What is Clearwater Analytics's unbilled balances?

Clearwater Analytics (CWAN) reported unbilled balances of $61.47M in Q1 2026.

How has Clearwater Analytics's unbilled balances changed year-over-year?

Clearwater Analytics's unbilled balances decreased by 12.2% year-over-year, from $70.02M to $61.47M.

What is the long-term trend for Clearwater Analytics's unbilled balances?

Over 3 years (2022 to 2025), Clearwater Analytics's unbilled balances has grown at a 21.7% compound annual growth rate (CAGR), from $30.96M to $55.78M.

Clearwater Analytics CWAN Unbilled balances

Unbilled balances at other companies

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$45.53B+5.5%

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$842.16M+17.0%

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$9.05B-1.0%

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:UnbilledContractsReceivable.

The official record: Clearwater Analytics’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Clearwater Analytics's unbilled balances?: Clearwater Analytics (CWAN) reported unbilled balances of $61.47M in Q1 2026.
How has Clearwater Analytics's unbilled balances changed year-over-year?: Clearwater Analytics's unbilled balances decreased by 12.2% year-over-year, from $70.02M to $61.47M.
What is the long-term trend for Clearwater Analytics's unbilled balances?: Over 3 years (2022 to 2025), Clearwater Analytics's unbilled balances has grown at a 21.7% compound annual growth rate (CAGR), from $30.96M to $55.78M.