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Stock Analysis on Net

CrowdStrike Holdings Inc. (NASDAQ:CRWD)

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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: Oct 31, 2025 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: 2025-10-31), 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), 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 consistently represents the majority of total revenue, increasing progressively from around 89.5% in early 2019 to approximately 95% by 2024. Conversely, professional services have steadily decreased from about 10.5% of revenue in 2019 to around 5.3%-5.6% in recent periods, indicating a strategic shift toward subscription-based sales over time.
Cost of Revenue and Gross Profit
The cost of revenue as a percentage of total revenue has generally declined from around 30.5% in 2019 to mid-20% levels in recent quarters, reflecting improved cost management or economies of scale. Correspondingly, gross profit margins have improved from approximately 69.5% up to about 75%, demonstrating enhanced operational efficiency and higher profitability on core revenues.
Operating Expenses
Operating expenses as a percentage of revenue demonstrated a downward trend over the analyzed period, dropping from over 96% in early 2019 to levels between 74% and 85% in subsequent years. This reduction primarily reflects decreases in sales and marketing expenses from about 59% to a range near 35%-40%, as well as relative stability with some fluctuations in research and development and general and administrative expenses.
Operating Income (Loss)
Operating loss margins have improved significantly, moving from substantial losses exceeding 26% of revenue in 2019 to breakeven and positive territory in some quarters by 2024. Earlier losses as high as near -47% have narrowed consistently, reaching small positive operating income margins around 3.5%, signaling progress toward operational profitability.
Interest and Other Income/Expenses
Interest expense remained relatively low but exhibited a slight increase over time, peaking around 2% in early 2021 before declining to below 1%. Interest income increased notably from no reported amounts before 2021 to levels exceeding 4%-5% of revenue in recent quarters, likely due to improved cash or investment returns. Other income and expenses fluctuated around near-zero values with no consistent pattern impairing overall results.
Pre-Tax and Net Income
The income before provision for income taxes mirrored the improvement seen in operating income, transitioning from significant losses up to -47% to positive margins around 8% by early 2024. Provision for income taxes exhibited variability, sometimes spiking due to discrete items, but generally remained below 2% of revenue, with occasional unusual increases. Net income, attributable to the company, followed a similar positive trajectory, moving from large percentage losses in excess of -48% to periodic net gains surpassing 6%, with some fluctuations including recent marginal losses. This reflects a continuing path from high losses toward sustainable profitability.
Summary
The financial data reveals a clear trend of increasing subscription revenue dominance, improving gross margins, and disciplined operating expense management contributing to a steady reduction in operating losses. Enhanced interest income and controlled expenses have further supported pre-tax income improvements. Overall, the trend indicates maturation from significant historical losses toward profitability, reinforced by the growing proportion of subscription revenue and improved cost controls.