TMTB: CRWD (-6%) First Take as NNARR slight miss vs. bogeys

NNARR slightly light of bogeys at $193.8B vs bogeys closer to $190-$210M and street at $175M…Other than that #s seemed ok. Expectations high here as stock sitting at ATHs so really just giving some back to where we were a few days ago. Don’t think this print changes the bull vs. bear debate much.

Management guides Q2 revenue to $1.145-1.152 B (mid-point a hair above Street) and non-GAAP EPS to $0.82-0.84 (≈ 7 % above Street). Full-year EPS guidance was lifted to $3.44-3.56 while revenue guidance edges up to $4.74-4.81 B.

Management offered qualitative color that they “remain confident in net-new ARR re-acceleration in the back half of FY26,” supported by Falcon Flex momentum and an improving pipeline

Approves $1B Share repurchase

Details:

Revenue $1.103 B vs. $1.105 B in line
Billings ≈ $1.146 B vs. $1.101 B
Subscription gross margin 80 % vs. 77.9 % — 210 bps better, reflecting scale and cloud-hosting efficiencies.
Adj. operating income $201 M vs. $179 M; margin 18 % vs. 16 % — 170 bps ahead
Adj. EPS $0.73 vs. $0.66 (+11 %) — leverage from higher operating efficiency drove the beat.
Free-cash flow $279 M vs. $258 M (+8 %); FCF margin 25 %