CrowdStrike Holdings, Inc.

Q2 FY27 delivered strong acceleration + beat; confirms “Mythos moment” demand tailwind - Net new ARR: $333M (all-time record) and +51% YoY, beating the top end of guidance by >$45M. - Ending ARR: $5.84B, +25% YoY (growth accelerated for the 4th straight quarter). - Revenue: $1.47B, +26% YoY (accelerated for the 5th straight quarter). - Profitability/cash: Free cash flow $377M (26% of revenue), +33% YoY; operating income $372M (25% of revenue), +46% YoY.

Guidance raised meaningfully for FY27 (and Q3), implying durable momentum - FY27 net new ARR outlook (midpoint): $1.35B, +34% YoY—raised by 630 bps vs prior outlook (≈ +$116M improvement in just two quarters). - Q3 FY27 (management expectations): - Net new ARR: $343M–$347M (+29% to +31% YoY). - Total revenue: $1.523B–$1.529B (+23% to +24% YoY). - FCF margin: ~27.5% in Q3 at midpoint; expects ≥30% for full year. - Key signal: They also cited a record Q3 pipeline, used to support the conservative/strong outlook.

Falcon platform adoption is accelerating—“Falcon Flex” is the conversion engine - Falcon Flex: ending ARR from Falcon Flex-adopting accounts >$2.29B; +101% YoY. - Flex conversion: customers converting to Flex see >40% average ending ARR uplift. - Re-flexing: 630+ accounts re-flexed at least once in Q2 (6x YoY); first re-flex averages in ~8 months; repeat re-flex uplift averages ~53%. - Platform modular adoption: subscription customers adopting 7+ modules (51%), 8+ modules (35% and 26% respectively cited)—supports consolidation narrative.