Clearwater Analytics Holdings, Inc. (CWAN) FY2025 10-K Annual Report
Clearwater Analytics Holdings, Inc. (CWAN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Clearwater Analytics Holdings, Inc. FY2025 10-K Analysis
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 segment performance figures or best/worst segment data disclosed
- • 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
Clearwater Analytics Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$731M
▲ +61.9% YoY
Net Income
-$39M
▼ -109.1% YoY
Gross Margin
67.3%
▼ -549bp YoY
Operating Margin
-1.1%
▼ -376bp YoY
Net Margin
-5.3%
▼ -9924bp YoY
ROE
-1.9%
▼ -4401bp YoY
Total Assets
$3.0B
▲ +159.2% YoY
EPS (Diluted)
$-0.14
▼ -108.3% YoY
Operating Cash Flow
$176M
▲ +136.7% YoY
Source: XBRL data from Clearwater Analytics Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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