Crowdstrike Holdings Inc - Ordinary Shares - Class A

Q2 FY27 delivered a “record” AI-driven acceleration (core growth + profitability): Net new ARR hit an all-time record $333M (up 51% YoY), ending ARR grew to $5.84B (up 25%+ YoY), and total revenue reached $1.47B (up 26% YoY). Profitability also surged with record non-GAAP operating income $372M (up 46% YoY) and record free cash flow $377M (26% of revenue, up 33% YoY).

Guidance raised materially—signals durability into FY27: FY27 net new ARR outlook increased by ~630 bps (about +$116M vs initial outlook). At the midpoint, the company now expects ~$1.35B net new ARR (about 34% YoY). - Q3 FY27 outlook (midpoint-style ranges): net new ARR $343–$347M (~29–31% YoY); total revenue $1.523–$1.529B (~23–24% YoY); continued strong profitability and FCF expectations (non-GAAP). - FY27 revenue outlook: total revenue $5.991–$6.011B (~25% YoY).

FalconFlex momentum is a major upside driver (platform consolidation economics): FalconFlex ended the quarter with ending ARR > $2.29B (up 101% YoY). “FlexFirst” execution was strong: - Top deals were heavily Flex-weighted (all top 10 by deal value were Flex). - Record Flex deal volume adding >935 Flex accounts (about 10+ Flexes per day in Q2), with re-flex dynamics showing meaningful uplift: >40% average ending ARR uplift when converting standard subscriptions to Flex; first re-flex typically ~8 months after initial Flex; re-flex uplifts ~25% and customers re-flexing at least twice averaged ~53% higher ending ARR vs initial Flex baseline.