Financial Analysis

Acquisitions SGNL.AI, Inc. On February 20, 2026, the Company acquired 100% of the equity interest of SGNL.AI, Inc. (SGNL), a leader in continuous identity security. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $627.9 million in cash, net of $9.4 million of cash and restricted cash acquired, and $9.2 million representing the fair value of replacement equity awards attributable to pre-acquisition service, subject to customary net working capital and purchase price adjustments. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The cash consideration included cash held back in an escrow fund for a partial security for post-closing true-up adjustments and post-closing indemnification claims. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to developed technology of $87.9 million with a useful life of 96 months, net tangible liabilities of $11.9 million, and goodwill of $561.1 million, which was allocated to the Companys one reporting unit and represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired. The fair value of the developed technology was estimated using the relief-from-royalty method under the income approach. The goodwill was primarily attributable to the assembled workforce of SGNL, planne …

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Commitments and Contingencies July 19 Incident On July 19, 2024, the Company released a content configuration update for its Falcon sensor that resulted in system crashes for certain Windows systems (the July 19 Incident). The Company is subject to a number of legal proceedings in connection with the July 19 Incident, including: On August 5, 2024, a putative class action was filed against CrowdStrike, Inc. in the Western District of Texas in relation to passenger airline flight disruptions allegedly caused by the July 19 Incident. On August 19, 2024, a second putative class action was filed against the Company and CrowdStrike, Inc. in the Western District of Texas, making similar allegations in relation to passenger airline flight disruptions. On November 6, 2024, these two lawsuits were consolidated, and interim class counsel was appointed. On December 6, 2024, a consolidated class action complaint was filed, which, among other things, asserts causes of action for negligence and public nuisance, and seeks certification of a nationwide class, as well as several state sub-classes of citizens of California, Ohio, Pennsylvania, Iowa, and Nevada. The putative classes are comprised of individuals who allegedly had a flight delayed or canceled as a result of the July 19 Incident. The consolidated complaint seeks unspecified monetary damages, certain injunctive relief, costs, and attorneys fees. On February 4, 2025, the Company and CrowdStrike, Inc. filed a motion to dismiss the con …

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Debt Senior Notes On January 20, 2021, the Company issued $750.0 million in aggregate principal amount of 3.00% Senior Notes maturing in February 2029 (the Senior Notes). The Senior Notes are guaranteed by the Companys subsidiaries, CrowdStrike, Inc. and CrowdStrike Financial Services, Inc., and will be guaranteed by each of the Companys existing and future domestic subsidiaries that becomes a borrower or guarantor under any credit agreement the Company may enter into in the future that replaces the Amended A&R Credit Agreement. The Senior Notes were issued at par and bear interest at a rate of 3.00% per annum. Interest payments are payable semiannually on February 15 and August 15 of each year, commencing on August 15, 2021. The Company may voluntarily redeem the Senior Notes, in whole or in part, 1) at any time prior to February 15, 2024 at (a) 100.00% of their principal amount, plus a make whole premium or (b) with the net cash proceeds received from an equity offering at a redemption price equal to 103.00% of the principal amount, provided the aggregate principal amount of all such redemptions does not exceed 40% of the original aggregate principal amount of the Senior Notes; 2) at any time on or after February 15, 2024 at a prepayment price equal to 101.50% of the principal amount; 3) at any time on or after February 15, 2025 at a prepayment price equal to 100.75% of the principal amount; and 4) at any time on or after February 15, 2026 at a prepayment price equal to …

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The following table summarizes revenue by region based on the shipping address of customers who have contracted to use the Companys platform or service (in thousands, except percentages): Three Months Ended April 30, 2026 2025 Amount % Revenue Amount % Revenue United States $ 913,725 66 % $ 741,852 67 % Europe, Middle East, and Africa 235,339 17 % 176,442 16 % Asia Pacific 146,176 11 % 112,827 10 % Other 90,389 6 % 72,313 7 % Total revenue $ 1,385,629 100 % $ 1,103,434 100 % …

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Stock-Based Compensation Stock Incentive Plan In May 2019, the Companys board of directors adopted, and the stockholders approved the CrowdStrike Holdings, Inc. 2019 Equity Incentive Plan (the 2019 Plan) with the purpose of granting stock-based awards to employees, directors, officers, and consultants, including stock options, restricted stock awards, restricted stock units (RSUs), performance-based stock units (PSUs), and the Special PSU Awards ( as defined below). A total of 8,750,000 shares of Class A common stock were initially available for issuance under the 2019 Plan. The Companys compensation committee administers the 2019 Plan. The number of shares of the Companys common stock available for issuance under the 2019 Plan is subject to an annual increase on the first day of each fiscal year beginning on February 1, 2020, equal to the lesser of: (i) two percent (2%) of outstanding shares of the Companys capital stock as of the last day of the immediately preceding fiscal year or (ii) such other amount as the Companys board of directors may determine. The 2011 Plan was terminated on June 10, 2019, which was the business day prior to the effectiveness of the Companys registration statement on Form S-1 used in connection with the Companys initial public offering (IPO), and stock-based awards are no longer granted under the 2011 Plan. Any shares underlying stock options that expire, terminate, or are forfeited or repurchased under the 2011 Plan will be automatically transfer …

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Investments and Fair Value Measurements The Company follows ASC 820 , Fair Value Measurements , with respect to cash equivalents and deferred compensation investments that are measured at fair value on a recurring basis. Under the standard, fair value is defined as the exit price, or the amount that would be received to sell an asset or a liability in an orderly transaction between market participants as of the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Companys assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances. The hierarchy is broken down into three levels as follows: Level 1 Assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in active markets Level 2 Assets and liabilities whose values are based on quoted prices in markets that are not active or inputs that are observable for substantially the full term of the asset or liability Level 3 Assets and liabilities whose values are based o …

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Income Taxes The Company recognized income tax expense (benefit) of $(6.9) million and $21.1 million for the three months ended April 30, 2026 and April 30, 2025, respectively. The tax benefit for the three months ended April 30, 2026 was primarily attributable to income tax benefit recognized in the current period resulting from the realization of deferred tax assets in connection with recent acquisitions and excess tax benefits offset by income taxes in the jurisdictions where the Company operates. The tax expense for the three months ended April 30, 2025 was primarily attributable to income taxes on earnings and withholding taxes in certain foreign jurisdictions. The Companys effective tax rates were (17.7)% and (25.1)% for the three months ended April 30, 2026 and April 30, 2025, respectively. The difference in the effective tax rate for the three months ended April 30, 2026 from the U.S. statutory tax rate is primarily due to income tax benefits recognized in the current period resulting from the realization of deferred tax assets in connection with recent acquisitions and excess tax benefits offset by income taxes in the jurisdictions where the Company operates. The effective tax rate for the three months ended April 30, 2025 differs from the U.S. statutory tax rate primarily due to income taxes in foreign jurisdictions, withholding taxes related to customer payments in certain foreign jurisdictions in which the Company conducts business, and certain foreign jurisdictio …

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Leases Operating Leases The Company has entered into non-cancelable operating lease agreements with various expiration dates through fiscal 2039. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. The maturities of the Companys non-cancelable operating lease liabilities are as follows (in thousands): Total Fiscal 2027 (remaining nine months) $ 16,168 Fiscal 2028 21,854 Fiscal 2029 15,208 Fiscal 2030 12,263 Fiscal 2031 8,224 Thereafter 12,197 Total operating lease payments 85,914 Less: imputed interest (10,414) Present value of operating lease liabilities $ 75,500 As of April 30, 2026, the Company has entered into non-cancelable operating leases, with lease terms greater than 12 months that have not yet commenced, with undiscounted future minimum payments of $103.7 million, which have been excluded from the table above. The operating leases are expected to commence in October 2026 and August 2027, with lease terms between 11.2 and 11.3 years …

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Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The standard should be applied prospectively, and is effective for annual periods, including interim reporting periods, beginning after December 15, 2025, with early adoption permitted. The Company adopted ASU 2025-05 on February 1, 2026 and the adoption of this standard did not have a material impact on the Companys condensed consolidated financial statements. Recently Issued Accounting Pronouncements In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard intends to modernize the recognition and capitalization framework by removing the previous development stage model and introducing a more judgment-based approach. The standard can be applied prospectively, using a modified transition method based on the status of the project and whether software costs were …

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Strategic Plan On May 6, 2025, the Company announced a strategic plan (the Strategic Plan) to evolve its operations to yield greater efficiencies as the Company continues to scale its business with focus and discipline to meet its goals. The Strategic Plan resulted in a reduction of roles representing approximately 500 positions, or 5%, of the Companys global workforce. The actions associated with the Strategic Plan were substantially completed as of April 30, 2026. The following table summarizes the activities related to the Strategic Plan for the three months ended April 30, 2026 (in thousands): Three Months Ended April 30, 2026 Severance and Related Costs Non-Employee Costs Total Liability, beginning of the period $ 30 $ 36 $ 66 Payments (24) (24) Liability, end of the period $ 6 $ 36 $ 42 As of April 30, 2026, the liability associated with the Strategic Plan is included in accrued payroll and benefits and accounts payable on the condensed consolidated balance sheet. …

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Revenue, Deferred Revenue and Remaining Performance Obligations The following table summarizes revenue by region based on the shipping address of customers who have contracted to use the Companys platform or service (in thousands, except percentages): Three Months Ended April 30, 2026 2025 Amount % Revenue Amount % Revenue United States $ 913,725 66 % $ 741,852 67 % Europe, Middle East, and Africa 235,339 17 % 176,442 16 % Asia Pacific 146,176 11 % 112,827 10 % Other 90,389 6 % 72,313 7 % Total revenue $ 1,385,629 100 % $ 1,103,434 100 % No single country other than the United States represented 10% or more of the Companys total revenue during the three months ended April 30, 2026 and April 30, 2025. Contract Balances Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. The Company recognized revenue of $1.2 billion and $950.9 million for the three months ended April 30, 2026 and April 30, 2025, respectively, which was included in the corresponding contract liability balance at the beginning of the period. The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 60 days. Contract assets include amounts related to the contractual right to consideration for both completed an …

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Segment Information CrowdStrikes Chief Operating Decision Maker (CODM), the Chief Executive Officer, manages the Companys business activities as a single operating and reportable segment at the consolidated level. Accordingly, the CODM uses consolidated net income (loss) to measure segment profit or loss, evaluate financial performance, and allocate resources. Consolidated net income (loss) is evaluated on a monthly basis by comparing actual results against budgeted or forecasted net income (loss), facilitating the analysis of the Companys financial trends. Significant expenses within net income (loss) include cost of revenue for subscription and professional services, sales and marketing expenses, research and development expenses, and general and administrative expenses. Other segment items within net income (loss) include interest expense, interest income, other income (expense), net, and provision for income taxes, which are each separately disclosed and presented in the condensed consolidated statements of operations. The Companys property and equipment, net and operating lease right-of-use assets are summarized by geographic area as follows (in thousands): April 30, 2026 January 31, 2026 United States $ 947,134 $ 855,312 Germany 102,344 106,657 Other countries 86,819 84,222 Total property and equipment, net and operating lease right-of-use assets $ 1,136,297 $ 1,046,191 See Note 9 for additional information about the Companys revenue by geographic region. …

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Description of Business and Significant Accounting Policies Business CrowdStrike Holdings, Inc. (and/or its subsidiaries, as applicable, the Company) was formed on November 7, 2011. The Company is a global cybersecurity leader that delivers an AI-native platform designed for the agentic era and is purpose-built to stop breaches. The Companys unified, cloud-delivered platform provides protection across endpoints, cloud workloads, identity, and data through a software as a service (SaaS) subscription-based model, spanning multiple large and strategic markets, including endpoint protection, security and IT operations, managed detection and response, Next-Gen SIEM, cloud and identity security, threat intelligence, data protection, exposure management, and AI security capabilities. The Company conducts its business in the United States and internationally, including Australia, Canada, Germany, India, Israel, Japan, Romania, Spain, and the United Kingdom. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2026, and related disclosure …

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Share Repurchases On June 3, 2025, the Company announced that its board of directors approved a share repurchase program for the repurchase of up to $1.0 billion of the Companys Class A common stock (the Share Repurchase Program). On April 6, 2026, the Company announced that its board of directors authorized the repurchase of up to an additional $500.0 million of the Companys Class A common stock, bringing the total authorization under the Share Repurchase Program to $1.5 billion. The share repurchase program does not have a fixed expiration date and does not obligate the Company to acquire any specific number of shares. The Company may repurchase shares of Class A common stock from time to time using a variety of methods, including through open market purchases, privately negotiated transactions, and other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion and will depend on a variety of factors, including legal requirements, price, and economic and market conditions. As of April 30, 2026, $1.3 billion remained available for future share repurchases under the Share Repurchase Program. The following table presents shares repurchased and subsequently retired (in thousands): Three Months Ended April 30, 2026 Shares Amount Share repurchases 480 $ 175,622 Total share repurchases 480 $ 175,622 …

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Subsequent Event On June 3, 2026, the Company announced that its board of directors had approved and declared a four-for-one forward stock split of the Companys outstanding shares of Class A common stock to be effected in the form of a stock dividend. Each stockholder of record at the close of business on June 25, 2026 (the record date), will receive, after the close of business on July 1, 2026, three additional shares for every share held on the record date, and trading is expected to begin on a split-adjusted basis on July 2, 2026. The following table reflects basic and diluted weighted average shares and net income (loss) per share attributable to CrowdStrike common stockholders on an unaudited pro forma basis giving effect to the stock split as if it had been effective for all periods presented (in thousands, except per share data): Pro Forma (Unaudited) Three Months Ended April 30, Year Ended January 31, 2026 2025 2026 2025 2024 Numerator: Net income (loss) attributable to CrowdStrike $ 27,774 $ (104,264) $ (162,502) $ (15,241) $ 72,181 Denominator: Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, basic 1,014,928 993,728 1,002,304 979,000 954,548 Dilutive effect of common stock equivalents 16,596 19,992 Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, dilutive 1,031,524 993,728 1,002,304 979,000 974,540 Net income (loss) per share at …

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