The earnings call reflects a strong positive performance for CWAN, with significant revenue and ARR growth driven by successful acquisitions and strategic integration of businesses. There are challenges in maintaining consistent ARR growth and net revenue retention, but the company's advancements in Generative AI and its expansion efforts demonstrate a solid competitive position.

Company Guidance

During CWAN's Q3 2025 earnings call, several key metrics were highlighted, showcasing the company's strong performance and strategic growth initiatives. Revenue for the quarter reached $205.1 million, reflecting a 77% year-on-year growth. Annualized Recurring Revenue (ARR) also increased by 77% year-over-year, hitting $807.5 million. The company's adjusted EBITDA was $70.7 million, up from $58.3 million in Q2, with a margin of 34.5%, which improved by 240 basis points from the previous quarter. Gross revenue retention stood at an impressive 98%, while net revenue retention was slightly lower at 108% due to a decrease in contributions from asset-based upsells. Gross margins for the integrated business were 78.5%, and for the core Clearwater steady-state clients, they reached 82%. The company's Total Addressable Market (TAM) has expanded to $23 billion, and significant growth was noted across various segments, including asset management, which now accounts for the largest share of bookings. CWAN is also leveraging Generative AI to enhance efficiency and client offerings, contributing to a significant reduction in manual reconciliation and faster financial reporting cycles. Looking ahead, CWAN expects Q4 2025 revenue of $216-$217 million, representing a 71-72% year-on-year growth, and full-year 2025 revenue of $730-$731 million, with a full-year adjusted EBITDA margin of 34%.

Record Revenue and ARR Growth

CWAN delivered revenues of $205.1 million, marking a 77% year-over-year growth. Annualized recurring revenue (ARR) also grew by 77% year-over-year, reaching $807.5 million.

Improved EBITDA and Gross Margin

Adjusted quarterly EBITDA reached $70.7 million, up from $58.3 million in Q2. The EBITDA margin increased to 34.5% from 32.1%. Gross margin performance was strong at 78.5%, exceeding targets for 2027.

High Gross Revenue Retention

Gross revenue retention was at 98%, marking consistent high retention over nearly 7 years.

Successful Acquisitions and Integration

The acquisitions of Enfusion, Beacon, and Bistro contributed significantly to the revenue growth. The company improved the margin and profitability profile of these businesses close to CWAN's levels.

Generative AI Advancements

The use of Generative AI contributed to significant gross margin improvements. The technology is integrated and deployed into production, supporting over $10 trillion in institutional assets.

Global Expansion and New Client Wins

CWAN expanded its international presence, with significant wins in North America, Europe, and Asia, including a contract with Texas Treasury Safekeeping Trust for $30 billion in state assets.

Clearwater Analytics Holdings (CWAN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CWAN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 04, 2026	2025 (Q4)	0.15 / -	0.13	―	―	―
Nov 05, 2025	2025 (Q3)	0.14 / 0.14	0.12	16.67% (+0.02)
Aug 06, 2025	2025 (Q2)	0.11 / 0.12	0.1	20.00% (+0.02)
Apr 30, 2025	2025 (Q1)	0.12 / 0.13	0.1	30.00% (+0.03)
Feb 19, 2025	2024 (Q4)	0.11 / 0.13	0.1	30.00% (+0.03)
Nov 06, 2024	2024 (Q3)	0.11 / 0.12	0.09	33.33% (+0.03)
Jul 31, 2024	2024 (Q2)	0.10 / 0.10	0.08	25.00% (+0.02)
May 01, 2024	2024 (Q1)	0.09 / 0.10	0.07	42.86% (+0.03)
Feb 28, 2024	2023 (Q4)	0.08 / 0.10	0.07	42.86% (+0.03)
Nov 01, 2023	2023 (Q3)	0.08 / 0.09	0.06	50.00% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CWAN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 05, 2025	$17.31	$15.89	-8.20%
Aug 06, 2025	$20.42	$18.79	-7.98%
Apr 30, 2025	$22.74	$22.91	+0.75%
Feb 19, 2025	$27.04	$29.94	+10.72%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Clearwater Analytics Holdings, Inc. Class A (CWAN) report earnings?

Clearwater Analytics Holdings, Inc. Class A (CWAN) is schdueled to report earning on Mar 04, 2026, After Close (Confirmed).

What is Clearwater Analytics Holdings, Inc. Class A (CWAN) earnings time?

Clearwater Analytics Holdings, Inc. Class A (CWAN) earnings time is at Mar 04, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

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What is CWAN EPS forecast?

CWAN EPS forecast for the fiscal quarter 2025 (Q4) is 0.15.

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