Revenue growth has decelerated from 33.0% in 2025Q1 to 25.6% in 2027Q1, while operating margins remain strained, fluctuating between a positive 3.5% and a negative 2.2% over the last ten quarters.
| Sales/Revenue | 5.09B | 4.81B | 3.95B | 3.06B | 2.24B | 1.45B | 874.44M | 481.41M | 249.82M | 118.75M | 52.74M |
| Revenue Growth % | 23.17% | 21.71% | 29.39% | 36.33% | 54.4% | 66% | 81.64% | 92.7% | 110.37% | 125.14% | - |
| Cost of Goods Sold | 1.27B | 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 | 3.82B | 3.59B | 2.96B | 2.3B | 1.64B | 1.07B | 644.89M | 339.79M | 162.59M | 64.27M | 18.74M |
| Gross Margin % | 75.03% | 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 | 4.02B | 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 | 2.56B | 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 | 1.46B | 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 | -199.24M | -293.29M | -120.43M | -2M | -190.11M | -142.55M | -92.53M | -146.06M | -136.86M | -131.44M | -90.56M |
| Operating Margin % | -3.91% | -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 | 106.08M | -11.84M | 93.53M | 143.26M | -96.3M | -73.74M | -52.39M | -122.55M | -121.47M | -123.7M | -87.53M |
| EBITDA Margin % | 2.08% | -0.25% | 2.37% | 4.69% | -4.3% | -5.08% | -5.99% | -25.46% | -48.62% | -104.17% | -165.96% |
| EBITDA Growth % | 567.48% | -112.66% | -34.72% | 248.76% | -30.6% | -40.76% | 57.25% | -0.89% | 1.81% | -41.32% | - |
| D&A (Non-Cash Add-back) | 305.32M | 281.45M | 213.96M | 145.25M | 93.81M | 68.81M | 40.14M | 23.51M | 15.4M | 7.74M | 3.02M |
| EBIT | 29.38M | -98.97M | 80.84M | 148.57M | -134.56M | -134.79M | -86.31M | -139.34M | -138.28M | -132.41M | -90.64M |
| Net Interest Income | 162.71M | 166.95M | 169.86M | 123.17M | 27.18M | -21.44M | 3.41M | -442K | -428K | -1.65M | -615K |
| Interest Income | 190.13M | 194.97M | 196.17M | 148.93M | 52.49M | 3.79M | 4.97M | 0 | 0 | 0 | 0 |
| Interest Expense | 27.42M | 28.02M | 26.31M | 25.76M | 25.32M | 25.23M | 1.56M | 442K | 428K | 1.65M | 615K |
| Other Income/Expense | 201.2M | 166.3M | 174.96M | 124.81M | 30.23M | -17.48M | 4.66M | 6.28M | -1.85M | -3.12M | -697K |
| Pretax Income | 1.96M | -126.99M | 54.53M | 122.82M | -159.88M | -160.02M | -87.87M | -139.78M | -138.71M | -134.56M | -91.25M |
| Pretax Margin % | 0.04% | -2.64% | 1.38% | 4.02% | -7.13% | -11.02% | -10.05% | -29.04% | -55.52% | -113.31% | -173.01% |
| Income Tax | 6.17M | 34.18M | 71.13M | 32.23M | 22.4M | 72.36M | 4.76M | 2M | 1.37M | 929K | 87K |
| Effective Tax Rate % | 314.48% | -26.91% | 130.43% | 26.24% | -14.01% | -45.22% | -5.42% | -1.43% | -0.99% | -0.69% | -0.1% |
| Net Income | -24.52M | -162.5M | -19.27M | 89.33M | -183.25M | -234.8M | -92.63M | -141.78M | -140.08M | -135.49M | -91.34M |
| Net Margin % | -0.48% | -3.38% | -0.49% | 2.92% | -8.18% | -16.18% | -10.59% | -29.45% | -56.07% | -114.09% | -173.17% |
| Net Income Growth % | 85.77% | -743.25% | -121.57% | 148.75% | 21.96% | -153.49% | 34.67% | -1.21% | -3.39% | -48.34% | - |
| Net Income (Continuing) | -4.21M | -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 | 41.45M | 44.22M | 39.42M | 33.14M | 23.79M | 11.88M | 1.3M | 500K | 0 | 0 | 0 |
| EPS (Diluted) | -0.10 | -0.65 | -0.08 | 0.37 | -0.78 | -1.02 | -0.43 | -0.67 | -0.82 | -0.79 | -0.53 |
| EPS Growth % | 72.46% | -725.92% | -121.27% | 147.44% | 23.53% | -137.21% | 35.82% | 18.29% | -3.8% | -49.06% | - |
| EPS (Basic) | - | -0.65 | -0.08 | 0.37 | -0.78 | -1.02 | -0.43 | -0.67 | -0.82 | -0.79 | -0.53 |
| Diluted Shares Outstanding | 257.88M | 258.13M | 244.75M | 243.63M | 233.14M | 227.14M | 217.76M | 212.95M | 171.2M | 171.2M | 171.2M |
| Basic Shares Outstanding | 253.73M | 252.57M | 244.75M | 238.64M | 233.14M | 227.14M | 217.76M | 212.95M | 171.2M | 171.2M | 171.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Operational outage liability exposure
According to the provided quarterly income statements, CrowdStrike's year-over-year revenue growth has trended downward from 33.0% in 2025Q1 to 25.6% by 2027Q1, indicating that the company is facing natural maturation headwinds as it attempts to maintain high-velocity expansion on a significantly larger revenue base.
The consistent decline in growth rates suggests that the initial rapid land-and-expand phase is encountering market saturation or longer enterprise sales cycles. Investors should monitor whether the company can sustain its current trajectory without significantly increasing customer acquisition costs, as the law of large numbers begins to weigh on top-line performance.
As reported in financial statements, the company has maintained a remarkably consistent gross margin profile, hovering between 73.5% and 76.1% over the last ten quarters, which underscores the scalability of its cloud-native, single-agent architecture despite the competitive pressures inherent in the cybersecurity software landscape.
This stability implies that the cost of delivering the Falcon platform remains well-contained even as the company scales its infrastructure. The ability to preserve these margins suggests strong pricing power, though investors should watch for potential margin compression if the company is forced to offer deeper discounts to displace legacy incumbents.
Based on the income statement data, operating margins have fluctuated significantly, swinging from a positive 3.5% in 2024Q4 to a negative 2.2% in 2027Q1, demonstrating that the company has yet to achieve the consistent operating leverage required to translate gross profit into sustained GAAP operating income.
The persistent reliance on heavy SG&A and R&D investment suggests that management continues to prioritize market share capture over immediate bottom-line profitability. This strategy warrants further investigation into whether the current level of operating expenditure is a permanent requirement for growth or if there is a clear path to future margin expansion.
Data from recent filings reveals that stock-based compensation has escalated from $176.3M in 2024Q4 to $297.7M in 2027Q1, a trend that significantly masks the true economic cost of operations and complicates the assessment of GAAP net income versus the company's actual cash-generating capabilities.
The substantial gap between reported net income and the magnitude of non-cash compensation expenses suggests that shareholders are experiencing meaningful dilution to fund talent retention. Analysts should scrutinize this trend, as it may indicate that the company's path to GAAP profitability is more dependent on accounting adjustments than on fundamental operational efficiency.
The July 2024 global outage represents a material risk factor that, as evidenced by the recent income statement volatility, may lead to increased legal liabilities and customer churn, potentially undermining the long-term durability of the company's subscription-based revenue model and its premium valuation relative to peers.
Short-sellers may focus on the potential for increased service level agreement credits and the reputational damage that could lengthen sales cycles for new enterprise contracts. Investors should monitor whether the company's defensive moat is sufficient to withstand the scrutiny of enterprise customers re-evaluating the risks of kernel-level security deployments.
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.