Crowdstrike Holdings Inc - Ordinary Shares - Class A

Strong Financial Performance: CrowdStrike reported a Q4 net new ARR of $224 million, closing FY 2025 at $4.24 billion in ending ARR. The company achieved 23% ending ARR growth and total revenue growth of 29% year-over-year. Notably, free cash flow for FY 2025 hit a record $1.07 billion, marking 27% of revenue, and for the first time, the company surpassed $1 billion in annual free cash flow.

Adoption of Falcon Flex Subscription Model: The Falcon Flex model is driving customer engagement and platform adoption, with Flex customers adding over $1 billion in account value in Q4 alone. The model allows customers to consolidate their cybersecurity products flexibly, leading to an acceleration in module adoption, with customers reportedly adopting more than nine modules on average.

Robust Market Demand and Growth in Emerging Products: The company's cloud security, identity protection, and next-gen SIEM businesses achieved over $1.3 billion in combined ending ARR, growing nearly 50% year-over-year. The transition towards AI in cybersecurity presents a significant growth opportunity, with CrowdStrike positioned as a market leader in securing environments against emerging threats.