Clearwater Analytics Holdings, Inc. (CWAN)

CWAN Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	731.37	451.8	368.17	303.43	252.02
Revenue Growth (YoY)	61.88%	22.72%	21.34%	20.40%	24.01%
Cost of Revenue	239.22	122.99	107.13	87.78	67.86
Gross Profit	492.15	328.82	261.04	215.64	184.16
Selling, General & Admin	294.91	166.02	153.86	114.69	83.01
Research & Development	196.23	150.56	123.93	94.12	72.19
Operating Expenses	491.13	316.58	277.79	208.81	155.2
Operating Income	1.01	12.23	-16.75	6.83	28.96
Interest Expense	-45.66	-4.33	-4.73	-	-25.68
Interest & Investment Income	-	-	-	1.14	-
Currency Exchange Gain (Loss)	-1.1	0.1	0.7	0.1	-0.1
Other Non Operating Income (Expenses)	4.67	-38.11	-2.18	-11.69	0.02
EBT Excluding Unusual Items	-41.08	-30.1	-22.96	-3.62	3.2
Merger & Restructuring Charges	-8.7	-	-	-1.71	-
Gain (Loss) on Sale of Investments	0.11	0.04	0.09	-	-
Asset Writedown	-	-	-	-	-0.5
Other Unusual Items	-	-	-	-	-10.3
Pretax Income	-49.67	-30.06	-22.87	-5.34	-7.61
Income Tax Expense	-9.42	-457.65	0.22	1.36	0.49
Earnings From Continuing Operations	-40.25	427.59	-23.08	-6.7	-8.09
Minority Interest in Earnings	1.45	-3.21	1.46	-1.27	-0.12
Net Income	-38.81	424.38	-21.63	-7.97	-8.21
Net Income to Common	-38.81	424.38	-21.63	-7.97	-8.21
Shares Outstanding (Basic)	271	219	200	186	178
Shares Outstanding (Diluted)	271	254	200	186	178
Shares Change (YoY)	6.67%	27.38%	7.61%	4.44%	-77.91%
EPS (Basic)	-0.14	1.94	-0.11	-0.04	-0.05
EPS (Diluted)	-0.14	1.68	-0.11	-0.04	-0.05
Free Cash Flow	164.34	69.06	78.98	50.25	-1.67
Free Cash Flow Per Share	0.61	0.27	0.40	0.27	-0.01
Gross Margin	67.29%	72.78%	70.90%	71.07%	73.07%
Operating Margin	0.14%	2.71%	-4.55%	2.25%	11.49%
Profit Margin	-5.31%	93.93%	-5.87%	-2.63%	-3.26%
Free Cash Flow Margin	22.47%	15.29%	21.45%	16.56%	-0.66%
EBITDA	86.56	24.42	-6.82	11.97	31.95
EBITDA Margin	11.83%	5.40%	-1.85%	3.94%	12.68%
D&A For EBITDA	85.54	12.18	9.93	5.14	2.99
EBIT	1.01	12.23	-16.75	6.83	28.96
EBIT Margin	0.14%	2.71%	-4.55%	2.25%	11.49%

Updated Feb 18, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q