CrowdStrike vs Okta: Revenue, Profit and Business Model
CrowdStrike had $4.8B of annual revenue in FY2026 and a net loss of $162.5M. Okta had $2.9B of annual revenue in FY2026 and $235M of net income.
Latest financial snapshot
CrowdStrike
- Latest annual revenue
- $4.8B (FY2026)
- Net income
- -$162.5M
- Net margin
- -3.4%
- Revenue growth
- +58.8% a year, FY2018–FY2026
Okta
- Latest annual revenue
- $2.9B (FY2026)
- Net income
- $235M
- Net margin
- 8.1%
- Revenue growth
- +38.0% a year, FY2017–FY2026
Financial summary
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. CrowdStrike is a dominant force in modern cybersecurity, boasting a massive market valuation that generally exceeds $70 billion.
Okta
Okta crossed into GAAP profitability in fiscal 2025 ($28 million net income on $2.610 billion revenue) and expanded it in fiscal 2026: revenue rose 12% to $2.919 billion, GAAP operating income reached $149 million, net income $235 million and free cash flow $863 million (30% margin). Momentum continued in fiscal 2027. Q2 FY2027 (ended July 31, 2026) revenue grew 11% to $805 million, GAAP net income was $116 million, free cash flow $227 million, and remaining performance obligations rose 17% to $4.858 billion. Okta held $2.299 billion of cash and short-term investments after repaying the last $350 million of its 2026 convertible notes in cash, and it has been buying back stock. Okta, Inc. is a massive American cloud-based identity and access management company, commanding a market valuation typically exceeding $15 billion.
Revenue and profit by year
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 |
Okta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $2.9B | $235M | 8.1% | +11.8% | Source |
| FY2025 | $2.6B | $28M | 1.1% | +15.3% | Source |
| FY2024 | $2.3B | -$355M | -15.7% | +21.8% | Source |
| FY2023 | $1.9B | -$815M | -43.9% | +42.9% | Source |
| FY2022 | $1.3B | -$848M | -65.2% | +55.7% | Source |
| FY2021 | $835M | -$266M | -31.9% | +42.5% | Source |
| FY2020 | $586.1M | -$208.9M | -35.6% | +46.8% | Source |
| FY2019 | $399.3M | -$125.5M | -31.4% | +55.6% | Source |
| FY2018 | $256.5M | -$109.8M | -42.8% | +59.5% | Source |
| FY2017 | $160.8M | -$75.1M | -46.7% | — | Source |
Where the revenue comes from
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.
Okta
- Subscription~98%
$2.855 billion of fiscal 2026 revenue from workforce and customer identity subscriptions.
- Professional services and other~2%
About $64 million in fiscal 2026; Okta is shifting this work to partners.
Business model and strategy
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.
Okta
How it makes money
Okta makes money by selling term subscriptions to its cloud identity services. Workforce identity products such as Single Sign-On, Adaptive MFA, Universal Directory, Lifecycle Management, Okta Identity Governance and Privileged Access are generally priced per user per month and sold on annual or multi-year contracts.
Growth strategy
Okta's growth strategy has three parts: sell newer products (Okta Identity Governance, Privileged Access, Identity Threat Protection, Identity Security Posture Management) into its existing base; move up-market, where customers above $1 million in ACV grew more than 20% to over 600 by mid-2026;
Competitive advantage
Okta's main advantage is neutrality. It does not sell a cloud, an operating system or a productivity suite, so customers running AWS, Google Cloud, Microsoft and hundreds of SaaS tools can use one identity layer without favouring a single vendor. The Okta Integration Network offers more than 7,000 pre-built integrations, and identity systems are costly to replace once wired into HR, IT and security workflows.
Questions about CrowdStrike vs Okta
Which company has higher revenue — CrowdStrike Holdings, Inc. or Okta, Inc.?
CrowdStrike Holdings, Inc. had $4.8B (FY2026), while Okta, Inc. had $2.9B (FY2026). By latest annual revenue, CrowdStrike Holdings, Inc. is the larger business, with Okta, Inc. showing a smaller revenue base.
What is the market cap of CrowdStrike Holdings, Inc. vs Okta, Inc.?
CrowdStrike Holdings, Inc.'s market capitalisation stands at $269.0B, while Okta, Inc.'s is $33.0B. CrowdStrike Holdings, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Okta, Inc..
How does revenue per employee compare for CrowdStrike Holdings, Inc. and Okta, Inc.?
CrowdStrike Holdings, Inc. has $450k / employee in revenue per employee, while Okta, Inc. has $459k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do CrowdStrike Holdings, Inc. and Okta, Inc. make money?
CrowdStrike Holdings, Inc. and Okta, Inc. generate revenue in fundamentally different ways. 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. Okta, Inc.: Okta makes money by selling term subscriptions to its cloud identity services.
Which company is valued higher relative to revenue — CrowdStrike Holdings, Inc. or Okta, Inc.?
On a price-to-sales (P/S) basis, CrowdStrike Holdings, Inc. trades at 55.9x P/S and Okta, Inc. at 11.3x P/S. CrowdStrike Holdings, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Okta, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is CrowdStrike Holdings, Inc. bigger than Okta, Inc.?
By last reported revenue, CrowdStrike Holdings, Inc. ($4.8B (FY2026)) is the larger company compared to Okta, Inc. ($2.9B (FY2026)). 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 CrowdStrike vs Okta overview