TLDR
- CRWD jumped 20% after Q2 results, closing at $227.96 and hitting a new 52-week high of $229.08
- Non-GAAP EPS of $0.31 beat estimates by $0.02; revenue of $1.47B rose 26% year-over-year
- Net new ARR hit a record $333 million, up 51% year-over-year, with ending ARR at $5.84B
- Full-year FY2027 revenue guidance raised to $5.99B-$6.01B; Q3 revenue guided to $1.523B-$1.529B
- Stock pulled back over 6% the following morning as valuation concerns resurfaced at 40x price-to-sales
CrowdStrike posted what CEO George Kurtz called “the best quarter in CrowdStrike’s history” on August 26, sending CRWD up 20% to close at $227.96 the following day.
CrowdStrike Holdings, Inc., CRWD
The stock hit a fresh 52-week high of $229.08 intraday, with volume coming in at roughly 23.3 million, nearly three times the one-month average.
Non-GAAP EPS came in at $0.31, beating the $0.29 consensus by $0.02. Revenue reached $1.47 billion, up 25.6% year-over-year and $30 million ahead of estimates.
Subscription revenue rose 27% to $1.40 billion. Professional services revenue hit a record $71 million.
Net new ARR was the standout number. It reached a record $333 million for the quarter, representing 51% year-over-year growth. Ending ARR climbed more than 25% to $5.84 billion, with growth accelerating for the fourth straight quarter.
Platform Momentum Building
CrowdStrike’s Falcon platform continues to pull in deeper customer spending. Around 51% of subscription customers are now using six or more modules, while 35% use seven or more.
Falcon Flex adoption is also driving higher spending. Customers migrating from standard subscriptions to Flex saw average ARR increase more than 40% in the quarter.
The company also flagged rising demand for AI readiness and incident response services, which management sees as a path to broader platform adoption.
Guidance Gets a Lift
Management raised its full-year FY2027 net new ARR forecast to approximately $1.355 billion at the midpoint. That is about $116 million above the initial FY2027 outlook, implying around 34% year-over-year growth versus the original 22.5% target.
Full-year revenue guidance was raised to $5.99 billion to $6.01 billion.
For Q3, CrowdStrike expects revenue of $1.523 billion to $1.529 billion, representing 23% to 24% year-over-year growth.
Despite the strong print, the stock pulled back more than 6% the morning after the surge. Valuation remains the central debate, with a forward price-to-sales multiple sitting around 40x and a forward P/E of 153.
Wall Street holds a “Moderate Buy” consensus on the stock. Several analysts who were cautious ahead of the print flagged that much of the growth is likely already priced in.
The 200-day moving average sits at $139.62, roughly 35% below where the stock closed after earnings. The 52-week low was $85.68, now more than 165% below the post-earnings close.
CrowdStrike’s prior 52-week high was $227.50 before Thursday’s move pushed it to $229.08.
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