The following is a summary of the CrowdStrike Holdings, Inc. (CRWD) Q3 2025 Earnings Call Transcript:

Financial Performance:

• CrowdStrike's Q3 revenue surpassed $1 billion for the first time, with a year-over-year increase of 31% in subscription revenue.

• Ending Annual Recurring Revenue (ARR) grew 27% year-over-year, reaching $4.02 billion.

• Free cash flow was reported at $231 million, representing 23% of total revenue.

Business Progress:

• CrowdStrike closed the acquisition of Adaptive Shield, enhancing its Cloud Security and Identity Protection offerings.

• The company hosted its largest Fal.Con events, contributing significantly to pipeline generation and showcasing its Falcon Flex model's impact.

• They announced continued adoption of the Falcon Flex subscription model, with over 150 Falcon Flex transactions closed during the quarter.

Opportunities:

• Continued traction with the Falcon Flex subscription model signifies a strong opportunity for further revenue growth and platform consolidation among customers.

• Strategic acquisitions like Adaptive Shield provide CrowdStrike with advanced capabilities, potentially opening up new market segments and enhancing its competitive edge.

Risks:

• The aftermath of the July 19th incident still poses challenges with extended sales cycles and slightly muted upsell rates, although Q3 showed strong customer retention and adoption.

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