Common-Size Income Statement
Quarterly Data
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CrowdStrike Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).
The company exhibits a strategic transition toward a subscription-dominant revenue model, characterized by a consistent increase in recurring revenue and a corresponding decrease in the reliance on professional services. While gross margins have remained robust and relatively stable, the overall profitability profile is marked by significant volatility, reflecting a period of aggressive investment in product development and market expansion.
- Revenue Composition and Gross Margin
- Subscription revenue grew from 91.10% to 95.33% of total revenue, while professional services declined from 8.90% to 4.67%. This shift toward a subscription-based model is mirrored in the gross profit margins, which remained consistently high, fluctuating between a low of 72.45% and a peak of 76.02%. The cost of revenue remained stable, generally ranging between 24% and 27% of total revenue.
- Operating Expense Dynamics
- A notable reduction in sales and marketing expenses is observed, falling from 49.49% of revenue in April 2020 to 35.27% by April 2026, indicating improved efficiency in customer acquisition. In contrast, research and development spending increased from 22.79% to 29.47%, suggesting a strategic pivot toward enhanced product innovation. General and administrative expenses showed a general downward trend, decreasing from 14.06% to 12.77%.
- Operational Profitability
- The company operated with negative margins for the majority of the period. A brief transition to operational profitability occurred between October 2023 and April 2024, with income from operations peaking at 3.51% of revenue in January 2024. However, this trend reversed in later quarters, with operating losses returning to levels as low as -10.76% in January 2023 and -10.76% in January 2024, before showing a recovery toward 0.60% by January 2026.
- Non-Operating Items and Net Income
- Interest income became a significant factor in the latter half of the period, increasing from negligible levels to a peak of 5.35% of revenue in July 2024, which served to partially offset operating losses. Net income remained volatile, with significant losses in 2021, followed by a period of modest profitability and a subsequent return to losses, eventually concluding with a positive net income of 3.32% of revenue in April 2026.