What is Clearwater Analytics' operating income?

Clearwater Analytics' total operating income in 2025 was -$7.69 million, based on the following breakdown: Total Gross Profit: $492.15 million Total Operating Expenses: $499.83 million

Clearwater Analytics (CWAN) Financials

$24.56 0.00 (0.00%)

As of 06/26/2026

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Annual Income Statements for Clearwater Analytics

This table shows Clearwater Analytics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.73	-44	-8.21	-7.97	-22	424	-39
Consolidated Net Income / (Loss)	7.73	-44	-8.09	-6.70	-23	428	-40
Net Income / (Loss) Continuing Operations	7.73	-44	-8.09	-6.70	-23	428	-40
Total Pre-Tax Income	7.81	-43	-7.61	-5.34	-23	-30	-50
Total Operating Income	26	-20	28	5.12	-17	12	-7.69
Total Gross Profit	121	150	184	216	261	329	492
Total Revenue	168	203	252	303	368	452	731
Operating Revenue	168	203	252	303	368	452	731
Total Cost of Revenue	47	53	68	88	107	123	239
Operating Cost of Revenue	47	53	68	88	107	123	239
Total Operating Expenses	95	170	156	211	278	317	500
Selling, General & Admin Expense	37	44	44	64	93	99	154
Marketing Expense	19	22	39	53	60	67	149
Research & Development Expense	39	55	73	94	124	151	196
Total Other Income / (Expense), net	-18	-23	-36	-10	-6.12	-42	-42
Interest & Investment Income	-	-	-	1.14	-4.73	-4.33	-46
Other Income / (Expense), net	-0.09	-0.06	-0.08	-12	-1.39	-38	3.68
Income Tax Expense	0.07	0.90	0.49	1.36	0.22	-458	-9.42
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	0.12	1.27	-1.46	3.21	-1.45
Basic Earnings per Share	$0.00	$0.00	($0.05)	($0.04)	($0.11)	$1.93	($0.14)
Weighted Average Basic Shares Outstanding	0.00	0.00	177.68M	185.56M	199.69M	219.32M	271.32M
Diluted Earnings per Share	$0.00	$0.00	($0.05)	($0.04)	($0.11)	$1.68	($0.14)
Weighted Average Diluted Shares Outstanding	0.00	0.00	177.68M	185.56M	199.69M	254.36M	271.32M
Weighted Average Basic & Diluted Shares Outstanding	-	-	236.95M	241.11M	244.70M	251.02M	295.47M

This table shows Clearwater Analytics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.89	-4.43	1.90	-0.43	3.63	419	6.51	-23	-10	-12	-2.78
Consolidated Net Income / (Loss)	-2.34	-3.45	2.24	0.28	4.77	420	6.94	-24	-11	-13	-2.80
Net Income / (Loss) Continuing Operations	-2.34	-3.45	2.24	0.28	4.77	420	6.94	-24	-11	-13	-2.80
Total Pre-Tax Income	-2.62	-3.05	2.14	0.36	4.28	-37	8.49	-26	-10	-22	-3.61
Total Operating Income	-5.89	2.59	-0.17	3.84	7.34	1.22	7.08	-15	6.55	-6.74	8.99
Total Gross Profit	68	71	75	77	84	93	93	119	134	146	146
Total Revenue	95	99	103	107	116	126	127	182	205	217	221
Operating Revenue	95	99	103	107	116	126	127	182	205	217	221
Total Cost of Revenue	27	28	28	30	31	34	34	63	71	71	76
Operating Cost of Revenue	27	28	28	30	31	34	34	63	71	71	76
Total Operating Expenses	74	68	75	73	77	92	86	133	128	153	137
Selling, General & Admin Expense	26	18	21	23	23	33	29	44	31	50	33
Marketing Expense	15	16	16	15	18	18	20	39	44	46	46
Research & Development Expense	32	34	38	35	37	41	37	50	52	57	57
Total Other Income / (Expense), net	3.27	-5.64	2.30	-3.49	-3.06	-38	1.40	-12	-17	-15	-13
Interest & Investment Income	1.73	-	2.06	-1.08	-1.08	-	-0.92	-13	-16	-18	-13
Other Income / (Expense), net	1.54	-7.62	0.24	-2.41	-1.98	-40	2.32	1.55	-0.44	2.86	0.05
Income Tax Expense	-0.27	0.40	-0.10	0.08	-0.49	-457	1.55	-2.35	0.51	-9.13	-0.81
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.45	0.99	0.34	0.71	1.14	1.02	0.43	-0.93	-0.18	-0.77	-0.02
Basic Earnings per Share	($0.01)	($0.02)	$0.01	$0.00	$0.02	$1.90	$0.03	($0.09)	($0.04)	($0.04)	($0.01)
Weighted Average Basic Shares Outstanding	201.58M	199.69M	213.26M	218.35M	219.01M	219.32M	237.32M	270.63M	287.98M	271.32M	294.99M
Diluted Earnings per Share	($0.01)	($0.02)	$0.01	$0.00	$0.02	$1.65	$0.03	($0.09)	($0.04)	($0.04)	($0.01)
Weighted Average Diluted Shares Outstanding	201.58M	199.69M	255.46M	218.35M	231.47M	254.36M	246.21M	270.63M	287.98M	271.32M	294.99M
Weighted Average Basic & Diluted Shares Outstanding	243.86M	244.70M	245.72M	246.32M	247.02M	251.02M	283.28M	292.45M	292.66M	295.47M	298.49M

This table details how cash moves in and out of Clearwater Analytics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	4.40	41	194	-3.87	-29	-44	-86
Net Cash From Operating Activities	-230	-6.49	3.36	58	85	74	176
Net Cash From Continuing Operating Activities	20	-6.49	3.36	58	85	74	176
Net Income / (Loss) Continuing Operations	7.73	-44	-8.09	-6.70	-23	428	-40
Consolidated Net Income / (Loss)	-	-44	-8.09	-6.70	-23	428	-40
Depreciation Expense	2.02	2.27	3.49	5.14	9.93	12	86
Amortization Expense	3.07	4.85	4.93	4.61	3.57	3.36	14
Non-Cash Adjustments To Reconcile Net Income	6.23	25	47	72	112	112	147
Changes in Operating Assets and Liabilities, net	0.92	6.03	-44	-17	-18	-481	-30
Net Cash From Investing Activities	-3.37	-3.81	-5.03	-77	-95	-56	-988
Net Cash From Continuing Investing Activities	-3.37	-3.81	-5.03	-77	-95	-56	-988
Purchase of Property, Plant & Equipment	-3.37	-3.81	-5.03	-7.76	-5.62	-5.26	-12
Acquisitions	-	0.00	0.00	-66	0.00	-40	-1,085
Purchase of Investments	-	0.00	0.00	-3.00	-127	-118	-4.69
Sale and/or Maturity of Investments	-	-	0.00	0.00	38	107	113
Other Investing Activities, net	-	-	-	0.00	0.00	-0.10	-0.09
Net Cash From Financing Activities	238	51	195	16	-19	-62	725
Net Cash From Continuing Financing Activities	238	71	195	16	-19	-62	725
Repayment of Debt	-3.10	-27	-438	-2.75	-2.75	-2.75	-154
Repurchase of Common Equity	-3.78	-0.57	-5.76	-0.21	0.00	0.00	-18
Payment of Dividends	0.00	-163	0.00	-0.12	-2.18	-3.87	0.00
Issuance of Debt	105	203	55	-	0.00	0.00	924
Issuance of Common Equity	137	0.00	584	4.22	4.59	4.69	6.64
Other Financing Activities, net	2.59	59	0.65	15	-19	-60	-34
Effect of Exchange Rate Changes	-	0.09	-0.11	-1.56	0.79	-1.42	0.71
Cash Interest Paid	12	22	26	1.40	3.45	3.46	31
Cash Income Taxes Paid	0.07	0.43	0.80	2.04	2.43	1.98	3.49

This table details how cash moves in and out of Clearwater Analytics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	15	16	-32	0.45	39	-51	98	-207	-7.65	30	-9.74
Net Cash From Operating Activities	31	24	10	44	50	-29	25	47	49	55	18
Net Cash From Continuing Operating Activities	31	24	10	44	50	-29	25	47	49	55	18
Net Income / (Loss) Continuing Operations	-2.34	-3.45	2.24	0.28	4.77	420	6.94	-24	-11	-13	-2.80
Consolidated Net Income / (Loss)	-2.34	-3.45	2.24	0.28	4.77	420	6.94	-24	-11	-13	-2.80
Depreciation Expense	2.48	2.59	2.55	2.94	3.24	3.45	3.15	24	29	29	30
Amortization Expense	0.78	0.70	0.71	0.66	0.67	1.31	1.14	2.50	5.00	5.34	4.08
Non-Cash Adjustments To Reconcile Net Income	32	24	26	27	28	30	26	43	39	40	33
Changes in Operating Assets and Liabilities, net	-1.73	-0.02	-22	13	13	-485	-13	2.52	-14	-6.69	-46
Net Cash From Investing Activities	-9.83	0.56	-12	-42	-1.04	-0.88	100	-1,084	-4.11	0.33	-6.44
Net Cash From Continuing Investing Activities	-9.83	0.56	-12	-42	-1.04	-0.88	100	-1,084	-4.11	0.33	-6.44
Purchase of Property, Plant & Equipment	-0.77	-1.56	-1.44	-1.51	-1.49	-0.82	-1.47	-2.99	-4.06	-3.04	-6.44
Purchase of Investments	-19	-16	-32	-39	-27	-21	-4.69	-	-	-	0.00
Sale and/or Maturity of Investments	10	18	22	38	27	21	106	4.18	-	3.34	0.00
Net Cash From Financing Activities	-5.88	-9.37	-30	-1.51	-11	-19	-27	829	-51	-25	-19
Net Cash From Continuing Financing Activities	-5.88	-9.37	-30	-1.51	-11	-19	-27	829	-51	-25	-19
Repayment of Debt	-0.69	-0.69	-0.69	-0.00	-1.37	-0.69	-2.85	-94	-40	-17	-17
Other Financing Activities, net	-5.15	-8.52	-29	-4.30	-9.48	-17	-24	-4.77	-2.89	-1.52	-2.25
Effect of Exchange Rate Changes	-0.28	0.81	-0.21	-0.04	0.96	-2.13	1.03	1.23	-1.13	-0.42	-1.73
Cash Interest Paid	0.31	0.92	0.91	0.85	0.87	0.84	1.28	0.47	15	14	22
Cash Income Taxes Paid	0.42	0.95	0.45	0.15	0.59	0.80	0.58	0.27	0.31	2.32	1.15

This table presents Clearwater Analytics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	116	344	482	559	1,170	3,032
Total Current Assets	102	321	356	416	385	296
Cash & Equivalents	61	255	251	222	177	91
Accounts Receivable	33	50	73	92	106	167
Prepaid Expenses	7.55	17	28	28	23	37
Plant, Property, & Equipment, net	8.85	11	15	15	15	27
Total Noncurrent Assets	5.19	12	111	127	770	2,710
Goodwill	-	0.00	44	45	71	1,270
Intangible Assets	-	0.00	29	26	31	688
Noncurrent Deferred & Refundable Income Taxes	-	-	-	1.34	603	696
Other Noncurrent Operating Assets	4.77	11	37	33	35	53
Other Noncurrent Nonoperating Assets	0.42	0.92	0.73	0.53	0.34	3.47
Total Liabilities & Shareholders' Equity	116	344	482	559	1,170	3,032
Total Liabilities	460	82	144	149	139	1,001
Total Current Liabilities	38	31	66	81	77	161
Short-Term Debt	3.08	2.75	2.75	2.75	2.75	8.00
Accounts Payable	1.34	1.42	3.09	3.06	2.93	4.10
Accrued Expenses	34	27	42	50	56	112
Current Deferred Revenue	-	-	-	-	7.33	22
Other Current Liabilities	-	0.00	5.85	6.55	8.35	15
Total Noncurrent Liabilities	422	51	78	68	62	839
Long-Term Debt	422	51	48	46	43	815
Other Noncurrent Operating Liabilities	0.13	0.13	29	22	19	25
Total Equity & Noncontrolling Interests	-345	262	338	410	1,030	2,031
Total Preferred & Common Equity	-345	197	270	354	1,008	2,022
Total Common Equity	-345	197	270	354	1,008	2,022
Common Stock	-99	389	456	533	725	1,755
Retained Earnings	-246	-192	-187	-181	284	260
Accumulated Other Comprehensive Income / (Loss)	0.06	-0.03	0.61	2.91	-1.11	7.09
Noncontrolling Interest	0.00	65	69	55	22	9.36

This table presents Clearwater Analytics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	420	491	512	536	548	585	623	1,285	3,021	2,991	3,027
Total Current Assets	373	349	365	401	396	383	431	422	258	251	294
Cash & Equivalents	289	221	190	206	190	190	229	275	68	61	82
Accounts Receivable	65	79	83	92	97	97	100	111	148	153	170
Prepaid Expenses	16	30	29	24	31	28	25	28	38	34	43
Plant, Property, & Equipment, net	14	15	15	15	15	15	15	15	25	26	30
Total Noncurrent Assets	33	127	131	119	137	187	177	849	2,739	2,713	2,702
Goodwill	-	44	44	43	44	72	74	73	1,267	1,267	1,268
Intangible Assets	-	29	28	26	25	35	34	143	741	714	661
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	601	670	672	702
Other Noncurrent Operating Assets	32	38	35	33	39	41	38	32	58	57	67
Other Noncurrent Nonoperating Assets	0.78	-	-	-	-	-	-	0.29	3.87	3.67	3.27
Total Liabilities & Shareholders' Equity	420	491	512	536	548	585	623	1,285	3,021	2,991	3,027
Total Liabilities	109	138	141	144	142	156	170	143	1,033	989	972
Total Current Liabilities	36	59	58	63	71	80	92	83	128	128	130
Short-Term Debt	2.75	2.75	2.75	2.75	2.75	2.75	2.75	2.75	6.00	8.00	8.00
Accounts Payable	1.71	2.66	2.84	2.85	2.72	2.96	4.24	2.04	6.14	3.32	1.63
Accrued Expenses	26	35	34	41	41	50	61	61	79	84	79
Current Deferred Revenue	-	-	-	-	-	-	-	9.06	21	17	28
Other Current Liabilities	5.34	6.45	6.45	6.40	7.65	7.70	7.81	8.58	15	16	14
Total Noncurrent Liabilities	74	79	83	81	71	76	77	60	906	861	842
Long-Term Debt	49	48	47	46	45	45	44	42	872	831	798
Other Noncurrent Operating Liabilities	19	31	29	26	25	25	22	17	34	30	43
Total Equity & Noncontrolling Interests	310	353	371	391	406	429	454	1,143	1,988	2,002	2,055
Total Preferred & Common Equity	246	289	308	326	361	381	403	1,116	1,968	1,982	2,050
Total Common Equity	246	289	308	326	361	381	403	1,116	1,968	1,982	2,050
Common Stock	433	471	496	517	529	550	565	828	1,689	1,713	1,785
Retained Earnings	-185	-183	-189	-191	-170	-170	-166	286	271	261	262
Accumulated Other Comprehensive Income / (Loss)	-1.88	1.74	1.47	-0.50	1.31	0.83	4.63	1.98	8.29	7.45	2.78
Noncontrolling Interest	64	64	63	66	46	48	50	27	20	20	5.06

This table displays calculated financial ratios and metrics derived from Clearwater Analytics' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	20.96%	24.01%	20.40%	21.34%	22.72%	61.88%
EBITDA Growth	0.00%	-143.51%	375.52%	-91.11%	-581.79%	-46.76%	1,036.61%
EBIT Growth	0.00%	-179.94%	238.61%	-122.81%	-352.21%	-32.18%	84.43%
NOPAT Growth	0.00%	-156.14%	239.39%	-82.02%	-427.24%	173.06%	-162.82%
Net Income Growth	0.00%	-672.04%	81.70%	17.28%	-244.78%	1,952.38%	-109.41%
EPS Growth	0.00%	0.00%	0.00%	20.00%	-175.00%	1,627.27%	-108.33%
Operating Cash Flow Growth	0.00%	97.18%	151.77%	1,627.37%	45.85%	-12.15%	136.67%
Free Cash Flow Firm Growth	0.00%	0.00%	34.87%	-222.34%	73.48%	-3,382.36%	-207.79%
Invested Capital Growth	0.00%	0.00%	220.72%	121.20%	5.03%	464.36%	249.24%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.45%	4.64%	6.47%	14.21%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-46.75%	-12.15%	-340.32%	301.93%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-107.17%	-8.06%	-771.26%	91.23%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	169.88%	-8.31%	-38.77%	-2,905.11%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-45.73%	-6.85%	11,052.45%	-110.25%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-33.33%	-10.00%	16,700.00%	-109.03%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	108.08%	10.98%	7.55%	-41.76%	92.52%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	76.62%	-5,405.86%	24.32%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	90.76%	1.55%	383.24%	-0.49%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	71.94%	73.79%	73.07%	71.07%	70.90%	72.78%	67.29%
EBITDA Margin	18.27%	-6.57%	14.60%	1.08%	-4.28%	-5.12%	13.06%
Operating Margin	15.30%	-10.05%	11.29%	1.69%	-4.55%	2.71%	-1.05%
EBIT Margin	15.25%	-10.07%	11.26%	-2.13%	-7.95%	-8.56%	-0.55%
Profit (Net Income) Margin	4.60%	-21.76%	-3.21%	-2.21%	-6.27%	94.64%	-5.50%
Tax Burden Percent	99.06%	102.08%	106.40%	125.49%	100.95%	-1,422.30%	81.04%
Interest Burden Percent	30.47%	211.62%	-26.81%	82.43%	78.13%	77.71%	1,239.32%
Effective Tax Rate	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-152.15%	50.41%	3.70%	-8.58%	1.84%	-0.30%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-168.62%	15.77%	8.76%	-3.79%	-162.52%	-14.60%
Return on Net Nonoperating Assets (RNNOA)	0.00%	177.82%	-30.84%	-5.93%	2.41%	57.55%	-2.33%
Return on Equity (ROE)	0.00%	25.67%	19.56%	-2.23%	-6.17%	59.39%	-2.63%
Cash Return on Invested Capital (CROIC)	0.00%	-352.15%	-54.51%	-71.77%	-13.48%	-137.95%	-111.26%
Operating Return on Assets (OROA)	0.00%	-17.72%	12.34%	-1.57%	-5.62%	-4.48%	-0.19%
Return on Assets (ROA)	0.00%	-38.27%	-3.52%	-1.62%	-4.44%	49.48%	-1.92%
Return on Common Equity (ROCE)	0.00%	25.67%	34.94%	-1.73%	-5.15%	56.20%	-2.60%
Return on Equity Simple (ROE_SIMPLE)	0.00%	12.83%	-4.11%	-2.48%	-6.51%	42.41%	0.00%
Net Operating Profit after Tax (NOPAT)	25	-14	20	3.58	-12	8.56	-5.38
NOPAT Margin	15.15%	-7.03%	7.91%	1.18%	-3.18%	1.90%	-0.74%
Net Nonoperating Expense Percent (NNEP)	0.00%	16.48%	34.63%	-5.05%	-4.79%	164.36%	14.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.92%	-2.56%	0.80%	-0.19%
Cost of Revenue to Revenue	28.06%	26.21%	26.93%	28.93%	29.10%	27.22%	32.71%
SG&A Expenses to Revenue	21.91%	21.59%	17.44%	21.02%	25.39%	21.86%	21.11%
R&D to Revenue	23.38%	27.19%	28.84%	31.02%	33.66%	33.32%	26.83%
Operating Expenses to Revenue	56.64%	83.84%	61.78%	69.38%	75.45%	70.07%	68.34%
Earnings before Interest and Taxes (EBIT)	26	-20	28	-6.47	-29	-39	-4.01
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31	-13	37	3.27	-16	-23	96
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	27.55	16.58	13.79	6.74	3.49
Price to Tangible Book Value (P/TBV)	0.00	0.00	27.55	22.77	17.27	7.50	110.13
Price to Revenue (P/Rev)	3.21	2.66	21.52	14.73	13.27	15.05	9.65
Price to Earnings (P/E)	69.84	0.00	0.00	0.00	0.00	16.02	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.43%	0.00%	0.00%	0.00%	0.00%	6.24%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	48.11	87.74	32.51	33.37	8.33	2.83
Enterprise Value to Revenue (EV/Rev)	0.00	4.45	20.98	14.28	12.69	14.56	10.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	143.67	1,323.99	0.00	0.00	81.67
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	186.31	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	265.38	1,209.81	0.00	768.38	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	1,574.48	74.71	55.21	88.54	44.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-1.23	0.21	0.15	0.12	0.04	0.41
Long-Term Debt to Equity	0.00	-1.22	0.20	0.14	0.11	0.04	0.40
Financial Leverage	0.00	-1.05	-1.96	-0.68	-0.63	-0.35	0.16
Leverage Ratio	0.00	-0.34	-5.56	1.38	1.39	1.20	1.37
Compound Leverage Factor	0.00	-0.71	1.49	1.13	1.09	0.93	17.01
Debt to Total Capital	0.00%	529.17%	17.07%	13.15%	10.60%	4.27%	28.83%
Short-Term Debt to Total Capital	0.00%	3.83%	0.87%	0.71%	0.60%	0.26%	0.28%
Long-Term Debt to Total Capital	0.00%	525.34%	16.20%	12.45%	10.00%	4.01%	28.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	20.58%	17.67%	12.07%	2.04%	0.33%
Common Equity to Total Capital	0.00%	-429.17%	62.34%	69.17%	77.32%	93.69%	70.85%
Debt to EBITDA	0.00	-31.81	1.46	15.66	-3.08	-1.98	8.61
Net Debt to EBITDA	0.00	-27.24	-5.45	-62.44	17.07	10.36	7.66
Long-Term Debt to EBITDA	0.00	-31.58	1.39	14.82	-2.91	-1.87	8.53
Debt to NOPAT	0.00	-29.73	2.71	14.31	-4.14	5.36	-152.90
Net Debt to NOPAT	0.00	-25.45	-10.07	-57.06	22.96	-28.01	-135.94
Long-Term Debt to NOPAT	0.00	-29.51	2.57	13.54	-3.91	5.04	-151.42
Altman Z-Score	0.00	-0.44	40.68	19.44	20.41	30.21	4.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-78.56%	22.30%	16.60%	5.37%	1.02%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	2.66	10.30	5.40	5.15	4.99	1.83
Quick Ratio	0.00	2.46	9.77	4.97	4.81	4.69	1.60
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-33	-22	-69	-18	-641	-1,974
Operating Cash Flow to CapEx	-6,821.74%	-170.42%	66.83%	747.68%	1,504.30%	1,413.22%	1,522.38%
Free Cash Flow to Firm to Interest Expense	0.00	-1.45	-0.60	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-12.92	-0.28	0.09	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-13.11	-0.45	-0.05	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.76	1.10	0.73	0.71	0.52	0.35
Accounts Receivable Turnover	0.00	6.18	6.07	4.94	4.47	4.56	5.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	22.97	25.73	23.52	24.21	29.97	35.33
Accounts Payable Turnover	0.00	39.75	49.25	38.95	34.82	41.02	68.06
Days Sales Outstanding (DSO)	0.00	59.06	60.16	73.84	81.62	80.08	68.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	9.18	7.41	9.37	10.48	8.90	5.36
Cash Conversion Cycle (CCC)	0.00	49.88	52.74	64.47	71.14	71.18	62.88
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	19	60	133	140	790	2,759
Invested Capital Turnover	0.00	21.63	6.38	3.14	2.69	0.97	0.41
Increase / (Decrease) in Invested Capital	0.00	19	41	73	6.70	650	1,969
Enterprise Value (EV)	0.00	904	5,287	4,333	4,671	6,580	7,800
Market Capitalization	540	540	5,423	4,469	4,884	6,798	7,059
Book Value per Share	$0.00	($11.49)	$0.83	$1.13	$1.45	$4.08	$6.91
Tangible Book Value per Share	$0.00	($11.49)	$0.83	$0.82	$1.16	$3.67	$0.22
Total Capital	0.00	80	316	390	458	1,076	2,854
Total Debt	0.00	425	54	51	49	46	823
Total Long-Term Debt	0.00	422	51	48	46	43	815
Net Debt	0.00	364	-201	-204	-269	-240	731
Capital Expenditures (CapEx)	3.37	3.81	5.03	7.76	5.62	5.26	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	5.30	38	37	42	55	51
Debt-free Net Working Capital (DFNWC)	0.00	66	293	293	338	310	142
Net Working Capital (NWC)	0.00	63	290	290	335	308	134
Net Nonoperating Expense (NNE)	18	30	28	10	11	-419	35
Net Nonoperating Obligations (NNO)	0.00	363	-202	-205	-270	-240	728
Total Depreciation and Amortization (D&A)	5.09	7.12	8.42	9.75	13	16	100
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	2.61%	15.19%	12.35%	11.34%	12.14%	6.97%
Debt-free Net Working Capital to Revenue	0.00%	32.67%	116.22%	96.59%	91.79%	68.69%	19.45%
Net Working Capital to Revenue	0.00%	31.16%	115.12%	95.69%	91.05%	68.08%	18.35%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.05)	($0.04)	($0.11)	$1.93	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	177.68M	185.56M	199.69M	219.32M	271.32M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.05)	($0.04)	($0.11)	$1.68	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	236.21M	185.56M	199.69M	254.36M	271.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.05)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	236.95M	241.11M	244.70M	251.02M	295.47M
Normalized Net Operating Profit after Tax (NOPAT)	25	-14	20	3.58	-12	8.56	-5.38
Normalized NOPAT Margin	15.15%	-7.03%	7.91%	1.18%	-3.18%	1.90%	-0.74%
Pre Tax Income Margin	4.65%	-21.32%	-3.02%	-1.76%	-6.21%	-6.65%	-6.79%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	1.44	-0.90	0.79	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.43	-0.63	0.55	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1.25	-1.06	0.65	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.24	-0.79	0.41	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-369.11%	0.00%	-1.75%	-9.46%	0.91%	0.00%
Augmented Payout Ratio	48.89%	-370.39%	-71.13%	-4.94%	-9.46%	0.91%	-44.85%

This table displays calculated financial ratios and metrics derived from Clearwater Analytics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	295,466,213.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	295,466,213.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.66%	19.75%	21.41%	18.82%	22.36%	27.72%	23.51%	70.37%	77.08%	71.95%	74.38%
EBITDA Growth	-59.30%	-6,325.93%	219.76%	120.88%	638.87%	-1,888.93%	231.53%	159.26%	335.87%	211.12%	211.80%
EBIT Growth	-32.02%	-76.81%	101.20%	88.90%	145.82%	-681.47%	8,607.69%	-1,007.03%	14.11%	88.10%	-3.87%
NOPAT Growth	-405.76%	-33.16%	96.08%	159.92%	298.27%	-52.97%	3,434.19%	-441.50%	-43.85%	-653.53%	8.72%
Net Income Growth	22.57%	-75.24%	141.28%	102.32%	303.54%	12,293.33%	210.20%	-8,850.36%	-320.47%	-102.98%	-140.31%
EPS Growth	50.00%	-100.00%	150.00%	100.00%	300.00%	8,350.00%	200.00%	0.00%	-300.00%	-102.42%	-133.33%
Operating Cash Flow Growth	114.12%	32.71%	26.49%	107.82%	57.66%	-221.17%	144.10%	7.18%	-1.16%	289.50%	-27.86%
Free Cash Flow Firm Growth	-264.27%	93.05%	86.60%	57.71%	75.77%	-13,186.50%	-6,883.41%	-7,800.75%	-14,812.57%	-204.03%	-151.62%
Invested Capital Growth	97.28%	5.03%	7.09%	25.33%	18.60%	464.36%	473.84%	1,459.05%	1,595.97%	249.24%	206.86%
Revenue Q/Q Growth	5.32%	4.60%	3.74%	3.96%	8.46%	9.18%	0.32%	43.41%	12.74%	6.02%	1.73%
EBITDA Q/Q Growth	89.20%	-58.30%	292.51%	-36.56%	178.72%	-684.29%	132.09%	18.05%	209.16%	-23.43%	37.89%
EBIT Q/Q Growth	67.50%	-15.52%	101.55%	-2,005.13%	234.12%	-2,070.35%	117.30%	-291.90%	146.92%	-163.47%	332.96%
NOPAT Q/Q Growth	17.38%	144.00%	-109.58%	1,821.44%	173.40%	-89.57%	578.92%	-276.32%	144.95%	-202.87%	233.34%
Net Income Q/Q Growth	80.27%	-47.12%	164.87%	-87.66%	1,627.90%	8,713.25%	-98.35%	-448.20%	56.47%	-19.13%	77.68%
EPS Q/Q Growth	83.33%	-100.00%	150.00%	-100.00%	0.00%	8,150.00%	-98.18%	-400.00%	55.56%	0.00%	75.00%
Operating Cash Flow Q/Q Growth	48.71%	-23.34%	-58.35%	337.64%	12.82%	-158.92%	183.91%	92.17%	4.04%	12.96%	-68.06%
Free Cash Flow Firm Q/Q Growth	8.12%	93.22%	-95.88%	-212.59%	47.36%	-3,616.95%	-14.18%	-253.65%	0.65%	24.22%	5.50%
Invested Capital Q/Q Growth	-3.47%	1.55%	12.20%	13.52%	-8.66%	383.24%	14.52%	208.42%	-0.63%	-0.49%	0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.46%	71.38%	72.57%	72.01%	72.93%	73.46%	73.26%	65.14%	65.56%	67.24%	65.79%
EBITDA Margin	-1.16%	-1.75%	3.25%	1.98%	5.10%	-27.29%	8.73%	7.18%	19.70%	14.23%	19.29%
Operating Margin	-6.22%	2.62%	-0.16%	3.60%	6.34%	0.96%	5.58%	-8.01%	3.20%	-3.10%	4.06%
EBIT Margin	-4.60%	-5.07%	0.08%	-1.39%	1.72%	-31.05%	5.35%	-7.16%	2.98%	-1.78%	4.09%
Profit (Net Income) Margin	-2.48%	-3.48%	2.18%	0.26%	4.12%	332.35%	5.47%	-13.27%	-5.13%	-5.76%	-1.26%
Tax Burden Percent	89.53%	113.16%	104.58%	77.75%	111.35%	-1,140.92%	81.73%	91.14%	105.10%	57.84%	77.56%
Interest Burden Percent	60.16%	60.62%	2,741.03%	-23.89%	214.90%	93.81%	124.94%	203.30%	-163.60%	558.00%	-39.87%
Effective Tax Rate	0.00%	0.00%	-4.58%	22.25%	-11.35%	0.00%	18.27%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-14.75%	4.93%	-0.43%	7.01%	19.87%	0.66%	4.09%	-2.08%	0.98%	-0.89%	1.28%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.47%	7.15%	-1.49%	8.15%	21.12%	-163.87%	3.62%	-7.13%	-5.30%	-4.10%	-2.48%
Return on Net Nonoperating Assets (RNNOA)	10.89%	-4.54%	0.89%	-4.87%	-13.59%	58.03%	-1.14%	-1.63%	-1.04%	-0.65%	-0.38%
Return on Equity (ROE)	-3.86%	0.40%	0.46%	2.14%	6.28%	58.68%	2.95%	-3.71%	-0.06%	-1.55%	0.90%
Cash Return on Invested Capital (CROIC)	-75.87%	-13.48%	-11.71%	-22.32%	-7.73%	-137.95%	-138.07%	-175.84%	-177.71%	-111.26%	-101.91%
Operating Return on Assets (OROA)	-3.39%	-3.59%	0.06%	-1.02%	1.26%	-16.23%	2.78%	-2.19%	1.06%	-0.62%	1.57%
Return on Assets (ROA)	-1.82%	-2.46%	1.62%	0.19%	3.02%	173.76%	2.84%	-4.06%	-1.82%	-2.01%	-0.48%
Return on Common Equity (ROCE)	-3.15%	0.33%	0.40%	1.85%	5.42%	55.53%	2.81%	-3.61%	-0.06%	-1.53%	0.89%
Return on Equity Simple (ROE_SIMPLE)	-6.63%	0.00%	-4.28%	-0.86%	0.95%	0.00%	38.74%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.12	1.81	-0.17	2.99	8.17	0.85	5.79	-10	4.59	-4.72	6.29
NOPAT Margin	-4.35%	1.83%	-0.17%	2.80%	7.05%	0.67%	4.56%	-5.61%	2.24%	-2.17%	2.84%
Net Nonoperating Expense Percent (NNEP)	0.72%	-2.22%	1.06%	-1.14%	-1.25%	164.53%	0.47%	5.05%	6.28%	3.20%	3.76%
Return On Investment Capital (ROIC_SIMPLE)	-	0.40%	-	-	-	0.08%	0.49%	-0.36%	0.16%	-0.17%	0.22%
Cost of Revenue to Revenue	28.54%	28.62%	27.43%	27.99%	27.07%	26.54%	26.74%	34.86%	34.44%	32.76%	34.21%
SG&A Expenses to Revenue	27.75%	18.23%	20.17%	21.10%	19.53%	26.01%	22.72%	24.25%	15.30%	23.04%	15.04%
R&D to Revenue	34.07%	34.06%	36.68%	33.11%	31.61%	32.34%	29.48%	27.35%	25.38%	26.22%	25.79%
Operating Expenses to Revenue	77.68%	68.77%	72.73%	68.41%	66.59%	72.50%	67.68%	73.15%	62.37%	70.34%	61.73%
Earnings before Interest and Taxes (EBIT)	-4.35	-5.03	0.08	-1.49	1.99	-39	6.79	-13	6.12	-3.88	9.04
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.10	-1.74	3.34	2.12	5.91	-35	11	13	40	31	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.37	13.79	12.00	11.96	15.42	6.74	6.03	3.16	2.66	3.49	3.41
Price to Tangible Book Value (P/TBV)	18.20	17.27	14.83	16.62	21.08	7.50	7.47	0.00	16,265.01	110.13	58.03
Price to Revenue (P/Rev)	13.30	13.27	11.21	11.29	14.66	15.05	14.13	11.27	8.23	9.65	8.46
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	9,366.98	16.02	15.68	15.29	13.44	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.01%	6.24%	6.38%	6.54%	7.44%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	32.58	33.37	26.17	24.30	36.58	8.33	7.20	2.52	2.19	2.83	2.78
Enterprise Value to Revenue (EV/Rev)	12.76	12.69	10.68	10.79	14.09	14.56	13.69	12.77	9.47	10.66	9.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	1,654.89	620.97	0.00	0.00	0.00	255.22	81.67	61.99
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	16,306.86	427.58	768.38	477.84	9,504.42	31,619.31	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	57.09	55.21	47.58	39.72	46.86	88.54	73.40	76.56	66.38	44.34	45.65
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.12	0.12	0.11	0.10	0.04	0.04	0.44	0.42	0.41	0.39
Long-Term Debt to Equity	0.12	0.11	0.11	0.11	0.10	0.04	0.04	0.44	0.42	0.40	0.39
Financial Leverage	-0.70	-0.63	-0.60	-0.60	-0.64	-0.35	-0.31	0.23	0.20	0.16	0.15
Leverage Ratio	1.36	1.39	1.37	1.37	1.37	1.20	1.18	1.49	1.47	1.37	1.35
Compound Leverage Factor	0.82	0.84	37.50	-0.33	2.95	1.13	1.48	3.03	-2.41	7.66	-0.54
Debt to Total Capital	11.17%	10.60%	10.55%	10.06%	9.31%	4.27%	3.81%	30.64%	29.53%	28.83%	28.19%
Short-Term Debt to Total Capital	0.62%	0.60%	0.61%	0.58%	0.55%	0.26%	0.23%	0.21%	0.28%	0.28%	0.28%
Long-Term Debt to Total Capital	10.55%	10.00%	9.94%	9.48%	8.76%	4.01%	3.58%	30.43%	29.25%	28.55%	27.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	14.93%	12.07%	10.03%	10.08%	10.07%	2.04%	2.25%	0.71%	0.70%	0.33%	0.18%
Common Equity to Total Capital	73.89%	77.32%	79.42%	79.86%	80.62%	93.69%	93.94%	68.65%	69.76%	70.85%	71.64%
Debt to EBITDA	-3.50	-3.08	-4.97	18.24	4.84	-1.98	-2.94	-118.98	35.30	8.61	6.48
Net Debt to EBITDA	18.03	17.07	25.78	-95.01	-30.13	10.36	15.42	-109.24	32.60	7.66	5.82
Long-Term Debt to EBITDA	-3.31	-2.91	-4.68	17.19	4.55	-1.87	-2.76	-118.17	34.97	8.53	6.41
Debt to NOPAT	-4.55	-4.14	-6.46	179.73	3.33	5.36	3.32	1,185.65	4,373.67	-152.90	-199.38
Net Debt to NOPAT	23.43	22.96	33.54	-936.25	-20.75	-28.01	-17.42	1,088.54	4,039.21	-135.94	-179.22
Long-Term Debt to NOPAT	-4.30	-3.91	-6.09	169.42	3.13	5.04	3.12	1,177.55	4,331.96	-151.42	-197.40
Altman Z-Score	20.37	20.55	19.33	18.34	22.94	30.20	29.30	3.95	3.59	4.64	4.78
Noncontrolling Interest Sharing Ratio	18.49%	16.60%	14.48%	13.86%	13.75%	5.37%	4.67%	2.83%	2.87%	1.02%	1.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.35	5.15	5.59	4.78	4.66	4.99	5.09	2.02	1.97	1.83	2.26
Quick Ratio	5.97	4.81	5.14	4.44	4.40	4.69	4.75	1.72	1.70	1.60	1.92
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-72	-4.89	-11	-33	-17	-649	-741	-2,622	-2,605	-1,974	-1,865
Operating Cash Flow to CapEx	4,087.52%	1,542.70%	697.98%	2,910.93%	3,325.97%	-3,552.19%	1,668.94%	1,576.20%	1,207.39%	1,818.90%	274.46%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.71	0.74	0.74	0.73	0.52	0.52	0.31	0.35	0.35	0.38
Accounts Receivable Turnover	4.48	4.47	4.40	4.48	4.42	4.56	4.57	4.49	5.06	5.35	5.88
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	24.83	24.21	25.47	26.36	28.21	29.97	31.96	27.75	30.83	35.33	36.54
Accounts Payable Turnover	44.57	34.82	41.11	39.08	33.21	41.02	54.08	35.65	53.36	68.06	153.04
Days Sales Outstanding (DSO)	81.38	81.62	83.01	81.43	82.59	80.08	79.84	81.21	72.15	68.25	62.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8.19	10.48	8.88	9.34	10.99	8.90	6.75	10.24	6.84	5.36	2.39
Cash Conversion Cycle (CCC)	73.19	71.14	74.13	72.09	71.60	71.18	73.09	70.98	65.31	62.88	59.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	138	140	158	179	163	790	905	2,790	2,773	2,759	2,776
Invested Capital Turnover	3.39	2.69	2.53	2.51	2.82	0.97	0.90	0.37	0.44	0.41	0.45
Increase / (Decrease) in Invested Capital	68	6.70	10	36	26	650	747	2,611	2,609	1,969	1,871
Enterprise Value (EV)	4,491	4,671	4,126	4,349	5,980	6,580	6,516	7,039	6,065	7,800	7,718
Market Capitalization	4,679	4,884	4,329	4,551	6,220	6,798	6,727	6,212	5,270	7,059	6,988
Book Value per Share	$1.35	$1.45	$1.47	$1.55	$1.64	$4.08	$4.70	$6.95	$6.78	$6.91	$6.94
Tangible Book Value per Share	$1.06	$1.16	$1.19	$1.11	$1.20	$3.67	$3.79	($0.14)	$0.00	$0.22	$0.41
Total Capital	441	458	454	477	500	1,076	1,188	2,866	2,840	2,854	2,861
Total Debt	49	49	48	48	47	46	45	878	839	823	806
Total Long-Term Debt	46	46	45	45	44	43	42	872	831	815	798
Net Debt	-254	-269	-249	-250	-290	-240	-238	806	775	731	725
Capital Expenditures (CapEx)	0.77	1.56	1.44	1.51	1.49	0.82	1.47	2.99	4.06	3.04	6.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	56	42	60	48	35	55	59	64	67	51	90
Debt-free Net Working Capital (DFNWC)	341	338	328	305	341	310	342	136	131	142	172
Net Working Capital (NWC)	338	335	325	303	338	308	339	130	123	134	164
Net Nonoperating Expense (NNE)	-1.78	5.26	-2.41	2.71	3.40	-419	-1.15	14	15	7.81	9.09
Net Nonoperating Obligations (NNO)	-254	-270	-249	-250	-290	-240	-238	802	771	728	722
Total Depreciation and Amortization (D&A)	3.25	3.29	3.26	3.61	3.91	4.76	4.28	26	34	35	34
Debt-free, Cash-free Net Working Capital to Revenue	15.81%	11.34%	15.56%	11.79%	8.33%	12.14%	12.40%	11.62%	10.47%	6.97%	10.93%
Debt-free Net Working Capital to Revenue	96.88%	91.79%	84.83%	75.76%	80.40%	68.69%	71.83%	24.67%	20.49%	19.45%	20.80%
Net Working Capital to Revenue	96.09%	91.05%	84.12%	75.08%	79.75%	68.08%	71.25%	23.58%	19.24%	18.35%	19.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.02)	$0.01	$0.00	$0.02	$1.90	$0.03	($0.09)	($0.04)	($0.04)	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	201.58M	199.69M	213.26M	218.35M	219.01M	219.32M	237.32M	270.63M	287.98M	271.32M	294.99M
Adjusted Diluted Earnings per Share	($0.01)	($0.02)	$0.01	$0.00	$0.02	$1.65	$0.03	($0.09)	($0.04)	($0.04)	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	201.58M	199.69M	255.46M	218.35M	231.47M	254.36M	246.21M	270.63M	287.98M	271.32M	294.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	243.86M	244.70M	245.72M	246.32M	247.02M	251.02M	283.28M	292.45M	292.66M	295.47M	298.49M
Normalized Net Operating Profit after Tax (NOPAT)	-4.12	1.81	-0.12	2.99	5.14	0.85	5.79	-10	4.59	-4.72	6.29
Normalized NOPAT Margin	-4.35%	1.83%	-0.11%	2.80%	4.43%	0.67%	4.56%	-5.61%	2.24%	-2.17%	2.84%
Pre Tax Income Margin	-2.76%	-3.08%	2.08%	0.33%	3.70%	-29.13%	6.69%	-14.56%	-4.88%	-9.96%	-1.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.62%	-9.46%	-14.21%	-66.87%	56.70%	0.91%	0.89%	0.95%	0.98%	0.00%	0.00%
Augmented Payout Ratio	-0.62%	-9.46%	-14.21%	-66.87%	56.70%	0.91%	0.89%	0.95%	3.15%	-44.85%	0.00%

Financials Breakdown Chart

Key Financial Trends

Clearwater Analytics (NYSE: CWAN) is still growing quickly, but the latest quarter shows a company balancing strong top-line momentum against uneven profitability and a more leveraged balance sheet after recent deal activity.

In Q1 2026, revenue rose to $221.2 million, up from $217.5 million in Q4 2025 and $181.9 million in Q2 2025. The bigger story, though, is that operating income fell to $9.0 million in Q1 2026 from $55.3 million in Q4 2025, while net loss remained modest at $2.8 million. Clearwater is still producing positive operating cash flow, but earnings are being pressured by costs, financing expenses, and balance-sheet changes.

Over the last several years, the business has clearly scaled: quarterly revenue has climbed from roughly $84.6 million in Q1 2023 to more than $221 million in Q1 2026. That said, profitability has been choppy, with several quarters of losses alongside a few profit spikes, suggesting the company is still digesting acquisitions and working toward more consistent margins.

Revenue growth remains strong over time. Quarterly revenue has more than doubled since early 2023, showing Clearwater continues to expand its customer base and platform usage.
Operating cash flow is positive in the latest quarter. Q1 2026 operating cash flow came in at $17.7 million, indicating the core business is still generating cash despite reported losses.
Gross profit remains healthy. Q1 2026 gross profit was $145.5 million, which means the company still retains a solid spread between revenue and cost of revenue.
Cash balance remains sizable. Clearwater ended Q1 2026 with $81.5 million in cash and equivalents, providing near-term liquidity.
Quarterly revenue has been consistently higher than a year ago. For example, Q1 2026 revenue of $221.2 million was well above Q1 2025’s $126.9 million.
Depreciation and amortization remain meaningful. These non-cash expenses continue to support the gap between reported earnings and cash flow, but they also reflect a capital-intensive and acquisition-heavy business model.
Balance-sheet composition is asset-heavy. Goodwill and intangibles are large, which is common after acquisitions but increases the importance of future integration and impairment risk.
Shares outstanding have risen over time. The company’s weighted average share count has increased compared with early 2024, which can dilute per-share results.
Profitability weakened sharply in the latest quarter. Operating income dropped from $55.3 million in Q4 2025 to $9.0 million in Q1 2026, and the company reported a net loss.
Debt is still substantial. Q1 2026 long-term debt was $798.4 million, up from $424.9 million in Q1 2025, making interest and refinancing costs an important watch item.
Interest expense has been a drag on earnings. The income statement shows a large negative interest and investment income line in recent quarters, which has pressured pre-tax results.
Operating cash flow declined from prior quarters. Q1 2026 operating cash flow of $17.7 million was below the $55.3 million generated in Q4 2025 and the $48.9 million in Q3 2025.
Cash fell during the quarter. Net change in cash and equivalents was negative $9.7 million in Q1 2026, reflecting financing outflows and ongoing investment spending.

Bottom line: Clearwater Analytics is still a growth story, and the long-term revenue trend is encouraging. But investors should watch margin consistency, debt levels, and how well management converts growth into durable profitability. For now, the company looks like a business with solid operating momentum, but one that still carries execution and leverage risk.

06/30/26 06:18 AM ETAI Generated. May Contain Errors.

Clearwater Analytics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Clearwater Analytics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Clearwater Analytics' net income appears to be on an upward trend, with a most recent value of -$40.25 million in 2025, falling from $7.73 million in 2019. The previous period was $427.59 million in 2024. Check out Clearwater Analytics' forecast to explore projected trends and price targets.

Clearwater Analytics' total operating income in 2025 was -$7.69 million, based on the following breakdown:

Total Gross Profit: $492.15 million
Total Operating Expenses: $499.83 million

Over the last 6 years, Clearwater Analytics' total revenue changed from $168.00 million in 2019 to $731.37 million in 2025, a change of 335.3%.

Clearwater Analytics' total liabilities were at $1.00 billion at the end of 2025, a 618.3% increase from 2024, and a 117.5% increase since 2020.

In the past 5 years, Clearwater Analytics' cash and equivalents has ranged from $61.09 million in 2020 to $254.60 million in 2021, and is currently $91.25 million as of their latest financial filing in 2025.

Over the last 6 years, Clearwater Analytics' book value per share changed from 0.00 in 2019 to 6.91 in 2025, a change of 690.8%.

Related Companies

Financial statements for NYSE:CWAN last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Clearwater Analytics (CWAN) Financials

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Clearwater Analytics (CWAN) Financials

Annual Income Statements for Clearwater Analytics

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Quarterly Cash Flow Statements for Clearwater Analytics

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Quarterly Metrics And Ratios for Clearwater Analytics

Financials Breakdown Chart

Key Financial Trends

Clearwater Analytics Financials - Frequently Asked Questions

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How has Clearwater Analytics' net income changed over the last 6 years?

What is Clearwater Analytics' operating income?

How has Clearwater Analytics' revenue changed over the last 6 years?

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