CrowdStrike Holdings jumped 20.5% to $227.96 on Thursday after the company reported record recurring-revenue growth and raised its annual outlook. Trading volume reached roughly 23.45 million shares.
Record net new ARR and stronger cash conversion pushed the stock near fresh highs. The valuation now leaves less room for a routine quarter.
Market close: Aug. 27, 2026, 16:00 EDT · Financials: quarter ended July 31, 2026The pre-report reference is inferred from the 20.5% one-day move. Closing data are timestamped Aug. 27, 2026, 16:00 EDT.
Net new ARR accelerated faster than total ARR. Falcon Flex ARR exceeded $2.29B and grew 101%, showing larger platform commitments rather than a narrow seat expansion.
| Revenue guide midpoint | $6.001B |
| Prior midpoint | $5.935B |
| Guide increase | $66M |
| Q3 revenue midpoint | $1.526B |
| Metric | Q2 FY27 | Change |
|---|---|---|
| Revenue | $1.471B | +26% |
| Subscription revenue | $1.400B | +27% |
| GAAP subscription margin | 78% | +1 pt |
| Operating cash flow | $530.3M | +59% |
| Free cash flow | $377.4M | +33% |
| GAAP operating loss | ($33.2M) | improved $72.3M |
Adoption rates among subscription customers as of July 31, 2026.
| Company | Ticker | Daily move |
|---|---|---|
| Okta | OKTA | +28.6% |
| CrowdStrike | CRWD | +20.5% |
| Palo Alto Networks | PANW | +12.8% |
| ServiceNow | NOW | +10.0% |
Software and security stocks also benefited from renewed AI spending confidence.
| Implied equity value | ~$238B |
| FY27 guide midpoint multiple | ~39.7× sales |
| Raised analyst targets | $238–$250 |
| Upside to target range | 4.4%–9.7% |
| Consensus | Buy · 44 analysts |
Equity value uses $227.96 and 1.044B diluted weighted-average shares. It is an approximation, not the exchange-reported market capitalization.
Valuation risk is immediate: raised price targets sit close to the market price.
Other watchpoints: long enterprise sales cycles, intense platform competition, acquisition integration, and $399.0M of quarterly stock-based compensation.
Cost controls and a 15% workforce reduction lifted the earnings outlook. Revenue grew just 0.8%, leaving shares almost unchanged after hours.
Q2 FY2027Reported Aug. 27, 2026The margin expansion is the dominant signal. Customer and recurring-revenue growth remain modest.
| Metric | New | Prior | Midpoint change |
|---|---|---|---|
| FY revenue | $491.5M–$496.5M | $488.5M–$496.5M | +0.3% |
| FY adj. EPS | $1.33–$1.37 | $1.27–$1.32 | +4.2% |
| Q3 revenue | $123M–$125M | — | New |
| Q3 adj. margin | 26.5%–27.5% | — | New |
Bull case: The restructuring protects cash generation and supports a higher EPS range. Q2 beat revenue guidance, and free cash flow improved.
Bear case: ARR grew only 0.4% and retention stayed below 100%. The stock already trades above the average analyst target.
Watch next: Q3 revenue of $123M–$125M, adjusted margin of 26.5%–27.5%, retention and the pace of restructuring charges.
| Metric | Q1 FY2027 | Change / reference |
|---|---|---|
| Total subscription revenue | $449M | +15% |
| Sales-led subscription revenue | $399M | +18% |
| Total RPO | $1.854B | +27% |
| Net expansion rate | ~111% | Stable expansion signal |
| Non-GAAP operating margin | 16.2% | $77M income |
| GAAP operating margin | -5.0% | $24M loss |
Consensus: 24 analysts. Targets may reset after the earnings release.
The fundamentals beat estimates, but not elevated AI expectations. Q3 revenue guidance exceeded consensus by about 4%, while the non-GAAP gross-margin midpoint falls 90 basis points sequentially.
| Metric | Q2 FY26 | Q2 FY27 | YoY |
|---|---|---|---|
| Revenue | $2.006B | $2.739B | +36.5% |
| GAAP operating income | $290.1M | $459.7M | +58.5% |
| GAAP gross margin | 50.4% | 53.1% | +270 bp |
| Operating cash flow | — | $605.5M | — |
| Metric | Guide midpoint | Consensus | Premium |
|---|---|---|---|
| Revenue | $3.15B | $3.03B | +4.0% |
| Adjusted EPS | $1.10 | $1.07 | +2.8% |
| Non-GAAP gross margin | 58.0% | — | −90 bp QoQ |
Revenue midpoint implies roughly 15% sequential growth.
Watch: custom-silicon ramps, optical demand, customer concentration, supply, gross-margin conversion and cash returns.
| Operating ARR | $1.0B |
| Contracted 2026 ARR | $4.0B |
| 2026 IT capacity | ~0.3GW |
| 2027 IT capacity target | ~0.8GW |
| Recent revenue / MW | >$20M |
| Customer prepayments | 45–55% GPU capex |
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Total revenue | $501.0M | $707.0M | +41.1% |
| AI Cloud revenue | $16.4M | $128.8M | +685% |
| Adjusted EBITDA | $269.7M | $245.7M | -8.9% |
| Net income/(loss) | $86.9M | -$702.6M | NM |
| Regular close | $40.53 |
| After-hours | $38.11 |
| Implied value change | ~-$865M |
| 52-week range | $22.63–$76.87 |
| Ratings | 7 Buy / 2 Hold / 1 Sell |
| Average target | $77.44 |
Watch: quarterly adjusted EBITDA fell 67.7% sequentially as staffing and platform costs arrived before the revenue ramp. Deferred revenue drove $1.722 billion of quarterly operating cash flow.
Market snapshot: August 27, 2026, 17:30 EDT · Quarter ended July 31
Bar lengths are normalized within each comparison, not a common scale.
| Metric | Current | Investor signal |
|---|---|---|
| Q3 subscription revenue | ~$2.515B | Broadly in line |
| FY subscription revenue | $9.94–$9.95B | Tiny midpoint raise |
| New buyback authorization | $4.0B | ~9% of AH value |
| After-hours value loss | ~$3.3B | 7.02% move |
| Consensus | Outperform |
| Analysts | 41 |
| Average target | $188.21 |
| Median target | $202.00 |
| Target range | $92–$275 |
| Upside to average | 4.6% |
Watch enterprise IT budgets, large-deal timing, AI pricing, Financials adoption and acquisition speculation. Extended-hours liquidity can amplify the move.
| Metric | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | $427.3M | $309.9M | +38% |
| Subscription ARR margin | 14.0% | 9.4% | +4.6 pp |
| Non-GAAP gross margin | 81.0% | 81.6% | −0.6 pp |
| Free cash flow | $65.7M | $57.5M | +14% |
| FCF margin | 15% | 19% | −4 pp |
| Metric | Prior range | New range | Midpoint lift |
|---|---|---|---|
| Revenue | $1.638B–$1.648B | $1.685B–$1.693B | +$46M |
| Subscription ARR | $1.854B–$1.862B | $1.880B–$1.885B | +$24.5M |
| Free cash flow | $293M–$303M | $323M–$333M | +$30M |
| Adjusted EPS | $0.25–$0.35 | $0.47–$0.53 | +$0.20 |
3,084 large customers+23% YoY$1.75B liquidity
Extended-hours liquidity can distort price discovery. Rubrik remains GAAP-loss-making. Non-GAAP gross margin slipped 0.6 point, free-cash-flow margin fell four points, and a record-high setup leaves little room for execution misses.
Sources: Rubrik/Business Wire results, Rubrik prior guidance, Public after-hours data, WSJ market data and Yahoo Finance analyst data. Figures are company-reported unless otherwise stated.
Midpoints: revenue $1.200B → $1.2045B; operating income $120M → $126M; EPS $0.35 → $0.31; share count 350M → 361M.
38 ratings aggregated by Robinhood. Ratings are not investment advice.
MaintainX raises reported sales guidance, while financing and transaction costs reduce near-term cash conversion.
| Metric | May | August | Change |
|---|---|---|---|
| FY revenue midpoint | $8.185B | $8.320B | +$135M |
| FY FCF midpoint | $2.763B | $2.738B | −$25M |
| Non-GAAP margin | ~39% | ~39% | Flat |
| FY adjusted EPS | $12.53 | $12.56 | +$0.03 |
| AECO revenue | $1.029B | +17% |
| AutoCAD family | $500M | +14% |
| Manufacturing | $385M | +15% |
| Current RPO | $5.245B | +12% |
| Total RPO | $7.433B | +2% |
| Unbilled deferred revenue | $3.175B | −8% |
| Buy ratings | 30 |
| Sell ratings | 0 |
| Regular-session volume | 3.71M |
| Market value at close | about $57.1B |
Sources: Autodesk fiscal Q2 release; Yahoo Finance; Public after-hours data; Investing.com analyst compilation. Extended-hours prices can be volatile and less liquid.
| Metric | Latest | Signal |
|---|---|---|
| Q1 FY2027 bookings | $1.39B | −3% year on year; slightly above guidance |
| Recurrent consumer spending | 84% of bookings | −1% year on year |
| FY2026 bookings | $6.72B | Baseline before GTA VI launch year |
| GTA V installed base | >230M units | Proof of franchise durability |
| GTA VI pre-orders | “Unprecedented” | Management description; not yet recognized sales |
Search attention and the showcase are strong. The stock still fell 2.12%, suggesting investors want execution evidence, not another anticipation cycle.
At $228.50, the market discounts roughly 30% upside to the analyst target. That spread also embeds delay, launch-quality and mobile-performance risk.
The collection directly enters Xbox hardware revenue at a 12.5% premium to the standard 1TB Series X. A sellout would support pricing power and average selling price, but even an aggressive 250,000-unit scenario produces about $225 million of gross sales—only 1.7% of one recent More Personal Computing quarter.
Watch: production volume, sell-through speed, channel inventory, discounting before November 13 and any hardware-margin disclosure. Scarcity can create a sellout without proving mass-market demand. The 1.5% MSFT gain occurred during a broad technology rally and should not be attributed to Xbox alone.
| Measure | FY2026 / Q4 range |
|---|---|
| FY revenue | $9.69B-$9.74B |
| FY adjusted EPS | $15.04-$15.10 |
| Q4 revenue | $2.53B-$2.58B |
| Q4 adjusted EPS | $4.10-$4.16 |
| FY operating cash flow | About $2.8B |
| FY free cash flow | About $2.6B |
| Signal | Current reading | What to watch |
|---|---|---|
| Cash + short-term investments | $3.608B | Integration flexibility |
| Outstanding debt | $10.037B | Debt paydown pace |
| Recurring revenue | 82% | Renewal quality and pricing |
| Q3 operating cash flow | $813M | Conversion into free cash flow |
The AI-memory read-through remains strong. Price action says investors still want Micron-specific proof on HBM volume, pricing and margins.
August 27 value is intraday at 09:39 EDT; earlier values are official closes. The stock opened at $967.01 before fading.
| Metric | Current / latest | Comparison | Investor reading |
|---|---|---|---|
| Fiscal Q3 revenue | $41.46B | $23.86B prior quarter | +73.8% sequential |
| Operating cash flow | $25.39B | $11.90B prior quarter | Cash conversion strengthened |
| Adjusted free cash flow | $18.3B | $7.1B capex | Funds expansion internally |
| Adjusted gross margin | 84.9% | 74.9% prior quarter | Exceptional, hard to sustain |
| Forward P/E | 6.5× | 21.2× trailing | Large earnings-cycle assumption |
| Net cash | $23.75B | $21.03 per share | Balance-sheet cushion |
HBM is stacked memory placed beside AI accelerators. Higher accelerator shipments increase the addressable memory content, but Micron’s realized revenue still depends on qualification, allocation, pricing and yield.
| Reference | Target / value | Upside from $943.46 | Implied FY2027 P/E |
|---|---|---|---|
| Current price | $943.46 | — | 6.1× |
| BMO / Mizuho | $1,300 | 37.8% | 8.4× |
| Analyst average | $1,515 | 60.6% | 9.8× |
| Analyst low | $361 | −61.7% | 2.3× |
| Analyst high | $2,200 | +133.2% | 14.2× |
| Metric | Result | Reference |
|---|---|---|
| Revenue | $15.7B | +12.5% YoY |
| Adjusted EPS | $0.83 | $0.69 LSEG |
| Personal Systems revenue | $11.8B | +18% YoY |
| PC units | −16% | Consumer −19% |
| Personal Systems margin | 4.6% | 5.2% in Q2 |
| Printing revenue | $3.9B | −2% YoY |
| Quarterly free cash flow | $1.6B | $0.8B in Q2 |
Bars are scaled for visual comparison, not to a common unit. Basis points measure one-hundredth of a percentage point.
The stated 74-cent midpoint includes an estimated eight-cent tariff refund. Removing it leaves 66 cents, one cent below consensus.
| Premarket equity value | ≈$24.95B |
| Close P/E | 11.65× |
| Dividend yield at close | 3.93% |
| Average analyst target | $27.88 |
| Fresh targets, Aug. 27 | Goldman $22 · UBS $28 |
| Consensus | Hold |
Premarket equity value equals $27.28 multiplied by 914.52M shares. Analyst data updated Aug. 27 at 06:45 EDT.
Downside mechanism: memory and storage inflation outpaces repricing, pushing Personal Systems margin below 4.6%.
Upside mechanism: premium and AI-PC mix supports price while shipment declines moderate.
Invalidation check: strip tariff refunds from EPS before comparing core execution with consensus.
| Metric | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | $1.47B | $1.17B | +26% |
| Subscription revenue | $1.40B | $1.10B | +27% |
| Net-new ARR | $332.8M | $221.1M | +51% |
| Free cash flow | $377.4M | $283.6M | +33% |
| GAAP operating result | −$33.2M | −$105.5M | Loss narrowed 69% |
| GAAP subscription margin | 78% | 77% | +100 bp |
| Ending ARR | $6.603B–$6.612B |
| Revenue | $5.991B–$6.011B |
| Non-GAAP operating income | $1.497B–$1.508B |
| Non-GAAP EPS | $1.25–$1.26 |
| Net-new ARR growth midpoint | 34% |
The target sits only 1.8% above $206.85. Fresh post-earnings revisions may change this comparison.
Falcon Flex: More than $2.29B of ARR, or about 39% of total ending ARR.
Q3 bridge: Guidance implies about $346M of net-new ARR, roughly 4% above Q2.
The $18.0B premarket gain equals about 54 times quarterly net-new ARR and 272 times the revenue-guide midpoint increase.
GAAP operations remain loss-making. Competition, discounting and outage-related costs can pressure margins.
| Test | Latest | Next threshold | Investor read |
|---|---|---|---|
| cRPO growth | 14% | 11%–12% Q3 guide | Deceleration is already guided |
| Revenue growth | 11% | 10% Q3 guide | Backlog must convert cleanly |
| FCF margin | 28.1% | 21%–23% Q3 guide | Quarterly seasonality rises |
| Net retention | 107% | Hold or improve | Confirms expansion quality |
| Metric | Current | Comparison |
|---|---|---|
| GAAP gross margin | 75.0% | 74.0% Q3 midpoint |
| GAAP operating income | $63.73bn | +124% Y/Y |
| Operating cash flow | $24.08bn | Q2 FY2027 |
| Accounts receivable | $63.06bn | +64% since Jan. 25 |
| Inventory | $31.58bn | +48% since Jan. 25 |
| Capital returned | $26.0bn | Q2 buybacks + dividends |
| Forward P/E | 17.9× |
| AMD forward P/E | 37.2× |
| Intel forward P/E | 46.2× |
| Analyst consensus | Buy · 61 analysts |
| Average target | $305.79 |
| Raymond James | Strong Buy · $352 |
| Item | Current fact |
|---|---|
| Stage | Mapping begins within weeks |
| Testing | Manual mapping, then trained safety specialists |
| Commercial target | Public robotaxi service by late 2027 |
| Regulation | Local, Bavarian and federal approvals required |
| Operating footprint | 11 U.S. cities today; Munich would be first German market |
| Economics disclosed | No fleet, price, capex or revenue forecast |
| Measure | Current figure | Investor read |
|---|---|---|
| Cumulative Waymo trips | 20M+ | Commercial scale is proven |
| Weekly commercial rides | 500K+ | 26M+ annualized ride volume |
| Illustrative revenue run rate | $468M | 500K rides × $18 assumed fare × 52 weeks |
| Other Bets Q2 revenue | $382M | Up $9M, or 2.4%, year over year |
| Other Bets Q2 operating loss | $1.799B | Up $553M, or 44.4% |
Waymo remains too small to explain Alphabet's valuation alone. Its importance lies in optionality and future capital intensity.
Consensus from 12 analysts shown by Google Finance on Aug. 27, 2026.
| Scenario | Annual ride revenue | Versus annualized Other Bets loss |
|---|---|---|
| $15 average fare | $390M | 5.4% |
| $18 average fare | $468M | 6.5% |
| $20 average fare | $520M | 7.2% |
| Annualized Q2 Other Bets loss | $7.20B | 100% |
| Driver | Positive evidence | Pressure point |
|---|---|---|
| Utilization | More paid trips per vehicle | Idle fleet raises cost per mile |
| Pricing | Fare premium holds in new cities | Discounting limits revenue per ride |
| Capital | Partners fund vehicles and depots | Alphabet absorbs expansion costs |
| Regulation | Munich approvals arrive on schedule | Testing or launch slips beyond 2027 |
| Disclosure | Waymo reports standalone economics | No clear path from rides to margin |
NASDAQ:QBTS • company stock move
The SEC filing says the resignation was not caused by a disagreement over operations, accounting, disclosures or controls.
| Q2 revenue | $3.1M |
| Q2 GAAP operating expenses | $55.0M |
| Q2 adjusted EBITDA loss | $37.1M |
| First-half bookings | $35.5M |
| Remaining obligations | $40.7M |
| Cash + securities | $546.2M |
The $543M unrecovered value equals 15.3× first-half bookings and roughly 175× quarterly revenue.
| Company | Close | Move | Market cap |
|---|---|---|---|
| D-Wave | $17.51 | −9.51% | $6.52B |
| IonQ | $40.03 | −4.83% | $14.72B |
| Rigetti | $15.94 | −5.87% | $5.31B |
| Quantum Computing | $8.35 | −1.24% | $1.88B |
The average target is 101% above the $17.51 close. Targets are estimates, not guarantees.
Large system contracts make revenue recognition uneven. First-half bookings included one $20 million sale. A slower conversion of the $40.7 million obligation balance, continued operating-cost growth, or another finance-management change would increase valuation pressure. Continuity on September 2 is the next confirmed governance checkpoint.
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