FULLTEXT DEL 1 AV 3
10-Q – 2026-06-04 – crwd-20260430.htm
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___________________________________________________________________________________________________ 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 May 28, 2026, the number of shares of the registrant’s common stock outstanding was 254,564,820 . 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 April 30, 2026 and January 31, 2026 6 Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2026 and April 30, 2025 7 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended April 30, 2026 and April 30, 2025 8 Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended April 30, 2026 and April 30, 2025 9 Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2026 and April 30, 2025 10 Notes to Unaudited Condensed Consolidated Financial Statements 11 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3. Quantitative and Qualitative Disclosures about Market Risk 48 Item 4. Controls and Procedures 48 PART II. OTHER INFORMATION Item 1. Legal Proceedings 49 Item 1A. Risk Factors 49 Item 2. Unregistered Shares of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 83 Item 4. Mine Safety Disclosures 83 Item 5. Other Information 83 Item 6. Exhibits 83 Signatures 85 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 and cash flow from operations 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 impacts of the Strategic 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 the first quarter of fiscal 2027 and 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) April 30, January 31, 2026 2026 Assets Current assets: Cash and cash equivalents $ 4,552,801 $ 5,230,125 Accounts receivable, net of allowance for credit losses of $ 3.1 million and $ 3.0 million as of April 30, 2026 and January 31, 2026, respectively 933,887 1,361,844 Deferred contract acquisition costs, current 353,869 447,455 Prepaid expenses and other current assets 461,063 379,695 Total current assets 6,301,620 7,419,119 Strategic investments 66,263 76,832 Property and equipment, net 1,066,204 976,331 Operating lease right-of-use assets 70,093 69,860 Deferred contract acquisition costs, noncurrent 743,200 655,658 Goodwill 2,267,493 1,363,294 Intangible assets, net 285,739 136,702 Other long-term assets 469,488 388,888 Total assets $ 11,270,100 $ 11,086,684 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 54,221 $ 105,319 Accrued expenses 196,216 181,089 Accrued payroll and benefits 372,055 389,690 Operating lease liabilities, current 19,894 18,232 Deferred revenue 3,370,233 3,421,051 Other current liabilities 103,243 68,811 Total current liabilities 4,115,862 4,184,192 Long-term debt 745,843 745,471 Deferred revenue, noncurrent 1,351,960 1,332,387 Operating lease liabilities, noncurrent 55,606 56,374 Other liabilities, noncurrent 325,497 295,655 Total liabilities 6,594,768 6,614,079 Commitments and contingencies (Note 10) Stockholders’ Equity Preferred stock, $ 0.0005 par value; 100,000 shares authorized as of April 30, 2026 and January 31, 2026; no shares issued and outstanding as of April 30, 2026 and January 31, 2026. — — Class A common stock, $ 0.0005 par value; 2,000,000 shares authorized as of April 30, 2026 and January 31, 2026; 254,537 shares and 253,363 shares issued and outstanding as of April 30, 2026 and January 31, 2026, respectively; Class B common stock, $ 0.0005 par value; 92,364 shares authorized as of April 30, 2026 and January 31, 2026; no shares issued and outstanding as of April 30, 2026 and January 31, 2026. 127 127 Additional paid-in capital 5,853,369 5,694,549 Accumulated deficit ( 1,255,268 ) ( 1,283,042 ) Accumulated other comprehensive income 35,649 16,756 Total CrowdStrike Holdings, Inc. stockholders’ equity 4,633,877 4,428,390 Non-controlling interest 41,455 44,215 Total stockholders’ equity 4,675,332 4,472,605 Total liabilities and stockholders’ equity $ 11,270,100 $ 11,086,684 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 April 30, 2026 2025 Revenue Subscription $ 1,320,853 $ 1,050,768 Professional services 64,776 52,666 Total revenue 1,385,629 1,103,434 Cost of revenue Subscription 288,463 241,360 Professional services 53,814 46,515 Total cost of revenue 342,277 287,875 Gross profit 1,043,352 815,559 Operating expenses Sales and marketing 488,674 439,211 Research and development 408,326 330,926 General and administrative 176,952 164,135 Total operating expenses 1,073,952 934,272 Loss from operations ( 30,600 ) ( 118,713 ) Interest expense ( 6,116 ) ( 6,715 ) Interest income 40,542 45,380 Other income (expense), net 35,237 ( 3,896 ) Income (loss) before provision for income taxes 39,063 ( 83,944 ) Provision (benefit) for income taxes ( 6,903 ) 21,106 Net income (loss) 45,966 ( 105,050 ) Net income (loss) attributable to non-controlling interest 18,192 ( 786 ) Net income (loss) attributable to CrowdStrike $ 27,774 $ ( 104,264 ) Net income (loss) per share attributable to CrowdStrike common stockholders: Basic $ 0.11 $ ( 0.42 ) Diluted $ 0.11 $ ( 0.42 ) Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders: Basic 253,732 248,432 Diluted 257,881 248,432 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 April 30, 2026 2025 Net income (loss) $ 45,966 $ ( 105,050 ) Other comprehensive income: Foreign currency translation adjustments 18,912 16,194 Unrealized loss on cash equivalents and short-term investments, net of tax ( 19 ) ( 746 ) Other comprehensive income 18,893 15,448 Less: Comprehensive income (loss) attributable to non-controlling interest 18,192 ( 786 ) Total comprehensive income (loss) attributable to CrowdStrike $ 46,667 $ ( 88,816 ) 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 April 30, 2026 and 2025 (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Non-controlling Interest Total Stockholders’ Equity Shares Amount Balances at January 31, 2026 253,363 $ 127 $ 5,694,549 $ ( 1,283,042 ) $ 16,756 $ 44,215 $ 4,472,605 Issuance of common stock upon exercise of options 66 — 683 — — — 683 Issuance of common stock under RSU and PSU release 1,275 1 ( 1 ) — — — — Repurchases of common stock ( 480 ) ( 1 ) ( 175,621 ) — — — ( 175,622 ) Issuance of common stock for restricted stock awards 310 — — — — — — Issuance of common stock for founders holdbacks related to acquisitions 3 — 1,534 — — — 1,534 Issuance of common stock for payment of board of director fees — — 103 — — — 103 Stock-based compensation expense, net of founder revest — — 293,231 — — — 293,231 Capitalized stock-based compensation — — 15,942 — — — 15,942 Fair value of replacement equity awards attributable to pre-acquisition service — — 22,949 — — — 22,949 Net income — — — 27,774 — 18,192 45,966 Non-controlling interest — — — — — ( 20,952 ) ( 20,952 ) Other comprehensive income — — — — 18,893 — 18,893 Balances at April 30, 2026 254,537 $ 127 $ 5,853,369 $ ( 1,255,268 ) $ 35,649 $ 41,455 $ 4,675,332 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 $ 4,409,503 $ ( 1,120,540 ) $ ( 9,593 ) $ 39,423 $ 3,318,917 Issuance of common stock upon exercise of options 74 — 634 — — — 634 Issuance of common stock under RSU and PSU release 1,128 1 ( 1 ) — — — — Issuance of common stock for payment of board of director fees — — 88 — — — 88 Stock-based compensation expense, net of founder revest — — 246,186 — — — 246,186 Capitalized stock-based compensation — — 13,291 — — — 13,291 Net loss — — — ( 104,264 ) — ( 786 ) ( 105,050 ) Non-controlling interest — — — — — 1,500 1,500 Other comprehensive income — — — — 15,448 — 15,448 Balances at April 30, 2025 249,074 $ 125 $ 4,669,701 $ ( 1,224,804 ) $ 5,855 $ 40,137 $ 3,491,014 The accompanying notes are an integral part of these condensed consolidated financial statements. 9 Table of Contents CrowdStrike Holdings, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)(unaudited) Three Months Ended April 30, 2026 2025 Operating activities Net income (loss) $ 45,966 $ ( 105,050 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 75,522 56,423 Amortization of intangible assets 12,405 7,634 Amortization of deferred contract acquisition costs 98,856 102,903 Non-cash operating lease cost 4,927 4,186 Stock-based compensation expense 297,703 247,661 Deferred income taxes ( 10,831 ) ( 1,681 ) Realized gains on strategic investments ( 36,362 ) — Non-cash interest expense 470 1,088 Change in fair value of strategic investments — 1,579 Changes in operating assets and liabilities, net of impact of acquisitions Accounts receivable, net 428,834 319,871 Deferred contract acquisition costs ( 92,702 ) ( 102,803 ) Prepaid expenses and other assets ( 74,992 ) ( 20,995 ) Accounts payable ( 54,354 ) ( 83,228 ) Accrued expenses and other liabilities ( 43,990 ) ( 43,763 ) Accrued payroll and benefits ( 19,634 ) ( 37,848 ) Operating lease liabilities ( 4,161 ) ( 4,586 ) Deferred revenue ( 36,720 ) 42,716 Net cash provided by operating activities 590,937 384,107 Investing activities Purchases of property and equipment ( 97,624 ) ( 85,751 ) Capitalized internal-use software and website development costs ( 22,571 ) ( 17,437 ) Purchases of strategic investments ( 400 ) ( 374 ) Proceeds from sales of strategic investments 10,197 3,146 Business acquisitions, net of cash and restricted cash acquired ( 881,376 ) — Purchases of deferred compensation investments ( 2,348 ) ( 1,459 ) Proceeds from the sale of deferred compensation investments 69 45 Net cash used in investing activities ( 994,053 ) ( 101,830 ) Financing activities Proceeds from issuance of common stock upon exercise of stock options 683 634 Distributions to non-controlling interest holders ( 20,952 ) — Capital contributions from non-controlling interest holders — 1,500 Repurchases of common stock ( 175,622 ) — Net cash provided by (used in) financing activities ( 195,891 ) 2,134 Effect of foreign exchange rates on cash, cash equivalents and restricted cash 116 6,546 Net increase (decrease) in cash, cash equivalents and restricted cash ( 598,891 ) 290,957 Cash, cash equivalents and restricted cash at beginning of period 5,314,617 4,324,666 Cash, cash equivalents, and restricted cash $ 4,715,726 $ 4,615,623 Cash, cash equivalents and restricted cash at the end of period: Cash and cash equivalents $ 4,552,801 $ 4,614,153 Restricted cash included in prepaid expenses and other current assets 39,207 1,470 Restricted cash included in other long-term assets 123,718 — Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 4,715,726 $ 4,615,623 Supplemental disclosure of cash flow information: Interest paid $ 11,250 $ 11,250 Income taxes paid, net of refunds received 23,314 17,026 Supplemental disclosure of non-cash investing and financing activities: Net increase (decrease) in property and equipment included in accounts payable and accrued expenses 30,951 ( 32,212 ) Equity consideration for acquisitions 22,949 — Operating lease liabilities arising from obtaining operating right-of-use assets 4,398 — Proceeds from sales of strategic investments not yet received 7,705 1,846 Stock-based compensation included in capitalized software development costs and fixed assets 15,832 13,291 Restricted cash held in escrow for purchase consideration for business combinations 74,000 — The accompanying notes are an integral part of these condensed consolidated financial statements . 10 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 an AI-native platform designed for the agentic era and is purpose-built to stop breaches. The Company’s unified, cloud-delivered platform provides protection across endpoints, cloud workloads, identity, and data through a software as a service (“SaaS”) subscription-based model, spanning multiple large and strategic markets, including endpoint protection, security and IT operations, managed detection and response, Next-Gen SIEM, cloud and identity security, threat intelligence, data protection, exposure management, and AI security capabilities. The Company conducts its business in the United States and internationally, including Australia, Canada, Germany, India, Israel, Japan, Romania, Spain, and the United Kingdom. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2026, and related 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 months ended April 30, 2026 are not necessarily indicative of the results to be expected for the year ending January 31, 2027 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, 2026, filed with the SEC on March 5, 2026. 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. In February 2026, the Company completed an assessment of the estimated period of benefit of commissions earned upon the initial acquisition of a contract, or subsequent upsell, and determined that it should increase from four to five years . This change in estimate was effective beginning in fiscal year 2027. Based on the carrying value of the related deferred contract acquisition costs as of January 31, 2026, the effect of this change in estimate for the three months ended April 30, 2026 was a reduction in sales commission expense of $ 27.9 million. 11 Table of Contents 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. 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 April 30, 2026 or January 31, 2026. There were no channel partners or direct customers who represented 10% or more of the Company’s total revenue for each of the three months ended April 30, 2026 or April 30, 2025. As of April 30, 2026, one end user represented 13 % of the Company’s financing receivables. As of January 31, 2026, two end users represented 10% or more of the Company’s financing receivables, and in aggregate represented 27 % 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, 2026. 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 months ended April 30, 2026. Revision of Prior Period Financial Statements As previously disclosed in the Fiscal 2026 Annual Report on Form 10-K, in connection with the preparation of its fiscal year 2026 financial statements, the Company identified an immaterial error related to the timing of recognition of stock-based compensation expense associated with certain awards granted in the fiscal years ended January 31, 2022 and 2023. Further information regarding the error and related revisions is included in Note 16, “Revision of Prior Period Financial Statements.” Recently Adopted Accounting Pronouncements 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 adopted ASU 2025-05 on February 1, 2026 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. 12 Table of Contents Recently Issued Accounting Pronouncements In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard intends to modernize the recognition and capitalization framework by removing the previous “development stage” model and introducing a more judgment-based approach. The standard can be applied prospectively, using a modified transition method based on the status of the project and whether software costs were 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 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. 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): April 30, 2026 January 31, 2026 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) Money market funds $ 910,070 $ — $ — $ 910,070 $ 1,407,062 $ — $ — $ 1,407,062 U.S. Treasury securities — 795,315 — 795,315 — 598,398 — 598,398 Other assets Deferred compensation investments 15,529 — — 15,529 12,710 — — 12,710 Total assets $ 925,599 $ 795,315 $ — $ 1,720,914 $ 1,419,772 $ 598,398 $ — $ 2,018,170 13 Table of Contents (1) Cash equivalents exclude $ 1.4 billion of time deposits, which are carried at cost and approximate fair value as of April 30, 2026. There were no transfers between the levels of the fair value hierarchy during the periods presented. As of April 30, 2026 and January 31, 2026, the Company’s U.S. Treasury securities are 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 April 30, 2026 and January 31, 2026. 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. Strategic Investments The Company’s investments of privately held securities as of April 30, 2026, consisted of the following (in thousands): Privately held equity securities Initial total cost $ 64,438 Cumulative net gains 1,825 Carrying amount, end of period $ 66,263 The Company’s investments of privately held securities as of January 31, 2026, consisted of the following (in thousands): Privately held equity securities Initial total cost $ 75,007 Cumulative net gains 1,825 Carrying amount, end of period $ 76,832 As of April 30, 2026 and January 31, 2026, 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. Gains and Losses on Strategic Investments The components of gains and losses on strategic investments were as follows (in thousands): Three Months Ended April 30, 2026 2025 Unrealized losses recognized on privately held equity securities, including impairment $ — $ ( 1,579 ) Unrealized losses $ — $ ( 1,579 ) Realized gains recognized on sales of privately held equity securities $ 36,362 $ — Realized gains $ 36,362 $ — Gains (losses) on strategic investments, net $ 36,362 $ ( 1,579 ) Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date $ — $ ( 1,579 ) Unrealized gains recognized on privately held equity securities include upward adjustments from equity securities accounted for under the measurement alternative while unrealized losses recognized on privately held equity securities include downward adjustments and impairment. 14 Table of Contents 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. 3. Financing Receivables The Company’s short-term and long-term financing receivables were as follows (in thousands): April 30, 2026 January 31, 2026 Short-term financing receivables, gross $ 107,523 $ 81,723 Unearned income ( 15,933 ) ( 13,236 ) Allowance for credit losses ( 2,417 ) ( 1,002 ) Short-term financing receivables, net $ 89,173 $ 67,485 Long-term financing receivables, gross $ 239,472 $ 213,601 Unearned income ( 19,133 ) ( 17,847 ) Allowance for credit losses ( 2,984 ) ( 1,648 ) Long-term financing receivables, net $ 217,355 $ 194,106 The Company’s amortized cost basis of financing receivables categorized by internal risk rating and year of origination was as follows (in thousands): April 30, 2026 January 31, 2026 Fiscal Year of Origination Fiscal Year of Origination Internal Risk Rating (1) 2027 2026 2025 Total 2026 2025 Total 1 to 4 $ 22,645 $ 113,274 $ 17,597 $ 153,516 $ 127,440 $ 17,374 $ 144,814 5 to 6 48,777 81,110 23,944 153,831 91,249 23,719 114,968 7 to 9 — 4,582 — 4,582 4,459 — 4,459 Amortized cost basis of financing receivables $ 71,422 $ 198,966 $ 41,541 $ 311,929 $ 223,148 $ 41,093 $ 264,241 (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 months ended April 30, 2026 and April 30, 2025. Past due amounts on financing receivables were not material as of April 30, 2026 or January 31, 2026. 4. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses were $ 274.4 million and $ 232.2 million as of April 30, 2026 and April 30, 2025, respectively. Other current assets were $ 186.6 million and $ 64.0 million as of April 30, 2026 and April 30, 2025, respectively. 15 Table of Contents Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): April 30, 2026 January 31, 2026 Data center and other computer equipment $ 1,117,048 $ 1,058,690 Capitalized internal-use software and website development costs 413,501 383,119 Leasehold improvements 63,205 54,305 Purchased software 18,844 18,628 Furniture and equipment 13,886 12,752 Construction in progress 282,393 219,509 1,908,877 1,747,003 Less: Accumulated depreciation and amortization ( 842,673 ) ( 770,672 ) Property and equipment, net $ 1,066,204 $ 976,331 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 $ 225.0 million as of April 30, 2026. Depreciation and amortization expense of property and equipment was $ 75.5 million and $ 56.4 million during the three months ended April 30, 2026 and April 30, 2025, respectively. There was no impairment of property and equipment during the three months ended April 30, 2026 and April 30, 2025. The Company capitalized $ 21.4 million and $ 29.5 million in internal-use software and website development costs during the three months ended April 30, 2026 and April 30, 2025, respectively. Amortization expense associated with internal-use software and website development costs totaled $ 23.5 million and $ 17.5 million during the three months ended April 30, 2026 and April 30, 2025, respectively. The net book value of capitalized internal-use software and website development costs was $ 182.6 million and $ 184.7 million as of April 30, 2026 and January 31, 2026, respectively. Intangible Assets, Net Total intangible assets, net consisted of the following (dollars in thousands): April 30, 2026 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Amount (in months) Developed technology $ 364,107 $ 101,453 $ 262,654 77 Customer relationships 25,375 12,974 12,401 51 Intellectual property and other acquired intangible assets 15,828 5,144 10,684 98 Total $ 405,310 $ 119,571 $ 285,739 January 31, 2026 Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Amount (in months) Developed technology $ 202,561 $ 90,199 $ 112,362 54 Customer relationships 25,383 12,122 13,261 53 Intellectual property and other acquired intangible assets 15,854 4,775 11,079 100 Total $ 243,798 $ 107,096 $ 136,702 Amortization expense of intangible assets was $ 12.4 million and $ 7.6 million during the three months ended April 30, 2026 and April 30, 2025, respectively. 16 Table of Contents The estimated aggregate future amortization expense of intangible assets as of April 30, 2026 was as follows (in thousands): Total Fiscal 2027 (remaining nine months) $ 39,799 Fiscal 2028 52,371 Fiscal 2029 49,351 Fiscal 2030 39,974 Fiscal 2031 31,886 Thereafter 72,358 Total future amortization expense $ 285,739 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. Goodwill The change in goodwill during the three months ended April 30, 2026 consisted of the following (in thousands): Amounts Goodwill as of January 31, 2026 $ 1,363,294 Goodwill acquired (1) 886,587 Foreign currency translation 17,612 Goodwill as of April 30, 2026 $ 2,267,493 (1) Goodwill acquired resulted from the acquisitions of SGNL.AI, Inc. (“SGNL”) , and Seraphic Algorithms Ltd. (“Seraphic”) . Refer to Note 11 for additional information. Accrued Payroll and Benefits Accrued payroll and benefits consisted of the following (in thousands): April 30, 2026 January 31, 2026 Accrued commissions $ 144,768 $ 207,378 Accrued payroll and related expenses 102,134 100,915 Employee Stock Purchase Plan 78,534 36,193 Accrued bonuses 46,619 45,204 Accrued payroll and benefits $ 372,055 $ 389,690 5. Debt Senior Notes On January 20, 2021, the Company issued $ 750.0 million in aggregate principal amount of 3.00 % Senior Notes maturing in February 2029 (the “Senior Notes”). The Senior Notes are guaranteed by the 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 any credit agreement the Company may enter into in the future that replaces the Amended A&R Credit Agreement. The Senior Notes were issued at par and bear interest at a rate of 3.00 % per annum. Interest payments are payable semiannually on February 15 and August 15 of each year, commencing on August 15, 2021. The Company may voluntarily redeem the Senior Notes, in whole or in part, 1) at any time prior to February 15, 2024 at (a) 100.00 % of their principal amount, plus a “make whole” premium or (b) with the net cash proceeds received from an equity offering at a redemption price equal to 103.00 % of the principal amount, provided the aggregate principal amount of all such redemptions does not exceed 40 % of the original aggregate principal amount of the Senior Notes; 2) at any time on or after February 15, 2024 at a prepayment price equal to 101.50 % of the principal amount; 3) at any time on or after February 15, 2025 at a prepayment price 17 Table of Contents 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 April 30, 2026 and 2025. 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 April 30, 2026, 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 $ 715.4 million and $ 718.2 million as of April 30, 2026 and January 31, 2026, 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 (benefit) of $( 6.9 ) million and $ 21.1 million for the three months ended April 30, 2026 and April 30, 2025, respectively. The tax benefit for the three months ended April 30, 2026 was primarily attributable to income tax benefit recognized in the current period resulting from the realization of deferred tax assets in connection with recent acquisitions and excess tax benefits offset by income taxes in the jurisdictions where the Company operates. The tax expense for the three months ended April 30, 2025 was primarily attributable to income taxes on earnings and withholding taxes in certain foreign jurisdictions. The Company’s effective tax rates were ( 17.7 )% and ( 25.1 )% for the three months ended April 30, 2026 and April 30, 2025, respectively. The difference in the effective tax rate for the three months ended April 30, 2026 from the U.S. statutory tax rate is primarily due to income tax benefits recognized in the current period resulting from the realization of deferred tax assets in connection with recent acquisitions and excess tax benefits offset by income taxes in the jurisdictions where the Company operates. The effective tax rate for the three months ended April 30, 2025 differs from the U.S. statutory tax rate primarily due to income taxes in foreign jurisdictions, withholding taxes related to customer payments in certain foreign jurisdictions in which the Company conducts business, and certain foreign jurisdictions where the Company does not benefit from losses and tax credits. Total gross unrecognized tax benefits were $ 141.3 million and $ 137.8 million as of April 30, 2026 and January 31, 2026, respectively, which is primarily attributable to research and development credits. As of April 30, 2026 and January 31, 2026, there were approximately $ 42.8 million and $ 41.0 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 penalties related to unrecognized tax benefits as part of the income tax provision in the condensed consolidated statements of operations. The Company had incurred $ 7.4 million and $ 6.6 million of interest and penalties related to unrecognized tax benefits as of April 30, 2026 and January 31, 2026. 18 Table of Contents 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 evaluates the need for a valuation allowance on a quarterly basis. 7. Leases Operating Leases The Company has entered into non-cancelable operating lease agreements with various expiration dates through fiscal 2039. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. The maturities of the Company’s non-cancelable operating lease liabilities are as follows (in thousands): Total Fiscal 2027 (remaining nine months) $ 16,168 Fiscal 2028 21,854 Fiscal 2029 15,208 Fiscal 2030 12,263 Fiscal 2031 8,224 Thereafter 12,197 Total operating lease payments 85,914 Less: imputed interest ( 10,414 ) Present value of operating lease liabilities $ 75,500 As of April 30, 2026, the Company has entered into non-cancelable operating leases, with lease terms greater than 12 months that have not yet commenced, with undiscounted future minimum payments of $ 103.7 million, which have been excluded from the table above. The operating leases are expected to commence in October 2026 and August 2027, with lease terms between 11.2 and 11.3 years , respectively. 19 Table of Contents 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”), performance-based stock units (“PSUs”), and the Special PSU Awards ( as defined below). A total of 8,750,000 shares of Class A common stock were initially available for issuance under the 2019 Plan. The 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 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 three months ended April 30, 2026 were immaterial. There were no stock options granted during the three months ended April 30, 2025. The following table is a summary of stock option activity for the three months ended April 30, 2026: Number of Shares Weighted-Average Exercise Price Per Share (in thousands) Options outstanding at January 31, 2026 932 $ 12.38 Granted 91 $ 17.75 Exercised ( 66 ) $ 10.41 Canceled — $ 18.46 Options outstanding at April 30, 2026 957 $ 13.02 Options vested and expected to vest at April 30, 2026 957 $ 13.02 Options exercisable at April 30, 2026 834 $ 11.28 There were no options that were unvested and exercisable as of April 30, 2026. The aggregate intrinsic value of options vested and exercisable was $ 362.5 million and $ 381.0 million as of April 30, 2026 and January 31, 2026, respectively. The weighted-average remaining contractual term of options vested and exercisable was 2.5 years and 2.6 years as of April 30, 2026 and January 31, 2026, respectively. The per share weighted-average grant date fair value of all options granted was $ 381.90 during the three months ended April 30, 2026 and none during the three months ended April 30, 2025. The total intrinsic value of all options exercised was $ 26.0 million and $ 26.7 million during the three months ended April 30, 2026 and April 30, 2025, respectively. The aggregate intrinsic value of stock options outstanding as of April 30, 2026 and January 31, 2026 was $ 414.1 million and $ 399.9 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 3.3 years and 2.9 years as of April 30, 2026 and January 31, 2026, respectively. Total unrecognized stock-based compensation expense related to unvested options was $ 42.0 million as of April 30, 2026. This expense is expected to be amortized over a weighted-average vesting period of 2.4 years. Table of Contents 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, or (ii) vesting in sixteen equal quarterly installments, 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. Total unrecognized stock-based compensation expense related to unvested RSUs was $ 2.4 billion as of April 30, 2026. This expense is expected to be amortized over a weighted-average vesting period of 2.6 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 $ 351.5 million as of April 30, 2026, 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 1.4 years. Special PSU Awards In fiscal 2026 and 2027, the Company’s board of directors approved performance-based equity awards (the “2026 Special PSU Award” and “2027 Special PSU Awards,” respectively) under the Company’s 2019 Plan, consisting of PSUs with targets of 300,000 and 175,000 PSUs, respectively, that can result in as few as zero shares of the Company’s Class A common stock being issued if the Company’s stock price performance is below the 25 th percentile of the companies in the S&P 500 over a three-year period beginning on December 22, 2025 and ending on December 22, 2028, and up to 600,000 and 350,000 shares, respectively, being issued if the Company’s stock price performance meets or exceeds the 90 th percentile of the companies in the S&P 500. The 2027 Special PSU Awards are subject to an additional service condition following the performance period, which will be satisfied in four equal quarterly installments on March 20, June 20, September 20, and December 20, 2029, subject to the grantees’ continued employment with the Company through each applicable vesting date. The Company measured the fair value of each award on the respective grant date using a Monte Carlo simulation valuation model. The risk-free interest rates used were 3.50 % and 3.73 %, respectively, based on the term-matched zero-coupon-risk-free interest rate derived from the Treasury Constant Maturities yield curve for a period commensurate with the expected term of the award on the grant date. The expected volatilities used were 44.83 % and 45.95 %, respectively, calculated based on the daily stock price returns for the Company over a lookback period commensurate with the expected term of the award on the grant date. In fiscal 2022 the Company’s board of directors granted 655,000 PSUs (the “2022 Special PSU Awards” and, together with the 2026 Special PSU Award and 2027 Special PSU Awards, the “Special PSU Awards”). The 2022 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 2022 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 2022 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 2022 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 2022 Special PSU Awards on the respective grant dates 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 a period commensurate with the expected term of the award on the grant date. The expected volatilities used were 54.89 % - 55.36 %, which were calculated based on an equal blend of the Company’s historical volatility calculated from daily stock price returns over a 2.21 - 2.58 year lookback from the grant date and the Company’s implied volatility as of the grant date. 21 Table of Contents Total unrecognized stock-based compensation expense related to the unvested portion of the Special PSU Awards was $ 258.0 million as of April 30, 2026. This expense is expected to be amortized over a weighted-average vesting period of 2.6 years. The following table is a summary of RSUs, PSUs and the Special PSU Awards activities for the three months ended April 30, 2026: Number of Shares Weighted- Average Grant Date Fair Value Per Share (in thousands) RSUs and PSUs outstanding at January 31, 2026 7,852 $ 297.62 Granted 2,750 $ 419.21 Released ( 1,275 ) $ 248.29 Performance adjustment (1) 287 $ 387.11 Forfeited ( 125 ) $ 278.98 RSUs and PSUs outstanding at April 30, 2026 9,489 $ 342.43 RSUs and PSUs expected to vest at April 30, 2026 (2) 8,987 $ 343.54 (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, the 2026 Special PSU Award, and the 2027 Special PSU Awards where pre-defined targets have not yet been achieved. 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. Employee payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date. ESPP employee payroll contributions accrued as of April 30, 2026 and January 31, 2026 totaled $ 78.5 million and $ 36.2 million, respectively, and are included within accrued payroll and benefits in the condensed consolidated balance sheets. 22 Table of Contents 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: Three Months Ended April 30, 2026 2025 Expected term (in years) 0.5 – 2.0 0.5 – 2.0 Risk-free interest rate 3.5 % – 5.2 % 3.4 % – 5.3 % Expected stock price volatility 41.0 % – 59.8 % 40.8 % – 59.8 % Dividend yield — % — % Stock-Based Compensation Expense Stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2026 2025 Subscription cost of revenue $ 22,301 $ 23,077 Professional services cost of revenue 9,466 9,380 Sales and marketing 69,899 64,780 Research and development 125,771 104,088 General and administrative 70,266 46,336 Total stock-based compensation expense $ 297,703 $ 247,661 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 April 30, 2026 2025 Amount % Revenue Amount % Revenue United States $ 913,725 66 % $ 741,852 67 % Europe, Middle East, and Africa 235,339 17 % 176,442 16 % Asia Pacific 146,176 11 % 112,827 10 % Other 90,389 6 % 72,313 7 % Total revenue $ 1,385,629 100 % $ 1,103,434 100 % No single country other than the United States represented 10% or more of the Company’s total revenue during the three months ended April 30, 2026 and April 30, 2025. Contract Balances Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. The Company recognized revenue of $ 1.2 billion and $ 950.9 million for the three months ended April 30, 2026 and April 30, 2025, respectively, which was included in the corresponding contract liability balance at the beginning of the period. 23 Table of Contents 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 April 30, 2026 2025 Beginning balance $ 4,753,438 $ 3,728,677 Additions to deferred revenue 1,354,384 1,146,152 Recognition of deferred revenue ( 1,385,629 ) ( 1,103,434 ) Ending balance $ 4,722,193 $ 3,771,395 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 April 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 8.8 billion. The Company expects to recognize approximately 52 % of the remaining performance obligations in the 12 months following April 30, 2026, and 42 % 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 five 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 less than one year . 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 months ended April 30, 2026 or April 30, 2025. 24 Table of Contents The following table summarizes the activity of deferred contract acquisition costs (in thousands): Three Months Ended April 30, 2026 2025 Beginning balance $ 1,103,113 $ 847,950 Capitalization of contract acquisition costs 92,812 102,803 Amortization of deferred contract acquisition costs ( 98,856 ) ( 102,903 ) Ending balance $ 1,097,069 $ 847,850 Deferred contract acquisition costs, current $ 353,869 $ 351,805 Deferred contract acquisition costs, noncurrent 743,200 496,045 Total deferred contract acquisition costs $ 1,097,069 $ 847,850 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 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 “Fifth Circuit”). On May 20, 2026, the Fifth Circuit affirmed the district court’s dismissal. • 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. On November 21, 2024, all three cases were consolidated and stayed pending resolution of the putative securities class action described above. On April 16, 2026, the court ordered the consolidated lawsuits dismissed. 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. On July 18, 2025, these consolidated lawsuits were stayed pending resolution of the putative securities class action described above. On April 7, 2026, the court ordered the consolidated lawsuits dismissed. 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 March 18, 2026, the court ordered the consolidated lawsuits dismissed. 25 Table of Contents • 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. 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 three months ended April 30, 2026 were as follows (in thousands): Amounts Balance at January 31, 2026 $ 15,498 Expenses incurred, net of insurance receivable recorded (1) 18,128 Payments made / cash received ( 16,523 ) Balance at April 30, 2026 $ 17,103 (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 months ended April 30, 2026. 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 April 30, 2026, respectively. 26 Table of Contents 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. 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 April 30, 2026, with expected date of payment is as follows (in thousands): Total Commitments Fiscal 2027 (remaining nine months) $ 369,516 Fiscal 2028 678,758 Fiscal 2029 680,755 Fiscal 2030 520,424 Fiscal 2031 209,224 Thereafter 160,082 Total purchase commitments $ 2,618,759 Subsequent to April 30, 2026, the Company entered into a non-cancellable purchase commitment in the amount of $ 1.7 billion, commencing from the second quarter of fiscal 2027 through fiscal 2037. This commitment is excluded from the table above and will be included in the table in subsequent periods. 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 April 30, 2026, the Company had non-cancelable unfunded commitments totaling approximately $ 34.8 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 April 30, 2026 or January 31, 2026. 27 Table of Contents 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 April 30, 2026 or January 31, 2026. 11. Acquisitions SGNL.AI, Inc. On February 20, 2026, the Company acquired 100 % of the equity interest of SGNL.AI, Inc. (“SGNL”), a leader in continuous identity security. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $ 627.9 million in cash, net of $ 9.4 million of cash and restricted cash acquired, and $ 9.2 million representing the fair value of replacement equity awards attributable to pre-acquisition service, subject to customary net working capital and purchase price adjustments. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The cash consideration included cash held back in an escrow fund for a partial security for post-closing true-up adjustments and post-closing indemnification claims. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to developed technology of $ 87.9 million with a useful life of 96 months, net tangible liabilities of $ 11.9 million, and goodwill of $ 561.1 million, which was allocated to the 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 SGNL, planned growth in new markets, and synergies expected to be achieved from the integration of SGNL. Goodwill is not deductible for income tax purposes. Per the terms of the merger agreement with SGNL, certain unvested stock options held by SGNL employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of SGNL stock held by SGNL 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 three months ended April 30, 2026 were immaterial. 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 SGNL 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. Seraphic Algorithms Ltd. On February 3, 2026, the Company completed the acquisition of the remaining 90.6 % of the equity interest in Seraphic Algorithms Ltd. (“Seraphic”), a leader in browser runtime security. Prior to the acquisition, the Falcon Funds held 9.4 % of the outstanding equity interests of Seraphic, which was accounted for under the measurement alternative. The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $ 327.5 million in cash, net of $ 1.1 million of cash and restricted cash acquired, and $ 13.7 million representing the fair value of replacement equity awards attributable to pre-acquisition service, subject to customary net working capital and purchase price adjustments. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. On the acquisition date, CrowdStrike remeasured its previously held equity interest in Seraphic to a fair value of $ 38.1 million, resulting in a realized gain of $ 15.5 million, net of non-controlling interest of $ 15.5 million. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to developed technology of $ 69.8 million with a useful life of 96 months, net tangible liabilities of $ 16.0 million, and goodwill of $ 325.5 28 Table of Contents 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 Seraphic, planned growth in new markets, and synergies expected to be achieved from the integration of Seraphic. Goodwill is not deductible for income tax purposes. Per the terms of the merger agreement with Seraphic, certain unvested stock options held by Seraphic employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Seraphic stock held by Seraphic 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 three months ended April 30, 2026 were $ 1.4 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 Seraphic 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. 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, which was released from escrow in January 2026, and (ii) cash held back in an escrow fund for a partial security for post-closing indemnification claims, which is expected to be released in fiscal year 2028 and is reflected within restricted cash. 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 $ 0.4 million, and goodwill of $ 209.9 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 three months ended April 30, 2026 were immaterial. 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. 29 Table of Contents 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 $ 252.7 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 $ 0.2 million, and goodwill of $ 233.1 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 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 three months ended April 30, 2026 were immaterial. 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. 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 PSU Awards, ESPP obligations, and founders’ holdbacks, and are computed using the treasury stock method. The effects of the outstanding stock options, RSUs, PSUs, Special PSU Awards, ESPP obligations, and founders 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 months ended April 30, 2025, because the effects of potentially dilutive items were antidilutive given the Company’s net loss position during that period. 30 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 April 30, 2026 2025 Numerator: Net income (loss) attributable to CrowdStrike $ 27,774 $ ( 104,264 ) Denominator: Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, basic 253,732 248,432 Dilutive effect of common stock equivalents 4,149 — Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, dilutive 257,881 248,432 Net income (loss) per share attributable to CrowdStrike common stockholders, basic $ 0.11 $ ( 0.42 ) Net income (loss) per share attributable to CrowdStrike common stockholders, diluted $ 0.11 $ ( 0.42 ) 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 April 30, 2026 2025 RSUs and PSUs subject to future vesting 874 10,217 Shares of common stock issuable from stock options 5 1,148 Share purchase rights under the Employee Stock Purchase Plan 203 728 Potential common shares excluded from diluted net income (loss) per share 1,082 12,093 The above table excludes founders holdbacks related to business combinations where a variable number of shares will be issued upon vesting to settle a fixed monetary amount of $ 43.8 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 months ended April 30, 2026, 3,492 shares were issued to settle founders holdbacks at a weighted average price of $ 439.30 per share. As of April 30, 2026, the above table also excludes 501,434 outstanding shares of in progress PSUs where pre-defined targets have not yet been achieved . 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. 31 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): April 30, 2026 January 31, 2026 United States $ 947,134 $ 855,312 Germany 102,344 106,657 Other countries 86,819 84,222 Total property and equipment, net and operating lease right-of-use assets $ 1,136,297 $ 1,046,191 See Note 9 for additional information about the Company’s revenue by geographic region. 14. Strategic Plan On May 6, 2025, the Company announced a strategic plan (the “Strategic Plan”) to evolve its operations to yield greater efficiencies as the Company continues to scale its business with focus and discipline to meet its goals. The Strategic Plan resulted in a reduction of roles representing approximately 500 positions, or 5 %, of the Company’s global workforce. The actions associated with the Strategic Plan were substantially completed as of April 30, 2026. The following table summarizes the activities related to the Strategic Plan for the three months ended April 30, 2026 (in thousands): Three Months Ended April 30, 2026 Severance and Related Costs Non-Employee Costs Total Liability, beginning of the period $ 30 $ 36 $ 66 Payments ( 24 ) — ( 24 ) Liability, end of the period $ 6 $ 36 $ 42 As of April 30, 2026, the liability associated with the Strategic Plan is included in accrued payroll and benefits and accounts payable on the condensed consolidated balance sheet. 15. Share Repurchases On June 3, 2025, the Company announced that its board of directors approved a share repurchase program for the repurchase of up to $ 1.0 billion of the Company’s Class A common stock (the “Share Repurchase Program”). On April 6, 2026, the Company announced that its board of directors authorized the repurchase of up to an additional $ 500.0 million of the Company’s Class A common stock, bringing the total authorization under the Share Repurchase Program to $ 1.5 billion. The share repurchase program does not have a fixed expiration date and does not obligate the Company to acquire any specific number of shares. The Company may repurchase shares of Class A common stock from time to time using a variety of methods, including through open market purchases, privately negotiated transactions, and other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion and will depend on a variety of factors, including legal requirements, price, and economic and market conditions. As of April 30, 2026, $ 1.3 billion remained available for future share repurchases under the Share Repurchase Program. The following table presents shares repurchased and subsequently retired (in thousands): Three Months Ended April 30, 2026 Shares Amount Share repurchases 480 $ 175,622 Total share repurchases 480 $ 175,622 32 Table of Contents 16. Revision of Prior Period Financial Statements As discussed in Note 1, during the fourth quarter of the fiscal year ended January 31, 2026, the Company identified an immaterial error related to the timing of recognition of stock-based compensation expense in prior periods associated with certain awards granted in the fiscal years ended January 31, 2022 and 2023. To correct the immaterial error, the Company revised its previously issued unaudited Condensed Consolidated Financial Statements as of and for the three months ended April 30, 2025. The following tables reflect the impacts of the revision to the previously filed financial statements for the three months ended April 30, 2025 (in thousands, except per share data): Consolidated Statements of Stockholders’ Equity As of April 30, 2025 As previously reported Adjustments As revised Additional paid-in-capital $ 4,633,211 $ 36,490 $ 4,669,701 Accumulated deficit $ ( 1,188,314 ) $ ( 36,490 ) $ ( 1,224,804 ) Consolidated Statements of Operations Three Months Ended April 30, 2025 As previously reported Adjustments As revised Subscription cost of revenue $ 242,374 $ ( 1,014 ) $ 241,360 Professional services cost of services 46,769 ( 254 ) 46,515 Total cost of revenue 289,143 ( 1,268 ) 287,875 Gross profit 814,291 1,268 815,559 Sales and marketing 439,617 ( 406 ) 439,211 Research and development 334,129 ( 3,203 ) 330,926 General and administrative 165,201 ( 1,066 ) 164,135 Total operating expenses 938,947 ( 4,675 ) 934,272 Loss from operations ( 124,656 ) 5,943 ( 118,713 ) Loss before provision for income taxes ( 89,887 ) 5,943 ( 83,944 ) Net loss ( 110,993 ) 5,943 ( 105,050 ) Net loss attributable to CrowdStrike $ ( 110,207 ) $ 5,943 $ ( 104,264 ) Net loss per share attributable to CrowdStrike common stockholders: Basic $ ( 0.44 ) $ 0.02 $ ( 0.42 ) Diluted $ ( 0.44 ) $ 0.02 $ ( 0.42 ) There was no impact to the consolidated statements of cash flows from operating activities, investing activities, or financing activities for any period. The impact to the consolidated statements of comprehensive income (loss) is limited to the impact to net loss as detailed above. 33 Table of Contents 17. Subsequent Event On June 3, 2026, the Company announced that its board of directors had approved and declared a four -for-one forward stock split of the Company’s outstanding shares of Class A common stock to be effected in the form of a stock dividend. Each stockholder of record at the close of business on June 25, 2026 (the “record date”), will receive, after the close of business on July 1, 2026, three additional shares for every share held on the record date, and trading is expected to begin on a split-adjusted basis on July 2, 2026. The following table reflects basic and diluted weighted average shares and net income (loss) per share attributable to CrowdStrike common stockholders on an unaudited pro forma basis giving effect to the stock split as if it had been effective for all periods presented (in thousands, except per share data): Pro Forma (Unaudited) Three Months Ended April 30, Year Ended January 31, 2026 2025 2026 2025 2024 Numerator: Net income (loss) attributable to CrowdStrike $ 27,774 $ ( 104,264 ) $ ( 162,502 ) $ ( 15,241 ) $ 72,181 Denominator: Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, basic 1,014,928 993,728 1,002,304 979,000 954,548 Dilutive effect of common stock equivalents 16,596 — — — 19,992 Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, dilutive 1,031,524 993,728 1,002,304 979,000 974,540 Net income (loss) per share attributable to CrowdStrike common stockholders: Basic $ 0.03 $ ( 0.10 ) $ ( 0.16 ) $ ( 0.02 ) $ 0.08 Diluted $ 0.03 $ ( 0.10 ) $ ( 0.16 ) $ ( 0.02 ) $ 0.07 34 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, 2026, 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. As discussed in Note 1 and Note 16 to the unaudited Condensed Consolidated Financial Statements included in this report, the Company revised its previously issued unaudited Condensed Consolidated Financial Statements as of and for the three months ended April 30, 2025 to correct for an immaterial error discovered during the fourth quarter of fiscal 2026. The revisions are intended to ensure comparability across all periods reflected herein. 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 sensor. 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 our Falcon platform via a partner-first subscription model to organizations of all sizes across multiple industries globally, including financial services, healthcare, manufacturing, retail, federal government, state and local governments, and education. We sell through our sales team supported by a robust partner ecosystem including resellers, MSSPs, system integrators, distributors, and cloud marketplace partners. We have a land-and-expand sales strategy where customers start with any number of modules and easily add capabilities over time. Our AI security advantage begins with our platform breadth and single sensor visibility — delivering unified protection across endpoints, cloud workloads, identities, SaaS environments, browsers, and the prompt and agentic interaction layer. One sensor, one console, one platform covering all attack surfaces. A key component of our enterprise strategy is Falcon Flex, our enterprise licensing model that enables customers to commit to a broader platform investment upfront and draw down that commitment across multiple products over time. Falcon Flex is tailored to the customer environment, delivering full financial visibility with low friction procurement and the flexibility to shift spend across security domains as priorities evolve. Our subscriptions are priced based on the unit of measure most relevant to each product, including per-endpoint, per-identity, per-cloud sensor, per-user, per-device, and per-gigabyte of daily ingestion. 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. 35 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 over one year, 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. 36 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 April 30, 2026 2025 Annual recurring revenue $ 5,508,596 $ 4,435,596 Year-over-year growth 24 % 22 % ARR grew to $5.5 billion as of April 30, 2026, of which $255.8 million was net new ARR added for the three months ended April 30, 2026. ARR grew to $4.4 billion as of April 30, 2025, of which $193.8 million was net new ARR added for the three months ended April 30, 2025. 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 continued to be strong during the three months ended April 30, 2026. 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. 37 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. 38 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 and contractual interest expense for our Senior Notes issued in January 2021. 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 (Benefit) for Income Taxes. Provision (benefit) for income taxes consists of income tax benefits recognized in the current period resulting from the realization of deferred tax assets in connection with recent acquisitions, offset by 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 evaluate the need for a valuation allowance on a quarterly basis. 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. 39 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 April 30, Change $ Change % 2026 2025 Revenue Subscription $ 1,320,853 $ 1,050,768 $ 270,085 26 % Professional services 64,776 52,666 12,110 23 % Total revenue 1,385,629 1,103,434 282,195 26 % Cost of revenue Subscription 288,463 241,360 47,103 20 % Professional services 53,814 46,515 7,299 16 % Total cost of revenue 342,277 287,875 54,402 19 % Gross profit 1,043,352 815,559 227,793 28 % Operating expenses Sales and marketing 488,674 439,211 49,463 11 % Research and development 408,326 330,926 77,400 23 % General and administrative 176,952 164,135 12,817 8 % Total operating expenses 1,073,952 934,272 139,680 15 % Loss from operations (30,600) (118,713) 88,113 (74) % Interest expense (6,116) (6,715) 599 (9) % Interest income 40,542 45,380 (4,838) (11) % Other income (expense), net 35,237 (3,896) 39,133 NM (1) Income (loss) before provision for income taxes 39,063 (83,944) 123,007 (147) % Provision (benefit) for income taxes (6,903) 21,106 (28,009) (133) % Net income (loss) 45,966 (105,050) 151,016 (144) % Net income (loss) attributable to non-controlling interest 18,192 (786) 18,978 (2,415) % Net income (loss) attributable to CrowdStrike $ 27,774 $ (104,264) $ 132,038 (127) % (1) Not meaningful 40 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 April 30, 2026 2025 % Revenue Subscription 95 % 95 % Professional services 5 % 5 % Total revenue 100 % 100 % Cost of revenue Subscription 21 % 22 % Professional services 4 % 4 % Total cost of revenue 25 % 26 % Gross profit 75 % 74 % Operating expenses Sales and marketing 35 % 40 % Research and development 29 % 30 % General and administrative 13 % 15 % Total operating expenses 78 % 85 % Loss from operations (2) % (11) % Interest expense — % (1) % Interest income 3 % 4 % Other income (expense), net 3 % — % Income (loss) before provision for income taxes 3 % (8) % Provision (benefit) for income taxes — % 2 % Net income (loss) 3 % (10) % Net income (loss) attributable to non-controlling interest 1 % — % Net income (loss) attributable to CrowdStrike 2 % (9) % Comparison of the Three Months Ended April 30, 2026 and 2025 Revenue The following shows total revenue from subscriptions and professional services for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 Subscription $ 1,320,853 $ 1,050,768 $ 270,085 26 % Professional services 64,776 52,666 12,110 23 % Total revenue $ 1,385,629 $ 1,103,434 $ 282,195 26 % Total revenue increased by $282.2 million, or 26%, for the three months ended April 30, 2026 compared to the three months ended April 30, 2025. Subscription revenue accounted for 95% of total revenue for each of the three months ended April 30, 2026 and April 30, 2025. Professional services revenue accounted for 5% of our total revenue for each of the three months ended April 30, 2026 and April 30, 2025. Subscription revenue increased by $270.1 million, or 26%, for the three months ended April 30, 2026 compared to the three months ended April 30, 2025, which was primarily driven by a combination of the addition of new customers and the sale of additional sensors and modules to existing customers. 41 Table of Contents Professional services revenue increased by $12.1 million, or 23%, for the three months ended April 30, 2026, compared to the three months ended April 30, 2025, 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 April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 Subscription $ 288,463 $ 241,360 $ 47,103 20 % Professional services 53,814 46,515 7,299 16 % Total cost of revenue $ 342,277 $ 287,875 $ 54,402 19 % Total cost of revenue increased by $54.4 million, or 19%, for the three months ended April 30, 2026 compared to the three months ended April 30, 2025. Subscription cost of revenue increased by $47.1 million, or 20%, for the three months ended April 30, 2026, compared to the three months ended April 30, 2025. The increase in subscription cost of revenue was primarily due to an increase in cloud hosting and related services costs of $10.9 million, an increase in depreciation of data center equipment of $9.7 million, an increase in employee-related expenses of $8.9 million driven by a 6% increase in average headcount, an increase in amortization of internal-use software of $6.0 million, an increase in allocated overhead costs of $4.5 million, and an increase in employee benefits of $2.1 million. Professional services cost of revenue increased by $7.3 million, or 16%, for the three months ended April 30, 2026, compared to the three months ended April 30, 2025. The increase in professional services cost of revenue was primarily due to an increase in consulting expenses of $5.3 million, an increase in employee-related expenses of $0.9 million driven by a 1% increase in average headcount, and an increase in allocated overhead costs of $0.7 million. The following shows gross profit and gross margin for subscriptions and professional services for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 Subscription gross profit $ 1,032,390 $ 809,408 $ 222,982 28 % Professional services gross profit 10,962 6,151 4,811 78 % Total gross profit $ 1,043,352 $ 815,559 $ 227,793 28 % Three Months Ended April 30, Change % 2026 2025 Subscription gross margin 78 % 77 % 1 % Professional services gross margin 17 % 12 % 5 % Total gross margin 75 % 74 % 1 % Subscription gross margin increased by one percentage point for the three months ended April 30, 2026, compared to the three months ended April 30, 2025. The increase in subscription gross margin was primarily attributable to hosting efficiencies. Professional services gross margin increased by five percentage points for the three months ended April 30, 2026, compared to the three months ended April 30, 2025. The increase in professional services gross margin was primarily due to an increase in utilization, partially offset by an increase in consulting expense during the three months ended April 30, 2026. 42 Table of Contents Operating Expenses Sales and Marketing The following shows sales and marketing expenses for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 Sales and marketing expenses $ 488,674 $ 439,211 $ 49,463 11 % Sales and marketing expenses increased by $49.5 million, or 11%, for the three months ended April 30, 2026 compared to the three months ended April 30, 2025. The increase in sales and marketing expenses was primarily due to an increase in employee-related expenses of $14.9 million driven by a 3% increase in average headcount, an increase in marketing programs of $8.3 million, an increase in allocated overhead costs of $6.1 million, an increase in stock-based compensation expense of $5.1 million, an increase in company event expenses of $5.1 million, an increase in travel expenses of $3.9 million, an increase in employee benefits of $3.6 million, an increase in cloud hosting and related costs of $0.9 million, and a decrease of $3.4 million in sales commission expense related to the change in estimated period of benefit, partially offset by an increase in capitalized sales commissions. Research and Development The following shows research and development expenses for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 Research and development expenses $ 408,326 $ 330,926 $ 77,400 23 % Research and development expenses increased by $77.4 million, or 23%, for the three months ended April 30, 2026 compared to the three months ended April 30, 2025. This increase was primarily due to an increase in employee-related expenses of $33.3 million driven by a 13% increase in average headcount, an increase in stock-based compensation expense of $21.7 million, an increase in allocated overhead costs of $9.2 million, an increase in cloud hosting and related costs of $7.5 million, an increase in term-based software licenses of $3.9 million, an increase in employee benefits of $3.3 million, and an increase in depreciation of data center equipment of $1.6 million, partially offset by an increase in software capitalization of $4.2 million. General and Administrative The following shows general and administrative expenses for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 General and administrative expenses $ 176,952 $ 164,135 $ 12,817 8 % General and administrative expenses increased by $12.8 million, or 8%, for the three months ended April 30, 2026 compared to the three months ended April 30, 2025. The increase in general and administrative expenses was primarily due to an increase in stock-based compensation expense of $23.9 million, an increase in consulting expense of $13.1 million, and an increase in legal expense of $1.8 million unrelated to the July 19 Incident or related matters, partially offset by a decrease in expenses associated with the July 19 Incident and related matters of $20.5 million and a decrease in charges related to the Strategic Plan of $6.6 million. 43 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 April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentages): Three Months Ended April 30, Change $ Change % 2026 2025 Interest expense $ (6,116) $ (6,715) $ 599 (9) % Interest income $ 40,542 $ 45,380 $ (4,838) (11) % Other income (expense), net $ 35,237 $ (3,896) $ 39,133 NM (1) (1) Not meaningful The decrease in interest expense for the three months ended April 30, 2026 compared to the three months ended April 30, 2025 was primarily due to no amortization of debt issuance costs in the current period related to our secured revolving credit facility, which expired in January 2026. The decrease in interest income for the three months ended April 30, 2026 compared to the three months ended April 30, 2025 was driven by lower market rates and a lower cash balance. The increase in other income (expense), net for the three months ended April 30, 2026 compared to the three months ended April 30, 2025 was primarily due to an increase in net realized gains on our strategic investments of $36.4 million, an increase of $1.6 million attributable to no downward adjustments or impairment charges on our strategic investments in the current period, and an increase of $1.0 million attributable to lower net foreign currency transaction losses. Provision (benefit) for Income Taxes The following shows the provision (benefit) for income taxes for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025 (in thousands, except percentage): Three Months Ended April 30, Change $ Change % 2026 2025 Provision (benefit) for income taxes $ (6,903) $ 21,106 $ (28,009) (133) % The change of $28.0 million in income tax provision to an income tax benefit during the three months ended April 30, 2026 compared to the three months ended April 30, 2025 was primarily driven by income tax benefits recognized in the current period resulting from the realization of deferred tax assets in connection with recent acquisitions and the application of interim period tax accounting methodology with our return to profitability. Liquidity and Capital Resources Our primary sources of liquidity as of April 30, 2026, consisted of: (i) $4.6 billion in cash and cash equivalents, which mainly consists of cash on hand and highly liquid investments in money market funds, U.S. Treasury bills, and time deposits, and (ii) cash we expect to generate from operations. It is not currently possible to reasonably estimate the amount of loss or range of possible loss that might result from adverse judgments, settlements, penalties, or other resolution of proceedings resulting from the July 19 Incident or related matters. However, despite such uncertainties, we expect that the combination of our existing cash and cash equivalents and cash flows from operations will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for at least the next 12 months. Our short-term and long-term liquidity requirements primarily arise from: (i) business acquisitions and investments we may make from time to time, (ii) working capital requirements, (iii) interest and principal payments related to our outstanding indebtedness, (iv) research and development and capital expenditure needs, and (v) license and service arrangements integral to our business operations. Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control. 44 Table of Contents We have a history of losses, and while we have achieved profitability in certain periods, including the first quarter of fiscal 2027 and fiscal 2024, our accumulated deficit was $1.3 billion as of April 30, 2026. We expect to continue to make investments, particularly in sales and marketing and research and development. As a result, we may require additional capital resources in the future to execute strategic initiatives to grow our business. 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. Therefore, a substantial source of our cash is from such prepayments, which are included on our condensed consolidated balance sheets as deferred revenue. Deferred revenue primarily consists of billed fees for our subscriptions, prior to satisfying the criteria for revenue recognition, which are subsequently recognized as revenue in accordance with our revenue recognition policy. As of April 30, 2026, we had deferred revenue of $4.7 billion, of which $3.4 billion was recorded as a current liability and is expected to be recorded as revenue in the next 12 months, provided all other revenue recognition criteria have been met. We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities. As of April 30, 2026, we did not have any outstanding derivative financial instruments, off-balance sheet guarantees, interest rate swap transactions, or foreign currency forward contracts. Cash Flows The following table summarizes our cash flows for the periods presented (in thousands): Three Months Ended April 30, 2026 2025 Net cash provided by operating activities $ 590,937 $ 384,107 Net cash used in investing activities (994,053) (101,830) Net cash provided by (used in) financing activities (195,891) 2,134 Net change in cash, cash equivalents and restricted cash (598,891) 290,957 Operating Activities Net cash provided by operating activities during the three months ended April 30, 2026 was $590.9 million, which resulted from net income of $46.0 million, adjusted for non-cash charges of $442.7 million and a net cash inflow of $102.3 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $297.7 million in stock-based compensation expense, $98.9 million of amortization of deferred contract acquisition costs, $75.5 million of depreciation and amortization, $12.4 million of amortization of intangible assets, $4.9 million of non-cash operating lease costs, and $0.5 million of non-cash interest expense, partially offset by $36.4 million of realized gains on strategic investments and $10.8 million of deferred income taxes. The net cash inflow from changes in operating assets and liabilities was primarily due to a decrease of $428.8 million in accounts receivable, partially offset by an increase of $92.7 million in deferred contract acquisition costs, an increase of $75.0 million in prepaid expenses and other assets, a decrease of $54.4 million in accounts payable, a decrease of $44.0 million in accrued expenses and other liabilities, a decrease of $36.7 million in deferred revenue, a decrease of $19.6 million in accrued payroll and benefits, and a decrease of $4.2 million in operating lease liabilities. Investing Activities Net cash used in investing activities of $994.1 million during the three months ended April 30, 2026 was primarily due to business acquisitions, net of cash acquired, of $881.4 million, which was related to the Seraphic and SGNL acquisitions, purchases of property and equipment of $97.6 million, capitalized internal-use software and website development costs of $22.6 million, purchases of deferred compensation investments of $2.3 million, and purchases of strategic investments of $0.4 million, partially offset by proceeds from sales of strategic investments of $10.2 million. Financing Activities Net cash used in financing activities of $195.9 million during the three months ended April 30, 2026 was primarily due to repurchases of common stock of $175.6 million and distributions to non-controlling interest holders of $21.0 million, partially offset by proceeds from the issuance of common stock upon exercise of stock options of $0.7 million. 45 Table of Contents Supplemental Guarantor Financial Information Our Senior Notes are guaranteed on a senior, unsecured basis by CrowdStrike, Inc. and CrowdStrike Financial Services, Inc., wholly owned subsidiaries of CrowdStrike Holdings, Inc. (the “subsidiary guarantors,” and together with CrowdStrike Holdings, Inc., the “Obligor Group”). The guarantee is full and unconditional and is subject to certain conditions for release. See Note 5, “Debt,” to our condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, for a brief description of the Senior Notes. We conduct our operations almost entirely through our subsidiaries. Accordingly, the Obligor Group’s cash flows and ability to service the Senior Notes will depend on the earnings of our subsidiaries and the distribution of those earnings to the Obligor Group, whether by dividends, loans or otherwise. Holders of the guaranteed registered debt securities will have a direct claim only against the Obligor Group. Summarized financial information is presented below for the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group and equity in the earnings from and investments in any non-guarantor subsidiary. The revenue amounts presented in the summarized financial information include substantially all of our condensed consolidated revenue, and there is no intercompany revenue from the non-guarantor subsidiaries. This summarized financial information has been prepared and presented pursuant to Regulation S-X Rule 13-01, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities” and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP. Statement of Operations Three Months Ended April 30, 2026 (in thousands) Revenue $ 1,384,413 Cost of revenue 367,546 Operating expenses 1,076,239 Loss from operations (59,372) Net loss (22,016) Net loss attributable to CrowdStrike (22,016) Balance Sheet April 30, 2026 January 31, 2026 (in thousands) Current assets (excluding current intercompany receivables from non-Guarantors) $ 6,081,758 $ 7,235,157 Current intercompany receivables from non-Guarantors — — Noncurrent assets (excluding noncurrent intercompany receivables from non-Guarantors) 4,216,929 3,354,831 Noncurrent intercompany receivables from non-Guarantors 670,275 625,943 Current liabilities (excluding current intercompany payables to non-Guarantors) 3,923,446 4,017,456 Current intercompany payables to non-Guarantors 98,245 97,000 Noncurrent liabilities (excluding noncurrent intercompany payables to non-Guarantors) 2,399,428 2,359,552 Noncurrent intercompany payables to non-Guarantors 200,690 198,223 46 Table of Contents Strategic Investments In July 2019, we agreed to commit up to $10.0 million to a newly formed entity, CrowdStrike Falcon Fund LLC (the “Original Falcon Fund”) in exchange for 50% of the sharing percentage of any distribution by the Original Falcon Fund. In December 2021, we agreed to commit an additional $50.0 million to a newly formed entity, CrowdStrike Falcon Fund II LLC (“Falcon Fund II”) in exchange for 50% of the sharing percentage of any distribution by Falcon Fund II. Further, entities associated with Accel also agreed to commit up to $10.0 million and $50.0 million, respectively, to the Original Falcon Fund and Falcon Fund II (collectively, the “Falcon Funds”), and collectively own the remaining 50% of the sharing percentage of the Falcon Funds. Both Falcon Funds are in the business of purchasing, selling, and investing in minority equity and convertible debt securities of privately-held companies that develop applications that have potential for substantial contribution to us and our platform. We are the manager of the Falcon Funds and control their investment decisions and day-to-day operations and accordingly have consolidated each of the Falcon Funds. Each Falcon Fund has a duration of ten years and may be extended for three additional years. At dissolution, the Falcon Funds will be liquidated, and the remaining assets will be distributed to the investors based on their respective sharing percentage.