Stock Analysis on Net
Stock Analysis on Net

CrowdStrike Holdings Inc. (NASDAQ:CRWD)

$24.99

Common-Size Income Statement
Quarterly Data

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CrowdStrike Holdings Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019
Subscription
Professional services
Revenue
Subscription
Professional services
Cost of revenue
Gross profit
Sales and marketing
Research and development
General and administrative
Operating expenses
Income (loss) from operations
Interest expense
Interest income
Other income (expense), net
Income (loss) before provision for income taxes
Provision for income taxes
Net income (loss)
Net (income) loss attributable to non-controlling interest
Net income (loss) attributable to CrowdStrike

Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).

Revenue Composition
The subscription revenue proportion exhibited a consistent upward trend from approximately 89.5% in April 2019 to a peak near 95.3% in late 2024, before slightly declining towards 94.35% by mid-2025. Conversely, professional services as a percentage of revenue declined from over 10% to around 5.65% in the same timeframe, indicating an increasing reliance on subscription-based revenue streams.
Cost of Revenue and Gross Profit
Cost of revenue as a percentage of total revenue generally decreased from around 30.5% in early 2019 to a low in mid-2023 near 24.4%, though it increased again slightly towards 26.5% by mid-2025. This reduction in cost of revenue supported gross profit margins that improved from just under 70% in early 2019 to a peak of about 75.57% in early 2023, with a mild decline to approximately 73.46% by mid-2025.
Operating Expenses
Operating expenses showed a marked decline as a percentage of revenue over the periods observed, reducing from over 96% in early 2019 to around 71.8% by early 2024, before increasing slightly towards 83.1% in mid-2025. This general decrease indicates improved operational efficiency, although recent upticks suggest some cost pressures or strategic investments.
Segment Breakdown of Operating Expenses
Sales and marketing expenses as a share of revenue declined from roughly 59% in 2019 to 34-38% in 2024-2025, reflecting tighter cost control or shifts in marketing strategy. Research and development expenses fluctuated but remained relatively stable between 22% and 30%, with a slight increase towards the later periods, indicating sustained investment in innovation. General and administrative expenses dropped from a volatile high near 28% in mid-2019 to about 11-15% in 2023-2025, demonstrating improved administrative cost efficiency.
Profitability Metrics
Income (loss) from operations improved significantly from a loss of approximately 27% of revenue in early 2019 to positive territory with a 3.5% gain by early 2024, though backsliding into losses again in mid-2025. Net income margins followed a similar pattern, deep losses exceeding 27% initially, improving to positive 6.5% by early 2024, and then declining to negative 6.6% by mid-2025. These fluctuations suggest periods of recovery and profitability, followed by recent challenges.
Interest and Other Income (Expense)
Interest expense remained low but increased modestly after 2019, peaking near 2% of revenue in 2021, then steadily decreasing toward 0.58% by mid-2025. Meanwhile, interest income rose from zero before 2021 to approximately 5% of revenue by mid-2025, providing a positive contribution to net results. Other income or expense items showed minor fluctuations around zero, without major impact.
Tax Provision and Non-Controlling Interests
Provision for income taxes as a percentage of revenue remained relatively low and volatile, mostly fluctuating between -0.2% and -1.9%. Notably, there was a sharp negative spike around April 2021, which may indicate a tax-related adjustment or charge. Non-controlling interest impacts were negligible over the analyzed period.
Overall Observations
The data reveals a company transitioning towards a subscription-dominant revenue model with improving gross margins and carefully managed operating expenses, enabling temporary achievement of profitability at the operating and net income levels. The positive trends in subscription revenue share and gross profit margin reflect strengthening core business performance. However, the recent reversal into operational losses and declining net income in the latest periods suggest emerging headwinds or increased investments impacting near-term profitability.