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…
Earnings analysis · 10-Q
CWAN earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.16
What stood out
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Revenue Breaks Previous Records
Revenue surged to $221.2 million, a 74% increase from $126.9 million in Q1 2025.
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EPS Exceeds Consensus
EPS reported at $0.16, outperforming the estimated $0.14 by 14.29%.
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Strong Client Growth
Added over 1,000 net new clients in 2025, contributing to significant revenue growth.
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Consistent High Client Retention
Gross revenue retention rate maintained at over 98% for 27 of the last 29 quarters.
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Annual Recurring Revenue Up
Annualized recurring revenue increased 76.5% year-over-year at $871.8 million.
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Adjusted EBITDA Margin Stable
Retained an adjusted EBITDA margin of 35%, consistent with prior year.
What to watch
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Significant Net Loss
Reported net loss of $2.8 million compared to a net income of $6.9 million in Q1 2025.
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High Interest Expense
Interest expense skyrocketed to $12.6 million from $0.9 million, spurred by new borrowings.
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Fluctuating Revenue Based on Market Conditions
Revenue is affected by daily value of assets on the platform; risks include market volatility.
Management's outlook
No explicit guidance provided; future outlook contingent on ongoing merger and client acquisitions.
Earlier filings 3
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 itself. Analysis can contain errors; check the source document for full context.