⚠ Falcon Go Left Out of the DenominatorLow threat

CrowdStrike (CRWD) — threat to the moat

CrowdStrike dropped its smallest customers from the module-adoption base, lifting the ratios without a new sale.

CrowdStrike's module-adoption figures got easier to grow in the second quarter of fiscal 2026. From that quarter the company divides by subscription customers "excluding Falcon Go customers"1, defined as organisations that bought the Falcon Go bundle, "a package designed for organizations with 100 endpoints or less"2.

Module adoption, two definitionsSix or more, Jan 2025, old basis48%Six or more, Jul 2025, excludes Falcon Go48%Six or more, Jul 2026, excludes Falcon Go51%Subscription customers, last disclosed Jan 202429,000CrowdStrike Q4 FY2025, Q2 FY2026 and Q2 FY2027 releases; FY2024 10-K
Same headline figure, a different base.

Small customers buy few modules, so removing them from the base lifts every ratio without a single additional sale. The company has not published the adoption figures on both bases for the same date, so the size of the lift cannot be measured.

The same period saw the company stop publishing its customer count. The last figure in a 10-K was 29,000 subscription customers at January 20243, and the fiscal 2025 and 2026 reports give none.

None of this changes the direction of the series, which rose under both definitions. It does mean the headline ratio now describes larger customers only. The number to track is the eight-or-more share, 26% at July 20264; a decline in a ratio that already excludes the smallest customers would be hard to explain away.

References
  1. ReportedFrom that quarter the company divides by subscription customers "excluding Falcon Go customers", defined as organisations that bought the Falcon Go bundle, "a package designed for organizations with 100 endpoints or less".
    CrowdStrike second-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - ARR of $4.66 billion, net new ARR of $221.1 million, over 1,000 Falcon Flex customers and the module-adoption definition excluding Falcon Go customers. — Q2 FY2026 · publ. 27 August 2025 · source ↗
  2. ReportedFrom that quarter the company divides by subscription customers "excluding Falcon Go customers", defined as organisations that bought the Falcon Go bundle, "a package designed for organizations with 100 endpoints or less".
    CrowdStrike second-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - ARR of $4.66 billion, net new ARR of $221.1 million, over 1,000 Falcon Flex customers and the module-adoption definition excluding Falcon Go customers. — Q2 FY2026 · publ. 27 August 2025 · source ↗
  3. ReportedThe last figure in a 10-K was 29,000 subscription customers at January 2024, and the fiscal 2025 and 2026 reports give none.
    CrowdStrike Form 10-K for fiscal 2024 - 29,000 subscription customers, net retention of 119%, net new ARR of $875.5 million and RPO of $4.6 billion. — FY2024 · publ. March 2024 · source ↗
  4. ReportedThe number to track is the eight-or-more share, 26% at July 2026; a decline in a ratio that already excludes the smallest customers would be hard to explain away.
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - second-quarter results, ARR, net new ARR, margins, module adoption and recent highlights. — Q2 FY2027 · publ. 26 August 2026 · source ↗
Sources
Generated September 28, 2026