Clearwater Analytics Holdings, Inc. (CWAN)

CWAN Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	640.38	451.8	368.17	303.43	252.02	203.22
Revenue Growth (YoY)	50.91%	22.72%	21.34%	20.40%	24.01%	20.96%
Cost of Revenue	201.55	122.99	107.13	87.78	67.86	53.26
Gross Profit	438.83	328.82	261.04	215.64	184.16	149.96
Selling, General & Admin	241.43	157.72	151.81	114.69	83.01	66.12
Research & Development	180.12	150.56	123.93	94.12	72.19	55.26
Operating Expenses	421.55	308.27	275.73	208.81	155.2	170.38
Operating Income	17.28	20.54	-14.69	6.83	28.96	-20.42
Interest Expense	-27.25	-	-	-	-25.68	-22.85
Interest & Investment Income	8.62	8.62	6.4	1.14	-	-
Currency Exchange Gain (Loss)	0.1	0.1	0.7	0.1	-0.1	-0.06
Other Non Operating Income (Expenses)	-46.78	-51.05	-13.31	-11.69	0.02	-
EBT Excluding Unusual Items	-48.02	-21.79	-20.9	-3.62	3.2	-43.33
Merger & Restructuring Charges	-17.01	-8.31	-2.05	-1.71	-	-
Gain (Loss) on Sale of Investments	0.17	0.04	0.09	-	-	-
Asset Writedown	-	-	-	-	-0.5	-
Other Unusual Items	-	-	-	-	-10.3	-
Pretax Income	-64.85	-30.06	-22.87	-5.34	-7.61	-43.33
Income Tax Expense	-457.43	-457.65	0.22	1.36	0.49	0.9
Earnings From Continuing Operations	392.58	427.59	-23.08	-6.7	-8.09	-44.23
Minority Interest in Earnings	-0.04	-3.21	1.46	-1.27	-0.12	-
Net Income	392.54	424.38	-21.63	-7.97	-8.21	-44.23
Net Income to Common	392.54	424.38	-21.63	-7.97	-8.21	-44.23
Shares Outstanding (Basic)	256	219	200	186	178	804
Shares Outstanding (Diluted)	283	254	200	186	178	804
Shares Change (YoY)	27.27%	27.38%	7.61%	4.44%	-77.91%	-
EPS (Basic)	1.53	1.94	-0.11	-0.04	-0.05	-0.05
EPS (Diluted)	1.40	1.68	-0.11	-0.04	-0.05	-0.05
Free Cash Flow	82.03	69.06	78.98	50.25	-1.67	-10.29
Free Cash Flow Per Share	0.29	0.27	0.40	0.27	-0.01	-0.01
Gross Margin	68.53%	72.78%	70.90%	71.07%	73.07%	73.79%
Operating Margin	2.70%	4.55%	-3.99%	2.25%	11.49%	-10.05%
Profit Margin	61.30%	93.93%	-5.87%	-2.63%	-3.26%	-21.76%
Free Cash Flow Margin	12.81%	15.29%	21.45%	16.56%	-0.66%	-5.06%
EBITDA	76.79	32.72	-4.76	11.97	31.95	-18.15
EBITDA Margin	11.99%	7.24%	-1.29%	3.94%	12.68%	-8.93%
D&A For EBITDA	59.5	12.18	9.93	5.14	2.99	2.27
EBIT	17.28	20.54	-14.69	6.83	28.96	-20.42
EBIT Margin	2.70%	4.55%	-3.99%	2.25%	11.49%	-10.05%

Updated Nov 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q