CrowdStrike is like the Netflix of enterprise cybersecurity, replacing traditional antivirus with a modern, cloud-native platform.

CrowdStrike is like Salesforce for endpoint security, providing a comprehensive, cloud-based platform for device protection.

CrowdStrike is like the Tesla of enterprise cybersecurity, a software-defined, constantly updated platform to stop advanced threats.

• CrowdStrike Falcon Platform: A comprehensive cloud-native cybersecurity platform that unifies endpoint, cloud, identity, and data protection.
• Endpoint Security: Provides next-gen antivirus (NGAV), endpoint detection and response (EDR), and vulnerability management to protect devices from various threats.
• Cloud Security: Offers protection for workloads, containers, and serverless functions across multi-cloud environments, ensuring secure cloud adoption.
• Identity Protection: Detects and prevents identity-based attacks, such as credential theft and abuse, across an organization's user base.
• Managed Detection and Response (MDR - Falcon Complete): A 24/7 fully managed service where CrowdStrike experts actively monitor, detect, and respond to threats on behalf of customers.
• Threat Intelligence: Delivers proactive and actionable insights into adversary tactics, techniques, and procedures to enhance an organization's defensive posture.
• Log Management (Falcon LogScale): Provides real-time log aggregation, search, and analysis capabilities for security and IT operations.

CrowdStrike (CRWD) primarily sells its cybersecurity products and services to other companies and organizations (Business-to-Business, or B2B), rather than to individuals.

Due to the confidential nature of customer relationships and the vast number of organizations CrowdStrike serves globally, the company does not publicly disclose the names of its specific "major customers." Instead, CrowdStrike typically describes its customer base by size and sector, serving a broad spectrum of organizations across various industries.

The categories of customers that CrowdStrike primarily serves include:

• Large Enterprises: This category encompasses major corporations across virtually all industries, such as financial services, healthcare, energy, retail, manufacturing, technology, and telecommunications. These companies utilize CrowdStrike for comprehensive endpoint protection, threat intelligence, cloud security, and incident response at scale.
• Government and Public Sector Organizations: CrowdStrike serves a wide range of governmental bodies, including federal, state, and local government agencies, as well as defense departments and critical infrastructure entities. These organizations rely on CrowdStrike for advanced security solutions to protect sensitive data and national security interests.
• Small and Medium-sized Businesses (SMBs): While often associated with large enterprises, CrowdStrike also offers solutions tailored for SMBs. This allows smaller organizations to access enterprise-grade security capabilities to protect their businesses from sophisticated cyber threats, despite having fewer dedicated security resources.

• Amazon (Symbol: AMZN)

George Kurtz, CEO and Founder

George Kurtz co-founded CrowdStrike in 2011 and currently serves as its CEO. He is an internationally recognized security expert with over 30 years of experience in the cybersecurity industry. Before CrowdStrike, Kurtz founded and served as CEO of Foundstone, a worldwide security products and services company, which McAfee acquired in October 2004. Following the acquisition, he held roles as Worldwide Chief Technology Officer, General Manager, and Executive Vice President of Enterprise at McAfee. Kurtz began his career as a CPA at Price Waterhouse, where he was an early hire in their security group in 1993, and co-authored the influential book "Hacking Exposed: Network Security Secrets & Solutions."

Burt Podbere, Chief Financial Officer

Burt Podbere joined CrowdStrike as CFO in September 2015. In this role, he is responsible for the company's long-term financial management and strategic direction for its global expansion. Podbere played a crucial role in guiding CrowdStrike through over $1 billion in equity financing and its 2019 initial public offering (IPO). Prior to CrowdStrike, he held CFO positions at OpenDNS and Net Optics, bringing extensive international finance experience from roles across Canada, Europe, and the U.S. He is a CPA from the Canadian Institute of Chartered Accountants and holds a B.A. from McGill University.

Michael Sentonas, President

Michael Sentonas serves as the President of CrowdStrike. He is a key member of the executive leadership team responsible for driving the company's innovation and growth.

Elia Zaitsev, Chief Technology Officer

Elia Zaitsev is the Chief Technology Officer at CrowdStrike, a role he assumed globally in 2023. He leads CrowdStrike's technology roadmap, focusing on advancements in data science, artificial intelligence, and malware research. Zaitsev joined CrowdStrike in 2013 as its first sales engineer and has been instrumental in the evolution of the Falcon platform. His prior experience includes roles at IBM, i2 Inc., and Northrop Grumman.

Shawn Henry, Chief Security Officer

Shawn Henry holds the position of Chief Security Officer at CrowdStrike. He previously served as an executive assistant director at the FBI, overseeing all criminal and cyber investigations worldwide, and was responsible for the FBI's cyber division.

1. Intense Competition and Potential for Decelerating Growth: The cybersecurity market is highly competitive, with CrowdStrike facing established rivals like Microsoft, Palo Alto Networks, and SentinelOne, as well as emerging startups. This intense competition could lead to reduced pricing or bundling by competitors, impacting CrowdStrike's market share and financial performance. Analysts have noted signs of moderation in CrowdStrike's core business growth rates, and a continued deceleration could pressure the company's ability to meet its ambitious growth targets.
2. High Valuation Risk: CrowdStrike's stock trades at a significant premium, with high earnings multiples and Price/Sales ratios compared to its peers and the sector median. This elevated valuation suggests that the market has high expectations for the company's future growth. If CrowdStrike fails to meet these expectations or if its growth rate slows more than anticipated, the stock could be vulnerable to downside correction.
3. Legal, Regulatory, and Reputational Risks: CrowdStrike is currently under federal investigation by the U.S. Department of Justice and the SEC concerning a $32 million deal, which could lead to regulatory scrutiny, potential legal liabilities, and reputational damage. Furthermore, a global IT outage incident in July 2024 resulted in reputational damage, increased customer churn, and elevated costs, which may negatively affect future growth and profitability.

Microsoft's strategy of deeply integrating and bundling advanced endpoint detection and response (EDR) and extended detection and response (XDR) capabilities, such as Microsoft Defender for Endpoint, within its broader enterprise licensing agreements (e.g., Microsoft 365 E5). This approach leverages Microsoft's pervasive operating system presence and existing enterprise relationships to offer a compelling, integrated, and often cost-effective security solution that directly competes with CrowdStrike's core offerings. As Microsoft continues to enhance its security stack and push for increased adoption through bundling, it poses a growing threat by potentially eroding the market for best-of-breed, standalone cybersecurity platforms.

• Endpoint Security: This core business is expected to constitute approximately half of CrowdStrike's target of $10 billion in total Annual Recurring Revenue (ARR) within five to seven years.
• Cloud Security: The total ARR for CrowdStrike's cloud security unit is projected to reach between $2 billion and $3 billion within five to seven years. The global cloud-native security market alone was valued at $35.84 billion in 2024 and is projected to grow to $75.26 billion by 2030. CrowdStrike's Falcon Cloud Security ARR exceeded $515 million, growing over 80% year-over-year.
• LogScale (Next-Gen SIEM): This business is estimated to achieve $1.5 billion in ARR over the next five to seven years. Its ARR exceeded $220 million, growing over 140% year-over-year.
• Identity Protection: Falcon Identity Protection's ARR surpassed $350 million, growing over 70% year-over-year.

1. Expansion of the Falcon Platform and Increased Module Adoption

   CrowdStrike's "land and expand" strategy is a significant driver, focusing on growing Annual Recurring Revenue (ARR) per client by encouraging existing customers to adopt more modules on its Falcon platform. The Falcon platform currently offers over 20 modules, and the Falcon Flex subscription model is instrumental in promoting platform adoption and consolidation among customers.

2. Growth in New Product Areas (Cloud Security, Identity Protection, Next-Gen SIEM)

   CrowdStrike is expanding its revenue streams by extending beyond endpoint security into high-growth areas such as cloud security, identity protection (e.g., Falcon Identity Protection and Falcon Privileged Access), and Next-Gen SIEM (Security Information and Event Management) solutions. These newer areas are demonstrating substantial ARR growth and are becoming significant contributors to the company's overall revenue.

3. AI-Powered Innovation and Agentic Security

   The company's strategic investments in artificial intelligence, particularly with its Charlotte AI and Agentic Security Workforce, are expected to drive future growth. CrowdStrike is introducing new AI-powered agents designed to automate time-intensive Security Operations Center (SOC) tasks, streamline data pipeline creation, simplify custom application development, and enhance exposure prioritization, thereby improving platform capabilities and increasing demand.

4. Strategic Partnerships and Ecosystem Expansion

   CrowdStrike is broadening its market reach and strengthening its offerings through strategic partnerships and the expansion of its CrowdStrike Marketplace. The Marketplace provides customers with access to a robust ecosystem of Falcon-integrated security products and services, facilitating consolidation of security tools and offering flexible solutions to meet diverse business needs.

Share Repurchases

• CrowdStrike's board of directors approved a share repurchase program of up to $1 billion of its common stock on June 3, 2025.
• The program has no fixed expiration date, providing the company flexibility to repurchase shares opportunistically based on market conditions and other factors.
• Repurchases may be executed through various methods, including open market purchases and privately negotiated transactions.

Share Issuance

• CrowdStrike's shares outstanding have shown an increasing trend in recent years.
• In 2025, shares outstanding were approximately 0.245 billion, a 0.46% increase from 2024.
• In 2024, shares outstanding were approximately 0.244 billion, a 4.5% increase from 2023.

Outbound Investments

• In January 2022, CrowdStrike launched Falcon Fund II, a $100 million investment vehicle in partnership with Accel, focused on cross-stage private investments within cybersecurity and related markets.
• The company has made several acquisitions, including Preempt Security (September 2020 for $96 million), Humio (February 2021 for $400 million), SecureCircle (November 2021), Reposify (October 2022), Bionic.ai (2023), Flow Security (March 2024 for $200 million), Adaptive Shield (November 2024 for $300 million), and Onum (August 2025 for $290 million).
• CrowdStrike made a strategic investment in Abnormal Security in March 2023 through its Falcon Fund to enhance protection against cyberattacks and integrate platforms.

Capital Expenditures

• CrowdStrike's Capital Expenditures for the trailing twelve months ended July 31, 2025, amounted to -$350.9 million USD.
• The average annual Capital Expenditures growth rate has been -20% over the past three years and -34% over the past five years, indicating a decrease in capital spending.
• Capital expenditures are primarily focused on acquiring or upgrading physical assets to scale its cloud architecture, ensuring high-speed data processing and real-time analytics.