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	303.61	166.02	153.86	116.41	83.01
Research & Development	196.23	150.56	123.93	94.12	72.69
Total Operating Expenses	499.83	316.58	277.79	210.53	155.7
Operating Income	-7.69	12.23	-16.75	5.12	28.46
Total Non-Operating Income (Expense)	-41.99	-42.3	-6.12	-10.45	-36.07
Pretax Income	-49.67	-30.06	-22.87	-5.34	-7.61
Provision for Income Taxes	-9.42	-457.65	0.22	1.36	0.49
Net Income	-38.81	424.38	-21.63	-7.97	-8.21
Minority Interest in Earnings	-1.45	3.21	-1.46	1.27	0.12
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%	-23.24%
EPS (Basic)	-0.14	1.93	-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 Growth	137.96%	-12.55%	57.18%	-	-
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	-1.05%	2.71%	-4.55%	1.69%	11.29%
Profit Margin	-5.50%	94.64%	-6.27%	-2.21%	-3.21%
FCF Margin	22.47%	15.29%	21.45%	16.56%	-0.66%
EBITDA	89.34	29.68	-2.05	14.58	35.34
EBITDA Margin	12.22%	6.57%	-0.56%	4.81%	14.02%
EBIT	-7.69	12.23	-16.75	5.12	28.46
EBIT Margin	-1.05%	2.71%	-4.55%	1.69%	11.29%
Effective Tax Rate	18.96%	1522.30%	-0.95%	-25.49%	-6.40%

Updated Feb 18, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q