⚠ Gross Retention Stopped Being a NumberLow threat

CrowdStrike (CRWD) — threat to the moat

CrowdStrike stopped publishing the exact gross retention figure that best proved its moat.

CrowdStrike published gross retention as a number for years, from 96% at January 20181 to 97% at January 20252. Since then it has used words. The fiscal 2026 annual report describes high retention without a figure, and the latest release says gross and net retention "increased"3.

How gross retention has been reportedJan 2018 and Jan 201996% and 98%Q3 FY2025over 97%Jan 202597%Q2 FY2027increased, no figureCrowdStrike IPO prospectus and results releases
From a number to a word.

An increase from an undisclosed level tells a reader little. It could be a rise from 96% to 97%, or a recovery from something lower.

The company is entitled to choose its metrics, and it continues to report net retention annually, 115% at January 20264. But gross retention is the purer test of switching costs, because it strips out upsell and measures only what leaves.

The thing to watch is the disclosure itself. If the fiscal 2027 annual report gives an exact gross retention figure at 97% or above, the silence was housekeeping; if it again gives none, a reader should assume the number is no longer one the company wants quoted.

References
  1. ReportedCrowdStrike published gross retention as a number for years, from 96% at January 2018 to 97% at January 2025.
    CrowdStrike IPO prospectus (Form 424B4) - 18,000,000 shares at $34.00, and dollar-based gross retention of 96% and 98% at 31 January 2018 and 2019. — June 2019 · publ. 13 June 2019 · source ↗
  2. ReportedCrowdStrike published gross retention as a number for years, from 96% at January 2018 to 97% at January 2025.
    CrowdStrike fourth-quarter and fiscal 2025 results release, Form 8-K exhibit 99.1 - 97% gross retention, module adoption and Falcon Flex deal value. — Q4 FY2025 · publ. 4 March 2025 · source ↗
  3. ReportedThe fiscal 2026 annual report describes high retention without a figure, and the latest release says gross and net retention "increased".
    CrowdStrike second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - ARR, net new ARR, Falcon Flex, module adoption and retention. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  4. ReportedThe company is entitled to choose its metrics, and it continues to report net retention annually, 115% at January 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 ↗
Sources
Generated September 28, 2026