# CrowdStrike Stock Q3 2026: Record Net New ARR and Revenue Up 26%
> CrowdStrike stock Q3 2026: revenue up 26% to $1.47bn, record net new ARR of $333m, a 25% non-GAAP margin and a raised outlook. CRWD earnings and risks.

Agent brief for this QSI Labs research article. Prefer this file for quick facts; use the HTML page for the full human layout, or article.md for the full text.

## Facts
- Ticker: CRWD
- QSILabs fair value: $39.02 USD
- Price: $250.43 (as of 2026-10-30)
- As of: Fiscal Q2 FY2027 results (quarter ended 2026-07-31, reported 2026-08-26) and Form 10-Q filed 2026-08-27; price as of 2026-10-30 close
- Fiscal period: fiscal Q2 FY2027 (May-July 2026; fiscal Q3, August-October 2026, not yet reported)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/crowdstrike-stock-q3-2026-earnings-arr-falcon-flex/

## Short answer
CrowdStrike stock Q3 2026 rests on the company's fiscal Q2 FY2027, the quarter to 31 July 2026, its latest reported results. Revenue rose 26% to $1.47bn, annual recurring revenue (ARR) rose 25% to $5.84bn and net new ARR rose 51% to $333m, which the company called a record. Accounts using Falcon Flex, its flexible enterprise licensing model, had more than $2.29bn of ending ARR, up 101%. On a non-GAAP basis the operating margin was 25%, but after $399m of stock-based compensation and related payroll taxes CrowdStrike still made a GAAP operating loss of $33m. Our discounted cash flow model values CRWD at $39.02 a share, against a $250.43 close on 30 October 2026. The business is growing quickly and producing cash; the share price assumes far more growth and much higher margins after stock pay than we forecast.

## Key takeaways
- Revenue up 26%. Fiscal Q2 FY2027 revenue was $1,470.9m, up from $1,169.0m a year earlier and $1,385.6m in the April quarter. Subscription revenue rose 27% to $1,400.3m.
- ARR growth is speeding up. Ending ARR was $5,841.4m, up 25%. Net new ARR was $332.8m, up 51% from $221.1m, the company's best quarter on that measure.
- Falcon Flex is spreading. Ending ARR from accounts that have adopted Falcon Flex exceeded $2.29bn, up 101%. Half of subscription customers (51%) now use six or more modules.
- Two profit pictures. Non-GAAP operating income rose 46% to $371.6m, a 25% margin. GAAP operating loss narrowed to $33.2m from $105.5m, because stock-based compensation and related payroll taxes rose 44% to $399.0m, 27% of revenue.
- Cash flow rose. Operating cash flow was $530.3m and free cash flow $377.4m, both second-quarter records according to the company, against $332.8m and $283.6m a year earlier. Cash was $5.01bn against $746m of debt.
- Guidance raised. For fiscal 2027, to 31 January 2027, CrowdStrike expects revenue of $5.99bn to $6.01bn, ending ARR of $6.60bn to $6.61bn and non-GAAP EPS of $1.25 to $1.26. It raised its net new ARR growth outlook by 6.3 points to 34% at the midpoint.
- Our value: $39.02 a share, about 84% below the $250.43 close on 30 October 2026. A two-stage cross-check gives $41.45; analysts' average target is $248.45.
- What to watch. Fiscal Q3 results, expected in early December; whether net new ARR keeps growing faster than ARR; and whether stock-based compensation starts to fall as a share of revenue.

## Full versions
- [HTML](https://www.quantitativesuperintelligencelabs.com/research/crowdstrike-stock-q3-2026-earnings-arr-falcon-flex/)
- [Markdown](https://www.quantitativesuperintelligencelabs.com/research/crowdstrike-stock-q3-2026-earnings-arr-falcon-flex/article.md)
- [PDF](https://www.quantitativesuperintelligencelabs.com/research/crowdstrike-stock-q3-2026-earnings-arr-falcon-flex/crowdstrike-stock-q3-2026-earnings-arr-falcon-flex.pdf)
- [This agent brief](https://www.quantitativesuperintelligencelabs.com/research/crowdstrike-stock-q3-2026-earnings-arr-falcon-flex/llms.txt)

Publisher: QSI Labs (Quantitative Super Intelligence Labs)
Site index: https://www.quantitativesuperintelligencelabs.com/llms.txt