CrowdStrike vs Wiz: Revenue, Profit and Business Model
CrowdStrike reported $4.8B of revenue in FY2026 and a net loss of $162.5M. Wiz reported $1B of revenue in FY2026 and — of net income.
Latest financial snapshot
CrowdStrike
- Latest revenue
- $4.8B (FY2026)
- Net income
- -$162.5M
- Net margin
- -3.4%
- Revenue growth
- +58.8% a year, FY2018–FY2026
Wiz
- Latest revenue
- $1B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +41.9% a year, FY2023–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.
Wiz
As a private company Wiz never published audited financial statements, so its scale is known mainly from ARR figures it or people close to it disclosed. Wiz said it reached $100 million in ARR in about 18 months, announcing the milestone in August 2022. It reported about $350 million in ARR by early 2024, and co-founder Roy Reznik said in October 2024 that ARR had reached $500 million. TechCrunch reported, citing a person familiar with the matter, that Wiz crossed $1 billion in ARR in 2025. Wiz raised about $1.9 billion in venture funding, ending with a $1 billion round at a $12 billion valuation in May 2024, before Alphabet bought it for $32 billion in cash.
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 |
Wiz
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $1B | — | 0.0% | +0.0% | |
| FY2025 | $1B | — | 0.0% | +100.0% | Source |
| FY2024 | $500M | — | 0.0% | +42.9% | Source |
| FY2023 | $350M | — | 0.0% | — | 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.
Wiz
- Platform subscriptions
Not disclosed
Annual subscriptions to the Wiz platform and add-on modules, priced on the cloud resources protected and sold directly or through cloud marketplaces.
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.
Wiz
How it makes money
Wiz sells its platform as annual software subscriptions to enterprises and public-sector organizations. Pricing is tied to the size of the cloud estate being protected, such as the number of workloads, and customers can add modules for code scanning (Wiz Code), cloud detection and response (Wiz Defend), and runtime protection.
Growth strategy
Wiz has grown by expanding from cloud posture management into adjacent products: code and pipeline scanning, runtime sensors, cloud detection and response, and AI security posture management. It bought companies to speed this up, including Raftt (2023), Gem Security (2024), and Dazz (2024).
Competitive advantage
Wiz's advantages are fast deployment through read-only cloud API connections instead of agents, a security graph that ranks risks by how they combine into a real attack path, broad coverage across AWS, Azure, Google Cloud, and Oracle Cloud, and a research team known for publicly disclosing cloud vulnerabilities such as ChaosDB in Azure Cosmos DB.
Questions about CrowdStrike vs Wiz
Which company has higher revenue — CrowdStrike Holdings, Inc. or Wiz, Inc.?
CrowdStrike Holdings, Inc. reported $4.8B (FY2026), while Wiz, Inc. reported $1.0B (FY2026). By last reported revenue, CrowdStrike Holdings, Inc. is the larger business, with Wiz, Inc. reporting a smaller revenue base.
What is the market cap of CrowdStrike Holdings, Inc. vs Wiz, Inc.?
CrowdStrike Holdings, Inc. has a market capitalisation of $269.0B. A public market cap figure for Wiz, Inc. was not available (it may be privately held).
Which is more financially efficient — CrowdStrike Holdings, Inc. or Wiz, Inc.?
CrowdStrike Holdings, Inc. generates $450k / employee in revenue per employee, while Wiz, Inc. generates $556k / employee. Wiz, 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 CrowdStrike Holdings, Inc. and Wiz, Inc. make money?
CrowdStrike Holdings, Inc. and Wiz, 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. Wiz, Inc.: Wiz sells its platform as annual software subscriptions to enterprises and public-sector organizations.
Is CrowdStrike Holdings, Inc. bigger than Wiz, Inc.?
By last reported revenue, CrowdStrike Holdings, Inc. ($4.8B (FY2026)) is the larger company compared to Wiz, Inc. ($1.0B (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 Wiz overview