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Clearwater Analytics CWAN Products & Services — Revenue

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Other financials

Income statement

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Revenue$221.2M+74.4%
Gross profit$145.5M+56.6%
Operating income$9.0M+26.9%
Net income-$2.8M-143%
EPS (diluted)-$0.01-133%

Balance sheet

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Cash & equivalents$81.5M-71.2%
Total debt$860.8M+1,189%
Total equity$2.0B+83.7%
Total assets$3.0B+135%

Cash flow

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Operating cash flow$17.7M-27.9%
CapEx$6.4M+339%
Free cash flow$11.2M-51.2%

Valuation

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Market cap$7.22B+8.9%
Enterprise value$8B+25.4%
P/S8.8×-5.2×

Profitability

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Gross margin66%-7.0pp
Operating margin-0.7%-4.8pp
Net margin-5.9%-96.0pp
FCF margin18.5%

Returns & leverage

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Return on equity-3.1%-59.4pp
Debt / equity0.4×+0.4×
Current ratio2.3×-2.8×

Where this comes from

Reported directly by Clearwater Analytics in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Clearwater Analytics’s 10-K, filed February 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Clearwater Analytics's products & services — revenue?
Clearwater Analytics (CWAN) reported products & services — revenue of $2.4M in Q4 2025.
How has Clearwater Analytics's products & services — revenue changed year-over-year?
Clearwater Analytics's products & services — revenue increased by 152.6% year-over-year, from $950K to $2.4M.
What does products & services — revenue mean?
This metric represents the total revenue generated from the sale of perpetual and term-based software licenses for the company's investment data platform. It reflects the portion of business derived from direct software licensing agreements rather than recurring SaaS subscription fees or professional services. Tracking this revenue stream helps investors assess the company's ability to monetize its intellectual property through traditional licensing models alongside its primary cloud-based offerings.