Abnormal AI vs CrowdStrike: Revenue, Profit and Business Model
Abnormal AI reported $200M of revenue in FY2024 and — of net income. CrowdStrike reported $4.8B of revenue in FY2026 and a net loss of $162.5M.
Latest financial snapshot
Abnormal AI
- Latest revenue
- $200M (FY2024)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +100.0% a year, FY2023–FY2024
CrowdStrike
- Latest revenue
- $4.8B (FY2026)
- Net income
- -$162.5M
- Net margin
- -3.4%
- Revenue growth
- +58.8% a year, FY2018–FY2026
Financial summary
Abnormal AI
Abnormal is private and does not publish audited financials. The company has disclosed ARR milestones: a 3x increase in 2020, a tripling in 2021, more than $100 million in August 2023 and more than $200 million in August 2024, when it said ARR was still growing over 100% a year. Reuters reported in 2023 that it was not yet profitable. Funding totals $546 million in expected proceeds across a $24 million Series A (2019), $50 million Series B (2020), $210 million Series C at a $4 billion valuation (2022) and $250 million Series D at $5.1 billion (2024).
CrowdStrike
CrowdStrike is a high-growth subscription business with strong cash generation but thin GAAP profits. Fiscal 2026 revenue was $4.81 billion, up about 22% from $3.95 billion. Ending ARR rose 24% to $5.25 billion, with a record $1.01 billion of net new ARR. Free cash flow reached $1.24 billion (26% of revenue), yet the GAAP net loss widened to $162.5 million because of stock-based compensation and outage-related costs. Growth accelerated in fiscal 2027: Q2 revenue was $1.47 billion (+26%), ARR reached $5.84 billion (+25%), and Q2 free cash flow was a record $377 million. Management raised its fiscal 2027 net new ARR growth outlook to 34% at the midpoint and keeps a long-term target of $10 billion in ending ARR by fiscal 2031.
Revenue and profit by year
Abnormal AI
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $200M | — | 0.0% | +100.0% | Source |
| FY2023 | $100M | — | 0.0% | — | Source |
CrowdStrike
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $4.8B | -$162.5M | -3.4% | +21.7% | Source |
| FY2025 | $4B | -$15.2M | -0.4% | +29.4% | Source |
| FY2024 | $3.1B | $72.2M | 2.4% | +36.3% | Source |
| FY2023 | $2.2B | -$183.2M | -8.2% | +54.4% | Source |
| FY2022 | $1.5B | -$234.8M | -16.2% | +66.0% | Source |
| FY2021 | $874.4M | -$92.6M | -10.6% | +81.6% | Source |
| FY2020 | $481.4M | -$141.8M | -29.5% | +92.7% | Source |
| FY2019 | $249.8M | -$140.1M | -56.1% | +110.4% | Source |
| FY2018 | $118.8M | -$135.5M | -114.1% | — | Source |
Where the revenue comes from
Abnormal AI
No segment breakdown is published.
CrowdStrike
- Subscription Revenue~95%
Recurring Falcon platform subscriptions across endpoint, identity, cloud, SIEM, exposure management, threat intelligence, and Falcon Complete managed services.
- Professional Services Revenue~5%
Incident response, forensic investigations, tabletop exercises, and security advisory engagements, which often lead to subscription sales.
Business model and strategy
Abnormal AI
How it makes money
Abnormal sells annual software subscriptions to organizations, most of them large enterprises. Its core product, Inbound Email Security, connects to Microsoft 365 or Google Workspace through APIs, builds a baseline of each user's normal behavior, and removes messages that deviate from it.
Growth strategy
Abnormal grows by landing large enterprises with email security and then adding products on the same platform. Geographic expansion has added Germany (2025), Japan (from 2025, with SoftBank as reseller from 2026), Singapore (IMDA accreditation in 2026) and the U.S. public sector through FedRAMP Moderate and GovRAMP authorizations.
Competitive advantage
Abnormal's advantage is its API-based deployment and behavioral models. Because it connects directly to Microsoft 365 or Google Workspace, customers do not need to change MX records, and the platform can see internal mail and sign-in activity that an external gateway does not. In 2026 it launched Attune 1.0, a behavioral foundation model trained on more than one billion derived behavioral signals.
CrowdStrike
How it makes money
CrowdStrike makes money mainly from subscriptions to its Falcon platform, which accounts for roughly 95% of revenue; the rest comes from professional services such as incident response. Customers deploy one sensor and pay per protected endpoint, workload, or identity, then add modules (EDR/XDR, identity protection, cloud security, Next-Gen SIEM, exposure management, Charlotte AI) without installing new software.
Growth strategy
CrowdStrike's growth strategy is to become the consolidation platform for the security operations center. Beyond endpoint protection, it is pushing Next-Gen SIEM, cloud security, identity protection, exposure management, and Charlotte AI agentic security workflows.
Competitive advantage
CrowdStrike's advantage comes from its single-agent, cloud-native architecture and the volume of telemetry it collects. One sensor supports dozens of modules, so customers can add new products without new deployments, and data from its large installed base feeds detection models and the Counter Adversary Operations intelligence team.
Questions about Abnormal AI vs CrowdStrike
Which company has higher revenue — Abnormal AI or CrowdStrike Holdings, Inc.?
Abnormal AI reported $200.0M (FY2024), while CrowdStrike Holdings, Inc. reported $4.8B (FY2026). By last reported revenue, CrowdStrike Holdings, Inc. is the larger business, with Abnormal AI reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Abnormal AI vs CrowdStrike Holdings, Inc.?
Abnormal AI's market capitalisation stands at $5.1B, while CrowdStrike Holdings, Inc.'s is $269.0B. CrowdStrike Holdings, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Abnormal AI.
Which is more financially efficient — Abnormal AI or CrowdStrike Holdings, Inc.?
Abnormal AI generates $200k / employee in revenue per employee, while CrowdStrike Holdings, Inc. generates $450k / employee. CrowdStrike Holdings, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Abnormal AI and CrowdStrike Holdings, Inc. make money?
Abnormal AI and CrowdStrike Holdings, Inc. generate revenue in fundamentally different ways. Abnormal AI: Abnormal sells annual software subscriptions to organizations, most of them large enterprises. CrowdStrike Holdings, Inc.: CrowdStrike makes money mainly from subscriptions to its Falcon platform, which accounts for roughly 95% of revenue; the rest comes from professional services such as incident response.
Which company is valued higher relative to revenue — Abnormal AI or CrowdStrike Holdings, Inc.?
On a price-to-sales (P/S) basis, Abnormal AI trades at 25.5x P/S and CrowdStrike Holdings, Inc. at 55.9x P/S. CrowdStrike Holdings, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Abnormal AI. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Abnormal AI bigger than CrowdStrike Holdings, Inc.?
By last reported revenue, CrowdStrike Holdings, Inc. ($4.8B (FY2026)) is the larger company compared to Abnormal AI ($200.0M (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Abnormal AI vs CrowdStrike overview