CrowdStrike (CRWD) Q3 Earnings call transcript Nov 26, 2025

In the third quarter of 2025, CrowdStrike demonstrated its resilience and forward momentum, achieving significant milestones while navigating a challenging environment. The company's leadership, George Kurtz, highlighted the key themes of trust, platform adoption, and innovation that are shaping CrowdStrike's bright future.

Trust and Growth

Trust remains a cornerstone of CrowdStrike's success, with the company growing its ending ARR more than 27% year-over-year and maintaining stable gross retention rates. This trust is not only reflected in the strong relationship with customers but also in the market's perception of CrowdStrike's ability to deliver industry-leading cyber protection on a resilient and scalable AI native architecture.

Platform Adoption and Innovation

CrowdStrike's Falcon Flex subscription model is driving platform adoption and consolidation, making the company the cybersecurity platform of record. This model, which allows for flexibility and ease of access to the products customers need, has led to a surge in demand and increased revenue, with more than 150 Falcon Flex transactions representing over $600 million in total deal value.

The acquisition of Adaptive Shield, a leading vendor in SaaS posture management, further strengthens CrowdStrike's position in the market and underscores its commitment to innovation. This move not only enhances the company's ability to secure the enterprise's prolific adoption of AI but also adds to its market-leading cloud security ecosystem.

Financial Highlights

CrowdStrike's financial performance in Q3 was impressive, with total revenue surpassing $1 billion for the first time, and subscription revenue growing 31% year-over-year. The company's non-GAAP net income attributable to CrowdStrike grew 18% to $234.3 million, a testament to its operational efficiency and financial strength.

Looking Ahead

With a focus on continued innovation and consolidation, CrowdStrike is well-positioned for future growth. The company is confident in its ability to reaccelerate net new ARR growth, thanks to its robust platform and flexible licensing model. Despite the challenges faced in Q3, CrowdStrike remains optimistic about its future, with a vision of achieving $10 billion in ending ARR by 2031.

In conclusion, CrowdStrike's Q3 financial results highlight its resilience and innovation in the face of challenges. The company's focus on trust, platform adoption, and innovation sets it apart in the cybersecurity market and positions it for continued growth and success.