CrowdStrike · Q2 FY2027

What the Street expects

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Q2 FY2027 reported results

What to watch

1. Net new ARR against $285 million. The guide implies $284.0–286.0 million. The year-ago quarter was $221.1 million. Last quarter came in 2.3% above the same implied bar, which on this one would be about $292 million.
2. The fiscal 2027 ending ARR range, currently $6,531.7–6,555.5 million. Raise it and the second half has to deliver more than the $750 million the current guide implies; leave it and the 27.7% full-year growth raised in June stands unchanged.
3. Non-GAAP EPS against $0.29 post-split, and whether the company restates the year-ago $0.93 to $0.23. Both figures will be quoted somewhere; only one basis is comparable. A print of $0.30 is a one-cent beat and a 1% beat at the same time.
4. Free cash flow against a 28.0% trailing margin. The April quarter ran 33.8%, an all-time high. The long-term target model management has stated is 34–38%, and a quarter inside that range would be the first evidence the target is a floor rather than an ambition.
5. Whether anyone asks about the CTO. No successor has been named. The question that matters is not the departure but the roadmap: who owns the Falcon platform's technical direction from here.

Read the full preview: CrowdStrike's Entire Guided EPS Range Fits Inside One Post-Split Cent, and Consensus Is Sitting On It. The Only Line Wednesday Can Surprise On Is $285 Million of Net New ARR. →

Estimate against reported

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only.

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