Detailed financial statements for CrowdStrike Holdings, Inc. (CRWD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CrowdStrike Holdings, Inc. delivers cloud-native cybersecurity solutions. Its comprehensive suite safeguards endpoints, cloud workloads, user identities, and critical data. The company's offerings span a wide range, including threat intelligence, managed security services, IT operations management, proactive threat hunting, Zero Trust identity protection, and log management capabilities.
Analysis Summary
CrowdStrike Holdings, Inc. reported revenue of $4.81B in the most recent fiscal year, growing at a 5-year CAGR of 40.6%.
Trailing-twelve-month margins: gross margin 75.2%, operating margin -2.2%, net margin 1.1%. Free cash flow grew at 35.0% CAGR over 5 years.
At $250.43 (closing price, October 30, 2026), CRWD trades at a P/E of 7,134.76 and an ROE of 1.29%. Market capitalisation stands at $256.4B, placing it among large-cap names.
Balance sheet quality for CRWD: current ratio of 1.8, net cash position of $4.41B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $52.7M | $118.8M | $249.8M | $481.4M | $874.4M | $1.45B | $2.24B | $3.06B | $3.95B | $4.81B |
| Cost of Revenue | $34.0M | $54.5M | $87.2M | $141.6M | $229.5M | $383.2M | $601.2M | $755.7M | $991.5M | $1.22B |
| Gross Profit | $18.7M | $64.3M | $162.6M | $339.8M | $644.9M | $1.07B | $1.64B | $2.30B | $2.96B | $3.59B |
| Research & Development | $39.1M | $58.9M | $84.6M | $130.2M | $214.7M | $371.3M | $608.4M | $768.5M | $1.08B | $1.38B |
| Selling, General & Admin | $70.2M | $136.8M | $214.9M | $355.7M | $522.8M | $839.6M | $1.22B | $1.53B | $2.01B | $2.50B |
| Operating Expenses | $109.3M | $195.7M | $299.4M | $485.9M | $737.4M | $1.21B | $1.83B | $2.30B | $3.08B | $3.89B |
| Operating Income | -$90.6M | -$131.4M | -$136.9M | -$146.1M | -$92.5M | -$142.5M | -$190.1M | -$2.0M | -$120.4M | -$293.3M |
| EBITDA | -$87.6M | -$124.7M | -$122.9M | -$115.8M | -$46.2M | -$66.0M | -$40.8M | $293.8M | $294.8M | $182.5M |
| Interest Expense | $615,000 | $1.6M | $428,000 | $442,000 | $1.6M | $25.2M | $25.3M | $25.8M | $26.3M | $28.0M |
| Pre-tax Income | -$91.3M | -$134.6M | -$138.7M | -$139.8M | -$87.9M | -$160.0M | -$159.9M | $122.8M | $54.5M | -$127.0M |
| Income Tax | $87,000 | $929,000 | $1.4M | $2.0M | $4.8M | $72.4M | $22.4M | $32.2M | $71.1M | $34.2M |
| Net Income | -$91.3M | -$135.5M | -$140.1M | -$141.8M | -$92.6M | -$234.8M | -$183.2M | $89.3M | -$19.3M | -$162.5M |
| EPS | $-0.13 | $-0.20 | $-0.20 | $-0.17 | $-0.11 | $-0.26 | $-0.20 | $0.09 | $-0.02 | $-0.16 |
| EPS (Diluted) | $-0.13 | $-0.20 | $-0.20 | $-0.17 | $-0.11 | $-0.26 | $-0.20 | $0.09 | $-0.02 | $-0.16 |
| Shares Outstanding (Diluted) | 684.8 M | 684.8 M | 684.8 M | 851.8 M | 871.0 M | 908.6 M | 932.6 M | 974.5 M | 979.0 M | 1,032.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $1.23B | $1.31B | $1.39B | $1.47B |
| Gross Profit | $926.4M | $993.7M | $1.04B | $1.10B |
| Operating Income | -$69.4M | $13.8M | -$30.6M | -$33.2M |
| EBITDA | $55.5M | $142.9M | $133.1M | $105.3M |
| Net Income | -$34.0M | $59.4M | $27.8M | $5.3M |
| EPS | $-0.04 | $0.04 | $0.03 | $0.01 |
| EPS (Diluted) | $-0.04 | $0.04 | $0.03 | $0.01 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $22.8M | $63.2M | $88.4M | $264.8M | $1.92B | $2.00B | $2.46B | $3.38B | $4.32B | $5.23B |
| Short-term Investments | $10.6M | $2.6M | $103.2M | $647.3M | 0 | 0 | $250.0M | $99.6M | 0 | 0 |
| Receivables | $24.7M | $59.8M | $92.5M | $165.0M | $239.2M | $368.1M | $626.2M | $853.1M | $1.13B | $1.36B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $63.6M | $138.0M | $302.5M | $1.13B | $2.21B | $2.44B | $3.45B | $4.51B | $5.77B | $7.42B |
| Property, Plant & Equipment | $15.1M | $40.8M | $73.7M | $136.1M | $203.5M | $292.3M | $532.3M | $668.4M | $831.4M | $1.05B |
| Goodwill | 0 | $8.4M | $7.9M | $7.7M | $83.6M | $416.4M | $430.6M | $638.0M | $912.8M | $1.36B |
| Intangible Assets | $403,000 | $1.7M | $1.0M | $527,000 | $15.7M | $97.3M | $86.9M | $114.5M | $133.1M | $136.7M |
| Total Assets | $91.4M | $217.7M | $433.2M | $1.40B | $2.73B | $3.62B | $5.03B | $6.65B | $8.70B | $11.09B |
| Accounts Payable | $2.5M | $12.3M | $6.9M | $1.3M | $12.1M | $47.6M | $45.4M | $28.2M | $130.9M | $105.3M |
| Short-term Debt | $19.6M | 0 | 0 | 0 | $9.0M | $9.8M | $13.0M | $14.2M | 0 | 0 |
| Total Current Liabilities | $89.1M | $165.9M | $281.4M | $493.1M | $863.6M | $1.41B | $2.11B | $2.70B | $3.46B | $4.18B |
| Long-term Debt | $4.9M | $16.0M | 0 | 0 | $738.0M | $739.5M | $741.0M | $742.5M | $744.0M | $745.5M |
| Total Liabilities | $120.1M | $236.2M | $363.1M | $662.3M | $1.86B | $2.58B | $3.54B | $4.31B | $5.38B | $6.61B |
| Retained Earnings | -$243.5M | -$378.9M | -$519.1M | -$637.5M | -$730.1M | -$964.9M | -$1.15B | -$1.06B | -$1.08B | -$1.28B |
| Total Equity | -$28.7M | -$18.5M | $70.1M | $742.1M | $870.6M | $1.03B | $1.46B | $2.30B | $3.28B | $4.43B |
| Total Debt | $24.5M | $16.0M | 0 | 0 | $779.0M | $774.7M | $783.6M | $792.9M | $788.9M | $820.1M |
| Net Debt | -$9.0M | -$49.8M | -$191.7M | -$912.1M | -$1.14B | -$1.22B | -$1.92B | -$2.68B | -$3.53B | -$4.41B |
| Working Capital | -$25.5M | -$27.9M | $21.1M | $635.6M | $1.35B | $1.04B | $1.34B | $1.81B | $2.31B | $3.23B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $4.80B | $5.23B | $4.55B | $5.01B |
| Total Assets | $9.97B | $11.09B | $11.27B | $12.03B |
| Total Liabilities | $5.91B | $6.61B | $6.59B | $6.89B |
| Total Equity | $4.02B | $4.43B | $4.63B | $5.10B |
| Total Debt | $818.0M | $820.1M | $821.3M | $820.2M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$91.3M | -$135.5M | -$140.1M | -$141.8M | -$92.6M | -$232.4M | -$182.3M | $89.3M | -$16.6M | -$161.2M |
| Depreciation & Amortization | $3.0M | $7.7M | $15.4M | $23.5M | $40.1M | $68.8M | $93.8M | $145.3M | $214.0M | $281.5M |
| Stock-based Compensation | $2.0M | $12.3M | $20.5M | $79.9M | $149.7M | $310.0M | $526.5M | $631.5M | $865.4M | $1.10B |
| Change in Working Capital | $29.1M | $42.5M | $49.3M | $97.5M | $185.6M | $321.7M | $320.4M | $51.5M | -$6.0M | -$59.3M |
| Operating Cash Flow | -$52.0M | -$58.8M | -$23.0M | $99.9M | $356.6M | $574.8M | $941.0M | $1.17B | $1.38B | $1.61B |
| Capital Expenditure | -$12.6M | -$29.8M | -$42.6M | -$87.5M | -$63.8M | -$133.7M | -$266.4M | -$237.1M | -$313.8M | -$302.1M |
| Acquisitions | $6.1M | -$6.5M | $6.8M | $7.3M | -$85.5M | -$414.5M | -$18.3M | -$239.0M | -$310.3M | -$382.3M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$64.6M | -$88.5M | -$65.6M | $12.5M | $292.7M | $441.1M | $674.6M | $929.1M | $1.07B | $1.31B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $397.5M | $497.9M | $590.9M | $530.3M |
| Capital Expenditure | -$100.2M | -$121.5M | -$97.6M | -$124.4M |
| Free Cash Flow | $297.4M | $376.4M | $493.3M | $405.9M |
| Dividends Paid | 0 | 0 | -$21.0M | 0 |
| Stock-based Compensation | $282.0M | $274.0M | $297.7M | $376.9M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +125.1% | +110.4% | +92.7% | +81.6% | +66.0% | +54.4% | +36.3% | +29.4% | +21.7% |
| Net Income Growth (YoY) | | -48.3% | -3.4% | -1.2% | +34.7% | -153.5% | +22.0% | +148.7% | -121.6% | -743.2% |
| EPS Growth (YoY) | | -49.1% | -3.8% | +18.3% | +35.8% | -137.2% | +23.5% | +147.4% | -121.3% | -713.2% |
| Shares Change (YoY) | | +0.0% | +0.0% | +24.4% | +2.3% | +4.3% | +2.6% | +4.5% | +0.5% | +5.5% |
| FCF Growth (YoY) | | -36.9% | +25.9% | +119.0% | +2,250.1% | +50.7% | +52.9% | +37.7% | +14.9% | +22.7% |
| Gross Margin | 35.5% | 54.1% | 65.1% | 70.6% | 73.7% | 73.6% | 73.2% | 75.3% | 74.9% | 74.7% |
| Operating Margin | -171.7% | -110.7% | -54.8% | -30.3% | -10.6% | -9.8% | -8.5% | -0.1% | -3.0% | -6.1% |
| EBITDA Margin | -166.1% | -105.0% | -49.2% | -24.1% | -5.3% | -4.5% | -1.8% | 9.6% | 7.5% | 3.8% |
| Net Margin | -173.2% | -114.1% | -56.1% | -29.5% | -10.6% | -16.2% | -8.2% | 2.9% | -0.5% | -3.4% |
| FCF Margin | -122.6% | -74.5% | -26.3% | 2.6% | 33.5% | 30.4% | 30.1% | 30.4% | 27.0% | 27.2% |
| Effective Tax Rate | -0.1% | -0.7% | -1.0% | -1.4% | -5.4% | -45.2% | -14.0% | 26.2% | 130.4% | -26.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.09 | $-0.13 | $-0.10 | $0.01 | $0.34 | $0.49 | $0.72 | $0.95 | $1.09 | $1.27 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 684.8 M | 684.8 M | 684.8 M | 851.8 M | 871.0 M | 908.6 M | 932.6 M | 954.5 M | 979.0 M | 1,010.3 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 1.29% |
| Return on Invested Capital | -1.57% |
| Return on Assets | 0.49% |
| Gross Margin | 75.25% |
| Operating Margin | -2.21% |
| Net Margin | 1.08% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 1.57 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 10.65 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -109.43 | -73.42 | -70.73 | -91.16 | -500.00 | -177.10 | -135.79 | 790.59 | -5,058.20 | -689.69 |
| P/B | -345.68 | -537.96 | 141.61 | 17.53 | 53.78 | 40.00 | 16.87 | 30.30 | 29.71 | 25.17 |
| P/S | 188.26 | 83.62 | 39.75 | 27.02 | 53.54 | 28.27 | 11.02 | 22.85 | 24.64 | 23.17 |
| Gross Margin | 35.5% | 54.1% | 65.1% | 70.6% | 73.7% | 73.6% | 73.2% | 75.3% | 74.9% | 74.7% |
| Operating Margin | -171.7% | -110.7% | -54.8% | -30.3% | -10.6% | -9.8% | -8.5% | -0.1% | -3.0% | -6.1% |
| Net Margin | -173.2% | -114.1% | -56.1% | -29.5% | -10.6% | -16.2% | -8.2% | 2.9% | -0.5% | -3.4% |