Clearwater Analytics Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $731.4M | $451.8M | $368.2M | $303.4M | $252.0M |
| Cost of revenue | $239.2M | $123.0M | $107.1M | $87.8M | $67.9M |
| Gross profit | $492.1M | $328.8M | $261.0M | $215.6M | $184.2M |
| Research and development | $196.2M | $150.6M | $123.9M | $94.1M | $72.7M |
| Operating expenses | $499.8M | $316.6M | $277.8M | $210.5M | $155.7M |
| Operating income | -$7.7M | $12.2M | -$16.7M | $5.1M | $28.5M |
| Interest expense | — | — | — | — | $25.7M |
| Pretax income | -$49.7M | -$30.1M | -$22.9M | -$5.3M | -$7.6M |
| Income tax expense | -$9.4M | -$457.6M | $217,000 | $1.4M | $487,000 |
| Net income | -$38.8M | $424.4M | -$21.6M | -$8.0M | -$8.2M |
| Balance Sheet | |||||
| Cash and equivalents | $91.2M | $177.3M | $221.8M | $250.7M | $254.6M |
| Current assets | $295.6M | $384.6M | $416.0M | $356.3M | $321.3M |
| Total assets | $3.0B | $1.2B | $558.7M | $481.9M | $344.4M |
| Current liabilities | $161.3M | $77.1M | $80.8M | $66.0M | $31.2M |
| Total liabilities | $1.0B | $139.3M | $149.1M | $143.6M | $82.5M |
| Total debt | $834.0M | $45.9M | $48.6M | $51.2M | $53.9M |
| Stockholders' equity | $2.0B | $1.0B | $354.3M | $338.4M | $261.9M |
| Cash Flow Statement | |||||
| Cash from operations | $175.9M | $74.3M | $84.6M | $58.0M | $3.4M |
| Depreciation and amortization | $85.5M | $12.2M | $9.9M | $5.1M | $3.5M |
| Stock-based compensation | $127.9M | $103.2M | $104.4M | $65.7M | $36.7M |
| Capital expenditure | $11.6M | $5.3M | $5.6M | $7.8M | $5.0M |
| Free cash flow | $164.3M | $69.1M | $79.0M | $50.2M | -$1.7M |
| Share repurchases | $18.1M | $0 | $0 | $0 | $626,000 |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 298.5M
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.