Item 1. FINANCIAL STATEMENTS

CrowdStrike Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

			July 31,						January 31,
			2025						2025
Assets
Current assets:
Cash and cash equivalents			$	4,972,436					$	4,323,295
Accounts receivable, net of allowance for credit losses of $3.0 million and $2.8 million as of July 31, 2025 and January 31, 2025, respectively			886,557						1,128,564
Deferred contract acquisition costs, current			372,543						347,042
Prepaid expenses and other current assets			302,818						314,444
Total current assets			6,534,354						6,113,345
Strategic investments			72,482						72,544
Property and equipment, net			869,240						788,640
Operating lease right-of-use assets			63,399						42,763
Deferred contract acquisition costs, noncurrent			517,088						500,908
Goodwill			913,325						912,805
Intangible assets, net			117,858						133,114
Other long-term assets			201,113						137,459
Total assets			$	9,288,859					$	8,701,578
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	120,554					$	130,887
Accrued expenses			210,529						191,349
Accrued payroll and benefits			299,521						319,243
Operating lease liabilities, current			12,860						13,811
Deferred revenue			2,781,196						2,733,005
Other current liabilities			51,278						72,755
Total current liabilities			3,475,938						3,461,050
Long-term debt			744,727						743,983
Deferred revenue, noncurrent			1,053,661						995,672
Operating lease liabilities, noncurrent			52,941						31,107
Other liabilities, noncurrent			166,901						150,849
Total liabilities			5,494,168						5,382,661
Commitments and contingencies (Note 10)
Stockholders’ Equity
Preferred stock, $0.0005 par value; 100,000 shares authorized as of July 31, 2025 and January 31, 2025; no shares issued and outstanding as of July 31, 2025 and January 31, 2025.			—						—
Class A common stock, $0.0005 par value; 2,000,000 shares authorized as of July 31, 2025 and January 31, 2025; 250,827 shares and 247,872 shares issued and outstanding as of July 31, 2025 and January 31, 2025, respectively; Class B common stock, $0.0005 par value; 92,364 shares authorized as of July 31, 2025 and January 31, 2025; 0 shares issued and outstanding as of July 31, 2025 and January 31, 2025.			125						124
Additional paid-in capital			5,016,544						4,367,070
Accumulated deficit			(1,265,989)						(1,078,107)
Accumulated other comprehensive income (loss)			6,000						(9,593)
Total CrowdStrike Holdings, Inc. stockholders’ equity			3,756,680						3,279,494
Non-controlling interest			38,011						39,423
Total stockholders’ equity			3,794,691						3,318,917
Total liabilities and stockholders’ equity			$	9,288,859					$	8,701,578

The accompanying notes are an integral part of these condensed consolidated financial statements.

CrowdStrike Holdings, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

			Three Months Ended July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Revenue
Subscription			$	1,102,945					$	918,257					$	2,153,713					$	1,790,429
Professional services			66,007						45,615						118,673						94,479
Total revenue			1,168,952						963,872						2,272,386						1,884,908
Cost of revenue
Subscription			253,640						199,910						496,014						389,567
Professional services			56,643						37,491						103,412						72,837
Total cost of revenue			310,283						237,401						599,426						462,404
Gross profit			858,669						726,471						1,672,960						1,422,504
Operating expenses
Sales and marketing			447,024						355,471						886,641						705,585
Research and development			346,668						250,908						680,797						486,157
General and administrative			177,956						106,434						343,157						210,168
Total operating expenses			971,648						712,813						1,910,595						1,401,910
Income (loss) from operations			(112,979)						13,658						(237,635)						20,594
Interest expense			(6,823)						(6,549)						(13,538)						(13,060)
Interest income			50,850						51,526						96,230						97,376
Other income (expense), net			(2,722)						(1,031)						(6,618)						6,625
Income (loss) before provision for income taxes			(71,674)						57,604						(161,561)						111,535
Provision for income taxes			5,971						10,914						27,077						18,581
Net income (loss)			(77,645)						46,690						(188,638)						92,954
Net income (loss) attributable to non-controlling interest			30						(323)						(756)						3,121
Net income (loss) attributable to CrowdStrike			$	(77,675)					$	47,013					$	(187,882)					$	89,833
Net income (loss) per share attributable to CrowdStrike common stockholders:
Basic			$	(0.31)					$	0.19					$	(0.75)					$	0.37
Diluted			$	(0.31)					$	0.19					$	(0.75)					$	0.36
Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders:
Basic			249,909						244,091						249,182						243,249
Diluted			249,909						251,265						249,182						250,724

The accompanying notes are an integral part of these condensed consolidated financial statements.

CrowdStrike Holdings, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

			Three Months Ended July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Net income (loss)			$	(77,645)					$	46,690					$	(188,638)					$	92,954
Other comprehensive income (loss):
Foreign currency translation adjustments			206						1,635						16,400						(1,454)
Unrealized gain (loss) on cash equivalents and short-term investments, net of tax			(61)						23						(807)						15
Other comprehensive income (loss)			145						1,658						15,593						(1,439)
Less: Comprehensive income (loss) attributable to non-controlling interest			30						(323)						(756)						3,121
Total comprehensive income (loss) attributable to CrowdStrike			$	(77,530)					$	48,671					$	(172,289)					$	88,394

The accompanying notes are an integral part of these condensed consolidated financial statements.

CrowdStrike Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Three Months Ended July 31, 2025 and 2024

(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 April 30, 2025						249,074						$	125					$	4,633,211					$	(1,188,314)					$	5,855					$	40,137					$	3,491,014
Issuance of common stock upon exercise of options						191						—						1,721						—						—						—						1,721
Issuance of common stock under RSU and PSU release						1,274						—						—						—						—						—						—
Issuance of common stock under employee stock purchase plan						275						—						74,622						—						—						—						74,622
Issuance of common stock for founders holdbacks related to acquisitions						13						—						6,136						—						—						—						6,136
Issuance of common stock for payment of board of director fees						—						—						88						—						—						—						88
Stock-based compensation expense, net of founder revest						—						—						285,626						—						—						—						285,626
Capitalized stock-based compensation						—						—						15,140						—						—						—						15,140
Net income (loss)						—						—						—						(77,675)						—						30						(77,645)
Non-controlling interest						—						—						—						—						—						(2,156)						(2,156)
Other comprehensive income						—						—						—						—						145						—						145
Balances at July 31, 2025						250,827						$	125					$	5,016,544					$	(1,265,989)					$	6,000					$	38,011					$	3,794,691

						Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive (Income) Loss						Non-controlling Interest						Total Stockholders’ Equity
						Shares						Amount
Balances at April 30, 2024						243,184						$	122					$	3,556,194					$	(1,016,016)					$	(4,760)					$	33,242					$	2,568,782
Issuance of common stock upon exercise of options						208						—						1,641						—						—						—						1,641
Issuance of common stock under RSU and PSU release						1,210						1						(1)						—						—						—						—
Issuance of common stock under employee stock purchase plan						518						—						56,099						—						—						—						56,099
Issuance of common stock for founders holdbacks related to acquisitions						2						—						889						—						—						—						889
Issuance of common stock for payment of board of director fees						—						—						87						—						—						—						87
Stock-based compensation expense, net of founder revest						—						—						198,476						—						—						—						198,476
Capitalized stock-based compensation						—						—						11,512						—						—						—						11,512
Net income (loss)						—						—						—						47,013						—						(323)						46,690
Non-controlling interest						—						—						—						—						—						4,756						4,756
Other comprehensive income						—						—						—						—						1,658						—						1,658
Balances at July 31, 2024						245,122						$	123					$	3,824,897					$	(969,003)					$	(3,102)					$	37,675					$	2,890,590

The accompanying notes are an integral part of these condensed consolidated financial statements.

CrowdStrike Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Six Months Ended July 31, 2025 and 2024

(in thousands)

(unaudited)

						Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (Loss)						Non-controlling Interest						Total Stockholders’ Equity
						Shares						Amount
Balances at January 31, 2025						247,872						$	124					$	4,367,070					$	(1,078,107)					$	(9,593)					$	39,423					$	3,318,917
Issuance of common stock upon exercise of options						265						—						2,355						—						—						—						2,355
Issuance of common stock under RSU and PSU release						2,402						1						(1)						—						—						—						—
Issuance of common stock under employee stock purchase plan						275						—						74,622						—						—						—						74,622
Issuance of common stock for founders holdbacks related to acquisitions						13						—						6,136						—						—						—						6,136
Issuance of common stock for payment of board of director fees						—						—						176						—						—						—						176
Stock-based compensation expense, net of founder revest						—						—						537,755						—						—						—						537,755
Capitalized stock-based compensation						—						—						28,431						—						—						—						28,431
Net loss						—						—						—						(187,882)						—						(756)						(188,638)
Non-controlling interest						—						—						—						—						—						(656)						(656)
Other comprehensive income						—						—						—						—						15,593						—						15,593
Balances at July 31, 2025						250,827						$	125					$	5,016,544					$	(1,265,989)					$	6,000					$	38,011					$	3,794,691

						Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Loss						Non-controlling Interest						Total Stockholders’ Equity
						Shares						Amount
Balances at January 31, 2024						241,865						$	121					$	3,364,328					$	(1,058,836)					$	(1,663)					$	33,139					$	2,337,089
Issuance of common stock upon exercise of options						300						—						2,464						—						—						—						2,464
Issuance of common stock under RSU and PSU release						2,434						2						(2)						—						—						—						—
Issuance of common stock under employee stock purchase plan						518						—						56,099						—						—						—						56,099
Issuance of common stock for founders holdbacks related to acquisitions						5						—						1,778						—						—						—						1,778
Issuance of common stock for payment of board of director fees						—						—						175						—						—						—						175
Stock-based compensation expense, net of founder revest						—						—						380,109						—						—						—						380,109
Capitalized stock-based compensation						—						—						19,478						—						—						—						19,478
Fair value of replacement equity awards attributable to pre-acquisition service						—						—						468						—						—						—						468
Net income						—						—						—						89,833						—						3,121						92,954
Non-controlling interest						—						—						—						—						—						1,415						1,415
Other comprehensive loss						—						—						—						—						(1,439)						—						(1,439)
Balances at July 31, 2024						245,122						$	123					$	3,824,897					$	(969,003)					$	(3,102)					$	37,675					$	2,890,590

The accompanying notes are an integral part of these condensed consolidated financial statements.

CrowdStrike Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)(unaudited)

			Six Months Ended July 31,
			2025						2024
Operating activities
Net income (loss)			$	(188,638)					$	92,954
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			116,834						88,936
Amortization of intangible assets			15,261						12,332
Amortization of deferred contract acquisition costs			209,941						147,851
Non-cash operating lease cost			8,717						7,167
Stock-based compensation expense			540,757						384,002
Deferred income taxes			(2,320)						(1,929)
Realized gains on strategic investments			—						(6,227)
Non-cash interest expense			2,293						1,785
Change in fair value of strategic investments			1,579						—
Accretion of short-term investments purchased at a discount			—						2,285
Changes in operating assets and liabilities, net of impact of acquisitions
Accounts receivable, net			242,008						192,060
Deferred contract acquisition costs			(251,622)						(158,333)
Prepaid expenses and other assets			(50,411)						(63,224)
Accounts payable			(13,310)						(72)
Accrued expenses and other liabilities			12,716						7,968
Accrued payroll and benefits			(24,931)						(29,432)
Operating lease liabilities			(8,113)						(7,113)
Deferred revenue			106,178						38,859
Net cash provided by operating activities			716,939						709,869
Investing activities
Purchases of property and equipment			(116,248)						(88,937)
Capitalized internal-use software and website development costs			(34,726)						(24,995)
Purchases of strategic investments			(1,417)						(2,702)
Proceeds from sales of strategic investments			4,388						10,895
Business acquisitions, net of cash acquired			—						(96,381)
Proceeds from maturities and sales of short-term investments			—						97,300
Purchases of deferred compensation investments			(2,770)						(1,209)
Proceeds from sales of deferred compensation investments			164						41
Net cash used in investing activities			(150,609)						(105,988)
Financing activities
Proceeds from the issuance of common stock upon exercise stock options			2,355						2,464
Proceeds from issuance of common stock under the employee stock purchase plan			74,622						56,099
Distributions to non-controlling interest holders			(2,156)						(4,085)
Capital contributions from non-controlling interest holders			1,500						5,500
Net cash provided by financing activities			76,321						59,978
Effect of foreign exchange rates on cash, cash equivalents and restricted cash			6,595						(1,040)
Net increase in cash, cash equivalents and restricted cash			649,246						662,819
Cash, cash equivalents and restricted cash at beginning of period			4,324,666						3,377,597
Cash, cash equivalents and restricted cash at end of period			$	4,973,912					$	4,040,416
Cash, cash equivalents and restricted cash at the end of period:
Cash and cash equivalents			$	4,972,436					$	4,038,536
Restricted cash included in prepaid expenses and other assets			1,476						1,880
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	4,973,912					$	4,040,416
Supplemental disclosure of cash flow information:
Interest paid			$	11,250					$	11,250
Income taxes paid, net of refunds received			26,031						10,250
Supplemental disclosure of non-cash investing and financing activities:
Net increase (decrease) in property and equipment included in accounts payable and accrued expenses			7,918						(16,469)
Equity consideration for acquisitions			—						468
Operating lease liabilities arising from obtaining operating right-of-use assets			28,273						2,854
Proceeds from sales of strategic investments not yet received			661						4,808
Stock-based compensation included in capitalized software development costs and fixed assets			28,431						19,478
Noncash consideration for the purchase of strategic investments			1,101						3,319
Noncash consideration received from sales of strategic investments			—						3,319

The accompanying notes are an integral part of these condensed consolidated financial statements.

CrowdStrike Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

1. Description of Business and Significant Accounting Policies

Business

CrowdStrike Holdings, Inc. (and/or its subsidiaries, as applicable, the “Company”) was formed on November 7, 2011. The Company is a global cybersecurity leader that delivers cybersecurity’s AI-native platform for the XDR era, purpose-built to stop breaches. The Company’s unified platform provides cloud-delivered protection of endpoints, cloud workloads, identity, and data via a software as a service (“SaaS”) subscription-based model that spans multiple large security markets, including corporate endpoint security, security and IT operations, managed security services, next-gen SIEM, cloud security, identity protection, threat intelligence, data protection, exposure management and cybersecurity generative AI. The Company conducts its business in the United States, as well as locations internationally, including in Australia, Germany, India, Israel, Japan, Romania, and the United Kingdom.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of January 31, 2025, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments that are necessary for the fair statement of the Company’s condensed consolidated financial information. The results of operations for the three and six months ended July 31, 2025 are not necessarily indicative of the results to be expected for the year ending January 31, 2026 or for any other interim period or for any other future year.

The accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 10, 2025.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Actual results may differ from these estimates and such differences could be material to the Company’s condensed consolidated financial statements.

Estimates and assumptions used by management include, but are not limited to, revenue recognition, the allowance for credit losses, the useful lives of long-lived assets, the fair values of strategic investments, the period of benefit for deferred contract acquisition costs, the discount rate used for operating leases, the recognition and disclosure of contingent liabilities, income taxes, stock-based compensation, and the fair value of assets acquired and liabilities assumed in business combinations.

Concentration of Credit Risk and Geographic Information

The Company generates revenue from the sale of subscriptions to access its cloud platform and professional services. The Company’s sales team, along with its channel partner network of system integrators and value-added resellers (collectively, “channel partners”), sells the Company’s services worldwide to organizations of all sizes.

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 July 31, 2025 or January 31, 2025.

There were no channel partners or direct customers who represented 10% or more of the Company’s total revenue for each of the three and six months ended July 31, 2025 or July 31, 2024.

As of July 31, 2025, four end users represented 10% or more of the Company’s financing receivables, and in aggregate represented 59% of the Company’s financing receivables. As of January 31, 2025, two end users represented 10% or more of the Company’s financing receivables, and in aggregate represented 78% of the Company’s financing receivables.

Significant Accounting Policies

The Company’s significant accounting policies are described in the Company’s Annual Report on Form 10-K for the year ended January 31, 2025. There have been no significant changes to these policies that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the three and six months ended July 31, 2025.

Recently Issued 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 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. The standard requires 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 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.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, a final standard on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company will adopt the standard in its fourth quarter of fiscal year 2026 and is assessing the appropriate transition method.

2. Investments and Fair Value Measurements

The Company follows ASC 820*, Fair Value Measurements*, with respect to cash equivalents and deferred compensation investments that are measured at fair value on a recurring basis. Under the standard, fair value is defined as the exit price, or the amount that would be received to sell an asset or a liability in an orderly transaction between market participants as of the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.

The hierarchy is broken down into three levels as follows:

Level 1 Assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in active markets

Level 2 Assets and liabilities whose values are based on quoted prices in markets that are not active or inputs that are observable for substantially the full term of the asset or liability

Level 3 Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):

			July 31, 2025																								January 31, 2025
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(1)
Money market funds			$	845,191					$	—					$	—					$	845,191					$	1,470,040					$	—					$	—					$	1,470,040
U.S. Treasury securities			—						2,489,080						—						2,489,080						—						2,490,097						—						2,490,097
Other assets
Deferred compensation investments			8,598						—						—						8,598						5,496						—						—						5,496
Total assets			$	853,789					$	2,489,080					$	—					$	3,342,869					$	1,475,536					$	2,490,097					$	—					$	3,965,633

(1)Cash equivalents exclude $707.0 million of time deposits, which are carried at cost and approximate fair value as of July 31, 2025.

There were no transfers between the levels of the fair value hierarchy during the periods presented.

As of July 31, 2025 and January 31, 2025, the Company’s U.S. Treasury securities were carried at fair value and there were no material realized or unrealized gains or losses, either individually or in aggregate.

The total estimated fair value of the Company’s financing receivables approximates their carrying amounts as of July 31, 2025 and January 31, 2025. The fair value of the Company’s financing receivables is considered to be a Level 3 measurement as unobservable inputs are used in determining discounted cash flows to estimate fair value.

Strategic Investments

The Company’s investments of privately held securities as of July 31, 2025, consisted of the following (in thousands):

			Privately held equity securities						Privately held debt and other securities						Total
Initial total cost			$	70,657					$	—					$	70,657
Cumulative net gains			1,825						—						1,825
Carrying amount, end of period			$	72,482					$	—					$	72,482

The Company’s investments of privately held securities as of January 31, 2025, consisted of the following (in thousands):

			Privately held equity securities						Privately held debt and other securities						Total
Initial total cost			$	68,140					$	1,000					$	69,140
Cumulative net gains			3,404						—						3,404
Carrying amount, end of period			$	71,544					$	1,000					$	72,544

As of July 31, 2025, the cumulative net gains of $1.8 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $5.5 million. As of January 31, 2025, the cumulative net gains of $3.4 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $3.9 million.

Gains and Losses on Strategic Investments

The components of gains and losses on strategic investments were as follows (in thousands):

			Three Months Ended July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Unrealized losses recognized on privately held equity securities, including impairment			$	—					$	—					$	(1,579)					$	—
Unrealized losses, net			$	—					$	—					$	(1,579)					$	—
Realized gains recognized on sales of privately held equity securities			$	—					$	—					$	—					$	6,881
Realized losses recognized on sales of privately held equity securities			—						(655)						—						(655)
Realized gains (losses), net			$	—					$	(655)					$	—					$	6,226
Gains (losses) on strategic investments, net			$	—					$	(655)					$	(1,579)					$	6,226
Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date			$	—					$	—					$	(1,579)					$	—

Unrealized losses recognized on privately held equity securities was related to downward adjustments and impairment.

Realized gains and losses recognized on sales of privately held equity securities reflects 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):

			July 31, 2025						January 31, 2025
Short-term financing receivables, gross			$	45,245					$	9,579
Unearned income			(6,802)						(2,339)
Allowance for credit losses			(616)						(76)
Short-term financing receivables, net			$	37,827					$	7,164
Long-term financing receivables, gross			$	108,952					$	43,235
Unearned income			(8,514)						(5,051)
Allowance for credit losses			(887)						(342)
Long-term financing receivables, net			$	99,551					$	37,842

The Company’s amortized cost basis of financing receivables categorized by internal risk rating and year of origination was as follows (in thousands):

			July 31, 2025																		January 31, 2025
			Fiscal Year of Origination																		Fiscal Year of Origination
Internal Risk Rating(1)			2026						2025						Total						2026						2025						Total
1 to 4			$	61,918					$	18,890					$	80,808					$	—					$	18,413					$	18,413
5 to 6			32,889						25,184						58,073						—						27,011						27,011
7 to 9			—						—						—						—						—						—
Amortized cost basis of financing receivables			$	94,807					$	44,074					$	138,881					$	—					$	45,424					$	45,424

(1)Internal risk ratings are determined based on the end-user’s financial condition and are categorized as 1 through 9, with the lowest rating representing the highest quality. Credit quality indicators are generally updated at least annually, or more frequently to the extent required by economic conditions.

There was no significant activity in allowance for credit losses during the three and six months ended July 31, 2025. There were no financing receivables through July 31, 2024. There were no past due amounts on financing receivables as of July 31, 2025. Past due amounts on financing receivables as of January 31, 2025 were immaterial.

4. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

			July 31, 2025						January 31, 2025
Data center and other computer equipment			$	896,236					$	755,728
Capitalized internal-use software and website development costs			327,606						265,987
Leasehold improvements			44,510						42,230
Purchased software			16,789						15,876
Furniture and equipment			11,006						10,485
Construction in progress			214,608						220,088
			1,510,755						1,310,394
Less: Accumulated depreciation and amortization			(641,515)						(521,754)
Property and equipment, net			$	869,240					$	788,640

Construction in progress primarily includes data center equipment purchased that has not yet been placed in service. Data center equipment that was purchased but not yet been placed into service was $171.4 million as of July 31, 2025.

Depreciation and amortization expense of property and equipment was $60.4 million and $46.2 million during the three months ended July 31, 2025 and July 31, 2024, respectively, and $116.8 million and $88.9 million during the six months ended July 31, 2025 and July 31, 2024, respectively.

There was no impairment of property and equipment during the three and six months ended July 31, 2025 and July 31, 2024. The Company capitalized $31.0 million and $25.0 million in internal-use software and website development costs during the three months ended July 31, 2025 and July 31, 2024, respectively, and $60.6 million and $42.5 million during the six months ended July 31, 2025 and July 31, 2024, respectively. Amortization expense associated with internal-use software and website development costs totaled $19.6 million and $13.8 million during the three months ended July 31, 2025 and July 31, 2024, respectively, and $37.1 million and $26.6 million during the six months ended July 31, 2025 and July 31, 2024, respectively. The net book value of capitalized internal-use software and website development costs was $167.5 million and $144.0 million as of July 31, 2025 and January 31, 2025, respectively.

Intangible Assets, Net

Total intangible assets, net consisted of the following (dollars in thousands):

			July 31, 2025																		Weighted-Average Remaining Useful Life
			Gross Carrying Amount						Accumulated Amortization						Net Amount
																					(in months)
Developed technology			$	168,487					$	76,589					$	91,898					50
Customer relationships			24,560						10,342						14,218						60
Intellectual property and other acquired intangible assets			15,849						4,107						11,742						108
Total			$	208,896					$	91,038					$	117,858

			January 31, 2025																		Weighted-Average Remaining Useful Life
			Gross Carrying Amount						Accumulated Amortization						Net Amount
																					(in months)
Developed technology			$	168,416					$	63,783					$	104,633					55
Customer relationships			24,502						8,454						16,048						65
Intellectual property and other acquired intangible assets			15,837						3,404						12,433						112
Total			$	208,755					$	75,641					$	133,114

Amortization expense of intangible assets was $7.6 million and $6.3 million during the three months ended July 31, 2025 and July 31, 2024, respectively, and $15.3 million and $12.3 million during the six months ended July 31, 2025 and July 31, 2024, respectively.

The estimated aggregate future amortization expense of intangible assets as of July 31, 2025 was as follows (in thousands):

			Total
Fiscal 2026 (remaining six months)			$	14,171
Fiscal 2027			27,248
Fiscal 2028			26,735
Fiscal 2029			23,982
Fiscal 2030			14,605
Thereafter			11,117
Total future amortization expense			$	117,858

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 six months ended July 31, 2025 consisted of the following (in thousands):

			Amounts
Goodwill as of January 31, 2025			$	912,805
Foreign currency translation			520
Goodwill as of July 31, 2025			$	913,325

5. Debt

Secured Revolving Credit Facility

In April 2019, the Company entered into a Credit Agreement with Silicon Valley Bank and other lenders, to provide a revolving line of credit of up to $150.0 million, including a letter of credit sub-facility in the aggregate amount of $10.0 million, and a swingline sub-facility in the aggregate amount of $10.0 million.

On January 4, 2021, the Company amended and restated its existing credit agreement (the “A&R Credit Agreement” and the facility thereunder the “Revolving Facility”) among CrowdStrike, Inc., as borrower, CrowdStrike Holdings, Inc., as guarantor, and Silicon Valley Bank and the other lenders party thereto, providing the Company with a revolving line of credit of up to $750.0 million, including a letter of credit sub-facility in the aggregate amount of $100.0 million, and a swingline sub-facility in the aggregate amount of $50.0 million. The Company also has the option to request an incremental facility of up to an additional $250.0 million from one or more of the lenders under the A&R Credit Agreement. The A&R Credit Agreement is guaranteed by all of the Company’s material domestic subsidiaries. The A&R Credit Agreement extended the maturity date of April 19, 2022 to January 2, 2026.

On January 6, 2022, the Company modified the A&R Credit Agreement (the “Amended A&R Credit Agreement”) among CrowdStrike, Inc., as borrower, CrowdStrike Holdings, Inc., as guarantor, and Silicon Valley Bank and the other lenders party thereto. There were no changes to the borrowing amounts or maturity date. Under the Amended A&R Credit Agreement, revolving loans are Alternate Base Rate (“ABR”) Loans. Outstanding ABR Loans incur interest at the highest of (a) the Prime Rate, as published by the Wall Street Journal, (b) the federal funds rate in effect on such day plus 0.50%, and (c) the Term Secured Overnight Finance Rate (the “Term SOFR”) for a one-month tenor in effect on such day plus 1.00%, in each case plus a margin between (0.25)% and 0.25%, depending on the senior secured leverage ratio. The Company will be charged a commitment fee of 0.15% to 0.25% per year for committed but unused amounts, depending on the senior secured leverage ratio. The financial covenants require the Company to maintain a minimum consolidated interest coverage ratio of 3.00:1.00 and a maximum total leverage ratio of 5.50:1.00 stepping down to 3.50:1.00 over time. The Company was in compliance with all of its financial covenants as of July 31, 2025.

The Amended A&R Credit Agreement is secured by substantially all of the Company’s current and future consolidated assets, property and rights, including, but not limited to, intellectual property, cash, goods, equipment, contractual rights, financial assets, and intangible assets of the Company and certain of its subsidiaries. The Amended A&R Credit Agreement contains customary covenants limiting the Company’s ability and the ability of its subsidiaries to, among other things, dispose of assets, undergo a change in control, merge or consolidate, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock, and make investments, in each case subject to certain exceptions.

No amounts were outstanding under the Amended A&R Credit Agreement as of July 31, 2025 or January 31, 2025.

Senior Notes

On January 20, 2021, the Company issued $750.0 million in aggregate principal amount of 3.00% Senior Notes maturing in February 2029 (the “Senior Notes”). The Senior Notes are guaranteed by the Company’s subsidiaries, CrowdStrike, Inc. and CrowdStrike Financial Services, Inc., and will be guaranteed by each of the Company’s existing and future domestic subsidiaries that becomes a borrower or guarantor under the A&R Credit Agreement. The Senior Notes were issued at par and bear interest at a rate of 3.00% per annum. Interest payments are payable semiannually on February 15 and August 15 of each year, commencing on August 15, 2021. The Company may voluntarily redeem the Senior Notes, in whole or in part, 1) at any time prior to February 15, 2024 at (a) 100.00% of their principal amount, plus a “make whole” premium or (b) with the net cash proceeds received from an equity offering at a redemption price equal to 103.00% of the principal amount, provided the aggregate principal amount of all such redemptions does not exceed 40% of the original aggregate principal amount of the Senior Notes; 2) at any time on or after

February 15, 2024 at a prepayment price equal to 101.50% of the principal amount; 3) at any time on or after February 15, 2025 at a prepayment price equal to 100.75% of the principal amount; and 4) at any time on or after February 15, 2026 at a prepayment price equal to 100.00% of the principal amount; in each case, plus accrued and unpaid interest, if any, to but excluding, the date of redemption.

The net proceeds from the debt offering were $738.0 million after deducting the underwriting commissions of $9.4 million and $2.6 million of issuance costs. The debt issuance costs are being amortized to interest expense using the effective interest method over the term of the Senior Notes. Interest expense related to contractual interest expense, amortization of debt issuance costs, and accretion of debt discount was $6.0 million during the three months ended July 31, 2025 and 2024, and $12.0 million during the six months ended July 31, 2025 and 2024.

In certain circumstances involving a change of control event, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s notes of that series at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

The indenture governing the Senior Notes (the “Indenture”) contains covenants limiting the Company’s ability and the ability of its subsidiaries to create liens on certain assets to secure debt; grant a subsidiary guarantee of certain debt without also providing a guarantee of the Senior Notes; declare dividends; and consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to, another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the 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 July 31, 2025, the Company was in compliance with all of its financial covenants under the Indenture associated with the Senior Notes.

Based on the trading prices of the Senior Notes, the fair value of the Senior Notes was approximately $702.4 million and $688.4 million as of July 31, 2025 and January 31, 2025, respectively. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy.

6. Income Taxes

The Company recognized income tax expense of $6.0 million and $10.9 million for the three months ended July 31, 2025 and July 31, 2024, respectively, and $27.1 million and $18.6 million for the six months ended July 31, 2025 and July 31, 2024, respectively. The tax expense for the three and six months ended July 31, 2025 and July 31, 2024 was primarily attributable to income taxes on earnings and withholding taxes related to customer payments in certain foreign jurisdictions in which the Company conducts business.

On July 4, 2025, tax reform legislation included in the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States. The OBBBA includes significant corporate tax reforms, including (i) the permanent reinstatement of deducting domestic research and development expenditures as incurred beginning in fiscal 2026 (under prior law such expenditures were capitalized and amortized over five years); (ii) the option to claim 100% accelerated depreciation deductions on qualified property; and (iii) international tax provisions modifying global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), and base erosion and anti-abuse tax (BEAT). The change in U.S. tax law resulted in an immaterial favorable effect on the income tax provision due to the Company’s valuation allowance and has been accounted for in the second quarter of fiscal year 2026.

The Company’s effective tax rates of (8.3)% and 18.9% for the three months ended July 31, 2025 and July 31, 2024, respectively, and (16.8)% and 16.7% for the six months ended July 31, 2025 and July 31, 2024, respectively, differ from the U.S. statutory tax rate primarily due to income taxes in foreign jurisdictions, withholding taxes related to customer payments in certain foreign jurisdictions in which the Company conducts business, and tax impacts from the enactment of the OBBBA, partially offset by valuation allowance in the U.S. and certain foreign jurisdictions where the Company does not benefit from losses and tax credits.

Total gross unrecognized tax benefits were $132.3 million and $117.5 million as of July 31, 2025 and January 31, 2025, respectively, which is primarily attributable to research and development credits. As of July 31, 2025 and January 31, 2025, approximately $56.1 million and $54.8 million, respectively, of unrecognized tax benefits, which, if recognized, would affect the Company’s effective tax rate due to the full valuation allowance. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits as part of the income tax provision in the condensed consolidated statements of operations.

The Company had incurred $5.3 million and $3.0 million of interest and penalties related to unrecognized tax benefits as of July 31, 2025 and January 31, 2025.

In accordance with the guidance on the accounting for uncertainty in income taxes, for all U.S. and other tax jurisdictions, the Company recognizes potential liabilities for anticipated tax audit issues based on the Company’s estimate of whether, and the extent to which, additional taxes and interest will be due. The Company files income tax returns in the U.S. federal, and various state jurisdictions, as well as various foreign jurisdictions. Tax years 2011 and onwards remain subject to examination by taxing authorities. If the Company’s estimate of income tax liabilities proves to be less than the ultimate assessment, a further charge to expense would be required. If events occur and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes in the condensed consolidated statements of operations. Accrued interest and penalties are included within other liabilities, noncurrent on the condensed consolidated balance sheets.

The Company maintains a full valuation allowance on U.S. federal and state and certain foreign deferred tax assets, including net operating loss carryforwards and tax credits, which the Company has determined are not realizable on a more-likely-than-not basis. The Company regularly evaluates the need for a valuation allowance.

7. Leases

Operating Leases

The Company has entered into non-cancellable operating lease agreements with various expiration dates through fiscal 2038. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments.

The maturities of the Company’s non-cancelable operating lease liabilities are as follows (in thousands):

			Total
Fiscal 2026 (remaining six months)			$	6,630
Fiscal 2027			16,503
Fiscal 2028			15,849
Fiscal 2029			11,206
Fiscal 2030			9,219
Thereafter			16,465
Total operating lease payments			75,872
Less: imputed interest			(10,071)
Present value of operating lease liabilities			$	65,801

As of July 31, 2025, the Company has entered into non-cancelable operating leases with terms greater than 12 months that have not yet commenced with undiscounted future minimum payments of $89.7 million, which are excluded from the table above. The operating leases are expected to commence between September 2025 and May 2026, with lease terms between 7.0 and 11.6 years.

8. Stock-Based Compensation

Stock Incentive Plan

In May 2019, the Company’s board of directors adopted, and the stockholders approved, the CrowdStrike Holdings, Inc. 2019 Equity Incentive Plan (the “2019 Plan”) with the purpose of granting stock-based awards to employees, directors, officers, and consultants, including stock options, restricted stock awards, restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”). A total of 8,750,000 shares of Class A common stock were initially available for issuance under the 2019 Plan. The Company’s compensation committee administers the 2019 Plan. The number of shares of the Company’s common stock available for issuance under the 2019 Plan is subject to an annual increase on the first day of each fiscal year beginning on February 1, 2020, equal to the lesser of: (i) two percent (2%) of outstanding shares of the Company’s capital stock

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 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.

There were no stock options granted during the six months ended July 31, 2025. Stock options granted during the six months ended July 31, 2024 were immaterial.

The following table is a summary of stock option activity for the six months ended July 31, 2025:

			Number of Shares						Weighted-Average Exercise Price Per Share
			(in thousands)
Options outstanding at January 31, 2025			1,251						$	10.23
Exercised			(265)						$	8.89
Canceled			(2)						$	20.59
Options outstanding at July 31, 2025			984						$	10.56
Options vested and expected to vest at July 31, 2025			984						$	10.56
Options exercisable at July 31, 2025			963						$	10.33

There were no options that were unvested and exercisable as of July 31, 2025.

The aggregate intrinsic value of options vested and exercisable was $427.8 million and $472.3 million as of July 31, 2025 and January 31, 2025, respectively. The weighted-average remaining contractual term of options vested and exercisable was 3.1 years and 3.5 years as of July 31, 2025 and January 31, 2025, respectively.

The weighted-average grant date fair values of all options granted was none and $325.22 per share during the six months ended July 31, 2025 and July 31, 2024, respectively. The total intrinsic value of all options exercised was $91.3 million and $75.2 million during the three months ended July 31, 2025 and July 31, 2024, respectively, and $118.0 million and $103.7 million during the six months ended July 31, 2025 and July 31, 2024, respectively.

The aggregate intrinsic value of stock options outstanding as of July 31, 2025 and January 31, 2025 was $436.9 million and $485.3 million, respectively, which represents the excess of the fair value of the Company’s common stock over the exercise price of the options multiplied by the number of options outstanding. The weighted-average remaining contractual term of stock options outstanding was 3.2 years and 3.6 years as of July 31, 2025 and January 31, 2025, respectively.

Total unrecognized stock-based compensation expense related to unvested options was $4.9 million as of July 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 1.5 years.

Restricted Stock Units

RSUs granted under the 2019 Plan are generally subject to only a service-based vesting condition. The service-based vesting condition is generally satisfied based on one of the following vesting schedules: (i) vesting of one-fourth of the RSUs on the first “Company vest date” (defined as March 20, June 20, September 20, or December 20) on or following the one-year anniversary of the vesting commencement date with the remainder of the RSUs vesting in twelve equal quarterly installments thereafter, subject to continued service, (ii) vesting in sixteen equal quarterly installments, subject to continued service, or (iii) vesting in sixteen quarterly installments with 10% in the first year, 15% in the second year, 25% in the third year and 50% in the fourth year, subject to continued service. The valuation of these RSUs is based solely on the fair value of the Company’s stock on the date of grant.

Total unrecognized stock-based compensation expense related to unvested RSUs was $1.9 billion as of July 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 2.4 years.

Performance-based Stock Units

PSUs granted under the 2019 Plan are generally subject to both a service-based vesting condition and a performance-based vesting condition. PSUs will vest upon the achievement of specified performance targets and subject to continued service through the applicable vesting dates. The stock-based compensation expense relating to PSUs is recognized using the accelerated attribution method over the requisite service period when it is probable that the performance condition will be satisfied.

Total unrecognized stock-based compensation expense related to unvested PSUs was $195.9 million as of July 31, 2025, which reflects the Company's updated assessment of the likelihood of satisfying the performance conditions. This expense is expected to be amortized over a weighted-average vesting period of 1.3 years.

Special PSU Awards

In fiscal 2022 the Company’s board of directors granted 655,000 performance stock units (the “Special PSU Awards”) to certain executives under the 2019 Plan. The Special PSU Awards vest upon the satisfaction of the Company’s achievement of specified stock price hurdles, which are based on the average of the closing stock price per share of the Company’s Class A common stock during any 45 consecutive trading day period during the applicable performance period, and a service-based vesting condition. The service condition applicable to each tranche of the Special PSU Awards will be satisfied in installments as follows, subject to continued employment with the Company through each applicable vesting date: (i) 50% of the Special PSU Awards underlying the applicable tranche will service vest on the first anniversary of the vesting commencement date applicable to such tranche of the Special PSU Awards (i.e., February 1, 2022, February 1, 2023, February 1, 2024 and February 1, 2025) and (ii) the remaining PSUs with respect to such tranche will thereafter service vest in four equal quarterly installments of 12.5%.

The Company measured the fair value of the Special PSU Awards on the grant date using a Monte Carlo simulation valuation model. The risk-free interest rates used were 0.85% -1.51%, which were based on the zero-coupon-risk-free interest rate derived from the Treasury Constant Maturities yield curve for the expected term of the award on the grant date. The expected volatility was a blended volatility rate of 54.89% - 55.36%, which includes 50% weight on the Company’s historical volatility calculated from daily stock returns over a 2.21- 2.58 year look-back from the grant date and 50% weight based on the Company’s implied volatility as of the grant date.

Total unrecognized stock-based compensation expense related to the unvested portion of the Special PSU Awards was $6.0 million as of July 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 0.7 years.

The following table is a summary of RSUs, PSUs and the Special PSU Awards activities for the six months ended July 31, 2025:

			Number of Shares						Weighted- Average Grant Date Fair Value Per Share
			(in thousands)
RSUs and PSUs outstanding at January 31, 2025			11,024						$	227.55
Granted			1,379						$	398.86
Released			(2,402)						$	220.77
Performance adjustment (1)			(55)						$	332.48
Forfeited			(571)						$	243.28
RSUs and PSUs outstanding at July 31, 2025			9,375						$	253.14
RSUs and PSUs expected to vest at July 31, 2025 (2)			8,918						$	249.89

(1)The performance adjustment represents adjustments in shares outstanding due to the actual achievement of performance-based awards, the achievement of which was based upon pre-defined financial performance targets.

(2)Excludes in progress PSUs and Special PSUs where pre-defined targets have not yet been achieved.

Employee Stock Purchase Plan

In May 2019, the board of directors adopted, and the stockholders approved the CrowdStrike Holdings, Inc. 2019 Employee Stock Purchase Plan (“ESPP”), which became effective on June 10, 2019, which was the business day prior to the effectiveness of the Company’s registration statement on Form S-1 used in connection with the Company’s IPO. A total of 3,500,000 shares of Class A common stock were initially reserved for issuance under the ESPP. The Company’s compensation committee administers the ESPP. The number of shares of common stock available for issuance under the ESPP is subject to an annual increase on the first day of each fiscal year beginning on February 1, 2020, equal to the lesser of: (i) one percent (1%) of the outstanding shares of the Company’s capital stock as of the last day of the immediately preceding fiscal year or (ii) such other amount as its board of directors may determine. In May 2021, the Company’s compensation committee adopted an amendment and restatement of the ESPP, which was approved by the Company’s stockholders in June 2021. The amended and restated ESPP clarified the original intent that the annual increase will in no event exceed 5,000,000 shares of the Company’s Class A common stock in any year.

The ESPP provides for consecutive offering periods that will typically have a duration of approximately 24 months in length and are comprised of four purchase periods of approximately six months in length. The offering periods are scheduled to start on the first trading day on or after June 11 and December 11 of each year. The first offering period commenced on June 11, 2019 and ended on June 10, 2021.

The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s Class A common stock through payroll deductions of up to 15% of their eligible compensation. A participant may purchase a maximum of 2,500 shares of common stock during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of common stock at the end of each six-month purchase period. The purchase price of the shares is 85% of the lower of the fair market value of the Class A common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the related offering period. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of common stock. Participation ends automatically upon termination of employment. The ESPP allows for up to one increase in contribution during each purchase period. If an employee elects to increase his or her contribution, the Company treats this as an accounting modification. The ESPP also offers a two-year look-back feature, as well as a rollover feature that provides for an offering period to be rolled over to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. Contribution modifications during the three and six months ended July 31, 2025 were $3.1 million, which will be recognized over the remaining offering periods.

Employee payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date. ESPP employee payroll contributions accrued as of July 31, 2025 and January 31, 2025 totaled $21.0 million and $33.2 million, respectively, and are included within accrued payroll and benefits in the condensed consolidated balance sheets.

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine the fair value of employee stock purchase rights granted under the Company’s ESPP:

			Six Months Ended July 31,
			2025						2024
Expected term (in years)			0.5 – 2.0						0.5 – 2.0
Risk-free interest rate			3.9% – 5.3%						3.4% – 5.3%
Expected stock price volatility			44.5% – 59.8%						40.8% – 59.8%
Dividend yield			—		%				—		%

Stock-Based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in thousands):

			Three Months Ended July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Subscription cost of revenue			$	24,828					$	16,732					$	48,919					$	30,648
Professional services cost of revenue			10,438						7,344						20,072						13,617
Sales and marketing			72,234						57,405						137,419						109,663
Research and development			115,794						75,851						223,086						142,593
General and administrative			63,859						43,545						111,261						87,481
Total stock-based compensation expense			$	287,153					$	200,877					$	540,757					$	384,002

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 July 31,																								Six Months Ended July 31,
			2025												2024												2025												2024
			Amount						% Revenue						Amount						% Revenue						Amount						% Revenue						Amount						% Revenue
United States			$	784,675					67		%				$	655,001					68		%				$	1,526,527					67		%				$	1,285,027					68		%
Europe, Middle East, and Africa			188,423						16		%				148,851						15		%				364,865						16		%				290,463						15		%
Asia Pacific			117,538						10		%				98,274						10		%				230,365						10		%				191,736						10		%
Other			78,316						7		%				61,746						7		%				150,629						7		%				117,682						7		%
Total revenue			$	1,168,952					100		%				$	963,872					100		%				$	2,272,386					100		%				$	1,884,908					100		%

No single country other than the United States represented 10% or more of the Company’s total revenue during the three and six months ended July 31, 2025 and July 31, 2024.

Contract Balances

Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. The Company recognized revenue of $1,009.8 million and $843.4 million for the three months ended July 31, 2025 and July 31, 2024, respectively, and $1,722.1 million and $1,456.5 million for the six months ended July 31, 2025 and July 31, 2024, respectively, which was included in the corresponding contract liability balance at the beginning of the period.

The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 – 60 days. Contract assets include amounts related to the contractual right to consideration for both completed and partially completed performance obligations that may not have been invoiced.

Changes in deferred revenue were as follows (in thousands):

			Three Months Ended July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Beginning balance			$	3,771,395					$	3,069,379					$	3,728,677					$	3,054,099
Additions to deferred revenue			1,232,414						987,690						2,378,566						1,924,006
Recognition of deferred revenue			(1,168,952)						(963,872)						(2,272,386)						(1,884,908)
Ending balance			$	3,834,857					$	3,093,197					$	3,834,857					$	3,093,197

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-cancellable. Customers generally have the right to terminate their contracts for cause as a result of the Company’s failure to perform. As of July 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $7.2 billion. The Company expects to recognize approximately 52% of the remaining performance obligations in the 12 months following July 31, 2025, and 43% of the remaining performance obligations between 13 to 36 months, with the remainder to be recognized thereafter.

Costs to Obtain and Fulfill a Contract

The Company capitalizes referral fees paid to partners and sales commissions and associated payroll taxes paid to internal sales personnel, contractors or sales agents that are incremental to the acquisition of channel partner and direct customer contracts and would not have occurred absent the customer contract. These costs are recorded as deferred contract acquisition costs, current and deferred contract acquisition costs, noncurrent on the condensed consolidated balance sheets.

Sales commissions for renewal of a contract are not considered commensurate with the commissions paid for the acquisition of the initial contract or follow-on upsell given the substantive difference in commission rates in proportion to their respective contract values. Commissions, including referral fees paid to referral partners, earned upon the initial acquisition of a contract or subsequent upsell are amortized over an estimated period of benefit of four years, while commissions earned for renewal contracts are amortized over the contractual term of the renewals. Sales commissions associated with professional service contracts are amortized ratably over an estimated period of benefit of five months. Commissions are included in sales and marketing expense in the condensed consolidated statements of operations. In determining the period of benefit for commissions paid for the acquisition of the initial contract, the Company took into consideration the expected subscription term and expected renewals of customer contracts, the historical duration of relationships with customers, customer retention data, and the life of the developed technology. The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. The Company did not recognize any material impairment losses of deferred contract acquisition costs during the three and six months ended July 31, 2025 or July 31, 2024.

The following table summarizes the activity of deferred contract acquisition costs (in thousands):

			Three Months Ended July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Beginning balance			$	847,850					$	574,655					$	847,950					$	582,303
Capitalization of contract acquisition costs			148,819						91,853						251,622						158,333
Amortization of deferred contract acquisition costs			(107,038)						(73,723)						(209,941)						(147,851)
Ending balance			$	889,631					$	592,785					$	889,631					$	592,785
Deferred contract acquisition costs, current			$	372,543					$	251,246					$	372,543					$	251,246
Deferred contract acquisition costs, noncurrent			517,088						341,539						517,088						341,539
Total deferred contract acquisition costs			$	889,631					$	592,785					$	889,631					$	592,785

10. Commitments and Contingencies

July 19 Incident

On July 19, 2024, the Company released a content configuration update for its Falcon sensor that resulted in system crashes for certain Windows systems (the “July 19 Incident”). The Company is subject to a number of legal proceedings in connection with the July 19 Incident, including:

• On July 30, 2024, a putative class action lawsuit was filed against the Company and certain of the Company’s officers in federal court in the Western District of Texas alleging violations of federal securities laws, including that the defendants made false or misleading statements. The complainants seek certification of a class of all persons who purchased or otherwise acquired the Company’s securities during specified periods of time and are

seeking unspecified monetary damages, costs and attorneys’ fees. On January 21, 2025, an amended complaint was filed. On April 7, 2025, the defendants filed a motion to dismiss.

• On August 5, 2024, a putative class action was filed against CrowdStrike, Inc. in the Western District of Texas in relation to passenger airline flight disruptions allegedly caused by the July 19 Incident. On August 19, 2024, a second putative class action was filed against the Company and CrowdStrike, Inc. in the Western District of Texas, making similar allegations in relation to passenger airline flight disruptions. On November 6, 2024, these two lawsuits were consolidated, and interim class counsel was appointed. On December 6, 2024, a consolidated class action complaint was filed, which, among other things, asserts causes of action for negligence and public nuisance, and seeks certification of a nationwide class, as well as several state sub-classes of citizens of California, Ohio, Pennsylvania, Iowa, and Nevada. The putative classes are comprised of individuals who allegedly had a flight delayed or canceled as a result of the July 19 Incident. The consolidated complaint seeks unspecified monetary damages, certain injunctive relief, costs, and attorneys’ fees. On February 4, 2025, the Company and CrowdStrike, Inc. filed a motion to dismiss the consolidated complaint. On June 18, 2025, the district court granted the Company and CrowdStrike, Inc.’s motion to dismiss the consolidated complaint and entered a final judgment. On June 25, 2025, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Fifth Circuit.

• On September 4, September 11, and September 20, 2024, three derivative lawsuits were filed against certain of the Company’s officers and directors, and against the Company as nominal defendant, in federal court in the Western District of Texas alleging various claims, including breach of fiduciary duty, unjust enrichment, and violations of federal securities laws, including that the defendants made false or misleading statements in violation of Sections 10(b) and 14(a) of the Exchange Act and SEC Rules 10b-5 and 14a-9. One of the lawsuits also brings a claim against certain of the defendants for contribution under Sections 10(b) and 21D of the Exchange Act. The complainants seek monetary and non-monetary relief purportedly on behalf of the Company. On November 21, 2024, all three cases were consolidated and stayed pending resolution of the putative securities class action described above. On April 9, 2025, another derivative lawsuit was filed against certain of the Company’s officers and directors, and against the Company as nominal defendant, in federal court in the District of Delaware, asserting similar claims and seeking similar relief as the previously filed derivative lawsuits. On May 22, 2025, this lawsuit was voluntarily dismissed without prejudice. On April 10, 2025, two additional derivative lawsuits were filed against certain of the Company’s officers and directors, and against the Company as nominal defendant, in federal court in the Western District of Texas, asserting similar claims and seeking similar relief as the previously filed derivative lawsuits. On May 23, 2025, these lawsuits were consolidated with each other and stayed pending a response by the Company’s board of directors to a litigation demand submitted by one of the plaintiffs and a proposed order governing next steps. On July 18, 2025, these consolidated lawsuits were stayed pending resolution of the putative securities class action described above. On July 3 and July 17, 2025, two additional derivative lawsuits were filed against certain of the Company’s officers and directors, and against the Company as a nominal defendant, in the Delaware Court of Chancery, asserting similar claims and seeking similar relief as the previously filed derivative lawsuits. On August 18, 2025, these two lawsuits were consolidated and stayed pending resolution of the putative securities class action described above.

• On October 25, 2024, Delta Airlines, Inc. (“Delta”) filed a complaint against CrowdStrike, Inc. in the Superior Court for Fulton County, Georgia, alleging, among other things, computer trespass, trespass to personalty, breach of contract, intentional misrepresentation/fraud by omission, strict-liability product defect, gross negligence, and deceptive and unfair business practices. Delta is seeking unspecified monetary damages, attorneys’ fees and unspecified punitive damages. The matter has been transferred to the Metro Atlanta Business Case Division. On December 16, 2024, CrowdStrike, Inc. filed a motion to dismiss. On May 16, 2025, CrowdStrike, Inc.’s motion to dismiss was granted in part and denied in part.

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 six months ended July 31, 2025 were as follows (in thousands):

			Amounts
Balance at January 31, 2025			$	21,145
Expenses incurred, net of insurance receivable recorded (1)			75,383
Payments made/ cash received			(45,917)
Balance at July 31, 2025			$	50,611

(1) These expenses were 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 were recorded in accrued expenses in the Company’s condensed consolidated balance sheets. Insurance receivable was recorded in prepaid expenses and other current assets in the Company's condensed consolidated balance sheets.

In addition to customer commitment packages, the Company has made an immaterial amount of settlement offers to certain customers in response to the July 19 Incident. These amounts are, or will be, entirely offset by recoveries under the Company’s insurance policies. Accordingly, there is no impact on the Company’s condensed consolidated statement of operations during the three and six months ended July 31, 2025. The customer payables and insurance receivables were recorded as accrued expenses and as prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of July 31, 2025, respectively.

Other Legal Proceedings

The Company is involved in various other legal proceedings and subject to claims that arise in the ordinary course of business. For any claims for which the Company believes a liability is both probable and reasonably estimable, the Company records a liability in the period for which it makes this determination. Other than as discussed above, there is no pending or threatened legal proceeding to which the Company is a party that, in the Company’s opinion, is reasonably possible to have a material effect on its condensed consolidated financial statements; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on the Company’s business because of defense and settlement costs, diversion of management resources, and other factors. In addition, the costs of litigation and the timing of these costs from period to period are difficult to estimate, subject to change and could adversely affect the Company’s condensed consolidated financial statements.

Purchase Obligations

In the normal course of business, the Company enters into non-cancellable 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-cancellable purchase obligations in excess of one year as of July 31, 2025, with expected date of payment is as follows (in thousands):

			Total Commitments
Fiscal 2026 (remaining six months)			$	225,134
Fiscal 2027			562,472
Fiscal 2028			578,094
Fiscal 2029			578,386
Fiscal 2030			452,124
Thereafter			159,526
Total purchase commitments			$	2,555,736

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 cancellable by the Company. As of July 31, 2025, the Company had non-cancellable unfunded commitments totaling approximately $40.6 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 July 31, 2025 or January 31, 2025.

The Company has also agreed to indemnify its directors and certain executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that would generally enable the Company to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. No liabilities have been accrued associated with this indemnification provision as of July 31, 2025 or January 31, 2025.

11. Acquisitions

Adaptive Shield

On November 20, 2024, the Company acquired 100% of the equity interest of A.S. Adaptive Shield Ltd. (“Adaptive Shield”), a SaaS-based cybersecurity company that offers customers comprehensive SaaS security posture management solutions.

The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $213.7 million in cash, net of $13.7 million of cash acquired, and $0.7 million representing the fair value of replacement equity awards attributable to pre-acquisition service. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The purchase price was allocated on a preliminary basis, subject to working capital adjustment and continuing management analysis, to identifiable intangible assets, which include developed technology and customer relationships of $31.1 million, net tangible liabilities acquired of $7.7 million, and goodwill of $191.0 million, which was allocated to the Company’s one reporting unit and represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired. The goodwill was primarily attributable to the assembled workforce of Adaptive Shield, planned growth in new markets, and synergies expected to be achieved from the integration of Adaptive Shield. Goodwill is not deductible for income tax purposes.

Per the terms of the share purchase agreement with Adaptive Shield, certain unvested stock options held by Adaptive Shield employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Adaptive Shield stock held by Adaptive Shield employees were exchanged for the right to receive shares of the Company’s common stock, subject to service-based vesting and other conditions. Further, the Company granted RSUs and PSUs under the 2019 Plan to certain continuing employees. The awards that are subject to continued service are recognized ratably as stock-based compensation cost over the requisite service period. The awards that are subject to both continued service and specified performance targets are recognized over the requisite service period when it is probable that the performance condition will be satisfied.

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (dollars in thousands):

			Fair Value						Useful Life
									(in months)
Developed technology			$	23,600					72
Customer relationships			7,500						72
Total intangible assets acquired			$	31,100

Acquisition costs incurred during the six months ended July 31, 2025 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 Adaptive Shield did not have a material impact on the Company’s condensed consolidated financial statements, and therefore historical and pro forma disclosures have not been presented.

Flow Security

On March 26, 2024, the Company acquired 100% of the equity interest of Flow Security Ltd. (“Flow Security”), a leading provider of data security solutions.

The acquisition has been accounted for as a business combination. The total consideration transferred consisted of $96.4 million in cash, net of $0.8 million of cash acquired, and $0.5 million representing the fair value of replacement equity awards attributable to pre-acquisition service. The remaining fair value of these replacement awards attributed to post-combination service was excluded from the purchase price. The purchase price was allocated to developed technology of $13.5 million with a useful life of 72 months, net tangible liabilities acquired of $0.6 million, and goodwill of $84.0 million, which was allocated to the Company’s one reporting unit and represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired. The goodwill was primarily attributable to the assembled workforce of Flow Security, planned growth in new markets, and synergies expected to be achieved from the integration of Flow Security. Goodwill is not deductible for income tax purposes.

Per the terms of the share purchase agreement with Flow Security, certain unvested stock options held by Flow Security employees were canceled and exchanged for replacement stock options under the 2019 Plan. Additionally, certain shares of Flow Security stock held by Flow Security employees were exchanged for the right to receive shares of the Company’s common stock, subject to service-based vesting and other conditions. Further, the Company granted RSUs and PSUs under the 2019 Plan to certain continuing employees. The awards that are subject to continued service are recognized ratably as stock-based compensation cost over the requisite service period. The awards that are subject to both continued service and specified performance targets are recognized over the requisite service period when it is probable that the performance condition will be satisfied.

The results of operations for the acquisition have been included in the Company’s condensed consolidated financial statements from the date of acquisition. The acquisition of Flow Security did not have a material impact on the Company’s condensed consolidated financial statements, and therefore historical and pro forma disclosures have not been presented.

12. Net Income (Loss) Per Share Attributable to Common Stockholders

Basic and diluted net income (loss) per share attributable to CrowdStrike’s common stockholders is computed in conformity with the two-class method required for participating securities. Basic net income (loss) per share attributable to CrowdStrike common stockholders is computed by dividing the net income (loss) attributable to CrowdStrike by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share attributable to CrowdStrike common stockholders is calculated by dividing net income by the combination of the weighted-average number of common shares outstanding and the effect of the weighted-average number of dilutive common share equivalents during the period. The dilutive potential shares of common stock are comprised of outstanding stock options, RSUs, PSUs, Special PSUs, ESPP obligations, and founder holdbacks, and are computed using the treasury stock method. The effects of the outstanding stock options, RSUs, PSUs, Special PSUs, ESPP obligations, and founder holdbacks are excluded from the computation of the diluted net income per share in periods in which the effect would be anti-dilutive. Diluted net loss per share is the same as basic net loss per share for the three and six months ended July 31, 2025 because the effects of potentially dilutive items were antidilutive given the Company’s net loss position during the three and six months ended July 31, 2025.

The rights of the holders of Class A and Class B common stock are identical, except with the respect to voting and conversion rights. As such, the undistributed earnings are allocated equally to each share of common stock without class distinction and the resulting basic and diluted net income (loss) per share attributable to CrowdStrike common stockholders are the same for shares of Class A and Class B common stock. On December 11, 2024, all of the Company’s outstanding shares of Class B common stock were automatically converted into an equal number of shares of Class A common stock pursuant to the provisions of the Amended and Restated Certificate of Incorporation.

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 July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
Numerator:
Net income (loss) attributable to CrowdStrike			$	(77,675)					$	47,013					$	(187,882)					$	89,833
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, basic			249,909						244,091						249,182						243,249
Dilutive effect of common stock equivalents			—						7,174						—						7,475
Weighted-average shares used in computing net income (loss) per share attributable to CrowdStrike common stockholders, dilutive			249,909						251,265						249,182						250,724
Net income (loss) per share attributable to CrowdStrike common stockholders, basic			$	(0.31)					$	0.19					$	(0.75)					$	0.37
Net income (loss) per share attributable to CrowdStrike common stockholders, diluted			$	(0.31)					$	0.19					$	(0.75)					$	0.36

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 July 31,												Six Months Ended July 31,
			2025						2024						2025						2024
RSUs and PSUs subject to future vesting			8,918						117						8,918						117
Shares of common stock issuable from stock options			963						—						963						—
Share purchase rights under the Employee Stock Purchase Plan			556						1						556						1
Potential common shares excluded from diluted net income (loss) per share			10,437						118						10,437						118

The above table excludes founder holdbacks related to business combinations where a variable number of shares will be issued upon vesting to settle a fixed monetary amount of $12.3 million, contingent upon continued employment with the Company. The share price will be determined based on the Company’s average stock price or the volume weighted average stock price five days prior to each vesting date. During the three and six months ended July 31, 2025, 13,004 shares were issued to settle founder holdbacks at a weighted average price of $471.87 per share.

As of July 31, 2025, the above table also excludes 456,843 outstanding shares of in progress PSUs and Special 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.

The Company’s property and equipment, net and operating lease right-of-use assets are summarized by geographic area as follows (in thousands):

			July 31, 2025						January 31, 2025
United States			$	773,121					$	688,766
Germany			97,694						88,443
Other countries			61,824						54,194
Total property and equipment, net and operating lease right-of-use assets			$	932,639					$	831,403

See Note 9 for additional information about the Company’s revenue by geographic region.

14. Strategic Plan

On May 6, 2025, the Company announced a strategic plan (the “Plan”) to evolve its operations to yield greater efficiencies as the Company continues to scale its business with focus and discipline to meet its goals. The Plan resulted in a reduction of roles representing approximately 500 positions, or 5%, of the Company’s global workforce.

The actions associated with the Plan were substantially completed as of July 31, 2025. For the three months ended July 31, 2025, the Company recorded charges related to the Plan of $38.4 million, which consisted of $20.1 million related to severance payments and employee benefits, $17.9 million related to stock-based compensation expense, and $0.4 million for non-employee costs. For the six months ended July 31, 2025, the Company recorded charges related to the Plan of $45.0 million, which consisted of $20.1 million related to severance payments and employee benefits, $17.9 million related to stock-based compensation expense, and $7.0 million for non-employee costs.

Charges related to the Plan included in the condensed consolidated statement of operations are as follows (in thousands):

			Three Months Ended July 31, 2025						Six Months Ended July 31, 2025
Subscription cost of revenue			$	3,563					$	3,563
Professional services cost of revenue			3,345						3,345
Sales and marketing			8,723						8,723
Research and development			16,696						16,696
General and administrative			6,057						12,678
Total			$	38,384					$	45,005

The following table summarizes the activities related to the Plan for the three and six months ended July 31, 2025 (in thousands):

			Three Months Ended July 31, 2025																		Six Months Ended July 31, 2025
			Severance and Related Costs						Non-Employee Costs						Total						Severance and Related Costs						Non-Employee Costs						Total
Liability, beginning of the period			$	—					$	3,382					$	3,382					$	—					$	—					$	—
Charges			37,983						401						38,384						37,983						7,022						45,005
Payments			(17,989)						(3,737)						(21,726)						(17,989)						(6,976)						(24,965)
Non-cash items			(17,901)						—						(17,901)						(17,901)						—						(17,901)
Liability, end of the period			$	2,093					$	46					$	2,139					$	2,093					$	46					$	2,139

As of July 31, 2025, the liability associated with the Plan is included in accrued payroll and benefits and accounts payable on the condensed consolidated balance sheet.

15. Subsequent Events

On August 25, 2025, the Company entered into an Agreement and Plan of Merger to acquire Onum Technology Inc., a privately held company. The total purchase price for the transaction will be approximately $290.0 million, subject to customary closing adjustments. The acquisition is expected to close in the third quarter of fiscal 2026.