Short answer
Clearwater Analytics Holdings, Inc. (CWAN) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $731M (+61.9% year over year) and net income of −$39M.
- Top risk flagged: Regulatory risk from TRA Settlement Payments of $72.5 million gross plus $6.5 million third-party expenses in 2024
FY2025 key financial metrics · XBRL
- Revenue
- $731M
- +61.9% YoY
- Net income
- −$39M
- −109.1% YoY
- Operating margin
- -1.1%
- −3.8 pp YoY
- Gross margin
- 67.3%
- −5.5 pp YoY
- EPS (diluted)
- −$0.14
- −108.3% YoY
- ROE
- -1.9%
- −44.0 pp YoY
- Operating cash flow
- $176M
- +136.7% YoY
Source: XBRL data from the Clearwater Analytics Holdings, Inc. (CWAN) FY2025 10-K on SEC EDGAR. USD.
Clearwater Analytics Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Cloud-based investment accounting and analytics platform for institutional investors
- New focus: Agreement to be acquired for $8.4 billion by investor group including Permira, Warburg Pincus, Temasek, Francisco Partners
- Strategic shift: Transition from public company to private ownership expected Q2 2026 post-merger
- Notable metric: Merger consideration of $24.55 cash per Class A common share offered to stockholders
- Unusual fact: Early HSR antitrust waiting period termination granted February 13, 2026, accelerating merger timeline
Management Discussion & Analysis
- Revenue not explicitly stated, no YoY change or dollar amounts disclosed in MD&A
- No profitability or margin percentages provided in the discussion
- No cash flow, buybacks, dividends, or capex details mentioned
- Merger announced valued at ~$8.4B, $24.55/share cash consideration, expected close Q2 2026, pending regulatory and stockholder approvals
Risk Factors
- Regulatory risk from TRA Settlement Payments of $72.5 million gross plus $6.5 million third-party expenses in 2024
- Geopolitical/macroeconomic exposure via acquired entities increasing accounts receivable by $11.1 million in 2025
- Operational vulnerability due to $1,074.8 million acquisitions of Enfusion and Beacon in 2025 increasing capital outlay
- Competitive risk from acquisitions of Wilshire Technology (2024) and Enfusion/Beacon (2025) signaling market consolidation moves
- Financial risk from $924.5 million borrowings in 2025 partially offset by $154.1 million debt repayment, indicating high leverage
Generated from the filing text; verify against the original. How to read a 10-K
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