Clearwater Analytics Holdings, Inc. (CWAN) Earnings
Clearwater Analytics Holdings, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.17. CWAN has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -31.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.16 | $0.16 | +0.0% | $221M | +3.3% |
| Feb 18, 2026 | $0.15 | $-0.04 | -127.2% | $217M | +0.3% |
| Nov 5, 2025 | $0.15 | $0.14 | -6.7% | $205M | -5.4% |
| Apr 30, 2025 | $0.12 | $0.13 | +8.3% | $127M | +1.4% |
| Feb 19, 2025 | $0.11 | $0.13 | +18.2% | $126M | +1.1% |
| Jul 31, 2024 | $0.10 | $0.10 | +0.0% | $107M | -5.9% |
| May 1, 2024 | $0.09 | $0.10 | +11.1% | $103M | -2.7% |
| Feb 28, 2024 | $0.08 | $0.10 | +25.0% | $99M | -1.5% |
| Nov 1, 2023 | $0.08 | $0.09 | +12.5% | $95M | +3.0% |
| Aug 2, 2023 | $0.07 | $0.08 | +14.3% | $90M | -2.2% |
| May 4, 2023 | $0.06 | $0.07 | +16.7% | $85M | -3.3% |
| Feb 21, 2023 | $0.07 | $0.07 | +0.0% | $83M | -0.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 6, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Q3 was a robust quarter with strong revenue and ARR growth. Revenues stood at $205.1 million, ARR at $807.5 million, both up 77% year-on-year. • Adjusted EBITDA was $70.7 million, with an EBITDA margin of 34.5%, an improvement from prior quarters. • The gross revenue retention rate for the combined company was 98%. • The integrated business achieved a gross margin of 78.5%, and core Clearwater's steady-state clients saw a 82% gross margin in Q3. • GenAI is being utilized to drive margin enhancements, with over 800 AI agents on the platform. • Core Clearwater had a year-to-date growth of nearly 21%, Enfusion is projected to grow 12% for the year, and Beacon is performing well. • Growth vectors include a TAM that has expanded to roughly $23 billion, a deep technological moat, and a favorable competitive landscape. • There was a 70% increase in bookings for core cross-sell modules such as LPx, MLx Risk, and Prism. • The company signed a global multi-billion hedge fund and secured contracts with various clients globally, including the Texas Treasury Safekeeping Trust and a global asset manager. • Acquisitions have expanded the TAM and enhanced cross-selling and competitiveness.
Guidance
• For the fourth quarter of 2025, total revenue is expected to be between $216 million and $217 million, representing a year-on-year growth rate of 71% to 72%. • The full year 2025 total revenue is expected to be in the range of $730 million to $731 million, with a year-on-year growth rate of approximately 62%. • The fourth quarter 2025 adjusted EBITDA is expected to be $73 million, with an adjusted EBITDA margin of 34%. • The full year 2025 adjusted EBITDA is expected to be $247 million, resulting in a full year margin of 34%.
Segment performance
CWAN reported Q3 2025 revenues of $205.1 million, achieving a 77% year-on-year growth. Annualized recurring revenue (ARR) reached $807.5 million, also up 77% year-over-year. Adjusted quarterly EBITDA was $70.7 million, which was up sequentially from $58.3 million in Q2. The gross margin for the integrated business was 78.5%. Core Clearwater grew close to 21% year-to-date compared to the previous year. Enfusion is expected to grow 12% for the year, and Beacon continues to perform well.
Risks & headwinds
• Forward-looking statements are subject to risks and uncertainties as outlined in the SEC filings. Actual results may differ significantly from forward-looking statements. • The company is not obligated to revise or update forward-looking statements unless required by law.
Analyst Q&A
Q: Dylan Becker inquired about the quality of the pipeline and elevated strength in certain market segments.
A: Sandeep Sahai responded that booking was evenly spread. Alternatives (LPx, MLx, Risk, Prism) saw a 70% year-on-year growth in bookings, and risk had a stronger-than-expected pipeline. James Cox added it's across every vertical and geography.
Q: Dylan Becker asked about reconciling core business growth with 17% core ARR growth.
A: James Cox stated they are confident in the revenue, with organic ARR acceleration in the Clearwater business being strong and positive about the pipeline bookings.
Q: Michael Infante asked about the timing and magnitude of potential uplift in the pricing model in 2026.
A: James Cox said the new pricing model for new clients starts on January 1, 2026, and will roll out to existing clients throughout 2026. Sandeep Sahai added the intention is to align value with price similar to past programs.
Q: Peter Heckmann asked about Enfusion growth acceleration and Bistro functionality.
A: Sandeep Sahai said Enfusion growth can accelerate with dedicated teams, a commercial model, and selling more products. Regarding Bistro, it's being integrated for alternative assets and expected to show traction in 2026.
Q: Maura Hager asked about cross-sell bookings and LPx penetration.
A: James Cox mentioned they are making strong progress with LPx expected to be across the entire insurance client base in a few years, and MLx and other solutions also showing momentum.
Q: Yun Suk Kim asked about alternative asset contribution to new bookings and GenAI pricing model.
A: Sandeep Sahai said alternative assets are a significant growth vector with bookings north of 35% now. GenAI is integrated into products clients pay for, driving improvements in reconciliation and reporting.