Two-Thirds AmericanNarrow moat

CrowdStrike (CRWD) — moat facet

Two of every three CrowdStrike revenue dollars still come from the United States, and the share has moved one point in two years.

CrowdStrike's customers are concentrated by country even though no single customer is large. The United States supplied $3,216.7 million of fiscal 2026 revenue, 67% of the total, with EMEA at 16%, Asia Pacific at 10% and other regions at 7%1. No country other than the United States reached 10%2.

United States share of revenue by fiscal year (%)84%FY201874%FY202072%FY202268%FY202467%FY2026CrowdStrike Forms 10-K FY2020-FY2026, revenue by customer shipping address
Down seventeen points in eight years, one point in the last two.

The home share has fallen steadily but slowly. It was 84% in fiscal 2018 and 74% in fiscal 20203, 72% in fiscal 20224, 68% in fiscal 20245 and 67% in fiscal 20266. The company says international customers supplied about 33% of revenue in fiscal 2026 and 32% in each of the two years before7.

The American concentration includes the public sector, which the company treats as a growth market. It says it continues "to invest heavily in the acquisition of customers in the U.S. federal government" and in state, local and higher-education customers8, supported by FedRAMP authorisations and a Defense Department Impact Level 5 provisional authorisation9. The risk factors add that government demand "may be impacted by public sector budgetary cycles and funding authorizations"10.

A customer base this American ties CrowdStrike to one set of budgets, one regulatory regime and one currency. It also means most of the long-run growth must come from abroad, where the home advantage is smaller. The international share has moved only one point in two years.

The operations are more international than the revenue. The company conducts business in Australia, Canada, Germany, India, Israel, Japan, Romania, Singapore, Spain and the United Kingdom as well as the United States11, while two-thirds of revenue still comes from home.

The United States share is the plain gauge. At 67% in fiscal 2026 it has barely moved since fiscal 2024; if it is still two-thirds in two years' time while the company talks up Europe and Asia, the international expansion is not yet changing the shape of the business.

Moat trajectory: Holding steady

United States 84% (FY2018) to 67% (FY2026); 68% in FY2024.

The number that tests this moat
Reported
United States share of revenue
67% (FY2026), from 84% in FY2018

Dependence on one country's budgets; still near two-thirds in two years would mean the international push is not changing the business.

Source: CrowdStrike Form 10-K, FY2026 ↗
References
  1. ReportedThe United States supplied $3,216.7 million of fiscal 2026 revenue, 67% of the total, with EMEA at 16%, Asia Pacific at 10% and other regions at 7%.
    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 ↗
  2. ReportedNo country other than the United States reached 10%.
    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 ↗
  3. ReportedIt was 84% in fiscal 2018 and 74% in fiscal 2020, 72% in fiscal 2022, 68% in fiscal 2024 and 67% in fiscal 2026.
    CrowdStrike Form 10-K for fiscal 2020 - revenue by type and region for fiscal 2018-2020, ARR of $141.3 million (FY2018) to $600.5 million (FY2020) and net retention of 124%. — FY2020 · publ. March 2020 · source ↗
  4. ReportedIt was 84% in fiscal 2018 and 74% in fiscal 2020, 72% in fiscal 2022, 68% in fiscal 2024 and 67% in fiscal 2026.
    CrowdStrike Form 10-K for fiscal 2022 - revenue by type for fiscal 2020-2022, 16,325 subscription customers, ARR of $1,731.3 million, net retention of 123.9% and revenue by region. — FY2022 · publ. March 2022 · source ↗
  5. ReportedIt was 84% in fiscal 2018 and 74% in fiscal 2020, 72% in fiscal 2022, 68% in fiscal 2024 and 67% in fiscal 2026.
    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 ↗
  6. ReportedIt was 84% in fiscal 2018 and 74% in fiscal 2020, 72% in fiscal 2022, 68% in fiscal 2024 and 67% in fiscal 2026.
    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 ↗
  7. ReportedThe company says international customers supplied about 33% of revenue in fiscal 2026 and 32% in each of the two years before.
    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 ↗
  8. ReportedIt says it continues "to invest heavily in the acquisition of customers in the U.S. federal government" and in state, local and higher-education customers, supported by FedRAMP authorisations and a Defense Department Impact Level 5 provisional authorisation.
    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 ↗
  9. ReportedIt says it continues "to invest heavily in the acquisition of customers in the U.S. federal government" and in state, local and higher-education customers, supported by FedRAMP authorisations and a Defense Department Impact Level 5 provisional authorisation.
    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 ↗
  10. ReportedThe risk factors add that government demand "may be impacted by public sector budgetary cycles and funding authorizations".
    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 ↗
  11. ReportedThe company conducts business in Australia, Canada, Germany, India, Israel, Japan, Romania, Singapore, Spain and the United Kingdom as well as the United States, while two-thirds of revenue still comes from home.
    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