计算机行业点评报告：CrowdStrike（CRWD.O）：净新增ARR提前加速，FalconFlex驱动平台化战略深化

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, indicating an expected performance greater than 10% relative to the benchmark index [2]. Core Insights - CrowdStrike reported a total revenue of $1.169 billion for Q2 FY26, representing a year-over-year growth of 21%. The Ending Annual Recurring Revenue (ARR) reached $4.66 billion, up 20% year-over-year [5][6]. - The company achieved a net new ARR of $221 million, accelerating ahead of expectations by one quarter [5]. - Non-GAAP operating income was $255 million, with a record operating margin of 22%, exceeding company guidance [5]. - The Falcon Flex model has driven deeper platform strategy, with over 1,000 customers and a 75% utilization rate among Flex contracts [6][7]. - Emerging business platforms, including cloud security and Next-Gen SIEM, saw significant growth, with combined ARR exceeding $1.56 billion, up over 40% year-over-year [8]. Summary by Sections Financial Performance - Total revenue for Q2 FY26 was $1.169 billion, with subscription revenue at $1.103 billion. The Ending ARR was $4.66 billion, with a net new ARR of $221 million [5]. - Non-GAAP subscription gross margin was 80%, and total gross margin was 78%. The operating cash flow for Q2 was $333 million, with free cash flow at $284 million [5]. Business Model and Strategy - The Falcon Flex model has seen customer adoption with over 220 new Flex customers, and 60% of customers with ARR over $100,000 adopted 8 or more modules [6][7]. - The Next-Gen SIEM business achieved an ARR of over $430 million, growing more than 95% year-over-year, supported by the acquisition of Onum [8]. Growth Areas - Cloud security ARR exceeded $700 million, growing over 35%, while Next-Gen Identity ARR surpassed $435 million, up over 21% [8]. - The company's AI initiatives, including the Agentic AI security analyst, saw over 85% growth, integrating AI into the Falcon platform [8]. Investment Recommendations - The report suggests continued monitoring of the Falcon Flex model's renewal performance and the market expansion effectiveness of the Next-Gen SIEM business post-Onum integration [9].