CrowdStrike Holdings, Inc.

Name: CrowdStrike Holdings, Inc. financial statements and ratios
Creator: Annalist

CRWD · Nasdaq · Technology, software · United States · US GAAP · Fiscal year ends January

Latest report: Q2 FY2027, the quarter ended 31 July 2026, released 27 August 2026. Snapshot FY2027Q2_3b802668.

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Overview

Revenue, quarter

+25.8% year on year

Operating income, quarter

n.m. year on year

Net income, quarter

n.m. year on year

Diluted EPS, quarter

n.m. year on year

Operating margin, last 4 quarters

+6.1pp year on year

Return on equity, last 4 quarters

+9.8pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 31 July 2026 was US$1.5 billion, 25.8% higher than in the same quarter a year earlier.
Confirmedin Q2 FY2027 · stated since Q2 FY2025
Rule: Revenue against a year earlier · Sources 10-Q 2026-07
History of this finding, 9 records
1. Q2 FY2027 ConfirmedRevenue for the quarter ended 31 July 2026 was US$1.5 billion, 25.8% higher than in the same quarter a year earlier.Recorded from FY2027Q2_7968cf53 · data update
2. Q1 FY2027 StrengthenedRevenue for the quarter ended 30 April 2026 was US$1.4 billion, 25.6% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2026 StrengthenedRevenue for the quarter ended 31 January 2026 was US$1.3 billion, 23.3% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2026 ConfirmedRevenue for the quarter ended 31 October 2025 was US$1.2 billion, 22.2% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2026 StrengthenedRevenue for the quarter ended 31 July 2025 was US$1.2 billion, 21.3% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2026 WeakenedRevenue for the quarter ended 30 April 2025 was US$1.1 billion, 19.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2025 WeakenedRevenue for the quarter ended 31 January 2025 was US$1.1 billion, 25.2% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2025 WeakenedRevenue for the quarter ended 31 October 2024 was US$1.0 billion, 28.5% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2025 NewRevenue for the quarter ended 31 July 2024 was US$964 million, 31.7% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$5 million, against a net loss of US$70 million in the same quarter a year earlier.
Weakenedin Q2 FY2027 · stated since Q4 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-07
History of this finding, 11 records
1. Q2 FY2027 WeakenedNet income attributable to the company was US$5 million, against a net loss of US$70 million in the same quarter a year earlier.Recorded from FY2027Q2_7968cf53 · data update
2. Q1 FY2027 WeakenedNet income attributable to the company was US$28 million, against a net loss of US$104 million in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2026 NewNet income attributable to the company was US$59 million, against a net loss of US$88 million in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2026 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
5. Q3 FY2026 WeakenedThe company reported a net loss of US$34 million, against a net loss of US$17 million in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2026 WeakenedThe company reported a net loss of US$70 million, against net income of US$47 million in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2026 StrengthenedThe company reported a net loss of US$104 million, against net income of US$43 million in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2025 StrengthenedThe company reported a net loss of US$88 million, against net income of US$37 million in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2025 NewThe company reported a net loss of US$17 million, against net income of US$27 million in the same quarter a year earlier.Reconstructed · data update
10. Q3 FY2025 RetiredThe finding changed to a loss.Reconstructed · data update
11. Q2 FY2025 NewNet income attributable to the company was US$47 million, 454.9% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was -2.2%, 6.1 percentage points higher than a year earlier.
Strengthenedin Q2 FY2027 · stated since Q1 FY2027
Rule: Operating margin against a year earlier · Sources 10-Q 2025-10, 10-K 2026-01, 10-Q 2026-04 and 1 more
History of this finding, 11 records
1. Q2 FY2027 StrengthenedThe operating margin over the last 4 quarters was -2.2%, 6.1 percentage points higher than a year earlier.Recorded from FY2027Q2_7968cf53 · data update
2. Q1 FY2027 NewThe operating margin over the last 4 quarters was -3.8%, 2.1 percentage points higher than a year earlier.Reconstructed · data update
3. Q1 FY2027 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q4 FY2026 WeakenedThe operating margin over the last 4 quarters was -5.8%, 2.9 percentage points lower than a year earlier.Reconstructed · data update
5. Q3 FY2026 WeakenedThe operating margin over the last 4 quarters was -8.2%, 7.6 percentage points lower than a year earlier.Reconstructed · data update
6. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was -8.3%, 9.4 percentage points lower than a year earlier.Reconstructed · data update
7. Q1 FY2026 StrengthenedThe operating margin over the last 4 quarters was -5.9%, 6.1 percentage points lower than a year earlier.Reconstructed · data update
8. Q4 FY2025 NewThe operating margin over the last 4 quarters was -2.9%, 2.3 percentage points lower than a year earlier.Reconstructed · data update
9. Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
10. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was -0.6%, 2.7 percentage points higher than a year earlier.Reconstructed · data update
11. Q2 FY2025 NewThe operating margin over the last 4 quarters was 1.0%, 6.8 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 1.3%, against -8.5% a year earlier.
Strengthenedin Q2 FY2027 · stated since Q1 FY2027
Rule: Return on equity against a year earlier · Sources 10-Q 2025-07, 10-Q 2026-07, 10-Q 2025-10 and 3 more
History of this finding, 11 records
1. Q2 FY2027 StrengthenedReturn on equity over the last 4 quarters was 1.3%, against -8.5% a year earlier.Recorded from FY2027Q2_7968cf53 · data update
2. Q1 FY2027 NewReturn on equity over the last 4 quarters was -0.4%, against -5.4% a year earlier.Reconstructed · data update
3. Q1 FY2027 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q4 FY2026 WeakenedReturn on equity over the last 4 quarters was -3.9%, against -0.5% a year earlier.Reconstructed · data update
5. Q3 FY2026 WeakenedReturn on equity over the last 4 quarters was -8.4%, against 4.3% a year earlier.Reconstructed · data update
6. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was -8.5%, against 6.5% a year earlier.Reconstructed · data update
7. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was -5.4%, against 5.5% a year earlier.Reconstructed · data update
8. Q4 FY2025 NewReturn on equity over the last 4 quarters was -0.5%, against 3.8% a year earlier.Reconstructed · data update
9. Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
10. Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 4.3%, against -0.7% a year earlier.Reconstructed · data update
11. Q2 FY2025 NewReturn on equity over the last 4 quarters was 6.5%, against -6.1% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$1.6 billion, and operating cash flow was 34.5 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q2 FY2027 · stated since Q2 FY2025
Rule: Free cash flow · Sources 10-Q 2025-07, 10-Q 2025-10, 10-K 2026-01 and 2 more
History of this finding, 9 records
1. Q2 FY2027 StrengthenedFree cash flow over the last 4 quarters was US$1.6 billion, and operating cash flow was 34.5 times net income attributable to the company.Recorded from FY2027Q2_7968cf53 · data update
2. Q1 FY2027 StrengthenedFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was -107.0 times net income attributable to the company.Reconstructed · data update
3. Q4 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$1.3 billion, and operating cash flow was -10.8 times net income attributable to the company.Reconstructed · data update
4. Q3 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$1.2 billion, and operating cash flow was -4.9 times net income attributable to the company.Reconstructed · data update
5. Q2 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$1.1 billion, and operating cash flow was -5.0 times net income attributable to the company.Reconstructed · data update
6. Q1 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$1.1 billion, and operating cash flow was -8.5 times net income attributable to the company.Reconstructed · data update
7. Q4 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.1 billion, and operating cash flow was -90.7 times net income attributable to the company.Reconstructed · data update
8. Q3 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.2 billion, and operating cash flow was 12.6 times net income attributable to the company.Reconstructed · data update
9. Q2 FY2025 NewFree cash flow over the last 4 quarters was US$1.2 billion, and operating cash flow was 8.7 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by US$4.3 billion at 31 July 2026.
Strengthenedin Q2 FY2027 · stated since Q2 FY2025
Rule: Net debt or net cash · Sources 10-Q 2026-07
History of this finding, 9 records
1. Q2 FY2027 StrengthenedCash and short-term investments exceeded total debt by US$4.3 billion at 31 July 2026.Recorded from FY2027Q2_7968cf53 · data update
2. Q1 FY2027 WeakenedCash and short-term investments exceeded total debt by US$3.8 billion at 30 April 2026.Reconstructed · data update
3. Q4 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$4.5 billion at 31 January 2026.Reconstructed · data update
4. Q3 FY2026 ConfirmedCash and short-term investments exceeded total debt by US$4.1 billion at 31 October 2025.Reconstructed · data update
5. Q2 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$4.2 billion at 31 July 2025.Reconstructed · data update
6. Q1 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$3.9 billion at 30 April 2025.Reconstructed · data update
7. Q4 FY2025 ConfirmedCash and short-term investments exceeded total debt by US$3.6 billion at 31 January 2025.Reconstructed · data update
8. Q3 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$3.5 billion at 31 October 2024.Reconstructed · data update
9. Q2 FY2025 NewCash and short-term investments exceeded total debt by US$3.3 billion at 31 July 2024.Reconstructed · initial

Records before Q2 FY2027 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: The quarters of CrowdStrike now come from one set of filings each. The fourth quarter of fiscal 2024 had mixed a fiscal year as restated in March 2026 with 9 months as first reported: operating income of US$13 million where its own filings give US$30 million. Short-term investments at 4 dates came from a line that CrowdStrike does not use at its latest dates and are no longer published. Records 3, 4, 5, 7, 14, 15, 16, 18, 20, 22, 24, 34, 35, 41, 42, 48 and 49 cite figures that the correction changed. Correction of 22 October 2026: Annalist did not capture the depreciation and amortisation that CrowdStrike reports on a line of its own, so the item had no value for any period from fiscal 2021 to the first quarter of fiscal 2027. Adjusted EBITDA and the credit metrics were not published, and the Beneish M-score used no depreciation; records 9, 29 and 62 cite M-scores that the correction changed. Records 81 to 88 are reconstructed from the corrected snapshot, and records 89 and 90 state the corrected findings, among them lease-adjusted debt of 0.6 times adjusted EBITDA over the 4 quarters to the second quarter of fiscal 2027. Changes against a year earlier also compared 2 figures of different bases: 8 growth values changed, among them net income growth for the fourth quarter of fiscal 2025, minus 264.3% before the correction and minus 271.9% on one basis. Record 20 compares net income of 2 bases; on one basis the loss of that quarter was US$92 million, against net income of US$54 million a year earlier.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents26 documents, latest Form 10-Q, period ended 31 July 2026List

DownloadsExcel workbook · JSON

SnapshotFY2027Q2_3b802668

Corporate Events

Stock split27 August 2026
The filing reported a stock split of 4 for 1.
Source 10-Q 2026-07
Acquisitions paid in cash31 January 2022
Paid US$415 million in cash for business acquisitions in fiscal 2022, 15.2% of total assets at the start of the year.
Source 10-K 2024-01

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2027

Form 10-Q, period ended 31 July 2026, filed 27 August 2026. Changes are against the previous report, and each figure shows its period.

5changes0thresholds crossed

Changes in This Report 5

WeakenedNet Income Against a Year Earlier10-Q 2026-07
Net income attributable to the company was US$5 million, against a net loss of US$70 million in the same quarter a year earlier.
Earlier record, Q1 FY2027
Net income attributable to the company was US$28 million, against a net loss of US$104 million in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-07
The operating margin over the last 4 quarters was -2.2%, 6.1 percentage points higher than a year earlier.
Earlier record, Q1 FY2027
The operating margin over the last 4 quarters was -3.8%, 2.1 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-07
Return on equity over the last 4 quarters was 1.3%, against -8.5% a year earlier.
Earlier record, Q1 FY2027
Return on equity over the last 4 quarters was -0.4%, against -5.4% a year earlier.
StrengthenedFree Cash Flow10-Q 2026-07
Free cash flow over the last 4 quarters was US$1.6 billion, and operating cash flow was 34.5 times net income attributable to the company.
Earlier record, Q1 FY2027
Free cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was -107.0 times net income attributable to the company.

1 more change

StrengthenedNet Debt or Net Cash10-Q 2026-07
Cash and short-term investments exceeded total debt by US$4.3 billion at 31 July 2026.
Earlier record, Q1 FY2027
Cash and short-term investments exceeded total debt by US$3.8 billion at 30 April 2026.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 0.56x, FFO to debt 168% · Q2 FY2027

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 0.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 167.8% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin Q2 FY2027 · stated since Q2 FY2025
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-07, 10-Q 2025-07, 10-Q 2025-10 and 2 more
History of this finding, 9 records
1. Q2 FY2027 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 167.8% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026.Recorded from FY2027Q2_3b802668 · correction
2. Q1 FY2027 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 144.1% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026.Reconstructed · data update
3. Q4 FY2026 ConfirmedLease-adjusted debt was 0.7 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 125.3% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
4. Q3 FY2026 ConfirmedLease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 111.2% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
5. Q2 FY2026 ConfirmedLease-adjusted debt was 0.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 104.3% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
6. Q1 FY2026 ConfirmedLease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 111.7% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
7. Q4 FY2025 ConfirmedLease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 118.2% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
8. Q3 FY2025 ConfirmedLease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 117.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
9. Q2 FY2025 NewLease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 116.5% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q2 FY2027

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 0.6 years of adjusted EBITDA; a year of funds from operations equals 167.8% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	0.56xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	168%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202231 Jan 2022	FY202331 Jan 2023	FY202431 Jan 2024	FY202531 Jan 2025	FY202631 Jan 2026	Q2 FY2027latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost						est.
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes						est.
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	significant	modest	minimal	minimal	minimal	est.minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	significant	modest	minimal	minimal	minimal	est.minimal
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA						est.
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt						est.
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt						est.
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt						est.
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)						est.
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)						est.
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Jan 2022	FY202331 Jan 2023	FY202431 Jan 2024	FY202531 Jan 2025	FY202631 Jan 2026	Q2 FY2027latest quarter
Total debt	$740m	$741m	$742m	$744m	$745m	$746m
Operating lease liabilities	$35.2m	$42.6m	$50.4m	$44.9m	$74.6m	$74.0m
Lease-adjusted debt	$775m	$784m	$793m	$789m	$820m	$820m
EBIT	−$143m	−$190m	−$19.1m	−$116m	−$293m	−$119m
Depreciation and amortisation	$68.8m	$93.8m	$145m	$214m	$281m	$333m
Goodwill impairment	$0	$0	$0	$0	$0	$0
Share-based compensation	$310m	$527m	$649m	$861m	$1.1bn	$1.2bn
Operating lease cost	$11.3m	$11.1m	$15.5m	$17.3m	$20.1m	$20.1m
Adjusted EBITDA	$247m	$441m	$790m	$976m	$1.1bn	$1.5bn
Cash interest	−$13.1m	−$22.6m	−$22.5m	−$22.5m	−$22.5m	−$22.5m
Lease interest	−$2.1m	−$1.8m	−$2.7m	−$2.6m	−$3.2m	−$3.7m
Cash taxes	−$74.7m	−$11.9m	−$22.6m	−$19.0m	−$51.5m	−$61.7m
Funds from operations	$158m	$405m	$743m	$932m	$1.0bn	$1.4bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −18.4%, Operating cash flow to EBITDA 9.46x · Q2 FY2027

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2027 · stated since Q2 FY2025
Rule: Cash backing of earnings · Sources 10-Q 2025-07, 10-Q 2026-07, 10-Q 2025-10 and 2 more
History of this finding, 10 records
1. Q2 FY2027 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.4% of average total assets.Recorded from FY2027Q2_d46d46b8 · methodology
2. Q2 FY2027 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.4% of average total assets.Recorded from FY2027Q2_7968cf53 · data update
3. Q1 FY2027 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.4% of average total assets.Reconstructed · data update
4. Q4 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 17.8% of average total assets.Reconstructed · data update
5. Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 19.8% of average total assets.Reconstructed · data update
6. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 20.2% of average total assets.Reconstructed · data update
7. Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 19.9% of average total assets.Reconstructed · data update
8. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.2% of average total assets.Reconstructed · data update
9. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.7% of average total assets.Reconstructed · data update
10. Q2 FY2025 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 18.5% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202231 Jan 2022	FY202331 Jan 2023	FY202531 Jan 2025	FY202631 Jan 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)	n/a	n/a		n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a	n/a	n/a	n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.07, Beneish −2.95 · Piotroski 5 of 9 · Last 4 quarters 1.76 at Q2 FY2027 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 2.07, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2026 · stated since FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-07, 10-K 2026-01
History of this finding, 3 records
1. FY2026 ConfirmedThe Altman Z'' score for fiscal 2026 was 2.07, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
2. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.14, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.06, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2026 was minus 2.95, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2026 · stated since FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2026-01, 10-Q 2026-07
History of this finding, 4 records
1. FY2026 ConfirmedThe Beneish M-score for fiscal 2026 was minus 2.95, below the model threshold of minus 1.78.Recorded from FY2027Q2_3b802668 · correction
2. FY2026 ConfirmedThe Beneish M-score for fiscal 2026 was minus 2.94, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.89, below the model threshold of minus 1.78.Reconstructed · data update
4. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.88, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2026 · stated since FY2025
Rule: Piotroski F-score · Sources 10-K 2025-01, 10-K 2026-01, 10-Q 2026-07
History of this finding, 4 records
1. FY2026 ConfirmedThe Piotroski F-score for fiscal 2026 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
2. FY2025 NewThe Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. Q4 FY2025 RetiredThe finding changed to a middle score.Reconstructed · data update
4. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Jan 2022	FY202331 Jan 2023	FY202431 Jan 2024	FY202531 Jan 2025	FY202631 Jan 2026	Q2 FY2027latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone	grey zone	grey zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

2.07Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.07 is in the grey zone of the model, between 1.10 and 2.60. The largest part is working capital, at 1.91; an accumulated deficit lowers the score by 0.38 and an operating loss by 0.18.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.292	6.560	1.914
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−0.116	3.260	−0.377
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	−0.026	6.720	−0.178
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.676	1.050	0.710
Score			2.069

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2026

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.95Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.95 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.991	0.920	0.912
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.004	0.528	0.530
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.174	0.404	0.474
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.217	0.892	1.086
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.954	0.115	0.110
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.160	4.679	−0.749
Leverage indexDebt against total assets, against a year earlier.	0.920	−0.327	−0.301
Score			−2.950

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.28 means a probability of a misstatement 0.28 times the average rate in the Dechow sample: 0.10% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.025	0.790	0.020
Change in receivables / average total assetsThe growth of receivables against average assets.	0.024	2.518	0.059
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.440	1.979	0.871
Change in cash salesThe growth of sales collected in cash.	0.245	0.171	0.042
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.014	−0.932	0.013
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.887
Probability of a misstatement			0.10%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

5 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2026	FY2025
Return on assets above zero	Not met	Not met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 31 July 2026	27 Aug 2026	10-Q:0001535527-26-000031
Form 10-Q, period ended 30 April 2026	4 Jun 2026	10-Q:0001535527-26-000025
Form 10-K, period ended 31 January 2026	5 Mar 2026	10-K:0001535527-26-000010
Form 10-Q, period ended 31 October 2025	3 Dec 2025	10-Q:0001535527-25-000033
Form 10-Q, period ended 31 July 2025	28 Aug 2025	10-Q:0001535527-25-000025
Form 10-Q, period ended 30 April 2025	4 Jun 2025	10-Q:0001535527-25-000019
Form 10-K, period ended 31 January 2025	10 Mar 2025	10-K:0001535527-25-000009
Form 10-Q, period ended 31 October 2024	27 Nov 2024	10-Q:0001535527-24-000026
Form 10-Q, period ended 31 July 2024	29 Aug 2024	10-Q:0001535527-24-000020
Form 10-Q, period ended 30 April 2024	5 Jun 2024	10-Q:0001535527-24-000013
Form 10-K, period ended 31 January 2024	7 Mar 2024	10-K:0001535527-24-000007
Form 10-Q, period ended 31 October 2023	29 Nov 2023	10-Q:0001535527-23-000026
Form 10-Q, period ended 31 July 2023	31 Aug 2023	10-Q:0001535527-23-000020
Form 10-Q, period ended 30 April 2023	1 Jun 2023	10-Q:0001535527-23-000014
Form 10-K, period ended 31 January 2023	9 Mar 2023	10-K:0001535527-23-000008
Form 10-Q, period ended 31 October 2022	30 Nov 2022	10-Q:0001535527-22-000025
Form 10-Q, period ended 31 July 2022	31 Aug 2022	10-Q:0001535527-22-000018
Form 10-Q, period ended 30 April 2022	3 Jun 2022	10-Q:0001535527-22-000012
Form 10-K, period ended 31 January 2022	16 Mar 2022	10-K:0001535527-22-000006
Form 10-Q, period ended 31 October 2021	2 Dec 2021	10-Q:0001535527-21-000028
Form 10-Q, period ended 31 July 2021	1 Sep 2021	10-Q:0001535527-21-000022
Form 10-Q, period ended 30 April 2021	4 Jun 2021	10-Q:0001535527-21-000013
Form 10-K, period ended 31 January 2021	18 Mar 2021	10-K:0001535527-21-000007
Form 10-Q, period ended 31 October 2020	3 Dec 2020	10-Q:0001535527-20-000025
Form 10-Q, period ended 31 July 2020	3 Sep 2020	10-Q:0001535527-20-000019
Form 10-Q, period ended 30 April 2020	3 Jun 2020	10-Q:0001535527-20-000012

Checks

337313 of 337 checks passed, 24 warnings

Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year123 of 139 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Cost of revenue, FY2024: $756m against $759m

Gross profit, FY2024: $2,300m against $2,297m

Research and development expense, FY2024: $768m against $780m

Operating income, FY2024: −$2.0m against −$19.1m

Income before income taxes, FY2024: $123m against $106m

Net income including noncontrolling interests, FY2024: $90.6m against $73.4m

Reported quarters0 of 8 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Depreciation and amortisation, Q3 FY2021: $10.1m against $10.1m

Amortisation of intangible assets, Q3 FY2021: $400,000 against $372,000

Depreciation and amortisation, Q2 FY2022: $12.7m against $13.0m

Depreciation and amortisation, Q3 FY2022: $14.5m against $14.5m

Amortisation of intangible assets, Q3 FY2022: $3.4m against $3.3m

Amortisation of intangible assets, Q3 FY2023: $4.1m against $4.1m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure26 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities16 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit32 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,465
Proven by a check	51.3%, 751 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	21.8%, 320 values
Values withheld	0
Restated figures tracked	56
Changes compared on one basis	15
Company lines mapped	1 of 2 reviewed

Citation

Annalist, CrowdStrike Holdings, Inc., snapshot crowdstrike/FY2027Q2_3b802668 (as of FY2027 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2027Q2_3b802668 · dataset SHA-256 3b8026684f96d895ec7123b56522dc3649bb459be500c928fde00ddd0688e670 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json