Major ClientsWide moat

CrowdStrike (CRWD) — moat facet

No CrowdStrike customer reaches 10% of revenue, but the $10.7 billion contract book behind that revenue carries no names at all.

CrowdStrike has no major clients in the sense the phrase usually means. No channel partner or direct customer represented 10% or more of revenue in fiscal 2024, 2025 or 2026, and none represented 10% or more of accounts receivable at the last two year-ends1. It protects more than 88,000 organisations, counting the customers of its managed security partners2.

Where concentration shows, and where it does notCustomers or partners at 10%+ of revenue, FY2024-260At 10%+ of receivables, Jan 20260Two end users, share of financing receivables27%, from 78%Unbilled backlog, Jul 2026$5.9bn, no namesCrowdStrike FY2026 10-K; Q2 FY2027 10-Q
Dispersed revenue, anonymous backlog.

Revenue concentration and backlog concentration have to be checked separately, and they give different answers. Revenue is diversified by customer. The $10.7 billion contract book3 is not broken down by customer at all, and a growing share of it, about $5.9 billion4, is contracted but not yet invoiced, which points toward large multi-year enterprise deals. The only concentration the notes do disclose sits in financing receivables: two end users accounted for 78% at January 2025 and 27% at January 20265.

The concentration that does exist is structural rather than personal. Most sales pass through channel partners6, and two-thirds of revenue comes from the United States7. Those shape the risks on the pages below: the channel is where the company's one regulatory inquiry began, and the country mix ties results to one set of budgets.

For the moat, dispersion is a strength. No customer can dictate terms, and no single loss can move a quarter. The weakness is information: an investor cannot see whether the contract book leans on a few hundred enterprises. The financing-receivable figure, 27% from two end users at January 2026, is the only window; a return toward the 78% of a year earlier would say large financed deals are again carrying a concentrated share of what customers owe.

Moat trajectory: Holding steady

No customer at 10% of revenue; financing receivables from two end users 78% to 27%.

The number that tests this moat
Reported
Financing receivables held by the two largest end users
27% (Jan 2026), from 78% (Jan 2025)

The only disclosed concentration; a return toward 78% would mean large financed deals again dominate what customers owe.

Source: CrowdStrike Form 10-K, FY2026 ↗
Dig deeper
DIG DEEPER 01
Eighty-Eight Thousand Organisations, None Above Ten Percent
No CrowdStrike customer or channel partner reaches 10% of revenue, across more than 88,000 organisations.
DIG DEEPER 02
The Channel Partners Who Sign the Contract
Most of CrowdStrike's revenue arrives through partners, and the one deal regulators examined was a sale through a distributor.
DIG DEEPER 03
A $10.7 Billion Backlog With No Names
CrowdStrike discloses that no customer is large, but not who stands behind a $10.7 billion contract book, more than half of it not yet billed.
DIG DEEPER 04
Two-Thirds American
Two of every three CrowdStrike revenue dollars still come from the United States, and the share has moved one point in two years.
References
  1. ReportedNo channel partner or direct customer represented 10% or more of revenue in fiscal 2024, 2025 or 2026, and none represented 10% or more of accounts receivable at the last two year-ends.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - financial statements and notes: contract terms, deferred revenue, remaining performance obligations, backlog, concentration, revisions and commission amortisation. — FY2026 · publ. 5 March 2026 · source ↗
  2. ReportedIt protects more than 88,000 organisations, counting the customers of its managed security partners.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1 business: the Falcon platform, modules, markets, customers, channels, managed service providers, public sector, employees and the Onum and Pangea acquisitions. — FY2026 · publ. 5 March 2026 · source ↗
  3. ReportedThe $10.7 billion contract book is not broken down by customer at all, and a growing share of it, about $5.9 billion, is contracted but not yet invoiced, which points toward large multi-year enterprise deals.
    CrowdStrike Form 10-Q for the quarter ended 31 July 2026 - remaining performance obligations of $10.7 billion (46% within twelve months), unbilled backlog of $5.9 billion, the SGNL, Seraphic and XM Cyber transactions, the $750 million 3.00% senior notes, legal proceedings, the DOJ and SEC requests, purchase commitments and the share repurchase programme. — Q2 FY2027 · publ. 27 August 2026 · source ↗
  4. ReportedThe $10.7 billion contract book is not broken down by customer at all, and a growing share of it, about $5.9 billion, is contracted but not yet invoiced, which points toward large multi-year enterprise deals.
    CrowdStrike Form 10-Q for the quarter ended 31 July 2026 - remaining performance obligations of $10.7 billion (46% within twelve months), unbilled backlog of $5.9 billion, the SGNL, Seraphic and XM Cyber transactions, the $750 million 3.00% senior notes, legal proceedings, the DOJ and SEC requests, purchase commitments and the share repurchase programme. — Q2 FY2027 · publ. 27 August 2026 · source ↗
  5. ReportedThe only concentration the notes do disclose sits in financing receivables: two end users accounted for 78% at January 2025 and 27% at January 2026.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - financial statements and notes: contract terms, deferred revenue, remaining performance obligations, backlog, concentration, revisions and commission amortisation. — FY2026 · publ. 5 March 2026 · source ↗
  6. ReportedMost sales pass through channel partners, and two-thirds of revenue comes from the United States.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1A risk factors and Item 3 legal proceedings: competition, the July 19 incident, customer commitment packages, insurance and litigation. — FY2026 · publ. 5 March 2026 · source ↗
  7. ReportedMost sales pass through channel partners, and two-thirds of revenue comes from the United States.
    CrowdStrike Form 10-K for fiscal 2026 (year ended 31 January 2026) - Items 5 and 7: revenue by type and region, what each line contains, how it is invoiced and recognised, and the share structure. — FY2026 · publ. 5 March 2026 · source ↗
Sources
Generated September 28, 2026