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Yes—CrowdStrike’s reported revenue grew faster than Okta’s in the latest quarter. For the three months ended July 31, 2026, CrowdStrike reported 26% year-over-year growth in total revenue and 27% growth in subscription revenue; Okta reported 11% and 12%, respectively. The gap also appeared in their completed FY2026 results. These growth rates compare reported financial performance, not equivalent products or investment prospects: the companies sell different kinds of cybersecurity software.
How did revenue growth compare in the latest quarter?
Both companies reported FY2027 Q2 on August 26, 2026, for the quarter ended July 31, 2026. Fiscal-year labels are not calendar-year labels. CrowdStrike’s release was filed as an exhibit to an official Form 8-K; Okta published its results in an investor-relations earnings release.
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| Company and period | Total revenue | Subscription revenue |
|---|---|---|
| CrowdStrike, FY2027 Q2 (quarter ended July 31, 2026) | $1.47 billion; up 26% year over year | $1.40 billion; up 27% year over year |
| Okta, FY2027 Q2 (quarter ended July 31, 2026) | $805 million; up 11% year over year | $793 million; up 12% year over year |
CrowdStrike’s reported total-revenue growth exceeded Okta’s by 15 percentage points in that quarter; its subscription-revenue growth was also 15 percentage points higher. That is a comparison of growth rates, not a like-for-like assessment of product demand: the companies operate in different areas of cybersecurity.
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Did the same pattern appear in annual revenue?
Yes. For FY2026, the year ended January 31, 2026, CrowdStrike reported $4.81 billion in revenue, up 22% year over year. Okta reported $2.919 billion, up 12%. CrowdStrike therefore had both the larger reported revenue base and the faster percentage growth in that completed fiscal year.
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The annual figures support the direction of the latest quarterly comparison, but they describe different company sizes and product mixes. Growth alone does not establish which stock is more attractive or which business has better future prospects.
What do CrowdStrike ARR and Okta cRPO say?
These indicators offer information about subscriptions and contracted business, but they are defined differently and should not be treated as equivalent revenue measures.
CrowdStrike: ARR
CrowdStrike reported $5.84 billion in annual recurring revenue (ARR) at the end of FY2027 Q2, up 25% year over year, including $332.8 million in net new ARR during the quarter. The company defines ARR by annualizing the value of customer subscription contracts as of a measurement date. Its calculation assumes contracts expiring within the next 12 months renew on existing terms and includes rules for active renewal discussions. ARR is a company-defined operating metric—not recognized GAAP revenue or guaranteed future revenue.
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Okta: RPO and cRPO
Okta reported $4.858 billion in remaining performance obligations (RPO), up 17% year over year, and $2.585 billion in current RPO (cRPO), up 14%, in FY2027 Q2. Okta describes RPO as subscription backlog and cRPO as the portion expected to be recognized over the next 12 months. These figures provide demand and revenue-visibility context, but backlog is not the same as recognized revenue.
ARR and RPO/cRPO reflect different company definitions and concepts. Their dollar amounts or growth rates should not be compared as though they measured the same thing.
How did operating profitability compare?
For FY2027 Q2, CrowdStrike recorded a $33.2 million GAAP operating loss and $371.6 million in non-GAAP operating income. Okta reported $107 million in GAAP operating income and $226 million in non-GAAP operating income. On the GAAP basis, Okta was operating-profit positive while CrowdStrike reported an operating loss; on the companies’ non-GAAP measures, both reported operating income.
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GAAP results follow standardized accounting rules. Non-GAAP figures exclude items defined by each company, so the adjustments may differ and the resulting measures are not standardized across companies. Read the companies’ reconciliations and definitions before using non-GAAP income to compare them.
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What do cash flows add to the comparison?
Both companies reported positive operating and free cash flow in FY2027 Q2, the quarter ended July 31, 2026:
- CrowdStrike: $530.3 million in operating cash flow and $377.4 million in free cash flow.
- Okta: $234 million in operating cash flow and $227 million in free cash flow.
For the full FY2026, CrowdStrike reported $1.24 billion in free cash flow and Okta reported $863 million. These are absolute cash-flow amounts from businesses of different scale; they do not, on their own, show which company converted a greater share of revenue into cash. A margin comparison would require dividing cash flow by revenue for the same period and labeling the calculation.
What are the companies forecasting?
Okta’s revenue and cash-flow outlook
In its FY2027 Q2 release, Okta forecast full-year FY2027 revenue of $3.216 billion to $3.226 billion, representing 10% to 11% growth. It said the shift of some professional-services work to partners creates an approximately one-percentage-point headwind to reported revenue growth. Okta also forecast FY2027 non-GAAP operating income of $830 million to $840 million and free cash flow of $910 million to $930 million. These are management estimates, not realized results.
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CrowdStrike’s ARR outlook
CrowdStrike said it raised its FY2027 net-new-ARR growth outlook to 34% at the midpoint. That is a company-specific forecast for net new ARR, not a total-revenue growth forecast, so it cannot be compared directly with Okta’s 10% to 11% full-year revenue-growth outlook. Both outlooks are forward-looking and depend on assumptions that may not be met.
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How should investors read the revenue gap?
- Reported growth: CrowdStrike grew faster in total and subscription revenue in FY2027 Q2, and its FY2026 revenue growth was also higher.
- Different measures: CrowdStrike ARR and Okta RPO/cRPO offer subscription and backlog context, but their definitions differ.
- Profitability depends on the accounting basis: Okta reported GAAP operating income while CrowdStrike reported a GAAP operating loss in FY2027 Q2; both reported positive non-GAAP operating income.
- Cash generation needs scale context: Each generated substantial free cash flow, but absolute amounts are not cash-flow margins.
- Growth is not a complete investment case: These results do not establish valuation, risk, future performance, or investment superiority.
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