CrowdStrike
A faulty Falcon content update caused Windows crashes across millions of hosts and disrupted critical services worldwide.
-22.2% CRWD vs +1.3% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionJul 18, 2024
Normalized to 100 for both CRWD and SPY.
- 02Public disclosureJul 19, 2024, 12:09 AM EDT
Documented publication time.
- 03First reaction closeJul 19, 2024
-11.1% company total return versus -0.7% for SPY; -10.4 pp market-relative return.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | CRWD | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Jul 19, 2024 | -11.1% | -0.7% | -10.4 pp | Below SPY |
| +7 days | Jul 26, 2024 | -25.3% | -1.5% | -23.8 pp | Below SPY |
| +1 month | Aug 19, 2024 | -22.2% | +1.3% | -23.5 pp | Below SPY |
| +3 months | Oct 18, 2024 | -9.6% | +6.1% | -15.7 pp | Below SPY |
| +6 months | Jan 17, 2025 | +4.1% | +8.8% | -4.8 pp | Below SPY |
| +12 months | Jul 18, 2025 | +38.7% | +15.0% | +23.8 pp | Above SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | -10.4 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -23.8 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -23.5 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -15.7 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -4.8 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | +23.8 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
CRWD compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
CrowdStrike had +38.7% company total return versus +15.0% for SPY; +23.8 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | CRWD | SPY |
|---|---|---|
| Jul 18, 2024 | 100.0 | 100.0 |
| Aug 16, 2024 | 76.5 | 100.3 |
| Sep 17, 2024 | 78.3 | 101.9 |
| Oct 16, 2024 | 89.3 | 105.7 |
| Nov 14, 2024 | 100.4 | 107.7 |
| Dec 16, 2024 | 113.2 | 110.1 |
| Jan 17, 2025 | 104.1 | 108.8 |
| Feb 19, 2025 | 131.2 | 111.6 |
| Mar 20, 2025 | 107.6 | 103.0 |
| Apr 21, 2025 | 105.7 | 93.9 |
| May 20, 2025 | 128.9 | 108.3 |
| Jun 20, 2025 | 138.8 | 108.9 |
| Jul 22, 2025 | 137.4 | 115.2 |
| Aug 20, 2025 | 122.2 | 116.9 |
| Sep 19, 2025 | 146.5 | 121.9 |
| Oct 20, 2025 | 146.8 | 123.3 |
| Nov 18, 2025 | 149.7 | 121.3 |
| Dec 18, 2025 | 139.1 | 124.3 |
| Jan 21, 2026 | 130.0 | 126.3 |
| Feb 20, 2026 | 113.3 | 127.0 |
| Mar 23, 2026 | 120.5 | 121.1 |
| Apr 22, 2026 | 136.0 | 131.4 |
| May 21, 2026 | 189.0 | 137.2 |
| Jun 23, 2026 | 198.5 | 135.9 |
| Jul 17, 2026 | 236.8 | 137.7 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -25.9% on Jul 25, 2024
- Recovery close
- Nov 12, 2024
- Calendar days
- 116
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in CRWD with $1,000 in SPY, bought and measured on the same dates.
Entry Jul 22, 2024 Exit Jan 22, 2025
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
CrowdStrike released a content configuration update at 04:09 UTC that caused Windows hosts running affected Falcon sensor versions to crash. The update was reverted at 05:27 UTC, but airlines, hospitals, banks and other services had already experienced broad disruption.
This is the pipeline’s reference timing case. The release occurred before the July 19 US session, so the baseline must be July 18 and the first reaction close July 19—not July 19 as both baseline and reaction.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Jul 24, 2024Falcon content update preliminary post-incident report CrowdStrike Supports: Disclosure, Timing, Impact, Description
- primary Mar 12, 2025CrowdStrike fiscal 2025 Form 10-K CrowdStrike / U.S. SEC Supports: Listing, Impact
- Listing evidenceChecked Jul 20, 2026CrowdStrike SEC issuer record U.S. Securities and Exchange Commission SEC issuer history confirms CrowdStrike's Nasdaq listing under CRWD at the event.
Why it is included. CrowdStrike was the responsible software vendor; its update triggered a measured, global outage across critical services and provides the reference test for pre-market baseline selection. Reviewed Jul 20, 2026.