FULLTEXT DEL 1 AV 3
10-Q – 2025-12-03 – crwd-20251031.htm
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crwd:NonEmployeeCostsMember 2025-07-31 0001535527 us-gaap:EmployeeSeveranceMember 2025-01-31 0001535527 crwd:NonEmployeeCostsMember 2025-01-31 0001535527 us-gaap:EmployeeSeveranceMember 2025-08-01 2025-10-31 0001535527 crwd:NonEmployeeCostsMember 2025-08-01 2025-10-31 0001535527 us-gaap:EmployeeSeveranceMember 2025-02-01 2025-10-31 0001535527 us-gaap:EmployeeSeveranceMember 2025-10-31 0001535527 crwd:NonEmployeeCostsMember 2025-10-31 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________________________________________________________ FORM 10-Q ___________________________________________________________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38933 ___________________________________________________________________________________________________ CROWDSTRIKE HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) ___________________________________________________________________________________________________ Delaware 45-3788918 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 206 E. 9th Street , Suite 1400 , Austin , Texas 78701 (Address of principal executive offices) __________________________________________________________________________________________________ Registrant’s telephone number, including area code: ( 888 ) 512-8906 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Class A common stock, par value $0.0005 per share CRWD The Nasdaq Stock Market LLC (Nasdaq Global Select Market) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “ large accelerated filer, ” “ accelerated filer, ” “ smaller reporting company ” and “ emerging growth company ” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☑ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ As of November 25, 2025, the number of shares of the registrant’s common stock outstanding was 252,098,440 . Table of Contents CROWDSTRIKE HOLDINGS, INC. TABLE OF CONTENTS Page No. PART I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of October 31, 2025 and January 31, 2025 6 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended October 31, 2025 and October 31, 2024 7 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended October 31, 2025 and October 31, 2024 8 Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended October 31, 2025 and October 31, 2024 9 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 31, 2025 and October 31, 2024 11 Notes to Unaudited Condensed Consolidated Financial Statements 12 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3. Quantitative and Qualitative Disclosures about Market Risk 50 Item 4. Controls and Procedures 50 PART II. OTHER INFORMATION Item 1. Legal Proceedings 51 Item 1A. Risk Factors 51 Item 2. Unregistered Shares of Equity Securities and Use of Proceeds 86 Item 3. Defaults Upon Senior Securities 86 Item 4. Mine Safety Disclosures 86 Item 5. Other Information 86 Item 6. Exhibits 86 Signatures 88 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: • our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development, and general and administrative expenses), and our ability to achieve, and maintain, future profitability; • market acceptance of our cloud platform; • the effects of increased competition in our markets and our ability to compete effectively; • our ability to maintain the security and availability of our cloud platform; • our ability to maintain and expand our customer base, including by attracting new customers; • our ability to develop new solutions, or enhancements to our existing solutions, and bring them to market in a timely manner; • anticipated trends, growth rates and challenges in our business and in the markets in which we operate; • our business plan and our ability to effectively manage our growth and associated investments; • beliefs and objectives for future operations; • our relationships with third parties, including channel partners and technology alliance partners; • our ability to maintain, protect and enhance our intellectual property rights; • our ability to successfully defend litigation brought against us and respond to government investigations and inquiries; • our ability to successfully expand in our existing markets and into new markets; • sufficiency of cash and cash equivalents, cash flow from operations, and our revolving credit facility to meet cash needs for at least the next 12 months; • anticipated developments relating to our valuation allowances for our deferred tax assets; • our ability to expand internationally; • our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally; • our ability to develop, maintain, and improve our internal control over financial reporting; • macroeconomic factors, including inflation and instability in the global credit and financial markets; • our ability to successfully close and integrate acquisitions to contribute to our growth objectives; 3 Table of Contents • the attraction and retention of qualified employees and key personnel; • the July 19 Incident (as defined below), including potential or anticipated developments, our remediation and other efforts in connection with the incident, the outcome of lawsuits, claims and inquiries related to the incident, our customer commitment packages, and the effect on our customer and partner relationships and our business, results of operations and financial condition; and • the expected benefits of the Plan (as defined below). These statements are based on our current plans, estimates and projections in light of information currently available to us. These forward-looking statements may be affected by risks, uncertainties and other factors discussed elsewhere in this Quarterly Report on Form 10-Q, including under “Risk Factors.” Furthermore, new risks and uncertainties emerge from time to time, and it is impossible for us to predict all risks and uncertainties or how they may affect us. If any of these risks or uncertainties materialize, our business, revenue and financial results could be harmed, and the trading price of our Class A common stock could decline. Forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which such statements are made, and we undertake no obligation to update them in light of new information or future events, except as required by law. We intend to announce material information to the public through the CrowdStrike Investor Relations website ir.crowdstrike.com, SEC filings, press releases, public conference calls, and public webcasts. We use these channels, as well as social media and our blog, to communicate with our investors, customers, and the public about our company, our offerings, and other issues. It is possible that the information we post on social media and our blog could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed on our investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website. Summary of Risk Factors Our business is subject to numerous risks and uncertainties, any one of which could materially adversely affect our business, results of operations, financial condition, and growth prospects. Below is a summary of some of these risks. This summary is not complete, and should be read together with the entire section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the SEC. • The July 19 Incident has had, and is expected to continue to have, an adverse effect on our business, sales, customer and partner relations, reputation, results of operations and financial condition. • We have experienced rapid growth in recent periods, and if we do not manage our future growth, our business and results of operations will be adversely affected. • We have a history of losses, and while we have achieved profitability in certain periods, including fiscal 2024, we may not be able to achieve or sustain profitability in the future. • If organizations do not adopt cloud-based SaaS-delivered endpoint security solutions, our ability to grow our business and results of operations may be adversely affected. • If we are unable to successfully enhance our existing products and services and introduce new products and services in response to rapid technological changes and market developments as well as evolving security threats, our competitive position and prospects will be harmed. • If we are unable to attract new customers, our future results of operations could be harmed. • If our customers do not renew their subscriptions for our products and add additional cloud modules to their subscriptions, our future results of operations could be harmed. • Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense. • We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition, and results of operations. 4 Table of Contents • If our solutions fail or are perceived to fail to detect or prevent incidents or have or are perceived to have defects, errors, or vulnerabilities, our brand and reputation would be harmed, which would adversely affect our business and results of operations. • As a cybersecurity provider, we have been, and expect to continue to be, a target of cyberattacks. If our or our service providers’ internal networks, systems, or data are or are perceived to have been compromised, our reputation may be damaged and our financial results may be negatively affected. • We rely on third-party data centers, such as Amazon Web Services, and our own colocation data centers to host and operate our Falcon platform, and any disruption of or interference with our use of these facilities may negatively affect our ability to maintain the performance and reliability of our Falcon platform, which could cause our business to suffer. • We rely on our key technical, sales and management personnel to grow our business, and the loss of one or more key employees could harm our business. • If we are unable to attract and retain qualified personnel, our business could be harmed. • Our results of operations may fluctuate significantly, which could make our future results difficult to predict and could cause our results of operations to fall below expectations. • If we are not able to maintain and enhance our CrowdStrike and Falcon brands and our reputation as a provider of high-efficacy security solutions, our business and results of operations may be adversely affected. • Claims by others that we infringe their proprietary technology or other intellectual property rights could result in significant costs and substantially harm our business, financial condition, results of operations, and prospects. • We are required to comply with stringent, complex and evolving laws, rules, regulations and standards in many jurisdictions, as well as contractual obligations, relating to data privacy and security. Any actual or perceived failure to comply with these requirements could have a material adverse effect on our business. • Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also cause us to lose customers or negatively impact our ability to contract with customers, including those in the public sector. • We are currently, and may in the future become, involved in litigation that may adversely affect us. • We have in the past experienced, and may in the future experience, warranty claims, product returns, and claims related to product liability and product defects from real or perceived defects in our solutions or their misuse by our customers or third parties and indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement and other losses. • Future acquisitions, strategic investments, partnerships, or alliances could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute stockholder value and adversely affect our business, financial condition and results of operations. 5 Table of Contents PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CrowdStrike Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) October 31, January 31, 2025 2025 Assets Current assets: Cash and cash equivalents $ 4,801,083 $ 4,323,295 Accounts receivable, net of allowance for credit losses of $ 2.7 million and $ 2.8 million as of October 31, 2025 and January 31, 2025, respectively 1,013,116 1,128,564 Deferred contract acquisition costs, current 398,708 347,042 Prepaid expenses and other current assets 306,375 314,444 Total current assets 6,519,282 6,113,345 Strategic investments 81,332 72,544 Property and equipment, net 926,963 788,640 Operating lease right-of-use assets 67,359 42,763 Deferred contract acquisition costs, noncurrent 556,221 500,908 Goodwill 1,352,927 912,805 Intangible assets, net 144,405 133,114 Other long-term assets 316,858 137,459 Total assets $ 9,965,347 $ 8,701,578 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 131,596 $ 130,887 Accrued expenses 190,009 191,349 Accrued payroll and benefits 357,653 319,243 Operating lease liabilities, current 15,929 13,811 Deferred revenue 2,851,488 2,733,005 Other current liabilities 53,220 72,755 Total current liabilities 3,599,895 3,461,050 Long-term debt 745,099 743,983 Deferred revenue, noncurrent 1,211,762 995,672 Operating lease liabilities, noncurrent 57,018 31,107 Other liabilities, noncurrent 292,556 150,849 Total liabilities 5,906,330 5,382,661 Commitments and contingencies (Note 10) Stockholders’ Equity Preferred stock, $ 0.0005 par value; 100,000 shares authorized as of October 31, 2025 and January 31, 2025; no shares issued and outstanding as of October 31, 2025 and January 31, 2025. — — Class A common stock, $ 0.0005 par value; 2,000,000 shares authorized as of October 31, 2025 and January 31, 2025; 252,078 shares and 247,872 shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively; Class B common stock, $ 0.0005 par value; 92,364 shares authorized as of October 31, 2025 and January 31, 2025; 0 shares issued and outstanding as of October 31, 2025 and January 31, 2025. 126 124 Additional paid-in capital 5,314,820 4,367,070 Accumulated deficit ( 1,299,986 ) ( 1,078,107 ) Accumulated other comprehensive income (loss) 1,537 ( 9,593 ) Total CrowdStrike Holdings, Inc. stockholders’ equity 4,016,497 3,279,494 Non-controlling interest 42,520 39,423 Total stockholders’ equity 4,059,017 3,318,917 Total liabilities and stockholders’ equity $ 9,965,347 $ 8,701,578 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents CrowdStrike Holdings, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Revenue Subscription $ 1,168,705 $ 962,735 $ 3,322,418 $ 2,753,164 Professional services 65,539 47,443 184,212 141,922 Total revenue 1,234,244 1,010,178 3,506,630 2,895,086 Cost of revenue Subscription 257,915 216,301 753,929 605,868 Professional services 49,890 38,786 153,302 111,623 Total cost of revenue 307,805 255,087 907,231 717,491 Gross profit 926,439 755,091 2,599,399 2,177,595 Operating expenses Sales and marketing 481,032 408,267 1,367,673 1,113,852 Research and development 347,564 275,602 1,028,361 761,759 General and administrative 167,286 126,945 510,443 337,113 Total operating expenses 995,882 810,814 2,906,477 2,212,724 Loss from operations ( 69,443 ) ( 55,723 ) ( 307,078 ) ( 35,129 ) Interest expense ( 6,931 ) ( 6,587 ) ( 20,469 ) ( 19,647 ) Interest income 50,883 52,201 147,113 149,577 Other income (expense), net 2,223 ( 429 ) ( 4,395 ) 6,196 Income (loss) before provision for income taxes ( 23,268 ) ( 10,538 ) ( 184,829 ) 100,997 Provision for income taxes 10,720 6,281 37,797 24,862 Net income (loss) ( 33,988 ) ( 16,819 ) ( 222,626 ) 76,135 Net income (loss) attributable to non-controlling interest 9 3 ( 747 ) 3,124 Net income (loss) attributable to CrowdStrike $ ( 33,997 ) $ ( 16,822 ) $ ( 221,879 ) $ 73,011 Net income (loss) per share attributable to CrowdStrike common stockholders: Basic $ ( 0.14 ) $ ( 0.07 ) $ ( 0.89 ) $ 0.30 Diluted $ ( 0.14 ) $ ( 0.07 ) $ ( 0.89 ) $ 0.29 Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders: Basic 251,326 245,536 249,905 244,017 Diluted 251,326 245,536 249,905 250,747 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents CrowdStrike Holdings, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Net income (loss) $ ( 33,988 ) $ ( 16,819 ) $ ( 222,626 ) $ 76,135 Other comprehensive income (loss): Foreign currency translation adjustments ( 5,264 ) 700 11,136 ( 754 ) Unrealized gain (loss) on cash equivalents and short-term investments, net of tax 801 376 ( 6 ) 391 Other comprehensive income (loss) ( 4,463 ) 1,076 11,130 ( 363 ) Less: Comprehensive income (loss) attributable to non-controlling interest 9 3 ( 747 ) 3,124 Total comprehensive income (loss) attributable to CrowdStrike $ ( 38,460 ) $ ( 15,746 ) $ ( 210,749 ) $ 72,648 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 Table of Contents CrowdStrike Holdings, Inc. Condensed Consolidated Statements of Stockholders’ Equity Three Months Ended October 31, 2025 and 2024 (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Non-controlling Interest Total Stockholders’ Equity Shares Amount Balances at July 31, 2025 250,827 $ 125 $ 5,016,544 $ ( 1,265,989 ) $ 6,000 $ 38,011 $ 3,794,691 Issuance of common stock upon exercise of options 40 — 273 — — — 273 Issuance of common stock under RSU and PSU release 1,181 1 ( 1 ) — — — — Issuance of common stock for restricted stock awards 26 — — — — — — Issuance of common stock for founders holdbacks related to acquisitions 4 — 1,534 — — — 1,534 Issuance of common stock for payment of board of director fees — — 94 — — — 94 Stock-based compensation expense, net of founder revest — — 279,260 — — — 279,260 Capitalized stock-based compensation — — 14,814 — — — 14,814 Fair value of replacement equity awards attributable to pre-acquisition service — — 2,302 — — — 2,302 Net income (loss) — — — ( 33,997 ) — 9 ( 33,988 ) Non-controlling interest — — — — — 4,500 4,500 Other comprehensive loss — — — — ( 4,463 ) — ( 4,463 ) Balances at October 31, 2025 252,078 $ 126 $ 5,314,820 $ ( 1,299,986 ) $ 1,537 $ 42,520 $ 4,059,017 Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Non-controlling Interest Total Stockholders’ Equity Shares Amount Balances at July 31, 2024 245,122 $ 123 $ 3,824,897 $ ( 969,003 ) $ ( 3,102 ) $ 37,675 $ 2,890,590 Issuance of common stock upon exercise of options 116 — 844 — — — 844 Issuance of common stock under RSU and PSU release 1,068 1 ( 1 ) — — — — Issuance of common stock for founders holdbacks related to acquisitions 3 — 889 — — — 889 Issuance of common stock for payment of board of director fees — — 86 — — — 86 Stock-based compensation expense, net of founder revest — — 206,489 — — — 206,489 Capitalized stock-based compensation — — 12,456 — — — 12,456 Net income (loss) — — — ( 16,822 ) — 3 ( 16,819 ) Other comprehensive income — — — — 1,076 — 1,076 Balances at October 31, 2024 246,309 $ 124 $ 4,045,660 $ ( 985,825 ) $ ( 2,026 ) $ 37,678 $ 3,095,611 The accompanying notes are an integral part of these condensed consolidated financial statements. 9 Table of Contents CrowdStrike Holdings, Inc. Condensed Consolidated Statements of Stockholders’ Equity Nine Months Ended October 31, 2025 and 2024 (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Non-controlling Interest Total Stockholders’ Equity Shares Amount Balances at January 31, 2025 247,872 $ 124 $ 4,367,070 $ ( 1,078,107 ) $ ( 9,593 ) $ 39,423 $ 3,318,917 Issuance of common stock upon exercise of options 305 — 2,628 — — — 2,628 Issuance of common stock under RSU and PSU release 3,583 2 ( 2 ) — — — — Issuance of common stock under employee stock purchase plan 275 — 74,622 — — — 74,622 Issuance of common stock for restricted stock awards 26 — — — — — — Issuance of common stock for founders holdbacks related to acquisitions 17 — 7,670 — — — 7,670 Issuance of common stock for payment of board of director fees — — 270 — — — 270 Stock-based compensation expense, net of founder revest — — 817,015 — — — 817,015 Capitalized stock-based compensation — — 43,245 — — — 43,245 Fair value of replacement equity awards attributable to pre-acquisition service — — 2,302 — — — 2,302 Net loss — — — ( 221,879 ) — ( 747 ) ( 222,626 ) Non-controlling interest — — — — — 3,844 3,844 Other comprehensive income — — — — 11,130 — 11,130 Balances at October 31, 2025 252,078 $ 126 $ 5,314,820 $ ( 1,299,986 ) $ 1,537 $ 42,520 $ 4,059,017 Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Non-controlling Interest Total Stockholders’ Equity Shares Amount Balances at January 31, 2024 241,865 $ 121 $ 3,364,328 $ ( 1,058,836 ) $ ( 1,663 ) $ 33,139 $ 2,337,089 Issuance of common stock upon exercise of options 416 — 3,308 — — — 3,308 Issuance of common stock under RSU and PSU release 3,502 3 ( 3 ) — — — — Issuance of common stock under employee stock purchase plan 518 — 56,099 — — — 56,099 Issuance of common stock for founders holdbacks related to acquisitions 8 — 2,667 — — — 2,667 Issuance of common stock for payment of board of director fees — — 261 — — — 261 Stock-based compensation expense, net of founder revest — — 586,598 — — — 586,598 Capitalized stock-based compensation — — 31,934 — — — 31,934 Fair value of replacement equity awards attributable to pre-acquisition service — — 468 — — — 468 Net income — — — 73,011 — 3,124 76,135 Non-controlling interest — — — — — 1,415 1,415 Other comprehensive loss — — — — ( 363 ) — ( 363 ) Balances at October 31, 2024 246,309 $ 124 $ 4,045,660 $ ( 985,825 ) $ ( 2,026 ) $ 37,678 $ 3,095,611 The accompanying notes are an integral part of these condensed consolidated financial statements. 10 Table of Contents CrowdStrike Holdings, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)(unaudited) Nine Months Ended October 31, 2025 2024 Operating activities Net income (loss) $ ( 222,626 ) $ 76,135 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 180,883 137,851 Amortization of intangible assets 23,061 18,665 Amortization of deferred contract acquisition costs 325,434 227,713 Non-cash operating lease cost 12,625 11,100 Stock-based compensation expense 822,728 592,890 Deferred income taxes ( 5,362 ) ( 2,122 ) Realized gains on strategic investments — ( 6,227 ) Non-cash interest expense 3,533 2,748 Change in fair value of strategic investments 1,579 — Accretion of short-term investments purchased at a discount — 2,285 Changes in operating assets and liabilities, net of impact of acquisitions Accounts receivable, net 116,196 39,184 Deferred contract acquisition costs ( 431,660 ) ( 361,412 ) Prepaid expenses and other assets ( 79,440 ) ( 42,832 ) Accounts payable ( 9,627 ) 34,096 Accrued expenses and other liabilities 19,853 85,667 Accrued payroll and benefits 32,607 89,896 Operating lease liabilities ( 8,979 ) ( 11,812 ) Deferred revenue 333,675 142,180 Net cash provided by operating activities 1,114,480 1,036,005 Investing activities Purchases of property and equipment ( 199,643 ) ( 167,641 ) Capitalized internal-use software and website development costs ( 51,496 ) ( 41,266 ) Purchases of strategic investments ( 10,267 ) ( 12,702 ) Proceeds from sales of strategic investments 4,901 10,895 Business acquisitions, net of cash and restricted cash acquired ( 380,914 ) ( 96,381 ) Proceeds from maturities and sales of short-term investments — 97,300 Purchases of deferred compensation investments ( 4,257 ) ( 1,815 ) Proceeds from sales of deferred compensation investments 173 41 Net cash used in investing activities ( 641,503 ) ( 211,569 ) Financing activities Proceeds from the issuance of common stock upon exercise stock options 2,628 3,308 Proceeds from issuance of common stock under the employee stock purchase plan 74,622 56,099 Distributions to non-controlling interest holders ( 2,156 ) ( 4,085 ) Capital contributions from non-controlling interest holders 6,000 5,500 Net cash provided by financing activities 81,094 60,822 Effect of foreign exchange rates on cash, cash equivalents and restricted cash 7,317 ( 641 ) Net increase in cash, cash equivalents and restricted cash 561,388 884,617 Cash, cash equivalents and restricted cash at beginning of period 4,324,666 3,377,597 Cash, cash equivalents and restricted cash at end of period $ 4,886,054 $ 4,262,214 Cash, cash equivalents and restricted cash at the end of period: Cash and cash equivalents $ 4,801,083 $ 4,260,324 Restricted cash included in prepaid expenses and other current assets 1,011 1,890 Restricted cash included in other long-term assets 83,960 — Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 4,886,054 $ 4,262,214 Supplemental disclosure of cash flow information: Interest paid $ 22,500 $ 22,500 Income taxes paid, net of refunds received 41,505 14,195 Supplemental disclosure of non-cash investing and financing activities: Net increase in property and equipment included in accounts payable and accrued expenses 13,744 22,811 Equity consideration for acquisitions 2,302 468 Operating lease liabilities arising from obtaining operating right-of-use assets 35,351 7,009 Proceeds from sales of strategic investments not yet received 166 4,808 Stock-based compensation included in capitalized software development costs and fixed assets 42,493 31,934 Noncash consideration for the purchase of strategic investments 1,101 3,319 Noncash consideration received from sales of strategic investments — 3,319 Fair value of common stock issued for consideration transferred 10,318 — Restricted cash held in escrow for purchase consideration for business combinations 83,000 — The accompanying notes are an integral part of these condensed consolidated financial statements . 11 Table of Contents CrowdStrike Holdings, Inc. Notes to Unaudited Condensed Consolidated Financial Statements 1. 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 cybersecurity’s AI-native platform for the XDR era, purpose-built to stop breaches. The Company’s unified platform provides cloud-delivered protection of endpoints, cloud workloads, identity, and data via a software as a service (“SaaS”) subscription-based model that spans multiple large security markets, including corporate endpoint security, security and IT operations, managed security services, next-gen SIEM, cloud security, identity protection, threat intelligence, data protection, exposure management and cybersecurity generative AI. The Company conducts its business in the United States, as well as locations internationally, including in 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, 2025, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and nine months ended October 31, 2025 are not necessarily indicative of the results to be expected for the year ending January 31, 2026 or for any other interim period or for any other future year. The accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 10, 2025. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Actual results may differ from these estimates and such differences could be material to the Company’s condensed consolidated financial statements. Estimates and assumptions used by management include, but are not limited to, revenue recognition, the allowance for credit losses, the useful lives of long-lived assets, the fair values of strategic investments, the period of benefit for deferred contract acquisition costs, the discount rate used for operating leases, the recognition and disclosure of contingent liabilities, income taxes, stock-based compensation, and the fair value of assets acquired and liabilities assumed in business combinations. Concentration of Credit Risk and Geographic Information The Company generates revenue from the sale of subscriptions to access its cloud platform and professional services. The Company’s sales team, along with its channel partner network of system integrators and value-added resellers (collectively, “channel partners”), sells the Company’s services worldwide to organizations of all sizes. 12 Table of Contents Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, accounts receivable, financing receivables, and strategic investments. The Company’s cash is placed with high-credit-quality financial institutions and issuers, and at times exceeds federally insured limits. The Company has not experienced any credit loss relating to its cash, cash equivalents, or strategic investments. The Company performs periodic credit evaluations of its customers and generally does not require collateral. There were no channel partners or direct customers who represented 10% or more of the Company’s accounts receivable as of October 31, 2025 or January 31, 2025. There were no channel partners or direct customers who represented 10% or more of the Company’s total revenue for each of the three and nine months ended October 31, 2025 or October 31, 2024. As of October 31, 2025, three end users represented 10% or more of the Company’s financing receivables, and in aggregate represented 36 % of the Company’s financing receivables. As of January 31, 2025, two end users represented 10% or more of the Company’s financing receivables, and in aggregate represented 78 % of the Company’s financing receivables. Significant Accounting Policies The Company’s significant accounting policies are described in the Company’s Annual Report on Form 10-K for the year ended January 31, 2025. There have been no significant changes to these policies that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the three and nine months ended October 31, 2025 with the exception of the following addition: Restricted Cash - The Company records cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. The Company’s restricted cash primarily relates to indemnity holdback amounts arising from business combinations. Restricted cash is classified as current or noncurrent based on the remaining term of the restriction. The current portion of restricted cash is recorded in prepaid expenses and other current assets in the consolidated balance sheets. The noncurrent portion of restricted cash is recorded in other long-term assets in the consolidated balance sheets. 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. This standard can be applied prospectively, using a modified transition method based on the status of the project and whether software costs were capitalized prior to the date of adoption, or retrospectively, and is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit 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 is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, with a subsequent clarification of its effective date through ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date in January 2025, requiring additional disclosure on specific expense categories included in the expense captions presented on the statements of operations. The new standard can be applied either prospectively or retrospectively, and is effective for annual periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its disclosures within the consolidated financial statements. 13 Table of Contents In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, a final standard on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company will adopt the standard in its fourth quarter of fiscal year 2026 and is assessing the appropriate transition method. 2. 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 Company’s 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 on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands): October 31, 2025 January 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) Money market funds $ 449,092 $ — $ — $ 449,092 $ 1,470,040 $ — $ — $ 1,470,040 U.S. Treasury securities — 2,489,319 — 2,489,319 — 2,490,097 — 2,490,097 Other assets Deferred compensation investments 10,720 — — 10,720 5,496 — — 5,496 Total assets $ 459,812 $ 2,489,319 $ — $ 2,949,131 $ 1,475,536 $ 2,490,097 $ — $ 3,965,633 (1) Cash equivalents exclude $ 709.1 million of time deposits, which are carried at cost and approximate fair value as of October 31, 2025. There were no transfers between the levels of the fair value hierarchy during the periods presented. As of October 31, 2025 and January 31, 2025, the Company’s U.S. Treasury securities were carried at fair value and there were no material realized or unrealized gains or losses, either individually or in aggregate. The total estimated fair value of the Company’s financing receivables approximates their carrying amounts as of October 31, 2025 and January 31, 2025. The fair value of the Company’s financing receivables is considered to be a Level 3 measurement as unobservable inputs are used in determining discounted cash flows to estimate fair value. 14 Table of Contents Strategic Investments The Company’s investments of privately held securities as of October 31, 2025, consisted of the following (in thousands): Privately held equity securities Privately held debt and other securities Total Initial total cost $ 79,507 $ — $ 79,507 Cumulative net gains 1,825 — 1,825 Carrying amount, end of period $ 81,332 $ — $ 81,332 The Company’s investments of privately held securities as of January 31, 2025, consisted of the following (in thousands): Privately held equity securities Privately held debt and other securities Total Initial total cost $ 68,140 $ 1,000 $ 69,140 Cumulative net gains 3,404 — 3,404 Carrying amount, end of period $ 71,544 $ 1,000 $ 72,544 As of October 31, 2025, the cumulative net gains of $ 1.8 million are comprised of upward adjustments of $ 7.3 million, less downward adjustments and impairment of $ 5.5 million. As of January 31, 2025, the cumulative net gains of $ 3.4 million are comprised of upward adjustments of $ 7.3 million, less downward adjustments and impairment of $ 3.9 million. Gains and Losses on Strategic Investments The components of gains and losses on strategic investments were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Unrealized losses recognized on privately held equity securities, including impairment $ — $ — $ ( 1,579 ) $ — Unrealized losses, net $ — $ — $ ( 1,579 ) $ — Realized gains recognized on sales of privately held equity securities $ — $ — $ — $ 6,881 Realized losses recognized on sales of privately held equity securities — — — ( 655 ) Realized gains, net $ — $ — $ — $ 6,226 Gains (losses) on strategic investments, net $ — $ — $ ( 1,579 ) $ 6,226 Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date $ — $ — $ ( 1,579 ) $ — Unrealized losses recognized on privately held equity securities was related to downward adjustments and impairment. Realized gains and losses recognized on sales of privately held equity securities reflect the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later. 15 Table of Contents 3. Financing Receivables The Company’s short-term and long-term financing receivables were as follows (in thousands): October 31, 2025 January 31, 2025 Short-term financing receivables, gross $ 54,003 $ 9,579 Unearned income ( 8,534 ) ( 2,339 ) Allowance for credit losses ( 997 ) ( 76 ) Short-term financing receivables, net $ 44,472 $ 7,164 Long-term financing receivables, gross $ 141,862 $ 43,235 Unearned income ( 9,906 ) ( 5,051 ) Allowance for credit losses ( 1,439 ) ( 342 ) Long-term financing receivables, net $ 130,517 $ 37,842 The Company’s amortized cost basis of financing receivables categorized by internal risk rating and year of origination was as follows (in thousands): October 31, 2025 January 31, 2025 Fiscal Year of Origination Fiscal Year of Origination Internal Risk Rating (1) 2026 2025 Total 2025 Total 1 to 4 $ 83,298 $ 19,135 $ 102,433 $ 18,413 $ 18,413 5 to 6 44,046 25,135 69,181 27,011 27,011 7 to 9 5,811 — 5,811 — — Amortized cost basis of financing receivables $ 133,155 $ 44,270 $ 177,425 $ 45,424 $ 45,424 (1) Internal risk ratings are determined based on the end-user’s financial condition and are categorized as 1 through 9, with the lowest rating representing the highest quality. Credit quality indicators are generally updated at least annually, or more frequently to the extent required by economic conditions. There was no significant activity in allowance for credit losses during the three and nine months ended October 31, 2025. There were no financing receivables through October 31, 2024. There were no past due amounts on financing receivables as of October 31, 2025. Past due amounts on financing receivables as of January 31, 2025 were immaterial. 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): October 31, 2025 January 31, 2025 Data center and other computer equipment $ 969,716 $ 755,728 Capitalized internal-use software and website development costs 352,415 265,987 Leasehold improvements 50,151 42,230 Purchased software 17,361 15,876 Furniture and equipment 12,659 10,485 Construction in progress 227,502 220,088 1,629,804 1,310,394 Less: Accumulated depreciation and amortization ( 702,841 ) ( 521,754 ) Property and equipment, net $ 926,963 $ 788,640 Construction in progress primarily includes data center equipment purchased that has not yet been placed in service. Data center equipment that was purchased but not yet been placed into service was $ 175.1 million as of October 31, 2025. 16 Table of Contents Depreciation and amortization expense of property and equipment was $ 64.0 million and $ 49.0 million during the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 180.9 million and $ 137.9 million during the nine months ended October 31, 2025 and October 31, 2024, respectively. There was no impairment of property and equipment during the three and nine months ended October 31, 2025 and October 31, 2024. The Company capitalized $ 29.5 million and $ 27.9 million in internal-use software and website development costs during the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 90.0 million and $ 70.4 million during the nine months ended October 31, 2025 and October 31, 2024, respectively. Amortization expense associated with internal-use software and website development costs totaled $ 20.6 million and $ 14.8 million during the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 57.7 million and $ 41.4 million during the nine months ended October 31, 2025 and October 31, 2024, respectively. The net book value of capitalized internal-use software and website development costs was $ 176.4 million and $ 144.0 million as of October 31, 2025 and January 31, 2025, respectively. Intangible Assets, Net Total intangible assets, net consisted of the following (dollars in thousands): October 31, 2025 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Amount (in months) Developed technology $ 202,058 $ 83,173 $ 118,885 56 Customer relationships 25,368 11,247 14,121 56 Intellectual property and other acquired intangible assets 15,851 4,452 11,399 103 Total $ 243,277 $ 98,872 $ 144,405 January 31, 2025 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Amount (in months) Developed technology $ 168,416 $ 63,783 $ 104,633 55 Customer relationships 24,502 8,454 16,048 65 Intellectual property and other acquired intangible assets 15,837 3,404 12,433 112 Total $ 208,755 $ 75,641 $ 133,114 Amortization expense of intangible assets was $ 7.8 million and $ 6.3 million during the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 23.1 million and $ 18.7 million during the nine months ended October 31, 2025 and October 31, 2024, respectively. The estimated aggregate future amortization expense of intangible assets as of October 31, 2025 was as follows (in thousands): Total Fiscal 2026 (remaining three months) $ 8,190 Fiscal 2027 32,757 Fiscal 2028 32,111 Fiscal 2029 29,091 Fiscal 2030 19,714 Thereafter 22,542 Total future amortization expense $ 144,405 Developed technology, customer relationships, intellectual property and other acquired intangible assets are amortized over their estimated useful lives, generally on a straight-line basis, for periods ranging from 2 to 20 years. 17 Table of Contents Goodwill The change in goodwill during the nine months ended October 31, 2025 consisted of the following (in thousands): Amounts Goodwill as of January 31, 2025 $ 912,805 Goodwill acquired 442,210 Foreign currency translation ( 2,088 ) Goodwill as of October 31, 2025 $ 1,352,927 5. Debt Secured Revolving Credit Facility In April 2019, the Company entered into a Credit Agreement with Silicon Valley Bank and other lenders, to provide a revolving line of credit of up to $ 150.0 million, including a letter of credit sub-facility in the aggregate amount of $ 10.0 million, and a swingline sub-facility in the aggregate amount of $ 10.0 million. On January 4, 2021, the Company amended and restated its existing credit agreement (the “A&R Credit Agreement” and the facility thereunder the “Revolving Facility”) among CrowdStrike, Inc., as borrower, CrowdStrike Holdings, Inc., as guarantor, and Silicon Valley Bank and the other lenders party thereto, providing the Company with a revolving line of credit of up to $ 750.0 million, including a letter of credit sub-facility in the aggregate amount of $ 100.0 million, and a swingline sub-facility in the aggregate amount of $ 50.0 million. The Company also has the option to request an incremental facility of up to an additional $ 250.0 million from one or more of the lenders under the A&R Credit Agreement. The A&R Credit Agreement is guaranteed by all of the Company’s material domestic subsidiaries. The A&R Credit Agreement extended the maturity date of April 19, 2022 to January 2, 2026. On January 6, 2022, the Company modified the A&R Credit Agreement (the “Amended A&R Credit Agreement”) among CrowdStrike, Inc., as borrower, CrowdStrike Holdings, Inc., as guarantor, and Silicon Valley Bank and the other lenders party thereto. There were no changes to the borrowing amounts or maturity date. Under the Amended A&R Credit Agreement, revolving loans are Alternate Base Rate (“ABR”) Loans. Outstanding ABR Loans incur interest at the highest of (a) the Prime Rate, as published by the Wall Street Journal, (b) the federal funds rate in effect on such day plus 0.50 %, and (c) the Term Secured Overnight Finance Rate (the “Term SOFR”) for a one-month tenor in effect on such day plus 1.00 %, in each case plus a margin between ( 0.25 )% and 0.25 %, depending on the senior secured leverage ratio. The Company will be charged a commitment fee of 0.15 % to 0.25 % per year for committed but unused amounts, depending on the senior secured leverage ratio. The financial covenants require the Company to maintain a minimum consolidated interest coverage ratio of 3.00 :1.00 and a maximum total leverage ratio of 5.50 :1.00 stepping down to 3.50 :1.00 over time. The Company was in compliance with all of its financial covenants as of October 31, 2025. The Amended A&R Credit Agreement is secured by substantially all of the Company’s current and future consolidated assets, property and rights, including, but not limited to, intellectual property, cash, goods, equipment, contractual rights, financial assets, and intangible assets of the Company and certain of its subsidiaries. The Amended A&R Credit Agreement contains customary covenants limiting the Company’s ability and the ability of its subsidiaries to, among other things, dispose of assets, undergo a change in control, merge or consolidate, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock, and make investments, in each case subject to certain exceptions. No amounts were outstanding under the Amended A&R Credit Agreement as of October 31, 2025 or January 31, 2025. 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 Company’s subsidiaries, CrowdStrike, Inc. and CrowdStrike Financial Services, Inc., and will be guaranteed by each of the Company’s existing and future domestic subsidiaries that becomes a borrower or guarantor under the 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 18 Table of Contents 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 100.00 % of the principal amount; in each case, plus accrued and unpaid interest, if any, to but excluding, the date of redemption. The net proceeds from the debt offering were $ 738.0 million after deducting the underwriting commissions of $ 9.4 million and $ 2.6 million of issuance costs. The debt issuance costs are being amortized to interest expense using the effective interest method over the term of the Senior Notes. Interest expense related to contractual interest expense, amortization of debt issuance costs, and accretion of debt discount was $ 6.0 million during the three months ended October 31, 2025 and 2024, and $ 18.0 million during the nine months ended October 31, 2025 and 2024. In certain circumstances involving a change of control event, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s notes of that series at 101 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The indenture governing the Senior Notes (the “Indenture”) contains covenants limiting the Company’s ability and the ability of its subsidiaries to create liens on certain assets to secure debt; grant a subsidiary guarantee of certain debt without also providing a guarantee of the Senior Notes; declare dividends; and consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to, another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the Senior Notes are rated investment grade by Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”), and Standard & Poor’s Ratings Services (“S&P”). As of October 31, 2025, the Company was in compliance with all of its financial covenants under the Indenture associated with the Senior Notes. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes was approximately $ 716.0 million and $ 688.4 million as of October 31, 2025 and January 31, 2025, respectively. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy. 6. Income Taxes The Company recognized income tax expense of $ 10.7 million and $ 6.3 million for the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 37.8 million and $ 24.9 million for the nine months ended October 31, 2025 and October 31, 2024, respectively. The tax expense for the three and nine months ended October 31, 2025 and October 31, 2024 was primarily attributable to income taxes on earnings and withholding taxes related to customer payments in certain foreign jurisdictions in which the Company conducts business. On July 4, 2025, tax reform legislation included in the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States. The OBBBA includes significant corporate tax reforms, including (i) the permanent reinstatement of deducting domestic research and development expenditures as incurred beginning in fiscal 2026 (under prior law such expenditures were capitalized and amortized over five years); (ii) the option to claim 100% accelerated depreciation deductions on qualified property; and (iii) international tax provisions modifying global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), and base erosion and anti-abuse tax (BEAT). The change in U.S. tax law resulted in an immaterial favorable effect on the income tax provision due to the Company’s valuation allowance and was accounted for in the second quarter of fiscal year 2026. The Company’s effective tax rates of ( 46.1 )% and ( 59.6 )% for the three months ended October 31, 2025 and October 31, 2024, respectively, and ( 20.4 )% and 24.6 % for the nine months ended October 31, 2025 and October 31, 2024, respectively, differ 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 jurisdictions where the Company does not benefit from losses and tax credits. Total gross unrecognized tax benefits were $ 141.1 million and $ 117.5 million as of October 31, 2025 and January 31, 2025, respectively, which is primarily attributable to research and development credits. As of October 31, 2025 and January 31, 2025, there were approximately $ 58.2 million and $ 54.8 million, respectively, of unrecognized tax benefits, which, if recognized, would affect the Company’s effective tax rate due to the full valuation allowance. The Company’s policy is to classify interest and 19 Table of Contents penalties related to unrecognized tax benefits as part of the income tax provision in the condensed consolidated statements of operations. The Company had incurred $ 6.6 million and $ 3.0 million of interest and penalties related to unrecognized tax benefits as of October 31, 2025 and January 31, 2025. In accordance with the guidance on the accounting for uncertainty in income taxes, for all U.S. and other tax jurisdictions, the Company recognizes potential liabilities for anticipated tax audit issues based on the Company’s estimate of whether, and the extent to which, additional taxes and interest will be due. The Company files income tax returns in the U.S. federal, and various state jurisdictions, as well as various foreign jurisdictions. Tax years 2011 and onwards remain subject to examination by taxing authorities. If the Company’s estimate of income tax liabilities proves to be less than the ultimate assessment, a further charge to expense would be required. If events occur and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes in the condensed consolidated statements of operations. Accrued interest and penalties are included within other liabilities, noncurrent on the condensed consolidated balance sheets. The Company maintains a full valuation allowance on U.S. federal and state and certain foreign deferred tax assets, including net operating loss carryforwards and tax credits, which the Company has determined are not realizable on a more-likely-than-not basis. The Company regularly evaluates the need for a valuation allowance. 7. Leases Operating Leases The Company has entered into non-cancelable operating lease agreements with various expiration dates through fiscal 2038. 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 Company’s non-cancelable operating lease liabilities are as follows (in thousands): Total Fiscal 2026 (remaining three months) $ 603 Fiscal 2027 18,776 Fiscal 2028 17,966 Fiscal 2029 13,115 Fiscal 2030 11,105 Thereafter 19,972 Total operating lease payments 81,537 Less: imputed interest ( 8,590 ) Present value of operating lease liabilities $ 72,947 As of October 31, 2025, the Company has entered into a non-cancelable operating lease with a lease term greater than 12 months that has not yet commenced with undiscounted future minimum payments of $ 96.8 million, which has been excluded from the table above. The operating lease is expected to commence in October 2026, with a lease term of 11.2 years. 8. Stock-Based Compensation Stock Incentive Plan In May 2019, the Company’s 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”), and performance-based restricted stock units (“PSUs”). A total of 8,750,000 shares of Class A common stock were initially available for issuance under the 2019 Plan. The Company’s compensation committee administers the 2019 Plan. The number of shares of the Company’s 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 Company’s capital stock 20 Table of Contents as of the last day of the immediately preceding fiscal year or (ii) such other amount as the Company’s 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 Company’s registration statement on Form S-1 used in connection with the Company’s 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 transferred to the 2019 Plan. Stock Options The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Stock options granted during the nine months ended October 31, 2025 and October 31, 2024 were immaterial. The following table is a summary of stock option activity for the nine months ended October 31, 2025: Number of Shares Weighted-Average Exercise Price Per Share (in thousands) Options outstanding at January 31, 2025 1,251 $ 10.23 Granted 44 $ 44.95 Exercised ( 305 ) $ 8.62 Canceled ( 3 ) $ 23.89 Options outstanding at October 31, 2025 987 $ 12.23 Options vested and expected to vest at October 31, 2025 987 $ 12.23 Options exercisable at October 31, 2025 931 $ 10.64 There were no options that were unvested and exercisable as of October 31, 2025. The aggregate intrinsic value of options vested and exercisable was $ 495.6 million and $ 472.3 million as of October 31, 2025 and January 31, 2025, respectively. The weighted-average remaining contractual term of options vested and exercisable was 2.9 years and 3.5 years as of October 31, 2025 and January 31, 2025, respectively. The weighted-average grant date fair values of all options granted was $ 410.70 and $ 325.22 per share during the nine months ended October 31, 2025 and October 31, 2024, respectively. The total intrinsic value of all options exercised was $ 18.6 million and $ 32.0 million during the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 136.6 million and $ 135.7 million during the nine months ended October 31, 2025 and October 31, 2024, respectively. The aggregate intrinsic value of stock options outstanding as of October 31, 2025 and January 31, 2025 was $ 524.0 million and $ 485.3 million, respectively, which represents the excess of the fair value of the Company’s common stock over the exercise price of the options multiplied by the number of options outstanding. The weighted-average remaining contractual term of stock options outstanding was 3.2 years and 3.6 years as of October 31, 2025 and January 31, 2025, respectively. Total unrecognized stock-based compensation expense related to unvested options was $ 19.8 million as of October 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 2.1 years. Restricted Stock Units RSUs granted under the 2019 Plan are generally subject to only a service-based vesting condition. The service-based vesting condition is generally satisfied based on one of the following vesting schedules: (i) vesting of one-fourth of the RSUs on the first “Company vest date” (defined as March 20, June 20, September 20, or December 20) on or following the one-year anniversary of the vesting commencement date with the remainder of the RSUs vesting in twelve equal quarterly installments thereafter, subject to continued service, (ii) vesting in sixteen equal quarterly installments, subject to continued service, or (iii) vesting in sixteen quarterly installments with 10 % in the first year, 15 % in the second year, 25 % in the third year and 50 % in the fourth year, subject to continued service. The valuation of these RSUs is based solely on the fair value of the Company’s stock on the date of grant. 21 Table of Contents Total unrecognized stock-based compensation expense related to unvested RSUs was $ 1.9 billion as of October 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 2.4 years. Performance-based Stock Units PSUs granted under the 2019 Plan are generally subject to both a service-based vesting condition and a performance-based vesting condition. PSUs will vest upon the achievement of specified performance targets and subject to continued service through the applicable vesting dates. The stock-based compensation expense relating to PSUs is recognized using the accelerated attribution method over the requisite service period when it is probable that the performance condition will be satisfied. Total unrecognized stock-based compensation expense related to unvested PSUs was $ 203.8 million as of October 31, 2025, which reflects the Company’s updated assessment of the likelihood of satisfying the performance conditions. This expense is expected to be amortized over a weighted-average vesting period of 1.2 years. Special PSU Awards In fiscal 2022 the Company’s board of directors granted 655,000 performance stock units (the “Special PSU Awards”) to certain executives under the 2019 Plan. The Special PSU Awards vest upon the satisfaction of the Company’s achievement of specified stock price hurdles, which are based on the average of the closing stock price per share of the Company’s Class A common stock during any 45 consecutive trading day period during the applicable performance period, and a service-based vesting condition. The service condition applicable to each tranche of the Special PSU Awards will be satisfied in installments as follows, subject to continued employment with the Company through each applicable vesting date: (i) 50 % of the Special PSU Awards underlying the applicable tranche will service vest on the first anniversary of the vesting commencement date applicable to such tranche of the Special PSU Awards (i.e., February 1, 2022, February 1, 2023, February 1, 2024 and February 1, 2025) and (ii) the remaining PSUs with respect to such tranche will thereafter service vest in four equal quarterly installments of 12.5 %. The Company measured the fair value of the Special PSU Awards on the grant date using a Monte Carlo simulation valuation model. The risk-free interest rates used were 0.85 % - 1.51 %, which were based on the zero-coupon-risk-free interest rate derived from the Treasury Constant Maturities yield curve for the expected term of the award on the grant date. The expected volatility was a blended volatility rate of 54.89 % - 55.36 %, which includes 50 % weight on the Company’s historical volatility calculated from daily stock returns over a 2.21 - 2.58 year look-back from the grant date and 50 % weight based on the Company’s implied volatility as of the grant date. Total unrecognized stock-based compensation expense related to the unvested portion of the Special PSU Awards was $ 3.8 million as of October 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 0.5 years. The following table is a summary of RSUs, PSUs and the Special PSU Awards activities for the nine months ended October 31, 2025: Number of Shares Weighted- Average Grant Date Fair Value Per Share (in thousands) RSUs and PSUs outstanding at January 31, 2025 11,024 $ 227.55 Granted 1,932 $ 419.39 Released ( 3,583 ) $ 220.88 Performance adjustment (1) ( 55 ) $ 296.43 Forfeited ( 807 ) $ 249.26 RSUs and PSUs outstanding at October 31, 2025 8,511 $ 271.42 RSUs and PSUs expected to vest at October 31, 2025 (2) 8,011 $ 268.34 (1) The performance adjustment represents adjustments in shares outstanding due to the actual achievement of performance-based awards, the achievement of which was based upon pre-defined financial performance targets. (2) Excludes in progress PSUs and Special PSUs where pre-defined targets have not yet been achieved. 22 Table of Contents Employee Stock Purchase Plan In May 2019, the board of directors adopted, and the stockholders approved the CrowdStrike Holdings, Inc. 2019 Employee Stock Purchase Plan (“ESPP”), which became effective on June 10, 2019, which was the business day prior to the effectiveness of the Company’s registration statement on Form S-1 used in connection with the Company’s IPO. A total of 3,500,000 shares of Class A common stock were initially reserved for issuance under the ESPP. The Company’s compensation committee administers the ESPP. The number of shares of common stock available for issuance under the ESPP 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) one percent ( 1 %) of the outstanding shares of the Company’s capital stock as of the last day of the immediately preceding fiscal year or (ii) such other amount as its board of directors may determine. In May 2021, the Company’s compensation committee adopted an amendment and restatement of the ESPP, which was approved by the Company’s stockholders in June 2021. The amended and restated ESPP clarified the original intent that the annual increase will in no event exceed 5,000,000 shares of the Company’s Class A common stock in any year. The ESPP provides for consecutive offering periods that will typically have a duration of approximately 24 months in length and are comprised of four purchase periods of approximately six months in length. The offering periods are scheduled to start on the first trading day on or after June 11 and December 11 of each year. The first offering period commenced on June 11, 2019 and ended on June 10, 2021. The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s Class A common stock through payroll deductions of up to 15 % of their eligible compensation. A participant may purchase a maximum of 2,500 shares of common stock during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of common stock at the end of each six-month purchase period. The purchase price of the shares is 85 % of the lower of the fair market value of the Class A common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the related offering period. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of common stock. Participation ends automatically upon termination of employment. The ESPP allows for up to one increase in contribution during each purchase period. If an employee elects to increase his or her contribution, the Company treats this as an accounting modification. The ESPP also offers a two-year look-back feature, as well as a rollover feature that provides for an offering period to be rolled over to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. Contribution modifications during the nine months ended October 31, 2025 were $ 3.1 million, which are recognized over the remaining offering periods. Employee payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date. ESPP employee payroll contributions accrued as of October 31, 2025 and January 31, 2025 totaled $ 45.6 million and $ 33.2 million, respectively, and are included within accrued payroll and benefits in the condensed consolidated balance sheets. The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine the fair value of employee stock purchase rights granted under the Company’s ESPP: Nine Months Ended October 31, 2025 2024 Expected term (in years) 0.5 – 2.0 0.5 – 2.0 Risk-free interest rate 3.9 % – 5.3 % 3.4 % – 5.3 % Expected stock price volatility 44.5 % – 59.8 % 40.8 % – 59.8 % Dividend yield — % — % 23 Table of Contents Stock-Based Compensation Expense Stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Subscription cost of revenue $ 23,601 $ 18,613 $ 72,520 $ 49,261 Professional services cost of revenue 9,433 7,498 29,505 21,115 Sales and marketing 73,798 56,251 211,217 165,914 Research and development 109,033 81,874 332,119 224,467 General and administrative 67,096 44,652 178,357 132,133 Total stock-based compensation expense $ 282,961 $ 208,888 $ 823,718 $ 592,890 9. 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 Company’s platform or service (in thousands, except percentages): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Amount % Revenue Amount % Revenue Amount % Revenue Amount % Revenue United States $ 826,653 67 % $ 683,476 68 % $ 2,353,180 67 % $ 1,968,503 68 % Europe, Middle East, and Africa 198,420 16 % 160,574 16 % 563,285 16 % 451,037 16 % Asia Pacific 127,591 10 % 102,837 10 % 357,956 10 % 294,573 10 % Other 81,580 7 % 63,291 6 % 232,209 7 % 180,973 6 % Total revenue $ 1,234,244 100 % $ 1,010,178 100 % $ 3,506,630 100 % $ 2,895,086 100 % No single country other than the United States represented 10% or more of the Company’s total revenue during the three and nine months ended October 31, 2025 and October 31, 2024. 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 $ 1,056.3 million and $ 880.5 million for the three months ended October 31, 2025 and October 31, 2024, respectively, and $ 2,312.1 million and $ 1,945.4 million for the nine months ended October 31, 2025 and October 31, 2024, 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 and partially completed performance obligations that may not have been invoiced. Changes in deferred revenue were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Beginning balance $ 3,834,857 $ 3,093,197 $ 3,728,677 $ 3,054,099 Additions to deferred revenue 1,462,637 1,113,499 3,841,203 3,037,505 Recognition of deferred revenue ( 1,234,244 ) ( 1,010,178 ) ( 3,506,630 ) ( 2,895,086 ) Ending balance $ 4,063,250 $ 3,196,518 $ 4,063,250 $ 3,196,518 24 Table of Contents Remaining Performance Obligations The Company’s subscription contracts with its customers have a typical term of one to three years and most subscription contracts are non-cancelable. Customers generally have the right to terminate their contracts for cause as a result of the Company’s failure to perform. As of October 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 7.9 billion. The Company expects to recognize approximately 51 % of the remaining performance obligations in the 12 months following October 31, 2025, and 43 % of the remaining performance obligations between 13 to 36 months, with the remainder to be recognized thereafter. Costs to Obtain and Fulfill a Contract The Company capitalizes referral fees paid to partners and sales commissions and associated payroll taxes paid to internal sales personnel, contractors or sales agents that are incremental to the acquisition of channel partner and direct customer contracts and would not have occurred absent the customer contract. These costs are recorded as deferred contract acquisition costs, current and deferred contract acquisition costs, noncurrent on the condensed consolidated balance sheets. Sales commissions for renewal of a contract are not considered commensurate with the commissions paid for the acquisition of the initial contract or follow-on upsell given the substantive difference in commission rates in proportion to their respective contract values. Commissions, including referral fees paid to referral partners, earned upon the initial acquisition of a contract or subsequent upsell are amortized over an estimated period of benefit of four years , while commissions earned for renewal contracts are amortized over the contractual term of the renewals. Sales commissions associated with professional service contracts are amortized ratably over an estimated period of benefit of five months . Commissions are included in sales and marketing expense in the condensed consolidated statements of operations. In determining the period of benefit for commissions paid for the acquisition of the initial contract, the Company took into consideration the expected subscription term and expected renewals of customer contracts, the historical duration of relationships with customers, customer retention data, and the life of the developed technology. The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. The Company did no t recognize any material impairment losses of deferred contract acquisition costs during the three and nine months ended October 31, 2025 or October 31, 2024. The following table summarizes the activity of deferred contract acquisition costs (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Beginning balance $ 889,631 $ 592,785 $ 847,950 $ 582,303 Capitalization of contract acquisition costs 180,791 203,079 432,413 361,412 Amortization of deferred contract acquisition costs ( 115,493 ) ( 79,862 ) ( 325,434 ) ( 227,713 ) Ending balance $ 954,929 $ 716,002 $ 954,929 $ 716,002 Deferred contract acquisition costs, current $ 398,708 $ 294,229 $ 398,708 $ 294,229 Deferred contract acquisition costs, noncurrent 556,221 421,773 556,221 421,773 Total deferred contract acquisition costs $ 954,929 $ 716,002 $ 954,929 $ 716,002 10. 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 July 30, 2024, a putative class action lawsuit was filed against the Company and certain of the Company’s officers in federal court in the Western District of Texas alleging violations of federal securities laws, including that the defendants made false or misleading statements. The complainants seek certification of a class of all persons who purchased or otherwise acquired the Company’s securities during specified periods of time and are 25 Table of Contents seeking unspecified monetary damages, costs and attorneys’ fees. On January 21, 2025, an amended complaint was filed. On April 7, 2025, the defendants filed a motion to dismiss. • 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 consolidated complaint. On June 18, 2025, the district court granted the Company and CrowdStrike, Inc.’s motion to dismiss the consolidated complaint and entered a final judgment. On June 25, 2025, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Fifth Circuit. The appeal is currently pending. • On September 4, September 11, and September 20, 2024, three derivative lawsuits were filed against certain of the Company’s officers and directors, and against the Company as nominal defendant, in federal court in the Western District of Texas alleging various claims, including breach of fiduciary duty, unjust enrichment, and violations of federal securities laws, including that the defendants made false or misleading statements in violation of Sections 10(b) and 14(a) of the Exchange Act and SEC Rules 10b-5 and 14a-9. One of the lawsuits also brings a claim against certain of the defendants for contribution under Sections 10(b) and 21D of the Exchange Act. The complainants seek monetary and non-monetary relief purportedly on behalf of the Company. On November 21, 2024, all three cases were consolidated and stayed pending resolution of the putative securities class action described above. On April 9, 2025, another derivative lawsuit was filed against certain of the Company’s officers and directors, and against the Company as nominal defendant, in federal court in the District of Delaware, asserting similar claims and seeking similar relief as the previously filed derivative lawsuits. On May 22, 2025, this lawsuit was voluntarily dismissed without prejudice. On April 10, 2025, two additional derivative lawsuits were filed against certain of the Company’s officers and directors, and against the Company as nominal defendant, in federal court in the Western District of Texas, asserting similar claims and seeking similar relief as the previously filed derivative lawsuits. On May 23, 2025, these lawsuits were consolidated with each other and stayed pending a response by the Company’s board of directors to a litigation demand submitted by one of the plaintiffs and a proposed order governing next steps. On July 18, 2025, these consolidated lawsuits were stayed pending resolution of the putative securities class action described above. On July 3 and July 17, 2025, two additional derivative lawsuits were filed against certain of the Company’s officers and directors, and against the Company as a nominal defendant, in the Delaware Court of Chancery, asserting similar claims and seeking similar relief as the previously filed derivative lawsuits. On August 18, 2025, these two lawsuits were consolidated and stayed pending resolution of the putative securities class action described above. • On October 25, 2024, Delta Airlines, Inc. (“Delta”) filed a complaint against CrowdStrike, Inc. in the Superior Court for Fulton County, Georgia, alleging, among other things, computer trespass, trespass to personalty, breach of contract, intentional misrepresentation/fraud by omission, strict-liability product defect, gross negligence, and deceptive and unfair business practices. Delta is seeking unspecified monetary damages, attorneys’ fees and unspecified punitive damages. The matter has been transferred to the Metro Atlanta Business Case Division. On December 16, 2024, CrowdStrike, Inc. filed a motion to dismiss. On May 16, 2025, CrowdStrike, Inc.’s motion to dismiss was granted in part and denied in part. Discovery is ongoing. The Company has received requests for information from the U.S. Department of Justice and the U.S. Securities and Exchange Commission relating to the Company’s recognition of revenue and reporting of ARR for transactions with certain customers, the July 19 Incident and related matters. The Company is cooperating and providing information in response to these requests. Additionally, some customers and third parties have asserted claims against the Company. The Company has also received inquiries from other governmental authorities and third parties related to the July 19 Incident. The Company is cooperating and providing information in connection with these inquiries. 26 Table of Contents For any claims and legal proceedings for which the Company believes a liability is both probable and reasonably estimable, the Company records a liability in the period for which it makes this determination. For claims and legal proceedings where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established. While the Company believes it is reasonably possible that it could incur losses associated with the claims, proceedings and inquiries described above, it is not possible to estimate the amount of any loss or range of possible loss that might result from adverse judgments, settlements, penalties or other resolutions of these claims, proceedings and inquiries based on their current stage, and the lack of resolution on significant factual and legal issues. Because the final outcome of any of these matters cannot be predicted with certainty, unfavorable or unexpected developments or outcomes could result in a material impact to the Company’s results of operations. The Company expects to incur significant legal and professional services and other expenses associated with the July 19 Incident and related matters in future periods. These expenses will be recognized as incurred. Certain costs may be recoverable under the Company’s insurance policies in effect at the date of the July 19 Incident. Any amounts recoverable under such policies will be reflected in future periods in which recovery is considered probable. Amounts accrued and expenses incurred, net of insurance receivable recorded, associated with the July 19 Incident and related matters during the nine months ended October 31, 2025 were as follows (in thousands): Amounts Balance at January 31, 2025 $ 21,145 Expenses incurred, net of insurance receivable recorded (1) 101,556 Payments made / cash received ( 98,883 ) Balance at October 31, 2025 $ 23,818 (1) These expenses are included in the Company’s condensed consolidated statements of operations as sales and marketing expenses, research and development expenses, and general and administrative expenses. Accruals are recorded in accrued expenses in the Company’s condensed consolidated balance sheets. Insurance receivable is recorded in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets. In addition to customer commitment packages, the Company has made an immaterial amount of settlement offers to certain customers in response to the July 19 Incident. These amounts are, or will be, entirely offset by recoveries under the Company’s insurance policies. Accordingly, there is no impact on the Company’s condensed consolidated statement of operations during the three and nine months ended October 31, 2025. The customer payables and insurance receivables were recorded as accrued expenses and as prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of October 31, 2025, respectively. Other Legal Proceedings The Company is involved in various other legal proceedings and subject to claims that arise in the ordinary course of business. For any claims for which the Company believes a liability is both probable and reasonably estimable, the Company records a liability in the period for which it makes this determination. Other than as discussed above, there is no pending or threatened legal proceeding to which the Company is a party that, in the Company’s opinion, is reasonably possible to have a material effect on its condensed consolidated financial statements; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on the Company’s business because of defense and settlement costs, diversion of management resources, and other factors. In addition, the costs of litigation and the timing of these costs from period to period are difficult to estimate, subject to change and could adversely affect the Company’s condensed consolidated financial statements. 27 Table of Contents Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties to purchase products and services such as data center capacity, advertising, technology, equipment, office renovations, corporate events, and consulting services. A summary of non-cancelable purchase obligations in excess of one year as of October 31, 2025, with expected date of payment is as follows (in thousands): Total Commitments Fiscal 2026 (remaining three months) $ 73,239 Fiscal 2027 563,984 Fiscal 2028 590,668 Fiscal 2029 589,668 Fiscal 2030 462,384 Thereafter 291,547 Total purchase commitments $ 2,571,490 Unfunded Loan Commitments The Company provides financing arrangements for certain qualified end-users to purchase its products and services. When the Company enters into these financing arrangements with the end-users, the funds provided by the Company for the sales transactions do not always occur immediately upon signing, depending on the terms of the arrangements. The Company estimates an allowance for credit losses on these off-balance sheet credit exposures at each reporting period on the contractual period over which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. As of October 31, 2025, the Company had non-cancelable unfunded commitments totaling approximately $ 121.3 million. Warranties and Indemnification The Company’s cloud computing services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s online help documentation under normal use and circumstances. In addition, for its Falcon Complete customers, the Company offers a limited warranty, subject to certain conditions, to cover certain costs incurred by the customer in case of a cybersecurity breach. The Company has entered into an insurance policy to reduce its potential liability arising from such limited warranty arrangements. The Company’s customer arrangements generally include certain provisions for indemnifying customers against losses suffered or incurred as a result of third-party claims that the Company’s products or services infringe a third party’s intellectual property rights. From time to time, the Company has also agreed to certain other indemnifications and warranties. The Company has not incurred any material costs because of such obligations and has not accrued any liabilities related to such obligations in the condensed consolidated financial statements as of October 31, 2025 or January 31, 2025. The Company has also agreed to indemnify its directors and certain executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. No liabilities have been accrued associated with this indemnification provision as of October 31, 2025 or January 31, 2025. 28 Table of Contents 11. Acquisitions Pangea Cyber Corporation On September 26, 2025, the Company acquired 100 % of the equity interest of Pangea Cyber Corporation (“Pangea”), a company that offers AI detection and response solutions. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $ 212.1 million in cash, net of $ 9.4 million of cash and restricted cash acquired, and $ 0.3 million and $ 10.3 million representing the fair value of replacement equity and liability awards, respectively, attributable to pre-acquisition service. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The cash consideration included (i) cash held back in an escrow fund for a partial security for post-closing true-up adjustments and (ii) cash held back in an escrow fund for a partial security for post-closing indemnification claims. Amounts are reflected within restricted cash and are expected to be released prior to the one-year anniversary of the closing date and in fiscal year 2028, respectively. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to developed technology of $ 13.2 million with a useful life of 72 months, net tangible liabilities of $ 0.7 million, and goodwill of $ 210.2 million, which was allocated to the Company’s 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 Pangea, planned growth in new markets, and synergies expected to be achieved from the integration of Pangea. Goodwill is not deductible for income tax purposes. Per the terms of the merger agreement with Pangea, certain unvested stock options held by Pangea employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Pangea stock held by Pangea employees were exchanged for the right to receive shares of the Company’s common stock, subject to service-based vesting conditions. Further, the Company granted RSUs and PSUs under the 2019 Plan to certain continuing employees. The awards that are subject to continued service are recognized ratably as stock-based compensation cost over the requisite service period. The awards that are subject to both continued service and specified performance targets are recognized over the requisite service period when it is probable that the performance condition will be satisfied. Acquisition costs incurred during the nine months ended October 31, 2025 were $ 2.8 million. The results of operations for the acquisition have been included in the Company’s condensed consolidated financial statements from the date of acquisition. The acquisition of Pangea did not have a material impact on the Company’s condensed consolidated financial statements, and therefore historical and pro forma disclosures have not been presented. Onum Technology Inc. On September 12, 2025, the Company acquired 100 % of the equity interest of Onum Technology Inc. (“Onum”), a leader in real-time telemetry pipeline management. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $ 251.8 million in cash, net of $ 15.2 million of cash and restricted cash acquired, and $ 2.0 million representing the fair value of replacement equity awards attributable to pre-acquisition service. 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 indemnification claims. Escrow amounts are reflected within restricted cash and are expected to be released in fiscal year 2028. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to identifiable intangible assets, which include developed technology and customer relationships of $ 21.4 million, net tangible assets acquired of $ 0.4 million, and goodwill of $ 232.0 million, which was allocated to the Company’s 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. In addition, the fair value of customer relationships was estimated using the with-and-without method. The goodwill was primarily attributable to the assembled workforce of Onum, planned growth in new markets, and synergies expected to be achieved from the integration of Onum. Goodwill is not deductible for income tax purposes. Per the terms of the merger agreement with Onum, certain unvested stock options held by Onum employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Onum stock held by Onum employees were exchanged for shares or the right to receive shares of the Company’s common stock, subject to service-based vesting conditions. Further, the Company granted RSUs and PSUs under the 2019 Plan to certain continuing employees. The awards that are subject to continued service are recognized ratably as stock-based compensation cost over the requisite service 29 Table of Contents period. The awards that are subject to both continued service and specified performance targets are recognized over the requisite service period when it is probable that the performance condition will be satisfied. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (dollars in thousands): Fair Value Useful Life (in months) Developed technology $ 20,600 84 Customer relationships 800 24 Total intangible assets acquired $ 21,400 Acquisition costs incurred during the nine months ended October 31, 2025 were $ 3.9 million. The results of operations for the acquisition have been included in the Company’s condensed consolidated financial statements from the date of acquisition. The acquisition of Onum did not have a material impact on the Company’s condensed consolidated financial statements, and therefore historical and pro forma disclosures have not been presented. Adaptive Shield On November 20, 2024, the Company acquired 100 % of the equity interest of A.S. Adaptive Shield Ltd. (“Adaptive Shield”), a SaaS-based cybersecurity company that offers customers comprehensive SaaS security posture management solutions. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $ 213.7 million in cash, net of $ 13.7 million of cash acquired, and $ 0.7 million representing the fair value of replacement equity awards attributable to pre-acquisition service. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to identifiable intangible assets, which include developed technology and customer relationships of $ 31.1 million, net tangible liabilities acquired of $ 7.7 million, and goodwill of $ 191.0 million, which was allocated to the Company’s one reporting unit and represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired. The goodwill was primarily attributable to the assembled workforce of Adaptive Shield, planned growth in new markets, and synergies expected to be achieved from the integration of Adaptive Shield. Goodwill is not deductible for income tax purposes. Per the terms of the share purchase agreement with Adaptive Shield, certain unvested stock options held by Adaptive Shield employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Adaptive Shield stock held by Adaptive Shield employees were exchanged for the right to receive shares of the Company’s common stock, subject to service-based vesting and other conditions. Further, the Company granted RSUs and PSUs under the 2019 Plan to certain continuing employees. The awards that are subject to continued service are recognized ratably as stock-based compensation cost over the requisite service period. The awards that are subject to both continued service and specified performance targets are recognized over the requisite service period when it is probable that the performance condition will be satisfied. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (dollars in thousands): Fair Value Useful Life (in months) Developed technology $ 23,600 72 Customer relationships 7,500 72 Total intangible assets acquired $ 31,100 Acquisition costs incurred during the nine months ended October 31, 2025 were immaterial . 30 Table of Contents The results of operations for the acquisition have been included in the Company’s condensed consolidated financial statements from the date of acquisition. The acquisition of Adaptive Shield did not have a material impact on the Company’s condensed consolidated financial statements, and therefore historical and pro forma disclosures have not been presented. Flow Security On March 26, 2024, the Company acquired 100 % of the equity interest of Flow Security Ltd. (“Flow Security”), a leading provider of data security solutions. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $ 96.4 million in cash, net of $ 0.8 million of cash acquired, and $ 0.5 million representing the fair value of replacement equity awards attributable to pre-acquisition service. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The purchase price was allocated to developed technology of $ 13.5 million with a useful life of 72 months, net tangible liabilities acquired of $ 0.6 million, and goodwill of $ 84.0 million, which was allocated to the Company’s one reporting unit and represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired. The goodwill was primarily attributable to the assembled workforce of Flow Security, planned growth in new markets, and synergies expected to be achieved from the integration of Flow Security. Goodwill is not deductible for income tax purposes. Per the terms of the share purchase agreement with Flow Security, certain unvested stock options held by Flow Security employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Flow Security stock held by Flow Security employees were exchanged for the right to receive shares of the Company’s common stock, subject to service-based vesting and other conditions. Further, the Company granted RSUs and PSUs under the 2019 Plan to certain continuing employees. The awards that are subject to continued service are recognized ratably as stock-based compensation cost over the requisite service period. The awards that are subject to both continued service and specified performance targets are recognized over the requisite service period when it is probable that the performance condition will be satisfied. The results of operations for the acquisition have been included in the Company’s condensed consolidated financial statements from the date of acquisition. The acquisition of Flow Security did not have a material impact on the Company’s condensed consolidated financial statements, and therefore historical and pro forma disclosures have not been presented. 12. Net Income (Loss) Per Share Attributable to Common Stockholders Basic and diluted net income (loss) per share attributable to CrowdStrike’s common stockholders is computed in conformity with the two-class method required for participating securities. Basic net income (loss) per share attributable to CrowdStrike common stockholders is computed by dividing the net income (loss) attributable to CrowdStrike by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share attributable to CrowdStrike common stockholders is calculated by dividing net income by the combination of the weighted-average number of common shares outstanding and the effect of the weighted-average number of dilutive common share equivalents during the period. The dilutive potential shares of common stock are comprised of outstanding stock options, RSUs, PSUs, Special PSUs, ESPP obligations, and founder holdbacks, and are computed using the treasury stock method. The effects of the outstanding stock options, RSUs, PSUs, Special PSUs, ESPP obligations, and founder holdbacks are excluded from the computation of the diluted net income per share in periods in which the effect would be anti-dilutive. Diluted net loss per share is the same as basic net loss per share for the three and nine months ended October 31, 2025 and three months ended October 31, 2024 because the effects of potentially dilutive items were antidilutive given the Company’s net loss position during those periods. The rights of the holders of Class A and Class B common stock are identical, except with the respect to voting and conversion rights. As such, the undistributed earnings are allocated equally to each share of common stock without class distinction and the resulting basic and diluted net income (loss) per share attributable to CrowdStrike common stockholders are the same for shares of Class A and Class B common stock. On December 11, 2024, all of the Company’s outstanding shares of Class B common stock were automatically converted into an equal number of shares of Class A common stock pursuant to the provisions of the Amended and Restated Certificate of Incorporation. 31 Table of Contents The following table sets forth the computation of basic and diluted net income (loss) per share attributable to CrowdStrike common stockholders (in thousands, except per share data): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Numerator: Net income (loss) attributable to CrowdStrike $ ( 33,997 ) $ ( 16,822 ) $ ( 221,879 ) $ 73,011 Denominator: Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, basic 251,326 245,536 249,905 244,017 Dilutive effect of common stock equivalents — — — 6,730 Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, dilutive 251,326 245,536 249,905 250,747 Net income (loss) per share attributable to CrowdStrike common stockholders, basic $ ( 0.14 ) $ ( 0.07 ) $ ( 0.89 ) $ 0.30 Net income (loss) per share attributable to CrowdStrike common stockholders, diluted $ ( 0.14 ) $ ( 0.07 ) $ ( 0.89 ) $ 0.29 The potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 RSUs and PSUs subject to future vesting 8,011 11,057 8,011 773 Shares of common stock issuable from stock options 931 1,309 931 — Share purchase rights under the Employee Stock Purchase Plan 541 350 541 80 Potential common shares excluded from diluted net income (loss) per share 9,483 12,716 9,483 853 The above table excludes founder holdbacks related to business combinations where a variable number of shares will be issued upon vesting to settle a fixed monetary amount of $ 46.9 million, contingent upon continued employment with the Company. The share price will be determined based on the Company’s average stock price or the volume weighted average stock price five days prior to each vesting date. During the three and nine months ended October 31, 2025, 3,546 shares and 16,550 shares, respectively, were issued to settle founder holdbacks at a weighted average price of $ 432.61 per share and $ 463.46 per share, respectively. The above table also excludes 499,608 and 790,544 shares of in progress PSUs and Special PSUs where pre-defined targets have not yet been achieved as of October 31, 2025 and October 31, 2024, respectively. 13. Segment Information CrowdStrike’s Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, manages the Company’s 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 Company’s 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. 32 Table of Contents The Company’s property and equipment, net and operating lease right-of-use assets are summarized by geographic area as follows (in thousands): October 31, 2025 January 31, 2025 United States $ 808,537 $ 688,766 Germany 109,095 88,443 Other countries 76,690 54,194 Total property and equipment, net and operating lease right-of-use assets $ 994,322 $ 831,403 See Note 9 for additional information about the Company’s revenue by geographic region. 14. Strategic Plan On May 6, 2025, the Company announced a strategic plan (the “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 Plan resulted in a reduction of roles representing approximately 500 positions, or 5 %, of the Company’s global workforce. The actions associated with the Plan were substantially completed as of October 31, 2025. For the three months ended October 31, 2025, the Company recorded immaterial charges related to the Plan. For the nine months ended October 31, 2025, the Company recorded charges related to the Plan of $ 45.5 million, which consisted of $ 20.6 million related to severance payments and employee benefits, $ 17.8 million related to stock-based compensation expense, and $ 7.0 million for non-employee costs. Charges (benefits) related to the Plan included in the condensed consolidated statement of operations are as follows (in thousands): Three Months Ended October 31, 2025 Nine Months Ended October 31, 2025 Subscription cost of revenue $ ( 6 ) $ 3,557 Professional services cost of revenue 26 3,371 Sales and marketing 417 9,140 Research and development 91 16,787 General and administrative ( 62 ) 12,616 Total $ 466 $ 45,471 The following table summarizes the activities related to the Plan for the three and nine months ended October 31, 2025 (in thousands): Three Months Ended October 31, 2025 Nine Months Ended October 31, 2025 Severance and Related Costs Non-Employee Costs Total Severance and Related Costs Non-Employee Costs Total Liability, beginning of the period $ 2,093 $ 46 $ 2,139 $ — $ — $ — Charges (benefits) 486 ( 20 ) 466 38,469 7,002 45,471 Payments ( 1,437 ) ( 10 ) ( 1,447 ) ( 19,426 ) ( 6,986 ) ( 26,412 ) Non-cash items 74 — 74 ( 17,827 ) — ( 17,827 ) Liability, end of the period $ 1,216 $ 16 $ 1,232 $ 1,216 $ 16 $ 1,232 As of October 31, 2025, the liability associated with the Plan is included in accrued payroll and benefits and accounts payable on the condensed consolidated balance sheet. 33 Table of Contents ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended January 31, 2025, filed with the SEC. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties as described under the heading Special Note Regarding Forward-Looking Statements following the Table of Contents of this Quarterly Report on Form 10-Q. You should review the disclosure under Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Founded in 2011, we reinvented cybersecurity for the cloud era and transformed the way cybersecurity is delivered and experienced by customers. When we started CrowdStrike, cyberattackers had an asymmetric advantage over legacy cybersecurity products that could not keep pace with the rapid changes in adversary tactics. We took a fundamentally different approach to solve this problem with the AI-native CrowdStrike Falcon platform – the first, true cloud-native unified platform built with artificial intelligence (“AI”) at the core, capable of harnessing vast amounts of security and enterprise data to deliver highly modular solutions through a single lightweight agent. We believe our approach has defined a new category called the Security Cloud, which has transformed the cybersecurity industry the same way the cloud has transformed the customer relationship management, human resources, and service management industries. Using cloud-scale AI, our Security Cloud enriches and correlates trillions of cybersecurity events per week with indicators of attack, threat intelligence, and enterprise data (including data from across endpoints, workloads, identities, DevOps, IT assets, and configurations) to create actionable data, identify shifts in adversary tactics, and automatically prevent threats in real-time across our customer base. The more data that is fed into our Falcon platform, the more intelligent our Security Cloud becomes, and the more our customers benefit, creating a powerful network effect that increases the overall value we provide. Our Go-To-Market Strategy We sell subscriptions to our Falcon platform and cloud modules to organizations across multiple industries. We primarily sell subscriptions to our Falcon platform and cloud modules through our direct sales team that leverages our network of channel partners. Our direct sales team is comprised of field sales and inside sales professionals who are segmented by a customer’s number of endpoints. We have a low friction land-and-expand sales strategy. When customers deploy our Falcon platform, they can start with any number of cloud modules and easily add additional cloud modules. Once customers experience the benefits of our Falcon platform, they often expand their adoption over time by adding more endpoints or purchasing additional modules. We also use our sales team to identify current customers who may be interested in free trials of additional cloud modules, which serves as a powerful driver of our land-and-expand model. By segmenting our sales teams, we can deploy a low-touch sales model that efficiently identifies prospective customers. We began as a solution for large enterprises, but the flexibility and scalability of our Falcon platform has enabled us to seamlessly offer our solution to customers of any size. We have expanded our sales focus to include any sized organization without the need to modify our Falcon platform for small and medium sized businesses. A substantial majority of our customers purchase subscriptions with a term over one year. Our subscriptions are generally priced on a per-endpoint and per-module basis. We recognize revenue from our subscriptions ratably over the term of the subscription. We also generate revenue from our incident response and proactive professional services, which are generally priced on a time and materials basis. We view our professional services business primarily as an opportunity to cross-sell subscriptions to our Falcon platform and cloud modules. 34 Table of Contents Certain Factors Affecting Our Performance Adoption of Our Solutions. We believe our future success depends in large part on the growth in the market for cloud-based SaaS-delivered endpoint security solutions. Many organizations have not yet abandoned the on-premise legacy products in which they have invested substantial personnel and financial resources to design and maintain. As a result, it is difficult to predict customer adoption rates and demand for our cloud-based solutions. New Customer Acquisition. Our future growth depends in large part on our ability to acquire new customers. If our efforts to attract new customers are not successful, our revenue and rate of revenue growth may decline. We believe that our go-to-market strategy and the flexibility and scalability of our Falcon platform allow us to rapidly expand our customer base. Our incident response and proactive services also help drive new customer acquisitions, as many of these professional services customers subsequently purchase subscriptions to our Falcon platform. Many organizations have not yet adopted cloud-based security solutions, and since our Falcon platform has offerings for organizations of all sizes, worldwide, and across industries, we believe this presents a significant opportunity for growth. Maintain Customer Retention and Increase Sales. Our ability to increase revenue depends in large part on our ability to retain our existing customers and increase the size of their subscriptions. We focus on increasing sales to our existing customers by expanding their deployments to more endpoints and selling additional cloud modules for increased functionality. Over time we have transitioned our platform from a single offering into highly-integrated offerings of multiple cloud modules. Invest in Growth. We believe that our market opportunity is large and requires us to continue to invest significantly in sales and marketing efforts to further grow our customer base, both domestically and internationally. Our open cloud architecture and single data model have allowed us to rapidly build and deploy new cloud modules, and we expect to continue investing in those efforts to further enhance our technology platform and product functionality. In addition to our ongoing investment in research and development, we may also pursue acquisitions of businesses, technologies, and assets that complement and expand the functionality of our Falcon platform, add to our technology or security expertise, or bolster our leadership position by gaining access to new customers or markets. Furthermore, we expect our general and administrative expenses to increase in dollar amount for the foreseeable future given the additional expenses for accounting, compliance, and investor relations as we grow. July 19 Incident . On July 19, 2024, we released a content configuration update for our Falcon sensor that resulted in system crashes for certain Windows systems (the “July 19 Incident”). As a result of the July 19 Incident, we are subject to lawsuits, claims and inquiries as described in Note 10, “Commitments and Contingencies,” to our condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. We have incurred, and expect to continue to incur, significant legal and professional services and other general and administrative expenses associated with the July 19 Incident in future periods. It is not reasonably possible to quantify the precise impact of the July 19 Incident, but the incident has adversely affected our results of operations, and we currently expect a number of factors relating to the incident to adversely affect our key metrics and results of operations in future periods. While we have maintained high dollar-based gross retention rates following the incident, we have experienced delays in creating sales opportunities and longer sales cycles, including delays in customer purchasing decisions. Sales cycles may be elongated in future periods. In addition, because our customers typically sign contracts with terms of twelve months or longer, customer churn and any corresponding impact to our key metrics and revenue may occur in future periods. Customer commitment packages introduced following the July 19 Incident have included discounting, additional modules, professional services, flexible payment terms or subscription period extensions. Our customer commitment packages have resulted, and are expected to continue to result, in increased contraction, due to elongated subscription terms, and decreased upsell dollar values. 35 Table of Contents Key Metrics We monitor the following key metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Annual Recurring Revenue (“ARR”) ARR is calculated as the annualized value of our customer subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms. To the extent that we are negotiating a renewal with a customer after the expiration of the subscription, we continue to include that revenue in ARR if we are actively in discussion with such organization for a new subscription or renewal, or until such organization notifies us that it is not renewing its subscription. The following table sets forth our ARR as of the dates presented (dollars in thousands): As of October 31, 2025 2024 Annual recurring revenue $ 4,922,006 $ 4,017,540 Year-over-year growth 23 % 27 % ARR grew to $4.9 billion as of October 31, 2025, of which $265.3 million and $680.2 million was net new ARR added for the three and nine months ended October 31, 2025, respectively. ARR grew to $4.0 billion as of October 31, 2024, of which $153.0 million and $582.3 million was net new ARR added for the three and nine months ended October 31, 2024, respectively. Dollar-Based Net Retention Rate Our dollar-based net retention rate compares our ARR from a set of subscription customers against the same metric for those subscription customers from the prior year. Our dollar-based net retention rate reflects customer renewals, expansion, contraction, and churn, and excludes revenue from our incident response and proactive services. We calculate our dollar-based net retention rate as of period end by starting with the ARR from all subscription customers as of 12 months prior to such period end, or Prior Period ARR. We then calculate the ARR from these same subscription customers as of the current period end, or Current Period ARR. Current Period ARR includes any expansion and is net of contraction or churn over the trailing 12 months but excludes revenue from new subscription customers in the current period. We then divide the Current Period ARR by the Prior Period ARR to arrive at our dollar-based net retention rate. For the purposes of calculating our dollar-based net retention rate, we define a subscription customer as a separate legal entity that has entered into a distinct subscription agreement for access to our Falcon platform for which the term has not ended or with which we are negotiating a renewal contract. We do not consider our channel partners as customers, and we treat managed service security providers, who may purchase our products on behalf of multiple companies, as a single customer. Our dollar-based net retention rate increased in the quarter ended October 31, 2025 over the prior quarter. Our dollar-based net retention rate can fluctuate from period to period due to large customer contracts in a given period and incentives provided, which may reduce our dollar-based net retention rate in subsequent periods. In addition, if our customers are not able to fully utilize their product subscriptions (including in connection with our flexible subscription offering), we may experience increased contraction as such customers may elect to renew with shorter subscription periods, fewer cloud modules, fewer endpoints or smaller contract values, which may reduce our dollar-based net retention rate. 36 Table of Contents Components of Our Results of Operations Revenue Subscription Revenue. Subscription revenue primarily consists of subscription fees for our Falcon platform and additional cloud modules that are supported by our cloud-based platform. Subscription revenue is driven primarily by the number of subscription customers, the number of endpoints per customer, and the number of cloud modules included in the subscription. We recognize subscription revenue ratably over the term of the agreement, which is generally one to three years. We generally invoice our subscription customers at the beginning of the subscription term, or in some instances, such as in multi-year arrangements, in installments. Consequently, a substantial portion of the revenue that we report in each period is attributable to the recognition of deferred revenue relating to subscriptions that we entered into during previous periods. Professional Services Revenue. Professional services revenue includes incident response and proactive services, forensic and malware analysis, attribution analysis, operationalizing the Falcon Platform, residency program, and active defense services. Professional services are generally sold separately from subscriptions to our Falcon platform, although customers frequently enter into a separate arrangement to purchase subscriptions to our Falcon platform at the conclusion of a professional services arrangement. Professional services are available through hourly rate and fixed fee contracts, one-time and ongoing engagements, and retainer-based agreements. For time and materials and retainer-based arrangements, revenue is recognized as services are performed. Fixed fee contracts account for an immaterial portion of our revenue. Cost of Revenue Subscription Cost of Revenue. Subscription cost of revenue consists primarily of costs related to hosting our cloud-based Falcon platform in data centers, amortization of our capitalized internal-use software, employee-related costs such as salaries and bonuses, stock-based compensation expense, benefits costs associated with our operations and support personnel, software license fees, property and equipment depreciation, amortization of acquired intangibles, and an allocated portion of facilities and administrative costs. As new customers subscribe to our platform and existing subscription customers increase the number of endpoints on our Falcon platform, our cost of revenue will increase due to greater cloud hosting costs related to powering new cloud modules and the incremental costs for storing additional data collected for such cloud modules and employee-related costs. We intend to continue to invest additional resources in our cloud platform and our customer support organizations as we grow our business. The level and timing of investment in these areas could affect our cost of revenue in the future. Professional Services Cost of Revenue. Professional services cost of revenue consists primarily of employee-related costs, such as salaries and bonuses, stock-based compensation expense, consulting expense, and an allocated portion of facilities and administrative costs. Gross Profit and Gross Margin Gross profit and gross margin have been and will continue to be affected by various factors, including the timing of our acquisition of new subscription customers, renewals from existing subscription customers, sales of additional modules to existing subscription customers, the data center and bandwidth costs associated with operating our cloud platform, the extent to which we expand our customer support and cloud operations organizations, and the extent to which we can increase the efficiency of our technology, infrastructure, and data centers through technological improvements. We expect our gross profit to increase in dollar amount and our gross margin to increase modestly over the long term as we grow our business, although our gross margin could fluctuate from period to period depending on the interplay of these factors. Demand for our incident response services is driven by the number of breaches experienced by non-customers. Also, we view our professional services solutions in the context of our larger business and as a significant lead generator for new subscriptions. Because of these factors, our services revenue and gross margin may fluctuate over time. Operating Expenses Our operating expenses consist of sales and marketing, research and development, and general administrative expenses. For each of these categories of expense, employee-related expenses are the most significant component, which include salaries, employee bonuses, sales commissions, and employer payroll tax. Operating expenses also include an allocated portion of overhead costs for facilities and other administrative functions. 37 Table of Contents Sales and Marketing. Sales and marketing expenses primarily consist of employee-related expenses such as salaries, commissions, and bonuses. Sales and marketing expenses also include stock-based compensation; expenses related to our marketing programs; and an allocated portion of facilities and administrative expenses. Sales and marketing expenses also include the amortization of deferred contract acquisition costs, which includes commissions and any other incremental payments made upon the initial acquisition of a subscription or upsells to existing customers, which are capitalized and amortized over the estimated customer life. We also capitalize and amortize any such expenses paid for the renewal of a subscription over the term of the renewal. We expect sales and marketing expenses to increase in dollar amount as we continue to make significant investments in our sales and marketing organization to drive additional revenue, further penetrate the market, and expand our global customer base. However, we anticipate sales and marketing expenses to decrease as a percentage of our total revenue over time as we grow our business, although our sales and marketing expenses may fluctuate as a percentage of our total revenue from period to period depending on the timing of these expenses. Research and Development. Research and development expenses primarily consist of employee-related expenses such as salaries and bonuses; stock-based compensation; cloud hosting and related costs; and an allocated portion of facilities and administrative expenses. Our cloud platform is software-driven, and our research and development teams employ software engineers in the design, and the related development, testing, certification, and support of these solutions. We expect research and development expenses to increase in dollar amount as we continue to increase investments in our technology architecture and software platform. However, we anticipate research and development expenses to decrease as a percentage of our total revenue over time as we grow our business, although our research and development expenses may fluctuate as a percentage of our total revenue from period to period depending on the timing of these expenses. General and Administrative. General and administrative expenses consist of employee-related expenses such as salaries and bonuses; stock-based compensation; and related expenses for our executive, finance, human resources, and legal organizations. In addition, general and administrative expenses include outside legal, accounting, and other professional fees; and an allocated portion of facilities and administrative expenses. We expect general and administrative expenses to increase in dollar amount over time. We expect to incur significant legal and professional services and other expenses associated with the July 19 Incident and related matters in future periods. General and administrative expenses may fluctuate as a percentage of our total revenue from period to period depending on the timing of these expenses. Interest Expense. Interest expense consists primarily of amortization of debt issuance costs, contractual interest expense for our Senior Notes issued in January 2021, and amortization of debt issuance costs on our secured Revolving Facility. Interest Income. Interest income consists primarily of income earned on our cash and cash equivalents. Other Income (Expense), Net. Other income (expense), net consists primarily of gains and losses on strategic investments and foreign currency transaction gains and losses. Provision for Income Taxes. Provision for income taxes consists of state income taxes in the United States, foreign income taxes, and withholding taxes related to customer payments in certain foreign jurisdictions in which we conduct business. We maintain a full valuation allowance on our U.S. federal and state and certain foreign deferred tax assets, including net operating loss carryforwards and tax credits, which we have determined are not realizable on a more-likely-than-not basis. We regularly evaluate the need for a valuation allowance. Net Income (Loss) Attributable to Non-controlling Interest . Net income (loss) attributable to non-controlling interest consists of the Falcon Funds’ non-controlling interest share of gains and losses and interest income from our strategic investments. 38 Table of Contents Results of Operations The following tables set forth our condensed consolidated statements of operations for each period presented (in thousands, except percentages): Three Months Ended October 31, Change $ Change % Nine Months Ended October 31, Change $ Change % 2025 2024 2025 2024 Revenue Subscription $ 1,168,705 $ 962,735 $ 205,970 21 % $ 3,322,418 $ 2,753,164 $ 569,254 21 % Professional services 65,539 47,443 18,096 38 % 184,212 141,922 42,290 30 % Total revenue 1,234,244 1,010,178 224,066 22 % 3,506,630 2,895,086 611,544 21 % Cost of revenue Subscription 257,915 216,301 41,614 19 % 753,929 605,868 148,061 24 % Professional services 49,890 38,786 11,104 29 % 153,302 111,623 41,679 37 % Total cost of revenue 307,805 255,087 52,718 21 % 907,231 717,491 189,740 26 % Gross profit 926,439 755,091 171,348 23 % 2,599,399 2,177,595 421,804 19 % Operating expenses Sales and marketing 481,032 408,267 72,765 18 % 1,367,673 1,113,852 253,821 23 % Research and development 347,564 275,602 71,962 26 % 1,028,361 761,759 266,602 35 % General and administrative 167,286 126,945 40,341 32 % 510,443 337,113 173,330 51 % Total operating expenses 995,882 810,814 185,068 23 % 2,906,477 2,212,724 693,753 31 % Loss from operations (69,443) (55,723) (13,720) 25 % (307,078) (35,129) (271,949) 774 % Interest expense (6,931) (6,587) (344) 5 % (20,469) (19,647) (822) 4 % Interest income 50,883 52,201 (1,318) (3) % 147,113 149,577 (2,464) (2) % Other income (expense), net 2,223 (429) 2,652 (618) % (4,395) 6,196 (10,591) (171) % Income (loss) before provision for income taxes (23,268) (10,538) (12,730) 121 % (184,829) 100,997 (285,826) (283) % Provision for income taxes 10,720 6,281 4,439 71 % 37,797 24,862 12,935 52 % Net income (loss) (33,988) (16,819) (17,169) 102 % (222,626) 76,135 (298,761) (392) % Net income (loss) attributable to non-controlling interest 9 3 6 200 % (747) 3,124 (3,871) (124) % Net income (loss) attributable to CrowdStrike $ (33,997) $ (16,822) $ (17,175) 102 % $ (221,879) $ 73,011 $ (294,890) (404) % 39 Table of Contents The following table presents the components of our condensed consolidated statements of operations as a percentage of total revenue for the periods presented: Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 % % Revenue Subscription 95 % 95 % 95 % 95 % Professional services 5 % 5 % 5 % 5 % Total revenue 100 % 100 % 100 % 100 % Cost of revenue Subscription 21 % 21 % 22 % 21 % Professional services 4 % 4 % 4 % 4 % Total cost of revenue 25 % 25 % 26 % 25 % Gross profit 75 % 75 % 74 % 75 % Operating expenses Sales and marketing 39 % 40 % 39 % 38 % Research and development 28 % 27 % 29 % 26 % General and administrative 14 % 13 % 15 % 12 % Total operating expenses 81 % 80 % 83 % 76 % Loss from operations (6) % (6) % (9) % (1) % Interest expense (1) % (1) % (1) % (1) % Interest income 4 % 5 % 4 % 5 % Other income (expense), net — % — % — % — % Income (loss) before provision for income taxes (2) % (1) % (5) % 3 % Provision for income taxes 1 % 1 % 1 % 1 % Net income (loss) (3) % (2) % (6) % 3 % Net income (loss) attributable to non-controlling interest — % — % — % — % Net income (loss) attributable to CrowdStrike (3) % (2) % (6) % 3 % Comparison of the Three Months Ended October 31, 2025 and 2024 Revenue The following shows total revenue from subscriptions and professional services for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 Subscription $ 1,168,705 $ 962,735 $ 205,970 21 % Professional services 65,539 47,443 18,096 38 % Total revenue $ 1,234,244 $ 1,010,178 $ 224,066 22 % Total revenue increased by $224.1 million, or 22%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024. Subscription revenue accounted for 95% of total revenue for each of the three months ended October 31, 2025 and October 31, 2024. Professional services revenue accounted for 5% of our total revenue for each of the three months ended October 31, 2025 and October 31, 2024. Subscription revenue increased by $206.0 million, or 21%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024, which was primarily driven by a combination of the addition of new customers and the sale of additional sensors and modules to existing customers. 40 Table of Contents Professional services revenue increased by $18.1 million, or 38%, for the three months ended October 31, 2025, compared to the three months ended October 31, 2024, which was primarily attributable to an increase in the number of professional service hours. Cost of Revenue, Gross Profit, and Gross Margin The following shows cost of revenue related to subscriptions and professional services for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 Subscription $ 257,915 $ 216,301 $ 41,614 19 % Professional services 49,890 38,786 11,104 29 % Total cost of revenue $ 307,805 $ 255,087 $ 52,718 21 % Total cost of revenue increased by $52.7 million, or 21%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024. Subscription cost of revenue increased by $41.6 million, or 19%, for the three months ended October 31, 2025, compared to the three months ended October 31, 2024. The increase in subscription cost of revenue was primarily due to an increase in cloud hosting and related services costs of $11.3 million, an increase in employee-related expenses of $8.6 million driven by a 17% increase in average headcount, an increase in depreciation of data center equipment of $8.3 million, an increase in amortization of internal-use software of $5.8 million, an increase in allocated overhead costs of $5.0 million, and an increase in stock-based compensation expense of $5.0 million. Professional services cost of revenue increased by $11.1 million, or 29%, for the three months ended October 31, 2025, compared to the three months ended October 31, 2024. The increase in professional services cost of revenue was primarily due to an increase in consulting expenses of $6.1 million, an increase in employee-related expenses of $2.1 million driven by a 11% increase in average headcount, and an increase in stock-based compensation expense of $1.9 million. The following shows gross profit and gross margin for subscriptions and professional services for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 Subscription gross profit $ 910,790 $ 746,434 $ 164,356 22 % Professional services gross profit 15,649 8,657 6,992 81 % Total gross profit $ 926,439 $ 755,091 $ 171,348 23 % Three Months Ended October 31, Change % 2025 2024 Subscription gross margin 78 % 78 % — % Professional services gross margin 24 % 18 % 6 % Total gross margin 75 % 75 % — % Subscription gross margin was flat for the three months ended October 31, 2025, compared to the three months ended October 31, 2024. Professional services gross margin increased by six percentage points for the three months ended October 31, 2025, compared to the three months ended October 31, 2024. The increase in professional services gross margin was primarily due to an increase in the number of professional service hours, partially offset by an increase in consulting expense during the three months ended October 31, 2025. 41 Table of Contents Operating Expenses Sales and Marketing The following shows sales and marketing expenses for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 Sales and marketing expenses $ 481,032 $ 408,267 $ 72,765 18 % Sales and marketing expenses increased by $72.8 million, or 18%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024. The increase in sales and marketing expenses was primarily due to an increase in employee-related expenses of $36.6 million driven by a 10% increase in average headcount, an increase in stock-based compensation expense of $17.5 million, an increase in marketing programs of $9.0 million, an increase in allocated overhead costs of $5.3 million, an increase in employee benefits of $4.5 million, an increase in cloud hosting and related services costs of $4.5 million, and an increase in travel expenses of $2.4 million, partially offset by a decrease in expenses associated with the July 19 Incident and related matters of $14.9 million. Research and Development The following shows research and development expenses for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 Research and development expenses $ 347,564 $ 275,602 $ 71,962 26 % Research and development expenses increased by $72.0 million, or 26%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024. This increase was primarily due to an increase in stock-based compensation expense of $27.2 million, an increase in employee-related expenses of $26.6 million driven by a 17% increase in average headcount, an increase in cloud hosting and related costs of $9.9 million, an increase in allocated overhead costs of $7.7 million, and an increase in employee benefits of $2.4 million, partially offset by an increase in software capitalization of $0.5 million, and a decrease in other labor expense of $2.5 million. General and Administrative The following shows general and administrative expenses for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 General and administrative expenses $ 167,286 $ 126,945 $ 40,341 32 % General and administrative expenses increased by $40.3 million, or 32%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024. The increase in general and administrative expenses was primarily due to an increase in stock-based compensation expense of $22.4 million, an increase in expenses associated with the July 19 Incident and related matters of $9.1 million, an increase in consulting expense of $3.2 million, an increase in employee-related expenses of $2.3 million driven by a 18% increase in average headcount, and an increase in allocated overhead costs of $1.2 million. 42 Table of Contents Interest Expense, Interest Income, and Other Income (Expense), Net The following shows interest expense, interest income, and other income (expense), net for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 (in thousands, except percentages): Three Months Ended October 31, Change $ Change % 2025 2024 Interest expense $ (6,931) $ (6,587) $ (344) 5 % Interest income $ 50,883 $ 52,201 $ (1,318) (3) % Other income (expense), net $ 2,223 $ (429) $ 2,652 (618) %