CrowdStrike (CRWD) Q1 FY2027: Revenue Up 25.6%, RPO Hits $8.8B
Note on period labeling: this 10-Q covers the three months ended April 30, 2026 — CrowdStrike's fiscal first quarter of the year ending January 31, 2027. All year-over-year comparisons are against the three months ended April 30, 2025.
Revenue growth has reaccelerated, and the direction is unambiguous: $1,385.6 million against $1,103.4 million a year earlier, up 25.6% after growing 19.8% in the comparable quarter of the prior year. Remaining performance obligations reached $8.8 billion, up roughly 29% from $6.8 billion — contracted backlog is now expanding faster than recognized revenue, which is the cleanest forward signal a subscription business can give. But the headline profit deserves scrutiny: CrowdStrike reported net income attributable to the company of $27.8 million and diluted EPS of $0.11 versus a $104.3 million loss and $(0.42) a year ago, yet the operating line was still a loss of $30.6 million. The quarter also carries the fingerprints of two large acquisitions and one accounting-estimate change that, together, shape almost every line of the statements.
1. Condensed Consolidated Balance Sheet
1-1. Major Asset Items
| Item | Jan 31, 2026 ($M) | Apr 30, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 5,230.1 | 4,552.8 | −12.9% |
| Accounts receivable, net | 1,361.8 | 933.9 | −31.4% |
| Deferred contract acquisition costs (total) | 1,103.1 | 1,097.1 | −0.5% |
| Property and equipment, net | 976.3 | 1,066.2 | +9.2% |
| Goodwill | 1,363.3 | 2,267.5 | +66.3% |
| Intangible assets, net | 136.7 | 285.7 | +109.0% |
| Total assets | 11,086.7 | 11,270.1 | +1.7% |
Total assets barely moved, but the composition changed materially. Goodwill rose $904.2 million and intangibles $149.0 million, funded by $881.4 million of cash paid for the acquisitions of SGNL.AI and Seraphic Algorithms plus $22.9 million of replacement equity awards. Goodwill acquired was $886.6 million against roughly $161.5 million of additional gross developed technology — meaning about 85% of the identified purchase allocation landed in goodwill. That is common for early-stage security software targets, but it also means the balance sheet now carries $2.27 billion of goodwill equal to 48.5% of total stockholders' equity, with no market-value cushion available under U.S. GAAP historical-cost rules.
