CrowdStrike Holdings, Inc.CRWD
CrowdStrike Holdings, Inc. Fair Value Disclosure
Investments and Fair Value Measurements
The Company follows ASC 820, Fair Value Measurements, with respect to cash equivalents and deferred compensation investments that are measured at fair value on a recurring basis. Under the standard, fair value is defined as the exit price, or the amount that would be received to sell an asset or a liability in an orderly transaction between market participants as of the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.
The hierarchy is broken down into three levels as follows:
Level 1 Assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in active markets
Level 2 Assets and liabilities whose values are based on quoted prices in markets that are not active or inputs that are observable for substantially the full term of the asset or liability
Level 3 Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement
Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):
| January 31, 2026 | January 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(1) | |||||||||||||||||||||||||||||||||||||||||||||||
| Money market funds | $ | 1,407,062 | $ | — | $ | — | $ | 1,407,062 | $ | 1,470,040 | $ | — | $ | — | $ | 1,470,040 | |||||||||||||||||||||||||||||||
| U.S. Treasury securities | — | 598,398 | — | 598,398 | — | 2,490,097 | — | 2,490,097 | |||||||||||||||||||||||||||||||||||||||
| Other assets | |||||||||||||||||||||||||||||||||||||||||||||||
| Deferred compensation investments | 12,710 | — | — | 12,710 | 5,496 | — | — | 5,496 | |||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 1,419,772 | $ | 598,398 | $ | — | $ | 2,018,170 | $ | 1,475,536 | $ | 2,490,097 | $ | — | $ | 3,965,633 | |||||||||||||||||||||||||||||||
(1)Cash equivalents exclude $1.1 billion of time deposits, which are carried at cost and approximate fair value as of January 31, 2026.
There were no transfers between the levels of the fair value hierarchy during the periods presented.
As of January 31, 2026, and January 31, 2025, the Company’s U.S. Treasury securities are carried at fair value, and there were no material realized or unrealized gains or losses, either individually or in aggregate.
The total estimated fair value of the Company’s financing receivables approximates their carrying amounts as of January 31, 2026. The fair value of the Company’s financing receivables is considered to be a Level 3 measurement as unobservable inputs are used in determining discounted cash flows to estimate fair value.
Strategic Investments
The Company’s investments in privately held securities as of January 31, 2026, consisted of the following (in thousands):
| Privately held equity securities | Privately held debt and other securities | Total | |||||||||||||||
| Initial total cost | $ | 75,007 | $ | — | $ | 75,007 | |||||||||||
| Cumulative net gains | 1,825 | — | 1,825 | ||||||||||||||
| Carrying amount, end of period | $ | 76,832 | $ | — | $ | 76,832 | |||||||||||
The Company’s investments in privately held securities as of January 31, 2025, consisted of the following (in thousands):
| Privately held equity securities | Privately held debt and other securities | Total | |||||||||||||||
| Initial total cost | $ | 68,140 | $ | 1,000 | $ | 69,140 | |||||||||||
| Cumulative net gains | 3,404 | — | 3,404 | ||||||||||||||
| Carrying amount, end of period | $ | 71,544 | $ | 1,000 | $ | 72,544 | |||||||||||
As of January 31, 2026, the cumulative net gains of $1.8 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $5.5 million. As of January 31, 2025, the cumulative net gains of $3.4 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $3.9 million.
Gains and Losses on Strategic Investments
The components of gains and losses on strategic investments were as follows (in thousands):
| Year Ended January 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| Unrealized losses recognized on privately held equity securities including impairment | $ | (1,579) | $ | (1,000) | $ | (1,459) | |||||||||||
| Unrealized losses | (1,579) | (1,000) | (1,459) | ||||||||||||||
| Realized gains recognized on sales of privately held equity securities | 4,161 | 6,975 | 3,936 | ||||||||||||||
| Realized losses recognized on sales of privately held equity securities | — | (654) | — | ||||||||||||||
| Realized gains, net | 4,161 | 6,321 | 3,936 | ||||||||||||||
| Gains on strategic investments, net | $ | 2,582 | $ | 5,321 | $ | 2,477 | |||||||||||
| Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date | $ | (1,579) | $ | (1,000) | $ | (1,459) | |||||||||||
Unrealized gains recognized on privately held equity securities includes upward adjustments from equity securities accounted for under the measurement alternative while unrealized losses recognized on privately held equity securities includes downward adjustments and impairment.
Realized gains and losses recognized on sales of privately held equity securities reflect the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 5, 2026 | Showing above |
| 2025 | Mar 10, 2025 | |
| 2024 | Mar 7, 2024 | |
| 2023 | Mar 9, 2023 | |
| 2022 | Mar 16, 2022 | |
| 2021 | Mar 18, 2021 | |
| 2020 | Mar 23, 2020 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.