Cybersecurity giant CrowdStrike Holdings (CRWD) is set to report its first-quarter financial results on Wednesday after the market closes, and expectations are high. The stock has been on a tear, up nearly 70% in 2026 and flirting with all-time highs. But can the company deliver another quarter that justifies the rally?

Here's what the numbers look like, what analysts are saying, and what to watch when CrowdStrike reports.

The Numbers

Analysts are looking for first-quarter revenue of $1.36 billion, up from $1.10 billion a year ago, according to data from MarketDash. That would continue a streak: CrowdStrike has beaten revenue estimates in three straight quarters and in nine of the past ten.

On the earnings side, the consensus is for earnings per share of $0.88, up from $0.73 last year. The company has beaten EPS estimates for more than 20 consecutive quarters. So the bar is high, but CrowdStrike has a habit of clearing it.

What Analysts Are Saying

Wedbush analyst Dan Ives is bullish heading into the report. He reiterated an Outperform rating and a $700 price target, but his commentary focused on how AI is reshaping the threat landscape.

"The increased use of AI has dramatically lowered the cost, skill and time required to execute sophisticated attacks while massively elevating their scale/precision," Ives said. In other words, AI is making hackers more efficient, which means companies need better defenses.

Ives also highlighted CrowdStrike's federal business as a key growth driver. "CRWD's federal pipeline also remains a key growth engine with the company benefiting from accelerated cyber budget use post-Iran conflict and a steady drumbeat of large enterprise wins."

Other analysts have been raising their price targets ahead of the report. Here's a rundown:

• JPMorgan: Overweight, target raised from $475 to $800
• Baird: Neutral, target raised from $460 to $490
• Evercore ISI Group: In-Line, target raised from $395 to $710
• Jefferies: Buy, target raised from $500 to $775
• Benchmark: Buy, target raised from $500 to $700

Most analysts see room for the stock to run, though the range of targets is wide — from $490 to $800 — reflecting some uncertainty about valuation.

Key Items to Watch

CrowdStrike's report comes a day after peer Palo Alto Networks (PANW) reported results and saw its shares jump in after-hours trading. Investors will be looking for a similar story from CrowdStrike: strong growth and upbeat guidance.

In the fourth quarter, CrowdStrike's revenue grew 23% year-over-year, driven by subscription revenue and annual recurring revenue. CEO George Kurtz has been bullish on AI as a tailwind. "The AI revolution is creating a massive growth opportunity for CrowdStrike, one that our technology team and ecosystem are well positioned to continue winning," he said last quarter.

Investors will want to hear more of that optimism — and see it reflected in the numbers and guidance.

Stock Price Action

CrowdStrike stock closed down 1.69% at $768.95 on Tuesday, within its 52-week range of $342.72 to $785.66. The stock is up 69.5% year-to-date and recently hit new all-time highs. With the earnings report looming, the question is whether the momentum can continue.