Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

CrowdStrike Holdings Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Net income (loss)	(161,165)	(16,596)	90,585)	(182,285)	(232,378)	(92,629)
Depreciation and amortization	250,218)	187,952)	126,838)	77,245)	55,908)	38,710)
Amortization of intangible assets	31,233)	26,004)	18,416)	16,565)	12,902)	1,448)
Amortization of deferred contract acquisition costs	449,413)	318,837)	238,901)	170,808)	113,884)	66,425)
Non-cash operating lease cost	17,197)	15,283)	13,398)	9,440)	9,103)	7,786)
Stock-based compensation expense	1,096,679)	865,421)	631,519)	526,504)	309,952)	149,675)
Deferred income taxes	(14,797)	(9,903)	(3,387)	1,306)	(13,956)	(1,452)
Realized gains on strategic investments	(4,161)	(6,321)	(3,936)	—)	—)	—)
Gain on sale of debt securities, net	—)	—)	—)	—)	—)	(1,347)
Amortization (accretion) of short-term investments purchased at a premium (discount)	—)	2,285)	(2,285)	—)	—)	578)
Non-cash interest expense	5,444)	3,763)	3,173)	2,813)	2,469)	853)
Change in fair value of strategic investments	1,579)	1,000)	1,459)	(1,830)	(4,823)	—)
Accounts receivable, net	(232,528)	(274,219)	(217,699)	(258,109)	(125,354)	(73,022)
Deferred contract acquisition costs	(703,707)	(584,484)	(371,649)	(298,716)	(234,308)	(150,975)
Prepaid expenses and other assets	(206,157)	(190,232)	(102,520)	(46,807)	(29,535)	2,198)
Accounts payable	(11,267)	84,939)	(18,898)	(15,463)	33,248)	11,325)
Accrued expenses and other liabilities	22,587)	218,518)	14,586)	58,923)	38,483)	33,083)
Accrued payroll and benefits	61,610)	85,873)	65,102)	65,226)	32,681)	33,212)
Operating lease liabilities	(13,692)	(15,657)	(14,035)	(10,364)	(9,900)	(8,105)
Deferred revenue	1,023,863)	669,264)	696,639)	825,751)	616,408)	338,803)
Changes in operating assets and liabilities, net of impact of acquisitions	(59,291)	(5,998)	51,526)	320,441)	321,723)	186,519)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,773,514)	1,398,323)	1,075,622)	1,123,292)	807,162)	449,195)
Net cash provided by operating activities	1,612,349)	1,381,727)	1,166,207)	941,007)	574,784)	356,566)
Purchases of property and equipment	(302,108)	(254,852)	(176,529)	(235,019)	(112,143)	(52,799)
Capitalized internal-use software and website development costs	(68,751)	(58,969)	(49,457)	(29,095)	(20,866)	(10,864)
Purchases of strategic investments	(10,767)	(19,702)	(17,177)	(21,808)	(16,309)	(1,500)
Proceeds from sales of strategic investments	5,217)	12,507)	2,000)	—)	—)	—)
Business acquisitions, net of cash and restricted cash acquired	(382,268)	(310,257)	(239,030)	(18,349)	(414,518)	(85,517)
Purchases of intangible assets	—)	—)	(11,126)	(2,323)	(680)	(180)
Purchases of short-term investments	—)	—)	(195,581)	(250,000)	—)	(84,904)
Proceeds from maturities and sales of short-term investments	—)	97,300)	348,281)	—)	—)	731,191)
Purchases of deferred compensation investments	(6,009)	(2,721)	(2,031)	(64)	—)	—)
Proceeds from the sale of deferred compensation investments	207)	106)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	(764,479)	(536,588)	(340,650)	(556,658)	(564,516)	495,427)
Payments of debt issuance costs related to revolving line of credit	—)	—)	—)	—)	(219)	(3,328)
Payments of debt issuance costs related to Senior Notes	—)	—)	—)	—)	(1,581)	—)
Proceeds from issuance of Senior Notes, net of debt financing costs	—)	—)	—)	—)	—)	739,569)
Repayment of loan payable	—)	—)	—)	(1,591)	—)	—)
Proceeds from issuance of common stock upon exercise of stock options	3,163)	3,983)	8,695)	8,655)	15,899)	28,831)
Proceeds from issuance of common stock under the employee stock purchase plan	125,834)	99,616)	76,375)	59,419)	50,277)	34,263)
Distributions to non-controlling interest holders	(2,545)	(4,891)	—)	—)	—)	—)
Capital contributions from non-controlling interest holders	6,000)	8,500)	8,088)	10,954)	8,155)	800)
Net cash provided by financing activities	132,452)	107,208)	93,158)	77,437)	72,531)	800,135)
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash	9,629)	(5,278)	1,958)	(1,495)	(4,774)	1,682)
Net increase (decrease) in cash, cash equivalents, and restricted cash	989,951)	947,069)	920,673)	460,291)	78,025)	1,653,810)
Cash, cash equivalents, and restricted cash at beginning of period	4,324,666)	3,377,597)	2,456,924)	1,996,633)	1,918,608)	264,798)
Cash, cash equivalents, and restricted cash at end of period	5,314,617)	4,324,666)	3,377,597)	2,456,924)	1,996,633)	1,918,608)

Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).

The cash flow statement reveals a complex pattern of operating, investing, and financing activities over the six-year period. Initially, the company experienced net losses, but transitioned to profitability in 2023. Despite this, fluctuations in net income continue to be observed. Overall cash position demonstrates a strong upward trend, driven primarily by financing activities and, increasingly, by operating activities.

Operating Activities: Net cash provided by operating activities demonstrates a significant increase over the period, rising from US$356.566 million in 2021 to US$1,612.349 million in 2026. This growth is largely attributable to substantial increases in adjustments to reconcile net income, particularly stock-based compensation expense and amortization of deferred contract acquisition costs. While net income was initially negative, the positive trend in operating cash flow suggests improving core business performance. Changes in operating assets and liabilities initially contributed positively, but this effect diminished and became negative in later years.
Investing Activities: Investing activities consistently represent a net cash outflow. Purchases of property and equipment, capitalized internal-use software, and strategic investments contribute to this outflow. Proceeds from maturities and sales of short-term investments provide some offset, particularly in 2021 and 2024. Business acquisitions represent a significant cash outflow, especially in 2021 and 2025. The net cash used in investing activities increased in magnitude over the period, reaching US$764.479 million in 2026.
Financing Activities: Financing activities are a major source of cash inflow, particularly in 2021 with proceeds from the issuance of Senior Notes at US$739.569 million. Proceeds from the issuance of common stock, through stock options and the employee stock purchase plan, also contribute significantly. While net cash provided by financing activities decreased from 2021 levels, it remained positive throughout the period, reaching US$132.452 million in 2026. Distributions to non-controlling interest holders represent a minor cash outflow in later years.
Key Non-Cash Items: Stock-based compensation expense is a consistently large non-cash item, increasing substantially from US$149.675 million in 2021 to US$1,096.679 million in 2026. Amortization of deferred contract acquisition costs also represents a significant non-cash expense, growing from US$66.425 million to US$449.413 million over the same period. Depreciation and amortization also show a consistent upward trend. These items significantly impact the reconciliation of net income to net cash provided by operating activities.
Working Capital: Changes in accounts receivable, deferred contract acquisition costs, and prepaid expenses and other assets represent significant uses of cash, particularly in the earlier years. Accounts payable and accrued expenses demonstrate more variable impacts, sometimes providing cash and sometimes using it. Deferred revenue consistently represents a source of cash, increasing substantially over the period.

The company’s cash position has grown considerably, increasing from US$264.798 million in 2021 to US$5,314.617 million in 2026. This growth is driven by a combination of strong operating cash flow in later years, significant financing activities, and strategic management of working capital. Despite continued investment in growth initiatives, the overall financial position appears to be strengthening.

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CrowdStrike Holdings Inc. (NASDAQ:CRWD)

Cash Flow Statement