CrowdStrike vs. OKTA: What Revenue Trends Between These Cybersecurity Giants Tell Investors
Key Points
CrowdStrike looks stronger on revenue, as the enterprise consistently generates higher financial totals and a faster rate of year-over-year expansion compared to OKTA.
Over the course of the previous eight quarters, both companies have demonstrated a reliable pattern of consecutive quarter-over-quarter revenue increases, although the upward trajectory for CrowdStrike has remained steeper.
Investors evaluating these financial trends should watch whether the overall revenue gap between the two companies continues to widen or begins to narrow in upcoming quarters.
CrowdStrike: A Consistent Trajectory of Rapid Revenue Expansion
CrowdStrike (NASDAQ:CRWD) primarily generates revenue through recurring subscription sales of its comprehensive cloud-native cybersecurity software and protection modules.
While expanding its internal research capabilities by establishing a dedicated new cybersecurity laboratory and simultaneously broadening external cloud infrastructure collaborations with major technology partners, it reported an operating margin of -2% for the quarter ended July 31, 2026.
OKTA: A Reliable Pattern of Steady Revenue Increases
OKTA (NASDAQ:OKTA) primarily generates revenue by selling identity and access management software subscriptions to diverse global enterprise customers.
It recently introduced updated security protection tools tailored specifically for autonomous digital systems and issued formal administrative warnings to its users regarding active voice phishing campaigns, while it recorded an operating margin of 13% for the quarter ended July 31, 2026.
Why Tracking Revenue Growth Matters for Long-Term Investors
Revenue helps investors determine whether a specific business is successfully attracting and retaining paying customers over extended operational periods. This metric serves as a fundamental baseline measure of overall customer demand and business growth.
Quarterly Revenue Trends for CrowdStrike and OKTA
| Calendar quarter | CrowdStrike Revenue | OKTA Revenue |
|---|---|---|
| Q3 2024 | $1.0 billion (quarter ended Oct. 31, 2024) | $665.0 million (quarter ended Oct. 31, 2024) |
| Q4 2024 | $1.1 billion (quarter ended Jan. 31, 2025) | $682.0 million (quarter ended Jan. 31, 2025) |
| Q1 2025 | $1.1 billion (quarter ended April 30, 2025) | $688.0 million (quarter ended April 30, 2025) |
| Q2 2025 | $1.2 billion (quarter ended July 31, 2025) | $728.0 million (quarter ended July 31, 2025) |
| Q3 2025 | $1.2 billion (quarter ended Oct. 31, 2025) | $742.0 million (quarter ended Oct. 31, 2025) |
| Q4 2025 | $1.3 billion (quarter ended Jan. 31, 2026) | $761.0 million (quarter ended Jan. 31, 2026) |
| Q1 2026 | $1.4 billion (quarter ended April 30, 2026) | $765.0 million (quarter ended April 30, 2026) |
| Q2 2026 | $1.5 billion (quarter ended July 31, 2026) | $805.0 million (quarter ended July 31, 2026) |
Data source: Company filings. Data as of Sept. 8, 2026.
Foolish Take
The revenue trends for CrowdStrike and OKTA reveal several insights for investors. Both are experiencing quarter-over-quarter sales growth, an indication of the strong demand for their respective cybersecurity offerings. This is due to the rise of artificial intelligence.
AI has demonstrated that it can identify security vulnerabilities and hack corporate systems at unprecedented speed. Consequently, CrowdStrike and OKTA's protections are seen as necessities, driving revenue expansion.
CrowdStrike's rapid growth compared to OKTA illustrates the differences in their cybersecurity businesses. The former is a comprehensive solution, so it is able to attract a wider customer base. The latter focuses on the identity and access management markets within the digital security landscape, and this niche has led to a more steady sales growth trend.
The difference in their businesses has also resulted in CrowdStrike's stock sporting a high valuation, as evidenced by its price-to-sale ratio (P/S) of 38 compared to OKTA's far more reasonable sales multiple of ten. Wall Street is expecting CrowdStrike's rapid growth to continue, but the company is not profitable. Meanwhile, OKTA's bottom line is positive and growing year over year, and with a lower P/S ratio, it's a better value for those interested in investing.
Robert Izquierdo has positions in CrowdStrike and Okta. The Motley Fool has positions in and recommends CrowdStrike and Okta. The Motley Fool has a disclosure policy.