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CrowdStrike just closed out fiscal 2026 with a quarter that would have sounded like science fiction three years ago — $5.25 billion in ARR, $331 million of net new ARR in a single quarter (up 47% year-over-year), and the company’s first-ever GAAP profitable Q4. So naturally, the stock fell 5% after hours. Welcome to $CRWD.
📊 Revenue: Eight Straight Quarters of Growth
Revenue came in at $1.31 billion (+23% YoY), beating the $1.30B consensus by $10 million. But the quarterly number barely tells the story — the trajectory does.
Revenue: $1.31B vs. $1.30B est (+$10M beat)
Subscription Revenue: $1.24B (+23% YoY)
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/Full-Year FY2026 Revenue: $4.81B (+2/
CrowdStrike just closed out fiscal 2026 with a quarter that would have sounded like science fiction three years ago — $5.25 billion in ARR, $331 million of net new ARR in a single quarter (up 47% year-over-year), and the company’s first-ever GAAP profitable Q4. So naturally, the stock fell 5% after hours. Welcome to $CRWD.
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📊 Revenue: Eight Straight Quarters of Growth
Revenue came in at $1.31 billion (+23% YoY), beating the $1.30B consensus by $10 million. But the quarterly number barely tells the story — the trajectory does.
Revenue: $1.31B vs. $1.30B est (+$10M beat)
Subscription Revenue: $1.24B (+23% YoY)
Full-Year FY2026 Revenue: $4.81B (+22% YoY)
Gross Margin: 79% GAAP, 81% non-GAAP on subscriptions
CrowdStrike has now strung together eight consecutive quarters of sequential revenue growth. From $921M in Q1 FY2025 to $1.31B in Q4 FY2026 — a 42% increase in just two years.
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🎯 ARR Hits $5.25B — The Real Story Is Net New ARR +47%
ARR metrics are where CrowdStrike shows its true health, and Q4 FY2026 was historic on every line.
Ending ARR: $5.25B (+24% YoY) — only pure-play cybersecurity company to reach this milestone
Net New ARR: $331M (+47% YoY) — company record, full recovery from July 2024 outage
Full-Year Net New ARR: $1.01B — first year exceeding $1 billion
Falcon Flex ARR: $1.69B (+120% YoY)
The +47% acceleration in net new ARR is the number that matters most. After the July 2024 outage cratered customer confidence, there were real questions about whether CrowdStrike could recapture its growth velocity. Q4 FY2026 answered definitively: yes.
As CEO George Kurtz put it: “FY26 will go down in our history books as CrowdStrike’s best year yet… The AI revolution is creating a massive growth opportunity.”
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✅ Q4 FY2026: A Clean Sweep
CrowdStrike beat on every metric simultaneously — including a historic first.
Revenue: $1.31B vs. $1.30B est ✅
Adj. EPS: $1.12 vs. $1.10 est ✅
Free Cash Flow: $376M vs. $341M est ✅
Adj. Net Income: $289M vs. $284M est ✅
ARR: $5.25B vs. $5.22B est ✅
GAAP Net Income: $38.7M — first GAAP profitable Q4 in company history ✅
That last one deserves a moment. CrowdStrike has been burning cash for years to build market share. The pivot to GAAP profitability while maintaining 23% revenue growth is not a small feat.
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🔮 FY2027 Guidance: $6B ARR Is the Target
Q1 FY2027: Revenue $1.360–1.364B (est $1.35B — beat), EPS $1.06–1.07 (est $1.05 — beat), ending ARR $5.50–5.51B.
Full Year FY2027: Revenue $5.87–5.93B (in-line), EPS $4.78–4.90 (in-line), ARR $6.47–6.52B (raised).
CFO Burt Podbere: “We have strong conviction to once again raise our FY27 ARR outlook.” The revenue guide was the one soft spot — $5.87B at the low end is a whisker below where some analysts were.
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⚡ The Bottom Line
The July 2024 outage was supposed to be an existential threat. Eighteen months later, CrowdStrike has printed a record quarter on every forward-looking metric that matters.
Net New ARR at +47% YoY means the pipeline is full. Falcon Flex ARR at +120% YoY means the platform bet is working. And $1.24B in annual free cash flow means CrowdStrike is now a cash machine.
The 5% after-hours drop? Markets priced in perfection, management delivered excellence with prudence. For long-term investors, that is a fine trade-off.
Watch for net new ARR in Q1 FY2027. If +47% momentum continues, the FY2027 revenue number will look low by summer.
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Until next time,
Wisdom of the Whales
/2% YoY)
Gross Margin: 79% GAAP, 81% non-GAAP on subscriptions
CrowdStrike has now strung together eight consecutive quarters of sequential revenue growth. From $921M in Q1 FY2025 to $1.31B in Q4 FY2026 — a 42% increase in just two years.
🎯 ARR Hits $5.25B — The Real Story Is Net New ARR +47%
ARR metrics are where CrowdStrike shows its true health, and Q4 FY2026 was historic on every line.
Ending ARR: $5.25B (+24% YoY) — only pure-play cybersecurity company to reach this milestone
Net New ARR: $331M (+47% YoY) — company record, full recovery from July 2024 outage
Full-Year Net New ARR: $1.01B — first year exceeding $1 billion
Falcon Flex ARR: $1.69B (+120% YoY)
The +47% acceleration in net new ARR is the number that matters most. After the July 2024 outage cratered customer confidence, there were real questions about whether CrowdStrike could recapture its growth velocity. Q4 FY2026 answered definitively: yes.
As CEO George Kurtz put it: “FY26 will go down in our history books as CrowdStrike’s best year yet… The AI revolution is creating a massive growth opportunity.”
✅ Q4 FY2026: A Clean Sweep
CrowdStrike beat on every metric simultaneously — including a historic first.
Revenue: $1.31B vs. $1.30B est ✅
Adj. EPS: $1.12 vs. $1.10 est ✅
Free Cash Flow: $376M vs. $341M est ✅
Adj. Net Income: $289M vs. $284M est ✅
ARR: $5.25B vs. $5.22B est ✅
GAAP Net Income: $38.7M — first GAAP profitable Q4 in company history ✅
That last one deserves a moment. CrowdStrike has been burning cash for years to build market share. The pivot to GAAP profitability while maintaining 23% revenue growth is not a small feat.
🔮 FY2027 Guidance: $6B ARR Is the Target
Q1 FY2027: Revenue $1.360–1.364B (est $1.35B — beat), EPS $1.06–1.07 (est $1.05 — beat), ending ARR $5.50–5.51B.
Full Year FY2027: Revenue $5.87–5.93B (in-line), EPS $4.78–4.90 (in-line), ARR $6.47–6.52B (raised).
CFO Burt Podbere: “We have strong conviction to once again raise our FY27 ARR outlook.” The revenue guide was the one soft spot — $5.87B at the low end is a whisker below where some analysts were.
⚡ The Bottom Line
The July 2024 outage was supposed to be an existential threat. Eighteen months later, CrowdStrike has printed a record quarter on every forward-looking metric that matters.
Net New ARR at +47% YoY means the pipeline is full and customers are consolidating their security stack onto the Falcon platform faster than before. Falcon Flex ARR at +120% YoY means the platform bet is working. And $1.24B in annual free cash flow means CrowdStrike is now a cash-generative machine.
The 5% after-hours drop? The revenue guidance range was conservative. Markets priced in perfection, and management delivered excellence with a side of prudence. For long-term investors, that is a fine trade-off.
Watch for net new ARR in Q1 FY2027. If the +47% momentum continues, the FY2027 revenue number will look low by summer.
Until next time,
Wisdom of the Whales