, Inc. (CRWD) reported a net loss of $162.5M for the fiscal year ending 2026.
CrowdStrike Holdings, Inc. (CRWD) reported an operating income of $-293.3M, resulting in an operating profit margin of -6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
CrowdStrike Holdings, Inc. (CRWD) generated $3.59B in gross profit for the year, representing a gross profit margin of 74.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative GAAP operating margin
Metrics are mathematically derived from official filings.
Resilient Growth Amidst Scale
CrowdStrike's revenue growth has moderated from over 30% to a still-strong 25.8% in Q2 FY2027, indicating a durable expansion phase as the revenue base approaches $6 billion annualized.
The deceleration from the 33% growth seen in early FY2025 appears to be a natural maturation effect rather than a demand shortfall, as the company continues to capture share in a consolidating market. This sustained high-teens to mid-twenties growth rate, even at scale, suggests the platform's cross-sell motion remains effective and the addressable market is expanding faster than the company's own growth.
Gross Margin Stability vs. Operating Drag
Gross margins have stabilized in the mid-70% range, but the persistent negative operating margin of -2.3% in Q2 FY2027 highlights the significant drag from elevated sales and marketing expenses.
The gross margin profile is structurally sound and comparable to peers like SentinelOne, indicating efficient cloud delivery. However, the operating loss underscores a strategic choice to prioritize market capture over near-term GAAP profitability, with SG&A consuming over 45% of revenue. The key question is whether this investment is building a durable cost advantage or if the sales efficiency will improve as the platform matures.
Operating Leverage Yet to Materialize
Despite 25.8% revenue growth, operating income remains negative, indicating that operating expenses, particularly SG&A, are scaling nearly in line with revenue and limiting leverage.
The data shows that gross profit growth is being almost entirely offset by increases in R&D and SG&A, preventing operating income from scaling. This suggests the company is in a phase of heavy reinvestment, likely to fend off competition from Microsoft and expand into new modules. Investors should monitor the trend in operating margin to see if it begins to inflect positively as the revenue base grows.
SBC Masks Underlying Cash Generation
Stock-based compensation of $376.9 million in Q2 FY2027, representing over 25% of revenue, is the primary driver of the gap between negative GAAP net income and positive free cash flow.
The reported net income of $5.3 million is heavily influenced by non-cash SBC and likely non-operating items like interest income on its large cash balance. This accounting treatment makes the net margin of 0.4% a poor indicator of core operational profitability. The true earnings power is better assessed by looking at free cash flow, which remains robust despite the GAAP losses.
Sales & Marketing Dominates Cost Structure
SG&A is the largest cost line item at $685.9 million in Q2 FY2027, consuming 45.7% of revenue and reflecting the high cost of acquiring and expanding enterprise customers.
The cost structure is typical for a high-growth SaaS company, but the magnitude of SG&A relative to R&D ($444.2 million) suggests a go-to-market heavy strategy. This level of spending is sustainable only if it drives strong net retention and module adoption; otherwise, it represents a significant drag on the path to profitability. The discipline here will be critical as growth naturally decelerates.
The Profitability Paradox
The strongest challenge to the narrative is that CrowdStrike is not yet generating consistent GAAP profitability despite its market leadership and scale, raising questions about the ultimate efficiency of its business model.
While free cash flow is strong, the persistent operating losses and heavy reliance on SBC for talent compensation suggest that the path to sustainable, GAAP-basis profitability is longer and more uncertain than the top-line growth implies. If competitive pressure from bundled offerings like Microsoft's forces CrowdStrike to increase its own sales and marketing spend further, the margin profile could deteriorate rather than improve, challenging the long-term investment thesis.