Clearwater Analytics Holdings, Inc. (CWAN) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	825.7M	731.4M	451.8M	368.2M	303.4M
Cost of Revenue	281.0M	239.2M	123.0M	107.1M	87.8M
Gross Profit	544.8M	492.1M	328.8M	261.0M	215.6M
Operating Expenses
R&D Expense	215.9M	196.2M	150.6M	123.9M	94.1M
SG&A Expense	334.7M	303.6M	166.0M	153.9M	116.4M
General & Admin Expense	158.9M	154.4M	98.8M	93.5M	63.8M
Selling & Marketing Expense	175.8M	149.2M	67.3M	60.4M	52.6M
Other Expenses	—	—	—	—	—
Total Operating Expenses	550.5M	499.8M	316.6M	277.8M	210.5M
Cost and Expenses	831.5M	739.1M	439.6M	384.9M	298.3M
Operating Income (EBIT)	(5.8M)	(7.7M)	12.2M	(16.7M)	5.1M
Non-Operating
Interest Income	—	—	8.6M	6.4M	1.1M
Interest Expense	57.4M	45.7M	—	—	—
Net Interest Income	(57.4M)	(45.7M)	8.6M	6.4M	1.1M
Other Non-Op Income/Expense	(56.0M)	(42.0M)	(42.3M)	(6.1M)	(10.5M)
Non-Operating Income (excl Interest)	(1.4M)	(3.7M)	42.3M	6.1M	10.5M
EBT (Pre-Tax Income)	(61.8M)	(49.7M)	(30.1M)	(22.9M)	(5.3M)
Income Tax Expense	(11.8M)	(9.4M)	(457.6M)	217.0K	1.4M
Bottom Line
Net Income	(48.1M)	(38.8M)	424.4M	(21.6M)	(8.0M)
Earnings from Cont. Ops	(50.0M)	(40.3M)	427.6M	(23.1M)	(6.7M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(48.1M)	(38.8M)	424.4M	(21.6M)	(8.0M)
Per Share
Basic EPS	($0.17)	($0.14)	$1.93	($0.11)	($0.04)
Diluted EPS	($0.17)	($0.14)	$1.68	($0.11)	($0.04)
Revenue Per Share	$2.80	$2.70	$2.06	$1.84	$1.64
Shares
Basic Shares Outstanding	295.0M	271.3M	219.3M	199.7M	185.6M
Diluted Shares Outstanding	295.0M	271.3M	254.4M	199.7M	185.6M
Profitability Metrics
EBITDA	107.6M	81.5M	(17.9M)	(12.9M)	(196.0K)
D&A	112.0M	85.5M	12.2M	9.9M	5.1M
EBIT	(4.4M)	(4.0M)	(30.1M)	(22.9M)	(5.3M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Mar 1, 2026