FINANCIAL MODEL

CrowdStrike Holdings

CRWD · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Income Statement
Revenue	119	250	481	874	1,452	2,241	3,056	3,954	4,812
Cost of Goods Sold	54	87	142	230	383	601	756	991	1,219
Gross Profit
SG&A	137	215	356	523	840	1,222	1,533	2,006	2,502
R&D	59	85	130	215	371	608	768	1,077	1,385
EBITDA
D&A	8	15	24	40	69	94	145	214	281
EBIT (Operating Income)	-131	-137	-146	-93	-143	-190	-2	-120	-293
Interest Expense	2	0	0	2	25	25	26	26	28
Pre-Tax Income	-135	-139	-140	-88	-160	-160	123	55	-127
Tax Expense	1	1	2	5	72	22	32	71	34
Net Income	-135	-140	-142	-93	-235	-183	89	-19	-163
Diluted EPS	-3.38	-3.12	-0.96	-0.43	-1.03	-0.79	0.37	-0.08	-0.65
Diluted Shares (M)	41.9	44.9	148.1	217.8	227.1	233.1	243.6	244.8	250.6
Balance Sheet
Total Cash & Equivalents	63	88	265	1,919	1,997	2,455	3,375	4,323	5,230
Short-term Debt	0	0	0	0	0	0	0	0	0
Long-term Debt	0	0	0	738	740	741	742	744	745
Total Debt
Net Debt
Total Current Assets		331	1,172	2,292	2,571	3,640	4,757	6,113	7,419
Total Current Liabilities		281	493	864	1,407	2,109	2,697	3,461	4,184
Total Assets		433	1,405	2,733	3,618	5,027	6,647	8,702	11,087
Total Liabilities		363	662	1,861	2,581	3,539	4,309	5,383	6,614
Shareholders' Equity	-369	-488	742	871	1,026	1,464	2,304	3,279	4,428
Minority Interest		558	0	1	12	24	33	39	44
Intangibles & Goodwill		8	8	84	416	431	638	913	1,363
PP&E		74	136	167	261	492	620	789	976
Receivables		92	165	239	368	626	853	1,129	1,362
Payables		7	1	12	48	45	28	131	105
Inventory
Retained Earnings	-379	-519	-637	-730	-965	-1,148	-1,059	-1,078	-1,283
Cash Flow
Cash from Operations	-59	-23	100	357	575	941	1,166	1,382	1,612
Capital Expenditures	29	43	87	64	133	264	226	314	371
Free Cash Flow
Stock-Based Compensation	12	21	80	150	310	527	632	865	1,097
Dividends Paid
Share Repurchases