CRWD F1Q27 Preview: Quality Carries a Premium

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CRWD F1Q27 Preview: Quality Carries a Premium

May 26, 2026

John DiFucci john.difucci@guggenheimpartners.com CRWD F1Q27 Preview: Quality Carries a Premium

212 518 9670

Lawrence Vensko Key Message: CRWD's F1Q27 numerical setup appears favorable with upside potential

lawrence.vensko@guggenheimpartners.com to both total revenue and ARR, in our view. We also believe CRWD should be able to

212 518 9548 guide F2Q total revenue and ARR at least in line with the Street. CRWD faces more

difficult comps in F2H27, but we believe FY27 total revenue guidance is still attainable

with room for an upward revision. Management commented that it expects typical NNARR

seasonality between F1H/F2H (41%/59%), indicating business is more back-end loaded,

but on more difficult comps. With that in mind, we see less upside potential to FY27 ARRCRWD NEUTRAL

CrowdStrike Holdings, Inc. guidance, though it is still early in the fiscal year. Our field checks this quarter remained

Sector: Software positive with three of five partners exceeding, one meeting, and one falling below.

Pipelines also lean positive as all partners either met or exceeded their expectations.

Earnings Preview Separately, we continue to believe there is plenty of opportunity for CRWD to penetrate

Share Price $671.55 the U.S. Federal government vertical, but we estimate the New ARR from this source

Price Target NA this quarter was immaterial, in line with prior seasonal patterns. CRWD shares are up

43% YTD (vs. the IGV down 11%) after bottoming in Feb. 2026, and CRWD is now the

most expensive stock in our coverage universe at 30x EV/NTM Subscription Revenue.

Revenue ($M) We believe CRWD is one of the best, if not the best, managed companies in Software