CrowdStrike (CRWD.US) 2026财年第三季度业绩电话会
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会议摘要
CrowdStrike delivered record financial results in Q3 2026, with a 73% YoY increase in net new ARR to $265 million and ending ARR reaching $4.92 billion. The company's single platform strategy, integrating endpoint, cloud, identity, and next-gen SIM solutions, has enabled it to secure large deals and partnerships, including AWS, Accenture, and K, solidifying its market position. CrowdStrike's focus on AI-driven solutions and partnerships has driven growth across all segments, positioning the company for continued success in FY27.
会议速览
CrowdStrike's Q3 2026 Results Highlight Record Growth and Financial SuccessCrowdStrike reported exceptional Q3 2026 financial results, featuring record net new ARR, accelerated ARR growth, and record free cash flow, underscoring the company's robust performance and future growth potential. The presentation emphasized non-GAAP financial measures, risk factors, and the team's commitment to achieving long-term success.
CrowdStrike's Leadership in AI-Driven Cybersecurity: Unifying Protection and IntelligenceCrowdStrike highlights its pivotal role in the AI cybersecurity landscape, emphasizing the need for a unified platform amidst expanding attack surfaces. The company's growth, driven by market forces and technological innovation, positions it as the cybersecurity operating system for the agentic era, integrating next-gen identity and SIM for superior protection and efficiency.
Expanding Partnerships, Innovative Solutions, and Accelerated Growth in CybersecurityAnnounced an expanded partnership with AWS, enhancing Falcon Next Gen Sim capabilities for AWS customers. Highlighted success stories across various industries, including a large European bank, Fortune 500 companies, and government agencies, showcasing the effectiveness of Falcon Shield, Cloud Security, and endpoint solutions. Discussed the growing demand for SaaS application security and AI infrastructure protection, emphasizing the value of Falcon Flex in accelerating module adoption and platform utilization.
CrowdStrike's Strategic Ecosystem Growth and Partnerships in CybersecurityCrowdStrike highlights its strategic alliances with key partners like F5, AWS, Accenture, EY, Deloitte, and Wipro, driving significant market opportunities and expanding its presence in the cybersecurity landscape. Through innovative solutions and service collaborations, CrowdStrike enhances network security, facilitates legacy system migrations, and promotes its Falcon platform as a comprehensive security solution, solidifying its leadership in the industry.
CrowdStrike's Strategic MSSP Partnership and AI-Driven Cybersecurity AdvancementsCrowdStrike announced a significant partnership with a mid-market professional services firm, transitioning thousands of endpoints to Falcon for enhanced cybersecurity. The company highlights its role in AI security, emphasizing its mission to stop breaches and secure AI adoption, reflecting robust market demand and growth opportunities.
Record Q3 Performance Highlights CrowdStrike's Single Platform Strategy SuccessThe company reported exceptional Q3 results, driven by organic growth, record net new ARR, and accelerated platform adoption. Key achievements include strong performance across all customer segments, enhanced Falcon Flex adoption, and increased module usage. Revenue, margins, and cash flow exceeded guidance, demonstrating the effectiveness of the single platform strategy and setting a robust foundation for future growth.
Strong Q3 Performance and Record Pipeline Drive Increased FY 26 Revenue Guidance and Enhanced FY 27 ProjectionsThe dialogue outlines a confident outlook for Q4 and FY 27, driven by AI-driven demand, customer platform consolidation, and a robust pipeline. It highlights significant increases in revenue guidance, net new ARR growth, and free cash flow margin expectations, reflecting strong Q3 outperformance and strategic initiatives like CCP. The speaker also details financial projections for the fourth quarter and full fiscal year 2026, emphasizing record revenue growth and non-GAAP income from operations.
Performance Update on Emerging Products and Pangea's Impact in Q4Speakers discuss the strong performance of emerging products, highlighting next-gen simulations and cloud wins, and indicate minimal impact from Pangea on current revenue, with significant contributions expected in Q4.
Investor Engages with Company on Financials and StrategyAn investor inquires about company performance, prompting a detailed discussion on financial metrics and strategic direction.
Capturing Value in Sim Market Displacement and Next Gen Sim AdoptionThe dialogue highlights the company's strategic advantage in capturing value through the displacement of legacy Sim solutions, offering competitive pricing and leveraging EDR data. It outlines a multi-year journey towards adopting next gen Sim, emphasizing the unique position of enabling all customers for this transition, thereby growing wallet share and accelerating licensing exercises.
Opportunities in Consolidating Observability Market Post-AcquisitionDiscussion highlights the strategic view on consolidating the observability market, leveraging existing technologies and customer data, post-acquisition, as a significant growth opportunity.
Sustainability of Flex Licensing's Impact on Customer Expansion and NRRDiscussion revolves around the continuous nature of Flex licensing, emphasizing its design to facilitate customer expansion and ease of purchasing, while questioning the sustainability of its initial boost to NRR, concluding with optimism for its long-term benefits and larger deal opportunities.
Emphasizing Consolidation for Enhanced Customer Engagement and Lowered TCOThe speaker highlights the significance of consolidation, encouraging customers to engage more with the company, increase spending, and achieve a lower total cost of ownership.
CrowdStrike's AI Advantage: Moving Beyond Chatbots to Transform Security OperationsCrowdStrike's AI, Charlotte, has evolved beyond chatbots to deeply integrate into the security platform, offering customers the ability to create their own security agents, delivering results in minutes instead of days, and differentiating the company from competitors.
Outsized Growth Drivers in Next Year's Product Portfolio and Security for AIThe dialogue discusses key products with significant growth potential for the upcoming year, emphasizing next gen Sim, cloud technologies, runtime protection, and Falcon Field. It highlights how these products enable data collection and protection, expanding market share and customer value. Security for AI is noted as a future opportunity beyond current guidance.
CrowdStrike's Strategic Partnership with AWS and Its Impact on Hyperscaler RelationshipsCrowdStrike's deep integration with AWS enhances customer acquisition and support for AWS customers. Despite strengthening ties with AWS, CrowdStrike remains open to partnerships with other hyperscalers, leveraging best technologies to serve all customers and partners.
AI Adoption Drives Core EDR Growth and Endpoint Security OpportunitiesThe dialogue highlights AI's role in accelerating core EDR growth, emphasizing the need for enhanced monitoring and security at endpoints. It underscores the vast potential in transitioning legacy markets to modern AI-driven solutions, creating a significant opportunity for the company in the evolving cybersecurity landscape.
Discussion on Discounting Strategies in Enterprise SalesAn operator discusses the impact of discounting on enterprise sales, emphasizing prudent use of tools like CCP to maintain pricing while expanding market share, noting successful growth and high gross margins.
Expanding Endpoint Security through Appliance IntegrationDiscusses collaboration with F 5 to enhance endpoint security, enabling protection of previously inaccessible appliances, expanding market reach, and demonstrating effectiveness with non-customers through successful proofs of value.
CrowdStrike's Channel Growth and Market Expansion StrategiesCrowdStrike discusses its growing partnership with MSPs, particularly C, highlighting the benefits of endpoint security solutions and market penetration. The dialogue covers strategies for expanding into new verticals, emphasizing success across SMB and enterprise segments, and hints at future financial disclosures including NRR and GRR trends.
Strategic Approach to M&A and Integration in the AI Security SectorDiscusses the company's strategy in the face of high M&A activity, emphasizing the importance of integration and acquisition of cutting-edge technologies like AI, while maintaining a strong balance sheet for building, buying, or partnering opportunities.
Identity Solutions Evolution in AI Era: Modernizing Pam for Future DemandIdentity solutions, particularly Pam, are evolving to meet modern customer demands, focusing on just-in-time capabilities and moving away from legacy systems. The company is expanding its identity stack, seeing success and increased market interest, positioning itself as a leader in the next era of identity management.
要点回答
Q：What are the financial highlights of CrowdStrike's fiscal third quarter?
A：CrowdStrike's key financial highlights for the fiscal third quarter include a record Q3 net new ARR of $265 million, a 73% year-over-year growth, exceeding expectations; ending ARR of $4.92 billion with a 23% year-over-year growth; record Q3 free cash flow of $296 million or 24% of revenue; and record operating income of $265 million or 21% of revenue.
Q：What is the significance of AI in relation to the cybersecurity of business workforces?
A：AI is significantly expanding the attack surface as businesses onboard an agentic workforce—humans using agents to do more and agents working autonomously, each with access to data, applications, compute, and sometimes other agents. This expansion requires protection, which is where CrowdStriker comes in as both the armor and intelligence layer to keep these agentic identities secure.
Q：What is the importance of a single platform in cybersecurity?
A：A single platform in cybersecurity is important for operating with agility, efficacy, and speed to stop threats, providing the data, controls, and actions in a consolidated platform rather than multiple platforms, which can create seams and cracks where adversaries thrive.
Q：How does Falcon X Sim serve as the operating system for cybersecurity?
A：Falcon X Sim serves as the operating system for cybersecurity by providing a structure around the next chapter of enterprise security programs, integrating next gen SIM to create a unified platform with a single console and data backend, which brings together all of CrowdStriker's services to deliver superior outcomes.
Q：What partnerships and deals have contributed to CrowdStrikers growth?
A：A large European bank's renewal of their more than 500,000 workload EDR deployment with the addition of next gen SIM and Charlotte marked a significant deal contributing to CrowdStrikers growth. Additionally, the acquisition of OEM has made it easier to build on CrowdStriker's platform, and the expanded partnership with AWS provides access to next gen SIM within the AWS security console, which is expected to drive further growth.
Q：What is the impact of the acquisition of Pangea on CrowdStrikers services?
A：The acquisition of Pangea positions CrowdStriker to protect the entirety of its customers' AI infrastructure, enabling the delivery of active defense within cloud environments and a more holistic approach to securing AI, which is validated by the Frost Sullivan CWP report as the leading cloud runtime security solution.
Q：Why did the leading Neo Cloud decide to use Falcon Cloud Security?
A：The leading Neo Cloud decided to use Falcon Cloud Security to differentiate themselves in the market and enable enterprises of all sizes to trust and build with confidence, emphasizing cybersecurity as a business enabler.
Q：What was the outcome for the large government agency that modernized with Falcon?
A：The large government agency was able to modernize by replacing over 75,000 legacy Av endpoints with Falcon and also deploy it in their AWS environment for cloud protection.
Q：How is the Falcon platform being utilized by government agencies and other large organizations?
A：Falcon is being used by government agencies and large organizations for modernizing their endpoint, cloud, and sim environments, as well as being implemented as part of their broader security architecture.
Q：What has been the effect of the Falcon Flex model on customer experiences?
A：The Falcon Flex model has led to more platform utilization and faster module adoption, resulting in an ARR that more than tripled year over year. It has also allowed customers to increase their AR and TCV span width.
Q：What is the expected significance of the Falcon Flex model according to the company?
A：The company expects Falcon Flex to become the licensing standard for the Falcon platform, as it allows customers to quickly benefit from the full value of the platform and is gaining momentum with both customers and partners.
Q：What was the impact of the partnership between Falcon and AWS?
A：The partnership with AWS made Falcon the default Sim for their customers and allowed access to free populated AWS data for Falcon next gen Sim. This partnership helped transition customers to the Flex subscription model and generated large Flex transactions.
Q：What new MSSP partnership was announced, and what was the impact on Falcon's business?
A：A new MSSP partnership was announced with a leading mid-market professional services firm, which led to nearly an 8 figure deal and a migration of almost half a million endpoints to Falcon. This partnership helped Falcon improve their technology stack, raise margins, and enabled them to provide services like incident response, SOC transformation, and more.
Q：How is AI adoption affecting the need for cybersecurity according to the company?
A：AI adoption necessitates the right cybersecurity and specifically calls for CrowdStrike. The company believes that AI adoption requires secure and confident usage of AI for businesses of all sizes to embrace and utilize AI.
Q：What are the key highlights of the company's performance in the third quarter?
A：The company's key highlights in the third quarter include achieving record net new ARR of $265 million, 73% year over year growth in net new ARR, ending ARR of $4.92 billion, and a strong performance across all guided metrics.
Q：What were the financial results for Q3 and how did they compare to the prior year?
A：In Q3, total revenue exceeded guidance and grew 22% over Q3 of the prior year to $1.23 billion, with subscription revenue increasing 21% to $1.17 billion and professional services revenue at $65.5 million. The geographic mix showed approximately 67% from the U.S. and 33% from international geographies, both with year-over-year revenue growth acceleration compared to Q2. Total non GAAP gross margin was 78%, and non GAAP subscription gross margin increased to 81% of revenue.
Q：What are the revenue assumptions for Q4 and the projected year-over-year growth?
A：The revenue guidance for Q4 includes assumptions of low to mid-teens sequential net new AR growth from Q3 to Q4, bringing ending AR growth for FY26 to 23% to 26% year over year. The company expects second half net new AR growth of at least 50% year over year and FY27 year-over-year net new AR growth of at least 20% from increased FY26 assumptions.
Q：How did the company's Q3 outperformance contribute to the non GAAP net income?
A：The non GAAP net income attributable to CrowdStrike was a record $245.4 million, or 96 cents per diluted share, driven by strong top-line performance, gross margin improvement, and a focus on growth balanced with operational growth. The Q3 outperformance and record pipeline drove non GAAP net income.
Q：What is the revenue forecast for Q4 and the full fiscal year 2026?
A：The revenue forecast for Q4 is in the range of $1.290 to $1.300 billion, reflecting a year-over-year growth rate of 22% to 23%. For the full fiscal year of 2026, total revenue is expected to be in the range of $4.797 to $4.807 billion, growth of 21% to 22% over the prior fiscal. Non GAAP income from operations and non GAAP net income attributable to CrowdStrike also provided specific ranges for Q4 and the full fiscal year 2026.
Q：How will the company's recent acquisitions and investments affect Q4 and full fiscal year 2026 financials?
A：The recent acquisitions and investments, such as the separation of $13 to $15 million from Q4 and the revenue guidance raise by $24.1 million, will impact Q4 financials. The full fiscal year 2026 free cash flow margin expectation is 25%, and the company remains confident in its previously provided assumptions for FY27 partner rebates, non GAAP operating margin, and free cash flow margin.
Q：What are the potential benefits of the company's technology in terms of data collection and customer use cases?
A：The company's technology can be used for observability use cases, it offers deep inspection through its platform and agent technology, and can consolidate data through pipelining technology and the data fabric. This provides an opportunity to consolidate in relevant areas, which has been a part of their selling motion and customer embrace.
Q：What is the expected impact of Flex licensing on customer Net AR and TCO?
A：Flex licensing is designed to make it easier for customers to buy, leading to continuous net AR throughout time. It enables customers to buy more easily and offers value with lower TCO. This should result in bigger deals and benefits for both the company and customers, and importantly, it facilitates consolidation and increases spending with the company.
Q：How is AI technology changing the security conversation with customers?
A：Customers have realized that AI technology, particularly that of the company mentioned, is deeply embedded into their security platform and is moving beyond chatbots to actual work execution. This AI technology allows the creation of custom security agents, which is a massive opportunity for the company and differentiates them from competitors still relying on chatbots. AI is becoming an integral part of the company's offerings and customer success.
Q：Which products are expected to have a significant impact on growth and what does 'security for AI' entail?
A：Products like next gen SIM, which delivers value in the market of consolidation and enables data collection previously not possible due to cost, are expected to have a significant impact on growth. Additionally, runtime protection and Falcon Field are seen as key technologies for SaaS applications and are expected to be important growth drivers. 'Security for AI' refers to the necessary yet early-stage offering that is not yet factored into preliminary fiscal guidance.
Q：How does the partnership with AWS influence the company's relationship with other hyperscalers and customers?
A：The partnership with AWS is seen as beneficial for both AWS customers and those of the company, as it allows native data flow from AWS into the company's platform, enhancing new customer acquisition. The company remains open to working with other players in the market, using the best technology available, and supports customers and partners without being precluded by the partnership with AWS.
Q：What is the reason behind the core EDR acceleration and how is AI contributing to this?
A：The core EDR acceleration is attributed to the adoption of AI, which takes place at the endpoint and creates opportunities and exposure for companies as they need to monitor queries, data, and services connected to AI desktop technologies. This is a catalyst for growth in the adoption of AI and presents a massive market opportunity for the company.
Q：What strategy did CrowdStrike use to extend its position in the market?
A：CrowdStrike extended its market position through aggressive discounting to cement its market standing, as evidenced by the results mentioned.
Q：What is the significance of the 81% gross margin?
A：The 81% gross margin is significant as it demonstrates the company's ability to protect its profitability while competing and continuing to grow.
Q：How did the partnership with F 5 expand the endpoint security market?
A：The partnership with F 5 allowed for the certification of CrowdStrike's agent to run on F 5's platform, creating a model that could be expanded to other appliances, which in turn is expected to open up the market and protect against nation state breaches.
Q：What is the potential of the partnership with F 5 in terms of expanding the endpoint security market?
A：The partnership with F 5 could expand the endpoint security market significantly, as it allows for the protection of previously unprotectable appliances and opens opportunities with new customers, as evidenced by the anecdote of a non-CrowdStrike user being impressed and converting into an EBC customer.
Q：How does the partnership with C and other channels help expand beyond the initial landing spot?
A：The partnership with C and other channels helps expand beyond the initial landing spot by providing a much better solution to the EDR vendor and their customers, opening up incident response engagements, insurance panels, and other markets, which accelerates the company's ability to penetrate these areas.
Q：What is the company's approach to segmentation and market targeting?
A：The company's approach to segmentation and market targeting is to consider everyone as a potential customer, given the success of their technology across small deals to large enterprise deals. They focus on delivering their technology in a timely manner and have the ability to drive new wins and displace competitors.
Q：How is the company approaching the M&A market and technology like AI?
A：The company is approaching the M&A market with a strong balance sheet, aiming to build, buy, or partner. They are being thoughtful about acquisitions and focusing on integration, not just stitching together legacy technologies. They plan to buy best-of-breed solutions, integrate them, and grow within their sales motion and channel.
Q：How is the identity business evolving and what are the focus areas for the coming quarters?
A：The identity business is evolving to meet the needs of a modern identity era, with wins in specific areas and the recognition that customers are looking for more modern solutions that are identity as a service (IDaaS) and do not involve legacy vaulting. The focus areas for the coming quarters will continue to build out the identity stack, which has been very successful for the company.
