Stock Analysis on Net
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CrowdStrike Holdings Inc. (NASDAQ:CRWD)

$24.99

Cash Flow Statement
Quarterly Data

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.

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CrowdStrike Holdings Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Apr 30, 2026 Jan 31, 2026 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
Net income (loss)
Depreciation and amortization
Amortization of intangible assets
Amortization of deferred contract acquisition costs
Non-cash operating lease cost
Stock-based compensation expense
Deferred income taxes
Realized gains on strategic investments
Gain on sale of debt securities, net
Non-cash interest expense
Change in fair value of strategic investments
Amortization (accretion) of short-term investments purchased at a premium (discount)
Accounts receivable, net
Deferred contract acquisition costs
Prepaid expenses and other assets
Accounts payable
Accrued expenses and other liabilities
Accrued payroll and benefits
Operating lease liabilities
Deferred revenue
Changes in operating assets and liabilities, net of impact of acquisitions
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of property and equipment
Capitalized internal-use software and website development costs
Purchases of strategic investments
Proceeds from sales of strategic investments
Business acquisitions, net of cash and restricted cash acquired
Purchases of intangible assets
Purchases of short-term investments
Proceeds from maturities and sales of short-term investments
Purchases of deferred compensation investments
Proceeds from sales of deferred compensation investments
Net cash (used in) provided by investing activities
Payments of debt issuance costs related to revolving line of credit
Payments of debt issuance costs related to Senior Notes
Proceeds from issuance of Senior Notes, net of debt financing costs
Repayment of loan payable
Proceeds from issuance of common stock upon exercise of stock options
Proceeds from issuance of common stock under the employee stock purchase plan
Distributions to non-controlling interest holders
Capital contributions from non-controlling interest holders
Repurchases of common stock
Net cash provided by (used in) financing activities
Effect of foreign exchange rates on cash, cash equivalents and restricted cash
Net increase (decrease) in cash, cash equivalents and restricted cash

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).

Operational cash flow demonstrates a strong and consistent upward trajectory over the analyzed period. Net cash provided by operating activities grew from $98.6 million in April 2020 to $590.9 million by April 2026. This growth persists despite significant volatility in net income, which remained negative for the first several years, turned positive in early 2023, and experienced a period of losses between October 2024 and October 2025 before returning to profitability in early 2026.

Non-Cash Adjustments and Earnings Quality
A substantial divergence exists between net income and operating cash flow, primarily driven by non-cash expenses. Stock-based compensation (SBC) has scaled aggressively, increasing from $23.6 million in April 2020 to $297.7 million in April 2026. Similarly, the amortization of deferred contract acquisition costs rose from $13.5 million to $98.9 million over the same period. These adjustments act as a critical bridge, allowing the company to generate positive cash flow even during quarters of reported net losses.
Working Capital Dynamics
Cash flow is heavily influenced by fluctuations in deferred revenue, which exhibits distinct cyclical spikes, particularly in January of each year. This pattern is indicative of a subscription-based revenue model with significant upfront billings. Accounts receivable and deferred contract acquisition costs also show high volatility, with the latter increasing significantly in line with the company's growth in customer acquisition efforts.
Investment and Capital Allocation
Investing activities are characterized by a transition from initial short-term investment management to aggressive inorganic growth. Significant cash outflows are attributed to business acquisitions, with major expenditures occurring in April 2021 ($353.4 million), October 2023 ($238.7 million), and a substantial acquisition in April 2026 ($881.4 million). Capital expenditures for property and equipment have also trended upward, rising from $9.7 million in April 2020 to $97.6 million in April 2026.
Financing and Liquidity Management
The company's liquidity position was significantly bolstered in January 2021 through the issuance of Senior Notes totaling $739.6 million. Financing activities have remained relatively quiet in subsequent years, focusing on employee stock purchase plans and the exercise of stock options. A strategic shift in capital allocation is observed in April 2026, marked by the initiation of common stock repurchases totaling $175.6 million.

The overall financial profile indicates a company that has successfully scaled its operational cash generation to fund aggressive expansion and acquisitions. While GAAP profitability has been inconsistent, the ability to generate increasing amounts of cash from operations provides a substantial cushion for continued investment in the business and a recent transition toward shareholder returns.