CRWD FY3Q26: Acceleration Delivered, but Expectations Remain a High Bar

Performance Overview

3Q Net New ARR (NNARR): 3Q NNARR reached $263M, compared with the company’s Investor Day target of high single-digit growth (~$240M), representing a 10% beat and 73% YoY growth (vs. 20% in Q2), marking a substantial acceleration. According to sell-side conversations with management, contributions from Onum and Pangea came in lower than previously assumed, implying that most of the NNARR outperformance was organic. Relative to the buyside bogey (~$250M+, excluding M&A ARR, considering Onum and Pangea might represent ~$10M ARR), results were roughly inline.

2H NNARR Outlook: Management raised its 2H NNARR growth expectation from >40% to >50%, implying $303M NNARR in Q4 (+35% YoY). For FY27, the company guided to 20%+ NNARR growth, which—based on dollar-based gross retention, net retention, incremental customer additions, and average ARR calculations—appears achievable.

Total ARR: 3Q ARR reached $4.92B, up 22% YoY (vs. 22% in Q3 and 20% in Q2), showing continued acceleration. Implied 4Q ARR is $5.223B (+23% YoY), which screens inline relative to sell-side expectations and the revenue guide.

Other: Management raised the lower bound of FY guidance.