CWAN earnings analysis
What we found in CWAN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Clearwater Analytics reported a robust Q1 2026, showcasing a significant revenue increment of 74% year-over-year to $221.2 million, alongside an EPS of $0.16, beating analyst expectations of $0.14. Despite challenges, including increased costs and a net loss for stakeholders, strong revenue growth was driven by a rise in client assets onboarding and a higher client base.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Breaks Previous Records
- Revenue surged to $221.2 million, a 74% increase from $126.9 million in Q1 2025.
- EPS Exceeds Consensus
- EPS reported at $0.16, outperforming the estimated $0.14 by 14.29%.
- Strong Client Growth
- Added over 1,000 net new clients in 2025, contributing to significant revenue growth.
- Consistent High Client Retention
- Gross revenue retention rate maintained at over 98% for 27 of the last 29 quarters.
- Annual Recurring Revenue Up
- Annualized recurring revenue increased 76.5% year-over-year at $871.8 million.
- Adjusted EBITDA Margin Stable
- Retained an adjusted EBITDA margin of 35%, consistent with prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Reported net loss of $2.8 million compared to a net income of $6.9 million in Q1 2025.
- High Interest Expense
- Interest expense skyrocketed to $12.6 million from $0.9 million, spurred by new borrowings.
- Fluctuating Revenue Based on Market Conditions
- Revenue is affected by daily value of assets on the platform; risks include market volatility.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.16
- Gross margin
- 66%
- Operating margin
- 4%
What they said about what is next.
No explicit guidance provided; future outlook contingent on ongoing merger and client acquisitions.
The filing reads better than the one before it.
What came before.
- 10-K · February 18, 2026
- Clearwater Analytics Holdings, Inc.'s 10-K filing for the year ended December 31, 2025, indicates a robust financial performance with a significant increase in revenue driven by acquisitions and organic growth, leading…
- 10-Q · November 5, 2025
- Clearwater Analytics Holdings, Inc. reported strong revenue growth of 77% year-over-year for Q3 2025, totaling $205 million. The revenue increase was driven by new client acquisitions and existing clients adding assets…
- 10-Q · August 6, 2025
- Clearwater Analytics (CWAN) reported a strong Q2 2025 with total revenue of $181.9 million, up 70% year-over-year, and gross margin at 65.1%. However, the company experienced a net loss of $24.2 million, driven by…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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