Stock Analysis on Net

CrowdStrike Holdings Inc. (NASDAQ:CRWD)

$24.99

Common-Size Income Statement

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CrowdStrike Holdings Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Jan 31, 2025 Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020
Subscription
Professional services
Revenue
Subscription
Professional services
Cost of revenue
Gross profit
Sales and marketing
Research and development
General and administrative
Operating expenses
Loss from operations
Interest expense
Interest income
Other income, net
Income (loss) before provision for income taxes
Provision for income taxes
Net income (loss)
Net income attributable to non-controlling interest
Net income (loss) attributable to CrowdStrike

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).


Subscription Revenue as Percentage of Total Revenue
The subscription revenue consistently represents the majority of total revenue, ranging from 90.63% in 2020 to a peak of 95.14% in 2025, showing a general increasing trend. This indicates a growing reliance on subscription-based sales as the core revenue component.
Professional Services Revenue as Percentage of Total Revenue
The professional services revenue as a percentage of total revenue declines steadily from 9.37% in 2020 to 4.86% in 2025. This suggests a decreasing focus or reduced contribution from professional services relative to subscription revenue.
Gross Profit Margin
Gross profit margin, expressed as a percentage of revenue, shows an improving trend overall, starting at 70.58% in 2020, increasing to 75.27% in 2024, and slightly dipping to 74.92% in 2025. The increase denotes improving profitability at the gross profit level, supported by a decrease in cost of revenue from 29.42% in 2020 to near 25% in the latter years.
Operating Expenses and Their Components
Operating expenses as a percentage of revenue decline significantly from -100.92% in 2020 to around -77.97% in 2025, reflecting improved operational efficiency. Specifically, sales and marketing expenses decrease considerably from -55.38% in 2020 to about -38.53% in 2025, indicating more controlled spending in this area. Research and development expenses fluctuate, with a slight increase toward 2025, reaching -27.24%, suggesting sustained investment in innovation. General and administrative expenses show a consistent reduction from -18.5% in 2020 down to -12.2% in 2025, contributing to overall operating expense efficiency.
Operating Income and Profitability
The loss from operations improves markedly from -30.34% in 2020 to near breakeven levels by 2024, registering only -0.07%, before a minor setback to -3.05% in 2025. This denotes an overall positive trend toward operational profitability, although 2025 indicates a need for further attention to sustain the gains.
Interest Income and Expense
Interest expense remains low but variable, ranging from -0.09% to -1.74%, showing a manageable cost of debt. Interest income increases substantially from negligible levels in early years to almost 5% of revenue in 2024 and 2025, strengthening net financial income.
Net Income and Tax Provision
The net income ratio shows a notable improvement from a significant loss of -29.45% in 2020 to a positive 2.96% in 2024, indicating a transition to profitability. However, this is followed by a decline back into a small loss (-0.42%) in 2025. The provision for income taxes remains relatively low but shows variability, generally around -1% to -2%, correlating with income fluctuations.
Summary of Financial Trends
The data reveals a company shifting its revenue mix increasingly toward subscription services with improving gross margins and better control over operating expenses. While profitability at the net income level improved substantially by 2024, the slight reversion in 2025 suggests potential volatility or emerging challenges. Continued focus on managing sales and marketing spend, sustaining R&D investment, and leveraging financial income appear critical for maintaining and enhancing profitability.