CrowdStrike Holdings, Inc. · CRWD · FY2027 Q2 · Calendar Q3 2026

CrowdStrike raises FY27 ARR outlook as AI security demand accelerates

The supplied analysis supports the view that resilient demand for AI security and platform expansion can sustain CrowdStrike's growth, while pricing adoption, competition and execution remain key tests.

Why did CRWD rise 20.5% after beating EPS estimates in FY2027 Q2?

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Reported After market closeNASDAQTechnology $241.99B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.31 Consensus $0.29
EPS surprise +6.3% Reported versus consensus
Reported revenue $1.47B Consensus $1.44B
Revenue surprise +2.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +20.5% Event window
SPY move +0.7% Same window
Abnormal move +19.8% Stock minus SPY
Volume 2.9× Versus trailing sessions
Subsequent drift +4.3% Up to 20 sessions
CRWDSPY benchmark

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Why did CRWD rise 20.5% after beating EPS estimates in FY2027 Q2?What changed in CRWD's guidance and outlook in FY2027 Q2?Give me the bull and bear case for CRWD after FY2027 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, management reported another record period, raised FY27 net-new ARR guidance to a 34% growth midpoint, introduced token-based AIDR pricing and announced a pending acquisition of XM Cyber technology assets.

Guidance delta

Management raised FY27 net-new ARR guidance to a 34% year-over-year growth midpoint, up 630 basis points.

Key takeaways

  • Management characterized Q2 FY27 as a record quarter for ARR, revenue and operating income.
  • AI workload growth, Falcon Flex, AIDR and partner-led sales were highlighted as demand drivers.
  • The planned XM Cyber technology-assets acquisition is not expected to contribute ARR in FY27.

Management priorities

  • Expand Falcon Flex and token-based pricing across the platform
  • Scale AIDR, exposure management and other AI security innovations
  • Broaden partner ecosystem and cloud marketplace distribution

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Earnings History

Estimate Beat Miss Match
CRWD REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q1 '25 estimate $905M Q1 '25 actual $921M, beat Q2 '25 estimate $960M Q2 '25 actual $964M, beat Q1 '26 estimate $1B Q1 '26 actual $1B, miss Q2 '26 estimate $1B Q2 '26 actual $1B, beat Q3 '26 estimate $1B Q3 '26 actual $1B, beat Q4 '26 estimate $1B Q4 '26 actual $1B, beat Q1 '27 estimate $1B Q1 '27 actual $1B, beat Q2 '27 estimate $1B Q2 '27 actual $1B, beat Q3 '27 estimate $2B Q4 '27 estimate $2B Q1 '28 estimate $2B Q2 '28 estimate $2B
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Analyst Consensus ?

ConsensusBuy67 ratings
Bullish5277.6%
Neutral1319.4%
Bearish23.0%

Analyst 52W Price Targets

$241Previous close
$30Low
$160.43Average
$425High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Deutsche Bank Buy HoldUpgradeNov 2, 2026
Mizuho Outperform OutperformMaintainOct 22, 2026
Keybanc Overweight OverweightMaintainOct 16, 2026
Citigroup Buy BuyMaintainOct 15, 2026
Freedom Broker Buy BuyMaintainOct 14, 2026
Show 62 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $241. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Deutsche BankBrad Zelnick$300$250.43 +24.5%Nov 2, 2026
Mizuho SecuritiesAnalyst unavailable$275$239.34 +14.1%Oct 22, 2026
KeyBancEric Heath$265$244.57 +10.0%Oct 16, 2026
BTIGGray Powell$312$261.21 +29.5%Oct 14, 2026
Wells FargoAnalyst unavailable$300$275.04 +24.5%Oct 12, 2026
See 330 more

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Company context

Snapshot as of publication

CrowdStrike Holdings, Inc. delivers cloud-native cybersecurity solutions. Its comprehensive suite safeguards endpoints, cloud workloads, user identities, and critical data. The company's offerings span a wide range, including threat intelligence, managed security services, IT operations management, proactive threat hunting, Zero Trust identity protection, and log management capabilities. CrowdStrike primarily generates revenue through subscription sales of its flagship Falcon platform and its array of cloud modules. These offerings are distributed globally via a direct sales force, augmented by an extensive network of channel partners. Established in 2011, the company is headquartered in Austin, Texas.

Historical context

All CRWD earnings
-3.8%FY2027 Q1 · Calendar Q2 2026+4.1%FY2026 Q4 · Calendar Q1 2026+1.5%FY2026 Q3 · Calendar Q4 2025

Technology peers this season

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Q Qnity Electronics, Inc. FY2026 Q3 · Calendar Q4 2026 +21.7% -0.1% Qnity Raises FY2026 Outlook on Advanced-Node and Thermal Demand
TRMB Trimble Inc. FY2026 Q3 · Calendar Q4 2026 -0.2% -17.3% Trimble keeps revenue outlook as AECO growth offsets product-line and regional headwinds
PCOR Procore Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 — +19.7% Procore pairs faster Q3 growth with AI expansion and higher FY26 outlook
CDW CDW Corporation FY2026 Q3 · Calendar Q4 2026 — +12.7% CDW raises FY2026 outlook as AI infrastructure demand lifts Q3 sales
FIS Fidelity National Information Services, Inc. FY2026 Q3 · Calendar Q4 2026 — -23.7% FIS grows recurring revenue, but lowers 2026 outlook amid execution delays

Latest beats and misses

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-27T14:16:58.768787+00:00
  2. FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
  3. Polygon adjusted daily market bars · 2026-09-21T06:30:48.595681+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T06:30:48.592880+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-21. For educational purposes only; not investment advice.