CRWD FY4Q26: NNARR Expansion Alleviates Narrative Overhang

CRWD FY26Q4 marks a quarter of recovery thesis validation—a third consecutive quarter of NNARR acceleration, Flex flywheel momentum, inaugural GAAP profitability, and upside across all three NextGen pillar disclosures. That said, we continue to view the AI-as-a-security-headwind narrative as a longer-duration overhang; this print meaningfully de-risks the near-term bear case.

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Key Takeaways

• High-quality beat: Revenue of $1.310bn (+23% YoY, accelerating 1 pt.); NNARR of $331mn, a record (+47% YoY, +25% QoQ), marking the third consecutive quarter of acceleration; non-GAAP EPS of $1.12 (+38%). ARR surpassed $5.25bn. The Q4 vs. Q3 NNARR growth deceleration from +73% to +47% reflects base effects; on an absolute basis, Q4 NNARR exceeded Q3 by $66mn. H2 aggregate NNARR of $596mn (+58%) surpassed management’s “at least 50%” target by ~8pts.

“All-time record net new ARR of $331 million… In our third consecutive quarter of net new ARR acceleration, the voice of the market is clear.” —CEO George Kurtz.