실적분석 2026년 8월 26일

CrowdStrike ($CRWD) FY2027 Q2 Earnings Analysis — Revenue and Adjusted EPS Both Beat, Full-Year Guidance Raised

Earnings Scorecard

Revenue: $1.471 billion (+26% year-over-year, vs. $1.440 billion estimate) ✅ Beat

EPS: Adjusted diluted $0.31 (vs. $0.29 estimate) ✅ Beat

Guidance: Raised — FY2027 net new annual recurring revenue growth midpoint 34% (+6.3 percentage points); full-year revenue $5.991–6.011 billion; adjusted diluted EPS $1.25–1.26

Stock Reaction: +11.20% after-hours ($210.36) — as of 08-27 06:00 Korea time

The Positives

Record net new recurring revenue: Quarterly net new annual recurring revenue of $333 million, up 51% year-over-year

Flex recurring revenue accelerating: Ending annual recurring revenue from Flex subscription accounts surpassed $2.29 billion, up 101% year-over-year

Cash generation at a record high: Operating cash flow of $530 million and free cash flow of $377 million, the highest for any Q2

Subscription-led growth has regained momentum, with signals of expansion from both new and existing customers showing up at the same time. Cash generation also hit a fresh quarterly high, supporting the quality of earnings.

The Negatives

GAAP operating loss: Operating loss of $33.2 million, so a return to profitability remains an adjusted-only story for now

Stock-based compensation burden: Quarterly stock-based compensation and related taxes alone totaled roughly $399 million

Higher bar to clear: With the raised guidance already priced in, execution in Q3 and the full year becomes the key swing factor

On a GAAP basis the company is still in operating-loss territory, so looking at adjusted figures alone can be misleading. With stock-based compensation running high, the gap between adjusted earnings and what actually accrues to shareholders remains in place, and since the stock has already moved ahead of the raised outlook, execution in the next quarter matters even more.

What Management Said

Management explained that AI-related security demand is broadening into the mass market, accelerating growth. They pointed to a record Q3 pipeline as the driver behind the upward revision to the full-year net new annual recurring revenue growth outlook.

Market Reaction and What to Watch Next

A beat on revenue and adjusted earnings, combined with accelerating net new annual recurring revenue and a raised full-year growth outlook, drew heavy buying interest after the close.

Confirm whether Q3 revenue and adjusted EPS land within the range management has set.

Track whether net new annual recurring revenue growth continues on the 34% full-year midpoint trajectory.

Monitor whether Falcon Flex adoption and module expansion translate into retention and expansion revenue.